š ā Are you on track with the Baby Steps? Get a Free Personalized Planā š± Watch the full episode for free in the Ramsey Network app. Dave Ramsey and Rachel Cruze answer your questions and discuss: "My boyfriend doesn't want to work. Is this a dealbreaker?" "Should I take out a loan to start a business?" "When can I start enjoying my retirement nest egg?" "Is my mom responsible for my dad's credit card debt?" "I have buyer's remorse after buying a classic car. Should I sell it?" "Should we sell our house and move in with my in-laws to pay off debt?" "I'm about to receive a $400k inheritance. How do I invest it?" "Can we use our investments to help our children or wait until they inherit it?" Next Steps: ā ā Help us make the show better by taking this short survey!ā š Have a question for the show? Call 888-825-5225 weekdays from 2ā5 p.m. ET or ā send us an email.ā Ā āļø ā Enter the Teacher Appreciation Giveawayā šµ ā Start your free budget today. Download the EveryDollar app! šļøĀ ā ā Find a Ramsey Trusted Real Estate Agentā šļø ā ā Dave Ramsey and John Delony are going on tour this month! Get tickets todayā Connect with our Sponsors: š Stop paying more and start shopping smarter at ā Aldiā š± Get 10% off your first month ofā BetterHelpā š±Go to ā Boost Mobileā to switch today! š„ Learn more aboutā Christian Healthcare Ministriesā š” Get started today withā Churchill Mortgageā š Get 20% off when you join ā DeleteMeā š¦ Go toā FAIRWINDS Credit Unionā for an exclusive account bundle! š„ Save 15% on your first ā Field of Greensā order with code RAMSEY āØ Find top Health Insurance Plans at ā Health Trust Financialā šø To find out more about student loan refinancing, check outā Laurel Roadā š» Visitā NetSuiteā today to learn more šļø Use promo code RAMSEY for 18% off at ā The Nokboxā šµ Learn more about ā Timothy Planā š Get started with ā YRefyā or call 844-2-RAMSEY š Visitā Zander Insuranceā for your free instant quote today!Ā Explore more from Ramsey Network: šø ā The Ramsey Show Highlightsā š§ ā The Dr. John Delony Showā šø ā Smart Money Happy Hourā š” ā The Rachel Cruze Showā š° ā George Kamelā šŖ ā Front Row Seat with Ken Colemanā š ā EntreLeadershipā ā Ramsey Solutions Privacy Policyā Learn more about your ad choices. Visit megaphone.fm/adchoices
Chapter 1: Who are the hosts of the Ramsey Show and what is the Money and Relationships Tour?
Hey guys, Dave Ramsey here. Me and Dr. John Deloney are coming to a city near you on the Money and Relationships Tour. It's happening soon, so don't wait. Get your tickets at ramseysolutions.com slash tour. Brought to you by the EveryDollar app. Start budgeting for free today.
Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. I'm Dave Ramsey, your host, Rachel Cruz, Ramsey personality, number one best-selling author, host of The Rachel Cruz Show, and co-host of Smart Money Happy Hour on the Ramsey Networks. And my daughter, she's my co-host today.
Open phones here at 888-825-5225. Before we dive into the callers, I've got to do a correction that I screwed up on. I do this every so often. I've been doing talk radio 15 hours a week and podcast-type stuff for... yeah, uh, 34 years now. And so you can add up that number of hours. And in that number of hours, I have done some stupid butt stuff in my life, but it's, you can't take it back.
It goes over the airwaves. It's gone. This was not on this show. My friend, Sean Ryan has one of the top podcasts in the world and, uh, is here in our community and was nice enough to have me as a guest on. And we did a long form interview there. I think it's like three hours and 43 minutes, which is more Dave than anybody should get, but you can get it if you want to go listen to Sean Ryan.
And it was very popular. We've had, he's had, it's one of his top shows. I was talking to him last night about, as a matter of fact, and it's one of the, it's the numbers on it are absolutely astronomical. And then I get a letter from, That I had messed up something on the thing.
Oh, no.
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Chapter 2: What was Dave Ramsey's correction about the Mr. Transmission story?
And 99% of the time when I get a letter like that, I just look at it and I go, yeah, throw it away. But this one I screwed up.
Oh, I can't wait to hear.
This is great. Yeah. So I got fired when I was 22 years old. And I tell the story often and I very seldom, if ever, tell the name of the company. But I told the name of the company.
Okay.
That I got fired from Mr. Transmission. And I don't know why I got fired. The guy yelled at me and threw me out of the building and all this stuff. And so it's one of the ways that we decided at Ramsey, no one's ever surprised. If you get fired here, you will at least know why, you know, because I still don't know why.
And it was 40 years ago, you know, so I was 22 years old, 42 years ago, I was 22 years old. So, um, I probably deserved it. I just don't know why. Did someone from the company? And I was telling the story about that, and I said, well, it was called Mr. Transmission, and they're out of business now, and I think there's a couple of them left open, but the franchise is all closed down.
