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Chapter 1: What is discussed at the start of this section?
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. Rachel Cruz, Ramsey personality, number one best-selling author, co-host of the Smart Money Happy Hour, and my daughter is my co-host today. Open phones at 888-825-5225. That's 888-825-5225. 825-5225.
Jonathan is with us in Morganton, West Virginia. Hi, Jonathan. How are you?
Hello, Dave. Better than I deserve. How are you?
Just the same, sir. How can we help?
Awesome. I've known your voice for probably 20 years now. I'm 31. My father listened to you as I was a child. I strayed from the path a little bit leaving college, but we're back on it now. We paid off about $110,000 in debt in three years. We're on baby step six. Wife and I got married in 2017. We are now expecting our fourth child in February. Our oldest is four, turning five next month.
Dang, that's a lot of kids.
A lot of kids under five.
I know. I'm the oldest of 11, so the more the merrier. God will provide. Amen. But our house is 1,200 square feet. We bought, you know, what we could afford back in 27. Calorie has gone from about 90 to 160-ish since then. But my wife really wants more space for the fourth kid.
Our house is only 1,200 square feet, and we're wondering if we should just be content, pay off our house, and go from there, or if we should look at buying a bigger house or look at remodeling options. We really like the location we're at in our property. We've got five acres out in the country. The kids love it. But my wife...
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Chapter 2: How can I be content with my current living situation?
So...
They find ways to drive y'all crazy.
I love them. They're awesome. This is The Ramsey Show. Rachel Cruz, Ramsey Personality, is my co-host today as we answer your questions about your life and your money. Hey, those of you that tuned in last night for the student loan free live stream, there were, I guess it looks like right now we've probably had over 100,000 people already view it. Thank you for that.
We really appreciate you guys turning out, and Rachel and Jay did a stellar job, and I bookended it, so there we go. Hey, we appreciate you guys hanging out with us.
Hopefully it helps those of you that tuned in.
It was really good content. The way you guys did, what y'all did covering the budgeting stuff was really good.
Well, yeah. Well, we wanted tactical stuff, and I feel like that's one thing that's so hard, especially with these payments coming in October for a lot of people.
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Chapter 3: What should I consider before buying a bigger house?
They're looking at their money and they're like, I mean, I don't know. I don't even have margin right now. So hopefully us kind of walking through and showing you examples of what it looks like to cut, what it looks like on the income side to, you know, even looking at pausing investing, how much money that can bring back in each paycheck. So, yeah, we got really detailed in it.
But I think I mean, you took every dollar actually built a budget live on the thing. It was pretty cool.
Yeah. So and actually the link, I think it's up still at RamseySolutions.com slash student loans or on YouTube.
Okay.
So make sure you have to check it out because we put it out last night hoping that it gives you guys direction.
Okay. Also, we're heading to Chicago momentarily, and we'll be up there to do Smart Conference Friday night and all day Saturday. If you're in the Chicagoland area, don't have your tickets, get them. But the morning session, the first couple of hours on the couple of money talks will be Jade and George. And they will be live streamed for free. You don't have to pay a thing.
You can just watch the startup of Saturday Morning Smart Conference. And so make sure you check all this out. Go to ramseysolutions.com slash events. And again, that's Friday evening and Saturday if you're in Chicago. If you're not and want to catch the live stream in that Saturday morning, it will be live. And it will be Jade and George and a little bit from you. A little bit, right?
uh no nope nope okay i'm in the afternoon okay maybe a little bit from me i do an intro video that says hello that's what it is and i'm doing i'm doing a little intro thing yeah all right you'll see us jason is in shreveport hi jason how are you i'm good how are you dave better than i deserve what's up okay so i'm 40 years old i am a classically trained opera singer and music teacher
When I was 27, I was working on my PhD. I had a grand mal seizure that year. The next year, I had another grand mal seizure. I was diagnosed with epilepsy. Fast forward to 2020, I had my second brain surgery three weeks before we went into lockdown. They removed 10% of my brain. I'm on the mend in terms of the epilepsy, but there is no cure for epilepsy. It's never going away.
