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. Open phones this hour at 888-825-5225 number one best selling author, Ken Coleman Ramsey personality and author of the latest bestseller find the work you're wired to do. Ken is my co host today, fresh back from doing your Jim Cantore impression. He was in Barbados with his family just in time for the hurricane to hit.

So exciting.

So you're a hurricane survivor now?

I am very excited. Thankfully it went south of us, about 100 miles south of us and so we didn't have too much of an issue.

If you watched the news, it blew Barbados away.

I know, well it was terrifying to everybody else but me and I got in trouble.

Are you storm dad? Do you go out and stand and watch the storm outside? Are you storm dad?

I had the sliding doors open.

Sliding doors? Glass sliding doors. Yeah.

I had them open until about midnight as we, as it approached and they said it was going to hit the island at about or it was going to come close to us. At this point we felt pretty good. It was going to go south of us but yeah, level? That's kind of where we're at. We're out of debt. We've, we're working on.That's a, that's a different kind of a. That's. Okay, so that's fear of an outside variable coming at you, not, you were relapsing into stupid.Yeah.Okay.That's a different fear. Right. Okay, so I misunderstood you. I'm sorry. I thought you were talking. So you're saying I don't have enough money to put heat and air in. If my heat and air goes out, what am I gonna do?Exactly.Okay, so how much money have you got saved?Right now we got about six to 7000 in savings account.All right. And what's your household income?About 54,000.Okay. So you'd have to have a $10,000 expense before anything really bad, before you were back to actually facing the decision about debt. Because as possible. Take 1000 of the 2000 and apply to that. Liquidate all non retirement investments. I don't want to hear illiquid investments. There's no such thing. Sell the stupid bitcoin. Sell the stupid whole life policy. Get out of it. Get your money out. You need the money. Because, honey, if you didn't have, if you didn't have this $8,500 worth of debt, you would have. You have so much peace in your life and you could put the rest of this crap in your rear view mirror.Yeah, I would get busy too. You know, you can make money. It sounds like you're Where are they getting compliments in their life? Okay, this is just basic awareness that you as parents, instinctively are going to be able to see, but you help your kids see this and what this does. Early on, before we ever start thinking about college and a major and a professional life, we start to pay attention to what they're good at. There's a high correlation day between the things that we're good at and the things that we actually enjoy doing.And so you don't generally enjoy something you suck at.That's right.With the exception of golf.That was what I was going to say. And that's because of the company and the surroundings. Right. And so we. We start there. Let's not overthink this. And so as they're younger and they're beginning to age into, well, high school, and there's pressure to choose a college and then a major and a career path, hopefully, as parents, we've given them this foundation that early on, they're paying attention to. This is what I'm good at, and this is what I enjoy. And as they begin to experience more of life, let them test some things. Here's one thing I don't think parents do enough of in America, and I think it's when we get a kid who, who, let's say, says, I like working on machines. I'm good at fixing stuff. One of the things I would do is I would allow them to spend time with people in different walks of life that are, in some ways, fixing something, solving a problem mechanically or maybe with their minds, and begin to let these kids shadow and see the real thing. I think you'll see your kids eyes light up. So we've made this thing too complex because what we do is, is we put pressure on these kids to choose a name brand school and get a degree.That seems to make a lot of sense, according to Kiplinger's and us news.And world report, God help us.And we push kids into a career 400.And what city in South Dakota?Rapid. Rapid city.Okay. So it's a large enough market that he can build an actual handyman business and probably make more. He's making now.That's the hope. But no, it's not.I mean, it's not a hope. He can do it if he, I don't know if he will or not. But I mean, we're working with handyman. They're making 2250.Awesome.Yeah, it's a huge business because nobody knows out which end of a screwdriver is anymore? Our culture is tool illiterate. And so anything that breaks, they got to call somebody.Ken Coleman.Yeah, that's. That's true.He can do anything. And so I'm serious.If he will show up on time and do what he said he was going to do, he can charge whatever he wants, and he'll have a line around the block.Okay, what's keeping you from.Why don't we go do this?Yeah, what's keeping you from saying this is a no brainer?Because, well, one, we owe about 415 on our house, and on top of that, we.What's the house worth?Because he's so handy right now. The house is worth 750.So why can't you sell it?Because when we. By the time we would clear our debt, we would have about 150,000, so left over. And then to buy a farm.Why do you have to buy a farm?Because that's my job. I train horses, and that's kind of.You have a farm now?Yes.How many acres do you have now in Minneapolis?Minneapolis? We only have ten.Mm hmm.It's the only place to train horses is your personal farm?Yeah. I mean, South Dakota is, like, one thing. They got land.I don't know.Oh, yeah. It's very expensive, though. And so that's our hang up, is we don't know if we can.Cedar Rapids is expensive.No, South Dakota.I'm sorry.Rapid City.Rapid City is expensive. Same. Same voice tone. No, it's not.Okay.Rapid City, South Dakota, is not expensive. I'm sorry, this isn't. You're not trying to buy ten acres in New York. You're not. It's freaking South Dakota.The houses that we would need the cheapest that we are finding with the house on ten acres of land is going for about 500,000, and I don't know if we can.So don't buy ten acres of land. Go lease ten acres of land. Do your little horse business. Until you get the horse business big enough that it justifies a $500,000 investment, which is probably never.Yeah, I'm with Dave here. Sarah, let me throw an idea at you. Why don't you sell and move up there and maybe rent for a couple of years? Get your feet on the ground, as.In get his handyman business.Who's got horses? What the potential is for you. You're making way less than him, and we've already established that he should be way making way more than he's making now. Once he gets there, on the ground. I would ease into this. I don't think you have to go from where we are now to a ten acre farm so I can do my horse business. I think you've created.There's no way. There's no way that the sorrow is.Yeah, I'd ease into.You buy ten acres because you can afford it, and then you do horses. You don't buy ten acres to do horses and make 25k. That's a bad business model.Okay.You don't make enough to justify the expense.Correct.Yeah. So you gotta. You need to lease that land or you buy the land. Because I want the land. Oh. And then I'll do some horses for fun, and then I can do 25k on horses. All right. But, yeah, I. We're not staying in Minneapolis in this toxic situation with this sort of kind of family business debacle that he is not going to stay in because you need ten acres. That's just. No, sell it and go to South Dakota and let him get his handyman business going. You go rent a farm to do your horse business on, and then later on, when you guys make a bunch of money, buy you a farm, and you can do your thing, and, you know, it's a five year plan to get to that. Okay, but you guys, you can't. What you've described in Minneapolis is not sustainable. You. You gave us all reasons to leave, and they were all good reasons. And then you took Cedar rapids and made it unattainable. Or Rapid City. I can't say it. I keep going. I keep going. The wrong state.The rapids.Sorry. South Dakota. I actually do know where you are, but. Yeah. Oh, my gosh.There's some people in the lobby from.South Dakota, and Dave is geographically challenged, but, yeah.I also don't understand why you need ten acres. That seems like a lot of. For training horses.It depends on. I don't know. I mean, I'm not a horse trainer, but if you're gonna graze them, I mean, you're gonna pasture them and so forth, you might, but.Oh, I see.And I was thinking the training part.I've never played one on tv, Dave, so I'm over my skis.Yeah, definitely. Me too. But. But I do. I'm not over my skis. To say you don't spend $500,000 to do a $25,000 business.That's correct.That. That's an easy one. Yeah, that's a. No, we don't do that, period. You know, if you want to buy a half million dollar house and can afford a half million dollar house. It's on ten acres. Great. Do that. Oh, and then I want to do some horse stuff on there. Cool. That's fine. But we don't buy a $500,000 piece of property to do $25,000 a year on. That does not make sense. That's not. That's a no. That's a non starter right there, so. All right, there we go. Move, Sarah, move. Load up the truck and head to Beverly. That's what we're doing. Bring Uncle Jed and Granny and let's go. Open phones at triple 8825-5225 family businesses that do succession poorly, they bring pain onto themselves. All they had to do was treat this guy right, and he and his brothers would have taken the thing over and it would have gone another generation. Instead, they're putzing around and they're going to lose their talent, which is in their family, to be able to carry this thing generation.I was going to ask you, does it make sense with what little information you have that they would bring in an outsider for ownership when it was supposed to be a family thing?No. All this is somebody trying to get some money. One of the uncles wants some money. He's trying to get some cash, and none of the boys got any cash. He's trying to bring in an outsider with some pockets there.That makes sense.This is the Ramsey show. Listen. Tickets for the live like no one else. Cruisers selling fast. This is the ultimate debt free vacation, and I can't wait to celebrate with all the folks who've worked their butts off and changed their family trees. We will be sailing through the blue waters of the Caribbean with the Ramsey personalities and other special guests. A bunch of cabin options are already sold out, so hurry and reserve yours with a $600 deposit today@ramseysolutions.com. events. Ken Coleman, Ramsey personality, is my co host today. Thank you for joining us, America. Daniel is in Los Angeles. Hi, Daniel. Welcome to the Ramsey show.Hello, Dave. We have some home fears. Home buying fears, actually.Okay.All right, so I want to start with our numbers. Me and my wife's combined income, which is all self employed, 1099 is 243,000. The house we want to get is a $477,000 place. So we can only qualify for bank statement loan. And that lender gave us an average of twelve months of deposits of 9500 a month, which puts our house payment at 29% of our take home, which is not Dave approved. So.I'm sorry. I'm sorry. How long have you had your 1099 business.Ten years. Ten years.Okay. Well, you've got a dumb butt lender. You qualify for a standard mortgage. If you got two years of tax returns proving this business value, you qualify for a standard mortgage. You don't need to get ripped off on a mortgage.Okay.So call Churchill mortgage and talk to those guys. They'll help you get it done. Because he's. He's hammering you on the rate, isn't he?Yeah. It's between 6.9 and 7.7.Yeah. Why is it between?Because if I down payment more, it'll come down.Oh, yeah. Okay. Yeah. You need a new mortgage lender.Got it. Great. Good news. The last little bit here is every other. I've done about ten, trying to get qualified for a loan ten times and only forgotten the bank statement loans once or twice because the FHA, conventionals or whatnot. I can't seem to qualify for ever.Why is your. Is your credit bad?No, we have great credit. We just have a lot of write offs and lifestyle.Okay, so you have a taxable income on your tax return of 250,000 or not?No, no, not. Not a personal income of 250,000.What you told me you make.Yes.Combined business income.Gross revs or net profit?Gross.Oh, well, crap. You could be losing money then. What is your net profit? What's your taxable income?Our personal taxable income?Yes, sir. That's. That's all you got? Your business is personal. You're filing it. You're filing a schedule c, aren't you? Or you got it in an LLC?We have s corps and general partnerships.Okay. And all of that flows through directly to your tax return. When you pay taxes, all of your businesses, the net profits land on your personal tax return. What is your income, sir, that you pay taxes on?About 25,000.