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Chapter 1: What is the main topic discussed in this episode?
Live from the headquarters of Ramsey Solutions, broadcasting from the pods, moving and storage studios. 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, your host, Ken Coleman, Ramsey Personality.
Number one best-selling author is my co-host, and we'll be talking about your life, your money, and, of course, your jobs and your careers, which is what Ken talks about every day. The phone number is 888-825-5225.
Chapter 2: Can I use my signing bonus to buy a new car?
That's 888-825-5225. John starts this hour in Las Vegas. Hey, John, how are you?
Hey, gentlemen. I'm doing well. Good. I just have a quick question. If I can use a signing bonus to buy a new car?
You can. The question is, should you?
Yes, that's better said.
Okay.
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Chapter 3: What should I consider before buying a car while in dental school?
Is this a brand new car or new to you?
New to me, potentially brand new. We'll see.
And what would the payments be?
I'm planning to cash flow it. But my situation, to give a little more background, is I am about to start dental school at the end of this month. However, I'm also married. We have no debt. And I have a full scholarship for dental school. So I won't be paying out of pocket anything for that.
Because you're going into the service.
Correct.
Army. Good. And all of this means you need to buy a car. Why?
So, no, don't need to, but my wife and I are planning to have kids in the near future, and she's wanting a newer car that's more kid-friendly. Right now we have a 2014 Toyota Camry. Nothing super wrong, nothing wrong with it. It's just, I mean, it has 160,000 miles on it.
So while you're in dental school, what will your income be?
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Chapter 4: How can I pay off my house early?
We set fire to dollar bills as we buy them and drive them. Me too. I like cars, okay? I like cars with loud mufflers, not batteries, but everybody's got their own thing, right? So here's the thing. In other words, we're not against vehicles or something like that. That's not the point. But if you don't want to have vehicles totaled up that's more than half your annual income,
So that would leave you at a $70,000 or so, $65,000 worth of vehicles. We're not doing that. So you're not going to be able to do that. I'm guessing the other car is worth what? You got two cars?
No, we only have one car because we're moving to the East Coast.
Chapter 5: Where does a second mortgage fit into the Baby Steps?
Okay. So you're going to be fine if you buy one car under $65,000 on that rule. You're definitely going to do that. Okay. Rule number two is you pay cash for whatever you do. So whatever the little hoopty Toyota brings plus $20,000 is what you could spend max. You have any other money saved.
We have about 40-ish thousand saved and about 18 in a Roth IRA for retirement.
Okay. So you've got a little money. You've got a little bit of an emergency fund. That's good news. And you've got to say 20 minus the taxes because you don't want to get in tax trouble, right? So 20 minus the taxes plus whatever the Toyota brings is what she could buy, what you can buy. And here's the last bit of advice. You guys are young. How old are you?
24 okay so this is old man day if you're ready don't buy a car for a baby that's not even on the way yet that's an excuse that i wanted a better car it's okay to buy a better car just because i want a better car and i got the money but don't blame the baby that isn't even on the way it's not his fault okay yeah and listen here's the other thing too
You can buy a nice car, and one baby doesn't need a giant SUV. One baby doesn't need the nicest minivan out there. Babies are small. It's a car seat.
Babies are small.
That car seat will fit fine in that Camry.
They take up a lot of smell room, but they're small.
Yeah, right. That's exactly right.
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Chapter 6: What is the difference between a mutual fund and an ETF?
Once we're actually pregnant.
See, this is why you listen to this show. Getting information you would get no other way.
That's genius. I just dropped.
You have no control when babies come. That comes straight from Ken Coleman.
I know. I know.
Fresh insight.
Just telling you.
Right off the presses. Nobody knew that, Ken.
Hey, Stacy and I struggled with infertility for seven years. I'm not trying to be a downer. The point is, is that stacking cash and then you have time to buy the nice car, the nicer car. And I just think I want young couples to look at the long view. Because it never hurts to stack cash.
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Chapter 7: Why is it important to avoid impulse buying when managing money?