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Chapter 4: How does contentment relate to financial decisions?
Yeah, it's a confusing situation. I suppose no, but she may need nursing home care soon. And she actually transferred the home about three years ago to my father and his sister, my aunt. And so if she needs a nursing home in the next couple of years, the home would still be in the Medicaid five-year look-back period. So they would have to transfer it back to her.
It would have to be sold for fair market value, those things. So I can't buy the house. Yet, unless her condition keeps worsening and she needs to go to a nursing facility. Why is she going to Medicaid nursing?
Why is she going on welfare?
I'm not that. I'm not sure.
Is she broke?
She has. She does not. Other than her home, if she were to transfer back and I were to buy it from her, she doesn't have much assets or income is my understanding.
Okay. Okay. You're not going to like this, but I'm going to tell you anyway, okay?
Sure.
You're buying this home at fair market value, and it's not a home you would have bought. You're only doing it because of the situation, and it got thrust right in front of you. If you were just walking around living in a one-bedroom apartment, you would have not bought this house. And if you're paying fair market value, there's zero reason for you to buy it.
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Chapter 5: How does money impact relationships within families?
Yeah.
It's a spiritual stance on Emma's part.
Honestly, I have some family issues where my one family member has a lot of money, and he is not a really nice person. He uses it to manipulate people, and so I don't want to be like him.
Well, money didn't make him that way. Money exposed the fact that he is that way. All money does is magnify. If you're a jerk and you get money, you're a big jerk. If you're crazy and you get money, big, lots of crazy. If you're kind and compassionate and generous and you get money, you're what we would call a philanthropist.
Chapter 6: What are the psychological effects of a negative relationship with money?
Like you change whole worlds because you give so much. So, you know, it's not money. It's just you just got a jerk in the family. Well, welcome to being in a family. Okay. So, but you've had, you have a negative relationship with money is what you're trying to say. I'm not making fun of that. I'm just laughing with you because you're funny. I like you. Okay.
Chapter 7: How can understanding personal money history help improve financial decisions?
So.
And so it's caused a lot of pain, Emma, is what you're saying. Money is a place. And you don't feel like you have a good handle on it because you guys have this credit card debt and you just think, oh, my gosh, I just feel like I have no control over this part of my life. It doesn't feel safe.
I've already proved that by going bankrupt once.
Yeah. I did, too. And so, yeah, then you've got to decide, am I going to happen to this money subject or is it going to happen to me? And what's going on is it's been happening to you.
Chapter 8: What practical steps can be taken to regain control over finances?
Yeah, and I think understanding, Emma, it's not just the money part. I mean, I think the money exposes some things, but I think I wrote a book called Know Yourself, Know Your Money, and I'll give you a copy of that.
Yeah, that book is perfect for this.
But it's to understand why do I handle money the way I do? And I think for you, Emma, I think it's some good kind of questions to ask yourself, everything from how you were raised. What kind of, you know, tension was money in the household? What kind of value did your parents place on it?
And kind of walking through that, understanding your tendencies, you know, are you more of a spender or a saver? Are you more scarcity mindset or abundance? What's your biggest fear? A lot of people are driven by fear. They don't want to end up, you know, how they grew up. You know, a lot of people have that fear.
So they'll swing the pendulum so far where they save so much because they don't want to, you know, be poor like they were growing up and they saw the hardship or whatever it is, right? So everyone has their own stuff. So that plus Emma being married, You have a spouse that has all different factors of everything we just listed.
And so working together and all of that can create, yeah, just a lot of tension, a lot of stuff.
That combined with the failure on the other part and with a house full of kids, a homeschool, all of those things combine to take away your confidence and your power, your emotional power over money. Does that sound right?
Yeah, that sounds perfect.
Are you guys, Emma, you and your husband, do you guys do a monthly budget?
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