Our Favorite Calls of 2023 (Part 9)

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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, real, amazing relationships. The phone number here is 888-825-5225.

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Number one best-selling author, Ramsey personality, and host of the Ken Coleman Show is my co-host today, which means we've got the

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career expert jobs expert in the house we'll be talking about that with you as we go throughout the show today thanks for joining us again 888-825-5225 tony starts this hour in detroit hey tony what's up hey how you doing better than i deserve man how can i help good deal i have a quick question for you we i have a number of rentals um one of the rentals has a mortgage on it and

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Do you have any other debt?

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Yeah, I guess I do have a truck that has a loan on it.

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Mm-hmm. So why are you wanting to sell this property?

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Yeah. Well, the margin would still be about $20,000 a year. We can rent it for about $3,000 a month and then less insurance and taxes.

174.888 - 183.977 Dave Ramsey

I just said you had to hire somebody else to manage it. Yeah. Yeah. If you keep it, you have to do that because you're done. Correct. Yeah.

183.997 - 185.478 Ken Coleman

How much do you make on it if you sell it?

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If it is, then you probably should keep it. But if you have a different set of if you agree on a different set of targets that you're going after, I want to be debt free. My stupid truck paid off. I'm going to pay off our house and I'm going to get out of the Airbnb hassle business and have a calm, peaceful life again. If that's your goal, then obviously you'd sell it.

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So, you know, if you were working the Ramsey plan, you'd sell it. but you're not working the Ramsey plan. You're just arguing with your wife about whether to sell a rental. You're just, you know, that's all that's going on. So, you know, you're just doing whatever the flip you want to do. And y'all are arguing about this one thing.

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So, but the, but the reason you're having this disagreement is you're not in agreement on your long-term goals. And when you get in an agreement on your strategic long-term goals, then the tactical miscellaneous steps to get there will fall right in line. And you'll be agreement on those.

276.209 - 291.633 Ken Coleman

I'm not sure that they're both truly looking at long-term. They're not. They're looking at just this one thing. Yeah, she's like, well, they have other rentals, and they're not thinking about, well, if we sell the house, we make $100, we pay off the truck, we've got these other properties that are cash-flowing. They've got to think 20, 30 years down the line.

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I think that's the great advice you're giving there. And then once we can get on the same page about our desired future, then it's a lot easier decision. There's nothing really to argue about if – we have a long-term vision that we agree on.

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Exactly, exactly. Evan is with us in Denver, Colorado. Hi, Evan, how are you?

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Yeah, I see a lot of people are turning towards artificial intelligence and robo-advisors to get their financial advice. I was curious to see what you thought about that. Is that a good thing or a bad thing? I know from what I've played around with it, they don't necessarily...

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say your advice is bad but they don't disagree with it or agree with it um i know particularly they say there is such thing as good debt and that uh the best way to get out of debt is a debt avalanche well i mean you just got to decide who you want to be advising you chat bot or human I see a lot of financial advisors putting it into their practices.

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I was just wondering, is it a dangerous thing? Is it a good thing?

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I mean, AI stuff's very impressive. I was looking at it in a meeting this morning, some of the stuff that we're going to be able to do with it. It's ridiculous how cool some of this stuff is. But with it comes the danger of no human oversight. And that's the only way you know if the advice coming out of it is accurate is you're measuring it against a human's value system.

402.162 - 422.671 Ken Coleman

That's the point. And Evan, I would tell you that artificial intelligence is about knowledge. What it lacks is wisdom. And that's what Dave's talking about. You're talking about a guide, a human being who understands principles through experience. And AI is nothing more than a world-class aggregation tool, if you want to just break it down. And so it's knowledge, knowledge, knowledge.

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But the answer to your question lies in what you said, artificial intelligence. It's not wisdom. It's knowledge that has been aggregated, and you need wisdom, and it's never going to replace the human touch.

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So here's the thing. You are always in charge of your money, not your financial advisor, whether it's AI, whether it's robo, whether it's an individual human being. You have to understand where the money's going. You are in charge of it. It's your fault if it screws up because you let it happen. It's your money. And so what that means is if your financial advisor says, oh, there's good debt.

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You need to go borrow on your house. You go, huh, I need a new financial advisor. This one's an idiot. Oh, you need to go get a universal life policy. Oh, I need a new financial advisor. This one's an idiot. And so, you know, you have to make those calls because you've already decided certain things you're going to do and not going to do.

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And regardless of who it is that's coming at you, whether it's which kind of to me, it's very interesting. It's almost an oxymoron to say artificial intelligence. It's like, you know, like airline service. You know, these things don't go in the same sentence. But anyway, the but but it is very impressive and it is a great aggregator.