Welcome back to The Ramsey Show. I'm your host, Dave Ramsey. Ken Coleman is my co-host today, number one best-selling author, host of The Ken Coleman Show. Yeah, we hang out in Nashville, in case you guys forgot, and there's always these famous music people drop by and see us. That's not happening today.
Instead, an extremely famous comedian from Nashville is dropping by, our friend Nate Bargatze. Hey, Nate, how are you? Good.
How are y'all? Doing great, man. Hey, the Amazon special rocked. Thank you. Yeah, it was great. It's very exciting to be here, Dave. We've listened to you, obviously, my whole life. My parents would tell me to do stuff that you tell people to do. I wasn't great at it, but they had all the ideas. But I kind of told you at this party, I also moved you.
when I was like 20, oh, it had been 20 years ago. You were in a house, I think going to a lake house. Yeah. And we had this little lake house down at Estill Springs. And I, so we were moving you, like the company I worked for, we went to your house and moved you. And my one thing, you were very nice, everything was great. I don't remember, you had a TV. This was back when TVs were big. Yeah.
Like take two guys to carry one of those.
Yeah, but this TV, I don't remember. It wasn't, it was like, I think what I remember is like a, it wasn't in like a, you know, if you had a big widescreen, there's a smaller one. But then you go, hey, that TV is pretty heavy. And, you know, I'm 20 and I'm like, I got it, Dave. Don't worry. Like this is... This is what I do is I move TVs. And I picked it up.
And if you kept concrete in that TV, I would believe that. It was the heaviest TV I've ever felt in my life. And then me and my buddy both had to carry it. And I remember not being so big because our faces were super close to each other because you're just like walking like one side on the other side. But I always think about that TV still to this day.
I'm so glad that Dave Ramsey made an impression.
Still the heaviest TV I've ever felt in my life. Did he offer pizza?
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Chapter 8: How do I balance financial goals with family planning?
You did an amazing job. The experience had to be so much better than the thing you did during COVID. That was like a root canal, wasn't it?
Oh, yeah. Just outside, everybody had masks on. I couldn't hear them laugh. So when you do shows, say you go do an hour show, you know, of material or whatever, that can also depend on the crowd if it's going to be an hour. Like, so if the crowd, if you can't really hear them laugh and you're having to talk faster, it's like that hour becomes 40 minutes, 45, like that much.
And if the crowd's laughing great, that hour can be an hour and 15 minutes. And the first, when we did the COVID one, I got done taping and it was at like, I want to say 43 minutes or something. And they were like, right when I got off, they were like, yeah, we do not have it. Because you tape two shows when you tape a special. And then you edit them.
And usually it's all from one show, but then you have maybe a couple jokes you said better. And so when I got done, they were like, yeah, that was so short. And I was like, well, I can't hear...
anybody laughing you can't tell they had mask on so you can't even see their face if they're well the b-roll of the audience was just horrendous oh i mean it was painful yeah it's painful i need i mean as somebody who's also on stage obviously not a comedian but also does a lot of speaking and stuff it was painful to think about what you're experiencing but this one this one and the the setup the uh production values on this latest one the the way the audience was coming around you and the way you were working them yeah it was really good
Well, I wanted to after like this place where I taped this one, the Celebrity Theater in Phoenix. It's one of my favorite venues. Carlin taped a special there. Louis C.K. taped a special there. And it was such a cool, like you could see the crowd. Carlin's special, you could see the crowd a lot because it was just back, it was like 77. something when he taped it.
And so it was just, that's how it was. But I wanted to show a crowd and I wanted to show people having fun because after COVID and all that stuff, it's like, I wanted, it was like, you just wanted the crowd to see like, look, it's all, people are having fun and people are back out and people are doing that stuff. So it was like, we kind of lit up the crowd a little bit so you could see them.
And yeah, it's, that place is the best.
As a pastor's kid, when you started talking about the words that you were allowed to say and not allowed to say, that was absolutely hilarious. I've got to ask you this, this is a money show. We know that a lot of money issues in marriage. Yeah. So I'm just curious, your own marriage, your wife's role with money, your role with money. What's that like for you?
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