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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, America. Open phone. It's the number one best-selling author of the book Paycheck to Purpose. Ramsey personality Ken Coleman is my co-host today.
So if you want to talk about jobs and work as you head into the new year, this is a good day to do it. Mr. Ken's here, and he's the expert on that. I've always got an opinion, and I'm an expert on my opinion. So you guys jump in at any point. We'll help you. The phone number is 888-825-5225.
Instead of going straight into the phones, which we typically do, I'm going to take a pause here and say congratulations to the booth dudes.
That's right.
James Childs, our fearless producer, James Childs, and Austin Ben. Andrew, they all do a great job making sure that we are doing what we're supposed to do on this end of the microphones. And for several reasons, I don't know, years, I guess, we have hovered in Apple podcasts around number 10, number 15, sometimes number eight in the world on the main list of all Apple podcasts.
But today we had a milestone. We've never done this before. They refresh that list, I think, about every 20 seconds. So I don't know how quickly it'll be there and won't be there. But as of a few moments ago, we're the number one podcast in the world. On Apple. How about that? And congratulations, you guys. I'm proud of you.
Did you hear that, Mom? Did you hear what Dave just said?
Yeah.
Very exciting.
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Chapter 2: How do I handle family pressure about living arrangements?
And that's what you're supposed to do. You see the difference? Yeah, definitely. And you go ahead and put in your corner a tax person that you trust. You put in your corner an estate planner that you trust. You put in your corner an insurance person that you trust. All of these people are in the financial arena, which means all of them are required to have the heart of a teacher.
When I hire a lawyer in a lawsuit or in some other situation, their job is not to tell me what to do, although some of them took that class in law school, and occasionally they get fired by me for doing that because I'm not putting up with an arrogant butt attorney. So you're going to do what I tell you to do in my situation, but you're here to advise me and teach me the law in that situation.
That's different than my lawyer said I have to. My lawyer don't say I have to do nothing. He has to do stuff. I said that's the way that works. Same thing with you, dude. That's what I want you to do on all this. And I'm not being a smart aleck. But the point is that people get this stuff backwards because we feel insecure and lacking in knowledge.
And so we want to trust the professional, turn our back and walk away. And that's how the patient dies on the table. Don't do that. You stay in the surgery. You want to learn how this happens. You get your hands in the blood and guts and you make sure this stuff goes. You're managing it. You're the manager. These other people are advisors. They're helpers.
They're teachers and build you a little board of directors. And you're going to be worth $8 million in about 20 minutes. If you'll do this time, you're 40. This will be 8 million. If you watch what you're doing, this is the Ramsey show. Ken Coleman, Ramsey Personality, is my co-host today.
If you're listening to us live, the Ramsey Cash Giveaway ends at midnight tonight, December the 20th, Wednesday. If you register for free, no purchase necessary, you will be registered to win and possibly be one of the winners for the $5,000 grand prize giveaway. RamseySolutions.com slash giveaway. Jared is in Milwaukee. Hi, Jared. Welcome to the Ramsey Show.
Thanks. Sure. What's up? I've got some cash stashed aside for eventually a house purchase. Right now, I'm 23 years old, renting an apartment. I'm single. I make about $90,000 a year. Um, my monthly rent is right around a thousand dollars and I've got around $270,000 saved up for a house.
You're a stud, man. Way to go. I'm so proud of you. Thanks. You know how weird that is, right? Not really. It's weird. It's a good weird. Is it? When I call you weird around here, it's a compliment, because normal's broke and stupid in America, okay? You don't want to be normal. You're amazing, man. Way to go. Thanks. $275,000. Where is it? Under the mattress?
It's at a bank. That's good. It's at a local credit union. Right now, it's making about 4%.
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Chapter 3: What should I consider before taking out a loan for education?
It's in there because you're a big-time saver, right?
Yep.
Okay, so you're the secret sauce, so it's okay if you leave it there. You follow me? Now, the other end of the spectrum is you could move some or all of the money towards something like an S&P 500 index mutual fund. All right? If you did that this year, I haven't pulled it up in a while. I'll try to do it. Hey, Ken, pull up S&P 500 and see what the return is for the year while I'm yakking.
I think it's north of 15% for the year right now. Okay? Okay. But the mutual funds, that S&P follows what the stock market does. The stock market is up this calendar year from January to December. You follow me? Yep. I think it is. I'm pretty sure it is. And last time I looked was a couple months ago. It was up 15% for the year. But anyway, it could go down, though.
If it went down 10%, you'd lose like $20,000. 26%. 26.2%. For the year. For the year. Yeah, I thought it's way up. That's not realistic.
Well, yeah, we've had a big jump.
Yeah, we've had a big jump because interest rates went down and we got an election coming, all this stuff. So, okay. But anyway, the S&P has averaged about 11.6% since it began. Okay. So what I do, Jared, is I'll throw money in there knowing I could lose some, but if I make 10 instead of 4, that's pretty good.
