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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. Merry Christmas, folks. We're so glad you're with us. Thanks for hanging out.
jade washall remsey personality is my co-host today she is the author of our brand new remsey quick read money's not a math problem the real reason you're broke and what to do about it and a whole 57 pages you can jump through it at a one setting and it's a great these little quick reads we put out i've got several of them on uh entree leadership to sub subjects and
I got one coming out on real estate. We got a couple of others running around. Dr. John Deloney did one on anxiety that did real well. So we got a lot of these little, if you want to do quick little, it's about basically a chapter, a good solid chapter of a book.
76 pages, Dave. Come on now.
It's how much? 76 pages. Oh, 76. I called it 57.
You got to give me my page numbers now, Dave.
Brought you up short. Sorry about that. Don't bring her up short. There's a lot of quality there in those other 20 pages I left out. Don't do that. So anyway, you can check all that out at RamseySolutions.com. This year, this will be the next couple of days will be our last live broadcast of this calendar year. We don't work between Christmas and New Year's, so you guys get best ofs.
That's how that works. And so this year we will have done 242 live shows. Wow. We will have taken over 3,200 callers this year and 184 debt-free screams totaling $36 million of debt-free yells on the air. Not bad. Pretty cool stuff. And yesterday we discovered that the Ramsey Show is the number one
podcast in the entire world on Apple, all of Apple, not just one of the little nuanced corners, the whole thing. So however many three million podcasts there are or something like that, you guys have spread the word. You guys have let your friends and neighbors know, and you've subscribed and shared and done all the appropriate five-star reviews and
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Chapter 2: What should I consider when selling my house?
And then the reason has been borne out in the actual data as we've studied the millionaires. So, yeah, if... In other words, at the end of a 20-year story, seven and a half of which you were getting out of debt, 12 and a half of which you will be building an emergency fund, buying a house, paying it off, and meanwhile dumping 15% of your income into retirement.
At the end of that 20-year story, you will have more money than you would have had had you steadily invested a small amount while you stayed in debt for 17 years instead of seven.
That's right. Not to mention, there's another piece to this, Dave. I mean, there's so many pieces to this. When you make the choice to pay off your debt and say, I'm not going into debt anymore, let's pretend you didn't do that, right? And you did this guy's way. You have not said no to debt. So you're continuing to take on debt in different ways that have the ability to adversely affect
your net worth and offset what you might be putting away in retirement. Does that make sense? Because you're still taking out vehicles. You're still utilizing debt in a way that's negatively affecting you.
Exactly. And here's the thing. Here's the problem. Just hit me. Here's the core issue in this email. I have over $100,000 in debt from college, and I do not believe I can pay that off.
Boom. There it is.
So the reason you're wanting to do this is you don't have hope.
yeah it's the lack of hope yeah it's not that you really think the numbers are better it's that you don't think you can do it that's that's the that's the thing it's a hope thing here honey it's not a math thing so that you need to it took me a second it's down it was down there in that fifth sentence yeah there was that that that hopelessness is there it is the power of hope is something else when you believe you can run through a freaking brick wall man heck yeah
there's no you're the hulk there's nothing stopping you when you believe and uh yeah yeah it's good that's good it's good good stuff all right patrick is with us in san diego hey patrick welcome to the ramsey show thank you for taking my call sure um real quick um 73 years old um
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Chapter 3: How can I navigate my husband's seasonal job and housing situation?
Okay. Okay. Well, it's a townhouse. Good for you. Good for you.
Okay.
So, so anyway, it's free and clear, you know, we pay, you know, we've been listening to you for years. Uh, I've been self was self-employed clinical psychologist, uh, retired my wife, special education teacher, um, retired. Uh, so what's your question? We have, we have no debt.
we want to, uh, we're thinking about selling this house, uh, because, uh, the neighborhood has gotten, uh, you know, it's crazy at the beach. Uh, we want to know if we, and we want to downsize, um, should we buy an overpriced house in California? We're staying here cause our grandkids and our children are all in California. Um, that's unfortunate for us cause we'd move someplace else.
