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Chapter 1: What financial questions are addressed at the beginning of this episode?
Live from the headquarters of Ramsey Solutions, broadcasting from the Pods 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. George Campbell, Ramsey Personality, co-host of the Smart Money Happy Hour with Rachel Cruz, a production of Ramsey Networks, is my co-host today. We're glad you're here.
We're here to answer your life and your money questions. Phone number is 888-825-5225. That's 888-825-5225. Cecilia is in Atlanta to start off this hour. Hi, Cecilia. How are you?
Hey, Dave. I'm great.
Thanks. Good. How can we help?
So I'm interested in whether or not I should leverage equity lines for more property when I've tried to not have debt. And is that safe for investment property activity?
Okay, you realize your sentences just ran against each other, right?
That's possible.
I don't want any debt. Should I go into debt?
No.
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Chapter 2: How should I approach leveraging equity for real estate investment?
No, you're the person to answer this question.
I'm curious, what is driving you toward this? Are you not great financially?
No, I took a little course called Financial Peace University, and I got debt-free, paid off my mortgage, paid off my children's student loans with my husband.
What's making you, just all the people doing it that are wanting you to do this?
No, I'm trying. I have very much ignored all that clamor. So I did want to diversify my portfolio.
Until you asked me a question about leveraging lines of credit to go buy real estate, you ignored it.
Well, that's why I'm talking to you is because I haven't done anything foolish. I know, I know, but I'm just saying.
What was it that made you think that that was even a good idea? That's what George is asking.
Well, I guess my question was, had something changed in the world's financial picture at all? No, nothing changes. This is a way to get around stuff. You know, my my dad lived some of what you're talking about as well. He bought, you know, land he couldn't afford and hope to hold on to it thinking it's going to.
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Chapter 3: What are the dangers of leveraging debt in real estate?
And I have done all three, and all three will make you broke. Greed, fear, and pride. See, pride is I buy a car to impress someone at a stoplight that I will never meet. It's like a Christmas vacation, good-looking girl waving at Chevy Chase, and he wrecks his whole family's car, right? It's that. That's your deal. You remember that scene?
Oh, that's such a great scene.
It's a classic scene. Was it Christie Brinkley? I think so. I think so, yeah. I re-watched it recently. Yeah, the audience has given me a nod, so Trivial Pursuits got it, okay. And so that's pride, you know, and I've done that one. When you buy crap, and Rachel's thing she posted, and you wrote about it in your new book that we haven't, oh, we haven't told anybody about that yet. Oh, secret.
I just finished the manuscript last week, and it's really good. But you talked about it, and she said, would I buy this if no one ever saw it?
Oh, yeah.
That's your test on the pride button, right? It's a gut check. Greed is not like, it's not like, you know, Simon Legree and Scrooge McDuck and I'm stacking coins in the cave. That's not greed. Greed is I'm just money motivated to the exclusion of other things that are healthy. You can have a money motivation and not be excluded to the exclusion of other things.
But if your only button to push is money, that's great. And you're always going to step in the do when you do that. And the third one I love you said is desperate. That's the worst one. God, that one right there. Man, the other two, I got over the other two by the time I was like 27, 28 years old.
That desperate one, that's when people, you know, I'm going to take the trip to Vegas and I'll hit and that'll save my business. When you get desperate, just about 20 seconds later after I get desperate, I get stupid. And right after I get stupid, I get broke. Right. I mean, it's crazy how that's a progressive causal thing. Desperate leads to stupid leads to broke.
When you go, oh, I've got it's the only way it's my only you're about to screw up when you get in your drama queen gets to kick it in. You're about to screw up.
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Chapter 4: What lessons can be learned from past financial mistakes?
That was personal. There's too much authenticity in this segment. All right. Jim is in Tulsa. Hey, Jim, how are you?
I am doing good. Nice to talk to you.
You too. How can we help?
Yes, sir. Uh, I have a, what would Dave do in my shoes? Uh, at age 62, I have, uh, been divorced four years and four months, pretty much a divorce that just basically left me pretty much on the street homeless. Uh, I've been living with a family member in a one room house, uh, one room in a house. And, um, I have been basically getting on your plan since then.
I'm having to pay child support alimony and trying to get my life back in order and have been on your plan, um, pretty much intense up until, uh, just last week. Uh, I have, um, accumulated, uh, quite a bit of wealth. And I'm just trying to get an idea in moving into, uh, you drove by being on the street to accumulated wealth.
Like nothing just happened. What happened? Okay.
Well, in intense, I, uh, been saving basically my budget plan since I've been living, you know, since divorce, uh, has been basically spending $1 for every $2 I've saved. And at this point, on closing last Friday, I was worth $1.158 million.
You did that in four years from the street?
Yes, sir.
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Chapter 5: How do you stay committed to a long-term financial goal?
Just after that, boom. We're not going to knock out the car and get the house knocked out too.
Yeah, we knew it was going to be a long journey with income like that, but we knew it was going to be worth it.