That's another 6% on your $300,000, so that's another $20,000 or $30,000 you're making on your money. Okay?
Yep.
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Chapter 4: How do I effectively communicate financial boundaries?
Probably $55,000, $60,000.
Okay, good for you, and you're seeing the world.
Pretty much, yeah.
So what's your question?
What am I doing with my income? I know from, like, I have to save a certain amount, and I have to invest a certain amount, and then I have the rest, but obviously... You've got cheap debt.
Have you got any money to pay off the cheap?
I do. The only reason why I didn't pay it is because the payoff amount is the same as the remainder of my payments. The remainder of your what? The remainder of the payments that I have. I only have like two years left of payments.
Do you have the money to pay off the Jeep today?
Yes, I do.
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Chapter 5: What challenges did the caller face during their debt-free journey?
Yeah, so I had two credit cards and a lot of healthcare debt and a bunch of stuff pop up from a divorce. So I just had a lot of surprises along the way. And during my debt free process, I had a lot of health issues.
Chapter 6: How did health issues impact the debt repayment process?
So I had a lot ongoing expenses. So the majority of my debt was actually paid off in the last six months. Wow. Okay. How are you doing now health-wise? Much better. Good. I'm glad. Getting all that was probably the best medicine.
Chapter 7: What led the caller to start their debt-free journey?
It is good medicine. Your body doesn't have to carry around that stress. Yeah. And it's heavy. Very heavy. Yeah. So that's very cool. Very cool. And you get the health issues behind you. You end up with more money because that's expensive. Yeah. Yeah. I'm sorry you went through that, but I'm glad you're here now. Well done. Well done.
So what started this whole process 33 months ago with the Ramsey process? That's a good question. It actually started with a really low point in my life. Woke up one day and I was separated. So I was scared. It was the first day of the lockdown. So one of the first things I did is I actually emailed the show. Someone reached out and responded and said they would hook me up with a Ramsey coach.
Your wife leaves on the first day of the lockdown? Yeah. Her timing sucks. Yep. Wow. So I actually... It was a four-year process, but the first year I had to move on from that. But Regards, it started with that financial coach, and she really calmed me down. You got one of the Ramsey coaches? Yeah. Okay.
And, you know, she pointed out that I didn't have to pay all the expensive money for a divorce, so I found a lawyer that did it pro bono.
oh wow yeah okay um so from there and the secret i found the gallon debt is i had to surround myself with people so whether it was support groups going biking with the guys just finding more work getting to know people got involved with the church i had just found myself surrounded and the most important people were my parents my father's actually here with me and to be honest i think a big part of the reason why i got out that's because my parents brought me up right yeah yeah well i mean you you
Your life has been completely turned upside down and transformed. And in the middle of that, you said, I am not carrying this debt. Wow. I mean, you're facing health issues, a divorce, a pandemic. I mean, God almighty, you get the Fauci quarantine and a dadgum separation and divorce all in the same lick. And that had to mess up your income simultaneously.
And was your health bad about the same time? Quite bad. I mean, you got like a perfect storm crap going on there. That's amazing.
Wow. So I want to follow up there because I think there are a lot of people that are watching and listening to your story right now.
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Chapter 8: What key advice is given for getting out of debt?
And they had a lot of other factors going on in their life that are bad and maybe causing the money issues. And they look at getting out of debt and it seems insurmountable.
I'm just curious with everything that Dave just laid out that you shared that you were going through, how much did the focus on the baby steps, the focus to get out of baby step two, how much did that help you overcome all that other garbage that you were dealing with? Did it play a factor?
A huge factor, to be honest. How so? I was in the first and second step going in and out. You know, there were some months where I deplete that thousand dollar emergency fund. And again, going back to people and surround myself, you know, there are some months that were tough. So people from the church would feed me. Mom would feed me stuff like that. And God showed up in amazing ways.
I should have actually owed more debt, but I even had a local church step up and help me pay off some of my medical bills. So God was behind every corner of it. That's powerful. Wow. Look at you. Well done, sir. I'm proud of you. You're a hero. You fought through some pretty serious stuff there. It's amazing. I mean, and now you're the other side of all of it. Wow. Yeah.
And a funny fact, actually, when I first started off with my debt-free journey, I didn't have any feeling behind it. Like, it was like, why get out of debt? There was just no emotion behind that at the time. So one of the things I said to myself, well, if I get out of debt, I'm going to do debt-free screen.
Yeah.
So here I am today. Oh, so that's like your motivation is to come stand on that stage. We have to mark this puppy. Got to have some reason to be excited about this, right? We're going to Nashville. Load up the truck and head to Beverly. I love it, man.
Good for you.
Well done. Well done. I like that. That's fun. You've got to have something to aim at. It's one of the reasons we do this. People have this as a milestone. The main reason we do it is all the people listening, they're going to be inspired because there's somebody out there right now that's facing a job loss, a health problem, and maybe even a relationship problem all at the same time. And...
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