📈 Are you on track with the Baby Steps? Get a Free Personalized Plan 📱 Watch the full episode for free in the Ramsey Network app. Dave Ramsey and George Kamel answer your questions and discuss: "Should I settle with the creditor who sold my repossessed car?" "How do I get out of my real estate investments?" "When can we spend money on a vacation?" "I'm 25 years old and $165,000 in debt," "I'm 64 with no retirement and I owe the IRS $70k," "Why do houses go up in value while cars go down?" Next Steps: ✅ Help us make the show better by taking this short survey! 📞 Have a question for the show? Call 888-825-5225 weekdays from 2–5 p.m. ET or send us an email. 🛒 Get your copy of Build a Business You Love today 💵 Start your free budget today. Download the EveryDollar app! 🎟️ Dave Ramsey and John Delony are going on tour this month! Get tickets today 💰 File your taxes with 100% accurate software that’s 20% of the price Connect with our Sponsors: 🛒 Stop paying more and start shopping smarter at Aldi 🌱 Get 10% off your first month of BetterHelp 📱Go to Boost Mobile to switch today! 🏥 Learn more about Christian Healthcare Ministries 🏡 Get started today with Churchill Mortgage 🔒 Get 20% off when you join DeleteMe 🏦 Go to FAIRWINDS Credit Union for an exclusive account bundle! 🥗 Save 15% on your first Field of Greens order with code RAMSEY ⛨ Find top Health Insurance Plans at Health Trust Financial 💸 To find out more about student loan refinancing, check out Laurel Road 💻 Visit NetSuite today to learn more 🗂️ Use promo code RAMSEY for 18% off at The Nokbox 🎥 Get your tickets for The Chosen Season 5! 💵 Learn more about Timothy Plan 🏛 Get started with YRefy or call 844-2-RAMSEY 🔐 Visit Zander Insurance for your free instant quote today! Explore more from Ramsey Network: 💸 The Ramsey Show Highlights 🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💰 George Kamel 🪑 Front Row Seat with Ken Coleman 📈 EntreLeadership Learn more about your ad choices. Visit megaphone.fm/adchoices
Chapter 1: Who are the hosts of this Ramsey Show episode?
Live from the headquarters of Ramsey Solutions, it's The Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. I'm Dave Ramsey, George Camel, number one bestselling author, host of The George Camel Show, co-host of Smart Money Happy Hour, and Ramsey personality. He is my co-host today. Open phones here at 888-825-5225.
Big day, a lot of happenings around this show today, and give you a couple of heads up on that. We don't usually do that first thing off the block, but I'm going to do it today. It is launch day for my brand new book, Build a Business You Love, teaching small businesses the clear path through the five stages of business. We've worked with 10,000 small businesses across America, and we are one.
And we have survived 2008. We've survived tariff wars. We've survived everything. And you have, too, if you're fighting and scratching out there running a business, it's hard. But we're going to give you the clear path on how to get there. Build a Business You Love is launching officially today. Thank you for that. Congrats on the launch, Dave. Well, thank you.
And happy tax day.
Perfect timing. We needed some good news today. Someone said, did you do that on purpose? And I went, absolutely not. But, you know, so anyway, we're doing it. And Amazon Music is now carrying the Ramsey show and have been in the podcast world now. So if you haven't checked out that, be sure and do. That's the way to go. And as a part of them celebrating that, they are –
putting us and this book on one of the big digital billboards in Times Square. Oh, that's cool. This week. So in a couple of days, if you happen to be walking through Times Square with the 8,000 different digital billboards that are there, you'll see our shining face up there as one of them this week. Thank you to Amazon Music for doing that for us and for carrying our show. We appreciate it.
Also, basically, this show is broadcast in podcast and video anywhere they'll let us. That's the rule. And so anybody that has it, anybody that does it, we put it out there. So obviously a lot of you are on Spotify. A lot of you are on YouTube. A lot of you are on Apple podcast and talk radio. And thank you for all of that. Spotify this week has gone to a video as well.
So you can now watch the show on video. We're one of their first video products as well. And so if you don't want to watch it on YouTube for whatever reason and you're a Spotify person, you'll like that. We appreciate that. So you can find us there. So just a lot of things happening, a lot of things going on. This show has exploded.
The numbers are astronomical, and you guys out there are the reason. So we wanted to just take a second and update you and tell you thank you for all of that. And several of my friends that live in this area and other areas, I have been on their podcasts in the last year. Tucker Carlson, I flew up to Maine and did his, and he's been a friend for years.
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Chapter 2: What is the advice for settling debt on a repossessed car?
Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're going to die or something?
Well, I used to be one of those guys. I didn't even think about it. And one of my buddies said, hey, the only reason to not have life insurance is if you hate your wife and kids. And I immediately went and got term life insurance. That's a gut punch. And you're telling me and for decades, Dave, I've sat across people who've lost a spouse. They've lost somebody important to them. Me too.
