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. Hips. Thank you for joining us, America. We're so glad you're here. Open phones at 888-825-5225. Number one best-selling author and Ramsey personality, Jade Warshaw is my co-host today. Thanks for being with us. Alyssa is with us in Dallas, Texas. Hi, Alyssa. How are you?

Good. How are you, Dave?

Better than I deserve. What's up?

Big fan of yours. My husband and I are on Baby Step 6, but I needed your advice with my step-daughter. So The situation is back in April, I planned a family vacation, went to the cabin, and I wanted my husband's family included. There was about five families total. I also wanted to include his 30-year-old daughter She has an eight-month-old son. It was $2.70 per family because my mother-in-law paid for the majority of the cabin. His daughter had paid me $1.70, leaving a remainder of $100. Five days prior, she kept asking how to budget for the trip. I felt like she was trying to get me to offer to pay for the remaining $100 and plus the expenses that she was asking about. I didn't offer, so she told me to keep the $1.70 and that she couldn't afford to go because she had to take off work from being sick the week before. I told her, okay, and then that I hope she could come. Then she asked me if I would ask the other family members to pitch an extra to pay for the 170 she already paid me. I asked them. They said they didn't feel like they owed her.

Then she asked if I would pay her the 170. I asked my husband. He didn't feel like we owed her because I brought up to her the fact that she had paid-Let's It's his daughter, right? Yes. Okay.

How long have you been married to him?

Two years. Okay.

He didn't think his daughter should get a refund?

No, because this is what she's really mad about. I brought up the point that she had spent money on other things, like a plane ticket and to go be in a friend's wedding and the Ozempic weight loss shot. Then from there, after she figured out, we didn't really feel like we owed her the money, she went off on me, my husband.

This is really toxic on both ends, by the way. Okay. I could tell this is a toxic relationship. You guys are just tit for tatting. Am I wrong? Because what she's spending her money on is none of your business. None of your business. Yeah. But you're bringing that up as she's asking for this. Here's the thing. She needs the money. That's why she's asking for it. She figured out, Hey, I can't go on this trip. I can't afford it. I'm glad she did. You don't owe it to her, but if you could get it to her, is it really hurting anybody? Because it's not Do you see what I'm saying?

Is it hurting anybody? It feels like this is more about all the things that have happened in the past with her than this actual event.

Yeah. There really wasn't anything in the past.

She had- That's not true.

Yeah. Well, she told me she was struggling. She couldn't make ends meet. But then we see the way she spends.

I'm talking about for the last eight years, her dad has observed her misbehavior, and He's like, I'm not chiming in on that. No refund. Independent of you.

Right.

I'm thinking this is about the past more than it is the actual situation itself. It's her pattern of living that nobody, the other family members, including your husband, wants to endorse. You're new to this problem. Only two years have you been observing this dysfunction.

Yes.

You're not in a seat to give her advice about her spending, obviously, because she didn't take it. All she took was offense because you're not sitting in a seat of love or a seat of respect or a seat where she's asking and values your opinion. She simply wanted her money back, and you started teaching her about her money. Wrong. That doesn't work. That pissed anybody off, by the way. That's unsolent. My grandmother used to say, Those against their will are of the same opinion still. That's what you were trying to do. I don't think you owe her the money back, but you do probably owe her an apology for interfering in her life. You went there. I mean, if you wouldn't have spent money on this and this and this, you could have come. You did your bridesmaid thing in the drugs. No, just Leave it alone and go on and just go, We've looked at it and we don't want to pay you. We don't want to do this. It's not that much money.

Well, that's the thing. You said it's five families going. Essentially, if we run this backwards, what you're saying is that if she hadn't agreed to go, nobody would have agreed to go. Because that's saying, Well, if she doesn't pitch in her 170, the rest of us can't go.

No, they just didn't want to refund her because of the way she acts. I get it. We really don't blame them for that.

She didn't ask us. She said, When she said, She told me to keep the 170, and then she asked me to ask them. Then she said, Well, I'm not paying you the 100 I owe, and you owe me the…

It was just more of a… Then it got ugly. I wish you would have been that.

It was entitled. Yeah.

She said, Then you pay me the 17. I wish it was more like, Hey, I'm struggling. I can't do it. Can't you? Then I would have been… Because I've been very generous with her in the past, and I'm really easy to sucker, but you got to sucker me. Don't say, I'm not paying you, you owe me.

Sucker me, don't sucker me. Don't entitle me.

I guess my son- I don't disagree with you.

I don't disagree with you on that. If she comes at you, she bought 178, is what she bought. I don't disagree with that at all. The only thing is that it feels like there's all these other family members that she's on the outside edges of the rings of this family already. She already feels like an outsider, and this just drove a stake in that. It feels like just listening to the story. I don't know. None of it sounds like it's worth $170 to me. Right.

I just want to make sure they weren't holding it for spite. You told us this, and this is what you do, and so we're going to hold it.

