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Chapter 1: What are the key facts about recent bank failures?
Live from the headquarters of Ramsey Solutions, broadcasting from the pods, moving and storage studios. It's the Ramsey Show, where we help people build wealth, do work. that they love, and create actual amazing relationships.
Dr. John Deloney, Ramsey Personality, host of the Dr. John Deloney Show and number one best-selling author, is my co-host today as we take your questions about your life and your money. Open phones at 888-825-5225. Chelsea starts this hour off in Mobile, Alabama. Hi, Chelsea, how are you?
Hey, David, how are you?
Better than I deserve. What's up?
Well, thank you so much for taking this call. It really means a lot to me. I actually sent this question in after watching y'all's SMART conference in Nashville a few weeks ago, and it just meant a lot that y'all reached out to have me ask this question live. I guess I'll get right into it. I've been working the baby steps since 2019. I've paid off $32,000 worth of credit card debt in my car.
Good for you. Hope to never have a car note. Yeah, thank you. Hope to never have a car note ever again. I still owe $72,000 in student loan debt. I currently rent in Alabama, and my husband, I'm married. My husband lives in Maryland, and we own a house in Maryland. He works for the railroad company. And he hasn't been able to find opportunities equivalent to what he has right now in Maryland.
Long story short, I lived in Maryland for five years. That's where I met him. I'm a person in recovery from substance use. I moved away to get well and then moved back closer down south to where my son from my first marriage is. So that's why we're living separate right now because my son is down south. So my question is, I'm looking to get closer to my son in Mississippi.
He lives about an hour and a half away from me. And like I said, I currently rent. The town that he lives in is very rural, and there's not a lot of opportunities to rent. There's nothing available based on the four calls that I've made. It's, like I said, a small community.
So my husband and I are considering looking to purchase a second home for me in Mississippi near where my son is, and this would require us to go outside of the baby steps. And we're just trying to weigh all of our options here, and I feel like I'm in a race against time to spend more time with my son while he's, you know, at this stage of life. He's 12.
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Chapter 2: How can I manage long-distance family relationships?
I've never one time have I heard you all bring this to a close. It's almost like it was going on forever, the way you talk about it. You guys don't have a plan to land this plane, and that's bothering me more than anything you're asking about. I've been married 41 years, and somebody asked me the other night how we've been married 41 years.
It's because I told Sharon if she leaves, I'm going with her. I couldn't stand to do what you're doing. I would be a complete wet dishrag wimp. I couldn't do it.
I couldn't make it.
She says if she dies, I'm going to get remarried in about 30 minutes just because I can't make it. That's what she says, and she's right. I can't get my head around what y'all are doing.
Well, I work from home, so I'm able to see him. We make plans to see each other every six weeks where I stay with him for two weeks and then I'm back home.
That's not marriage. That's a fun weekend dating opportunity.
Yeah.
This is not a good plan, honey.
And if you buy another house, you're cementing yourselves further apart. Yes.
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Chapter 3: What should I consider before buying a new car?
I want you guys to solve for how we're going to be together and how we're going to serve the 12-year-old.
And I think it's important, Dave, people call my show all the time asking about, you know, what do I do? How do I deal with an anxious kid? Or how do I deal with a kid that's struggling with depression? The number one answer, I'm always going to tell parents. is you go get well, because your kids are absorbing that stuff.
You go take care of you, make sure you're whole, and then circle back and start trying to solve your kid. It almost always, not always, but almost always begins to lift that child up when mom and dad are whole.
Not a 12-year-old on the planet that doesn't look at this marriage situation and go, huh? Right. This is The Ramsey Show. Dr. John Deloney, Ramsey personality, number one best-selling author and host of The Dr. John Deloney Show is my co-host today. His show is all about relationships, mental wellness, boundaries, crazy family members, all that stuff. Yeah, it's all in there.
