From the headquarters of worms, solutions broadcasting from a dollar car rental studios. It's the day that is done. Cash is king and paid off home mortgage has taken the place of the Bmw low status of choice. I M D Ramsay your home. This is your show. America. Thank you for joining us open phones. As we talk about your life in your money, the phone numbers AAA two five, five, two to five, that's AAA eight to five five too two: five, Christine

is where those in Gettysburg Pennsylvania, I Christina? How are you God. How are you better than I deserve? What's up I am going because I'm trying to figure out if we should tell our home to pay off you like your oath I do I like our house, but we are a family and five and it's a thirteen thousand square for thirteen hundred square foot now nervous One day, we're gonna need a great eventually. She had three kids, and your household income. It's about sixty two. What do you have on your home we have a mortgage that under ninety eight thousand and Huemac with you, I refer just under fourteen-

Other daddy, Russia, Formula for teens do you only have twenty thousand dollars didn't learn that keen on one car, six thousand on the other. We have an unsecured allowing for nine thousand thousand in credit that more than a year, unilateral action there you're an emerging, only normal you'll be weird norms. Bring em that everybody surely, I know, goes local. I saw a house as a last resort if you're gonna be moving anyway or you don't like your house, it be ok to sell it and help you get out of bed and read something and build your emergency fund and build a down payment you're, not gonna Sullivan by something. That's gonna meet your needs, so you, like you, know, you're pretty much saying we're gonna rent for probably three years. I don't I watch out. What's Giles Worth,

I'm really say that last year and then through I'm went out back home. We aren't, she said it was about one family Ben, I dont know if the market gone up down, look into it me too will have a clear. Your dad and get you started so you're, probably renting for a couple of years. If you do this, you with it The UK, with ranking, has done a good school. They start she now anyway Bilbil depending on. If you went out a little bit, out of town or whatever, in alone Bulgaria. You might be rent more square feet, then your, but then you ve got now for about what you're paying now per month. Ok, they ve got that I'm a new school district that almost Vienna move up right temporarily and sure? I did that many years ago we shoulder house it paid off the rest of our debts and we move to

school district in we rented for two years, which is really hard for me, because I've been a landlord most of my life, not a tenant, but those color emotional slam, dog butter. But I've got to sure and hated the Riddle House by the, why she hated it and our ties wanting to sell, but my help the monthly do at first, I'm calling you can like we are doing is doing I'm looking at you we're out of that and had built or financial having some money saved, you're, probably moving. Now does this house a small for you guys what you're saying he added yeah. So if you can, a plan to end up where you want to be in three years and the fastest way to get. There is cell and rent for two of those years. That's a pretty good plan. You were you wanna, be its pay, an approach to get their its living like no one else later we can live like no one else. It's not slam doc. If you're willing to sit there. That's fine, but it appears

accelerates you you'd, get told the house you want in the area that you want an the free go. Let you want it probably eggs reach all about that at the end of the story, what at you and the house that you live in debt free other than the house. The fastest and it does that sound. We're inconvenient does is to move. Karen is Weathers Knoxville High Karen welcome that I Ramsay show anything but I can recall sure, what's up well, I am calling with my family and I are a little bit of a predicament we recently my brother, my sister and my father and myself are tried to help my brother currently and he is a deep hawks He has been a alcoholic for thirty years in haste added to finally get help. Wonder your day. Excited yes, and so we,

A predicament now trying to take care of his time. It says he go somewhere long term, possibly a year or eighteen months. We obviously don't want to enable him, but we want to be able to do you now get out facility freedom. What do you suggest situation, he probably has about twenty that, dollars a debt to what new vehicle language he's upside down at a camp airline which he also upside down on and possibly some back the income income tax. Do you have any money? Obviously not he's been drinkin now does not have any ok and does Yonah home

now I am a family under the new gas, does have a family, but is a strange because of alcohol it'll to what were the three that what are therefore have no say in there's no one coming on him: cold, unquote, its belonged hooker, yeah right. That's where what I would guess anyway, so willing to sell the cars and the camphor. I think he would be willing To sum up, I saw him and I want without much- would not leave you and the whole maybe ten ten of the twenty five How can a boating that bring TIM, Graham I don't think so: adjustment junkie by cars- yes, I think he yeah. He got himself in a bad situation, hit poor credit and it's today where the lower the lounge with

