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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. Jade Washall, Ramsey Personality, is my co-host today as we answer your questions for free. And some say the advice is worth what you pay for it. So join us. The phone number is 888-825-5225. We're glad you're here.
Thanks for joining us. Kristen is with us in Pittsburgh to start off this hour. Hi, Kristen. How are you?
Chapter 2: How do we balance saving for retirement and paying for college?
I'm great, Dave. How are you?
Better than I deserve. What's up?
Well, I'm calling because my husband and I are both 55 years old. We have a good income, primarily mine.
Chapter 3: What are the implications of selling our rental property?
We make over $300,000 a year and we have for about the past 10 years. And successfully paid off our student loans in a 10-year period over $125,000. Only owe about $35,000 on our $400,000 home mortgage.
Wow.
And have no revolving credit or debt. We don't drive cars that we have car payments on. We pay for those in cash. Um, we don't, you know, we don't have any kind of debt in that way. Our problem is that we don't have a nest egg. We're not saving. And so looking down the road, I want to be able to retire at some point.
And I'm just trying to come up with some options of how we should be, um, taking our money and, and investing it and potentially not just paying our children's student, um,
Chapter 4: How can we effectively manage our cash flow while supporting family?
payments, you know, to colleges out of the cash that we have, maybe using it for something different.
So you have some cash?
We do. How much? I get a nice bonus every year in March. How much cash do you have? Well, typically we have about $75,000 a year. How about typically right now?
How much cash do you have?
Oh, right this second? None, because we just paid two college tuitions.
Oh, so you got two in college?
We have two in college, one already graduated. Yes.
Okay, cool. Cool. Good for you. All right. And so you're cash flowing college out of your 300 K, but you have no debt except 35,000 on your mortgage.
Correct. Are you currently putting anything aside? 15%, 5%, anything into retirement? Yes. So I, we put in 10% in my 401k and then we also do an additional 5% in a Roth IRA.
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Chapter 5: What insights do Dave and Jade share about financial transformations?
I thought it was a scam.
Those of us in finance, we have a high degree of spiritual cynicism, which is a good thing. I agree with you. I would have thought we were a scam, too.
Yeah. So she said, you've got to read the book. And so we actually watched the DVDs, read the book, and we drank the Kool-Aid, and we've been crazy ever since.
All right. I love that you watch DVDs. That's great.
Yeah. That was five years ago.
I mean... Yeah.
Yeah. I'm VHS, I guess.
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Chapter 6: How do personal experiences shape financial decisions?
Come on, Jade.
I just haven't heard that word in a while. It's great. That's wonderful. What happened with your income? It went from $36,000 to $88,000. What happened there?
So I was a stay-at-home mom for 17 years. We have four adult children now, but of course back then, seven years ago or so, they were smaller, younger. And one of our sons is special needs. He's high functioning and he's doing great now, but at the time he couldn't be home, he couldn't be alone. And so we decided that I wanted to go back to work
but we had a unique situation because he can't be home alone. He can go to school, but somebody has to be home when he's home. And with school schedules and working eight to five, we just, we were looking for an option.
Chapter 7: What strategies are suggested for paying off debt quickly?
And so I went back to school, got my degree, went back to school or went back to work full time. By then he had matured enough that he could be home alone. So he's doing great now. That's awesome. So I went back to work and did lots of side gigs.
Love it.
Bigger shovel.
You guys over doubled your income between the two of you.
We sold everything. I told the kids if they stood still long enough, I would sell them.
There you go. I like it. I like it. Wow. Way to go, you guys.
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Chapter 8: How do they approach the topic of insurance in high-risk areas?
Side gigging is a real... people don't realize you talk about it but there are so many side gigs out there oh yeah um what was the best one that paid the best for you
You think it's your tail?
Rob, well, we did... I used to, when I was in school, I was wanting to be out of debt so bad, but I felt so limited because I didn't feel like I had a marketable degree. We both graduated from college 25 years ago, but with degrees that were not marketable. And so that's why we had most of this debt. And... And so I felt so, I didn't feel like I could offer much because I couldn't.
Kind of hopeless. Yeah, I felt hopeless because I couldn't, we couldn't leave our son. And so I would be taking the kids to school and it would be trash day. And I would see people's trash on the side of the road. And I said, I can pick that up. And we started doing that and we had multiple yard sales. We would fill the garage up and we would pull it all out and we sold other people's trash.
One man's trash, another man's treasure. So that was really, that was really.
And that made you, that's your best side gig.
No, that probably wasn't the best. Probably my best side gig is I do caregiving on the side. I love taking care of the elderly. I don't go into the nursing homes. I just take care of them in their home. So that's probably the best. And then the other one is probably I also iron for people on the side. I love it.
Interesting. So you literally go pick up their house, their clothes from their house, take them to your house, iron them and re-deliver them. Yes. Wow. That's a service I might.
That's very, very helpful. Yeah. A lot of people, it's like cooking. They don't know how to do it anymore.
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