And we all have crazy family members. If you think you don't, that means it's you. Just keep that in mind, all right? That's how we know this, all right? And John, lately I've been getting, like in the last week, I've gotten five emails from prominent people that I am friends with asking me if the banks are going to collapse. And these are people that I would have thought
Wouldn't have thought that. All but one, and he pretty much believes all the conspiracy theories. But yeah, or the world's coming to an end or whatever, and it's all Joe Biden's fault and all that kind of stuff, right? But the other guys are like, I'm like, really? Really? And I have to send them a nice email back assuring them.
that we're okay and Warren Buffett comes out this week and says Berkshire Hathaway Berkshire Hathaway his company's annual meeting he suggested fear is contagious and consumers fears about the safety of their banking institutions are making it hard to respond
to the crisis effectively because the people in the banking world and in the government have done such a poor job of messaging what's really going on. That was Buffett's point. And it's causing fear to be contagious. Now, we ran into, I think, during COVID that fear was more contagious than COVID was.
Correct. And more contagious than the fear was the financial incentive for media companies to spread fear. That's how they get paid. And so I think he's calling out something that's really important. We're herd animals, so fear is contagious. That's how we've survived as a species. If somebody starts running, we all just start running with them, right?
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Chapter 4: How do I handle debt in collections effectively?
There was five deer standing there. And one of them got spooked. And the other four are going, we're running, but why are we running?
Why are we running? We don't know why we're running.
It's the other guy's running, so we're running.
Yes. That's exactly what happens. That's what we're doing. I was cracking up. We like to think we're sophisticated, Dave. Our brains are operating at that level when we are scared. We're running, but I don't know why we're running. I don't know why we're running. Everything's going to go. We're going to die. We're going to die. I think he calls something out important here.
It used to be, up until very recently... You had to get in your car and drive down and look at your banker and say, I want to take all my money out. And they would say, that's dumb. And they could calm you down. Now I can just go online with the glow and pull it all out. And so he is right. There is this moment now when we can all be stupid and there's no guardrails on our stupidity.
And so I'm calling Dave. I'm almost begging. There has to be some group of people that are running the news stations that have to have a moment of conscience to say, we've got to stop. And I know it sells tickets. I get it. But we've got to come up with another way than just trying to get people to panic because it's going to run us all off a cliff.
It just is. The fear porn. The fear. Off the media is driving this. And fear is contagious. So other than getting the media to behave, because I still think they're probably going to yell at us that we're all going to die of a tornado by nightfall. But... You're going to die! God, it's hilarious. Yeah, probably not. Probably not going to die. It's... And if I do, guess what? I'm dead.
Ta-da.
Whatever. Yeah. But I'm going with this. I'm sticking with it. If the media is not going to turn off the fear porn, fear is contagious. Correct. How do we, what are some things that the average, the typical person can do to calm and go, wait a minute.
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Chapter 5: What strategies can I use to overcome financial stress?
If your conspiracy friends thinking it's going to happen, that they're wrong. Correct. Very high probability. Correct.
And taking the facts of your friends, take it all the way out. You have $25,000 in cash in a box. And the U.S. banking system implodes. That will be good for kindling, right? Kindling, yeah. You can start a fire with it. You can start a fire with it. What are you actually going to do, right? Exactly. And so hang in there.
There's a whole bunch of other people that have way more money that have a vested interest in this thing working out. So be still and be slow and turn the chaos off your devices.
So number one is stop your inputs, whether they be conspiracy theories or media channels. Number two is sit down and calmly think about and even write down what the real facts of the situation are, not what the rumors or the emotions are. Because the feelings will lie to you.
Right. And you have a supernatural ability to do this, Dave. I don't. I have to call a friend that I trust and say, hey, man, I'm spun up on this. Can you give me some wisdom?
That's what my buddies are doing to me, I guess. And I've got their email on me going, oh, there's another bank failed. Are we going to? No, we're not. It's just a bad bank. I mean, and, you know, and there's some stupid people in the banking world. Here's the thing. I have observed this, and here's a fact for you out there.
If you're worried, if you got a little of this, you caught this contagious fear bug, okay? Here's a fact for you. I've noticed that you're going to love this from higher education. Financial downturns run on this rhythm and this cycle. When the current crop of MBAs, gets to 38 years old and has no memory of the last stupid stuff, they repeat it and calls the next one. Correct.
And so there's a rhythm. They don't have any institutional memory because they don't have a memory. They weren't there when we survived 2008. So now here we are eight years later, you know, and six years later, and now we're on that rhythm. The people that didn't, okay, I survived 2008. I made a lot of money.
in 2008 when everything turned down because I bought a lot of stuff while it was down real estate and mutual funds both were down was a great buying opportunity and everything I bought in those days has doubled and so yeah I made a ton of money yeah and so my institutional memory is long because I'm old and but but you know the the people making stupid but decisions like loaning people money to buy a house who are broke
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Chapter 6: How does fear impact decision-making during financial crises?