I think her dad said, This is a pattern of hers. She pulls this crap all the time. We're not playing. You put the deposit up and play adult games get adult results. I don't think he just said enough. I mean, it's her dad. That is true. If it's a stepmother, you could think maybe, Well, maybe there was some more spite. But I think dad just looked at it and went, Yeah. The other family members are like, I have no responsibility for her. Of course, I don't. It's true, man. You all drive a hard bargain. It lands back on Alyssa. Then when she came at Alyssa, Alyssa went back and went, Yeah, but you bought an airline ticket. That's true. You got this prescription and you got these other It means you could have... It's a matter of choices, and you're making bad choices. Tone matters. But I think the girl… I think you're right. The girl's hurting financially, and she's not very good at relationships.

Yeah. All the tones were off on this one. If she had asked in a better tone if it had been received. I feel like tone is what messed up this whole transaction.

And patterns of living that I'm not going to give a drunk a drink. That's true. I'm not going to reward this continual flightiness and their responsibility impulsiveness. I'm not responsible for your lack of maturity. That's her dad. I can hear it in my head. This is the Ramsey Show. Don't rely on politicians or the healthcare system to do what you can do for yourself. We teach personal responsibility on the Ramsey Show, and that's why I'm excited to tell less, I'm going to say she doesn't have a vote. But if she becomes your wife, there is a vote. I still think that she would be incorrect. You do need to work, but at least- She gets a half a vote because she's the mother of your child.She gets a full vote because she's your wife. She gets no vote if she's a girlfriend. As a matter of fact, it puts her in jeopardy if she's telling me I can't go succeed. We might put her on the street in that case. For real? I'm not hanging out with somebody telling me not to win.No, thank you. I do think he needs to clarify. He's not talking to have a party later. He just wants a piece of paper. If a guy says, Listen, I want to marry you tomorrow, I'm saying yes, so that we can go into this with the right relationship, with the right protection in place. No one even knows you have the 60-year-olds that are healthy, how many die in a year?Then you can back into the mathematics and say, Here's what it costs me to provide life insurance if I'm a life insurance company to a 60-year-old. That's a statistical table. Does that make sense? You do the same thing if you're opening an extended warranty on a car or a home warranty or anything like that. You say, All right, I'm going to cover brakes, drive, train, engine on... What's your car, Aaron? What are you driving?A 2012 Ford Fusion.Okay, a 2012 Ford Fusion. If I cover 1,000, 2,012 Ford Fusions, my cost on average of the things I cover, the number of people out of 1,000 that are going to bring me claims when their car breaks down, my on average is going to be X. That X is somewhere around 12 to 15% of what they're trying to charge you for an extended warranty. Meaning that law of averages, you could break down twice as much as average and still spend half as much as you pay for the warranty. Wow. That's the actual mathematics.That's crazy. What if you just took that money and threw it in a high-yield savings account?And built you an emergency fund. Look at that. And up your budget for car repairs if you're running the wheels off your car. Yeah, 100%. Yeah, you're going to have to literally put wheels on the car, tires. You're going to have to put brakes on the car, and you're going to have to run more oil changes, and you're going to have more and more miscellaneous odds and ends. More than anything else, though, Aaron, you're losing value in the vehicle because miles cost you value. So you run the miles up, you're deteriorating your value very rapidly. And that's an unseen force that doesn't hit your checkbook until you sell it. But you put 200,000 miles on this car, you trashed its value. And that's the dirty little secret of DoorDashing. It's true. This is the Ramsey Show.This show is sponsored by Betterhelp. This is Deloney, and I'm always railing against social media, especially in the summer, because everyone uploads the highlight reels of their perfect bodies and perfect vacations and perfect kids. I know they're not real, and I also know that I'm blessed beyond my wildest dreams, but I still find myself wishing my life was like other people's. Based on the data, I know this is happening to you, too. Comparison is wired into us, but comparison can also become the thief of joy because we can feel like we're not enough and begin acting and thinking in ways we would never think otherwise. When all gets to be too much, think about contacting Betterhelp. Betterhelp is 100% online therapy staffed with licensed therapists. It's convenient, flexible, and suited to fit your schedule. By the way, therapy isn't just for those who've experienced major trauma. It's for all of us who are ready to get out of the comparison spin cycle and find our own peace and joy in the life we're creating. Stop comparing and start focusing with betterhelp. Visit betterhelp. Com/delonie today to get 10% off your first month. That's betterhelp, H-E-L-P.Com/delonie.Jade Walshaw-Ramsey, personality is my co Host, Matt is in Miami. Hi, Matt, how are you?Hey, Davey, I'm doing better than I deserve. How are you?Better than I deserve, sir. What's up?Well, I'm glad to hear that. I'm in a little bit of a situation here. I am following your baby steps, and I currently have about 10,000 in debt in my car, and I'm planning to pay that off soon. But I'm thinking about the next baby step, which is just trying to pay the house off as fast as I can. So with that said, what is my situation right now? I have about $50,000 in the stock market, and that $50,000, I'm using the stocks that I have to put covered calls on my stocks. Therefore, it generates me about $2,000 a month being very conservative. And I'm a little divided because I can put that money back into the stock and make even more, put more contracts onto that stock and make more money, or I can direct all that premium that I receive for the stocks towards the payment of the car in the house. I I'd like to get a perspective from you what would be the best way to go about that.I don't think you have any concept of how much risk you're taking. Okay. You've hit with your covers. You haven't had a problem yet. As soon as you miss one of those covers, you're going to realize that 2,000 is not your worst case scenario. Conservatively, a negative 10,000 is your worst case scenario. You're playing dice in Vegas, and you feel like you're taking no risk at all because you think you've got it figured out.Yeah, you left out a very important word and a very important side of the equation. You said, I can make. You didn't say potentially, and then you didn't say what could happen if you lose out.Yeah, if you miss the cover, if you miss the call, if you miss your numbers, you know what I'm talking about. You can get upside down as fast as you can get right side