$25,000 a year.Yeah.Then you're not making any money. You're starving to death. In business, there are only one kind of write off. There's only been. You can only write off actual cash expenditures, which creates net profit. And you can depreciate items. And the depreciation has something to do with reality called loss of value in the item. So if you buy a $10,000 item and it's worth spit two years from now, you can depreciate that item because it's depreciated. But you lost the money. That's why you can depreciate it. I buy a nurse. So it's very dangerous.Yes, I agree.So she's having to back off.Well, here's the bad. That's the bad news. The great news is she's a nurse, so she could do non nursing, non actual care, but use that knowledge base and make really good money, maybe from home. Yeah, Ken, there's a lot of stuff she could do, isn't there?Yeah, I think there's a lot of pivoting there. She's. She's got some transferable skills. Uh, have you guys looked into that, or is this just.I mean, I don't want her. She does. For her sake. I don't want her on the floor. Right. Going bed to bed to bed in a hospital. Right. That. That would not be cool for her. Right. Much less the potential risk to a patient or something. So I completely agree with the fact you need to pivot, but I don't think it goes to zero.Yeah, no, it's not going to go to zero forever. We know that part. My. My concern is the next three to six months as we pivot or transition.Has she. Has she already quit?Yes.Okay.That already took place.Okay, cool. So now we've just got to figure out a different way to apply her skills. And it shouldn't take three to six months. It ought to take three to six days.I am open to suggestions even on.That, trying to find online, because the nature of your call is we're struggling financially because we just lost dadgum 60, 70% of our income.Yes.And you're scared to death for your wife's health because that brings tears to your eyes. It brings tears to my eyes, too. You're a good man.Yes.You love your wife. You're a good guy. So we'll help you with the, you know. But if we fix the income thing, don't we fix a whole lot of the other stuff?Yeah. Because then I can fully get onto the debt. Snowballing, get ourselves out of the.Have you sat down, the two of you, and looked at what her options are? Doesn't feel like you guys have sat down and talked about it. For instance, tele nursing. Is that an option? I don't know, but that's where my brain goes.So it is an option, and it is not an option that we have found readily available. As I started applying for her ahead of time, thinking, knowing this was coming ahead, and we've not had a lot of success with that. And so her auras and her seizures were all stress induced. And her neurologist even warned her, she mean, she may have to give up nursing and go on disability. We have fought for two and a half years now to avoid that because she would rather work.Thank you. Let me throw another high level idea out because I think you guys are a little bit panicked, and it's hard to think clearly when you're panicking, but you got to start looking at real options so it becomes less scary. The unknown is freaking you out. I would be looking at other caregiving jobs. I've coached a lot of nurses who have been burned out, and it is one of the top industries as relates to burnout and transition right now in this country, it's a massive problem. So I will tell you that one of the things I coach nurses on is caregiving. And when I've asked them, what is it the core of nursing that you love, they always come back with, I just love caring for people. So I would start to look in the Columbus, Ohio greater area and go, what are the jobs out there where it is about caring for people? Okay. And then where are my limitations? Knowing what we know medically, I just think there's more options for her to step right into something right now, because let me tell you something. There are holes everywhere in the world of caring for people.They need people. I would start there.Yeah, I think your work on the income side of this equation, Jonathan, and keep doing that. And tell you what, I'm going to send you a copy of Ken's book, Paycheck to purpose and also proximity principle, two of them. That'll help you get started. And I think you guys just need to start brainstorming tonight, clearly thinking about where she could apply these skills in a non traditional way that's low stress environment. This is the Ramsey show, live from the headquarters of Ramsey Solutions Ramsey show, where we help people build wealth, do work that they love, and create actual amazing relationships. Ken Coleman, Ramsey personality, is my co host today. Open phones at triple 8825-5225 Rebecca is in Louisiana, Shreveport, to be exact. Hi, Rebecca. How are you?Better than I deserve. Dave and Kent.Thank you. How can we help?Listen, I first have to say, it is such an honor to talk with both of you. Since becoming an avid listener of your show just last year, our family has paid off about $50,000 since last September.Way to go, kiddo.I could cry saying that. But anyways, the reason for my call today is I am sort of at a crossroads in my career and wondering what you guys think my next right move should be. Is it okay if I kind of give you an overview?Tell us about it. Yeah. What's the crossroads?Perfect. So a little bit of background. I'm recently 30, I'm married, and we have four kids, ranging in age from about 13 to four. I was a teen mom. I graduated high school with one baby, went straight on to college, and graduated on time with two babies. And in those hard life experiences, my purpose work, as Ken would probably put it, was born and I began a career in faith based nonprofit work about nine years ago. I made peanuts at first, but currently work in a leadership role at a nonprofit making $85,000 a year. Alongside this, I've also always maintained for the last eight, nine years a self employment side hustle type work. Although it's really a ministry, it's a passion. I enjoy it. And that is in keynote speaking and fundraising for nonprofits, particularly ministries. And in 2023, my side hustle brought in about $100,000 in net income. And this year, for 2024, I am on track. I just picked up another contract yesterday to net $140,000 in my side income.Great job.It is. But you can see my spouse employment income now supersedes my regular income. And the way we've kind of always worked. It is my, my normal w two paycheck, along with my husband's, goes towards paying our bills and then my speaking income, because it's grown so much, has just gone straight to the debt, and we've been able to slash it in the last year with a lot of force and with quick pace. But now both jobs have grown. They've grown in responsibility and time. Both require nationwide travel. And I'm away from my kids and my husband, and I just feel like my mind, my body, my family is suffering. And this is kind of the crux of my question. Is it time that I quit my regular job and pursue just my self employment work? Yes, it is.Yes. 100%.I feel.I know what you feel. Guilt.Guilt.I feel.It's kind of guilt. No.I've talked to you so many times, but you have a different name and a different life. I really understand this. Here's the deal, though. Your love of the organization and the mission, and I would guess, just hearing what we've heard about you, that you carry a lot of responsibility, that organization, and you are worried that if you leave them, it might come crumbling down. If not that bad, it might really put them in a bad spot. Is that about right?Yes.Okay.That's exactly right.All right. And I understand that's ago who did this himself, and he figured out how to go to law school for free. And you can search this, there's tons of resources on this, but here's the short process of how you do it. Number one, it's about your LSAT. The higher the LSAT, the greater the chance you have for a full ride scholarship. So you can take, you know, this, the LSAT as many times as you want to. There's a cash value on that. And so study, study and get a really high LSAT score. Second, early application. The earlier you can apply to these law schools, the greater the chance you have for, again, a full ride, because these law schools have quotas that they're trying to get and they want people who are ready to decide early. The third thing is how impressive your total application is. So this is really do the homework on what they're looking for. Strong recommendations, people like us, senators, congressmen, governors, when you are really well known business people, that's your total application process.And then the last piece is to go for the non name brand law schools, your name brand law schools. I'll just pick a school right here in the shadows of our organization's headquarters. Vandy Law is not going to give full rights, people, because everybody wants to get into these name brand schools. You can pick a name brand, your big state school. People are clamoring to get in there, so they're not looking for students, but there are a lot of smaller schools all around the country. No one's clamoring to come to their place. In other words, supply. Demand is the principle here. And where there's low, low demand, they are looking for supply and they are wanting to get people graduating from their law schools. So all that said, if you're willing to go to a non name brand law school, outside of those other three things I gave you, there's a very good chance that you can get a full ride, if not most of it covered.What kind of law are you wanting to practice when you're out, specifically?Intellectual property, kind of. With a startup law like that kind of in between those two.Yeah, good. Contract law and IP law. Yeah, good.By the way, want to add to that? No one cares. Your future clients will not.I'm your future client because I've, I've got people that do that. I've got trademark guys on retainer, we've got IP people on retainer. I've got a lead counsel that works here full time. I've got two guys that work for him, two lawyers that work for him full time, we got three on staff. I've got an estate planning attorney, I've got a tax attorney, I've got. is a great long term move.Okay.And then with a paid for house, take your income and start stacking cash and get you another investment property if you want to buy some real estate. But I would not own an investment or piece of real estate and then take out a mortgage on a new home. That's the same thing as borrowing on a paid for home to go buy investments, and I would never do that either. It's the same thing, though.Okay.That makes sense.Yes, sir. Yes, sir.Yeah. So I'd sell the investment property and build your house or buy you a house, one of the two in the community that you want to go to. And, jan, anybody that's willing to live in a camper to hit their goals is able to get just almost anything done.That is true. That is true.That's serious sacrifice right there. If I told Sharon Ramsay we were moving into a camp, I would like to be there so I could have an investment property that would. The camper would have its tires slashed.It's true. By hillbilly, mysteriously.It would happen.There would be no evidence. I promise you that.No. No bloodshed. That puts us our, 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.Hey, guys, I'm Rachel.And I'm George.And you've probably heard our voices before on the Ramsey show.And do we have a surprise for you.Yep, we have our very own show, smart money happy hour, where we talk about pop culture, current events, and, of course. Of course, money, George. It's a great show. And what else do we talk about?So much, Rachel. Not enough. And yet too much. We talk about guilt tipping, because tipping is out of control, and I won't stand for it anymore, which is why I'm sitting.I'm glad you were taking such a stand.And we also talk about something else. I'm passionate about. Disney adults, George. Why is it a thing?Listen.Some adults still find the magic.Sure. We also talk about toxic money traits and girl mathematic. And if you don't know what those are, you have to listen to the podcast.Yeah, there's a lot there, you guys. It's pretty fun.We keep you relevant is what I'm trying to say.We help you out.So pull up a chair to the happy hour you wish your friends were having. We promise you won't regret it. And if you don't have friends, we'll be your friends.We will.We're great friends.So make sure to check it out.On Apple, Spotify, YouTube, or the Ramsey Network app.

level? That's kind of where we're at. We're out of debt. We've, we're working on.

