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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 amazing relationships. I'm George Campbell, joined by my good pal, Mr. Ken Coleman, this hour. And we're taking your calls at 888-825-5225. You call in. We'll talk about your life, your money, your work, the toxic boss.
That job that you're really dreaming of and how you can take steps to get there.
Chapter 2: How does the job market affect salary expectations?
And Ken, this has been a hot topic, especially this year with the hot job market. People are going, I've got options. Yeah. What do I do next?
Yeah. I saw something this morning, a new survey that came out that said 42% of Americans are saying they're going to demand a raise this year to keep up with inflation. Is that how it works? And I just chuckled. You know, a good chuckle. It's not a true laugh. It's a chuckle.
These people cannot demand a raise to keep up with inflation because that's going to actually create more problems involving inflation. And you've got so many Americans who can't even name the three branches of government, so I'm not surprised that people are going to demand that their boss give them a raise for a cost of living.
First of all, it doesn't work that way, or people will be out of business. And secondly, you're going to get laughed at, and you might get fired. So see how that works out for you. We're here to help you with things like that. Because the bottom line is, if you're living debt-free, and even if you're in the robust zone of gazelle intensity... You can be inflation-proof.
People who stand on that debt-free stage every day are inflation-proof. I'm inflation-proof. You're inflation-proof. Is it because we're better than anybody else? No. It's because we have margin and we have peace. So, you know what? We live in a topsy-turvy time.
So, yes, we'll talk about your work as well because, as Dave has said, it's your greatest wealth-building tool, your income tied to your work.
and uh so we'll help you we'll help you uh in that process however we can because it's tied to money it's tied to relationships and your overall health so your quality of life that for a setup i love it all right well give us a call if you're interested in that pitch right there 888-825-5225 angel kicks us off in dallas angel welcome to the show
Hi. Thanks so much for taking my call. Sure. George and Ken. Just my lucky day. I get to talk to Ken as well as you, George. I love your show.
Oh, thank you. Wow. We should record that, James, and we'll play that for our wives.
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Chapter 3: What are the implications of living debt-free?
He would say, sign me up.
Okay, so we are signing him up. So it starts with the assessment and the book from Paycheck to Purpose. And from there, he's got everything he needs to go and explore and make connections and figure out that thing that he wants to do. You got it? Got it. And that means you get to keep the McMansion. Woo!
That's a big piece of this puzzle. They are not in agreement on what kind of life they want to have going forward. That's the bigger piece of this. We can figure out the finances. You can go make more money, but I like where this is going. We have some homework to do, but I think they're on the path to being financially independent.
I think once he figures out that thing, he'll cave on the apartment thing. I think that's an extreme reaction to a guy who's just tired of being in the hamster wheel. Amen. Thanks for the call, Angel. This is The Ramsey Show.
Thank you.
Welcome back to The Ramsey Show. I'm George Camel, joined by Ramsey personality Ken Coleman. The number to call if you want to jump into the conversation is 888-825-5225. And we'll be here for you. I know it's scary to use that phone app on your phone instead of whatever else the kids are using it for, but it's the only way currently to get advice on the show.
I get a lot of DMs on Instagram saying, hey, can you help me? I say, call the show. Don't be scared. We're here.
Yeah, I love the DMs, but it's very hard to answer these complex questions via DMs. Yeah, Ken's got to get his readers on. It's a whole situation. Yeah, I can't type with my thumbs like George can. Did you just tell everybody that I use readers? I don't think anyone's shocked by that. A lot of people are. Most of the people in the lobby think I'm about 35.
They thought you had 20-20 vision.
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Chapter 4: How should I approach my husband's desire to retire early?
There we go.
Nice. I like that. I do like that.
Oh, let's get to the calls before James takes us off the air. Here we go. Kimberly's up next in San Diego. Kimberly, save us from ourselves. How can we help?
Hi, George and Ken. Thank you so much for taking my call.
Sure. You sound like you're in a fantastic mood.
I am. I am in a good mood.
Good for you. That's exciting. How can we help?
Thank you. So my question is about investing, specifically for my twin daughters. They're in a bit of a unique situation. They've filmed a handful of commercials. Nice. Yeah, so they've earned a little bit of money, so I'm just looking for some advice on how to invest that.
How old are your daughters?
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Chapter 5: What are the pros and cons of rental income?
There's a broad spectrum from sucks to amazing when it comes to investing. But I'm telling you, you don't have to do this rental income plan. What are they bringing in total? What's the net profit per month?
I will say they bring like $2,400.
Okay, and that's not enough for you to live off of on top of Social Security? No.
Chapter 6: How much money do you need for a comfortable retirement?
Okay, so how much do you need to live off of?
I need at least another, I will say about seven grand.
You have $10,000 in expenses with no payments?
Yeah, I like to travel.
You don't have enough money to travel.
That's not a living expense. That's like me saying, George asking me, Ken, how much you need to live off of? And I throw a huge number out there. And I go, well, I like to drive. That's what I need. I told you. No, that's not what you need. No, George has been very nice.
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Chapter 7: What should you consider before taking on a reverse mortgage?
I'm going to be very honest with you. You need $7,600 every single month to travel?
No, first of all, no, stop. You don't need to travel. It was rhetorical, Ken. What you need is to pay. I know, but I'm irritated listening to all this. Oh, Martha, we irritated Ken. Everything is paid, okay?
Chapter 8: How do you effectively start paying off debt?
I got my car. He's getting a little verklet. Yeah, but you don't need $10,000. You don't need 10 grand. You need to pay for your utilities. You need to pay for your food. You need to pay for your clothes, transportation, other miscellaneous expenses you can save up. But you don't need that kind of money.
And to take out a loan from your equity, a reverse mortgage to get another house to spit off a little bit of money for all of the risk and all of the upkeep and everything else, it's just nonsensical. It doesn't make any sense. I would rather you sell all your properties and scale back your living. And you're going to have a very nice nest egg. Yeah, I guess so. I guess you're right.
Yeah, I mean, you know, you could decide. Less travel for me then. That means less travel, less spending money.
But less risk. Debt is risk. How old are you, Martha?
I'm 61. Okay.
How many more working years do you have?
Now it's going to give another couple more years.
Okay. What's your income?
Huh?
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