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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, help them do work that they love, and create actual amazing relationships. You can give us a call. The number is 888-825-5225. My name is Jade Warshaw. I am joined by George Campbell. Good to have you in the house, George.
So fun.
It's great because, look, we both have books out. That's an exciting time. I love it. If you're not watching YouTube on podcast, we have them both displayed. George's new book, Breaking Free from Broke. Pre-order today. And then you've got this one. Well, George, you're supposed to announce mine.
Chapter 2: What books are Jade and George promoting?
And Jay Warshaw's new book, Money's Not a Math Problem. Can I say, my wife saw your cover yesterday and she was like, that's such a cute cover. Oh my gosh. I was like, you didn't say that about my cover. So I just want you to know, Whitney's a big fan of the cover. She loves the color. She loves your outfit.
I love that. It's supposed to look like a magazine. And I feel like, do you feel like it does?
A hundred percent.
Yes. And I feel like yours is.
Mine looks like Honey, I Shrunk the Kids, but you know, that's fine.
Oh, I was going to go more for like Incredible Hulk, like move these walls.
I get that a lot. If I had a nickel, Jade, for every time I got compared to the Hulk. I'd be broke.
Real talk. I love it. But you can get your copy. I would say just go on and get both of them. Read them both or take one for yourself and give one as a gift. That's a good strategy.
Love it. RamseySolutions.com slash store.
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Chapter 3: How can I manage my inventory effectively?
We've got Chris from Minneapolis, Minnesota. What's going on, Chris? Hey, how you doing? Doing good. Hi.
Yeah. Hi. I'm on here just to find out. I have a makeup on location business for bridal parties and I started a wholesale brand from this idea for my makeup on location. Cool. And I'm looking to scale and figure out how to do wholesale for boutique stores and
I have 11 locations right now where I'm selling to boutique stores my brand, but I'm just trying to figure out how to, how to figure out wholesale from consignment, doing a consignment or selling it wholesale directly to the, to the boutique stores and to see what's best.
So it's your line of makeup. It's your line of makeup that you're selling.
Yeah, well, it's private labeled currently. We're looking at different ways to do custom stuff because I know a lot of customers are asking for that with the movement in the industry of having things be homemade.
When you say custom, what does that mean for makeup? Because let me tell you what I have in my head because I want to make sure the listeners understand. I'm thinking the same way I might go to the drugstore and buy like Revlon, right, brand. You've got your own brand of makeup that you're selling.
What brand?
Yep. Well, it's private. Well, so when I say own brand, I work with a manufacturer here in the U.S., and so it's not my own recipe. So it would be something that I go there, find out what I want to sell through my online store and to the stores, and then I package it here. You slap your own label on it. Yeah. I got it. Yep. Exactly. Our box is here in Minneapolis. Okay.
Okay. What are you bringing in right now? What's your top line revenue?
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Chapter 4: What advice is given about paying off debt?
So I'm just trying to figure out, because I have one store right now I'm testing this to do consignment with them. And it's in Tennessee, actually. It's over in Johnson City in Irwin, over in that area. Okay. And it's actually been good. Like, we have a 70-20 split. I take 70. She keeps 20. She has no, like, investment into it. Sure.
It's just what you make is what you make.
Right. Forgive my ignorance. Where's the other 10% going? I'm just curious.
Oh, sorry. 30.
I was like, something is not enough here.
Okay.
So I feel like it's in a lot of ways, it's kind of like a basic math problem, right? You, you've got to start with some margin in mind. And if there's no margin, then some, there's a dollar amount that's got to shift either on the cost that you're selling it to them or on the cost that they're selling it to the consumer. So some of that ends up back in your pocket, right? Right.
So could you just increase what you charge for the wholesalers?
I could. I just feel like in the beauty industry, you know, when they can go into Walmart, per se, and buy a $5 lipstick. Of course. You know, it's a good quality lipstick. You know, no pyramids, all the different things that we try to not have in there. But I sell it for $24. And they may.
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Chapter 5: How can we financially support our grandma's care?
So what would it look like if we took this $200,000 and we parked it somewhere and we said, this is money to take care of grandma aside from the pension? Because... If you if you foresee that you need that money, it feels like that's maybe the better use of this. And then, you know, when grandma's when grandma goes to heaven, whatever money is left, you guys can decide.
Is that used to help mom buy a condo now or what do we do with that?
I that was my first instinct to. However, my mom would not have a place to live on before my grandfather passed. They were paying for not only her rent, but her living expenses.
Why?
She many years ago, she never was able to fully, I guess, recover from her divorce from my father. And when her alimony finished, when I turned 21 and I'm now 24.
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Chapter 6: What are the long-term implications of helping family financially?
she never got back on her feet fully.
When you say recover, is this just a financial thing or is there anything else involved in that recovery?
Is she disabled physically? She's not. She's not. It's just she's had a very hard time finding a job to stick to is one way of putting it. How old is she?
She's in her early 60s.
Chapter 7: What are the best strategies for managing debt while raising kids?
What happens if she lives to be in her 90s? Who's going to cover the tab for the next 30 years?
Yeah, that's one of my big worries as well.
I think we need to help mom get on her feet, even if it's difficult, because that's the best long-term plan for her. Aside from the situation with grandma's money and do we buy her a condo, this feels like just more enabling. And I want to give your mom some dignity of having a life and having some purpose to get up every day.
Yeah, we've we've tried to work on that, too, with her. So I guess it's just the reality I find myself in is accepting the state kind of and not really knowing how to best.
Well, is your mom going to be... In that way.
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Chapter 8: How can we balance work and family life effectively?
Is your mom going to live on the streets if you don't buy her a condo? Or do you have faith that she will figure out... I have faith that she'll probably figure out a living situation, whether it's renting a place on her own or figuring out a roommate situation if she can't afford to live on her own.
There's part of this where the cord kind of has to be cut or she's got to get kicked out of that nest, so to speak. And it's like, hey, you've got to figure out how to land on your feet because it's not just that we're trying to be...
rude or ugly or mean to you but we've got to take care of grandma and we don't have that much it's not like we're talking about a million bucks sitting here it's two hundred thousand dollars which can be gone lickety split um and may not even be you know what i'm saying like there's there's bigger fish to fry in this situation so when you go to your grandmother and you say to her grandma i know what you want to do and i know you're trying to be generous but we don't even have enough money to fully take care of you we need to keep this money to take care of you um
During your final years, does she have the wherewithal to understand that at this point?
She does. Yeah. She's very she wants she knows how my mom is, how irresponsible she is. Right. And and I do think that. She would, you know, that's a concern of mine, like you mentioned earlier. What does she do? Yeah. Yeah, buying this condo is just a Band-Aid. It's just a Band-Aid.
It doesn't actually fix the problem, and there's just going to be more expenses, and there's no more money. Now Grandma's out of money and can't support her.
That's right.
So we've got to figure out a different solution. I'm sorry, J. Day. You had to grow up real fast, man, at 24 to be handling all this. I'm proud of you, and I'm sorry all at the same time.
Yeah. Get with a SmartVestor Pro and get that $200,000 invested so that you guys can use it for her care. This is The Ramsey Show. You're listening to The Ramsey Show. I'm your host, Jade Warshaw, joined by your other host, George Camel. And we have been given permission to get wild and crazy, George.
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