That's a, that's a different kind of a. That's. Okay, so that's fear of an outside variable coming at you, not, you were relapsing into stupid.

Yeah.

Okay.

That's a different fear. Right. Okay, so I misunderstood you. I'm sorry. I thought you were talking. So you're saying I don't have enough money to put heat and air in. If my heat and air goes out, what am I gonna do?

Exactly.

Okay, so how much money have you got saved?

Right now we got about six to 7000 in savings account.

All right. And what's your household income?

About 54,000.

Okay. So you'd have to have a $10,000 expense before anything really bad, before you were back to actually facing the decision about debt. Because as possible. Take 1000 of the 2000 and apply to that. Liquidate all non retirement investments. I don't want to hear illiquid investments. There's no such thing. Sell the stupid bitcoin. Sell the stupid whole life policy. Get out of it. Get your money out. You need the money. Because, honey, if you didn't have, if you didn't have this $8,500 worth of debt, you would have. You have so much peace in your life and you could put the rest of this crap in your rear view mirror.Yeah, I would get busy too. You know, you can make money. It sounds like you're Where are they getting compliments in their life? Okay, this is just basic awareness that you as parents, instinctively are going to be able to see, but you help your kids see this and what this does. Early on, before we ever start thinking about college and a major and a professional life, we start to pay attention to what they're good at. There's a high correlation day between the things that we're good at and the things that we actually enjoy doing.And so you don't generally enjoy something you suck at.That's right.With the exception of golf.That was what I was going to say. And that's because of the company and the surroundings. Right. And so we. We start there. Let's not overthink this. And so as they're younger and they're beginning to age into, well, high school, and there's pressure to choose a college and then a major and a career path, hopefully, as parents, we've given them this foundation that early on, they're paying attention to. This is what I'm good at, and this is what I enjoy. And as they begin to experience more of life, let them test some things. Here's one thing I don't think parents do enough of in America, and I think it's when we get a kid who, who, let's say, says, I like working on machines. I'm good at fixing stuff. One of the things I would do is I would allow them to spend time with people in different walks of life that are, in some ways, fixing something, solving a problem mechanically or maybe with their minds, and begin to let these kids shadow and see the real thing. I think you'll see your kids eyes light up. So we've made this thing too complex because what we do is, is we put pressure on these kids to choose a name brand school and get a degree.That seems to make a lot of sense, according to Kiplinger's and us news.And world report, God help us.And we push kids into a career 400.And what city in South Dakota?Rapid. Rapid city.Okay. So it's a large enough market that he can build an actual handyman business and probably make more. He's making now.That's the hope. But no, it's not.I mean, it's not a hope. He can do it if he, I don't know if he will or not. But I mean, we're working with handyman. They're making 2250.Awesome.Yeah, it's a huge business because nobody knows out which end of a screwdriver is anymore? Our culture is tool illiterate. And so anything that breaks, they got to call somebody.Ken Coleman.Yeah, that's. That's true.He can do anything. And so I'm serious.If he will show up on time and do what he said he was going to do, he can charge whatever he wants, and he'll have a line around the block.Okay, what's keeping you from.Why don't we go do this?Yeah, what's keeping you from saying this is a no brainer?Because, well, one, we owe about 415 on our house, and on top of that, we.What's the house worth?Because he's so handy right now. The house is worth 750.So why can't you sell it?Because when we. By the time we would clear our debt, we would have about 150,000, so left over. And then to buy a farm.Why do you have to buy a farm?Because that's my job. I train horses, and that's kind of.You have a farm now?Yes.How many acres do you have now in Minneapolis?Minneapolis? We only have ten.Mm hmm.It's the only place to train horses is your personal farm?Yeah. I mean, South Dakota is, like, one thing. They got land.I don't know.Oh, yeah. It's very expensive, though. And so that's our hang up, is we don't know if we can.Cedar Rapids is expensive.No, South Dakota.I'm sorry.Rapid City.Rapid City is expensive. Same. Same voice tone. No, it's not.Okay.Rapid City, South Dakota, is not expensive. I'm sorry, this isn't. You're not trying to buy ten acres in New York. You're not. It's freaking South Dakota.The houses that we would need the cheapest that we are finding with the house on ten acres of land is going for about 500,000, and I don't know if we can.So don't buy ten acres of land. Go lease ten acres of land. Do your little horse business. Until you get the horse business big enough that it justifies a $500,000 investment, which is probably never.Yeah, I'm with Dave here. Sarah, let me throw an idea at you. Why don't you sell and move up there and maybe rent for a couple of years? Get your feet on the ground, as.In get his handyman business.Who's got horses? What the potential is for you. You're making way less than him, and we've already established that he should be way making way more than he's making now. Once he gets there, on the ground. I would ease into this. I don't think you have to go from where we are now to a ten acre farm so I can do my horse business. I think you've created.There's no way. There's no way that the sorrow is.Yeah, I'd ease into.You buy ten acres because you can afford it, and then you do horses. You don't buy ten acres to do horses and make 25k. That's a bad business model.Okay.You don't make enough to justify the expense.Correct.Yeah. So you gotta. You need to lease that land or you buy the land. Because I want the land. Oh. And then I'll do some horses for fun, and then I can do 25k on horses. All right. But, yeah, I. We're not staying in Minneapolis in this toxic situation with this sort of kind of family business debacle that he is not going to stay in because you need ten acres. That's just. No, sell it and go to South Dakota and let him get his handyman business going. You go rent a farm to do your horse business on, and then later on, when you guys make a bunch of money, buy you a farm, and you can do your thing, and, you know, it's a five year plan to get to that. Okay, but you guys, you can't. What you've described in Minneapolis is not sustainable. You. You gave us all reasons to leave, and they were all good reasons. And then you took Cedar rapids and made it unattainable. Or Rapid City. I can't say it. I keep going. I keep going. The wrong state.The rapids.Sorry. South Dakota. I actually do know where you are, but. Yeah. Oh, my gosh.There's some people in the lobby from.South Dakota, and Dave is geographically challenged, but, yeah.I also don't understand why you need ten acres. That seems like a lot of. For training horses.It depends on. I don't know. I mean, I'm not a horse trainer, but if you're gonna graze them, I mean, you're gonna pasture them and so forth, you might, but.Oh, I see.And I was thinking the training part.I've never played one on tv, Dave, so I'm over my skis.Yeah, definitely. Me too. But. But I do. I'm not over my skis. To say you don't spend $500,000 to do a $25,000 business.That's correct.That. That's an easy one. Yeah, that's a. No, we don't do that, period. You know, if you want to buy a half million dollar house and can afford a half million dollar house. It's on ten acres. Great. Do that. Oh, and then I want to do some horse stuff on there. Cool. That's fine. But we don't buy a $500,000 piece of property to do $25,000 a year on. That does not make sense. That's not. That's a no. That's a non starter right there, so. All right, there we go. Move, Sarah, move. Load up the truck and head to Beverly. That's what we're doing. Bring Uncle Jed and Granny and let's go. Open phones at triple 8825-5225 family businesses that do succession poorly, they bring pain onto themselves. All they had to do was treat this guy right, and he and his brothers would have taken the thing over and it would have gone another generation. Instead, they're putzing around and they're going to lose their talent, which is in their family, to be able to carry this thing generation.I was going to ask you, does it make sense with what little information you have that they would bring in an outsider for ownership when it was supposed to be a family thing?No. All this is somebody trying to get some money. One of the uncles wants some money. He's trying to get some cash, and none of the boys got any cash. He's trying to bring in an outsider with some pockets there.That makes sense.This is the Ramsey show. Listen. Tickets for the live like no one else. Cruisers selling fast. This is the ultimate debt free vacation, and I can't wait to celebrate with all the folks who've worked their butts off and changed their family trees. We will be sailing through the blue waters of the Caribbean with the Ramsey personalities and other special guests. A bunch of cabin options are already sold out, so hurry and reserve yours with a $600 deposit today@ramseysolutions.com. events. Ken Coleman, Ramsey personality, is my co host today. Thank you for joining us, America. Daniel is in Los Angeles. Hi, Daniel. Welcome to the Ramsey show.Hello, Dave. We have some home fears. Home buying fears, actually.Okay.All right, so I want to start with our numbers. Me and my wife's combined income, which is all self employed, 1099 is 243,000. The house we want to get is a $477,000 place. So we can only qualify for bank statement loan. And that lender gave us an average of twelve months of deposits of 9500 a month, which puts our house payment at 29% of our take home, which is not Dave approved. So.I'm sorry. I'm sorry. How long have you had your 1099 business.Ten years. Ten years.Okay. Well, you've got a dumb butt lender. You qualify for a standard mortgage. If you got two years of tax returns proving this business value, you qualify for a standard mortgage. You don't need to get ripped off on a mortgage.Okay.So call Churchill mortgage and talk to those guys. They'll help you get it done. Because he's. He's hammering you on the rate, isn't he?Yeah. It's between 6.9 and 7.7.Yeah. Why is it between?Because if I down payment more, it'll come down.Oh, yeah. Okay. Yeah. You need a new mortgage lender.Got it. Great. Good news. The last little bit here is every other. I've done about ten, trying to get qualified for a loan ten times and only forgotten the bank statement loans once or twice because the FHA, conventionals or whatnot. I can't seem to qualify for ever.Why is your. Is your credit bad?No, we have great credit. We just have a lot of write offs and lifestyle.Okay, so you have a taxable income on your tax return of 250,000 or not?No, no, not. Not a personal income of 250,000.What you told me you make.Yes.Combined business income.Gross revs or net profit?Gross.Oh, well, crap. You could be losing money then. What is your net profit? What's your taxable income?Our personal taxable income?Yes, sir. That's. That's all you got? Your business is personal. You're filing it. You're filing a schedule c, aren't you? Or you got it in an LLC?We have s corps and general partnerships.Okay. And all of that flows through directly to your tax return. When you pay taxes, all of your businesses, the net profits land on your personal tax return. What is your income, sir, that you pay taxes on?About 25,000.