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Chapter 1: How much should I expect my boyfriend to pay for an engagement ring?
How much should I expect my boyfriend to be paying on an engagement ring?
I'm a little irritated. Why, Ken Coleman? Hannah, relax! Single people stand up for a second. You two stay up. If you want to go out, Ramsey Solutions will pay for your first date.
I feel like he makes purchases that, from my perspective, are excessive. What set expenses?
Cologne.
He gets it.
If I wanted to get her, say, a luxury handbag. What kind of bag? What kind of price? $3,000 to $4,000. Ooh, yikes. Y'all are bringing the fastballs tonight.
How can I manage burnout and help my partner understand why becoming debt free matters so much to me?
Why does he hate me?
He thinks it's a cult. There we go.
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Chapter 2: What financial boundaries should I set for my partner's spending?
Give Christopher some love. There we go. Where are you from? Hey, guys. Greenville, South Carolina. Nice. So my question is, my wife and I are in baby steps four, five, and six, and I would like to get her something, to quote Cousin Eddie, really nice. And I'm wondering if I wanted to get her, say, a luxury handbag, for instance. Does that fit in?
And steps four, five, and six obviously pay cash, but I just wanted to get y'all's thoughts, judgments on that.
Chapter 3: How can I manage burnout while paying off debt?
No judgment here, pal. That's called good husband. Do you know which one she wants? Do you have one in mind? Yes. Because there's a range of handbags.
Will you tell us for fun? Is she here?
No. Okay, good. I mean, she knows I'm here, but... Well, I hope so. I just didn't want to ruin the surprise. So what are you talking about? What kind of bag? What kind of price? $3,000 to $4,000.
It's a nice bag. What is it?
It's a Louis. Louis Vuitton bag. I got to tell you, nothing makes a woman happier than a Louis.
Good to hear.
I speak from experience. I surprised Stacy. I walked her by the Louis store one day, and I was just kind of hemming and hawing. I go, let's just go in here and look. And she did the whole, we're not going to get a bag. I go, I know, but let's just go look. And I got her the bag. Nice. Nice. All right, George, you're nerding out here. I can feel you right now.
What are your numbers? George wants to run through your numbers.
Do you have the money? Yes. Okay, that's outside of an emergency fund, obviously. And is this a large part of your world or net worth? It would not be, no, sir. You could burn three grand on the table, and you'd be like, all right, that stinks, but I'm going to be just fine. It would stink, but we would be okay. I mean, that's about as far as I need to go to give you the green light. Get the bag.
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Chapter 4: What should I consider before combining finances with my partner?
Y'all are bringing the fastballs tonight.
My boyfriend is here, so you can be generous.
Is this him right here? Oh my goodness. I think we need him on the mic too, don't you? Yeah. I'll do it. I'll do it. I'm a man of the people. I'm going to come down here. I don't know if you wanted to join her up there. Do you want to go with her? I think you should go up there. Yeah. Yes. This is fantastic. This is what we need. Okay. Hannah, Hannah, on the mic real quick.
Did he know you were going to do this?
I did, yeah.
Oh, so you're willingly participating. Hey, you got a nice watch there.
Y'all communicate so well. I didn't expect to be on the mic, but I was willing for her to ask the question.
Okay. I got to know what kind of watch you're wearing there. It's a T-SAT. What's that cost? It was about a grand. Oh, okay. Just give me a good baseline. Give me a good baseline. And are you aware that she's expecting the ring, I hope?
Yeah, we've definitely discussed it.
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Chapter 5: What financial strategies should I consider for my child's first car?
Well, what I would say is the big purchase that will be coming soon is a car, and we're going to do 50-50, and we've talked about it won't be a brand new car, and there's reason, because he has $15,000 saved. Wow. He's not... Yes.
Yes.
But he's not getting a $30,000 car to start. So I think he would need to, I think probably about $200 to $300 a month would be good because it would be coming from his disposable income because he's also going to be going to college
Yeah, he's got short-term goals, too. So, George, split the difference, 250. We're going to go 250 from age 18 to age, let's say, 60, all right? That's like an early retirement for most of America. 18 to 60, you put 250 bucks away into a Roth IRA and make that on auto to where you never saw the money. It left your account when that paycheck hit. You don't have time to spend it.
Here's what you'd have. almost $2 million in that one account at 60. If you just did that, that's if you never got a raise, never put in more than that, and that's tax-free withdrawals if it's in a Roth side because you used after-tax income to invest it. So that's like take-home pay.
