Never Borrow Money for a Rental Property (Hour 2)
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What should I consider before my spouse takes a promotion?
Live from the headquarters of Ramsey Solutions, broadcasting from the pods of 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. Jade Walshaw, Ramsey Personality, is my co-host today. Open phones here at 888-825-5225. Olivia is with us in Roanoke to start this hour. Hi, Olivia. How are you?
Hey, Dave. Hey, Jade. How are you?
Great. How can we help?
Good. I just want to start off by saying that I'm actually in FPU, Rachel's FPU class right now, so I'm super excited about that. I am a stay-at-home mom to two-year-old triplet boys. Whoa. Yeah, it's crazy. My husband is a car salesman in Bristol, Virginia, and so his commute is about 45 minutes to an hour. He also has very long hours, and so he leaves the house at 7 and gets home at 9.30. Therefore, I am by myself with these three crazy boys for that whole time. I just need some guidance as to, I'm not really sure. So he has been a car salesman for about a year and a half. He is up for a big promotion. The CEO has actually said that he is next in line for finance schools. And that would be a huge raise for us.
He's making about $100,000 to $115,000 right now. And he would be making about $250,000 to $300,000.
Doing what?
Being a finance manager.
A finance manager.
Okay.
Why is borrowing money for a rental property discouraged?
Yep. And at a car dealership. Okay. And the only reason why I know those numbers is because there's only two in there and they both make basically the same money. Okay. So I just need, I guess, some guidance for me mentally. It is really hard. I don't want to be, you know, have a pity party, but it's really hard on me by myself with three boys and he is never home. So I guess, you know, I was talking to Rachel about it and, you know, I just, I don't want him to lose this opportunity because it is a season and they will be going to school, you know, in a couple of years. And I just, it's just really hard right now. um doing it so i guess my my question is would the finance manager have less hours or more hours um about the same okay and that would really help us we're on baby step number two right now um and so the promotion is not a question the question is whether you just continue in this career field
Correct.
Well, is the bigger problem that he's not around much or is the bigger problem that you just need help at home? And whoever it is, if it's help with a babysitter coming every once in a while, what's the bigger problem?
It's a little bit of both. Of course, you know, we severely miss him, but I know that he's, you know, He's working for us and for our future and, you know, to be able to, you know, sit on the beach at 65.
Let's just say anyone who manages three, you know, triplets two years old, you know, 12 hours a day by yourself, that's wild. You're not whining to ask a question, okay? That's crazy land. But now then, you know, the problem is you've got this – other valid thing that's a valid thing the other valid thing is 250 000 a year is a pretty dead gum good deal um and you know you're making some serious bank there uh could you move over there and you know give you an hour and a half back a day get rid of the commute so yes we actually moved here um from richmond virginia for
um this job opportunity and this was the first house that we just you know found because so what so sell it it's a stupid house okay okay move to bristol look getting that time back in a commute is everything rent a house next door to the dealership he can come home for lunch Yeah, no, absolutely. I agree with that as well. I have talked to him. There's actually a house literally like .2 miles away. Let's go. And he says, well, it's on a very big road, and the house is right up on the road.
You don't have to do that house.
How will the end of the student loan pause affect borrowers?
That's not the point. The point is move over there. Okay, because two hours a day of this is commute.
Absolutely.
And then, like, you've got traffic jams in freaking Bristol.
Absolutely. There's no traffic jam.
This is just a long way over there.
It is. It is. I mean, it's horrible.
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Chapters
8 chapters
1
What should I consider before my spouse takes a promotion?
0:29–2:22
2
Why is borrowing money for a rental property discouraged?
2:22–5:13
3
How will the end of the student loan pause affect borrowers?
5:13–6:22
4
What advice is there for managing finances after losing a spouse?
6:22–8:34
5
How can I handle a spouse's long work hours and family responsibilities?
8:34–10:23
6
What are the benefits of hiring help when managing a household?
10:23–11:46
7
Why is it crucial to have an emergency fund for unexpected events?
11:46–13:46
8
How can I make informed financial decisions after a loss?
13:46–37:36