up here, brother. Statistically, 78% of the people who day trade stocks lose money. That's eight out of 10. Okay. I do not Day Trade stocks. I don't do puts, I don't do calls, I don't do options, I don't do covers, I don't do commodities, I I don't screw with any of that stuff. I like the money that I earned too much to put it that much at risk. No, thank you. I also don't play the roulette wheel in Vegas. They're all right there about the same level. What would I do if I were in your shoes? I If you sell the $50,000 in stock this instant, pay off your car, build your emergency fund, make sure you're putting 15% of your income into retirement. But Matt, you're like the guy who walked through the lobby of the of the casino and dropped two quarters in and hit.Yes.You end up putting your whole freaking paycheck back in trying to replicate that bogus luck that you had that wasn't luck at all. It was them playing you. You haven't bled yet from this. I can tell because you think it works every time. It doesn't work every time, dude. I promise you, that's not how that business works. You're risking and risking and risking and risking and risking and risking and risking and risking and risking. With money you don't have, really, because you're broke. You got $10,000 in debt, you don't have an emergency fund. If you got $2 million in networth and a bunch of money laying around and you want to goof off with 50 grand and screw around with it on the roulette table or screw around with it doing day trading, go ahead. I got a friend of mine that does that. He thinks it's entertainment. I don't.You don't do anything.I'm doing anything. I I do not own a single, single stock. That's so cool. If someone handed me one today, I would sell it. I love it. It's because I'm such a nerd, I know the probabilities. I know that the moment I start thinking I can do a better job than a billion-dollar mutual fund at analyzing stocks, the instant I think that is the instant I'm wrong. I just don't do it. Consequently, I've got a lot of money because I don't lose it all the time. That's the deal. Matt, I hope we're giving you a little something to think about. I don't know if we are or not, because I don't think you're in a very good place to hear this because you're at the stage where you think you've got it figured out and everybody else is dumb. That's a bad stage to be in. That's right before you lose a bunch of money. I hope I can just scare you a little bit, and you'll go ahead and stay away from this, but I don't know. Usually, you got to lose some to figure it out. At least I lost five grand on a gold option.I took an option position on gold back before I went broke. I had a lot of money flowing in. I was in my 20s, and a buddy of mine came to me and he goes, Hey, this guy has been picking these gold prices. We'll set our option number. If you all don't know how option works, I had the option to buy the gold at X, and if it was above that, that option was going to go 10X. I would have made 50 grand off that It's a 5 grand, okay? If the option number doesn't go above that, you lose 100% of what you put in. I don't get five grand back. I either get 50 grand or zero. But this guy hit 12 times in a row. He predicted the option prices. Me and my genius beer drinking buddy decides we've got this thing figured out because this guy's got it figured out. We're going with this guy because he's got a pattern going. He's got this thing figured out. Bull crap. I put five grand I signed up, and you know where this is going. Yeah, I lost it all. I lost the five grand.But I have a rule. I don't do stupid stuff two times. I only do stupid stuff once. Fair enough. I've already got that one out of the way. That's fair enough. That one's out of the way. I don't ever have to do that stupid thing again. Then I get to tell Matt, Please don't do it.Well, I always say there's dumb decisions. There's two types of dumb decisions. It's the dumb decision that you're like, Hey, this is my first rodeo. I didn't know any different. I tried what I thought could work, and I was wrong. I learned from it. Then you've make some money to justify the expense that both of you went to. This is the Ramsey Show. There aren't many places you can save hundreds of dollars a month and still give you great service, especially with health insurance. That's why Health Trust Financial is the only health insurance company Ramsey recommends. Health Trust Financial objectively compares the top health insurance providers to meet your needs and budget. Remember, the service is free and there's no commitment. Go to healthtrustfinancial. Com. Healthtrustfinancial. Com. Buying a house in this weird real estate market is weird. Selling a house in this weird real estate market is weird. If you want to navigate weirdness with one of your most expensive, if not your most expensive asset, you probably need a pro in your corner who's done it before.Not your aunt Sally, who got her license to sell real estate three weeks ago because she thinks it's fun. No, no. Sorry, aunt Sally. You want a pro who's high octane chain, high protein that does hundreds, if not close to 100 transactions a year. That's the only way you would get to be a Ramsey-trusted real estate agent, an endorsed local provider. There's thousands of them across America that we have vetted. We've done the due diligence on them. They're the people that get her done. They leave the cave, kill something, and drag it home, baby. If you want that real estate agent in your corner to help you buy or sell, just go to Ramsey ramsolutions. Com/agent to find a Ramsey-trusted real estate agent for free. Pedro is with us in Chicago. Hi, Pedro. How are you?Hey, doing good, David. It's an honor.Honor to speak with you, sir. How can we help?Okay, so I'm about to remarry my first girlfriend, the mother of our three growing for that family is when you're in a situation that's tough like that, you got to be tough. You got to throw your shoulders back and go to work, even if it's not pleasant, to take care of the pregnant wife and to take care of the mortgage that you can't afford until you get the house sold. I don't care if it's pleasant. I don't care if it's toxic. I don't care if your boss is a jerk. I just don't care.You signed up for a crappy trip and you get to ride the roller coaster of a crappy trip. It's not forever. It's for a few months so you don't bankrupt your family. Because this one episode, this four months long right here, may take them a decade to recover from. I know. It just hurts me. It just hurts my soul. That puts us hour of the Ramsey show in the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with the Prince of Peace, Christ Jesus. If you're a leader, your personal growth matters for your organization because whatever you lead can only grow as much as you do. I know from experience, I've been CEO of Ramsey Solutions for over 30 years, and now I'm sharing that leadership and business coaching experience with you on the Entree Leadership podcast. I'm taking your calls and helping you figure out how to overcome challenges within your organization. One episode could change your business. Check it out on Apple, Spotify, YouTube, or on the Ramsey Network app.