$25,000 a year.Yeah.Then you're not making any money. You're starving to death. In business, there are only one kind of write off. There's only been. You can only write off actual cash expenditures, which creates net profit. And you can depreciate items. And the depreciation has something to do with reality called loss of value in the item. So if you buy a $10,000 item and it's worth spit two years from now, you can depreciate that item because it's depreciated. But you lost the money. That's why you can depreciate it. I buy a nurse. So it's very dangerous.Yes, I agree.So she's having to back off.Well, here's the bad. That's the bad news. The great news is she's a nurse, so she could do non nursing, non actual care, but use that knowledge base and make really good money, maybe from home. Yeah, Ken, there's a lot of stuff she could do, isn't there?Yeah, I think there's a lot of pivoting there. She's. She's got some transferable skills. Uh, have you guys looked into that, or is this just.I mean, I don't want her. She does. For her sake. I don't want her on the floor. Right. Going bed to bed to bed in a hospital. Right. That. That would not be cool for her. Right. Much less the potential risk to a patient or something. So I completely agree with the fact you need to pivot, but I don't think it goes to zero.Yeah, no, it's not going to go to zero forever. We know that part. My. My concern is the next three to six months as we pivot or transition.Has she. Has she already quit?Yes.Okay.That already took place.Okay, cool. So now we've just got to figure out a different way to apply her skills. And it shouldn't take three to six months. It ought to take three to six days.I am open to suggestions even on.That, trying to find online, because the nature of your call is we're struggling financially because we just lost dadgum 60, 70% of our income.Yes.And you're scared to death for your wife's health because that brings tears to your eyes. It brings tears to my eyes, too. You're a good man.Yes.You love your wife. You're a good guy. So we'll help you with the, you know. But if we fix the income thing, don't we fix a whole lot of the other stuff?Yeah. Because then I can fully get onto the debt. Snowballing, get ourselves out of the.Have you sat down, the two of you, and looked at what her options are? Doesn't feel like you guys have sat down and talked about it. For instance, tele nursing. Is that an option? I don't know, but that's where my brain goes.So it is an option, and it is not an option that we have found readily available. As I started applying for her ahead of time, thinking, knowing this was coming ahead, and we've not had a lot of success with that. And so her auras and her seizures were all stress induced. And her neurologist even warned her, she mean, she may have to give up nursing and go on disability. We have fought for two and a half years now to avoid that because she would rather work.Thank you. Let me throw another high level idea out because I think you guys are a little bit panicked, and it's hard to think clearly when you're panicking, but you got to start looking at real options so it becomes less scary. The unknown is freaking you out. I would be looking at other caregiving jobs. I've coached a lot of nurses who have been burned out, and it is one of the top industries as relates to burnout and transition right now in this country, it's a massive problem. So I will tell you that one of the things I coach nurses on is caregiving. And when I've asked them, what is it the core of nursing that you love, they always come back with, I just love caring for people. So I would start to look in the Columbus, Ohio greater area and go, what are the jobs out there where it is about caring for people? Okay. And then where are my limitations? Knowing what we know medically, I just think there's more options for her to step right into something right now, because let me tell you something. There are holes everywhere in the world of caring for people.They need people. I would start there.Yeah, I think your work on the income side of this equation, Jonathan, and keep doing that. And tell you what, I'm going to send you a copy of Ken's book, Paycheck to purpose and also proximity principle, two of them. That'll help you get started. And I think you guys just need to start brainstorming tonight, clearly thinking about where she could apply these skills in a non traditional way that's low stress environment. This is the Ramsey show, live from the headquarters of Ramsey Solutions Ramsey show, where we help people build wealth, do work that they love, and create actual amazing relationships. Ken Coleman, Ramsey personality, is my co host today. Open phones at triple 8825-5225 Rebecca is in Louisiana, Shreveport, to be exact. Hi, Rebecca. How are you?Better than I deserve. Dave and Kent.Thank you. How can we help?Listen, I first have to say, it is such an honor to talk with both of you. Since becoming an avid listener of your show just last year, our family has paid off about $50,000 since last September.Way to go, kiddo.I could cry saying that. But anyways, the reason for my call today is I am sort of at a crossroads in my career and wondering what you guys think my next right move should be. Is it okay if I kind of give you an overview?Tell us about it. Yeah. What's the crossroads?Perfect. So a little bit of background. I'm recently 30, I'm married, and we have four kids, ranging in age from about 13 to four. I was a teen mom. I graduated high school with one baby, went straight on to college, and graduated on time with two babies. And in those hard life experiences, my purpose work, as Ken would probably put it, was born and I began a career in faith based nonprofit work about nine years ago. I made peanuts at first, but currently work in a leadership role at a nonprofit making $85,000 a year. Alongside this, I've also always maintained for the last eight, nine years a self employment side hustle type work. Although it's really a ministry, it's a passion. I enjoy it. And that is in keynote speaking and fundraising for nonprofits, particularly ministries. And in 2023, my side hustle brought in about $100,000 in net income. And this year, for 2024, I am on track. I just picked up another contract yesterday to net $140,000 in my side income.Great job.It is. But you can see my spouse employment income now supersedes my regular income. And the way we've kind of always worked. It is my, my normal w two paycheck, along with my husband's, goes towards paying our bills and then my speaking income, because it's grown so much, has just gone straight to the debt, and we've been able to slash it in the last year with a lot of force and with quick pace. But now both jobs have grown. They've grown in responsibility and time. Both require nationwide travel. And I'm away from my kids and my husband, and I just feel like my mind, my body, my family is suffering. And this is kind of the crux of my question. Is it time that I quit my regular job and pursue just my self employment work? Yes, it is.Yes. 100%.I feel.I know what you feel. Guilt.Guilt.I feel.It's kind of guilt. No.I've talked to you so many times, but you have a different name and a different life. I really understand this. Here's the deal, though. Your love of the organization and the mission, and I would guess, just hearing what we've heard about you, that you carry a lot of responsibility, that organization, and you are worried that if you leave them, it might come crumbling down. If not that bad, it might really put them in a bad spot. Is that about right?Yes.Okay.That's exactly right.All right. And I understand that's ago who did this himself, and he figured out how to go to law school for free. And you can search this, there's tons of resources on this, but here's the short process of how you do it. Number one, it's about your LSAT. The higher the LSAT, the greater the chance you have for a full ride scholarship. So you can take, you know, this, the LSAT as many times as you want to. There's a cash value on that. And so study, study and get a really high LSAT score. Second, early application. The earlier you can apply to these law schools, the greater the chance you have for, again, a full ride, because these law schools have quotas that they're trying to get and they want people who are ready to decide early. The third thing is how impressive your total application is. So this is really do the homework on what they're looking for. Strong recommendations, people like us, senators, congressmen, governors, when you are really well known business people, that's your total application process.And then the last piece is to go for the non name brand law schools, your name brand law schools. I'll just pick a school right here in the shadows of our organization's headquarters. Vandy Law is not going to give full rights, people, because everybody wants to get into these name brand schools. You can pick a name brand, your big state school. People are clamoring to get in there, so they're not looking for students, but there are a lot of smaller schools all around the country. No one's clamoring to come to their place. In other words, supply. Demand is the principle here. And where there's low, low demand, they are looking for supply and they are wanting to get people graduating from their law schools. So all that said, if you're willing to go to a non name brand law school, outside of those other three things I gave you, there's a very good chance that you can get a full ride, if not most of it covered.What kind of law are you wanting to practice when you're out, specifically?Intellectual property, kind of. With a startup law like that kind of in between those two.Yeah, good. Contract law and IP law. Yeah, good.By the way, want to add to that? No one cares. Your future clients will not.I'm your future client because I've, I've got people that do that. I've got trademark guys on retainer, we've got IP people on retainer. I've got a lead counsel that works here full time. I've got two guys that work for him, two lawyers that work for him full time, we got three on staff. I've got an estate planning attorney, I've got a tax attorney, I've got. is a great long term move.Okay.And then with a paid for house, take your income and start stacking cash and get you another investment property if you want to buy some real estate. But I would not own an investment or piece of real estate and then take out a mortgage on a new home. That's the same thing as borrowing on a paid for home to go buy investments, and I would never do that either. It's the same thing, though.Okay.That makes sense.Yes, sir. Yes, sir.Yeah. So I'd sell the investment property and build your house or buy you a house, one of the two in the community that you want to go to. And, jan, anybody that's willing to live in a camper to hit their goals is able to get just almost anything done.That is true. That is true.That's serious sacrifice right there. If I told Sharon Ramsay we were moving into a camp, I would like to be there so I could have an investment property that would. The camper would have its tires slashed.It's true. By hillbilly, mysteriously.It would happen.There would be no evidence. I promise you that.No. No bloodshed. That puts us our, 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.Hey, guys, I'm Rachel.And I'm George.And you've probably heard our voices before on the Ramsey show.And do we have a surprise for you.Yep, we have our very own show, smart money happy hour, where we talk about pop culture, current events, and, of course. Of course, money, George. It's a great show. And what else do we talk about?So much, Rachel. Not enough. And yet too much. We talk about guilt tipping, because tipping is out of control, and I won't stand for it anymore, which is why I'm sitting.I'm glad you were taking such a stand.And we also talk about something else. I'm passionate about. Disney adults, George. Why is it a thing?Listen.Some adults still find the magic.Sure. We also talk about toxic money traits and girl mathematic. And if you don't know what those are, you have to listen to the podcast.Yeah, there's a lot there, you guys. It's pretty fun.We keep you relevant is what I'm trying to say.We help you out.So pull up a chair to the happy hour you wish your friends were having. We promise you won't regret it. And if you don't have friends, we'll be your friends.We will.We're great friends.So make sure to check it out.On Apple, Spotify, YouTube, or the Ramsey Network app.

