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Chapter 1: What are the latest trends in the job market and inflation?
Live from the headquarters of Ramsey Solutions, broadcasting from the Pods Moving and Storage Studio, this is The Ramsey Show, where we help you win in your life, specifically your money, your relationships, and your work. The phone number to jump in is 888-825-7000. 5-2-2-5, that's 888-825-5225. I'm Ken Coleman, joined by Dr. John Deloney.
We're here for you this hour, taking your money questions, of course, and then those relationship questions, mental health stuff. And then John and I love when we're together. We like to take on those nasty work situations that involve a whole lot of mental health. And then the money comes in there too, John, because people don't want to leave necessarily a nasty situation, but it's killing them.
Yeah, and I was waiting for today to talk to you about the stat I saw the other day. Do you mind digging into the work question?
I don't.
I saw that they doubled the expectation in jobs. Is that right?
What do you mean by doubled the expectation?
That there was an expected, here's how many jobs we think are going to, new jobs are going to be on the market.
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Chapter 2: How can I maintain boundaries when charging family members rent?
And it came out, it was doubled?
Yeah, over 300,000 jobs. They thought it was going to be in the 150,000 jobs. So again, we're in a weird job economy because unemployment's low, 3.7%. but big companies are laying people off because there's this threat of a recession. Some economists think we're already in a mild recession. And so anyway, needless to say, you can still get a good gig right now.
And inflation seems to be dipping, but the Fed says they're going to raise interest rates maybe two more times before the year is out. We are seeing now the Supreme Court ruled just last week that the student loan forgiveness from Biden is not legal. So now student loan payments coming on in late August. It's about ready to get into a really crazy financial time.
And all that to say, people who have control of their finances have more margin, which means they have more freedom to pivot when the economy gets weird. So who knows where we're going economically, John.
It's a weird moment, man.
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Chapter 3: What should I consider if my husband hates his job?
But these principles work no matter what kind of economy you're in.
They work especially when things get sideways.
Exactly. So we're here for you. Let's get to the phones. 888-825-5225. Brian starts us off in Cleveland, Ohio. Brian, how can we help?
Hey, thank you guys for taking my call. I was wondering, so I'm 21 years old, and I just bought my first rental property. And I just fixed it up, and it's pretty much all we fixed. But my only question is, my sister wants to move in here, and I want her to move in because, you know, how rent's so high, she pays so much in rent.
But how do I keep that business and the family different and separate?
So I'm getting a mixed message. You said you want her to move in, you want to be able to help her out, but you're worried that it's going to alter your relationship, or do you know her well enough to know it's going to be drama?
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Chapter 4: Is it wise to skip investing to pay off my house?
Well, it's more of an issue with how... I don't want, you know, cause our family is so close and I don't like, I would like to keep it separate from the business and family, but I also really want to help her out. Do you think I should, or do you think I probably shouldn't?
Whenever I enter into an agreement like this and I don't have a rental property, but when I enter into agreement with something like with a family member or especially with a close friend, I think the only way through this is extreme, extreme clarity on the front end.
and making sure you have a separate, this is business, this is when rent is due, you got to pay rent, all that, or this is what's going to happen on the back end, and letting your sister know, I'm going to have to run this as a business. But yes, the chances of you running this into a mess, yeah, that's a very real possibility when you do business with family. What do you think, Ken?
Well, I actually am curious to know why you keep saying the business of family. And I think I know what you mean, but I'm just wondering if there's something else there.
Um, well, it's not really a business. It's a family. Like, you know, this is like my, um, like one of my first family members actually bought a house. One of their kids. And so I just, you know, there's a lot of like renters that I don't want my family members rent. And I was just, you know, I thought it was a good opportunity.
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Chapter 5: When is it a good idea to sell an investment property?
You know, if I start buying houses, I can rent to them, but.
Okay. I see.
No, that's it.
Yeah.
That makes sense.
Okay. So John dug in, I thought on the right thing here. I don't know. Sure. We got a good answer. Are you worried? that you and your sister in this relationship, now it changes when she becomes a renter from you and you are her landlord. Are you worried about that in general because of the nature of how the relationship changes?
Or are you worried, meaning it could be any family member and you'd have the same question, or are you worried specifically about this situation with her?
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Chapter 6: How does the debt snowball method work for paying off debt?
That's what I'm curious about.
I'm more worried about the situation here, if that makes sense.
Well, I think John saw, I think you heard that. And so when John asked you that, and now that we get some clarity on that, I think you need to listen to that red flag. What specifically, if it were another family member, you wouldn't have pause. What about this particular relationship causes pause?
It's more like, you know, I bought this house and, you know, I was talking about it. She said she was going to save a lot of money and,
doesn't be really good you know it'd be really good for both of us but you know i i thought you know maybe since you know she might be my sister she could help me out a little bit i've asked her a couple times and she's always turned me down saying no i'm not gonna help you but
To me, that's like the red flags about it because it's like, oh, well, are you going to keep the property up then since you're not really helping? I'm just very worried about that, if that makes sense.
I would come out of the gate and just do what Ken said. You're 21 years old. This is not the time of your life to start divorcing yourself from your innate wisdom. This is the time to lean into it.
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Chapter 7: What are the benefits of having a financial plan in uncertain times?
And as a 21-year-old, you're going to have to practice it. And these lessons are going to pay dividends when you're 30, 40, and 50. But if your gut says no... Dude, don't. Don't. Make a rule that says, hey, guys, I just don't rent to family. I love you all too much. And I want to make sure that business doesn't mix with family. And by the way, can I give you some unsolicited advice?
Yeah, of course. If you're running around as a 21-year-old leveraging rental properties in Ohio, you're going to be up for a world of hurt. If you're buying these places with cash, cool.
But if you've watched a lot of social media and you are trying to put 7% down or no money down or 2% down and you're buying a rental house and you're going to immediately roll it into somebody else, I'm just telling you right now, none of my job would exist if my boss hadn't done that exact same thing and gone stone broke when the economy turned.
Go ahead. Sorry.
Chapter 8: How can I effectively support my partner during stressful job situations?
I put 20% down on the foreclosure. I bought about $70,000 and I've been fixing it up. Is this your only home? Yeah.
Okay, great. So this is your primary home.
Can you move into it and just have it be your house?
Well, I was going to live in an apartment with my buddy so I can live for free because when I'm charging, my buddy split the rent for the apartment and basically I'd live for free in the apartment. If that makes sense. So I can save up more money and pay off this house as quickly as I can and buy my second house.
I get the sentiment. And I'll just tell you personally, as a guy who's owned a bunch of houses, the house I'm living in right now, I told this yesterday, was thoroughly inspected. And I got a second inspection on a couple of other issues. And in the last 36 months, I've replaced a roof, an air conditioner. I've got unfiltered. thousands and thousands of dollars in electrical repairs I got to do.
So I'm telling you right now, your living for free scam is not going to be free. I promise you. That's just from a guy that's owned a bunch of houses.
We want you to live in that. Get the roommate over there. Pay this sucker off. And now you've got your first property. And that's the way to do this. I like that.
Roommate can help you live for free.
I'd bring the roommate over to the house. There you go. and pay off the house early. I like that. That would be a great play for you long-term, my friend. Again, you're 21. So anyway, red flag. Listen to it on the sister. Move forward without that. I think you're going to be better off. Thank you, Brian, for the call. For the rest of you, don't move. More of your calls coming up.
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