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Chapter 1: What is discussed at the start of this section?
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 actual amazing relationships. Jade Walsh, all-Ramsey personality, is my co-host today. As we answer your questions about your life and your money, we're going to talk about you right in front of you, baby. Open phones at 888-825-5225.
The call is free, and some say it's worth exactly what you pay for it. Kim is with us. Kim is in Asheville, North Carolina, starting off this hour. Hi, Kim. How are you?
Hello. How are you?
Better than I deserve. What's up?
Okay, so I have a question. We hired a gentleman to do our taxes in March of this year, and we ended up hiring him to do financial planning for us as well. And after hiring him to do that, we discovered that he had filed bankruptcy twice and had been sued for writing a bad check.
When?
The question is, well... he filed bankruptcy in 2019 was his last one. That was the second one. And, uh, it said the certified financial planning board revoked his right to use their certification mark. And then he also was sued for writing a bad check to a moving company recently. And that was, um, in 2018. And so we had already paid him a large fee to use him for financial planning.
And I guess my question is, should this be of concern to us? We have discussed this with him.
What did he say?
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Chapter 2: What should I consider when choosing a financial planner?
If you had gone that way, then he would have redeemed his credibility. If he had been smarter and done what Jade said and said up front what was going on as part of your story, that's fine. That's fine. That's what we felt. But I've been sued for things that I didn't do, that they made up in an effort to try to basically use the court system to blackmail me to settle with them.
I refused to settle with them. So that gets all in the news. So you can look up Dave Ramsey got sued, but the basis of the lawsuits are zero. Absolutely did not occur. But it doesn't matter. You can sue somebody for anything in America. So I don't mind telling you that. That's happened, okay?
But I've still got, you know, I've still got, if you want to be pissed at Dave Ramsey randomly, you can find places on the Internet that I did all kinds of things I didn't do.
Yeah, well, you know, he said he was going to sue the Certified Financial Planning Board. Good luck with that. Yeah, and I was like, how can you do that?
He just sounds a little, I really don't like his attitude. I don't like that he's defensive. He sounds like he's pointing the finger, blaming. It doesn't sound like it's going to be a fun work environment for you to work with this guy. I'm walking away.
I think you should walk away. And you already had walked away, so you already knew the answer to the question.
Yeah, she did. Well, she probably wanted to know if there was some way she could force him to get the money back, but I wouldn't put any effort into it. I'd just move on.
I don't think you're going to turn him into not being a jerk.
Yeah.
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Chapter 3: How should I handle a rude financial planner?
We are fiduciaries. We don't make anything unless you make something. The word fiduciary means a person of trust. Can you trust someone that gets a commission? Yes. If they're trustworthy, all real estate agents are commission-based fiduciaries.
And they should put your interest first.
But just because you get paid when they make a sale doesn't mean you can't have integrity. That's right. That's absurd. So that's the financial world right now. This is The Ramsey Show. Jade Warshaw, Ramsey Personality, is my co-host today. The Ramsey Show Question of the Day is sponsored by Neighborly, your hub for home services.
From repairs and maintenance to remodeling and upgrades, Neighborly's trusted home service providers have trained local experts to handle almost any job. Download the Neighborly app and you can connect to all the help you need. These are great people.
They are. Today's question of the day comes from Paula in Georgia. My son's school is running a food bank, so I sent him with some highly requested items, such as peanut butter, canned soup, and tuna fish. When my husband saw them, he insisted we don't donate quality items like these and instead only donate rice and beans.
I'm aware that you've told people to eat beans and rice if they're on a tight budget and cannot afford to indulge in nicer foods. Oh, boy. However, I also know that you value generosity and giving, and I didn't see anything wrong with donating something other than beans and rice.
Do you believe that the same principle applied to those on a tight budget should also be applied to recipients of food banks?
Oh, brother.
I don't mean to laugh, but it's just so silly.
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Chapter 4: What does the 'rice and beans' metaphor really mean?
Okay. The posts were definitely on their property.
Okay. So it's definitely their fence.
I guess so, now that you explained it. Yeah. Yeah.
And so, you know, now, did something knock it down or it just rotted down or what?
Yeah, it just rotted and it was the wind. But we both have dogs, so I feel somewhat responsible to get it fixed as opposed to You know, it just being an issue, you know, so I just didn't know what the recourse, if there is any, or if I just need to fix it because they won't.
