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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. Dr. John Deloney, Ramsey personality, number one best-selling book, author, and host of a very hot YouTube slash podcast program on the Ramsey Networks called The Dr. John Deloney Show. He's my co-host today.
The phone number is 888-825-5225. Sabrina starts off this hour in Tampa, Florida. Hi, Sabrina. How are you?
I'm doing better than I deserve as well. I can't believe you finally get to settle this for my husband and I once and for all.
So I get to put on my referee's jersey, get out my whistle. Marital referee, Dave.
Absolutely.
Absolutely. And you've been with us since our engagement because we did SPU as a part of our marriage counseling. So we have every dollar. We do the budget meetings. We paid off our house last March.
So you guys already know the answer to this question, whatever it is.
I think I do know the answer. I know he knows the answer, but he has these external things. So our network is 800,000, but my husband is ready to buy his dream truck. And I know you say, wait until your network is at least a million dollars. We bring in about $215,000 a month. You mean a year?
You mean a year?
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Chapter 2: How do we address the desire for a dream truck?
We heard it coming like eight blocks away. That's a good redneck truck.
Man, I'm just saying, you've got to make an announcement when you come around the corner. All right, so if we were doing this, we would probably say, all right, the good news is the principle that's in place made us stop and think. Are we wise?
Mm-hmm.
So the good news is you're wise, both of you. You've done a great job with your money. You're incredible. If you buy this truck, it's not going to destroy your life. And we set out on a journey following a set of principles and guidelines that got us here. Deviating from those is kind of damaging to your psyche. It feels like you cheated. You know what I'm saying?
Yeah.
So technically, financially, you could buy the truck and you wouldn't notice. I worry more about you deviating from this and saying, okay, I got the cheat code, right? I got the hack. And so you could buy it today. It wouldn't be a problem.
So what Sharon and I would do with both of those things in mind, the concept matters more than anything else, and the deviation scares me more than the technical math on it scares me. And so what we would do is we would probably land in the middle. We'd say, okay, we're not going to do it this year. We're going to watch the stock market and what it does with our 401k.
We're going to watch our Zillow or whatever, probably something more accurate than Zillow, on my valuation of my real estate. And, you know, if we get up in the 900s in the next 18 months, I'll buy a truck. We might cheat in the middle, you know, probably probably meet in the middle is probably what we would do.
OK, so this is not but I can't I don't get to blow my whistle because I'm not going to yell at you if you do it today. And I'm not going to yell at you and I'm not going to say you're super extra smart if you do it. You know, if you wait till it's exactly a million because there's nothing magic about the million. What was magic is we made you pay attention.
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Chapter 3: What are the financial implications of buying a truck?
But one question that's come up for me is I often hear you use the phrase, the borrower is slave to the lender. And I definitely agree with that principle in many ways. But then on the other end, I noticed that when it comes to a mortgage, you are okay borrowing in that instance, which seems almost to betray that principle a little bit.
And I guess I was just curious on your reasoning as to why you think it's okay to borrow in that instance. But then when it comes to something like a car, especially for someone like me, I live a little bit in the country where I'm at, so it's a little bit more difficult. A car is almost a requirement.
Pastor, that is a wonderful question.
Yeah.
It's a really good question. Of course, you're quoting the Scriptures, Proverbs 22, 7, the rich rules over the poor, and the borrower is slave to the lender. And this is a biblical principle.
um that we're violating when we say it's okay to take out a mortgage and that's your point and you're you're correct completely on that um or we tell people it's okay to do that so are you 26 i'm actually like 31 31 i had to think about that for a second okay that's okay yeah you lose count around 30 it happens so yeah i'm on the 34th anniversary of my 30th birthday but the uh um all right the uh uh
So the answer to your question is it is the only hypocritical advice we give on this show. It's the only thing that was hypocritical we give on this show. It's the only thing we tell people it's okay to do that I never do. I went broke in my 20s as I was a baby Christian. I had just met God, and I discovered in that process a guy teaching what the Bible said about money named Larry Burkett.
And I said, I'm going to follow what the Bible says. I'm never borrowing money again, and I've never borrowed money again. I don't borrow money for anything ever for any reason under any circumstances. Everything else I tell people on the show to do, I do exactly what I say to do.
on allowing people to take out a mortgage without me yelling at them um it's the only time that my advice is inconsistent with my life does that make sense right and it's completely completely fair for you to call me out on it and then i'll answer your question but i wanted to caveat that and say i don't borrow money for anything and sometimes when i get a question where it's kind of borderline whether they have to borrow or not i tell them that story i say hey
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Chapter 4: What financial decisions should I consider when buying a car for my mom?
Okay.
Good for you. Getting there.
Good for you. So what are you, $50,000?
Uh, 42.
Yeah. Good for you. What do you make?
Thank you. Uh, last year made a little over 200. Um, hopefully on track for that this year, which is kind of why you're killing it and you're out of debt.
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Chapter 5: How can I express gratitude to my mom without financial guilt?
I am totally debt free at 65 left on my house. So I'm so close. Yeah. Thank you.
Okay. So what would be wrong with buying her a car? Cause this all sounds very wise to me.
I just am so frugal.
Chapter 6: What are the implications of gifting a car to a family member?
I don't spend money. I just want to blow her mind. I think that would be really cool.
Is there any issue with the relationship with her?
No. My mom is my hero.
Not controlling, not enabled. You're not trying to make up for some childhood scar by not doing this?
No. I just want to bless her.
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Chapter 7: How can I navigate family dynamics when dealing with financial issues?
She took care of my dad when he was sick. He passed away 25 years ago. He was 40. I died from cancer. She's never remarried. She lives just a quiet life. She'd be there for my sister and I in a heartbeat with anything. She's supported me my whole life and no guilt, no nothing. Just, I just love my amazing mom and just want to do something outrageous for her.
Touchdown. You're very cool. I really like you. A lot. Thank you. I hope my kid says something about me like that.
That would be neat. I can't speak, Kristen, because I'm going to cry, and I haven't done that yet on any of these shows, and I'm pretty dang close.
I cried on Applebee's commercial. Kristen, you're pretty amazing. You're pretty amazing, honey. Go buy a car. There's absolutely zero check in anything you're saying.
Please send us a photo or a video of your mom getting it and send it here to the guys on the show. Yeah, we'll put it up on the YouTube. I want to see it personally. That's a beautiful story. Yeah, it's a great story.
I've got friends that have done that. I don't want to tell a lot of people, but I want to tell you guys. You know what I mean? I want to tell you guys. I don't need to tell friends, family. It can be just...
just for her and uh so i definitely will take a photo and so that's one of my favorite stories and we videoed it uh we haven't played it in a while i don't know if it's on the youtube channel or not it's an old story a buddy of mine his dad uh this friend of mine is 60 so his dad um or is 50 something right so uh his dad sold a
I don't know 1930 or 40 or something car when uh that wouldn't have been that old it would have been 1960s or something okay I know you're talking about yeah I'm trying to think yeah and he sold the car when his kid was when my buddy was born his dad couldn't afford this car anymore he sold he sold it to a friend down the street that friend kept it for many many years and sold it to a pastor and
And when my buddy now is making big money and he went and found that pastor still had it, talked him into selling it back to him and gave it back to his dad like 50 years later. I saw that video. That one got me good. And that's that's a version of what you're doing right here. And it's really cool. It's very cool. I just you baby. Step seven is build wealth and give.
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