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Chapter 1: How can I tell my family to stop gifting silver?
Live from the headquarters of Ramsey Solutions, broadcasting from the pods moving and storage studio, it's the Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. We help people build wealth, do work that they love, and create actual relationships. Amazing relationships at work.
Dr. John Deloney helps us do that in particular on his show. The Dr. John Deloney Show is my co-host this half hour. We're interchanging our co-hosts all throughout the day as we celebrate our 30th year on the air of The Ramsey Show. 30 years we've been rocking this, and lots of changes, lots of failures over the years.
The only thing I told an earlier group that we have not done, we have not quit. But we have failed our way, as my friend John Maxwell wrote a wonderful book, John, called Failing Forward. And that's kind of what we've done.
Sounds like my dating life in high school.
Right.
turned out well for you though because you end up with sheila i mean i don't know i don't know what your technique was but you got there just don't quit dave never quit never give up never give up a winston churchill that's right never quit so um yeah if you didn't know folks on youtube we are dropping an anna we did a 30th anniversary panel which was all of us the ramsey personalities sitting around talking about the show the history of the show the fun things the sad things the
all the reasons the show works, all of that kind of stuff. And we've done a series of video episodes.
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Chapter 2: What are the differences between mutual funds and index funds?
They'll drop one each day, including the first one drops today on YouTube. So the 30th anniversary panel, check out the video episodes of The Ramsey Show on YouTube beginning today. And as I said, one each day of this week will drop. That was a lot of fun to do that.
Yeah, that was fun. It was cool just to hear about the heritage of the show, right, and where it all came from. It's cool to hear the purpose behind it. And just from the business side, you particularly, just you, Dave, could have walked away with a chunk of money for you. And the vision for this has always been about helping since we got this thing off the ground.
And it's just cool to be able to ride on that bus now.
Yeah, a lot of folks in talk radio 10, 15 years ago were selling out.
Yeah.
And not selling out in a bad way. I mean, they were selling their shows to the iHearts of the world or the Westwood Ones of the world, those kinds of things. And Dr. Laura, I think, was the first.
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Chapter 3: How should I stay invested during market fluctuations?
She sold hers for $78 million. And she was a little bit larger than we were in those days. And that was many years ago. That was 20 years ago. And which made you go, $78 million? Exactly. But then we just go back to, okay, we don't really own this. We're managing it for God, and we're just here to make sure that we're taking care of his folk, taking care of people out there.
And so it's turned out financially and business-wise also to be a good move to continue to own it because we make more on the show and add revenues and other things than we would have gotten in one year. So it's worked out okay because we've continued to grow the show too. Pretty cool, man. Interesting ride. A lot of changes in technology. We're getting ready. All of us just got ear molds made.
Chapter 4: What are the pros and cons of using debit cards vs. credit cards?
We're going to go back to the old freestanding microphones again and drop the sports headsets soon. Been in the sports headsets for a while.
Yeah.
So we're going to see another look on that change.
I feel like I work at NASA. I didn't know we were doing that, James. That's going to be fantastic.
Yeah. It'll be interesting. I don't know, a few months, a few weeks, whatever. get all that equipment in and get it all tested out and everything. But, yeah, a lot of radio people have been making fun of my sports headsets for years, but they did well because I don't get off mic that way when I turn my head and I'm ADD and distracted.
But it keeps the broadcast quality because it's all audio, except for those of you watching on YouTube anyway. So there we go. Open phones here at 888-825-5225.
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Chapter 5: How can I financially manage renting out a home during residency?
Maria is in Norfolk, Virginia. Hi, Maria. Welcome to the Ramsey Show.
Hi Dave. Thank you for taking my call. Um, my husband thanks you as well. You, uh, you have changed our lives in ways that we can't even imagine. Um, and I'm calling because we're stuck in a situation and I kind of already know the answer, but we're not sure how to go about it.
Um, we have a relative that has been sending us silver coins and we don't think they're worth very much, but she claims that they're going to be worth a whole lot of money in the future. We would like to not have them anymore, I guess, or maybe we just want to invest in other ways. And she's not understanding that. How would you go about approaching her on this scenario?
Because she's taking a very strong stance on it.
Who is this? His mother?
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Chapter 6: Is it wise to invest more than 15% in retirement?
His mother?
Yes, it is.
My mother-in-law.
Yeah. That was fairly easy to guess. So talk me out of this because I've taken calls on my show about mother-in-laws who just keep showing up, mother-in-laws who criticize parenting, mother-in-laws who all sorts of things that are very disruptive. Sounds like your mother-in-law just mails a bag of coins.
No, it actually isn't. She's not very good financially to begin with. That was easy to get. And we have quite a bit of problems with that. And my husband and I are the exact opposite. We almost have our business entirely paid for, our homes paid for.
So how much is the value of the coin she's sending you a year?
Well, when I found a coin place that was local today, there may be $24 worth.
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Chapter 7: What are the best strategies for managing financial stress?
They're just silver coins.
So what does it matter?
Right, and that's what we keep saying.
No, I mean just throw them in a bucket in the bottom of the garage and forget it.
Okay.
If you throw $24 out the window of your car on the way to church and that makes your mother-in-law happy.
Well, that's $24 well spent. That's a great purchase. Is it bigger? Are you worried about how she's slowly –
ruining herself financially and she's going to be moving in with you guys is that what this is ultimately about no um well the thing is is we would be the only ones that would be financially able to even care for her um and would have a home that would suit her needs come that you know time frame do you think she's paying two thousand dollars for twenty four dollars worth of coins
I do, honestly, and so does my husband. We wouldn't be surprised. She's very naive in that aspect. You know, she just lives off Social Security as far as we know.
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Chapter 8: How can I prepare for a financially stable future?
I think your husband, not you, you don't need to even be in the conversation. You'll be the wicked stepdaughter.
Oh, I already am.
We can add layers to that with this conversation. So I think he just says, Mom, I'm worried about you. How much do you pay for these coins? Because I checked it out and they're worth $24.
Right.
And just see what she says. And just out of lack of love to her. As far as you all are concerned, I would throw them in a bag in the bottom. Seriously, in a bucket in the garage and not worry about it. I wouldn't upset somebody for $24. I wouldn't upset somebody for $24.
And I think the coins are a proxy for a bigger conversation, which is, are we going to let her come live here? And if so, what's that going to cost us? What things, kind of like, we're going to send our kid to college in five years. What do we have to start doing right now to either lay the groundwork, you're not coming here, or to make it a reality? And
It's easy to focus on the coins, but it sounds like there's a much bigger picture at play. Yeah, she's using this as leverage.
It's a future. It's the camel's nose under the tent. Of a bigger frustration. Yeah, it's getting ready to be a big deal here soon. So, yeah, it's not $24. If she's paying $25 and you're getting $24 worth, I wouldn't worry about it. But if she's paying $2,000, then that's just your husband stopping her from getting ripped off. That's right. This is The Ramsey Show.
Dr. John Deloney, Ramsey Personality, celebrating today with us here on the Ramsey Show. 30 years on the air. Vanessa is with us in Richmond, Virginia. Hi, Vanessa. Welcome to the Ramsey Show.
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