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Chapter 1: Should I buy land to live in a camper during college?
Live from the headquarters of Ramsey Solutions, broadcasting from the pods, moving, and storage studio, it's The Ramsey Show, where America hangs out to have a conversation about your life and your money. I'm your host, Jade Warshaw, joined to my right by Dr. John Deloney. Give us a call. The number is 888-825-5225. Hey, I just realized something, John.
We're no longer building actual amazing relationships.
We were. It just depends on who's reading it. We're doing all those things. You've got calls about money, mental health, marriage, your work, whatever you got going on. We got you.
I like that. I like this, hanging out to have a conversation about your life and money. That's great. Works perfect. All right, Sarah, you're first up to have a conversation about your life and your money. What's going on in Orlando, Florida, Sarah?
Hi, how are you guys?
Doing good. How are you?
I'm good. I'm good. So I am a college student. I am halfway through school in my journey to get a bachelor's degree. And I have a paid floor camper that I am bringing down from Illinois to live in. I am moving out of a very horrible renter's situation. Okay.
And my question is whether or not to buy a property and put like what I would pay for rent into a piece of land that like doesn't, it's undeveloped and live on the camper in the camper on that land. or to continue renting a camping spot at a campground.
Let's see.
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Chapter 2: What are the 5 signs that you'll never be rich?
Let's work through this here. Let's find out. I mean, I'm biased towards a certain thought, but I don't want to go there yet until I unpack it, John. Right? So let's go through it. Do you have any money? That's the first question. Like, are you in debt? Let's walk it through.
All my all my school is paid for by a full ride scholarship. Sweet. Yes. So I have no worries about college, all books, all college tuition. Everything is paid for in that situation. Basically, I only have paid for. Yes, camper's toilet paper. I have no debt. I don't even own a credit card. Love it. I'm a Dave Ramsey baby. Sarah! I was raised on Dave Ramsey.
Sarah! Hold on. You can't be all the way a Dave Ramsey baby because he has a thing in his soul about living in campers.
Yes, he does. Oh. Because they drop like a rock.
When you said you had a horrible living experience, was it in the camper?
No, no, no, no.
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Chapter 3: Why is it important to separate business savings from personal expenses?
It was in a renter's situation. So... Currently, my renting situation kind of... The fact of the matter is I don't have a kitchen and I barely have a bathroom in my current renting situation.
Okay.
And as soon as this lease ends, I'm out.
You're out of there.
Bye, Felicia. Okay, but have you...
Just because you had one bad rending situation doesn't mean another one is going to be equally bad. Right.
Because you've basically chosen murder and murder as your other two options. I'm going to get a camper and move to raw land in the woods, or I'm going to move into a campground and cross my fingers.
When did you get the camper?
About six months ago. So you've had it. I've lived in a camper before. I've lived in two other camping type situations. And personally, I love it. Like I'm a handy person. I work on my own car. My dad's a mechanic. My adopted dad was an electrician, so I'm very handy. I've learned a lot of things about how to be self-sufficient.
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Chapter 4: How should I decide whether to sell my car and buy a cheaper one with cash?
It's not bad.
And especially if you love that lifestyle, but hear us when we say, please don't buy it. Just rent it.
Yeah, don't buy land. What are you thinking about buying? Just because I've got to know because you sound incredible.
In my thought, like I've done all the numbers. I'm a numbers person. My degree will be in business. So I wanted to buy an acre, put electric and water on land, the property for a camper and then possibly build like two or three other spots to rent to people in the area. Cause camping is huge in Florida. Like that's like the retiree lifestyle. I think that's the market is very big for it here.
And then you're amazing.
You've got to help pay for them. Like I'd want to pay the mortgage off in like less than two years.
How much does it cost to put a well on property?
About $20,000.
Are you confident in that? Cause my neighbor just put one in for 45,000 and they missed and they didn't do it again.
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Chapter 5: What financial advice do Jade and John give to college students?
The way that you're thinking is wonderful. I think that, again, for now, renting is the way because you're still halfway through school. You've got a lot on your plate. So let's not... Let's just do one thing at a time. And I love that you're paying for school. I love that you're in such a cash positive position with your money. No debt. You've got the savings. Look for a great place to rent.
