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Chapter 1: 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, host of The Ken Coleman Show, Ramsey personality, number one best-selling author of the book Paycheck to Purpose, career and jobs and work expert, is my co-host today. So if you want to talk about those subjects, he's here for you. And anything else, the phone number is 888-825-5225. We'll talk about you right in front of you. Jordan is in Salt Lake City.
Hey, Jordan, welcome to the Ramsey Show. Hi, thank you for having me. Sure, what's up?
Well, I've been talking with my wife about something for a while.
Chapter 2: Should I sell my condo or rent it out?
We have an opportunity to go and house it for her family down in another city. And we also have our condo almost paid off. So we're in between decisions of deciding to sell it and really roll that into a new home. or to rent it out, and again, almost paid off. So we'd collect rent on that and be able to use that to pay for a home as well.
So kind of a crossroads there and figure to get your opinion on it.
Okay. So you're moving to a better house. The only question is whether you're going to stop in between along the way and house sit for a little bit.
Right. Well, we are going to house sit, but the question is... Oh, so the only question is whether to keep the condo or not. Yeah, keep the condo or rent it out and really take the rents without a payment on it.
Yeah. So how much do you owe on it?
Right now we owe about $38,000 left. Oh, good.
Good for you. When will it be paid off?
We'll pay it off within the next few months or so.
Okay, good.
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Chapter 3: How do I prepare to start a business while working?
And what's your household income?
About $100,000 a year. Okay. Okay.
And what will the property cost that you're going to buy probably later?
We're probably looking in the range of between $300,000 and $400,000 for the next home. Okay.
And you don't have that, and you won't be getting that anytime soon, making $100,000. That's correct. Okay. So the net result of keeping the condo is you're going to borrow more on the new property. So it's as if you're borrowing on your new property to buy a rental condo. Do you follow that logic? Yeah. So given that logic, that says we're selling the condo.
Because if you had a house, let's say you had a $300,000 house and you owed $100,000 on it, and you called me up and said, I want to borrow $90,000 to buy a rental condo against my personal residence, I would laugh at you, right? Wouldn't I?
Yeah.
Sure, yeah. And in essence, that's the net effect of this discussion if you keep the condo.
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Chapter 4: What should I do if I feel overwhelmed by my finances?
So you didn't mean for it to be that way, but I'm reverse engineering on you to make you see the logic of where I'm going. So I love the idea of rental property. I love rental estate, but I'm not going to keep a condo and as a result borrow more on my next property.
Yeah, I think you're right. And what people need to think of when you lay this out is, what is advancing me further down the road towards my financial goals? And selling this condo does that. They get to upgrade, massive down payment, less of a hassle. It's just a win all the way across the board.
Yeah, and you get the next house paid for real fast.
That's exactly right.
Nick is in Chattanooga. Hi, Nick. Welcome to The Ramsey Show. Hey, how's it going? Better than I deserve. What's up?
So my prayer's been answered. I got a promotion at work, and I'll be doing an apprenticeship of sorts. And ultimately, you know, five, seven years from now, I want to have my own business, but start out as like a side hustle. And I want to know what steps would you take, knowing that's my end goal. What would I do from now until then? What would be your advice on that?
So what business are you in now? What's the apprenticeship in?
It would be electrical work like alignment.
Okay.
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Chapter 5: How can I politely decline a promotion I don't want?
And is the goal to start your own company in that same space?
uh yes sir yeah so how can you do that on the side is there any kind of uh with that it comes down to this how do you do that on the side without burning yourself out and then making sure that you aren't in any way poaching clients from your from your current employer that's the key and so as long as there's not a conflict of interest you're doing a really good job where you are that apprenticeship is preparing you they're paying you essentially
to eventually go out and do your own thing. And that's, what's beautiful about the trade. So this is all about balance. And then ethics is the short answer. Is that what you're asking?
Pretty much because a lot of it is just, you know, no knowing what you're doing and how to do it and just having time, you know, doing the job because there's, there's such a shortage of people do any kind of labor of that kind. And, you know, I know some people that have done that and they've, They're like, look, you know, I work for somebody. It was awesome.
But whenever I work for myself, it just opened a lot more doors to obviously doing it in a smart way, not. Say, okay, I can get a loan for this.
Oh, absolutely not.
