Chapter 1: Is it wrong to not let family borrow our car?
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 amazing relationships. I am Rachel Cruz, hosting this hour with my good friend and best-selling author, Dr. John Deloney. And we'll be answering your questions all about life, money, relationships, anything and everything. So give us a call at 888-825-5225.
We're going to start off with Greg in Houston, Texas. Hey, Greg, welcome to the show.
Hello, thanks for having me. Absolutely.
How can we help?
So my wife and I ran into a situation with family and we wanted to know if we are wrong or selfish for not allowing our family members to come and use our vehicle for two weeks in conjunction with their holiday visit plan.
God, what a jerk, Greg. No. He's kidding. Yeah, I'm totally kidding. Why would you think you're in the wrong there?
Well, we live far away. They haven't seen us in a while. We have a new baby due. And all of those are kind of some of the circumstances that led us to go back because we do want to see them. But it was contingent on how did they approach it?
Was it that that they're flying in and they don't want to rent a car for two weeks or what? What's the what's the scenario?
Yes, it was a little bit of like their financial planning. And they said, hey, we want to come see you. And we're going to fly in, we'll spend a couple of days for you, but, um, if it's okay, no worries if it's not, but we would like to use your vehicle for a couple of weeks to go around the state of Texas, see other family, and then we'll bring it back.
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Chapter 2: How should I budget for gifts while paying off debt?
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Up next, we have Jasmine in Long Island, New York. Hey, Jasmine. Welcome to the show.
Hi, Rachel. Hi, John. How are you guys?
Good.
Doing great. How can we help? I have a budgeting question. So right now with the holidays coming up and in my life, all the birthdays just pop up from September to December. Um, but I'm also in baby step two. So I'm really just trying to, my question is how do I budget for stuff like that? If I know it should be good down intensity.
So I don't know if I shouldn't be putting my, my thoughts into that and just not, not be budgeting for it or at all. So I'm not really entirely sure what to do. Um, yeah, I'm 32,000 in debt and I make around 70. I don't, I don't pay any rent or anything like that. Like I live at my home. Um, I started using the EveryDollar app last September.
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Chapter 3: Why shouldn't I get a 30-year mortgage?
Or my wife wants to stay home and we can't afford the mortgage payments.
Or we can't afford, yeah, yeah. If your goal is to always be looking for the spread and try to cover the spread, this isn't what we're trying to sell you. What we're trying to sell you is a total rejection of that way of thinking. We're trying to sell you something that the American household no longer has, and that is peace. That is the ability to sleep at night.
I will gladly, gladly cash out the gap between a 30-year mortgage and a 15-year mortgage right now, which isn't a ton right this second. In fact, I think the 30-year mortgage rates may be less than the 15-year because they're trying to sell those because they can hold on to them longer.
i would gladly sell that over this this imaginary 30-year return i would have on this little bit of money if i constantly did this every month for 30 years and nothing bad ever happened to my family that's right yeah yeah i would gladly trade that gap for knowing that no one could ever take my house away period ever and it's i call it my sleep tax it's my soul tax i just i just walk around knowing you can't take my house yeah no matter what happens my mom gets cancer my wife passes away they cannot take my house
And so if that's not what you're into, there's no math problem that we're going to sit down and map it out for you. Right.
Right. Because that's and that's the thing, too, about paying your mortgage off early because we hear kind of similar argument. Oh, my gosh, why would I pay it off early? Why would I not just invest that money? Or if I have this money, it's making more.
you know, in the market versus my 2% interest rate that I got 10 years ago, you know, why would I ever unplug something that's making that much to throw at debt? That's only like a two to 3% interest rates. And it's that exact, it's the exact same thing because peace and calmness doesn't show up on a spreadsheet. It just doesn't.
And we, we had our money in marriage weekend last weekend here, uh, with about,
600 couples or so and there were a lot on baby step 7 which means they've paid off their house there was a good amount of them I was kind of surprised when I was asking what baby step everyone was on there was a good amount of baby step 7 and I was like oh wow and I said okay so for those of you that paid off your house keep your hand up if you regretted it
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