The Ramsey Show
Alex Hormozi: "Don’t Take Poor People’s Advice on Getting Rich" (Hour 1)
22 Jun 2023
Transcript generated automatically by AI and may contain errors.
Chapter 1: What is the main topic discussed in this episode?
Live from the headquarters of Ramsey Solutions, broadcasting from the pods of Moving and Storage Studios, it's the Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. Thank you for joining us, America. George Camel, Ramsey personality, is my co-host today.
And he is the host and co-host of Smart Money Happy Hour and the George Camel Show, which George Camel YouTube channel. What do we call that?
I think it's just my name on YouTube. Who knows anymore? Camel.
With a K. That's right. That's how to find it. And that show has come out to rave reviews and a huge number of views right out of the gate, so be sure you guys check that out. Anyway, open phones here at 888-825-5225. Austin starts this hour in Nashville. Hey, Austin, welcome to the Ramsey Show.
Hi, thank you for having me.
Sure, what's up?
So Nashville, Tennessee, I'm in data analytics, and I have a ridiculous amount of student debt right now. I graduated with a business degree, and I'm just wondering how, if you would recommend any options that I have to refinancing the student loans and kind of getting my monthly interest and monthly payment down.
Cool. So how much student loans do you have right now?
So a little over $155,000. What do you make? Currently, I make gross about $43,060 net.
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Chapter 2: How can I effectively refinance my student loans?
Now we're talking now.
Sweet spot side jobs. Yes. Ones that bring in bank jobs. Because we don't want to keep them any more than we want to keep the student loan.
And I hope that's all the debt. We didn't find out if there was more to the picture, but man, that's just a lot to come out of school with six figures in debt and making $40,000. It's just defeating.
Yeah. And you can get on some long-term career tracks. I mean, Ken Coleman's stuff will help you make some decisions on if this is the field you want to be in. How can you make some moves that are good now and good long-term?
So let me send you a copy of Ken's book, From Paycheck to Purpose, where hopefully we can even align all of this money-making stuff we're talking about with a good long-term strategy that includes purpose, includes doing things that matter with your life that you're excited about on Monday morning. And all of that will help.
Yeah, and if you can maximize your time doing those side hustles, that's key. Because if you do three side hustles that pay $10 or $15 each, and we can replace that with a $45 an hour side hustle, now we're talking. Because you started mowing lawns or pressure washing, that's a different ballgame. So I would look at how to maximize your time and on top of that, make the most doing it.
That's going to help clean this mess up.
Perfect. It's a lot. Good stuff, Austin. Good stuff. Hey, thank you for calling. Hang on, Austin. Another Austin will pick up and get you a copy of that book. Austin, talk to Austin. Roger, Roger. He'll get you a copy of that book of Ken's and help you get going. Folks, that's what you're looking at is the... A good way to do this is what we call big math.
Don't get caught up in the nuanced interest rate or the nuanced payment amount. Just say $155,000 divided by three is $50,000. I can't do $50,000 a year, three years, but divide it by $10,000. Okay, that's 15 months. Oh, wait. Or 15 years if it's $10,000 a year. What are we going to do? I'm choosing 15 months. You start just looking at it that way, and then you go, how can I take this thing out?
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Chapter 3: How can I maximize my income with part-time jobs?
No, no. We just we just buckled it out. Did you have some money in savings you threw at it, too?
We had a little bit. We have a couple of rentals that we had paid cash for before we met Dave Ramsey. And so we had a little bit of cash there, probably maybe ten thousand dollars there.
okay so all right and then you know and then through this all i got behind on taxes and uh because of uh the tax credits that we didn't get previously that was maybe five thousand dollars just you know to push us through the last you got behind on filing them
Yes. Oh, when you filed them, you got a credit.
Yes, and we finally caught up on the... Yeah. Well, it was a stressful part in our relationship. I was pushing him all the time to get that done, you know, be responsible. You know, just the eight years that we've had with our son were really difficult, got behind, and, you know, we just were tired of being tired.
You know, we were making good money, and we wanted to be able to just feel comfortable, do things.
Yeah, what was that turning point 12 months ago? You guys were making good money. You're surviving. You're making your payments. What made you go, everything's got to go?
Well, I mean, I think, you know, previous to this, she didn't realize it, but through our sons, he had brain cancer twice. And after the first time I had gotten behind with my suppliers, $35,000. Luckily, they were family owned and dealt with me with that. But she had no idea that I was dealing with that and started getting that caught up. And we use part of a home equity line to pay for that.
Then he was diagnosed a second time with cancer, and I got back behind again about $30,000. So previous to 12 months ago, I had actually caught that up on my own, and then through our church and some marriage counseling, we just finally got down to the roots of, hey, you should have been open with me about this, and we finally got on page with communication as a couple.
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Chapter 4: What strategies does Alex Hormozi suggest for building wealth?
So mine's 12 minutes, and that pisses me off.
And he still drives very fast.
Yeah, and that's driving quick. But I still didn't want to do that. So I couldn't do it. I mean, that's like for me, I can be in Knoxville from Nashville in three hours. That's like driving to Knoxville to go to work every day for me. That just blows my mind. No, thank you. I'm not doing that. Uh, there's not a, there's not a scenario under which that's going to happen.
Now I can do a lot of different things. I could take a job as a lawyer somewhere else and move to Kansas, but I'm not driving three hours. Okay. So that's off the table for me. Uh, and if what that means is you're going to get out of debt a little slower. Oh, well, uh, we're going to get out of debt a little slower.
And is there something else we can do to patch up our income while we're a beginning lawyer? I don't know. 80 K is not bad. Uh, But they're probably going to try to kill you the first three years at ADK, too. They probably don't have any spare time. And you've got a six-hour round trip here. No, thank you.
Not six hours total. Three hours. Oh, an hour and a half each way. An hour and a half each way.
Yeah, an hour and a half each way. That's still untenable for me. I'm not doing it. I'm moving. And I might even move to a whole different area and get a job somewhere else, but I'm not doing that. It's not on the table for me. What do you think, George?
Yeah, I'm in the boat of I would rather have three or four roommates in the city and have a shorter commute than continue this for any extended period of time.
Now, this doesn't work. It's not free. The cost is extreme. Physical, mental, emotional. Somehow you've got it in your head this is free. But, I mean, it's straining you. You're trashing your car. You're putting a bazillion miles on it. You've got a lot of fuel cost. I mean, it's not free to live there. And I'm just the quality of life on that. I'm not doing it.
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