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Chapter 1: Do I really not need to have a credit score?
Live from the headquarters of Ramsey Solutions, broadcasting from the pods moving in storage studios, it's the Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships.
Ken Coleman, Ramsey personality, number one best-selling author of the book Paycheck to Purpose, host of The Ken Coleman Show, where he talks about your career, your work, all the time, every day, is my co-host today. So you want to talk about those subjects, he's here for you, and I'll try to stumble around and cover some of it, too. The phone number is 888-825-5225.
The call and the advice is free, and some say it's worth exactly what you pay for it. Dana is with us in Pittsburgh. Hey, Dana, welcome to the Ramsey Show.
Hi, I'm so excited.
Well, we're excited. How can we help?
Well, I recently, first off, I watch you all the time. You, Rachel, Dr. John, George, love you guys. You've saved my life in many ways. Thank you so much. I truly respect all of you.
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Chapter 2: Should my husband quit his job to start a business?
Well, thank you. Absolutely. So I saw something the other day that said, Poor people use debit cards. Rich people use credit cards. I don't have any credit cards. I don't have any debt. I have great investments. I have money saved up. I only have living expenses. I have a great job. I don't have any credit cards. Should I?
Well, I don't know who said that. It sounds like you ought to stay off of TikTok.
Chapter 3: Is now the right time to buy a house?
Yeah. You didn't see that at a Cracker Barrel, did you?
No, you didn't see it at Cracker Barrel. I promise you you did. Yeah, you wouldn't have seen it there. You wouldn't have seen it where actual rich people hang out or actual poor people hang out. It sounded to me like they got that exactly backwards. My net worth is several hundred million, and I haven't had a credit card in 30 years, so I don't know where they got that.
Okay, but then don't I need a credit card to rent a rental car?
I haven't had a credit card in 30 years. Really? And I travel more than any two of you put together. Okay. They take a debit card. I mean, some of the situations you have to work in, not every...
Chapter 4: Should I use my 403(b) to pay off my house?
of the uh rent-a-car companies take them no and there are some situations where you have to do a workaround on it but it's not this idea that you you know so here's the thing people get credit cards for mainly one reason so they can buy crap they don't have the money to buy right and then they justify going well i need to build my credit That's what they say because that's what rich people do.
Rich people build their credit. Bull crap. All the rich people that we interview say they get out of debt and stay out of debt. And that's how they got rich. They don't pay payments all the time. Because, see, there's only one way to build your credit, go in debt, right? Right. Why? So you can build your credit. Why? So I can go into debt. Why? So I can build my credit.
Chapter 5: What should I do with a million dollars?
Why? So I can go into debt. Why? So I can build my credit. It's a dog chasing its tail. It's called the great FICO scam. I haven't had a FICO score in 30 years. Really? Yeah, really. They said I don't exist. I'm not here. I'm off the grid.
Wow.
Because I don't have any credit. I don't have any.
Chapter 6: How can I build wealth without debt?
I have had no interaction with debt in well over 30 years of any kind. And so I have zero on my credit bureau report, so I have a zero credit score. They say it's indeterminable. I call it zero.
Dana, what do you think you need credit for? What do you think you need a credit score for right now?
If I want to buy a house one day.
Not true. You'd have to talk to George Campbell. He bought a house with zero credit score. And he got a mortgage, by the way. He did it with manual underwriting, it's called, with Churchill Mortgage. And got the same interest rate that people with an 800 score would have gotten. But you know what George did, don't you? He turned around and paid the house off.
Chapter 7: What are the dangers of taking financial advice from broke people?
And so at 32 years old, he and Whitney are millionaires. So, you know, that's what they did. And it wasn't because he makes a bazillion dollars here because I don't pay that good. Actually, I do. But George was George got it paid off for. He started making bank. So there you go. But anyway, and Whitney Whitney makes up.
Oh, yeah.
Two good incomes there. But anyway, they. Yeah. So, no, Dana, it's a scam. And whoever said that, I mean, listen, you got to be careful where you take financial advice. Broke people walk around all the time with financial advice.
Chapter 8: How can I ensure financial stability in retirement?
Don't take financial advice from broke people. I mean, it's just crazy. You know, your broke finance professor in college is telling you how you need to do stuff, and he's got no money. A broke finance professor is like a shop teacher with missing fingers. I mean, come on. Yeah. There's issues here. So, yeah. All right. Open phones, folks, at 888-825-5225.
You know, Kent, what's interesting is if you look around, you say, okay, the vast majority of the population is something I don't want to be.
yeah then don't do yeah what they're doing that's right the vast majority of them look good and have no money they have cars they can't afford vacations that they're still paying for after they got home their net worth is horrible they're counting on the government to provide for them when they get to retirement because they're not saving for retirement their children are a student loan looking for a place to happen because they're not saving for college this is normal
in America. 78% of Americans live paycheck to paycheck. That means 78% of Americans are not worthy to give out financial advice because they're freaking broke. So when your broke friends have an opinion, just smile. No thank you. That'd be like me having an opinion on growing hair on my head. That'd be dumb. There's none up there. Well, you could be an expert on what not to do.
Yeah, but I don't even know what caused it.
I can claim it's DNA. So here's what's going on, Dave.
We live in a world. I can claim it's going broke. I can claim my hair fell out for a lot of reasons. But at the end of the day, I'm not good at growing it on the top of my head. So you should not take my hair on top of your head advice.
So here's what I want people to hear. Just because it's marketed so heavily and everybody else has bought it doesn't mean it's true. We have marketing messages that have been going on for decades. You pick an area of life where you see a commercial. Let's take the prescription drugs.
They are marketing these things are good for you, but the list of side effects are longer than the actual thing it's helping. But they market it with these happy, ebullient people in the commercial.
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