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Chapter 1: What should you do when you can't agree with your spouse on house spending?
Live from the headquarters of Ramsey Solutions, broadcasting from the pods, moving and storage studio, it's The Ramsey Show, where we help people build wealth, do work that they love, and create actual, amazing relationships. I am Ramsey Personality, Rachel Cruz, hosting this hour with Dr. John Deloney. And we're taking your calls. It's a free call anywhere in the country at 888-825-5225.
So we're talking about, again, your careers, your relationships, your money. What?
Just the way you introduced the show, it's like you're trying to remember what my name is.
I am co-hosting with... Called you Josh last time we co-hosted.
That is true. You did call me Josh.
Called you by the wrong name, so I do have to remember your name, John Deloney.
That's fair.
With Dr. John Deloney.
And I'm here with Rebecca Cruz, and we are taking your calls on life and money.
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Chapter 2: Should you prioritize paying off your mortgage or investing for retirement?
We're excited to have you.
Glad you're here, America. All right. First up, we have Heather in Birmingham. Hey, Heather. Welcome to the show. Hey, Rachel and John. How's it going?
Partying. We are partying.
Great. How are you? Love it. I'm doing great. So my husband and I, we're both 33 years old.
Chapter 3: What are the benefits of being completely debt-free?
We're having a little disagreement on how much to spend on our next house purchase slash house and renovation. And I guess a little bit about us. We have 625,000 in cash and we make a little under 300,000 a year.
We have two small children, and basically the disagreement is we started off saying we want to pay cash, but where we are in Birmingham, you know, these little 1,500-square-foot tiny homes are going for like over $400 a square foot, which I'm sure you all have seen that in Nashville a bunch.
And my thought is why don't we get, you know, a 15-year fixed mortgage paid off in two, three years, whatever it is, and be able to buy a little bit more to last us maybe 10 years instead of five years, whatever that may look like. And I feel like I've gotten him on board to get a mortgage, but he wants to pay it off in one year.
And I felt like the big picture of this is all silly, and there's probably people listening to this laughing at our question. No, no. Not even a little bit. We're just getting more direction from you guys of, like, how we should approach this because it's so different because keeping a mortgage for 15 years is just not even on the table.
Sure. Yeah. And I would say your situation is better than most people who call the show.
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Chapter 4: How can you prepare for a Debt Free Scream on air?
Most people don't have 600 grand in cash plus more than a quarter million dollar a year income, right? But the challenge y'all are experiencing is universal. You want this, he wants that. And it comes down to negotiating or navigating those waters. So that's universal, man. So no, nobody's rolling their eyes at you or if they are, it's because they're jealous. Yeah.
And Heather, I would encourage you guys, you're not too far off.
You're really close.
At this point, it's basically like, do we pay it off in a year or two years? and you could just split it down the middle and say you're off, or you just pause and wait a year, save up cash, and pay cash for it.
So when he says, I want to pay it off in a year, I'll do a mortgage, but we're paying it off in a year, what's the difference in-house between one-year payoff and a three-year payoff?
Well, I personally think we probably need something to get us to be in a house that's going to last us at that 10-year mark. I kind of think we need something more like we can pay it off in maybe three years, like talk about like $100,000 a year.
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Chapter 5: What to do when family members resist your money advice?
Because he talks about wanting to be gazelle and tense about it, but I'm like, I don't feel like we need to be, and nor is that y'all's teachings either.
It's not, but I'll also tell you, I come from a history of financial insecurity. And so whenever we got a mortgage, we didn't go gazelle intense, but my wife and I did go faster than I would normally recommend to another family.
And so there is something important about sitting down and getting to not spitting and throwing spit wads at each other over one year, three years, three years, one year, but listening to him if he says, hey, I won't sleep for 36 months knowing that one thing goes wrong at my job and my family, we can't make this mortgage payment.
And so there's something about that inner terror, that inner fear that I know that I live with. And you're on the other hand are saying, I don't want to be doing this again in three years or five years when the kids get bigger and a partridge in a pear tree. Right. So I think it's listening to each other and then being really honest about, okay, this is the house that we can pay off in one year.
If we go gazelle intense, we paid off in one year. This is the house we can afford. Here's what it looks like. Here's the neighborhood it's in. If we paid off in three years, here's the neighborhood that it's in. Here's the house that it's in. And let's just use real pictures and real numbers and real data.
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Chapter 6: How can you negotiate financial decisions with your partner?
