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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. Thanks for joining us, America. Merry Christmas to you. We're so glad you're with us. Jade Warshaw, Ramsey personality, newly minted, brand new author. Money's not a math problem.
Breaking Free from Broke is George Campbell's new book, and I'm glad for what I have is Rachel Cruz's new book, all in the Ramsey store right now. But Jade's with us to help me answer the questions this hour about your life, your money, your work, and your Christmas budget. Oh, wait, we'll just put that in there. 888-825-5225. Kristen starts this hour in Tulsa, Oklahoma. Hi, Kristen. How are you?
I'm good. How are you doing?
Better than we deserve. What's up in your world?
Well, thank you for taking my call. So my husband of 16 years passed away two months ago. Oh, I'm so sorry. Yes, thank you.
Y'all are young. How old was he?
I'm 39. We have five children, and he was 46. Wow. What happened? Um, well he had been battling cancer for, um, three years and then he had a really intensive radiation treatment to his liver and then he had some neck issues. So it was on lots of pharmaceuticals. So with, with that and the disease and the treatment, his, his body just gave out. So, um, it happened very quick. Yeah. Thank you.
I appreciate that. So, um, I never paid a bill in 16 years. And so I'm left to steward our five children and, um, all of our finances. And, um, I want to steward it well. Um, but I'm feeling, uh, zero confidence without him leading in this area.
Yeah, because he was in charge of it for all of that time.
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Chapter 2: How does a young widow regain confidence in managing finances?
How to handle the monthly personal finance issues at home and learn how to be a landlord.
Yes.
Okay.
Which I do have a lot of family here. I don't care.
I mean, it's nice that they're there, but they're not going to do it for you.
They're not going to do it for you. Well, do you want to be a landlord? Um... No, not necessarily. The good thing is, I mean, the rent.
You've been a full-time mom all this time?
Yes, and I actually just got my master's last year, and I am actually a counselor. Oh, cool.
Okay. So you have the ability to create some income.
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Chapter 3: What should you do when facing overwhelming debt?
So you're a person of faith, I assume.
Yes, 100%.
Okay. So are we. And my book that my Heavenly Father gave me told me to take care of widows. So you're going to be taken care of. We're going to put you into Financial Peace University. into every dollar, and I'm going to assign one of our Ramsey coaches to you to get you up and get you trained and help you get sustainable with your knowledge, and it's all on us.
Thank you so much. Thank you so much.
Merry Christmas, honey.
Merry Christmas.
I'm so sorry you're going through this, but we're going to walk with you, okay?
Thank you so much.
You hold on. The team will pick up and get you taken care of. This is The Ramsey Show. Jade Walsh, all Ramsey personality, is my co-host today. Thank you for joining us, America. Open phones at 888-825-5225. Those of you that are considering getting on the EveryDollar app this time of year and getting into Financial Peace University,
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Chapter 4: How can you prepare to buy a house when getting married?
Very good.
What do you do in law enforcement?
I'm a contractor for Homeland Security.
Oh, wow. Good to have you guys. Welcome to Nashville.
Hey, I love it. Yes.
So what kind of debt was this $215,000?
We had, well, I had student loans of about $42,000, $43,000. And we also had some consolidation loans. We had credit cards, lots of credit cards. We had, I think it was like 21 credit cards that we ended up having. That's gracious. Yes.
Just getting rid of those makes your hip work better. Yeah.
That's for sure. But we also had a loan out against our 401k prior to FPU. Wow. So we were paying that off as well. So just lots of personal loans and just student loans.
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Chapter 5: What are the tax implications of buying a home with a mortgage?
Okay, so what you need is you just need to go get a mortgage and buy your house with some property with it. It's going to be cheaper. And it is not, your personal residence interest, I mean, is not a deductible business expense under any circumstances.
Now, if you operate a business on a piece of property that is your residence, for instance, let's say you bought, I don't know, make it up 30 acres and you put some cattle on there. Yes, sir. The cattle operation is a business, and you can deduct expenses associated with raising the cattle, but not expenses otherwise.
So it does not need to be a... No, no.
Chapter 6: How can you deduct expenses for a cattle operation?
You could buy five cows, okay, and sell them at a profit and deduct the vet bills and deduct the feed and deduct if you had a piece of equipment you were handling the cattle with. You could maybe depreciate that piece of equipment, okay, to the extent you use it on the cattle.
But if you buy a truck and once a year you touch a cow with it, you can't write the cow off except one day a year, one 365th of the truck. So it's a useless bunch of crap to try to write your truck off, okay? But if you've got a very specific piece of information that is a livestock trailer and the only thing it is used for ever –
is to transport cattle in or out of your operation, then that trailer could be either expensed or depreciated depending on the particular portion of the tax code. But you could do all of that as a sole proprietorship.
Chapter 7: What are the risks of doing a land contract?
You don't need an LLC. It's called a Schedule C on your taxes. Schedule C is a small business, and a small business, you write on there what your income from the business was, what the expenses from the business were, and what the profit, the income minus the expenses is the profit, and the profit is taxable.
So you have deducted, you've had a deduction for the expenses on the Schedule C. Does that make sense?
Yes, sir.
And you do not need an LLC to do that.
Okay, this is the first time I'm hearing of a Schedule C business.
Yeah, it's called a sole proprietorship. You would open a separate checking account at your bank, Cattle by William, or William Smith or whatever your last name is, DBA, doing business as Cattle by William. It has your Social Security number on it. You don't even need a tax ID number for it.
and then run all of your business income from the cattle into that account, all your business expenses out of that account, and everything that's written down about that account ends up going on the Schedule C, and thereby you have deducted your expenses from the income that the cattle created. But it's not a faux tax deduction that you get on your lawnmower because you're homesteading.
You don't get that.
Okay.
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Chapter 8: How can you manage debt effectively when planning to buy a house?
Does that make sense?
Yes, sir.
See, homesteading amounts to I'm going to grow some of my own food, and I'm going to grow some food and sell it to other people. Right?
Yes, sir.
Okay, the food you grow for your own use, no tax deduction. The only savings you get is you get really good food, A, and B, you get cheaper food. Agreed?
Yes, sir. I've been looking at homesteading with my wife as we're getting more and more into the Bible, and I'm reading a lot more about how everybody back then was having farms and getting food, and I think, one, financially it makes sense, and two, it is the best quality that I feel like I can get to give my future children.
Hey, a kid being raised on a farm is about as good as anything can be. They know how to work. They know how to get dirt under their fingernails. They know where babies come from. I mean, everything. Being on a farm is a good thing, right? And it's just when all of America has spent some time on a farm three generations ago, this was a better place.
And so I completely agree with you from a common sense perspective. I mean, we can bring the Bible into it if you want. But I just think it's a great place to raise kids. I got no issue with it at all. I mean, my kids are suburbanite kids, and they survived because I made them do work. But, I mean, what you're talking about is a fine standard of living, a fine way of doing things.
But there are no magic tax pills.
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