They don't know what to do next.
Me too. I mean, you're going to have a crisis here. And, you know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up. Or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options.
Take care of your dadgum family, man. Term life insurance can replace income, pay off debts, cover funeral expenses, so your family can actually have the opportunity to just be sad, to just miss you.
That's exactly what it's supposed to be. It's saying I love you to your family. Term life insurance. Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282. George Campbell, Ramsey personality, is my co-host today. Colin is in Fort Myers, Florida. Hi, Colin.
Welcome to the Ramsey Show. Hey, how are you? Better than we deserve. What's up?
My car, I was in a shopping mall, and I was unstable off my bipolar disorder medication. I broke into my own car. My car was towed to the tow facility. The tow facility auctioned it off because I was in jail. When the police came, I got scared and I ran. I was in jail for about 83 days. And while I was in jail, the tow company sold the car for $21,000. It was worth $41,000.
I shouldn't have bought the car to begin with. They shouldn't have sold the car to begin with at Honda Acura. And they ended up selling the car at the tow company in an auction and then got about $21,000 for it. And there's a balance of $20,945. And then Honda Acura sold the debt to a creditor. And I was just wondering if I should pay the creditor.
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Chapter 3: How can I exit my real estate investments without paying heavy taxes?
And only $700 in Tampa Hospital. Colin, the first thing before we worry about healing your numbers, healing your math and your finances, is for Colin to get healing. Okay? Yeah.
And so whatever work you just did at the hospital and whatever work you've got to do to finish stabilizing your meds to get there, that keeps you, if you can get there and stay there, it keeps you from falling into the traps of buying things, of getting things stored, getting in jail. It keeps you out of all those traps because all those things set all your financial numbers back on.
makes it real tough and so uh almost everything you're having to clean up is the result of you being sideways right and so if we can if we can help if you can focus on colin focus on what your therapist is saying get those drugs balanced and getting them balanced is a trick you know that
and getting them right to where you have enough energy to live, but you're also not completely freaking manic, um, which you sound a little bit right now, like you are. Um, but, uh, I want you to work on healing Colin. And then as you do that, you'll be able to get and hold a job of some kind to create an income. And then,
you can settle this repossession deficit for somewhere around 25 cents on the dollar. So $5,000 will clean this particular mess up, but you will have seven other messes if Colin doesn't find healing.
Yeah.
And so, man, we'll be praying for you, brother. Sounds like you've really been through it. And I want you to get, I want you to get stable and get, get straight, straight and narrow. And for your sake and just find, find some peace and find some ground. You can walk on this solid.
And another tactical piece of this is adding some stopgaps in there, like freezing your credit with all the bureaus so that you can't open debt. Because right now it could just take one little slip up and you open a new line of credit, got another loan. And like you found out, these dealerships, these lenders, they don't care. They'll do whatever it takes to get you another loan.
And so put some stopgaps in place to help protect yourself.
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Chapter 4: When is it financially responsible to spend money on a vacation?
Today's question comes from Allison in Minnesota. I agree with your advice not to get whole life insurance, but I have a question about it. With term life insurance, if you outlive the term, you lose all of the money you paid in premiums. With whole life, you would still have some cash value. Is the difference between them worth the risk of getting nothing? Well, here's the thing.
Term life is not an investment. So the idea that you got nothing, that's like saying, well, my house didn't burn down, so I guess I wasted all that money on homeowners insurance. It's not the point. It's to replace your income if something were to happen to you. And by the way, that whole life is going to be 10 times the cost, and it's a giant ripoff because it all goes to the whole life company.
So there is a huge difference, and term will still come out ahead in every case.
Yeah. So the thing is this term is one 20th. It's 20 times less expensive. And if you invest the other 95 cents on the dollar that you're not spending on whole life into your retirement, you're going to have millions of dollars. And that beats what you would have had had you put the same amount of money in a whole life. So what you're comparing here is inaccurate.
You're saying that term, I'm going to get nothing and whole life. I put in the same amount and I'll get something. No, you put in 20 times more. And if you had taken that difference term and invest the difference somewhere else, you didn't spend the same money you spent on the whole life. You would end up with a lot more, whether you live or whether you die. And so that's the way to go.
But life insurance, all insurance is not an investment. No insurance is an investment is a better way of saying it. George is exactly right. If your house burns down, doesn't burn down, and you never got money for your homeowner's insurance, did you get ripped off? No, you transferred the risk that you could not afford to buy a new home
If your house burnt down without insurance, you transfer the risk. If someone dies with life insurance that you're depending on your income. And so if you're 32 years old, you got three little kids and no money and Papa dies, mama's got a mess. So you need to go to Zander Insurance and you need to get life insurance to transfer the risk because you can't afford to die.