as possible. Take 1000 of the 2000 and apply to that. Liquidate all non retirement investments. I don't want to hear illiquid investments. There's no such thing. Sell the stupid bitcoin. Sell the stupid whole life policy. Get out of it. Get your money out. You need the money. Because, honey, if you didn't have, if you didn't have this $8,500 worth of debt, you would have. You have so much peace in your life and you could put the rest of this crap in your rear view mirror.

Yeah, I would get busy too. You know, you can make money. It sounds like you're Where are they getting compliments in their life? Okay, this is just basic awareness that you as parents, instinctively are going to be able to see, but you help your kids see this and what this does. Early on, before we ever start thinking about college and a major and a professional life, we start to pay attention to what they're good at. There's a high correlation day between the things that we're good at and the things that we actually enjoy doing.And so you don't generally enjoy something you suck at.That's right.With the exception of golf.That was what I was going to say. And that's because of the company and the surroundings. Right. And so we. We start there. Let's not overthink this. And so as they're younger and they're beginning to age into, well, high school, and there's pressure to choose a college and then a major and a career path, hopefully, as parents, we've given them this foundation that early on, they're paying attention to. This is what I'm good at, and this is what I enjoy. And as they begin to experience more of life, let them test some things. Here's one thing I don't think parents do enough of in America, and I think it's when we get a kid who, who, let's say, says, I like working on machines. I'm good at fixing stuff. One of the things I would do is I would allow them to spend time with people in different walks of life that are, in some ways, fixing something, solving a problem mechanically or maybe with their minds, and begin to let these kids shadow and see the real thing. I think you'll see your kids eyes light up. So we've made this thing too complex because what we do is, is we put pressure on these kids to choose a name brand school and get a degree.That seems to make a lot of sense, according to Kiplinger's and us news.And world report, God help us.And we push kids into a career 400.And what city in South Dakota?Rapid. Rapid city.Okay. So it's a large enough market that he can build an actual handyman business and probably make more. He's making now.That's the hope. But no, it's not.I mean, it's not a hope. He can do it if he, I don't know if he will or not. But I mean, we're working with handyman. They're making 2250.Awesome.Yeah, it's a huge business because nobody knows out which end of a screwdriver is anymore? Our culture is tool illiterate. And so anything that breaks, they got to call somebody.Ken Coleman.Yeah, that's. That's true.He can do anything. And so I'm serious.If he will show up on time and do what he said he was going to do, he can charge whatever he wants, and he'll have a line around the block.Okay, what's keeping you from.Why don't we go do this?Yeah, what's keeping you from saying this is a no brainer?Because, well, one, we owe about 415 on our house, and on top of that, we.What's the house worth?Because he's so handy right now. The house is worth 750.So why can't you sell it?Because when we. By the time we would clear our debt, we would have about 150,000, so left over. And then to buy a farm.Why do you have to buy a farm?Because that's my job. I train horses, and that's kind of.You have a farm now?Yes.How many acres do you have now in Minneapolis?Minneapolis? We only have ten.Mm hmm.It's the only place to train horses is your personal farm?Yeah. I mean, South Dakota is, like, one thing. They got land.I don't know.Oh, yeah. It's very expensive, though. And so that's our hang up, is we don't know if we can.Cedar Rapids is expensive.No, South Dakota.I'm sorry.Rapid City.Rapid City is expensive. Same. Same voice tone. No, it's not.Okay.Rapid City, South Dakota, is not expensive. I'm sorry, this isn't. You're not trying to buy ten acres in New York. You're not. It's freaking South Dakota.The houses that we would need the cheapest that we are finding with the house on ten acres of land is going for about 500,000, and I don't know if we can.So don't buy ten acres of land. Go lease ten acres of land. Do your little horse business. Until you get the horse business big enough that it justifies a $500,000 investment, which is probably never.Yeah, I'm with Dave here. Sarah, let me throw an idea at you. Why don't you sell and move up there and maybe rent for a couple of years? Get your feet on the ground, as.In get his handyman business.Who's got horses? What the potential is for you. You're making way less than him, and we've already established that he should be way making way more than he's making now. Once he gets there, on the ground. I would ease into this. I don't think you have to go from where we are now to a ten acre farm so I can do my horse business. I think you've created.There's no way. There's no way that the sorrow is.Yeah, I'd ease into.You buy ten acres because you can afford it, and then you do horses. You don't buy ten acres to do horses and make 25k. That's a bad business model.Okay.You don't make enough to justify the expense.Correct.Yeah. So you gotta. You need to lease that land or you buy the land. Because I want the land. Oh. And then I'll do some horses for fun, and then I can do 25k on horses. All right. But, yeah, I. We're not staying in Minneapolis in this toxic situation with this sort of kind of family business debacle that he is not going to stay in because you need ten acres. That's just. No, sell it and go to South Dakota and let him get his handyman business going. You go rent a farm to do your horse business on, and then later on, when you guys make a bunch of money, buy you a farm, and you can do your thing, and, you know, it's a five year plan to get to that. Okay, but you guys, you can't. What you've described in Minneapolis is not sustainable. You. You gave us all reasons to leave, and they were all good reasons. And then you took Cedar rapids and made it unattainable. Or Rapid City. I can't say it. I keep going. I keep going. The wrong state.The rapids.Sorry. South Dakota. I actually do know where you are, but. Yeah. Oh, my gosh.There's some people in the lobby from.South Dakota, and Dave is geographically challenged, but, yeah.I also don't understand why you need ten acres. That seems like a lot of. For training horses.It depends on. I don't know. I mean, I'm not a horse trainer, but if you're gonna graze them, I mean, you're gonna pasture them and so forth, you might, but.Oh, I see.And I was thinking the training part.I've never played one on tv, Dave, so I'm over my skis.Yeah, definitely. Me too. But. But I do. I'm not over my skis. To say you don't spend $500,000 to do a $25,000 business.That's correct.That. That's an easy one. Yeah, that's a. No, we don't do that, period. You know, if you want to buy a half million dollar house and can afford a half million dollar house. It's on ten acres. Great. Do that. Oh, and then I want to do some horse stuff on there. Cool. That's fine. But we don't buy a $500,000 piece of property to do $25,000 a year on. That does not make sense. That's not. That's a no. That's a non starter right there, so. All right, there we go. Move, Sarah, move. Load up the truck and head to Beverly. That's what we're doing. Bring Uncle Jed and Granny and let's go. Open phones at triple 8825-5225 family businesses that do succession poorly, they bring pain onto themselves. All they had to do was treat this guy right, and he and his brothers would have taken the thing over and it would have gone another generation. Instead, they're putzing around and they're going to lose their talent, which is in their family, to be able to carry this thing generation.I was going to ask you, does it make sense with what little information you have that they would bring in an outsider for ownership when it was supposed to be a family thing?No. All this is somebody trying to get some money. One of the uncles wants some money. He's trying to get some cash, and none of the boys got any cash. He's trying to bring in an outsider with some pockets there.That makes sense.This is the Ramsey show. Listen. Tickets for the live like no one else. Cruisers selling fast. This is the ultimate debt free vacation, and I can't wait to celebrate with all the folks who've worked their butts off and changed their family trees. We will be sailing through the blue waters of the Caribbean with the Ramsey personalities and other special guests. A bunch of cabin options are already sold out, so hurry and reserve yours with a $600 deposit today@ramseysolutions.com. events. Ken Coleman, Ramsey personality, is my co host today. Thank you for joining us, America. Daniel is in Los Angeles. Hi, Daniel. Welcome to the Ramsey show.Hello, Dave. We have some home fears. Home buying fears, actually.Okay.All right, so I want to start with our numbers. Me and my wife's combined income, which is all self employed, 1099 is 243,000. The house we want to get is a $477,000 place. So we can only qualify for bank statement loan. And that lender gave us an average of twelve months of deposits of 9500 a month, which puts our house payment at 29% of our take home, which is not Dave approved. So.I'm sorry. I'm sorry. How long have you had your 1099 business.Ten years. Ten years.Okay. Well, you've got a dumb butt lender. You qualify for a standard mortgage. If you got two years of tax returns proving this business value, you qualify for a standard mortgage. You don't need to get ripped off on a mortgage.Okay.So call Churchill mortgage and talk to those guys. They'll help you get it done. Because he's. He's hammering you on the rate, isn't he?Yeah. It's between 6.9 and 7.7.Yeah. Why is it between?Because if I down payment more, it'll come down.Oh, yeah. Okay. Yeah. You need a new mortgage lender.Got it. Great. Good news. The last little bit here is every other. I've done about ten, trying to get qualified for a loan ten times and only forgotten the bank statement loans once or twice because the FHA, conventionals or whatnot. I can't seem to qualify for ever.Why is your. Is your credit bad?No, we have great credit. We just have a lot of write offs and lifestyle.Okay, so you have a taxable income on your tax return of 250,000 or not?No, no, not. Not a personal income of 250,000.What you told me you make.Yes.Combined business income.Gross revs or net profit?Gross.Oh, well, crap. You could be losing money then. What is your net profit? What's your taxable income?Our personal taxable income?Yes, sir. That's. That's all you got? Your business is personal. You're filing it. You're filing a schedule c, aren't you? Or you got it in an LLC?We have s corps and general partnerships.Okay. And all of that flows through directly to your tax return. When you pay taxes, all of your businesses, the net profits land on your personal tax return. What is your income, sir, that you pay taxes on?About 25,000.