one is little in our current August, two or with landmark, and then one is with just a little motor place near his where he lives You live in your area he lives in Georgia. I will let you first were shut our prior, ok him getting well is not depend upon any of this junk. Ok, the him getting well, is a twelve on a scale of one to ten agreed. Yes, absolutely So if he comes home and there's nothing there, but repo notices, and he's well Scott are really much better life than he had a great agreed. Worst case scenario. If you don't do anything you're, ok, if he gets well

gets well. If you guys want to help women, if you guys we're sitting, also money- and you wonder why ten thousand for the checks or sell all junk. That's fine and you said, he's gonna arrest alone. We maybe I'm off Mcafee two thousand, maybe they don't know we're trying to figure that out. Yet I would put their own payments on his behalf. Install much the minimum possible reached almost get attach a budget about you, you're, one of our Europe is and you, if you're by those present Europe agenda logic in great detail, folks idle.

To tell you what your student loans that is doing to your budget, get rid of it, go to splash financial Dotcom slice Ramsay and see if you qualify to refinance your alone to a lower rate. Unlike other refinancing, splash has no fees, I'm talking no application feet. No closing cars, not even an early pay our feet and if you qualify, you'll get lower rates to help you get out of that faster sounds like a no brain or to me, stop wasting time go to splash financial dotcom, Slash, Ramsay, check your interest rate in minutes and see if you qualify for joining US amount of recall. My replies to five five two to five SAM is with us in Grand Junction I SAM our you. How are you

better than I deserve. How can I know right now I just completed thirty one. I just recently discovered you I had been planned. I went through can I just graduated and right now I have eighty thousand instant alarmed by mechanical engineers. I'm on the job. Primarily one, because I know that you are a moment about your story and I was wondering what it for you, To make sure you didn't like, I do like a dumb spending mistake, or things like that when you know you're, basically just going to get that like I want to deal with that, one of the gun and another day I got really wanna go, spend less on that fly these stupid item and followed wondering how you build and maintain the discipline to keep on track towards being badly. While I have benefit of being married to a lady who is not impressed with me

in such. She calls out must do better for the last thirty six years, pretty regularly as one day accountability, in other words on joking around, but accountability helped it's about. You can use a friend for that aura apparent for that a pastor a spouse for that, whatever But someone that says: hey, I'm gonna work with you and I'm gonna get up in your business. If you start mess up. Ok, this the thing is that I had a huge and ours recommended to others as well a here reason, we are huge. Why, if you have a why that is big enough. It will draw you away from being sloppy in your discipline. To give you- example of that

after came in and said. If you dont lose ten pounds in the next two months, you're going to die one hundred percent chance, you die. If you don't lose ten pounds, guess what you're gonna do you have now have a really big. Why You are gonna lose ten pounds. There is no Turkey in the world looks I good right. But if it's kind of like other arm, I feel better and the genes my fit better. If I lost runaway cookies, look better that right you gotta have a big. Why or whatever it is you're doing in the bigger? why the more discipline, the more intense, the more focused you'll, get there. And the more urgency you'll have whether an What I would do is ended. We are positive thing, a negative thing: it doesn't have to be you're gonna die. It can just be. That you know that I really I can view

Oh, I see myself being wealthy and I can see the generosity I could do if I was wealthy and breaks my heart to look at this certain but people that are hurting, and I can't help that group of People- God could use me to do that and so I'm going to pay a price to win just to be able to do that. That's a positive! Why, rather than that me? I'm gonna buy right be that as it can just be, I've got real big things to do with money and so on I d go get some anew the outline that Chris Hogan says to make sure that in his book returns already so make sure your dreams, your? Why is in high definition: hd like your age, tv mobile TV, when it what nature to the Abbey ever flip and channels are, though they changed our cable line up in Nashville. Our channels or where they aren't. I accidently land on some of the old channels

