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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. Jade Walsh, our Ramsey personality, is my co-host today. Open phones here at 888-825-5225 as we talk about you right in front of you. Wayne starts off this hour in Canada. Hi, Wayne. How are you?
I'm doing great, Dave. Thank you for taking my call. How are you doing today?
Better than I deserve. What's up?
Oh, Dave, I'm a little bit nervous here, but we're going to get it out. Anyways, we had purchased one vacant lot. Again, just a vacant lot, lakeside, beautiful property. I ended up subdividing it, splitting it, putting it on the market. It's going to come on two years, probably October, end of this month, sorry, not quite two years.
And again, we've had a little bit of an issue with that property being on the East Coast. Of course, we've had a hurricane, then we had a fire, then we had another hurricane, then we have interest rates, and we're struggling. Nothing's moving, of course, in the market there, and then where I am too also as well.
We do have a loan on that property, and again, we're just paying the interest only on it. Again, we have an appointment with our accountant, but our accountant isn't a real estate person, and then our real estate person isn't a money person like yourself, Dave, so I would just like some advice on that. I could give you kind of a rundown of what we have.
Wayne, you're in the perfect place. I'm an expert on my opinion. All right. So how many lots did you end up with subdivided?
One lot was 5.2 acres. Another one is 7.2 acres.
So two lots. So you bought a 12-acre tract and split it. That's right. Okay. And what are you asking for the lots?
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Chapter 2: How do I handle issues with my vacation property?
Congratulations. Approaching $4 million net worth. Well done at 59 years old. Ding, ding. Score. You're not bankrupt. You make $425,000 a year. You can survive this. So this is a philosophical money discussion almost, meaning that you have enough money that you really can't screw this up either way. You follow me? Correct.
I mean, you can ride it out and sit on it and pay the interest, and someday it'll sell. Or you could cash out enough to pay off your house and pay off the lot, be 100% debt-free, and be $1.2 million less in investments.
But now you've transferred your investments into your personal residence and into some lake lots, and that way you're not a motivated seller anymore because you almost sound like you're emotionally motivated. And let me tell you, there's only one time you make money in real estate, and that's when you sell it. Correct. So when you sell it, you cannot be a motivated seller.
And sometimes you can be motivated by finances, but other times you can be motivated by disgust, like three hurricanes of fire and interest rates. Correct. Like, crap, my plan to clear this lot by splitting this off and selling the other one was such a good plan. Crap. That's a motivated seller. You follow me? Yes. Am I wrong? Nope. Okay.
I think the way you make money in real estate is you chill. And the best way to chill is just reach over and pay that sucker off. And while I'm at it, I'm going to go ahead and pay my house off.
Was the plan, Wayne, for you to sell those two vacant properties to grab the $700,000 so you can buy the attractive land that you want to keep?
No, when he sells off the other lot, it sells for $900. Yeah. And it's going to pay off the $700. He's going to clear the first lot.
But he's also got two other vacant properties.
They're just an independent issue. You can sell those if you want to.
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Chapter 3: What advice is given for dealing with debt collectors?
You owe the money. You lost.
Right.
You owe the money. You didn't pay it. You lose. Ding. Okay. Now, then can we settle it for less? Well, sure. It's $3,000. They can't collect it in Texas. So, of course, you can settle it for less. And you can do that with all of these, by the way, and next time don't use a lawyer. What did you pay the lawyer? $750,000. Okay. I sure hope he gets $750 off the balance, at least earns his keep.
I don't know how he took your money in good conscience, but all right.
Now, the main thing I worry about is, like, because I've heard that, you know, I understand they can't charge my wages, but they could, like,
take it from my bank account not unless you give them the not unless you give them access to your bank account well i mean they can take a lean on it in texas that's true well don't keep if you got a bunch of money in your bank account i guess we'd pay the bills huh yeah i mean i really don't at the time but at the current moment but you know working on this here and building up you know that no i'm just saying i'm just saying that if there's ten thousand dollars in your bank account you wouldn't have called me
Yeah. So you don't have any money in your bank account, so it's not a big fear. Yeah. Okay. Okay. So anyway, what we've got to do is a get organized and get a very detailed plan and B let's prioritize. First thing is house is paid our food, then house, then lights and water, then car. Are you behind on the car? No, no, no. Good.
Stay current on the car, go to work and we're going to get you on an every dollar budget with Jade and put you in one of her webinars. When's your next webinar?
Oh, gosh. It's not until November.
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Chapter 4: How can I financially prepare for a baby?
Use the EveryDollar app and get your crap together and get this mess cleaned up. Jade Walsh, all Ramsey personalities, my co-host today. Open phones at 888-825-5225. Ryan's in Green Bay, Wisconsin. Hey, Ryan, how are you?
Great, and yourself?
Better than I deserve. What's up?
Hi, so me and my wife are on baby step six right now. And my dad's uncle recently approached us about buying a 40 acres up on our family land up north. And we're debating if it's worth going back to baby step two or not.
So you're saying that you would go back into debt to get this land as opposed to pay off your current home? For sure.
Correct, for a short period of time.
How much is the land?
$40,000, $1,000 an acre.
And where is it? How far away from you?
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Chapter 5: How can I handle my finances in light of world events?
It's a disaster. Yeah. It's all of those things. But is it going to affect Rachel in Missouri? No.
No.
Yeah.
Other than pray for peace in Jerusalem.
Yep, other than in the way that we can show compassion.
That's all you can do.
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Chapter 6: What strategies can help with managing excess income?
Hey, thank you. Thank you for your question, Rachel. Open phones at 888-825-5225. By the way, there's lots of information on the stock market history that is very intriguing when you dig into it. One piece of information I saw in one of the brochures one time is if you had invested at the worst possible day,
in the stock market in the last five years, and you did that every five years, you would have so much money.
The worst possible day, yeah.
Because you were buying at the bottom.
Yeah, cheap.
And you say, okay, this is the horrible thing that happened.
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Chapter 7: How should I approach paying off my fiancé's debt after marriage?
Right after 9-1-1, if you had invested, right? If you had invested after Black Monday in 1987, which the market just dove like 20% in one day. It was crazy. It was a weird day. If you'd invested on the worst possible days, if you'd invested at the highest possible days, how much money you'd have. And it's still a lot of money.
Something.
Something. So the point of the chart or the illustration is keep investing, keep investing, keep investing. The only people that get hurt on a roller coaster are those that jump off in the middle of the ride.
Chapter 8: What are the benefits of budgeting and saving for emergencies?
This is The Ramsey Show. Jade Walsh, our Ramsey personality, is my co-host today. Derek is in Salt Lake City. Hi, Derek. Welcome to The Ramsey Show.
Hi, Dave. Hi, Jade. Hey, what's up? Hey, um, I'm getting married in less than two months.
Congratulations.
Well, thank you very much. Um, she has about $23,000 of consumer debt. I do not have any debt outside of my mortgage. So my question to you is, should I stop baby steps four or five and six and save up to be able to pay off her debt after the wedding? Or should I continue four or five and six till after the wedding?
So you don't have 23,000 cash now?
I do, yes.
Okay, why would you need to save up then?
I'm currently finishing my basement, and so I'm doing that debt-free, and so I'm only going to have about 15,000 left.
And is she contributing any to this 23,000?
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