That way it takes it less out of the ethereal realm. But I do want you to have a heart-to-heart conversation about how y'all...
respond to the anxiety of owing somebody money because it sounds like this is entrenched in his like this was a goal this was a goal this was a goal you got it and now it's like oh let's buy another house and get another mortgage and that's just hard it's tough to swallow you know heather what's making you guys move where are you now um well we're currently in birmingham in a rental house and we moved uh we were in atlanta for almost a decade and then we moved to knoxville
and then now we're in Birmingham, and it was for a job relocation, which that's the other part of this. His income almost doubled through this move, so that's the other part of the equation. We haven't really seen before that much income.
So I would tell you that we intentionally compressed what the house we bought because the temptation is to let your standard of living rise with every new raise you get. And it continues to float and float and float. Now, make no mistake, you guys are so far ahead of the curve, you can do whatever you want. Three years, one year, five years, you can do whatever you want.
But there is something to be said for having a little bit of discipline in this moment when your life has drastically changed. And there's nothing in the history you just told me that suggests y'all will even be here 10 years.
Yeah, is there a chance of another relocation, Heather?
Not that I can foresee because it wasn't so much a relocation with the same company. It was just a really great job opportunity with a totally different company.
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Chapter 7: What are the long-term advantages of financial discipline?
Oh, OK. I hear you. Yeah. Yeah. Well, I think what John said is important, Heather. I would really. so get below the problem, right? Get below the one year, the three year, but like what's going on in him? What is, what, what's his, what's driving his motivation to get this paid off quickly.
And as a wife, like, listen to that, consider that, uh, I would say on your end too, still speaking into the situation on what you see and that, you know, that fear can sometimes take over so much that he may not even be able to see his way through. And your logic is,
Because you don't have that, you're able to actually pull the numbers and say, hey, look, we could actually probably pay this off in two years and four months. And you'll have a level of possibly a level of logic that he may not be able to get to because of his fear. So like you guys working as a team, right? So coming together in it.
Chapter 8: How can you create a lasting financial legacy for your children?
And it may, some people hate the word compromise in marriage, but I just feel like sometimes it's what it is. And it's like, all right, let's meet in the middle, like together, let's do this. But I would also encourage you guys, don't feel like you have to rush and buy something. Renting is not bad. So even if you guys stay put for another year, you guys have been in three cities really quickly.
So maybe just stay put for... For a year, Heather, take a breath, save some of this new income, act like you didn't even get a raise, put that cash away, and that may open up more opportunities in the future. So thanks again for calling, Heather. Appreciate it. And we'll be back. Well, the stock market has been all over the place lately.
It's gone up, it's gone down, back up again, back down again. And if you're freaking out, can I just tell you, don't. The market dips fast. but it doesn't mean that you're gonna retire broke, okay? So you have to keep a long-term perspective when it comes to investing.
So if you just look at the facts, if you invest $100 a month from age 25 to age 65, you could have around $1 million at retirement. So it's not that it's just too good to be true. This is based on a long-term average of the return on the S&P 500. And a huge predictor of investing success is not only the rate of return, but that you actually invest and you keep investing consistently.
So no matter how old you are, no matter how much your investing intimidates you, this whole idea of investing, you can invest with confidence right now. And when you get a pro in your corner, they will be able to help you with all of this stuff. So you can connect to a SmartVestor Pro. They eat, sleep, and breathe investments. This is like their entire world.
And they'll take the time to work with you and make sure that you understand what you're investing in, which is a really key part of investing, you guys. Do not put your money in something you don't understand. And SmartVestor Pros are able to walk with you and teach you. Go to RamseySolutions.com slash SmartVestor to find a SmartVestor Pro today. That's RamseySolutions.com slash SmartVestor.
Hey, I think it's important to call out on these. Sometimes these ads sound like we're just trying to sell stuff, right? Dave uses a SmartVestor Pro. The Cruzes use a SmartVestor Pro. The Delonys use a SmartVestor Pro. These are professionals that we use in our own homes to manage our family's legacy and our money. So this isn't just like a thing that we throw out there.
This is what we all trust our lives and our money to as well.
Yeah, absolutely. Having people, whenever it comes to any type of money, I say this a lot, but it's just true. when there are niche parts of money that can feel like, oh my gosh, it's like this whole other set of skills and knowledge and terms and words and all of it. So whether it's real estate or taxes or investing or insurance, like there's all these little buckets.
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