God, I'm going out out that aren't hd and, unlike ok, watch football on it it just it's awful. We are only how we did it back in the stone age before we had hd Let's say I mean you're gonna die each day come on four June, Maybe your item in three doubtful final hologram, what is a member, but you just get your dreams really Crystal clear. Smell the waves breaking the salt off the salt water is a waves, are breaking on the sand. If you're gonna do a vacation trip in the Caribbean, are you gonna own house. They're in the Caribbean and you won't lose you want that, will go down there and visit right. Here's tat set that aside, I mean you gotta help me you gotta, hear it you gotta Smollett. You got feel the sun on your face. You ever think about was gonna, be like to be other fishing

as the sun's coming up if your fishermen, because you get were able to get that Basque both because you got your finances under Well, when you ve got the time to go, do that whatever it is, you want to do? I don't know but, but you gotta you in any case, be crystal. Their hd. Your goals. Your dream, and that becomes why and then have folks come around you and publicly state. What your goal is I'll. Keep your eye goalkeeper during the Yourself say it out loud. Other people are even friends, my shame you, you know they might, I've been negative accountability, but though I'm doing this and in that, what happened to your deal, you know that's coming out you if you ve said publicly, but if you dont told anybody than that's another thing, so really good question Marcus Weathers in Phoenix Arizona high mark our you great thanks so much for taking my call sure? How can I help? I am questioning, never hurt you

please draft a lot of questions about blown in graduate school loans, but whenever this specific point we gotta four hundred thousand dollars and investment and we're on babies that five with the exception, but I still have fifty thousand at about one hundred. Seventy thousand dollars in student loans left that I'd physically haven't Adam and paid out completely because of the fact that the interest rate on going to point them. I presume the only that we have in our house at three percent right now invite you said we do. You have fifty thousand stood loans, views to be one, seventy paid down from one seventy, ok money, that's an investment for thousands that in retirement accounts, only No I'm about to it. Million requirement and the other two thousand and twenty nine p m from my elder. Ok, shall it down here I must, then are you actually. I've heard me address this like every day

But anyway, aside from that on your premise, if you could borrow. Fifty million dollars at two point: something personnel and invest it. Would you if I knew that they not only not alone are not yet out of this is in the real world. There's, no, if I knew this is in the real world, or your scenario is your scenarios in the real world? If you can borrow fifty million dollars and invested the way you're two thousand hours is invested. Would you I think the answer is no doubt in my mind. It seems like you, he's got a list. You move in a little better hairs. Here's the purpose of my bizarre scenario. Ok, when you are doing math with your head. What I did was a bizarre scenarios are made. You feel a little bed rather than just

have the intellect cause. You were somebody that has a strong intellect your bright guy. Ok and you tend to think that through only when I made You feel it for just a second there and you are not confused, but ok I get it. I'm I'm not I'm on a bite, ok, no, a wooden. What I'm, happens. There is your heart is where you measure risk and you are leaving risk out of the scenario risk as acceptable to you cause? You have the money to write that that. I am pay off the debt, and so it doesn't bother. Are you that you ve borrowed to invest effectively that's what you're back, She chose don't bother you, but when I try to put a couple zeros on the end of that sudden, you ve, the weight of it you got. There is risk here and you ve left risk out of your mathematical equation, Borrower is slaved, the lender the millionaires that we have met with and we ve studied, ten, which started ten thousand of them recently tell us that they get out of that.

Quickly as possible, one hundred percent, and they stay out of them and they use that lack of risk, not leverage. Use just simple cash flow to pour into their investments south all about having said what I would have I woke up in your shoes but for before the sun sets tonight I would be dead free that fast. This is that I Ramsay pair

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New promos, all the time, use a promo code Ramsay. They give us our question that the day from Avery in Georgia, I'm seventeen years old or be graduating from high school in May. Every time I get a paycheck, for my bills than I put the left over money in my currently fifty Hundred dollar emergency phone, when I get my car service or their to some, all change or unexpected leaving transmission obliged pay for an emergency fund or a And so things again. Your emergency fund should be for emergencies, which would be an annex. Did car event tie Don't wear out unexpectedly oil changes are not unexpected trend. I'm going out or unexpected gas is not unexpected. Regular too, you're, not unexpected and so.

