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Chapter 1: What is the main topic discussed in this episode?
Live from the headquarters of Ramsey Solutions, broadcasting from the pods, moving and storage studios. It's the Ramsey Show, where we help people build wealth, do work.
that they actually love or create actual amazing relationships jade washall ramsey personality is my co-host today open phones at 888-825-5225 you guys jump in we'll talk about your life and your money william is going to start this hour off in dallas texas hi william welcome to the ramsey show hey dave how you doing better than i deserve man what's up
Yeah, I got a question about a prenup. I've listened to a lot of your clips. Some of them kind of applied, some of them didn't, but basically there's a I own a business and have done well.
Chapter 2: What should I consider when deciding to get a prenup?
I own some properties and there's definitely a large gap between me and my fiance. What's your net worth? Net worth property values are probably like 1.4. I only have
230 in debt on those um and then in cash i probably got like 750 what's your business worth uh seven mil okay so you're a 10 million dollar guy and uh she has a more traditional normal net worth she's not a freak like you i guess not no you're a good freak though i like you so it's good you're the right kind of freak man i'm just saying all right yes i would i would get a prenup Okay.
I don't believe in prenups. I tell 99% of people not to get them. The only time in 30 years of coaching that I've run into a situation where I wished someone had had a prenup was where there was a vast disparity between the two people getting married. And 99% of the time, the problem doesn't end up being with the two people. It's not your fiance. It's weird dadgum people in her family.
that come out of the woodwork and screw up everything. And if she can just hold up the hand and go, nope, can't, I got a prenup.
Chapter 3: How can a prenup protect my assets in a marriage?
I don't have, I got nothing to say about that. I got nothing. Because all of a sudden they're like, whoo. Little Jojo married William. Yeah. Let's go visit. You know what I'm saying?
Yeah. I do.
Yeah. And bless your heart, your fiance didn't see it coming because she did not think crazy was going to manifest itself that way in her extended friends or family. And it ends up screwing up y'all's relationship. The prenup actually assists the relationship in this case. Yeah.
But for everyone else, I just say, no, if you have to have a prenup to protect your $4, then you don't need to get married. Correct.
Now, what happens if, you know, your fiance, your girlfriend, what does she think about it?
So that's an issue. You know, she thinks that I, you know, quote, unquote, love my money more than her. She's not thrilled, or at least at the beginning wasn't thrilled.
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Chapter 4: What are the potential downsides of having a prenup?
And so... Um, I'd basically, you know, cause in Texas you're, you know, everything is common, you know, property once you get married. And so then it all gets split. Um, so I had pretty much what I had structured was, you know, separating everything and then maybe giving her like, For every year we're married, if anything were to happen, she would get a certain amount per year.
So I guess my next question would be... I would not do that, and I would explain to her that this is as much for her benefit as it is yours because of what I just described a few minutes ago. This releases her. No one of your friends...
are going to be suspicious that she married a gold digger none of your family is going to think that she has bad motives this helps her and if you want to restructure or do away with the prenup at any point in your life you can do that okay you can just go back into the attorney the two of you sit down and go you know what i'm going to release five million dollars over here
But if you do a set thing on the number of years, the year that that kicks in will actually accidentally coincide to the roughest year in your marriage.
Chapter 5: Should I sell my car to get out of debt?
Yeah.
Right. And you will have that roughest year. You know that. So, I mean, why complicate it?
True.
Yeah. And you can go in and change it anytime. But I think I like her being beyond suspicion with all of your friends and relatives, for that matter, her friends. And she also gets to hold up the hand to her crazies that come along.
Mm-hmm.
And go, look, that's William's stuff. Now, having put the prenup in place, that's the legal move, then I would begin to run the relationship as if you own it all together.
That's the key right there. I think that's the key that makes it all good.
So, in other words, if I were you, I'm going to talk to my wife before I make a big business move.
Mm-hmm.
