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Chapter 1: Should I sell my rental property?
Live from the headquarters of Ramsey Solutions, broadcasting from the pods moving in 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 of The Ken Coleman Show and the number one best-selling book, Paycheck to Purpose, the Ramsey personality on career and jobs expert is my co-host today.
You got career and jobs questions, he's here for you, and we'll talk to you, and we'll talk to you about your life, whatever you want to talk about. Phone number, 888-825-5225. Adam is in Salt Lake City. Hey, Adam, what's up?
Hi Dave. I can. Thank you so much for having me on the show. Sure. What's up? Um, I have a question. I'm trying to get a few thoughts organized. So I have a house that is rented in a different state with a mortgage of 216,000 currently.
Chapter 2: Is it wise to sell stocks for a down payment?
And then I have my primary residence in Salt Lake city, which I bought the last year. And I'm trying to decide whether I should keep both or sell the rented property. And then the other part of the question I'm trying to decide is I don't want to stay in the primary residence for longer than, say, two or three years because I would like to ultimately buy a land and build a house.
So I'm just trying to figure out what would be the best Option and then start thinking about how to get there in the next few years. That's fun. What do you make? $103,000. Good for you.
Gross. And how old are you?
I'm 32.
Good for you. Well done. Okay.
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Chapter 3: What should I know about reverse mortgages?
The way we answer questions around here, Adam, is based on what I know. What would I do if I was trying to build wealth the fastest right way? What would I do if I woke up in your shoes? And that's how I think about these things when someone calls here on this show, okay? And I know a lot about real estate. I've been owning real estate and managing real estate and dealing with...
landlord and tenant issues most of my adult life, and I love real estate. I hate long-distance landlording. It's a recipe for failure, and I love being debt-free. All of those things lead me to sell the rental house and pay off your personal residence and then use the fact that you make a lot of money and you have no payments at that point to pile up cash in a good investment to pay cash for and
your upgrade on this build that you're going to do, and then pay cash for your other rental properties if you want to buy some more investment properties later. But that advice is not popular on TikTok. But I'm not running a TikTok poll.
I'm telling you based on a 40-year career of helping people become millionaires, what I am pretty sure is, what I am very sure is the best route for you to do the same, to become a millionaire. And so I'm not trying to run a popularity contest here.
Chapter 4: How can I make informed decisions about the stock market?
I'm just right. There's a difference. And so that's what we would tell you to do.
Well, I think what we want to point out here is that what you just said isn't going to happen overnight. And that's why these schemes and the TikTok videos are so popular, because it promises something that just quite frankly isn't true and has tremendous risk to it. The get-rich-quick idea versus what you just told our friend here, Adam.
Adam is going to be very wealthy, and he is also going to be secure and sleep well at night. Right.
absolutely and he's obviously a sharp young guy very sharp you know very cool and he's not at the end of his earning potential either you got the feeling at 32 he's already making a hundred thousand plus he's gonna be kicking it yeah so you got a good you got a bright future dude just be you know what i'm telling you to do is the a way that has very little to no risk and uh you're in control of your life and you don't take uh penalty steps backwards and get the opportunity to start over
Which, by the way, that's something worth talking about for a minute, and it works in your career, and it works with your money. The thing that – number one, the path to the gleaming mountain of success is not a straight line, okay? It's an ebb and flow. There's a little tide goes in, tide goes out in the process, and the gleaming mountain of success is actually a pile of your failures –
that you're standing on, the things you've learned the hard way.
Everyone I know that is a household name, brand name, in any part of the world, whether it's a pastor that everybody in America knows who that pastor is or got a huge ministry or whether it's an author that's done multiple number one bestsellers or whether it's a business person or a sports person or whatever it is, every time I run into music people,
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Chapter 5: Should I buy my daughter's house and move in?
The people that are inordinately successful are colossal failures. So the gleaming mountain of success is a pile of mistakes. Now, what they don't do, what they do, and John Maxwell, our friend, talks about this. He wrote a book years ago called Failing Forward. They don't make fatal mistakes. They don't make mistakes that set you back so far. They're tiny mistakes for course correction. And
the thing that keeps people from becoming wealthy is a, they don't apply themselves to a simple set of principles and B by not applying themselves to that simple, simple set of principles. They fall for these get rich quick crap and they, they have these tremendous setbacks. Yeah.