You put a rhythm and your budget for true in Africa. Repairs, normal, car maintenance and the new, usually emergency fund for big items that surprise you and our unexpected. That's how we determine what an emergency is sure going on vacation, for some of you need to remember, is not an emergency Peggy is in Cincinnati High Peggy welcome other over hello day. Thank you. Taking my car sure what's up well retiring at the age of sixty six, my husband sixty eight, I was talking retired from the postal service. I was talking to a federal retirement counselor, and I have three hundred and eighty thousand in my throat savings plan, good for you and I

that you always say, do a roll over, so you don't pay taxes on it and you talk about Growth, mutual funds. Said, I need multiple I'll. Nor do I need money. For. I raise. No, I didn't think so, like you were just talking about one, I will mean each of the mutual funds might have a separate account. Number only that's possible, but is basically one irish them it may it may technically, before. Tom. You do the roll over, but we are gonna relevant. The four types of mutual funds: growth, growth in income- aggressive growth in international. If you would be a little more conservative, you'd ripple at your age. You would replace the aggressive growth with a balanced, but something like. When you should download smart rushed or pro? And yes, I would do a roll over into traditional, not Roth, because I don't want to pay the taxes on it now.

Given the and a half there is an army are required. Minimum distribution you'll be required to start pulling money out, and so we will be prepared for that, but this is one that I have now, I'm sure my savings in its traditional right? It's not arise out, so it would be a Roth when you may be a traditional when you roll over, don't do wrong just let it just like it for there was no taxes on their let it contained. To grow do you need money off of it? Now our income will be about fifty eight thousand a year between security and my pension point eleven that weight and live on that phenomenal one be men living on that. We owe our house it's worth at least three hundred thousand a while ago they drive all used. Cars are loved, so does he have a mistake in his plan

He does not ok, so that we do have a thirty thousand dollar emergency fund. So you got a seven hundred thousand dollar, not worthier, almost millionaires way to go like partly due to you, because let me deal, we finally decided to get serious in the house it off before retirement. I'm glad you did that puts a real comfortable position. Doesn't it its of printing? you can have a pretty good life on fifty, a grand with no house payments or anything right. We are in so doing we so, and so think it. If you leave that money alone up invested well in about seven years at double wow Why? How much do you think they will make me take when I'm suddenly and a half you think I hurried Ljubljana warm alone and it's not much. It's not gonna he's not gonna damaging severely, but their justice. About what

they don't want you to die with our money and there were no taxes. They want to get their tax money, so they forward by fortune out. That's all but it's not. That heaviest is not that stringent, a schedule and so I wouldn't worry about that. I think you're gonna end up some would say, sixties but the time your seventy three yeah you're gonna be we'll, have oh inaccessible million dollar net, worth, if you fifty eight that's what's gonna happen. You have turned very well, congratulations and proud of you. Open phones, a triple, eight thousand two hundred and fifty five two hundred and twenty five Caitlin is in Cedar Rapids Iowa. Kalen. How are you they ve. How are you better than I deserve? What's up,

Last January I did something down and I leave the car and then I started watching you in, and I learned that I wasn't that about three months after I leave the car. I didn't notice Cuba then, and I accidently back into my dumpster with it. This is what I was in between insurance insurance, gonna pay for it. Luckily, we have insurance now, though, that have covered, but I don't really know what to do with this car, because a door have the money to replace the bumper assigned huge damage by. I also don't know they leave ends in two years time, Sir Maleagans Dead, basketball? I mean it's, not a big guns, that's putting aside the basketball This off balls, ok, yeah,

you got an estimate from a body shop on repairing it. No, not yeah, I'd tell them. You have insurance. Cash anymore here it is inexpensively as possible and go get it. Too much and put that in your budget, because if you do a car on a lease. Were the basketball says debt, they're gonna leave they're gonna, leave a basketball says Dan in your cheque. Book they re, not sure if I suggested by the car after the least or have we don't have to buy, because a little different But if you wanted the buyer and it's a good deal, you could, if you ve, got the cash, think what is that? What was the sticker price? On the time you took out the car lease It was a twenty seventeen teeny rogue and I want to say it was like twenty- ten dollars an hour there, twenty or twenty