$25,000 a year.Yeah.Then you're not making any money. You're starving to death. In business, there are only one kind of write off. There's only been. You can only write off actual cash expenditures, which creates net profit. And you can depreciate items. And the depreciation has something to do with reality called loss of value in the item. So if you buy a $10,000 item and it's worth spit two years from now, you can depreciate that item because it's depreciated. But you lost the money. That's why you can depreciate it. I buy a nurse. So it's very dangerous.Yes, I agree.So she's having to back off.Well, here's the bad. That's the bad news. The great news is she's a nurse, so she could do non nursing, non actual care, but use that knowledge base and make really good money, maybe from home. Yeah, Ken, there's a lot of stuff she could do, isn't there?Yeah, I think there's a lot of pivoting there. She's. She's got some transferable skills. Uh, have you guys looked into that, or is this just.I mean, I don't want her. She does. For her sake. I don't want her on the floor. Right. Going bed to bed to bed in a hospital. Right. That. That would not be cool for her. Right. Much less the potential risk to a patient or something. So I completely agree with the fact you need to pivot, but I don't think it goes to zero.Yeah, no, it's not going to go to zero forever. We know that part. My. My concern is the next three to six months as we pivot or transition.Has she. Has she already quit?Yes.Okay.That already took place.Okay, cool. So now we've just got to figure out a different way to apply her skills. And it shouldn't take three to six months. It ought to take three to six days.I am open to suggestions even on.That, trying to find online, because the nature of your call is we're struggling financially because we just lost dadgum 60, 70% of our income.Yes.And you're scared to death for your wife's health because that brings tears to your eyes. It brings tears to my eyes, too. You're a good man.Yes.You love your wife. You're a good guy. So we'll help you with the, you know. But if we fix the income thing, don't we fix a whole lot of the other stuff?Yeah. Because then I can fully get onto the debt. Snowballing, get ourselves out of the.Have you sat down, the two of you, and looked at what her options are? Doesn't feel like you guys have sat down and talked about it. For instance, tele nursing. Is that an option? I don't know, but that's where my brain goes.So it is an option, and it is not an option that we have found readily available. As I started applying for her ahead of time, thinking, knowing this was coming ahead, and we've not had a lot of success with that. And so her auras and her seizures were all stress induced. And her neurologist even warned her, she mean, she may have to give up nursing and go on disability. We have fought for two and a half years now to avoid that because she would rather work.Thank you. Let me throw another high level idea out because I think you guys are a little bit panicked, and it's hard to think clearly when you're panicking, but you got to start looking at real options so it becomes less scary. The unknown is freaking you out. I would be looking at other caregiving jobs. I've coached a lot of nurses who have been burned out, and it is one of the top industries as relates to burnout and transition right now in this country, it's a massive problem. So I will tell you that one of the things I coach nurses on is caregiving. And when I've asked them, what is it the core of nursing that you love, they always come back with, I just love caring for people. So I would start to look in the Columbus, Ohio greater area and go, what are the jobs out there where it is about caring for people? Okay. And then where are my limitations? Knowing what we know medically, I just think there's more options for her to step right into something right now, because let me tell you something. There are holes everywhere in the world of caring for people.They need people. I would start there.Yeah, I think your work on the income side of this equation, Jonathan, and keep doing that. And tell you what, I'm going to send you a copy of Ken's book, Paycheck to purpose and also proximity principle, two of them. That'll help you get started. And I think you guys just need to start brainstorming tonight, clearly thinking about where she could apply these skills in a non traditional way that's low stress environment. This is the Ramsey show, live from the headquarters of Ramsey Solutions Ramsey show, where we help people build wealth, do work that they love, and create actual amazing relationships. Ken Coleman, Ramsey personality, is my co host today. Open phones at triple 8825-5225 Rebecca is in Louisiana, Shreveport, to be exact. Hi, Rebecca. How are you?Better than I deserve. Dave and Kent.Thank you. How can we help?Listen, I first have to say, it is such an honor to talk with both of you. Since becoming an avid listener of your show just last year, our family has paid off about $50,000 since last September.Way to go, kiddo.I could cry saying that. But anyways, the reason for my call today is I am sort of at a crossroads in my career and wondering what you guys think my next right move should be. Is it okay if I kind of give you an overview?Tell us about it. Yeah. What's the crossroads?Perfect. So a little bit of background. I'm recently 30, I'm married, and we have four kids, ranging in age from about 13 to four. I was a teen mom. I graduated high school with one baby, went straight on to college, and graduated on time with two babies. And in those hard life experiences, my purpose work, as Ken would probably put it, was born and I began a career in faith based nonprofit work about nine years ago. I made peanuts at first, but currently work in a leadership role at a nonprofit making $85,000 a year. Alongside this, I've also always maintained for the last eight, nine years a self employment side hustle type work. Although it's really a ministry, it's a passion. I enjoy it. And that is in keynote speaking and fundraising for nonprofits, particularly ministries. And in 2023, my side hustle brought in about $100,000 in net income. And this year, for 2024, I am on track. I just picked up another contract yesterday to net $140,000 in my side income.Great job.It is. But you can see my spouse employment income now supersedes my regular income. And the way we've kind of always worked. It is my, my normal w two paycheck, along with my husband's, goes towards paying our bills and then my speaking income, because it's grown so much, has just gone straight to the debt, and we've been able to slash it in the last year with a lot of force and with quick pace. But now both jobs have grown. They've grown in responsibility and time. Both require nationwide travel. And I'm away from my kids and my husband, and I just feel like my mind, my body, my family is suffering. And this is kind of the crux of my question. Is it time that I quit my regular job and pursue just my self employment work? Yes, it is.Yes. 100%.I feel.I know what you feel. Guilt.Guilt.I feel.It's kind of guilt. No.I've talked to you so many times, but you have a different name and a different life. I really understand this. Here's the deal, though. Your love of the organization and the mission, and I would guess, just hearing what we've heard about you, that you carry a lot of responsibility, that organization, and you are worried that if you leave them, it might come crumbling down. If not that bad, it might really put them in a bad spot. Is that about right?Yes.Okay.That's exactly right.All right. And I understand that's ago who did this himself, and he figured out how to go to law school for free. And you can search this, there's tons of resources on this, but here's the short process of how you do it. Number one, it's about your LSAT. The higher the LSAT, the greater the chance you have for a full ride scholarship. So you can take, you know, this, the LSAT as many times as you want to. There's a cash value on that. And so study, study and get a really high LSAT score. Second, early application. The earlier you can apply to these law schools, the greater the chance you have for, again, a full ride, because these law schools have quotas that they're trying to get and they want people who are ready to decide early. The third thing is how impressive your total application is. So this is really do the homework on what they're looking for. Strong recommendations, people like us, senators, congressmen, governors, when you are really well known business people, that's your total application process.And then the last piece is to go for the non name brand law schools, your name brand law schools. I'll just pick a school right here in the shadows of our organization's headquarters. Vandy Law is not going to give full rights, people, because everybody wants to get into these name brand schools. You can pick a name brand, your big state school. People are clamoring to get in there, so they're not looking for students, but there are a lot of smaller schools all around the country. No one's clamoring to come to their place. In other words, supply. Demand is the principle here. And where there's low, low demand, they are looking for supply and they are wanting to get people graduating from their law schools. So all that said, if you're willing to go to a non name brand law school, outside of those other three things I gave you, there's a very good chance that you can get a full ride, if not most of it covered.What kind of law are you wanting to practice when you're out, specifically?Intellectual property, kind of. With a startup law like that kind of in between those two.Yeah, good. Contract law and IP law. Yeah, good.By the way, want to add to that? No one cares. Your future clients will not.I'm your future client because I've, I've got people that do that. I've got trademark guys on retainer, we've got IP people on retainer. I've got a lead counsel that works here full time. I've got two guys that work for him, two lawyers that work for him full time, we got three on staff. I've got an estate planning attorney, I've got a tax attorney, I've got. is a great long term move.Okay.And then with a paid for house, take your income and start stacking cash and get you another investment property if you want to buy some real estate. But I would not own an investment or piece of real estate and then take out a mortgage on a new home. That's the same thing as borrowing on a paid for home to go buy investments, and I would never do that either. It's the same thing, though.Okay.That makes sense.Yes, sir. Yes, sir.Yeah. So I'd sell the investment property and build your house or buy you a house, one of the two in the community that you want to go to. And, jan, anybody that's willing to live in a camper to hit their goals is able to get just almost anything done.That is true. That is true.That's serious sacrifice right there. If I told Sharon Ramsay we were moving into a camp, I would like to be there so I could have an investment property that would. The camper would have its tires slashed.It's true. By hillbilly, mysteriously.It would happen.There would be no evidence. I promise you that.No. No bloodshed. That puts us our, 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.Hey, guys, I'm Rachel.And I'm George.And you've probably heard our voices before on the Ramsey show.And do we have a surprise for you.Yep, we have our very own show, smart money happy hour, where we talk about pop culture, current events, and, of course. Of course, money, George. It's a great show. And what else do we talk about?So much, Rachel. Not enough. And yet too much. We talk about guilt tipping, because tipping is out of control, and I won't stand for it anymore, which is why I'm sitting.I'm glad you were taking such a stand.And we also talk about something else. I'm passionate about. Disney adults, George. Why is it a thing?Listen.Some adults still find the magic.Sure. We also talk about toxic money traits and girl mathematic. And if you don't know what those are, you have to listen to the podcast.Yeah, there's a lot there, you guys. It's pretty fun.We keep you relevant is what I'm trying to say.We help you out.So pull up a chair to the happy hour you wish your friends were having. We promise you won't regret it. And if you don't have friends, we'll be your friends.We will.We're great friends.So make sure to check it out.On Apple, Spotify, YouTube, or the Ramsey Network app.