less, I'm going to say she doesn't have a vote. But if she becomes your wife, there is a vote. I still think that she would be incorrect. You do need to work, but at least- She gets a half a vote because she's the mother of your child.

She gets a full vote because she's your wife. She gets no vote if she's a girlfriend. As a matter of fact, it puts her in jeopardy if she's telling me I can't go succeed. We might put her on the street in that case. For real? I'm not hanging out with somebody telling me not to win.

No, thank you. I do think he needs to clarify. He's not talking to have a party later. He just wants a piece of paper. If a guy says, Listen, I want to marry you tomorrow, I'm saying yes, so that we can go into this with the right relationship, with the right protection in place. No one even knows you have the 60-year-olds that are healthy, how many die in a year?Then you can back into the mathematics and say, Here's what it costs me to provide life insurance if I'm a life insurance company to a 60-year-old. That's a statistical table. Does that make sense? You do the same thing if you're opening an extended warranty on a car or a home warranty or anything like that. You say, All right, I'm going to cover brakes, drive, train, engine on... What's your car, Aaron? What are you driving?A 2012 Ford Fusion.Okay, a 2012 Ford Fusion. If I cover 1,000, 2,012 Ford Fusions, my cost on average of the things I cover, the number of people out of 1,000 that are going to bring me claims when their car breaks down, my on average is going to be X. That X is somewhere around 12 to 15% of what they're trying to charge you for an extended warranty. Meaning that law of averages, you could break down twice as much as average and still spend half as much as you pay for the warranty. Wow. That's the actual mathematics.That's crazy. What if you just took that money and threw it in a high-yield savings account?And built you an emergency fund. Look at that. And up your budget for car repairs if you're running the wheels off your car. Yeah, 100%. Yeah, you're going to have to literally put wheels on the car, tires. You're going to have to put brakes on the car, and you're going to have to run more oil changes, and you're going to have more and more miscellaneous odds and ends. More than anything else, though, Aaron, you're losing value in the vehicle because miles cost you value. So you run the miles up, you're deteriorating your value very rapidly. And that's an unseen force that doesn't hit your checkbook until you sell it. But you put 200,000 miles on this car, you trashed its value. And that's the dirty little secret of DoorDashing. It's true. This is the Ramsey Show.This show is sponsored by Betterhelp. This is Deloney, and I'm always railing against social media, especially in the summer, because everyone uploads the highlight reels of their perfect bodies and perfect vacations and perfect kids. I know they're not real, and I also know that I'm blessed beyond my wildest dreams, but I still find myself wishing my life was like other people's. Based on the data, I know this is happening to you, too. Comparison is wired into us, but comparison can also become the thief of joy because we can feel like we're not enough and begin acting and thinking in ways we would never think otherwise. When all gets to be too much, think about contacting Betterhelp. Betterhelp is 100% online therapy staffed with licensed therapists. It's convenient, flexible, and suited to fit your schedule. By the way, therapy isn't just for those who've experienced major trauma. It's for all of us who are ready to get out of the comparison spin cycle and find our own peace and joy in the life we're creating. Stop comparing and start focusing with betterhelp. Visit betterhelp. Com/delonie today to get 10% off your first month. That's betterhelp, H-E-L-P.Com/delonie.Jade Walshaw-Ramsey, personality is my co Host, Matt is in Miami. Hi, Matt, how are you?Hey, Davey, I'm doing better than I deserve. How are you?Better than I deserve, sir. What's up?Well, I'm glad to hear that. I'm in a little bit of a situation here. I am following your baby steps, and I currently have about 10,000 in debt in my car, and I'm planning to pay that off soon. But I'm thinking about the next baby step, which is just trying to pay the house off as fast as I can. So with that said, what is my situation right now? I have about $50,000 in the stock market, and that $50,000, I'm using the stocks that I have to put covered calls on my stocks. Therefore, it generates me about $2,000 a month being very conservative. And I'm a little divided because I can put that money back into the stock and make even more, put more contracts onto that stock and make more money, or I can direct all that premium that I receive for the stocks towards the payment of the car in the house. I I'd like to get a perspective from you what would be the best way to go about that.I don't think you have any concept of how much risk you're taking. Okay. You've hit with your covers. You haven't had a problem yet. As soon as you miss one of those covers, you're going to realize that 2,000 is not your worst case scenario. Conservatively, a negative 10,000 is your worst case scenario. You're playing dice in Vegas, and you feel like you're taking no risk at all because you think you've got it figured out.Yeah, you left out a very important word and a very important side of the equation. You said, I can make. You didn't say potentially, and then you didn't say what could happen if you lose out.Yeah, if you miss the cover, if you miss the call, if you miss your numbers, you know what I'm talking about. You can get upside down as fast as you can get right side up here, brother. Statistically, 78% of the people who day trade stocks lose money. That's eight out of 10. Okay. I do not Day Trade stocks. I don't do puts, I don't do calls, I don't do options, I don't do covers, I don't do commodities, I I don't screw with any of that stuff. I like the money that I earned too much to put it that much at risk. No, thank you. I also don't play the roulette wheel in Vegas. They're all right there about the same level. What would I do if I were in your shoes? I If you sell the $50,000 in stock this instant, pay off your car, build your emergency fund, make sure you're putting 15% of your income into retirement. But Matt, you're like the guy who walked through the lobby of the of the casino and dropped two quarters in and