Well, you set a goal and stuck with it. That's pretty impressive.
I'm just impressed you stuck with changing the CDs out to get through all the lessons. It's very impressive.
That was a lot. We had the whole big box in the back of the car the whole time.
Wow. So how do you stick with it for nine and a half years? Most people, if they're 21 years old, they're going, I can't do anything. 10 years? Are you kidding me? I'll find another one. I'll be 31. I'll be ancient.
Well, to be fair, when we first started it, we had the plan to pay the house off in six years. That was going to be it. We had it all planned out. We got to the point in our mid-20s where we really sat down and talked about it and said, you know, we want to do this. We want to knock this out and create a good future for our children. We've got to have those children.
So we decided to reallocate some money elsewhere and start to work on our family. Now we've got two beautiful little boys. But even through all that, we just barely slowed down a little bit and just killed it as much as possible. So we added three years on, but we got two perfect boys out of it.
i think what carried us through that 10 years was teaching fpu there for about three years and also just like you said the little engine that could that's kind of what i said last night that's what got us through we had that goal and we did not stop and if he got weak i was strong and if i got weak he said no we have a goal and we stuck to it very cool we knew the future that was coming uh whether we did or whether we didn't so we wanted to uh see the one where we are debt free
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Chapter 6: What role does teaching Financial Peace University play in accountability?
Well, that's what ends up happening. Because there's a shared pain, a shared victory, a shared goal, and that makes permanent ties. Lifetime friends many times.
And you can't talk to a lot of people about this stuff because they get weird. They'll shame you. They go, I have student loans. You're trying to judge me. And you guys have created this amazing community of people who want to get better with money and aren't scared to talk about it.
Yeah, that's pretty cool. Yeah, because I would have to say, yes, I am judging you.
Yeah. I've said that a few times.
That's why Dave couldn't coordinate classes anymore. It's too awkward. Yeah, I'm judging you. Yes, I am. That's kind of what I do for a living. That is so cool. Way to go, guys. I'm so proud of you. Your sister that brought you to the FPU class has got to be bouncing off the walls. That's got to be neat. Did she keep up with it, too? Yeah. All right. Got the whole family going. Yeah. I love it.
Way to go, you guys. Way to go.
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Chapter 7: How does being debt-free change family dynamics?
Very, very proud of you.
how's it feel 31 years old it's amazing little boys not have any payments in the world yeah the freedom is unreal it took us months to uh to really let it all settle in just every day looking at each other and just smiling and knowing we're debt free we don't have to worry about our children struggling with this or seeing mom and dad going through the stresses of finances anymore and it's just it's so great to wake up every day and know that you don't have to put that on your children anymore
amen it's crazy our oldest this summer he's he was there he went to the bank with us he helped us sign the last check he helped how old is he he's six he'll he'll remember it then he set up an homemade ice cream and lemonade stand this summer he did it twice and he made 850 bucks oh i'm franchising that wow yeah that's impressive they catch it incredible
They catch on. They really do. And when you change your family tree, you do more than just change the math. Everything's changed in the spirit. Everything's changed in their character. And that six-year-old will remember that.
He'll tell his grandkids, yeah, I was there the day mom and dad paid dad off. Yeah, I remember back in the day. We had these things called banks.
Yeah, that's what'll happen.
It was a piece of paper called a check.
I mean, check is, son. Yeah, that's what'll happen. You changed it. I mean, the whole thing's going to be new. That's the old man sitting there as a multimillionaire. That's pretty cool. Well done, you guys. Thank you. Hey, we got Baby Steps Millionaires, the book for you. That's where you're headed for sure. Total money makeover to give away to one of your class participants and another class
Membership to Financial Peace University. You can give that away and get somebody in one of your classes. You guys keep teaching, keep leading. Way to go. Thank you so much.
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Chapter 8: What are the key takeaways for achieving financial peace?
We're so proud of you, heroes. Well done. Very well done. All right, bring the kiddos in. Let's introduce them and hear their ages. All right, what's six-year-old's name? This is Ryan. Ryan, the $800 ice cream man. Way to go, Ryan. And? This is Bradley. Bradley is how old?
He's just about to be two.
All right, way to go, Bradley. Well done. What do you all tell people the key to getting out of debt is?
Finding contentment. Knowing that you don't have to have what everyone else has and you can find joy in the life that you've built and stick into that goal.
I'm kind of looking at a picture that looks like contentment. I'm about to cry right now. This is beautiful. Yeah, this is well done.
You got way more than they have because you got financial peace, my man.
Way to go. Very, very cool. Beautiful, beautiful. Kyle and Tiffany, Ryan and Bradley, Dayton, Ohio, $157,000 paid off car and house. They're officially weird people. Nine and a half years it took them making $20,000 to $50,000. They're 31 years old, 100% debt-free, house and everything. Hear me, people. This can be done. These guys are dropping a mic on you right now. You got to love it.
Count it down, guys. Let's hear a debt-free scream. Ready? Three, two, one.
We're dead free!
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