Well, that was wrong. They did go bankrupt in 1990, because I actually looked at buying it at one point, and they went bankrupt in 1990, and another company bought them out of bankruptcy.
Okay.
And now they're a thriving company.
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Chapter 3: What topics are covered in the Money and Relationships Tour shows?
Remarkably similar.
Okay, what are they wanting? What do they want to hear?
We're not going to tell because I don't want to skew the voting at the next city.
Make sure you get your tickets.
The polls aren't closed. All right. You can't tell who's winning yet.
Okay, okay.
But it's, yeah, they're picking out... Similar topics. Yeah, and they're to be ā once you see them, you go, oh, I get that. Yeah. I get why they're ā yeah. Okay. And so, yeah, but you vote before we start while you're sitting in the audience with a QR code, and then we're backstage scrambling around looking at the votes, and then we make up the night.
or Grayson actually helps the guy that runs our content. He makes up the night and then brings us a sheet out. And then we, we talk about those topics. And so it's very off the cuff in that sense. And, and a lot of fun. So if you want tickets, Ramsey solutions.com slash tour Ramsey solutions.com slash tour.
And if you're tuning in on the YouTube or podcast, you could click the link in the show notes. You don't have to be stuck trapped in the same patterns of money or relationships. I will guarantee you this. If you're, spouse is um or your best friend is uh
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Chapter 4: Is a boyfriend who doesn't want to work a dealbreaker in a relationship?
Jenny is in Atlanta. Hi, Jenny. Welcome to the Ramsey Show.
Hi, thank you for having me. My question is, my boyfriend doesn't want to work, and is that a deal-breaker? I'm a 40-year-old surgeon in my first job. Last year, I made about $280,000. This year, I'm expected to make close to $500,000 in the second year of my work.
My boyfriend of one year is an actor, and the entire time I've known him for about a year, he's had two days of work as an actor, and he made less than $23,000 last year, so he didn't qualify for the Actors Union health insurance. But we want to continue our relationship. and keep moving forward and eventually get married and live together.
But he says that because the house will be under my name as the main wage earner, he doesn't feel like he should pay for any part of the mortgage. He also can't. And I'm wondering if that's the deal breaker or if I should just suck it up and pay for the expenses because I can't.
Hmm. What do you think, Jenny? Is that attractive to you? Like, are you like, what a winner?
This is not how I had imagined being in a relationship.
You're smart. You're a surgeon, Jenny. You're really smart, you know? So it is interesting because usually, not always, but to a degree, people's intellect, you're attracted to other people's intellect and you're a hard worker. Obviously, the schooling you had to go through was insane and the amount of hours you have to put in and work and to have somebody that doesn't give.
And again, I'm not mad that he doesn't have a job as an actor every week, but at least he's like, hey, I'm still busting my butt and I'm part-time here. I'm waiting tables here. I'm trying to make this dream work. I'm not mad at the dream, but the fact that there's nothing in between that that's happening, right.
Is, um, like that's as a woman who works and all of it, like that's not attractive to me as a, for a man, a guy that, um, has a level of initiative I find attractive. So I'm just curious if, yeah, if that's how you feel or if you're, if you're great with it and you might be great with it.
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Chapter 5: Should you take out a loan to start a nonprofit business with a limited timeline?
So, man, what a challenge that you're facing. But also the clear definition you have of it allows you to just really think about how you're going to strategize for this. So what is your business idea?
So my local town doesn't have a youth drop-in center anymore, so youth don't have anywhere to get food if they don't have it. So I'm kind of looking to build a drop-in center, but also incorporate like animal assisted therapy because animals are my passion as well. So kind of combining the two for youth to be able to build enclosures and learn about those types of things.
And are you thinking of a nonprofit situation or a for-profit business doing this?
I was thinking nonprofit. The only reason being is my local town has a big pot for bursaries and grants compared to other towns. So I would be able to get monthly financing through them as well to help out with everything.
What do you have to do to qualify for the grant?
I just have to have a nonprofit number and have the actual building and everything set up. And that's kind of what I was going to take the financing for. I currently have a building accessible to me. It just needs repairs and everything to get to the point where it could be usable for a business.
And what's it take to do the repairs? What's the cost?
The cost for that will be for upgrades and renovations $90,000.
No, absolutely not. I would not do that.
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Chapter 6: What are effective ways to protect your personal information online?
Absolutely. You ought to pay off your car and your mortgage food too. Immediately. If you're over 59 and a half and you can pull enough of this million six out to pay off 115,000. And, um, I got a better idea, but you can do this. I wouldn't personally be a millionaire and be driving a $20,000 RV. That sounds like hell to me. Um, cause it's going to break down.
So why don't you just go rent one for two months? That's the best of the best. And just get like the Bentley RV or whatever you call it. I don't even know what it is. I passed one on the interstate the other night. My wife says.
An Airstream?
No, it was just a big old beautiful thing. And my wife said, ah, $200,000. I said, no, $450,000.