hit.Yes.You end up putting your whole freaking paycheck back in trying to replicate that bogus luck that you had that wasn't luck at all. It was them playing you. You haven't bled yet from this. I can tell because you think it works every time. It doesn't work every time, dude. I promise you, that's not how that business works. You're risking and risking and risking and risking and risking and risking and risking and risking and risking. With money you don't have, really, because you're broke. You got $10,000 in debt, you don't have an emergency fund. If you got $2 million in networth and a bunch of money laying around and you want to goof off with 50 grand and screw around with it on the roulette table or screw around with it doing day trading, go ahead. I got a friend of mine that does that. He thinks it's entertainment. I don't.You don't do anything.I'm doing anything. I I do not own a single, single stock. That's so cool. If someone handed me one today, I would sell it. I love it. It's because I'm such a nerd, I know the probabilities. I know that the moment I start thinking I can do a better job than a billion-dollar mutual fund at analyzing stocks, the instant I think that is the instant I'm wrong. I just don't do it. Consequently, I've got a lot of money because I don't lose it all the time. That's the deal. Matt, I hope we're giving you a little something to think about. I don't know if we are or not, because I don't think you're in a very good place to hear this because you're at the stage where you think you've got it figured out and everybody else is dumb. That's a bad stage to be in. That's right before you lose a bunch of money. I hope I can just scare you a little bit, and you'll go ahead and stay away from this, but I don't know. Usually, you got to lose some to figure it out. At least I lost five grand on a gold option.I took an option position on gold back before I went broke. I had a lot of money flowing in. I was in my 20s, and a buddy of mine came to me and he goes, Hey, this guy has been picking these gold prices. We'll set our option number. If you all don't know how option works, I had the option to buy the gold at X, and if it was above that, that option was going to go 10X. I would have made 50 grand off that It's a 5 grand, okay? If the option number doesn't go above that, you lose 100% of what you put in. I don't get five grand back. I either get 50 grand or zero. But this guy hit 12 times in a row. He predicted the option prices. Me and my genius beer drinking buddy decides we've got this thing figured out because this guy's got it figured out. We're going with this guy because he's got a pattern going. He's got this thing figured out. Bull crap. I put five grand I signed up, and you know where this is going. Yeah, I lost it all. I lost the five grand.But I have a rule. I don't do stupid stuff two times. I only do stupid stuff once. Fair enough. I've already got that one out of the way. That's fair enough. That one's out of the way. I don't ever have to do that stupid thing again. Then I get to tell Matt, Please don't do it.Well, I always say there's dumb decisions. There's two types of dumb decisions. It's the dumb decision that you're like, Hey, this is my first rodeo. I didn't know any different. I tried what I thought could work, and I was wrong. I learned from it. Then you've make some money to justify the expense that both of you went to. This is the Ramsey Show. There aren't many places you can save hundreds of dollars a month and still give you great service, especially with health insurance. That's why Health Trust Financial is the only health insurance company Ramsey recommends. Health Trust Financial objectively compares the top health insurance providers to meet your needs and budget. Remember, the service is free and there's no commitment. Go to healthtrustfinancial. Com. Healthtrustfinancial. Com. Buying a house in this weird real estate market is weird. Selling a house in this weird real estate market is weird. If you want to navigate weirdness with one of your most expensive, if not your most expensive asset, you probably need a pro in your corner who's done it before.Not your aunt Sally, who got her license to sell real estate three weeks ago because she thinks it's fun. No, no. Sorry, aunt Sally. You want a pro who's high octane chain, high protein that does hundreds, if not close to 100 transactions a year. That's the only way you would get to be a Ramsey-trusted real estate agent, an endorsed local provider. There's thousands of them across America that we have vetted. We've done the due diligence on them. They're the people that get her done. They leave the cave, kill something, and drag it home, baby. If you want that real estate agent in your corner to help you buy or sell, just go to Ramsey ramsolutions. Com/agent to find a Ramsey-trusted real estate agent for free. Pedro is with us in Chicago. Hi, Pedro. How are you?Hey, doing good, David. It's an honor.Honor to speak with you, sir. How can we help?Okay, so I'm about to remarry my first girlfriend, the mother of our three growing for that family is when you're in a situation that's tough like that, you got to be tough. You got to throw your shoulders back and go to work, even if it's not pleasant, to take care of the pregnant wife and to take care of the mortgage that you can't afford until you get the house sold. I don't care if it's pleasant. I don't care if it's toxic. I don't care if your boss is a jerk. I just don't care.You signed up for a crappy trip and you get to ride the roller coaster of a crappy trip. It's not forever. It's for a few months so you don't bankrupt your family. Because this one episode, this four months long right here, may take them a decade to recover from. I know. It just hurts me. It just hurts my soul. That puts us hour of the Ramsey show in the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with the Prince of Peace, Christ Jesus. If you're a leader, your personal growth matters for your organization because whatever you lead can only grow as much as you do. I know from experience, I've been CEO of Ramsey Solutions for over 30 years, and now I'm sharing that leadership and business coaching experience with you on the Entree Leadership podcast. I'm taking your calls and helping you figure out how to overcome challenges within your organization. One episode could change your business. Check it out on Apple, Spotify, YouTube, or on the Ramsey Network app.

