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Chapter 1: What is the main topic discussed in this episode?
Live from the headquarters of Ramsey Solutions, broadcasting from the Pods Moving and Storage Studio, this is The Ramsey Show, where we help you win in your life, specifically your money, your relationships, and your work. I'm Ken Coleman, joined by the fabulous, the incomparable... Rachel Cruz is sour.
You like that? That's great. Great word. Great adjective.
Yeah, there you go. I studied all day for that. 888-825-5225 is the phone number. And Rachel and I would love to help you. We really enjoy this, and we have so many new people coming in all the time. And so I want to point out two things.
If you're new to the show and you're trying to figure out some of the language we use, we're talking about baby steps and then the different numbers and all that, I want to make sure that you know that we have a Get Started button at RamseySolutions.com. That's the mothership, the website there.
And you can just take just a few minutes, a brief survey, and we kind of let you know where you are in this journey that we call financial peace and the baby steps. And you get caught up pretty quick. And now you feel like, okay, I understand how all this works. Because quite frankly, we challenge you with some pretty countercultural ideas about money. And so we want to get you caught up.
So go do that. It's the Get Started button at RamseySolutions.com. All right, let's do what we're here to do is just encourage and coach people. Audrey's up next in Chicago, Illinois. Audrey, how can we help?
Hi. My husband and I – thank you for taking my call, first of all. Of course. My husband and I live in our home that we paid off about six years ago. And, um, shortly after that we purchased an apartment, um, because my daughter was paying ridiculous amount of rent in the city. So we thought, why don't we buy something and have her rent it? So she did.
So, um, I think we're about a little bit over halfway, uh, done paying that. And, um, late last year I lost my job and we purchased a property. that we wanted, um, for planning towards our future, which, uh, for our retirement, um, because, um, we live in the Midwest and it's cold. So we want to go somewhere warm because, um, I have some health issues.
So anyway, long story short, I'm wondering if we would be better off selling the apartment that we have the condo and. having less debt because now I feel like I'm not used to having any debt. And so I'm wondering if we have taken on too much.
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Chapter 2: Should we sell our rental properties?
And how, how much do you guys make a year?
Well, before it used to be 200, but now it's cut in half because I don't, I'm not working.
Okay. Okay. So one, so a hundred, a hundred grand a year.
Okay.
Yeah. Um, and how soon are you guys to retirement? How soon will you guys be actually utilizing this condo? Condo number two. Probably in like seven years. Okay, and you plan on... We didn't have the option to rent it. Okay, but you plan on using it within the seven years, but you think, will you be there full-time?
Will you sell the home that you guys currently have to go to this condo full-time, or will you keep both was your plan?
Well, we've thought about actually selling our house and then maybe getting a townhouse or something to not have to worry about the maintenance. But for now, with the housing market, I've been told that it's not to our benefit to do that. So we're fine in our house now, but I don't know what our plan is for the future.
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Chapter 3: What should we consider when our business isn't making enough?
Yep.
And then the other 130 is going to be due when?
Next, probably next summer.
Next summer. So a year from now.
Yeah. And we've been looking at options on how we're going to finance that, whether to do a HELOC or a, I think there are a couple of options, a HELOC or I forgot what the other one is called.
Man, Audrey, and how much do you guys have in retirement?
In my 401k, I have over a million, probably 1.2, I think. My husband probably is close to a million.
And your primary home is paid off?
Yeah, our property home is paid off. And sorry, you guys are how old? All the numbers, but it helps with the retirement and everything, taking it out. Oh, I'm sorry. I'm 54, and my husband is 57.
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Chapter 4: How do we manage our debt while planning for retirement?
Okay, so you guys are, yeah. And our... Our home is paid off. I mean, your net worth, your overall picture, Audrey, you guys can't afford this. I mean, you can, is what I'm saying. I just want you guys to be able to save and do what you can in the next year to be able to not only just cash flow this 130, but gosh, I would almost pay off this other apartment first.
I don't think they can cash flow it. If I heard you right, Audrey, you're not going to be able to cash flow this out-of-country condo. Is that right?
For the 130. I know, but when he turns 15, yeah.
I'm selling.
Which one? Condo A or Condo B?
I'm going to try to get out of Condo B. I think Condo B. I think you guys will have other options.
I know. That's my other thing.
So if they can't get their money back, I'm selling Condo A, and I'm going to pay off Condo B like it's my life depended on it.
With that. But if you can get out of Condo B, I would, Audrey, because in the next four years, you guys may even switch locations of where you want to be, considering it's an out-of-the-country destination. Yeah.
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Chapter 5: What are the implications of pulling from retirement for education?
Okay, Rachel, I've got a fun treat for you here. I don't know if you, I love the realtor.com, the Zillows. Oh, yeah.
Chapter 6: How can we effectively budget for our daughter's vet school tuition?
I always like looking at the local real estate market, largely because I want to see what the trends are doing. Yeah. And I get a little house itch every once in a while. I don't act on it.
But you see what's out there, Ken.
I'm known to get a little house itch. And, you know, some people look at cars all the time. I'm looking at houses all the time. And so this story got my attention, and I thought it would be fun for our audience.
Now, for our podcast listening audience, the radio and all that, you need to go to YouTube a little bit later this afternoon or later this week if you want to see this segment because we've got some pictures. This is a visual segment. And so I've got an article here in my hands. And the headline is Zillow Gone Wild. I love doing that sound. James hates it. That's partly why I do it.
Zillow Gone Wild broker make Jared Hewitt's Oklahoma City home listing viral.
Can I?
Yeah, go ahead.
Who's Jared Hewitt?
I don't know.
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Chapter 7: What alternatives exist to avoid student loans for education?
Is he anything other than the owner of this home? Do we know? Austin? Don't know.
We don't know. Okay, great. Okay, good. Just double checking.
But I love that you asked that.
voice-over actor that worked for Disney Channel. Okay, good for Jared, and he's done quite well. Well done, Jared.
He's done well. So this has gone viral, and I guess it was posted on Zillow Gone Wild, and that's a site, I guess, and it featured this home. It's got five bedrooms, five baths, and magic in every room. I don't know who wrote that, but that's kind of interesting. I got questions. It's listed for $1,593,000 or, Rachel, $2,450,000 if you keep the furnishings.
So close to another million with the furnishings.
Absolutely.
So anyway, this realtor says- Do we know how big it is?
I don't see square footage.
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Chapter 8: How do we balance financial obligations with family support?
4,800 square feet. Almost 5,000. Okay. Yeah. All right.
So there you go. All right. So can we show the pictures, guys? Here we go. Wow. Now that looks like the dining room to me.
So, so unfortunate. And there we go.
I will tell you that I'm immediately feeling dizzy.
I know.
I have a hint of dizziness. Look at that living room.
And can we just talk about the filter on these pictures that really brings out the primary colors, Ken?
See, it needed someone of your ilk to explain that to me. I would have thought that's what it looks like. You're saying that's a filter?
No, no, it probably looks like it, but you can tell it's an exaggeration.
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