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Chapter 6: How can I effectively invest in real estate?
Think about it that way. That's a pretty good life at 60 without really doing much. You sort of had it on auto, and $250 for you is a drop in the bucket with the money you're already making at 18. Think about how good you're going to smell then. You could have your own cologne company by then. Yeah, you'd just rub money all over your face. the opportunity cost a little bit. And again, you're 18.
I spent every one of my paychecks at 18. So he's doing astronomically well. So I think it's less about his spending issues. Yes, we need to dig into the motive and contentment. But I think, Mom, there's some control issues. There's some scarcity stuff that you might need to unpack too. So I think there's work on both of your parts to sort of get to the consensus that he's fine.
He's doing better than most adults in America. I'm much less worried about him. And Mom, you have done a great job with this young man. Absolutely. You guys are awesome. All right. Up next, we've got Bailey. Let's welcome Bailey to the mic. Hi, Bailey.
Hi.
Where are you from?
Charlotte.
Charlotte.
Yeah.
All right. What's your question?
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Chapter 7: What should I do if I'm a single parent balancing work and debt repayment?
I love that. You should run for Congress with that answer. I'll vote for you. Thank you. Somewhere between 7 and 22. I'm student age. Okay. George, what do you think? Rachel, what do you think? Your husband is Mr. Real Estate.
Yeah, I want to know from you, where have you heard this that you think, oh, this is a really good plan and I need to do this? My parents and some of my teachers in school.
Interesting.
Are you college or high school? High school. High school, okay, good for you.
So where's the urgency coming from for you to own real estate?
No, I'm just trying to like, I'm just curious about the topic and I'm trying to plan ahead.
Okay. I love that. So some learning. Okay. So we always say to invest in real estate when you're on baby step seven, which means you are completely debt-free, including your primary residence, completely debt-free. You're investing into retirement, 401ks, Roth IRAs. You're being smart about retirement from that perspective, 15%. And then above that, you can be investing more in Baby Step 7.
And some people choose to invest more in the market. They'll have like a brokerage account or an index fund or a mutual fund that they'll put their money in. Some people put their money in real estate. And so the key about real estate investing specifically, so there's the flip side and then there's the buy and hold.
And the buy and hold strategy is that you wanna buy low so you'd find a short sale or a foreclosure, put some cash in it, all with cash. So we are all cash at this point. And then you hold it and you hold it for 20 plus years. And then when your kids are graduating high school and going to college, you gotta fund college. That's when some people cash out.
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Chapter 8: How can couples align their financial goals when merging finances?
Please ignore all the social media trends that are like, you need to own 19 properties by the time you're 25 and here's why. And here's a course to sell you on it. Avoid all of that noise out there.
And the noise that it's just passive income. You don't have to do anything. It's not a big deal. You just do it and then you get money. No, you don't. You deal with people, you deal with renters, you deal with contract, you are in it. It's not just passive. And honestly, you don't make as much as quick as you would sometimes even in the market.
The real estate market and the stock market sometimes are at odds with each other. So sometimes you can make as much just investing and not doing anything versus putting all your effort into real estate. But I come from a real estate family. My husband loves it. My dad loves it. So I am, I love, I do love real estate, but sometimes it could just be easier just to invest, to be honest.
That's what George loves.
George loves- I have no plans on owning investment property. No, thank you. I can't be a landlord. Look at me. Who's going to take me seriously? You're certainly not going to be able to kick anybody out of their house. They could take me in a fight. But it's a great question. I love that you're thinking about this stuff now.
Well done, Bailey.
The future's bright. Thank you. Our next question is brought to you by our friends at WhyRefi. If any of you out there are watching on YouTube and listening, if you've lost control of your private student loan payments, your financial progress has stalled out, we get it. But this is where WhyRefi comes in.
We love our partnership with them because they help borrowers explore refinancing options with payments built around their real-life situations. Learn more at yrefi.com slash Ramsey. George, how do we spell it? That's the letter Y. R-E-F-Y dot com slash Ramsey. May not be available in all states. How about that? George Camel, everybody. It's an alley-oop. There it is.
They don't even want to clap for you. They're so used to you doing it. They're impressed that I can spell a five-letter word. Cheap applause. Cheap applause. Up next, our next question is brought to you by Y Refi. Where's Megan? Let's welcome Megan to the mic. There we go. Hi, Megan.
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