60-year-olds that are healthy, how many die in a year?

Then you can back into the mathematics and say, Here's what it costs me to provide life insurance if I'm a life insurance company to a 60-year-old. That's a statistical table. Does that make sense? You do the same thing if you're opening an extended warranty on a car or a home warranty or anything like that. You say, All right, I'm going to cover brakes, drive, train, engine on... What's your car, Aaron? What are you driving?

A 2012 Ford Fusion.

Okay, a 2012 Ford Fusion. If I cover 1,000, 2,012 Ford Fusions, my cost on average of the things I cover, the number of people out of 1,000 that are going to bring me claims when their car breaks down, my on average is going to be X. That X is somewhere around 12 to 15% of what they're trying to charge you for an extended warranty. Meaning that law of averages, you could break down twice as much as average and still spend half as much as you pay for the warranty. Wow. That's the actual mathematics.

That's crazy. What if you just took that money and threw it in a high-yield savings account?

And built you an emergency fund. Look at that. And up your budget for car repairs if you're running the wheels off your car. Yeah, 100%. Yeah, you're going to have to literally put wheels on the car, tires. You're going to have to put brakes on the car, and you're going to have to run more oil changes, and you're going to have more and more miscellaneous odds and ends. More than anything else, though, Aaron, you're losing value in the vehicle because miles cost you value. So you run the miles up, you're deteriorating your value very rapidly. And that's an unseen force that doesn't hit your checkbook until you sell it. But you put 200,000 miles on this car, you trashed its value. And that's the dirty little secret of DoorDashing. It's true. This is the Ramsey Show.

This show is sponsored by Betterhelp. This is Deloney, and I'm always railing against social media, especially in the summer, because everyone uploads the highlight reels of their perfect bodies and perfect vacations and perfect kids. I know they're not real, and I also know that I'm blessed beyond my wildest dreams, but I still find myself wishing my life was like other people's. Based on the data, I know this is happening to you, too. Comparison is wired into us, but comparison can also become the thief of joy because we can feel like we're not enough and begin acting and thinking in ways we would never think otherwise. When all gets to be too much, think about contacting Betterhelp. Betterhelp is 100% online therapy staffed with licensed therapists. It's convenient, flexible, and suited to fit your schedule. By the way, therapy isn't just for those who've experienced major trauma. It's for all of us who are ready to get out of the comparison spin cycle and find our own peace and joy in the life we're creating. Stop comparing and start focusing with betterhelp. Visit betterhelp. Com/delonie today to get 10% off your first month. That's betterhelp, H-E-L-P.

Com/delonie.

Jade Walshaw-Ramsey, personality is my co Host, Matt is in Miami. Hi, Matt, how are you?

Hey, Davey, I'm doing better than I deserve. How are you?

Better than I deserve, sir. What's up?

Well, I'm glad to hear that. I'm in a little bit of a situation here. I am following your baby steps, and I currently have about 10,000 in debt in my car, and I'm planning to pay that off soon. But I'm thinking about the next baby step, which is just trying to pay the house off as fast as I can. So with that said, what is my situation right now? I have about $50,000 in the stock market, and that $50,000, I'm using the stocks that I have to put covered calls on my stocks. Therefore, it generates me about $2,000 a month being very conservative. And I'm a little divided because I can put that money back into the stock and make even more, put more contracts onto that stock and make more money, or I can direct all that premium that I receive for the stocks towards the payment of the car in the house. I I'd like to get a perspective from you what would be the best way to go about that.