Um,
And should we – we're kicking around, should we buy or rent?
You should buy because it stabilizes the last 20, 25 years of your life. I don't care where you buy, but you ought to buy. One thing you can consider – You could buy a whole lot of Southwest Air tickets.
That's what I'm thinking.
For the difference in what you're going to pay for a house versus if you bought one in Phoenix, Arizona. Yeah, of course.
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Chapter 4: What are the financial implications of my husband's baseball career?
So the truth is that car you purchased is a serious dumb-butt decision.
I realized that.
It's ridiculous. And when you say I needed a car to get back and forth to work, yeah, you needed a car to get back and forth to work. You needed a bicycle or a $3,000 car to get back and forth to work. You didn't need a $23,000 car when you live at your mother-in-law's. Oh, my God, you shot yourself in the foot. So I'm going to go back. It was a week ago.
I'm going over to the dealership and say, guys, can I give you $1,000 to let me out of that deal and let me just undo it? Just see if they'll tear the paperwork up and take the car back. Okay. You're not going to do it.
It was painful. I can't even get it.
I told you this was going to be hard. Because, dude, it's three-quarters of your problem right now.
Yeah. What's the payment on it?
Mathematically.
Payment is $637.
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Chapter 5: What financial advice is given for home renovations?
Here's the deal. Get the prices on the stuff and then sit down and look at that versus your income considering you have no payments starting in August. Okay? Right. And really, I mean, it's probably... How many square feet is your home?
It's roughly $1,800. Okay.
All right. So $20,000 does the siting. Yeah, I hope so.
Chapter 6: What should I do with my whole life insurance policy?
Yeah. Yeah. Yeah.
And you can have $20,000 and do the siting by this time next year.
What are you putting towards your mortgage right now? Let's look at this. What are you putting towards the mortgage? You said you're making double payments. What is that?
I pay $3,360 a month.
Okay. That's $36,000 a year.
Yeah.
So at $20,000, it leaves you $20,000. By this time next year at Christmas, you should be able to put siding on the house in cash.
I should, yeah, you're right.
And then by this time next summer, you'll have a Florida run. Six more months, you've got a Florida run. And then you're done. Just plan it out.
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Chapter 7: How can I navigate financial challenges during a divorce?
The problem is you've got these things floating around with no actual numbers attached to them, and they're floating around in your brain, in your emotions, rather than in your math brain. Use your math brain, and it'll calm you down.
okay go get go get some actual bids and timeline this out in your actual budget like i just did and say okay based on being done in august oh wait a minute we could be done in july or june oh wait well then oh my by february we've got a sun oh okay you know and you start when you actually get the actual bids And get two or three bids so that you're getting good contractors.
And, you know, quit entertaining these crazy butt ideas that you know are crazy butt.
Oh, my God.
Reverse mortgage. You've got to be kidding me.
But there is something about that that's worth speaking about. You make it all the way through baby step six. You pay off your mortgage. There is still going to be things that come up that you have to save and possibly sacrifice in order to have. It doesn't take away. Do you know what I'm saying? You don't get to that point.
You never have enough money to not watch your money.
Exactly.
There's no such thing.
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Chapter 8: What should I consider before buying a new car?
It just may not be to the extremes that it once was, right?
Being debt-free doesn't make it where you have no boundaries. You can do anything you want to do. It just frees up the vast majority of your income when you focus it with great intentionality to do the next thing. John is in Philadelphia. Hey, John, how are you?
Hey, Mr. Ramsey, Ms. Warshaw. Hi, big fan. Merry Christmas.
Merry Christmas. How can we help?
I have a whole life insurance policy.
I'm sorry.
I know you hate that. My mother took it after me when I was a baby. How sweet.
Mm-hmm.
And it is now a cash value of about $13,000 and a death benefit of about $21,000.
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