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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. Not the fake kind, the real kind. I'm your host, Jade Warshaw, joined by Rachel Cruz, host of The Rachel Cruz Show that you can find on YouTube. Also, Smart Money Happy Hour. Love that.
Also, the author of I'm Glad For What I Have. Listen, the list goes on.
Oh, Jade, it's good to be here with you.
Love it. All right. If you want to talk about your life or your money, you can give us a call. The number is 888-825-5225. And we will do exactly that. So let's go straight to the phone lines where we've got Nicole in San Francisco, California. What's going on, Nicole?
Hi, Jade. Thanks for taking my call. No problem. So my question is, I live in a very expensive area. half of my take-home check goes to my rent. I work remotely, so it's kind of ridiculous that I'm staying here. And I'm thinking about moving to Texas. I see that the new constructions in Texas, they have lower interest rates, like 4.9% interest rates, whereas the interest rates right now are 7%.
And I'm wondering if that's too good to be true. Why are the new construction interest rates
so low and attractive and it should it be something that I pursue I have heard of new construction being able to offer lower rates I guess they're eating that cost at some point within the process I just love that you're looking at your situation and saying listen it's too expensive for me to live here rather than continue to struggle I'm gonna embrace new opportunities so I don't think it's too good to be true does your question go further
Um, no. Yeah. I was wondering if there was like some sort of trick that they're doing that I'm not understanding. Um, you know, also it's a, it's a big move for me and it's something that I want to do because I am single and just live by myself and my dog. And, um, if I were to move to Texas and save money, I'll be able to pay for egg freezing, which is something that my job doesn't help pay for.
And it's also something that I was, Like, I know I don't want to finance it. They have a lot of payment plans for egg freezing. And it's something that if I moved to Texas, I could save money because, I mean, even a mortgage payment is going to be way lower than what I pay for rent right now.
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Chapter 2: What financial challenges does Nicole face in San Francisco?
Yeah. Yeah. It's crazy. Crazy. Well, good for you, Nicole. Yeah, I think it's great. And I think, you know, I think builders are feeling a little bit of the pinch of people pulling back when rates went up. Suddenly everyone kind of paused and they're like, I'll just wait to see if rates drop. And then when they drop. Yeah, they probably will. They're going to fluctuate. We're in an election year.
Things are always kind of up and down. And then when they drop, everybody's going to be how the world works. And I think, Jade, it just drives prices back up. So if anything, the time is to get in now. And you can always refinance later. But if you're in a good position to buy a home, I'm not saying everyone needs to rush out and buy a home.
But I think her, Nicole, is a great example of kind of looking at all your options, being wise. And I think, yeah, homes are not selling, have not sold, at least in the calendar year of 2023. like they were in 22 and 21. So I think builders are feeling a little bit of that pinch. They're probably wanting some inventory off their hands.
And if they can partner with the bank and all the things and get a lower rate, they're probably doing that to entice people. But obviously, Nicole, do your due diligence. I mean, your home is... for most people, the largest purchase that you make in your lifetime.
So don't rush into something because I think sometimes, at times, even these new builds, if they go real quick up, they may not be the best quality. I mean, you want to look at quality, look at different areas and all of it. So do your research because it's a big change and a big purchase.
And even, Nicole, what you could do is since you're moving to a brand new state, you could even rent, which I know you're so tired of renting right now, but... you really could for six months to a year just to be like, okay, is this the part of Texas I want to be in? And because once you buy a home, you're planted there for a bit.
Yeah. And a completely new state, completely new culture. I 100% agree with Rachel in that I would rent Foreman. I would definitely would not do like a long, long distance home purchase.
Yes.
I wouldn't do that. But to your point, um, I have seen like there are new builders that are offering those kind of incentives on the rate because we had callers call in saying, listen, I'm trying to sell my property and it's hard for me because I'm having to compete with a new builder around the corner who's offering a lower interest. You know, so that is definitely happening.
