What Do I Need To Know Before I Build My First House? (Hour 1)
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What are the baby steps and how do they apply to building a house?
Live from the headquarters of Ramsey Solutions, broadcasting from the, what do we call it, the Pods Moving and Storage Studios. I'm just getting used to saying this. Yeah. Yeah. And the paid home mortgage, debt is dumb, cash is king, and the paid 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 amazing relationships. Ken Coleman is carrying me through the opener today, and the rest of the show is my co-host. He is the Ramsey personality over all career things, including the Ken Coleman Show and the number one bestselling book, Paycheck to Purpose. We're here to help you with your life, your money, your career.
The phone number, 888-825-5225 is the answer. Lane is on the line to start off this hour. Lane is in Kansas City. Hi, Lane. How are you? Hey Dave, Ken, thanks for taking my call. Sure. What's up?
Yeah. So I just had a quick question. So I currently have a 14,300 left on the car. Uh, I could get that paid off in February, but I don't know if I should pay that off first or just save up, um, for our first child. That's going to come in April.
When you're having a baby on the way, we tell folks to push pause on their baby steps, push pause on their debt snowball, and pile up cash. Okay. I would not pay off your car. I would just pile up cash, as big a pile as you can have. Okay? And just stack cash like you were trying to pay off the debt, but just put it in your own account. Never touch it for anything unless there's an emergency.
Okay.
And then when mom and baby come home from the hospital and everybody's healthy and everybody's safe, you push play again, which means that day you're going to pay off your car. Okay, okay. You won't have lost anything except a little bit of interest on your car between now and the time baby comes. And right now we're focusing on more important things than car debt, and that's baby. Okay, I understand that. I bet you do. How exciting! Yeah, it's very exciting. Your first one? Yes. All right. Fun. Good for you, man. How old are you guys? I'm 24, and she's 26. Cool. Yeah, so you're going to have several thousand dollars towards your baby step three above your $14,000 for the car debt because the car will evolve.
Just by paying the payments, you will have reduced the principal sum, and you're going to save more. And you said February was your target date, and April's a baby, so you would have already saved several thousand beyond. You should have $16,000, $17,000 saved. And when you pay off the car, you've got a good start towards your Baby Step 3 then. Following me?
Yeah, we currently have $7,400 saved up in savings right now.
Oh, so you're not really working the Baby Steps.
I mean, we are.
No, you weren't either. Baby Step 1 is $1,000. Everything above that goes towards the car. But now the baby's coming. It's okay. We're going to push pause anyway, and we're going to pile up the cash.
Okay.
All right. Thanks for the call, brother. Open phones at 888-825-5225. So, Ken, you might get called out on this show. Even if you're a nice young guy with your first baby on the way, I might still smack you around a little bit.
Yeah.
If you act like you're working the baby steps and you're not.
That's right. There's a reason why you've got seven of them and they actually go in order and they make a lot of sense.
Same thing with the paycheck to purpose.
That's right.
You know, you got to get clear and, you know, I'm kind of working this, but I'm not clear. No, you're not working it yet. So true. You know, there's a process here that's proven and we're going to go with that process.
Yeah, you've got to walk a plan. No matter where you are in your life, maybe it's physical fitness. Maybe it's some health stuff, relationship stuff going on.
What should I consider before building my first house?
When you have a gap between where you are and where you want to be, there is always going to be steps to build that bridge, if you will, and you walk across that bridge to where you want to be. And you've got to follow it. You absolutely have to follow it.
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Chapters
8 chapters
1
What are the baby steps and how do they apply to building a house?
0:27–4:23
2
What should I consider before building my first house?
4:23–9:28
3
How do 100% commission jobs affect financial planning?
9:28–14:01
4
What financial strategies should I use when expecting a child?
14:01–19:22
5
How can I balance caring for aging parents while managing my finances?
19:22–22:33
6
What are the emotional aspects of financial responsibility?
22:33–25:28
7
How do I prepare for unexpected financial challenges?
25:28–29:36
8
What resources can help me achieve financial independence?
29:36–39:58