I don't think you have any concept of how much risk you're taking. Okay. You've hit with your covers. You haven't had a problem yet. As soon as you miss one of those covers, you're going to realize that 2,000 is not your worst case scenario. Conservatively, a negative 10,000 is your worst case scenario. You're playing dice in Vegas, and you feel like you're taking no risk at all because you think you've got it figured out.

Yeah, you left out a very important word and a very important side of the equation. You said, I can make. You didn't say potentially, and then you didn't say what could happen if you lose out.

Yeah, if you miss the cover, if you miss the call, if you miss your numbers, you know what I'm talking about. You can get upside down as fast as you can get right side up here, brother. Statistically, 78% of the people who day trade stocks lose money. That's eight out of 10. Okay. I do not Day Trade stocks. I don't do puts, I don't do calls, I don't do options, I don't do covers, I don't do commodities, I I don't screw with any of that stuff. I like the money that I earned too much to put it that much at risk. No, thank you. I also don't play the roulette wheel in Vegas. They're all right there about the same level. What would I do if I were in your shoes? I If you sell the $50,000 in stock this instant, pay off your car, build your emergency fund, make sure you're putting 15% of your income into retirement. But Matt, you're like the guy who walked through the lobby of the of the casino and dropped two quarters in and hit.

Yes.

You end up putting your whole freaking paycheck back in trying to replicate that bogus luck that you had that wasn't luck at all. It was them playing you. You haven't bled yet from this. I can tell because you think it works every time. It doesn't work every time, dude. I promise you, that's not how that business works. You're risking and risking and risking and risking and risking and risking and risking and risking and risking. With money you don't have, really, because you're broke. You got $10,000 in debt, you don't have an emergency fund. If you got $2 million in networth and a bunch of money laying around and you want to goof off with 50 grand and screw around with it on the roulette table or screw around with it doing day trading, go ahead. I got a friend of mine that does that. He thinks it's entertainment. I don't.

You don't do anything.

I'm doing anything. I I do not own a single, single stock. That's so cool. If someone handed me one today, I would sell it. I love it. It's because I'm such a nerd, I know the probabilities. I know that the moment I start thinking I can do a better job than a billion-dollar mutual fund at analyzing stocks, the instant I think that is the instant I'm wrong. I just don't do it. Consequently, I've got a lot of money because I don't lose it all the time. That's the deal. Matt, I hope we're giving you a little something to think about. I don't know if we are or not, because I don't think you're in a very good place to hear this because you're at the stage where you think you've got it figured out and everybody else is dumb. That's a bad stage to be in. That's right before you lose a bunch of money. I hope I can just scare you a little bit, and you'll go ahead and stay away from this, but I don't know. Usually, you got to lose some to figure it out. At least I lost five grand on a gold option.

I took an option position on gold back before I went broke. I had a lot of money flowing in. I was in my 20s, and a buddy of mine came to me and he goes, Hey, this guy has been picking these gold prices. We'll set our option number. If you all don't know how option works, I had the option to buy the gold at X, and if it was above that, that option was going to go 10X. I would have made 50 grand off that It's a 5 grand, okay? If the option number doesn't go above that, you lose 100% of what you put in. I don't get five grand back. I either get 50 grand or zero. But this guy hit 12 times in a row. He predicted the option prices. Me and my genius beer drinking buddy decides we've got this thing figured out because this guy's got it figured out. We're going with this guy because he's got a pattern going. He's got this thing figured out. Bull crap. I put five grand I signed up, and you know where this is going. Yeah, I lost it all. I lost the five grand.

But I have a rule. I don't do stupid stuff two times. I only do stupid stuff once. Fair enough. I've already got that one out of the way. That's fair enough. That one's out of the way. I don't ever have to do that stupid thing again. Then I get to tell Matt, Please don't do it.

