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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, to create actual amazing relationships. Ken Coleman, Ramsey personality, is my co-host today. He is the host of The Ken Coleman Show and author of the number one bestselling book, From Paycheck to Purpose.
He talks to folks about their jobs and their careers every day on the Ramsey Network. So be sure and call in if you've got something in that area for sure. Open phones at 888-825-5225. Starting this hour is Tucker in Charlotte, North Carolina. Hi, Tucker. How are you?
Hey, Tucker. Hey, I'm Tucker. Doing well. How are you, Dave? Thanks for taking my call today.
Better than we deserve. We're glad to have you, brother. How can we help?
Thanks, man. Hey, ultimately, my question is whether or not we should sell our home right now. We're newer to the Ramsey plan. We took a financial peace course that you guys offered for pastors online and got the EveryDollar app and set up all that stuff.
Good.
According to the plan, we're on baby steps four, five, and six.
Good.
But our house payment is 35% of our take-home pay. So finding the room to pull out 15% of our income isn't really something that I've been able to figure out right now where we're at. So we have some decent equity in our house that we can pull out if we sold it. I guess where I'm torn is if we sold it, where we would go.
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Chapter 2: Should we downsize our home?
You've been doing this a long time. But once we start just saying basic common sense things, people begin to realize, okay, I can save money here. I can make more money over here. And we begin to look at the big picture in the short term and then long term.
you know you're right that is a much different discussion but the big the big thing that tucker did uh what he was saying was we had a uh a series last summer where we offered financial peace university for free to pastors and you know at that point he didn't even know he had a problem so now he's problem aware that's right that's the first step and that's good news so we were able to help him and get get a lot of things moving get the baby step two cleared out and get them up to this level i'm glad we were able to do that but um
yeah now he's at least problem aware but i don't think we need to go to the extreme no not at all yeah uh and um uh now if you if you go 10 years and don't save anything for retirement because of this then yeah that's a problem you're gonna have to rethink that so i'm gonna make some adjustments of some kind to get to where we can start doing maybe you're doing 12 for retirement for your baby step four right now
but with the idea that if we did these other three things, we could get to 15% eventually as a permanent sustainable process. And that's where you need to get to. You do need to get there because you're going to retire and you need a paid four house and you need a big old 401k plan when you get there. All right. Joseph's in Austin. Hi, Joseph. How are you? Good. How are you doing today?
Better than we deserve. How can we help?
So, uh, I'm, 31 years old. I own my property. I've got a good paying job, but I've got two car payments, both of them around $18,000. They're my largest, probably one of my largest expenses every month. And every month now, ever since we recently moved here, we're having to cut into our savings a little bit to just kind of make it through the month to the next paycheck.
You are not on a budget.
Not a good enough budget.
No, you're not. And you're still going out to eat and all other kinds of crap.
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Chapter 3: Is it wise to use savings to pay off car loans?
Okay. All right. And how long have you been looking?
Just about a month. It hasn't been super long.
Okay. It's okay. Just calm down. Don't get crazy because you missed a couple. God's going to serve you up the exact right one you need. You're going to be just fine. Because what's going to happen is you're going to get all hot and bothered here and need a cold shower, and you're going to overpay for something because you get out of control.
Sure.
Just calm. Be calm. You've got the rest of your life. How old are you?
Uh, 27.
You got the rest of your life to get a house. One whole month you've been working on it.
Yeah. So do you think it'd be foolish to spend, you know, to offer over 15?
Yes, that's plenty.
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Chapter 4: What should I consider when deciding to buy or build a home?
Basically, there was a point at which my ability to continue paying ran out. The short version is after quarantine, my wife and I both got COVID twice. That put us out of a month of work each time, and then my cancer came back. Oh, my. Yeah. For what it's worth, God is good. I'm cancer-free as of right now. Oh, that's good.
But it was one of those things where every time we climbed out of one hole, something else hit. And recently, this past May, we got... the greatest news that my wife's pregnant with our first child. But as you can imagine, that came with another set of holes to dig out of as, as we were trying to dig out of the other holes.
Well, pregnancy doesn't usually cost him money much. It wouldn't have.
Yeah. It, the, the doctor's, uh, appointments. We found out that the insurance we had for her, uh, had been discontinued and that her, uh, primary physician had retired and we did not get, uh, they didn't switch us over to a new primary. So we went through a rigmarole of self pay, um, with an OBGYN for the last couple of months.
Okay. And you're back to work now after the cancer remission?
Yes. I'm, I'm back at work, um, full time. And, uh, she is, um, Currently, I tend to pick up hours with her clients, and she's looking at a second job as well as I am.
How's your energy level?
My energy's great. Luckily, I didn't have to do chemo. This was quite a long surgery. So what do you make? Together, last year, we did 58,000. I did 45 of it. What do you make now? Oh, roughly 45 a year. Okay, doing what? Uh, I work, uh, as patient care specialist at an anti-aging clinic. Okay. What's your wife do? Um, she is in, uh, full-time childcare.
She's sort of, uh, almost like a, uh, permanent daily babysitter.
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