How Much Should I Be Investing? (Hour 3)
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What is the main topic discussed in this episode?
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. Ken Coleman, Ramsey Personality, host of The Ken Coleman Show and author of the number one bestselling book, From Paycheck to Purpose, is my co-host today. As we answer your questions about your life and your money, thanks for hanging out with us. 888-825-5225 is the number. That's 888-825-5225. North Dakota starts off this hour. Samuel is with us.
What are the pros and cons of selling a modular home?
Hey, Samuel, how are you? Hey, pretty good. Good. How can we help?
Hey, real quick. I've been married three years, and we had just bought in a modular home in our, I guess it would be second year of marriage. And modular home, mobile home, however people call it. Anyways, the lot rent keeps raising up, and we're wondering if we should just sell it or what we should do with it. And the other thing that I wanted to mention is that we're expecting our second child. And so that kind of throws it into the mess of the stuff as well. So just getting some insight as far as what I should do next.
Good for you. Cool. How old are you?
24.
Should you pay off student loans or save for a house first?
What's your household income, sir?
So 52 for myself, and then me and my wife would be about 64. Okay, good.
All right. Well, the premise is this. There's nothing on fire. There's no emergency here. But 10 years from today, owning a mobile home that goes down in value is not a good plan. They go down in value. You know that.
Yes.
Yes. Okay. And so instead, I would rather be living in something that goes up in value. And so that's why mobile homes are not a good purchase. Simply, it's a car you sleep in. It goes down in value. So you've got to decide then, you know, since it's not a good long-term plan, when is the most opportune time to move out of that and what are the steps? It might be that you sell it. And it may take you a little while to clean up. You may be upside down on it.
How much should I be investing in my future?
You may owe more on it than it's worth, do you?
Sorry, what was the question?
Do you owe more on it than it's worth?
No, I do not.
Okay, what is it worth?
The next storehouse is about the same layout as our layout, and it sold for $50, and we owe about $40 on it right now.
Okay. So hopefully you could get 50 and walk away with 10. That would be amazing. And then what would we do? Are you out of debt except for that?
Um, we just have one car loan.
Is going back to school for a nurse practitioner worth it?
Okay. I'd clean up the car loan. I'd build an emergency fund and I'd rent for a year to two years while I saved up a down payment to buy my first home. That is a stick built wood or whatever home that's going up in value. And if it takes you from 24 to 26 to make that transition and one move, that's not a bad thing. Your other options sit there and let this thing go down in value. And you're going to look up and it's going to be worth 30 and you owe 35. And then you're going to look up and it's going to be worth 10 and you owe 25. That's where it's headed long-term agreed. agreed yes that's not a long-term plan so okay but again there's this month next month i don't care the next month i don't care somewhere in there uh when's the baby due in february okay so if you're going to do it you should do it immediately or you should do it after the baby okay if you could get a buyer now and move into a rental with ten thousand dollars in your pocket or how much you owe in the car
9,000. You have any money in savings? Yes, I do. How much?
Seven.
Perfect. Good. Okay. So if we sell this and we put 10 in our pocket, that's 17. Pay off the car. Now we've got eight in savings and no debt, and we're renting when the baby comes. That sounds a pretty good move.
What steps should I take to build an emergency fund?
Now then we start saving like crazy above our emergency fund for a down payment on a home, and that might take you a year or two years. But that's what lots of couples do. Yeah. Yeah. But what you're having to do is change direction because you got to get off at the next exit because you realize you're heading the wrong way on the interstate. And the first step is to get off the exit, go under, then get back on going the other way.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:28–1:11
2
What are the pros and cons of selling a modular home?
1:11–2:09
3
Should you pay off student loans or save for a house first?
2:09–3:15
4
How much should I be investing in my future?
3:15–3:54
5
Is going back to school for a nurse practitioner worth it?
3:54–5:24
6
What steps should I take to build an emergency fund?
5:24–6:24
7
How can I balance paying off debt and saving for a house?
6:24–7:32
8
What financial strategies can help me achieve my goals?
7:32–37:50