You know, I went and bought 10 houses and put them on Airbnb only to find out and leveraged all of them to their eyeballs, only to find out that Airbnb is now illegal in two of those cities and only to find out that Airbnb in the rest of the cities is completely flooded and I can't keep them full. And so I'm not making any money. And the guy on TikTok lied to me.
Yeah.
Chapter 6: Where is the best place to save my money?
Because he didn't know what the flip he's talking about. That's right. He didn't mean to lie to me or maybe he did mean to lie to me. I don't know. Either way, you lied to me. I got bad information and now you're getting ready to get foreclosed on and you're going to lose a portfolio of 10 properties and you're going to go bankrupt all because you were stupid. Yeah.
And I've been stupid like that. I did that exact thing. I had to start completely over. I'm so stupid. I've been a millionaire twice. And so I didn't just do it once. And it's a lot easier if you're in an Adam situation, just do it once.
That's right.
Chapter 7: What are the pros and cons of moving out of my family's house?
Here's what people overlook, Dave, about what you're saying. Greatness is a process. You don't get to greatness, any of the fields you mentioned, without a process. You look at athletes, you look at coaches, you look at artists, craftsmen, true craftsmen. There is a process, and what they focus on is the little things, the fundamentals, the process of trying, the process of failing.
To your point, it's not fatal. They're going to learn from it. And what you learn when you have the discipline to do the little things, the fundamentals, to embrace the process, here's what happens. you begin to hate losing so very much that you will go the extra mile to actually win. And with this TikTok generation and Instagram and these get-rich-quick schemes, it removes the process.
The reason the baby steps have worked for people –
is because it's a process it doesn't happen overnight but it does happen yeah that's what successful people get they embrace the process i never thought about it but i was hanging out with this comedian guy the other day that's got a big netflix special yeah and um did you know you don't just go do a netflix special yeah no that you take all those jokes you go into small clubs and test them yeah yeah and get brutalized and then they get brutalized on the exactly he said it's harsh
But he said, before I get on there, everything I do on there, I already know works. That's exactly right. Because I've had course corrections.
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Chapter 8: How can I learn from failures to achieve success?
Interesting. This is The Ramsey Show. Ken Coleman, Ramsey personality, is my co-host today. Open phones at 888-825-5225. Guys, we need your help. If you'd like to help, I can tell you how. Subscribe to this show.
And follow or whatever it is, I mean, whether it's YouTube or it's a podcast or it's, you know, I don't know, Spotify video, whatever it is, Twitter video, wherever it is, subscribe to it, follow us. That helps a lot. Leave a five-star review if they've got that opportunity. That helps a lot. And share it. Some of these services have a share button.
Other times you just tell people or you clip the link and you send a link. uh, to somebody. I was listening to, uh, Craig Groeschel's podcast, my buddy's podcast this week. And, uh, it was really good. I sent him a note personally. It was just a outrageous, uh, what do you call it? Um, uh, um, well, it was talking about being outrageous with your, with your goals. So I was just, it was powerful.
And so I clipped the link to it, sent it to all the, all my leaders here. And I'm like, Hey, this is inspiring. Watch this. So you can do that for us. You can say, this show helped me. Send it to somebody. Tell people about it. We know you're doing that because our numbers are way up, and we appreciate you. Thank you very much. Brittany is in California. Hi, Brittany. Welcome to the Ramsey Show.
Hi, Dave. Hi, Ken. Thanks for taking my call.
Sure. Hi. What's up?
Okay, so my husband and I have some single stocks. We are just finishing up SPU. We are in baby step, almost done with baby step two, going into step three. And we live in Southern California, and we are trying to figure out if we should move the single stocks to mutual funds or use it for a future down payment. The only catch is we don't currently want to be homeowners.
My husband just took the Get Clear assessment. Thank you, Ken. And he's thinking about switching jobs.
Okay. All right. So how long do you think it's going to be before you buy a house, if you were to guess?
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