We're okay, people. It's the normal rhythm of dumb-butt MBAs. This is The Ramsey Show. Dr. John Deloney, Ramsey personality, number one bestselling author, host of the Dr. John Deloney Show as a podcast on the Ramsey Networks. Make sure you check that out. He's my co-host today. Open phones at 888-825-5225. Angel's with us in Des Moines. Hi, Angel. How are you?
Hi, how are you guys?
Better than we deserve. What's up?
So, I love your plan, by the way. I don't have Financial Peace University, but I have been following the steps. I started in September, and I got my... thousand dollar emergency fund. And I've actually been able to pay $25,000 off in the last eight months of debt.
Way to go. That's awesome.
Angel. Yes. Yes. Um, 10,000 of it was, um, a gift. My grandpa passed away and he left each of his grandkids, $10,000 and, um, I decided, though, even though it wasn't fun and it wasn't something super meaningful, I decided to just throw all that at my debt. And I knew my grandpa. My grandpa hated debt.
He's smiling then.
How can we help today? Yeah, so my... My car is paid off. I drive an Acadia. And we still have a little bit of my husband's truck loan. So we only have one car payment. I'm about ready to pay off my last credit card. And then we have a small personal loan and the rest of my husband's truck. And unfortunately, this past Sunday, we got caught in a hailstorm. And it really banged up my car.
My windshield cracked. shattered and tons of hail damage and so we've taken it to the adjuster and to um insurance and all that we haven't actually heard back yet but he wants me to get a new car who the adjuster oh i'm sorry i forgot to say my husband my husband my husband well you're gonna have to get another car probably aren't you Well, no, it's drivable.
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Chapter 7: What are the common pitfalls in financial planning?
You need to use that exact same motion again. We're not taking out a loan to get a Tahoe.
Yeah.
And here's another one when you put your foot down. You and I are going to sit down and get on the same page on money. I'm not going to drag you. I'm not your mother. I need a man walking beside me, not a little boy who wants to buy things he can't afford. I've got to have some teamwork going here. I feel like I'm dragging you around behind the car.
Yeah.
That's your other foot going down. And if you guys can't get on the same page, spend a little money on some marriage counseling.
Yeah.
Because here's my promise. If you're not on the same page here, there are other things in your house that you're not on the same page for. True or false?
True. True.
Guaranteed.
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Chapter 8: How can I create a sustainable budget for my family?
Mm-hmm.
But if you can go gangster for four months and you guys get on beans and rice with $10,000 towards your $24,000 worth of debt, that only leaves 14. You make eight a month. We're going to knock that out really fast.
Yeah.
But you're going to have to be on the same page and say, we're not going out to eat, and you have been. We're not going on vacation, and he has one planned this summer, and so on. And he can't buy you a Tahoe at Christmas and think he's doing you a favor. With a loan. Right. Ever again. No more. We're done.
So, yeah, if you guys can get on the same page, that would be what we would do at the Ramsey house. But the point being – All of this other stuff is going to fall in line, all this money stuff and all this debt stuff, and it's going to march right down the street really, really fast once the two of you are on the same page. But you're pulling against each other right now.
You're using all your energy doing that. And you really need to sit down and do this. So I'm going to give you a financial peace university. The only thing that is required, if I give it to you for free, is you have to make him go through it with you. And I'll convince him that it's what I've done for 10 million people. This is The Ramsey Show.
Dr. John Deloney, Ramsey personality, number one bestselling author, is my co-host today. Phone number here is 888-825-5225. So, John, it's been about a year since Own Your Past, Change Your Future came out and was the number one bestseller.
That's right. It is out. And since it published, I've gotten tons of calls from people asking for private counseling sessions. And I can't meet with one-on-one with everybody. It's not possible. And that's why we wrote the book. The book is really just you and me sitting across a table, eating and having a meal and trying to figure out what we're going to do next, right?
So it's practical advice and encouragement on topics like relationships, overcoming past hurt, healing from traumas. You may not even know you experienced it. And as you read through each section, I'll show you how to learn from what happened in your past so you can start focusing on what it means to live well. And Dave, this is awesome.
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