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Chapter 3: Why should you consider moving for financial reasons?
And it's a level of immaturity to a point when you actually make decisions in those dreams and they don't come to fruition. You have to have reality to say, I can't do this anymore. So there's a safety here, Heather, that I would want for you. Like a point where you're like, I can't keep putting myself. There's a level of danger there in this situation that's endangering my kids and my family.
That is what it is. So that weight. that your feeling is very, very real. And I just want him to wake up to the reality. And I think what's going to have to happen is a third party, you're probably not going to be the one to do it, Heather, sadly. And I think sometimes, I mean, it's like our spouse. I mean, all of us feel that way with our spouses.
There's always that thing that you're like, if you know this, this or this, and you can say it and then it ends up being nagging and it's not effective. But when you actually sit down with a third party, usually if it's coming from someone else, it's speaking there, but that's it. I'm like the financials,
issues here are a symptom of where you guys are in your marriage and again I don't blame you Heather for being angry and bitter but what are we going to do with that we can't just sit in that and continue to be in that cycle you Heather have to then grow and learn are there boundaries you put up now is there like what do you do now what are those steps yes that's right which is really hard but that's the situation yeah that's right because something's something's got to change and in a situation like this
not to belabor it, but there's very little you can do to control the other party. Like there's nothing you can do really to control the other party, but you've got to sit down and figure out, okay, what am I, Heather, going to do in order to try to better the situation? I can seek out counsel. I can put these boundaries in place.
But then you've also got to kind of have that point of where you go, okay, where does this just get completely toxic? And, you know, that's up to you and like Rachel said, a third party to decide.
And Jade, we talked...
all the time about couples staying on the same page being on the same team all of this but there's extreme situations that we talk about a lot and I mean Heather may be in one of those for me where I'm like there's a point that you have to protect yourself and your kids right like if he's going to continue to spend I mean hundreds of thousands of dollars like I don't want my name on those I don't want my name on that and if you're headed towards a I'm not putting this I'm not putting this evil on you but if you're heading towards a point where like listen I don't know if I see us together in the future
the more he racks up, like, I don't want to be any part of that because if you don't stick together, there's like, I'm looking like, is this part of this going to be on me?
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Chapter 4: What advice is given about financial decisions and relationships?
It's going to be all the personalities. It's a whole weekend here in Nashville at our live event center up there on a beautiful hill with a beautiful view of Nashville and the surrounding area. And we're just giving you a crash course on the baby steps, how to manage your money. I love this event because it's really for anybody, regardless of where you are in the baby steps.
You could be on baby step one or baby step seven. Yes. And you're really going to benefit from being at this event. It's like a rally, Rachel.
I'm here for it. And, you know, at Ramsey, we've done so many different types of events, like you said. And we try to cover, you know, some events we try to cover your whole life and we try to, you know, do it all. But it is fun to kind of focus in on a subject like money, which Ramsey's, you know, it's what we talk about most of the time here on the show.
And so to have a whole weekend dedicated to that and really have the time to walk through through principles and ideas and motivation and fun. George and I are going to do a Smart Money Happy Hour live broadcast the Friday before. I think I'm allowed to say that. Go ahead and say it. If you didn't, if I wasn't supposed to, sorry.
And yeah, there's just some really fun things we're going to be doing. And if you are a fan of the content on this show and others, you're going to love this weekend. It's a really fun.
Listen, I'm excited. I had a meeting yesterday with one of our folks on staff who helps plan the content. And I told her one of my ideas. It's out of the box, Rachel.
You're always good at that.
It's going to be fun. So early bird tickets start at $99. But remember, it's for a limited time. So go to ramseysolutions.com slash events today because Rachel and I both know these tickets sell out super fast. And if you want that early bird pricing, you got to do it today or like tomorrow, this weekend. You just got paid. So go on ahead and do it. It's $99.