And I know that you could even look for folks like Private Land and contact those folks and see if you can...
you know rent their land for a while the renting situation is a private like um that's all i've looked into it okay great and and then i like i feel like you're already a student of this but keep being a student of how this works and that way when you're ready if you decide in two years or whatever that you still want to move forward with this purchase of land and you know create all this stuff then you're even more confident in it in in that endeavor so
So here's kind of the principles or the values in order. Get out of school without owing anybody anything. And don't take the risk proposition right now versus the reward. The risk that you get in there and you get a mess, you get somebody that you rented out a property and they burn the place down or they end up being a lunatic or whatever. That risk... is not worth you getting out of college.
You have a Willy Wonka ticket. You've got everything paid for. Get out of college with 25 or 30 or 40 grand in the bank with no debt and game. Like you are already launched out of the system. And like Jade said, keep doing your research on this because I think this is in your future. I'm confident. The reason I'm being super nice to you is I'm fairly certain I'm going to work for you someday.
You are so far ahead of where I could ever be when it comes to entrepreneurial spirit and already figuring stuff out. That's amazing. Your parents did a great job. So, so good. But yeah, principle number one, get out of this thing debt-free. Just get out of school.
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Chapter 6: How can I build wealth at any age?
No risk. Don't go bananas. And then principle two is start investing in your future when you walk across that stage.
Woo! Sarah's killing the game. Man, and she knows the lingo. She was talking the talk, walking the walk. Proud of you, Sarah. I can't wait to see. Man, you're going to really be an influential business person, land owner one day. I love it. She's a boss. This is The Ramsey Show. Hey, what's going on, guys? This is Jade. You're listening to The Ramsey Show.
I'm joined by my host, co-host, Dr. John Deloney, mental health extraordinaire.
That's probably a bit of a stretch.
What?
No, it's not.
No, you know what you're talking about. And so that's why if you're listening and you have a problem, it could be money related. It could be relationship related. It could be a little bit of both. Be sure to give us a call. The number is 888-825-5225. We want to listen and we want to help you sort it through whatever it may be. And speaking of sorting through problems, John, this right here,
You guys, you know, we always get articles that come through our email or, you know, sometimes the show producers are like, guys, you got to look at this. This article right here is something definitely worth talking about.
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Chapter 7: What are the risks of buying land versus renting?
Just the title alone, like made my ears perk up. It says five signs that you will never become rich one day. It ain't happening. Basically, if you fall into some of the categories that are listed here and it sounds funny to say, but it's actually pretty serious. So let's Let's just kind of work through these five, John, because I feel like this is, I mean, it's accurate.
How do you know that you will never be rich? Number one, you have a victim. Let's go through it first. You have a victim mentality. Two, saying money is not important to me. Three, you love to spend more money than you make. Four, you have a scarcity mindset. And five, you're obsessed with being the best in your business. You're not obsessed with being the best in your business.
So let's break it on down here because I know the two that stood out to me that I've struggled with.
What's that?
The struggle is you have a victim mentality. I hate to say a lot of these. You say that money is not important to me because I grew up with that. Like, oh, oh, I don't want to be a millionaire. You know, if you have a million dollars, I mean, that's just going to change who you are. And we don't need that. And rich people are like this and rich people are like that.
And it's kind of like you negative your way out of that. You make something that's great sound so terrible, who would ever want that?
There's an old Methodist minister in Texas that says the most offensive word in the English language is they. And when you grow up with those people with that kind of money are them, it creates this little false cocoon around them. We don't like that. Yeah.
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Chapter 8: How can I manage my finances effectively as a small business owner?
Right. Yeah. And that's a great recipe for sitting right where you are forever.
Well, and it goes both ways because you can paint those people to be like these horrible people, like, you know, just mean rich people or evil. Yeah. Greedy old rich people or which I also saw this growing up is they're just. the people on the hill, like they're sparkly and shiny and perfect.
And they had all this opportunity and there must be like this special gleam about them and that's how they got it. And we're not those people. We're not the people who invest.
We didn't get lucky.
Yeah, we don't wear a suit and tie to work. We don't carry a briefcase. And so we don't invest and we don't build wealth. And if we do, we don't talk about it because I never heard about it.
so that for sure and then the victim mentality of it and it goes hand in hand because it's like if only they would have done that then i could have had this or if only they hadn't have done that i could have had this and at some point you just got to leave that by the wayside and go hey that just was what it was and now it's not about what happened it's about what happens next and i get to decide what happens next
Well, and I remember looking at, I mean, you had more. I remember looking at six figures of student loan debt, and my first thought was what they did.
Heck yeah.
I signed my name to that paper. Did I fully know what I was getting into? No. I signed it, man. And I can sit there and stare at it and yell and scream at what they did, or I can get about solving the problem.
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