When you brought it to them, they were probably unaware of whose property it was on. Do you think that if you let them know, hey, it's on your property, do you think that would change it at all? Or is it just a situation where they're not spending money on that?
Yeah, I can try now that you told me that because I wasn't sure. You know, I just didn't know.
The fence posts are on your property, so this is your fence. I will go in with you to help you fix your fence.
Oh, you know what? That sounds a lot kinder, but I even already said I would do it. Can we split this?
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Chapter 5: How did you manage to pay off $300,000 in debt?
Real slow, five years ago. Took about five years to get rid of it. And your range of income during that time? We started at $125,000 and we ended last year at $360,000. Wow. What do y'all do for a living?
uh my wife is retired now those are the agreement of paying off the house but um i do say i'm 100 commission salesperson in the hvac industry okay commercial hvac oh yeah way to go man amazing so your house is gone and paid off house is gone and paid off looking at weird people wow what's the house worth um 500 wow nice how much is in your investments
uh the last year has hurt us a little bit but right around 400 so you're right out of me yeah we're right there way to go baby steps millionaires paid for how old are you i'm 41 and i'm 42 all right that feels good yeah how's it feel to not have a payment in the world it's nice it's nice it definitely feels special so we feel like we've been blessed and we don't feel like we deserve what we have
Well, you do deserve it, but we're better than we deserve. Yeah, there we go.
Wow. So is it only the house or was there other debt included in the $300,000?
We had $242,000 on the house and then we had about $50,000 in cars and then we had the rest was credit cards. So we did the credit card. We did the snowball, got credit cards first and then we...
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Chapter 6: What sacrifices did you make to achieve financial freedom?
Actually, we traded some cars. We did some things to get rid of that debt. And then we just worked on the house. We actually paid $192,000 in the last 16 months. Wow. You've been making serious money. Lisa, what did you do before you retired?
I've worked as a receptionist. I worked as a school as a paraprofessional for five years.
Okay. And you said, I'm in, but when we're done, I'm done.
Yes. I'm not mad at that.
I like it.
Yeah.
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Chapter 7: What role did communication play in your financial journey?
I want to focus on our daughter, Claire, who's here with us today.
It gives you a reason to push forward like that. That's excellent. Now you're just an old retired person at 42.
Had your reward at the end. I love that. Yeah. So what else are you planning to do? I mean, you don't have a payment in the world. Is there a trip? Is there something fun that you're going to do to celebrate?
This is kind of our trip. No, you got to do better than that.
We don't. It's cool, but you got to do better.
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Chapter 8: What advice do you have for couples dealing with debt?
We came in Saturday to do this, and then we're going to go to Nashville until next weekend. This was kind of our whole, like, we wanted to do this. I've been a couple of times on business, but they've never been. So it's something that we wanted to do together. We love the area. So we're going to head into Nashville tonight and stay until Saturday. Oh, good. That's fun. You'll have a blast.
You'll have a blast. Thank you, guys. No, we appreciate you. I mean, like I said, we, one of the things that we find interesting is I have a degree in history and I fell into HVAC and just never got out. And we feel like God has a plan for us because we should never have done what we've done. Not with, I wanted to be a teacher. I never got to do it. So I fell into HVAC sales and never got out.
So, but yeah, It doesn't always work out the way we plan. So how did you originally get connected with us in this process? I've done FPU through church a few times, and we taught it once at our house during COVID and everything.
And we saw you when you came to Austin a couple years ago.
Yeah, you've come to Austin a couple times. Actually, I have a constant reminder of a key chain with your – Yeah. Live like no one else. So we have a constant reminder. But it's something that, you know, we've supported and we love. And we have family that my dad, you know, we grew up like in debt all the time. And my dad's running the program now. We're running the program.
My brother just sold some houses to pay off his debt and get his stuff. So we've got the family is in a better place because, you know, we're all following you now.
Changing your family tree. Absolutely. All the limbs.
That's what we're trying to do. Lead by example, right? Yeah. Well done. Very well done. What do you tell people the key to getting out of debt is? I mean, you're debt-free in your 40s, house and everything, baby steps for millionaires. Pretty impressive.
Just commitment, being on the same page. You know, we've sacrificed a lot and said no to a lot of things.
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