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Chapter 6: What are the benefits of focusing on debt repayment before investing?
You don't get to speak about this. That's not what we're saying. We're saying if this whole thing hits the wall, you don't get any of this. That's all we're saying. But that's different than you don't get to speak over it because you want her to speak over it. Proverbs 31 is who can find a virtuous wife for her worth is far above rubies.
The heart of her husband safely trust her and he will have no lack of gain. I have made more money and built more wealth while listening carefully to my wife who has a home ec degree and unbelievable hillbilly wisdom.
Now, let me ask another question on your behalf. So your business is worth $7 million now. The prenup is only covering the current value.
No, we cover the ownership of the business, period. Period. Regardless of what it becomes.
Oh, that's crazy.
Yeah, that's the way I would build it. You can work it that way. You don't have to put a dollar amount on it.
That's interesting, though, because if they get married and now she's speaking into the business, the business is growing and she's still... It's not... I'm not going to lie, that's a tough one for me.
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Chapter 7: How can I manage my finances while feeling overwhelmed by debt?
Okay, let me tell you. She is completely... I'll help you. She's completely benefiting. If this business is worth $14 million later instead of $7 million, she's going to be eating off that table.
That is right.
She gets to fly in that airplane.
But if something happens... Even the growth is no longer up for debate.
But again, he can go back and rechange that later.
He can.
It's so tough. If he looked up and said, look, the reason this business went from $7 million to $25 million is she has really contributed, then you can just remove some of the prenup.
That is true. That is true. That's true.
Now, I'm going to run it as I'm going to run your relationship and your household and all of your business decisions as if she was there when it all began. Yeah. And this is my child bride wife that we got married when we were whatever. Don't say child bride. Little baby children's.
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Chapter 8: What strategies can help couples navigate debt together?
I mean, like, Sharon and I got married at 22. We were like baby children.
That's Sam and I, too.
Yeah. And so we were little children's children. So we got, you know, we were both dumber than a rock. And so we grew the whole thing, crashed it, and then grew another one together. Yeah, right. And so there's no question about that. She owns it. Matter of fact, she technically owns most of it. But the...
The point being, I'm going to run the relationship in a way that you don't lord over her assets or income. She completely participates in those. And so we have an income from our business unless we're divorced. And then it's not our business. And then your boy gets it. Well, that's it. Tough turkey toenails. The prenup only comes up. If there's a problem, right? Yeah. This is The Ramsey Show.
Okay, let's clear something up. If you listen to this show for 10 seconds, you know we hate debt. And some people just, for some reason, don't hear that. I don't know. They think you need debt and credit cards to build your credit because you need a credit score to buy a house, right? Wrong. Truth is, if you're living a debt-free lifestyle, eventually you won't have any credit score.
So when you're ready to buy a house, you've got to find a good lender like Churchill Mortgage. who can do what's called manual underwriting. And that's where they personally review your financial history to approve you for a mortgage. Like we did before there was a FICO score. We actually made sure you had a freaking job and stuff. Wow. What a concept.
Yeah, so this way you get to avoid the whole credit score game where you borrow money to raise your score so you can borrow money so you can raise your score so you can borrow money so you can raise your score so you borrow money so you can raise your score so you borrow money. Sounds like fun if you're a bank. Or a dog chasing its tail. That one, too, which are usually dizzy. No pun intended.
It might sound crazy to some people, but the best plan for your future is avoid debt. Get a real estate agent who will help you find a house you can actually afford. Get it paid off as soon as possible. And we recommend agents who are Ramsey trusted. These are agents that are high octane, high protein.
They didn't get their license last week, and they're not your Uncle Charlie who's guilt tripping you. This is your freaking house. It's the largest asset you have. So you can buy a house without a credit score, and you can work with an absolute professional, and you need to. RamseySolutions.com slash agent to get a Ramsey-trusted real estate agent. RamseySolutions.com slash agent.
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