Get that now at ramseysolutions.com slash events. That's exciting. Man, after that, I feel like we have to go to the phone lines. If you want to call in the numbers, 888-825-5225, and we'll try to get to your call. But in the meantime, we have Madison in Tampa, Florida. What's going on, Madison?
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Chapter 5: What strategies can help improve financial communication in relationships?
And so listen to each other because this is the stress point because you're starting to make that turn of saying, we're going to do something differently. She's looking for a job. You've sold a car. I mean, you guys are feeling this tension. You're starting to make these choices. You're getting in the right direction. So stay on the same team because Tony's not feeling great about himself.
And when I heard you, when I heard your voice immediately, Tony, I thought, He's caring so much. There's a lot of shame.
Chapter 6: Why is it important to avoid withdrawing from retirement savings?
Yes. There's a lot of guilt that you feel, Tony, like this was my responsibility. I tried taking care of my family and this is what I got us in. She is supportive. She sounds wonderful. You know, she's wanting to help. But but you guys together, you have to work as a team and stay on the line because Austin's going to pick up and we're going to give you Financial Peace University.
and Every Dollar Premium, which is our budgeting app. And you guys sit down together, go through these lessons, learn the basics, because debt consolidation, that's not going to be your answer. Not the option.
Chapter 7: What are the consequences of taking a hardship withdrawal from a 401(k)?
You are your answer. You guys can do this. We take these calls every day and hear people that do their debt-free screams. I mean, Jade is a living testimony of this, of you guys can do this. It's going to take a long time. It's a lot of sacrifice, but it is possible. So I'm so glad you guys called today and we wish you nothing but the best. You guys can do this.
Hey, you're listening to The Ramsey Show. I'm Jade Warshaw.
Chapter 8: How can setting financial milestones help during debt repayment?
This is Rachel Cruz to my right, and we're taking calls about your life and your money. Just came off of a call, and honestly, we get calls all the time of people. They're in a hard financial situation, and we're asking questions and mining around to kind of figure out What's the core of the problem? Where'd the problem come from?
How can we go about a life that we're not repeating those mistakes again? And you kind of do have to dig in and each individual kind of has to go back and do their own digging so that they're figuring out what happened here. Like it's good to want to solve a problem, but you also have to go back and go, okay, but what happened? Like what caused me to, to act in that way?
What did I do that caused us to kind of spin out? And we try to help you guys with that a little bit. And some of that is personal work, but. One of the themes that I notice, Rachel, is, and I get this, like, this is not me pointing a finger.
This is just, I think, a human nature thing that we have to guard against, which is, you know, everybody has work in the words of Ken Coleman that they were created to do. And everybody wants to find the work that they're created to do and the thing that gives them life and the thing that gives them energy. And I'm all for that.
You know, you want to be excited to go to work and feel like it's time well spent, you But I do find that a lot of times we enter into seasons of life that we are doing work that we don't love and it's not the job and it's not the one that we were hoping for. And you'll hear me say it time and time again, do a job until you get the job.
And so in the spirit of what I think is just a consistent thread that we see throughout and even that I face throughout times in my life is five reasons to get any job.
to go just to get any job all right so number one some money is better than no money that's right right some money coming in is better than no money when covid hit uh we were in the cruise industry and ain't nobody going on cruises and the live entertainment industry and wasn't Nobody going to a live event. So I had to get a job and my husband had to get a job.
I had to get a job that I did not like that. To be honest, I was over fully, fully, fully overqualified for, but we didn't want to just burn savings. So it's like bring in some money like we were debt free. We have hardly any expenses. Any money that we bring in is going to be great. So we did that and it didn't feel good.
And let me just say, I don't necessarily believe that work is beneath people. But in some days it felt like it was beneath me. Like, let's just be honest about that. Somebody needs to say it. You know, some of you feel like, listen, I don't I should I shouldn't be working at McDonald's. OK, I get that you feel that way, but you don't have any money. So go work at McDonald's. All right.
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