Absolutely not. Like COVID happens, and then all of a sudden you're like, uh-oh. Right. I can't make the payment. So that's the way I want to go about it.
Well, that's the way you should go about it. So let me speak to the financial piece then. So you need to be patient financially and professionally here. You get in, you learn it, you get really good at it, you become very dependable, and now all of a sudden you know, I've got everything I need, skill and experience, to do this on my own, and I keep socking away money.
I'm not going to go into debt. I'm going to work my way into the side hustle becoming a full-time gig. Now, the advice I give for people that are in trade specifically to move from full-time jobs, side hustle, to working for themselves is, once you do the side hustle the right way, you're not poaching clients.
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Chapter 6: What steps should I take after losing my job as a widow?
Minimum six months is what I would prefer. Six to 12, more towards the 12 would make me a little bit more secure in stepping out on my own. So I've got a pipeline of clients that I believe I can build on, and I've got six to 12 months of salary in the bank.
Make sure if you're going to jump in the boat that you get the boat close enough to the dock before you jump.
That's right.
Yeah. That's what he's saying, okay? Because sometimes people go, I think this is going to work. You know, and all it gets wet, you know? So, no, you got to get the income up on the side to where when you make the move over, you don't even feel it. Make sure you're not doing anything unethical and stealing your boss's clients to build your new business. That would be wrong.
And then the last piece is this that I'll throw on top of this, Nick. One piece of you going in business for yourself is learning the trade. But running your business is not doing electrical wiring. Running a business is a different skill set. And so you've got to learn some things about running a business in addition to learning the trade.
So a lot of people, you know, good heat and air technician goes and open a business but doesn't know beans about running a business. And fabulous heat and air technician. But then they go out of business because they don't know how to do the marketing. They don't take care of the accounting and the taxes. They don't know how to hire and fire. They sign up for stuff they shouldn't sign up for.
They overbuy on their tools and all these kinds of things. So you've got to start looking at this also as you make this transition as a business person, not simply a tradesman. So the tradesman's awesome, but that's when you're working for somebody else. When you start working for yourself, now you own your gig, and you've got to be able to run it. That's the deal. This is The Ramsey Show.
Ken Coleman, Ramsey personality, is my co-host today.
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Chapter 7: How do I manage my finances as a single parent?
Oramar is with us in Canada. Hey, Oramar, how are you?
Good.
How are you? Better than I deserve. How can we help?
Well, I'm actually ecstatic to be on this phone call. I can't believe I'm talking to you guys, but I'm calling from New Brunswick, Canada. I actually moved with my family and my two babies, three and four, from Toronto, escaping pretty much what was happening over there. A normal run down home was $2 million. We didn't want to get into a mortgage like that.
And because we had the freedom of remote jobs, we decided, well, let's move. We wanted a more conservative place as well. So it's been amazing living here. But we purchased a house, $400,000 last year. It has been a year and a half. And I feel like I'm on baby step number zero. We are reading the book and we're doing everything we can. But we had very bad advice with our mortgage.
We went on a variable rate last year. And I just, I feel hopeless. I don't know. how to even get through this. So we've done what we can and we got the book from the church, Total Money Makeover. We've been reading it, but with two little ones, it's been tough.
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Chapter 8: What strategies can help me cope with financial stress?
And I just, I don't know how to deal and cope with, I guess, paying the mortgage when we initially budgeted. And we ended up at a fixed rate of – actually, we fixed our rate last week. And we ended up at $3,200.
So you have a $3,200 mortgage. And what is your income?
So my husband makes $85,000 a year. And I recently started a work with the same company, actually. And I'm making – $33.90. I'm not on payroll, but I've been with them for 10 months, and they are willing to put me on payroll. It's just it hasn't come to that yet.
Is $33.90 an hour or $33,900 a year?
No. So $3,390 monthly plus $85,000 a year that my husband earns, which is I believe it's $4,900 a month. So we're roughly around $8,000 to almost $9,000 a month.
Now, you're about $8,500 a month take-home pay, and you have a $3,200 mortgage, which leaves $5,000 to pay the rest of your bills. Why can you not do that?
I know, right? We feel the same, but unfortunately, since we got our home last year, we had, I don't know why we came up with the bright idea that we wanted to finish the basement that we So is it finished or not? It is.
Okay, is somebody living down there?
We didn't finish it. Yeah, finally.
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