I know. Maybe twenty eight. Ok, that's so twenty eight, and that any least at eighteen or just a little over a year ago, and your leases how long a two year or through your lease and what I mean. Are you gonna how fourteen thousand boxer drifting down box or whatever the by the car, if that's not buy out at the Inn Valise, probably not by little babies. That t right now by around you're, not ready to pay for the deletion of returning it in and you're going to get you a bigger that you can pay for it, ourselves. So that means we have to get the bumper fixed yeah. Ok, I'll do that, then the thenardier in I just get this non emergency, but we do need to in your budget, you at the end of your debt, snowball. If you wanted to go really dad, but it's something you gotta do before. You know that September, sneak up on you because, whatever

Whatever the body shop tells you the dealer you turn. It is probably gonna double that right, because your above The least would call more more werent air basketball dance, don't fall under the heading of normal wear and tear, It's not emergency! The good news is, you can just cannot put it in your plan, the car through the least anyway in turning the keys of that point? Don't run your miles over, don't be over only wear and tear, which means that this, has been fixed

this is the very Ramsay Shell show

like they were joining us? We're glad you're here, there's a good neighbour amnesia where we give you the same financial, advise your grandmother would only we keep our teeth and Kyle is where those in Austin tracks psychiatry. Our eel, often they? Thank you so much for data Michael sure. What's up in your world, so my wife and I just started eighty step. Three b were saving up for a half down payment and hope to have that ready and about fifteen month, in line with our least timing, we're very firmly with your. How much? How should I buy formula in autumn and nuts, our goal, but we have them in company relations coming up to the next several years up and down I'm going back to school explain in more detail unwanted ass kind of which income number you think we should use the out the term and how much house we should get

well. If you use the highest income number and fluctuate for a period of time down, it's gonna put you in a strain right sure. Absolutely the current situation is basically one. Sixty four now down to one hundred women in law school, my formal I'll pay for it and then up to over two hundred hours to Moscow their work and I'm not sure what to use what you use in their law school two years three years are powerful enough to put about ten cake for myself for the school it up, and it is here that the firm about right, but I'm sayin in terms of time that we ve got a sixty a thousand dollar dropped from one sixty five down to one hundred and three years later, back up to two hundred, that's got the draft general show. I think I would want to be heavy on those savings if I was basing it on a one, fifty or one sixty income, because Basically, what we say and in your your house payment is gonna end up. About. Fifty percent of your take home pay for three years:

based on one sixty five, and that's all that. That's that's awful Lila, that's not gonna cause disaster, but There was a problem on top of that. It could relay college. It have sell the house, the ass, though it there It can be said. Is that what you're getting at like there's something to be said, are really put some money in the bank to float during that period of time? That way, you that one sixty number as our threshold, when do you start law school? The out, I would Let me start law school in about two and a half years from right now, the planet in the house about a year before starting Moscow. Yeah? I just, I think, even tighter regulation on one sixty five, you could make it few base it on one sixty five but Three years is just a real you. You ve set yourself up for some risk. It's not a guaranteed failure, but when you hi how's payment, as a percentage of you take on pay, while you're trying to get through law school, I don't want financial stress

You are now I hear you're completely and we debated literally just waiting until after last will bypass like five years. We have done well, I almost so that's why ask when you know star, but yes, I'm gonna buy something like based on her twenty thousand dollar income shore. And then I'm gonna move again. Five years from now, after more making two hundred yeah, Now we were going back important. We know that sound like a great option. We really appreciate your insight that somewhere in there and I'm just trying to figure out why so you're not pinched and in Austria while you're in law school off goes tough enough without inviting financial stress by decision that we had control over so good question is Firstly, in discussion, Christians were thus in Indiana hikers shower you, I'm good data better than I deserve. What's up? Well, My laws approached my wife life, of giving us a large percentage of

the inheritance from them here in the next couple years. Our sooner, I guess there fear is that You know if they go into a nursing home. Sometimes some situation like that that that would soak up a lot of those sources, and I just I had some qualms about it. You know it's their money, I wanted to get your thoughts, doesnt work You cannot make yourself look broke when you're not broke in order to get the nursing home provided by the government on welfare. Government, free nursing home from the government, is for welfare. It's for broke people, if you, if you move your assets out of your name, the gardener, the government can look back five two years on some things in ten years, on the other and disqualify you from getting free, nursing home care, you dont glossed over.

