DAVE RANT: It’s Time To Change Something! (Hour 2)
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How can I get my spouse on board with financial planning?
Live from the headquarters of Ramsey Solutions, broadcasting from the pods of Moving and Storage Studios, it's the Ramsey Show, where debt is dumb, cash is king, and the paid off home mortgage has taken the place of the BMW as the status symbol of choice. We help people. Build wealth, do work that they love, and create actual amazing relationships. Christina Ellis, number one bestselling author, Ramsey Personality, is my co-host today. As we answer your questions about your life and your money, open phones at 888-825-5225. Merry Christmas, America. We're glad you're with us. Emily is here in Springfield, Missouri. Hi, Emily. Welcome to the Ramsey Show.
Hi. Thank you so much for taking my call.
Sure. What's up?
Okay.
What are the pros and cons of pre-paying for college versus a 529 plan?
So for a little bit of context, I am almost 21. My husband's almost 23. He works full time and I am a stay at home mom to a six month old. We don't have any student loans or credit card debt. We don't believe in credit cards as well. Um, um, so we only have a car loan and two phone payments totaling less than $15,000. And I'm trying to convince my husband to do the baby steps because he really just doesn't believe me that they can work.
Do I do that? What do these conversations look like? So you say, hey, I've heard of this guy, Dave Ramsey. There's these things called the baby steps. What's his reaction?
Well, I'm sorry. I showed him like 30 minutes the other night and he just didn't believe that it was possible.
What's the tears for?
What should I consider when deciding between a prepaid college plan and a 529 plan?
It's an ongoing fight in our relationship. It sounds like money is an ongoing fight, not the baby steps.
It sounds like money is an ongoing fight. So what's he do for a living?
He just works at an industry, like a factory company.
And so where is it that he became a financial genius at 23 freaking years old?
Yeah, so I don't know.
I don't either. I'm really confused about where his arrogance is coming from or even his confidence.
I just want to be financially free.
Not you, him.
This is what I need. And he's like, well, I don't want you working. But I'm like, I'm willing to work. And he changed jobs because the other one didn't have benefits.
How can I effectively communicate financial goals with my partner?
And so we needed benefits for our family being a single income. And it didn't have overtime as well. And so we switched jobs so that way he could have overtime and he still doesn't like overtime. He's never taken an hour off or extra to work. And I've encouraged him to do so because our son, um, he won't remember this time in his life because he's only six months. So I'm like, we need to be paying this stuff off so that way we can save up for stuff in the future. But he just doesn't think it's possible.
What does he make?
Right now, it's like less than $18 an hour.
Hey, Emily, I'm wondering, are y'all connected to a church? Yes, we are. Do y'all have any mentors in the church? Yeah, we've reached out, and they just kind of let us down on that. I would try again. I think y'all need some community in your lives to really— I think that this is beyond just a financial issue.
What are the implications of choosing a prepaid college plan?
It sounds a bit like a marriage issue. Y'all are 21 and 23 years old, and those first few years of marriage, they're hard. Yeah. And you need some wisdom in your life. You need people speaking into that marriage because it does sound like he's pretty resistant. And maybe what he won't hear from you, he can hear from an older man who's had some years of experience and can pour into him because, I mean, it's hard sometimes in those years. And I think just having some of those outside conversations could help.
Yeah. And we have tried to search out counseling at our church and but it costs money. And he's like, well, I don't want to pay for counseling, but I'm telling him like, it's our marriage. You kind of, it's either you pay for this or there's no marriage.
Those are some serious conversations. I'm curious, you guys are in Springfield. Let's try to get them into a Financial Peace University class, even if it's not at your church, just because I want you to be around other people who are winning with money, who are winning in their marriages, who are winning in relationships.
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Chapters
8 chapters
1
How can I get my spouse on board with financial planning?
0:28–1:18
2
What are the pros and cons of pre-paying for college versus a 529 plan?
1:18–2:13
3
What should I consider when deciding between a prepaid college plan and a 529 plan?
2:13–3:08
4
How can I effectively communicate financial goals with my partner?
3:08–4:14
5
What are the implications of choosing a prepaid college plan?
4:14–5:19
6
When is the right time to consider retirement?
5:19–6:55
7
How can I determine if I can afford to retire early?
6:55–8:01
8
What steps should I take to prepare for retirement financially?
8:01–39:31