Is it really? Are they really that expensive?
Yeah, the super dogs are.
Should I Google fact check you right now?
Yeah, you can. You can fact check me if you want. It's okay. I can handle it.
Is there really four? They have $450,000. What you just said.
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Chapter 7: Can retirees afford to splurge on an RV and how should they manage debt?
Well, majority are going for 270. And then it says AI overview, which I know you love AI so much. It says typical is anywhere from 40,000 to a million dollars.
Done. I don't know. Yeah. Matt is in North Dakota. Hey, Matt, what's up? I can't drop the mic. So I have to drop the paper. Okay.
Fair enough. Long time listener. And I appreciate you guys, all of you. My question in short is, is my mom responsible for my dad's credit card debt? Here's what's happened. He's been moved to assisted living about nine months ago. before that, um, he'd racked up credit card debt of about $18,000. Um, she's right now just paying off the interest on that monthly to get by.
He does have some VA assistance that helps with his assisted living, but she's 75. Um, she cannot afford to continue doing that. So I'm wondering it's an American express card. How aggressive are they? She let that go into default. She's not on. She's not on his. She didn't co-sign with him, but she did at one time. He got her a credit card, but she no longer has that as just kind of an accessory.
It's all in his name. It's his debt.
Does he have any assets? Do they own a home? Yes, they do. He's not living in it. She doesn't matter. They could sue him. And take a lien against his home, which happens to be where she lives. Yes. That's a problem. They have no money?
No, no. She works a part-time job just three days a week to just bring in groceries and that sort of stuff. But other than that, their home is paid off, yes. But other than that, no. It just goes to insurance, property taxes, that sort of stuff. Sorry. Do you have any money? Uh, yeah, but not that kind of money.
Okay.
Do you have other siblings met?
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Chapter 8: Is a spouse responsible for their partnerās credit card debt when one goes into assisted living?
It's in Montana.
Okay. All right. I don't know Montana law, but I suspect they could take a lien against the house and eventually execute on the lien and force the sale of the house in order to pay them. And they're going to just drive her bananas in the six years it would take for them to get to that point. OK, so I don't suggest doing that. It's going to be it's going to be a problem for you, for her.
And sweet lady is just going to get harassed. Now, was he of diminished capacity when he used the card?
uh starting to get that way he racked up a lot of it on dental bills um here in the last year or so just before he went to assisted living without her knowing yeah i know that her knowing is not necessary but if he wasn't uh if he was like an early onset or something and you can get a doctor's letter that'll help you uh with the process here okay so anyway what i would do is this i'll just stop paying it let it go bad
Okay. And teach her to don't have conversations with them. Don't even talk to them. If they call or they send something, just ignore it. Because if she picks up the phone every time they call, they're going to drive her nuts. And then after about six to nine months, you and your sister scrape together $5,000 and settle this. Okay.
Y'all settle it and get it out of there so your mama's house is not at risk while your dad's declining.
You feel like Amex would settle on that?
They'll settle pennies on the dollar once it's nine months old.
Once it's nine months old.
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Chapter 9: Should you keep a classic car or sell it to pay off your mortgage?
You're good.
Yeah, but I think if it was a larger number, to where it would hurt you, then, yeah, I'd probably sell it. But the good news here is that when I saw classic car pop up here, I was not thinking $7,000.
Yeah, you were thinking more.
Yeah, I was thinking this call is going to be somebody spent a lot of money on something. But it is relative. That's the thing. It's like I got a friend that bought a Lamborghini. I mean, he bought a, was it $400,000 or something? And I'm like, man. But he made $15 million last year. Right.
So, I mean, he could burn that in the middle of the floor, and it would make all of us cry, but his life wouldn't change.
It's like when you see those stats of, like, what Bill Gates makes while he's brushing his teeth, like, every two minutes. You know what I mean? It's like $80,000 every two minutes or something just insane.
Yeah.
You're like, oh, my gosh.
It's a different ratio, and that's the ā That's how you know you can actually afford something is the ratio. That's what you're looking for. So I remember we did one the other night on something. Tiger Woods at his top of his game, when he was making the most of the most, he bought a $70 million house. And this was many years ago, obviously.
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Chapter 10: Is moving in with in-laws a good strategy to pay off debt and save money?
No, no, no, no, no. Y'all go get a life, and you're going to sell the house because you need to move closer to his work anyway.
Yeah, not for the debt. That's a good point.
We're not selling the house because of the debt. We're selling the house because you're going to need to move closer to work, right?
Right. It would be a plus to take care of it.
Yeah. No, I would not move in with your in-laws. Yes, I would sell the motorcycle, sell the car, and sell the house. That's exactly what I'd do. You're not going to do it, though.
Oh, you can do it, Mackenzie. I believe in you.
She would do it, but I don't think she's going to talk to him about it. I don't think she wants to bring it up.
Oh, I bet she can't. I believe in you, Mackenzie. Go, girl.
All right. This is The Ramsey Show. Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're going to die or something?
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