Well, I always say there's dumb decisions. There's two types of dumb decisions. It's the dumb decision that you're like, Hey, this is my first rodeo. I didn't know any different. I tried what I thought could work, and I was wrong. I learned from it. Then you've make some money to justify the expense that both of you went to. This is the Ramsey Show. There aren't many places you can save hundreds of dollars a month and still give you great service, especially with health insurance. That's why Health Trust Financial is the only health insurance company Ramsey recommends. Health Trust Financial objectively compares the top health insurance providers to meet your needs and budget. Remember, the service is free and there's no commitment. Go to healthtrustfinancial. Com. Healthtrustfinancial. Com. Buying a house in this weird real estate market is weird. Selling a house in this weird real estate market is weird. If you want to navigate weirdness with one of your most expensive, if not your most expensive asset, you probably need a pro in your corner who's done it before.Not your aunt Sally, who got her license to sell real estate three weeks ago because she thinks it's fun. No, no. Sorry, aunt Sally. You want a pro who's high octane chain, high protein that does hundreds, if not close to 100 transactions a year. That's the only way you would get to be a Ramsey-trusted real estate agent, an endorsed local provider. There's thousands of them across America that we have vetted. We've done the due diligence on them. They're the people that get her done. They leave the cave, kill something, and drag it home, baby. If you want that real estate agent in your corner to help you buy or sell, just go to Ramsey ramsolutions. Com/agent to find a Ramsey-trusted real estate agent for free. Pedro is with us in Chicago. Hi, Pedro. How are you?Hey, doing good, David. It's an honor.Honor to speak with you, sir. How can we help?Okay, so I'm about to remarry my first girlfriend, the mother of our three growing for that family is when you're in a situation that's tough like that, you got to be tough. You got to throw your shoulders back and go to work, even if it's not pleasant, to take care of the pregnant wife and to take care of the mortgage that you can't afford until you get the house sold. I don't care if it's pleasant. I don't care if it's toxic. I don't care if your boss is a jerk. I just don't care.You signed up for a crappy trip and you get to ride the roller coaster of a crappy trip. It's not forever. It's for a few months so you don't bankrupt your family. Because this one episode, this four months long right here, may take them a decade to recover from. I know. It just hurts me. It just hurts my soul. That puts us hour of the Ramsey show in the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with the Prince of Peace, Christ Jesus. If you're a leader, your personal growth matters for your organization because whatever you lead can only grow as much as you do. I know from experience, I've been CEO of Ramsey Solutions for over 30 years, and now I'm sharing that leadership and business coaching experience with you on the Entree Leadership podcast. I'm taking your calls and helping you figure out how to overcome challenges within your organization. One episode could change your business. Check it out on Apple, Spotify, YouTube, or on the Ramsey Network app.

make some money to justify the expense that both of you went to. This is the Ramsey Show. There aren't many places you can save hundreds of dollars a month and still give you great service, especially with health insurance. That's why Health Trust Financial is the only health insurance company Ramsey recommends. Health Trust Financial objectively compares the top health insurance providers to meet your needs and budget. Remember, the service is free and there's no commitment. Go to healthtrustfinancial. Com. Healthtrustfinancial. Com. Buying a house in this weird real estate market is weird. Selling a house in this weird real estate market is weird. If you want to navigate weirdness with one of your most expensive, if not your most expensive asset, you probably need a pro in your corner who's done it before.

Not your aunt Sally, who got her license to sell real estate three weeks ago because she thinks it's fun. No, no. Sorry, aunt Sally. You want a pro who's high octane chain, high protein that does hundreds, if not close to 100 transactions a year. That's the only way you would get to be a Ramsey-trusted real estate agent, an endorsed local provider. There's thousands of them across America that we have vetted. We've done the due diligence on them. They're the people that get her done. They leave the cave, kill something, and drag it home, baby. If you want that real estate agent in your corner to help you buy or sell, just go to Ramsey ramsolutions. Com/agent to find a Ramsey-trusted real estate agent for free. Pedro is with us in Chicago. Hi, Pedro. How are you?

Hey, doing good, David. It's an honor.

Honor to speak with you, sir. How can we help?

Okay, so I'm about to remarry my first girlfriend, the mother of our three growing for that family is when you're in a situation that's tough like that, you got to be tough. You got to throw your shoulders back and go to work, even if it's not pleasant, to take care of the pregnant wife and to take care of the mortgage that you can't afford until you get the house sold. I don't care if it's pleasant. I don't care if it's toxic. I don't care if your boss is a jerk. I just don't care.You signed up for a crappy trip and you get to ride the roller coaster of a crappy trip. It's not forever. It's for a few months so you don't bankrupt your family. Because this one episode, this four months long right here, may take them a decade to recover from. I know. It just hurts me. It just hurts my soul. That puts us hour of the Ramsey show in the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with the Prince of Peace, Christ Jesus. If you're a leader, your personal growth matters for your organization because whatever you lead can only grow as much as you do. I know from experience, I've been CEO of Ramsey Solutions for over 30 years, and now I'm sharing that leadership and business coaching experience with you on the Entree Leadership podcast. I'm taking your calls and helping you figure out how to overcome challenges within your organization. One episode could change your business. Check it out on Apple, Spotify, YouTube, or on the Ramsey Network app.

for that family is when you're in a situation that's tough like that, you got to be tough. You got to throw your shoulders back and go to work, even if it's not pleasant, to take care of the pregnant wife and to take care of the mortgage that you can't afford until you get the house sold. I don't care if it's pleasant. I don't care if it's toxic. I don't care if your boss is a jerk. I just don't care.

You signed up for a crappy trip and you get to ride the roller coaster of a crappy trip. It's not forever. It's for a few months so you don't bankrupt your family. Because this one episode, this four months long right here, may take them a decade to recover from. I know. It just hurts me. It just hurts my soul. That puts us hour of the Ramsey show in the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with the Prince of Peace, Christ Jesus. If you're a leader, your personal growth matters for your organization because whatever you lead can only grow as much as you do. I know from experience, I've been CEO of Ramsey Solutions for over 30 years, and now I'm sharing that leadership and business coaching experience with you on the Entree Leadership podcast. I'm taking your calls and helping you figure out how to overcome challenges within your organization. One episode could change your business. Check it out on Apple, Spotify, YouTube, or on the Ramsey Network app.