Where are they getting compliments in their life? Okay, this is just basic awareness that you as parents, instinctively are going to be able to see, but you help your kids see this and what this does. Early on, before we ever start thinking about college and a major and a professional life, we start to pay attention to what they're good at. There's a high correlation day between the things that we're good at and the things that we actually enjoy doing.

And so you don't generally enjoy something you suck at.

That's right.

With the exception of golf.

That was what I was going to say. And that's because of the company and the surroundings. Right. And so we. We start there. Let's not overthink this. And so as they're younger and they're beginning to age into, well, high school, and there's pressure to choose a college and then a major and a career path, hopefully, as parents, we've given them this foundation that early on, they're paying attention to. This is what I'm good at, and this is what I enjoy. And as they begin to experience more of life, let them test some things. Here's one thing I don't think parents do enough of in America, and I think it's when we get a kid who, who, let's say, says, I like working on machines. I'm good at fixing stuff. One of the things I would do is I would allow them to spend time with people in different walks of life that are, in some ways, fixing something, solving a problem mechanically or maybe with their minds, and begin to let these kids shadow and see the real thing. I think you'll see your kids eyes light up. So we've made this thing too complex because what we do is, is we put pressure on these kids to choose a name brand school and get a degree.

That seems to make a lot of sense, according to Kiplinger's and us news.

And world report, God help us.