For welfare, because you gave all your money away. That's what amounts to which gets called fraud. They call an unfair fraud. That's what the government calls it and they will come down on their head if they find all of this and they'll look back five years and if they smell a rat, then go back ten years, and so there there motivation for doing. This is wrong. How old are they? just in their late sixties, Tommy, go get long term care and church the take here of their nursing home bill and denounce here's. The thing the nursing home bills or not bad if you're broke how much money these people got. I just think it beyond the orders. Thousand? I I'm not understood they're, not giving any real numbers and they need a long term care insurance. ITALY and it's gonna catch them

in all twenty five hundred thirty five hundred dollars a year. It's worth every penny to protect their money but They do not need to transfer assets in order to falsely qualify for welfare. It's not only morally wrong its legally wrong and the government will come down on them if they catch them doing it, and they do look at this stuff in the air. Forcing homes day is only about three years, so it would eat up a hundred grand If they did go nursing home, don't have long term care insurance, but most long term care insurance policies now cover about three years of nursing home care. So spend the money on long term care insurance and I would go get it today. If I was in this situation, I would Try to hide assets to falsely qualify for welfare. You were right to you're funny about this list. Is where those in Chicago high land. How are you today? Thank you make it my sure. What's up in your world,

in my while I'm trying to decide if I should be put in my twenty four year old out, he still live in here with me. And I'm trying to make that decision wisely, still living there number one. I didn't know any better until about three years ago that others the guy them finance My god took your class life is going to college rejoicing over you He graduated the ashes Diario College graphically dining, because you got a job yes, what I want to live at home Lonnie acts may appeal to his masters and there was a piece to them. Do I thought about it. I'm calling you is because I had. I had no savings alibi about twelve thousand out each month in debt,

wanted. I did my budget, but I took the quiet and I told him what I think about. He must think the class to go. He put the class also in other class. I decided what maybe you could stay here to help me big myself out phenomenal step for by him being here, because I made him pay is ran in everything. We do split it, but he wants to do with masters. I'm thinking should continue to stay here. While I started, retirement because I have absolutely not a penny in retirement as next month our we start, my retirement. Serenity of any right. Isn't there a new couldn't make it in the beginning, I could not, because I was our soul in the negative now. Yes, I can make it. How he's not today, not stay there now for you. Energy and wisely staying there for him now if it goes in its master solely as a free place to live well

be free because you pay: how will we be playing rise again, his masters? his job gave him a huge it's got ways, and it was too because they don't have a programme would pay for massive degrees. They gave him a huge wave from with this ways. He planned paper his masters. What what do you mean? laws he's dead, freer, rising? Ninety percent? even sixty two what are you make that I'm fifty about fifty I'm a glass, Arnold animals, any emergency here and there is not any abuse sure any really bad situation. I do think it'll be advantage, just to him emotionally, live on his own away from his mommy. One four worry MIKE Sixty thousand dollars years working on his masters, you're on your own year. You can care for yourself it'll, be really

for him emotionally to have his own place, maybe with a roommate or something, and if you want to get a roommate to help your numbers work that define but no margin say, but sometimes the next six months I worked his dad. I would have him move for his good for as a motion on growth. This is that I ran a guy. This change Giles producer of the day. I'm excited to announce the word out. Very six hundred radio define what you had to day. Randy Dotcom, Slash, show

money isn't the only then can we talk about around here? Get life. Changing advice on your career, for my good friend and career expert can comment on my can com and show, according to a recent Gallup poll, nearly seventy percent of Americans are disengaged at work. If you dread going into work every Monday morning and you're, just trying to make it to the weekend, can Coleman show is for you, everyone has a sweet spot. You're sweet spot is at the intersection of your greatest talent in greatest passion. We will help you discover what it is. You were born to do and then we'll help create a plan to make your dream job a reality. You matter and you have what it takes joined. The conversation on the CAN Coleman show air more from the Ramsay network, including the current common shop. Where ever you listened about gas, hey it's the producer of the Dave Ramsay show this