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Chapter 1: What is discussed at the start of this section?
Brought to you by the EveryDollar app. Start budgeting for free today. Normal is broke and common sense is weird. So we're here to help you transform your life. From the Ramsey Network and the Fairwinds Credit Union Studio, this is The Ramsey Show. I'm George Campbell, joined by my good pal and co-host of Smart Money Happy Hour, Rachel Cruz. We're taking your calls at 888-825-5225.
Mohamed kicks us off in Halifax, Nova Scotia. It's a fun place to go. What's going on, Mohamed? Hi, how are you? Good. How can we help today? I have a question. So my grandmother is going to visit me in July. Now, I love her very much. This is more of a love question. I know it's not one of the most smart decisions to make. I drive a really nice car right now. I drive a 2022 Nissan Pathfinder.
I paid all cash for it. Good. And now when she's coming, I want to get an even better car just because I would love to spoil her with an even better car. Is it wise for me to sell this for – I'm going to probably be able to sell this for $35,000 and buy around a $90,000 car.
For your grandmother? I'm so confused. For her to keep –
Yeah, no, no, not for her to keep, for me to keep, but it's just I'm making an impulsive decision because she's coming and I really want her to see how well I'm doing for myself. So you want to make a six-figure impulsive decision to impress somebody who's there temporarily so that they think you're doing better than you are? No, I am doing it. I could pay full cash for that car.
That wasn't the question.
The motivation is what we're asking about. Oh, it is. And it's your grandmother. Yeah, basically. Does she actually care?
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Chapter 2: How do I handle unexpected charges on my credit card?
Out of all people in the world, nanas love their grandchildren.
I was like, there's nothing. I have a feeling she would appreciate having like massage seats and, you know, and just like an automatic leg wrap. Are we living in this car for five months?
Is this a joke? Are you being for real?
No, no, no. I am. I am. I'm being very furry. I went and checked out the car yesterday. I told the guy I'd come around like five or six o'clock today and tell him if I want it or not. What car is this? It's a Yukon. What does grandma need a Yukon for? Is she sleeping in the back? Is there a mattress? Oh, no. It's also because... He just wants to... Are you single? How old are you, Muhammad?
I am single. I am 22. I kind of wish you were married because your wife would slap you right now if she heard this call. This is insane. Yeah, I know. It's insane. But my parents, when my grandmother comes, she's like a magnet. So when she comes to North America, she's going to attract all of her relatives. She's coming from India, my home country. Okay.
And in their culture, is it big to like, hey, look at how impressive my life is? It's not so much like that. How much do you make a year? It's like... So I currently own two companies. I started one when I was 16, and one I started six months ago. The one I started when I was 16 was a clothing company, which does really well for itself. It has nine employees full-time.
I maybe go there twice a week to just look at stuff. Way to go. But nothing... Just to like the warehouse we have. So what did your taxes show last year? What did you bring in? What was your taxable income? Last year, I pulled in around 250. Amazing. Dude, you're crushing. If I'm grandma, that's what I'm proud of. Not the car upgrade.
Or just you. You're a successful, bright young man.
She loves you for you. And if a car is going to be the ticket for her to love you even more, this relationship is built on a farce. Oh, no, it's not like she's going to love me more because of the car.
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Chapter 3: What should I consider when living paycheck-to-paycheck?
I do. You need some reality. And you've done so well, and I think that's caused you to go, well, I have to live a certain way because I've done so well. And the more you can realize that your identity is not wrapped up in stuff and how much money you make, the better relationships you're going to have and the better life you're going to have.
Listen, we're not mad at $90,000 cars. And if you can pay cash for a $90,000 car, and that's what you want, Muhammad, because you want to upgrade your car, you enjoy cars, and whatever the motivation is, but... Asking yourself, if nobody sees this purchase, would I still want it? And if the answer is, yeah, I still would, I would still want this.
If that was the beginning of this call, it would be a green light for me because I think you could afford it and you would be fine. But what I'm scared of is that if you make this purchase because of the motivation that you just explained to us, you have set up a pattern in your life. And a lane which is unrealistic and unfulfilled. It's an unfulfilling lane that you're setting up.
That if I just get this purchase, I'm going to feel good from the ego stroke of my grandmother who says like, oh my gosh, you're just amazing and look how successful you are. Whatever you need from her, whatever that need is. That need is still going to be there, and you're going to look to other people to fulfill it.
And so I want Muhammad to be content and happy with what Muhammad has, regardless of what anyone thinks, and especially grandma. I mean, my gosh, grannies and nannies, they're like the number one fan of grandkids. I know. She will be happy to be in a Honda Civic, you know?
What is she driving? That's the question. What's she used to? Is she rolling around in Rolls Royces? No. Well, my parents do very well for themselves, too. And they have obviously spoiled my grandmother a lot. And her husband did very, very well. So my grandfather, who just passed away this January. So she does not drive, but she gets driven around in a Toyota Land Cruiser. Yeah, that's right.
I think you come from a successful family. You do. You come from a successful family. Yeah. you want to graft into that message that's been told to you and what we're giving you is a different perspective on life. And again, it's not that the stuff is bad, but when the stuff has you at that point,
to the point that you're going to go and make a purchase, again, solely out of wanting someone to feel good about it and feel good about you because of this purchase, all of it. I just don't like the motivation. And I think it's going to end up, you're going to end up like a rat in a wheel, running and running and running your whole life because it's not going to be grandma next.
It's going to be the girl next. It's going to be a parent. You know what I mean? Plug in anybody.