You can't afford to have your house burned down without homeowner's insurance. And so you can't afford to die without life insurance to make sure your family is taken care of. So you're transferring the risk. It's not an investment. And so you've got all of this convoluted, Allison, which tells me that you've been talking to and stop it. A whole life agent. Stop talking to them.
Because the words you're using and the way you're bringing this up is straight out of their little playbook. It's out of their little script on how they sell this crap.
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Chapter 5: What steps should I take if I'm young and overwhelmed with $165,000 in debt?
Um, three to 5,000, 5,000 would be generous around 3000.
Okay. And what's your household income?
Um, right now it's 82 growth, 60 net.
And you would pay cash for this vacation?
Yes.
No more debt.
No debt.
No more debt ever.
Yes, sir.
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Chapter 6: What should I do if I'm 64 years old with no retirement and owe $70k to the IRS?
Chapter 7: Why do houses appreciate in value while cars depreciate?
Hey guys, Dave Ramsey here. Me and Dr. John Deloney are coming to a city near you on the Money and Relationships Tour. It's happening soon, so don't wait. Get your tickets at ramseysolutions.com slash tour. Brought to you by the EveryDollar app. Start budgeting for free today.
Live from the headquarters of Ramsey Solutions, it's The Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. I'm Dave Ramsey, George Camel, number one bestselling author, host of The George Camel Show, co-host of Smart Money Happy Hour, and Ramsey personality. He is my co-host today. Open phones here at 888-825-5225.
Big day, a lot of happenings around this show today, and give you a couple of heads up on that. We don't usually do that first thing off the block, but I'm going to do it today. It is launch day for my brand new book, Build a Business You Love, teaching small businesses the clear path through the five stages of business. We've worked with 10,000 small businesses across America, and we are one.
And we have survived 2008. We've survived tariff wars. We've survived everything. And you have, too, if you're fighting and scratching out there running a business, it's hard. But we're going to give you the clear path on how to get there. Build a Business You Love is launching officially today. Thank you for that. Congrats on the launch, Dave. Well, thank you.
And happy tax day.
Perfect timing. We needed some good news today. Someone said, did you do that on purpose? And I went, absolutely not. But, you know, so anyway, we're doing it. And Amazon Music is now carrying the Ramsey show and have been in the podcast world now. So if you haven't checked out that, be sure and do. That's the way to go. And as a part of them celebrating that, they are –
putting us and this book on one of the big digital billboards in Times Square. Oh, that's cool. This week. So in a couple of days, if you happen to be walking through Times Square with the 8,000 different digital billboards that are there, you'll see our shining face up there as one of them this week. Thank you to Amazon Music for doing that for us and for carrying our show. We appreciate it.
Also, basically, this show is broadcast in podcast and video anywhere they'll let us. That's the rule. And so anybody that has it, anybody that does it, we put it out there. So obviously a lot of you are on Spotify. A lot of you are on YouTube. A lot of you are on Apple podcast and talk radio. And thank you for all of that. Spotify this week has gone to a video as well.
So you can now watch the show on video. We're one of their first video products as well. And so if you don't want to watch it on YouTube for whatever reason and you're a Spotify person, you'll like that. We appreciate that. So you can find us there. So just a lot of things happening, a lot of things going on. This show has exploded.
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Chapter 8: Why is term life insurance better than whole life insurance?
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Well, it's book launch day for build a business you love. If you're running a business, you know the truth. The truth is running a business is hard. Everybody thinks, oh, I'm going to be self-employed. It'll be so easy. No, you find out pretty quick you have a jerk for a boss. I mean, I work me like a rented mule. I crack the whip on me like nobody's business, right? Working for yourself is tough.
It's hard. It's fun. It's exhilarating, but easy is not one of the adjectives that you use. And I'll tell you what is harder is when you don't have a clear path, you don't know where you're going. Like we're going to Florida, but we don't know which way. So we're just going to drive around and hope we end up there.
If you're running your business that way, that's man, that's really anxiety producing. I don't mind going uphill as long as I know when I get there that I'm at the destination. I don't want to go up the hill and then find out I'm on the wrong hill. It's a bad idea. So that's what this book's about. It's like the baby steps for your business.
It's the proven system we've used to grow Ramsey and coach thousands of business owners. And you can get it at ramseysolutions.com slash store. Build a business you love. And we'd love for you to get that book today. Today is the first day. It is the pub day. It's on the streets today. You'll find it in bookstores and Amazon and our website. And everybody else will ship it to you starting today.
Or you can walk into the... bookstore, and if you see it laying there, pick it up. It'll be there today. Our question of the day is brought to you by YRefi. YRefi refinances defaulted private student loans. That's different than a federal student loan, and it means you can't even make the required payments. If that describes you, YRefi can help you.
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