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Chapter 4: How can I manage feelings of financial insecurity?
I don't like how I've been treated in this part. And Patty, if you've had stuff in the past that you've done wrong, admit that too, right? I mean, it's not like it's all their fault. I'm sure there's been tiffs and taffs throughout the years. Right.
But yeah, if I'm married to a guy and as a wife that you're saying all these things and he doesn't at least listen, take into consideration, have conversations about it, figure out a way to make this life work for you, I don't know what else to tell you.
Yeah, that's kind of what I thought. And he he makes it like when I say, so basically, we are not going to know what we're going to get until your parents are no longer with us. And he'll go, so now you want my parents dead. And I'm like, that's not the case. This is just common sense and planning. And so, well, then you guys need it.
Yeah, I think and I think ask would be that we need to create our own retirement plan. How old are you guys? Uh, 55 and 52. Okay. Well, I would say for me to feel secure, secure, I need a path of retirement that has nothing to do with your family and the farm because nothing is documented. And so there's not security there. We don't have security in it because we don't know what's going on.
And so I need to, I want to start putting money away for our family in retirement. Right. And you guys put that in the, you know, and he, I don't know if he'll go for it, but that's what, that would be a plan.
Are you working outside the home, Patty, or have you? I have. I have. So about 10 years ago, I started my own business, and I was super blessed. And so I have been putting away for me, you know, we're putting into retirements and stuff, SEP plans, Roth plans. Good, good. That's what I would be doing, is creating your own little island to be insulated from the chaos that could ensue.
I'm creating my own little island. But like I was just told like that, he's like, well, now you're becoming financially independent from me and you don't need me. And I was like, yeah, that's been part of my plan because you just didn't care for our family and you just do everything with your family. So I had to take care of myself. So I have been blessed to be able to do that.
Yeah.
I would continue that.
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Chapter 5: What are the risks of borrowing money from your boss?
I like, you know, I love that spirit.
Why not go big, right?
Rachel goes big and she goes home. She does it all. Most people don't struggle with money because they can't do math. They struggle because they don't stick to a plan. And when your bank makes your money feel confusing or hard to track, plans fall apart fast. And that's why I love Fairwinds Credit Union and their mobile app.
Because let's face it, most banks build systems that make it easy to swipe and hard to stay organized. But with the Fairwinds app, you open it and you know exactly what to do. No clicking through 11 menus just to move your own money. Just tap, transfer, and done.
Chapter 6: How can you effectively manage a large influx of cash?
You can deposit a check from your couch by taking a picture. You can get real-time alerts so you're not guessing what's in your account. And you can add your Ramsey Be Weird debit card to Apple Pay and tap to check out. See, a lot of banks leverage convenience to make it easier to go into debt, but Fairwinds offers convenience to help you stay in control. It's a huge difference.
That's banking that actually supports the baby steps instead of working against them. So if you want to bank someplace that's both faster and wiser, check out Fairwinds. Go to fairwinds.org slash Ramsey. That's fairwinds.org slash Ramsey. Insured by the NCUA. Ramsey is taking over an entire cruise ship. Not like pirates. We're just, we booked it legally.
Chapter 7: What are the benefits of using the debt snowball method?
Don't worry. But this is 2,500 people coming together for the ultimate debt-free celebration. This is so much more than buffets and deck parties, which I am personally excited about those things.
But you get to hang out with Dave and all of us Ramsey personalities for seven days, hear new teachings on wealth building, join the world's largest debt-free scream, watch live episodes of your favorite shows on stage, and so many more surprises. Who knows? It's so fun.
It's a fun week.
Yeah. I mean, ever since the last one, I was kind of riding a camp high after. Yes. Like that was something special.
I know. It was. It was such a great week.
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Chapter 8: How can you ensure healthy financial boundaries with family?
And the people working on the cruise were like, who are these people? They're all so kind.
Yes. They kept saying that. They're like, this is the nicest week of people we've ever had. Yeah.
And there's no strangers because you have like-minded people all in one place.
Well, not to make anyone uncomfortable, but everyone's like, yeah, we stand in line for the buffet. And be like, how much debt have you paid off? You know? Yes. Talk about things that you would never, ever probably share. But a place to celebrate and get to go to the Caribbean. It's going to be fun.
Not mad about it. It's going to be fun. All right. Click the link in the show notes or go to RamseySolutions.com slash events to book your cabin. Hopefully we'll see you in 2027. Iris is in Bismarck, North Dakota. What's going on, Iris? Hi, George and Rachel. How are you guys? Doing well. How can we help today?
Okay, so I'm in quite a bit of debt, and I actually started going through the baby steps at the beginning of the year. Started going full intensity about two months ago. Already paid off about $5,000. Awesome. Great. And my boss... My boss offered to lend me the money that I need to pay off the rest of my debt and just pay him without interest. Lend you the money. How much is this?
So I have $41,805 left to pay off. Oof. And this is... So credit card, $9,373. I have... $6,573 to the IRS and a nasty personal loan with one main financial for $25,859. Okay. Okay.
No, I would not do that, Iris. I know it sounds good because you don't have to pay interest and all of that, but suddenly now you are tied to your boss as a bank, basically. And any mispayments, anything that happens in your life, I mean, anything that is going to be happening, he's going to be...
just there right from like an emotional financial perspective and so keeping things clean and just saying hey keeping the creditors the creditors and keeping your boss the boss keeps very healthy boundaries and keeps everyone in the lane they should be in and when you start muddling those it can get messy really quick and the truth is interest the way you're attacking this thing isn't going to be the issue
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