And we push kids into a career 400.And what city in South Dakota?Rapid. Rapid city.Okay. So it's a large enough market that he can build an actual handyman business and probably make more. He's making now.That's the hope. But no, it's not.I mean, it's not a hope. He can do it if he, I don't know if he will or not. But I mean, we're working with handyman. They're making 2250.Awesome.Yeah, it's a huge business because nobody knows out which end of a screwdriver is anymore? Our culture is tool illiterate. And so anything that breaks, they got to call somebody.Ken Coleman.Yeah, that's. That's true.He can do anything. And so I'm serious.If he will show up on time and do what he said he was going to do, he can charge whatever he wants, and he'll have a line around the block.Okay, what's keeping you from.Why don't we go do this?Yeah, what's keeping you from saying this is a no brainer?Because, well, one, we owe about 415 on our house, and on top of that, we.What's the house worth?Because he's so handy right now. The house is worth 750.So why can't you sell it?Because when we. By the time we would clear our debt, we would have about 150,000, so left over. And then to buy a farm.Why do you have to buy a farm?Because that's my job. I train horses, and that's kind of.You have a farm now?Yes.How many acres do you have now in Minneapolis?Minneapolis? We only have ten.Mm hmm.It's the only place to train horses is your personal farm?Yeah. I mean, South Dakota is, like, one thing. They got land.I don't know.Oh, yeah. It's very expensive, though. And so that's our hang up, is we don't know if we can.Cedar Rapids is expensive.No, South Dakota.I'm sorry.Rapid City.Rapid City is expensive. Same. Same voice tone. No, it's not.Okay.Rapid City, South Dakota, is not expensive. I'm sorry, this isn't. You're not trying to buy ten acres in New York. You're not. It's freaking South Dakota.The houses that we would need the cheapest that we are finding with the house on ten acres of land is going for about 500,000, and I don't know if we can.So don't buy ten acres of land. Go lease ten acres of land. Do your little horse business. Until you get the horse business big enough that it justifies a $500,000 investment, which is probably never.Yeah, I'm with Dave here. Sarah, let me throw an idea at you. Why don't you sell and move up there and maybe rent for a couple of years? Get your feet on the ground, as.In get his handyman business.Who's got horses? What the potential is for you. You're making way less than him, and we've already established that he should be way making way more than he's making now. Once he gets there, on the ground. I would ease into this. I don't think you have to go from where we are now to a ten acre farm so I can do my horse business. I think you've created.There's no way. There's no way that the sorrow is.Yeah, I'd ease into.You buy ten acres because you can afford it, and then you do horses. You don't buy ten acres to do horses and make 25k. That's a bad business model.Okay.You don't make enough to justify the expense.Correct.Yeah. So you gotta. You need to lease that land or you buy the land. Because I want the land. Oh. And then I'll do some horses for fun, and then I can do 25k on horses. All right. But, yeah, I. We're not staying in Minneapolis in this toxic situation with this sort of kind of family business debacle that he is not going to stay in because you need ten acres. That's just. No, sell it and go to South Dakota and let him get his handyman business going. You go rent a farm to do your horse business on, and then later on, when you guys make a bunch of money, buy you a farm, and you can do your thing, and, you know, it's a five year plan to get to that. Okay, but you guys, you can't. What you've described in Minneapolis is not sustainable. You. You gave us all reasons to leave, and they were all good reasons. And then you took Cedar rapids and made it unattainable. Or Rapid City. I can't say it. I keep going. I keep going. The wrong state.The rapids.Sorry. South Dakota. I actually do know where you are, but. Yeah. Oh, my gosh.There's some people in the lobby from.South Dakota, and Dave is geographically challenged, but, yeah.I also don't understand why you need ten acres. That seems like a lot of. For training horses.It depends on. I don't know. I mean, I'm not a horse trainer, but if you're gonna graze them, I mean, you're gonna pasture them and so forth, you might, but.Oh, I see.And I was thinking the training part.I've never played one on tv, Dave, so I'm over my skis.Yeah, definitely. Me too. But. But I do. I'm not over my skis. To say you don't spend $500,000 to do a $25,000 business.That's correct.That. That's an easy one. Yeah, that's a. No, we don't do that, period. You know, if you want to buy a half million dollar house and can afford a half million dollar house. It's on ten acres. Great. Do that. Oh, and then I want to do some horse stuff on there. Cool. That's fine. But we don't buy a $500,000 piece of property to do $25,000 a year on. That does not make sense. That's not. That's a no. That's a non starter right there, so. All right, there we go. Move, Sarah, move. Load up the truck and head to Beverly. That's what we're doing. Bring Uncle Jed and Granny and let's go. Open phones at triple 8825-5225 family businesses that do succession poorly, they bring pain onto themselves. All they had to do was treat this guy right, and he and his brothers would have taken the thing over and it would have gone another generation. Instead, they're putzing around and they're going to lose their talent, which is in their family, to be able to carry this thing generation.I was going to ask you, does it make sense with what little information you have that they would bring in an outsider for ownership when it was supposed to be a family thing?No. All this is somebody trying to get some money. One of the uncles wants some money. He's trying to get some cash, and none of the boys got any cash. He's trying to bring in an outsider with some pockets there.That makes sense.This is the Ramsey show. Listen. Tickets for the live like no one else. Cruisers selling fast. This is the ultimate debt free vacation, and I can't wait to celebrate with all the folks who've worked their butts off and changed their family trees. We will be sailing through the blue waters of the Caribbean with the Ramsey personalities and other special guests. A bunch of cabin options are already sold out, so hurry and reserve yours with a $600 deposit today@ramseysolutions.com. events. Ken Coleman, Ramsey personality, is my co host today. Thank you for joining us, America. Daniel is in Los Angeles. Hi, Daniel. Welcome to the Ramsey show.Hello, Dave. We have some home fears. Home buying fears, actually.Okay.All right, so I want to start with our numbers. Me and my wife's combined income, which is all self employed, 1099 is 243,000. The house we want to get is a $477,000 place. So we can only qualify for bank statement loan. And that lender gave us an average of twelve months of deposits of 9500 a month, which puts our house payment at 29% of our take home, which is not Dave approved. So.I'm sorry. I'm sorry. How long have you had your 1099 business.Ten years. Ten years.Okay. Well, you've got a dumb butt lender. You qualify for a standard mortgage. If you got two years of tax returns proving this business value, you qualify for a standard mortgage. You don't need to get ripped off on a mortgage.Okay.So call Churchill mortgage and talk to those guys. They'll help you get it done. Because he's. He's hammering you on the rate, isn't he?Yeah. It's between 6.9 and 7.7.Yeah. Why is it between?Because if I down payment more, it'll come down.Oh, yeah. Okay. Yeah. You need a new mortgage lender.Got it. Great. Good news. The last little bit here is every other. I've done about ten, trying to get qualified for a loan ten times and only forgotten the bank statement loans once or twice because the FHA, conventionals or whatnot. I can't seem to qualify for ever.Why is your. Is your credit bad?No, we have great credit. We just have a lot of write offs and lifestyle.Okay, so you have a taxable income on your tax return of 250,000 or not?No, no, not. Not a personal income of 250,000.What you told me you make.Yes.Combined business income.Gross revs or net profit?Gross.Oh, well, crap. You could be losing money then. What is your net profit? What's your taxable income?Our personal taxable income?Yes, sir. That's. That's all you got? Your business is personal. You're filing it. You're filing a schedule c, aren't you? Or you got it in an LLC?We have s corps and general partnerships.Okay. And all of that flows through directly to your tax return. When you pay taxes, all of your businesses, the net profits land on your personal tax return. What is your income, sir, that you pay taxes on?About 25,000.$25,000 a year.Yeah.Then you're not making any money. You're starving to death. In business, there are only one kind of write off. There's only been. You can only write off actual cash expenditures, which creates net profit. And you can depreciate items. And the depreciation has something to do with reality called loss of value in the item. So if you buy a $10,000 item and it's worth spit two years from now, you can depreciate that item because it's depreciated. But you lost the money. That's why you can depreciate it. I buy a nurse. So it's very dangerous.Yes, I agree.So she's having to back off.Well, here's the bad. That's the bad news. The great news is she's a nurse, so she could do non nursing, non actual care, but use that knowledge base and make really good money, maybe from home. Yeah, Ken, there's a lot of stuff she could do, isn't there?Yeah, I think there's a lot of pivoting there. She's. She's got some transferable skills. Uh, have you guys looked into that, or is this just.I mean, I don't want her. She does. For her sake. I don't want her on the floor. Right. Going bed to bed to bed in a hospital. Right. That. That would not be cool for her. Right. Much less the potential risk to a patient or something. So I completely agree with the fact you need to pivot, but I don't think it goes to zero.Yeah, no, it's not going to go to zero forever. We know that part. My. My concern is the next three to six months as we pivot or transition.Has she. Has she already quit?Yes.Okay.That already took place.Okay, cool. So now we've just got to figure out a different way to apply her skills. And it shouldn't take three to six months. It ought to take three to six days.I am open to suggestions even on.That, trying to find online, because the nature of your call is we're struggling financially because we just lost dadgum 60, 70% of our income.Yes.And you're scared to death for your wife's health because that brings tears to your eyes. It brings tears to my eyes, too. You're a good man.Yes.You love your wife. You're a good guy. So we'll help you with the, you know. But if we fix the income thing, don't we fix a whole lot of the other stuff?Yeah. Because then I can fully get onto the debt. Snowballing, get ourselves out of the.Have you sat down, the two of you, and looked at what her options are? Doesn't feel like you guys have sat down and talked about it. For instance, tele nursing. Is that an option? I don't know, but that's where my brain goes.So it is an option, and it is not an option that we have found readily available. As I started applying for her ahead of time, thinking, knowing this was coming ahead, and we've not had a lot of success with that. And so her auras and her seizures were all stress induced. And her neurologist even warned her, she mean, she may have to give up nursing and go on disability. We have fought for two and a half years now to avoid that because she would rather work.Thank you. Let me throw another high level idea out because I think you guys are a little bit panicked, and it's hard to think clearly when you're panicking, but you got to start looking at real options so it becomes less scary. The unknown is freaking you out. I would be looking at other caregiving jobs. I've coached a lot of nurses who have been burned out, and it is one of the top industries as relates to burnout and transition right now in this country, it's a massive problem. So I will tell you that one of the things I coach nurses on is caregiving. And when I've asked them, what is it the core of nursing that you love, they always come back with, I just love caring for people. So I would start to look in the Columbus, Ohio greater area and go, what are the jobs out there where it is about caring for people? Okay. And then where are my limitations? Knowing what we know medically, I just think there's more options for her to step right into something right now, because let me tell you something. There are holes everywhere in the world of caring for people.They need people. I would start there.Yeah, I think your work on the income side of this equation, Jonathan, and keep doing that. And tell you what, I'm going to send you a copy of Ken's book, Paycheck to purpose and also proximity principle, two of them. That'll help you get started. And I think you guys just need to start brainstorming tonight, clearly thinking about where she could apply these skills in a non traditional way that's low stress environment. This is the Ramsey show, live from the headquarters of Ramsey Solutions Ramsey show, where we help people build wealth, do work that they love, and create actual amazing relationships. Ken Coleman, Ramsey personality, is my co host today. Open phones at triple 8825-5225 Rebecca is in Louisiana, Shreveport, to be exact. Hi, Rebecca. How are you?Better than I deserve. Dave and Kent.Thank you. How can we help?Listen, I first have to say, it is such an honor to talk with both of you. Since becoming an avid listener of your show just last year, our family has paid off about $50,000 since last September.Way to go, kiddo.I could cry saying that. But anyways, the reason for my call today is I am sort of at a crossroads in my career and wondering what you guys think my next right move should be. Is it okay if I kind of give you an overview?Tell us about it. Yeah. What's the crossroads?Perfect. So a little bit of background. I'm recently 30, I'm married, and we have four kids, ranging in age from about 13 to four. I was a teen mom. I graduated high school with one baby, went straight on to college, and graduated on time with two babies. And in those hard life experiences, my purpose work, as Ken would probably put it, was born and I began a career in faith based nonprofit work about nine years ago. I made peanuts at first, but currently work in a leadership role at a nonprofit making $85,000 a year. Alongside this, I've also always maintained for the last eight, nine years a self employment side hustle type work. Although it's really a ministry, it's a passion. I enjoy it. And that is in keynote speaking and fundraising for nonprofits, particularly ministries. And in 2023, my side hustle brought in about $100,000 in net income. And this year, for 2024, I am on track. I just picked up another contract yesterday to net $140,000 in my side income.Great job.It is. But you can see my spouse employment income now supersedes my regular income. And the way we've kind of always worked. It is my, my normal w two paycheck, along with my husband's, goes towards paying our bills and then my speaking income, because it's grown so much, has just gone straight to the debt, and we've been able to slash it in the last year with a lot of force and with quick pace. But now both jobs have grown. They've grown in responsibility and time. Both require nationwide travel. And I'm away from my kids and my husband, and I just feel like my mind, my body, my family is suffering. And this is kind of the crux of my question. Is it time that I quit my regular job and pursue just my self employment work? Yes, it is.Yes. 100%.I feel.I know what you feel. Guilt.Guilt.I feel.It's kind of guilt. No.I've talked to you so many times, but you have a different name and a different life. I really understand this. Here's the deal, though. Your love of the organization and the mission, and I would guess, just hearing what we've heard about you, that you carry a lot of responsibility, that organization, and you are worried that if you leave them, it might come crumbling down. If not that bad, it might really put them in a bad spot. Is that about right?Yes.Okay.That's exactly right.All right. And I understand that's ago who did this himself, and he figured out how to go to law school for free. And you can search this, there's tons of resources on this, but here's the short process of how you do it. Number one, it's about your LSAT. The higher the LSAT, the greater the chance you have for a full ride scholarship. So you can take, you know, this, the LSAT as many times as you want to. There's a cash value on that. And so study, study and get a really high LSAT score. Second, early application. The earlier you can apply to these law schools, the greater the chance you have for, again, a full ride, because these law schools have quotas that they're trying to get and they want people who are ready to decide early. The third thing is how impressive your total application is. So this is really do the homework on what they're looking for. Strong recommendations, people like us, senators, congressmen, governors, when you are really well known business people, that's your total application process.And then the last piece is to go for the non name brand law schools, your name brand law schools. I'll just pick a school right here in the shadows of our organization's headquarters. Vandy Law is not going to give full rights, people, because everybody wants to get into these name brand schools. You can pick a name brand, your big state school. People are clamoring to get in there, so they're not looking for students, but there are a lot of smaller schools all around the country. No one's clamoring to come to their place. In other words, supply. Demand is the principle here. And where there's low, low demand, they are looking for supply and they are wanting to get people graduating from their law schools. So all that said, if you're willing to go to a non name brand law school, outside of those other three things I gave you, there's a very good chance that you can get a full ride, if not most of it covered.What kind of law are you wanting to practice when you're out, specifically?Intellectual property, kind of. With a startup law like that kind of in between those two.Yeah, good. Contract law and IP law. Yeah, good.By the way, want to add to that? No one cares. Your future clients will not.I'm your future client because I've, I've got people that do that. I've got trademark guys on retainer, we've got IP people on retainer. I've got a lead counsel that works here full time. I've got two guys that work for him, two lawyers that work for him full time, we got three on staff. I've got an estate planning attorney, I've got a tax attorney, I've got. is a great long term move.Okay.And then with a paid for house, take your income and start stacking cash and get you another investment property if you want to buy some real estate. But I would not own an investment or piece of real estate and then take out a mortgage on a new home. That's the same thing as borrowing on a paid for home to go buy investments, and I would never do that either. It's the same thing, though.Okay.That makes sense.Yes, sir. Yes, sir.Yeah. So I'd sell the investment property and build your house or buy you a house, one of the two in the community that you want to go to. And, jan, anybody that's willing to live in a camper to hit their goals is able to get just almost anything done.That is true. That is true.That's serious sacrifice right there. If I told Sharon Ramsay we were moving into a camp, I would like to be there so I could have an investment property that would. The camper would have its tires slashed.It's true. By hillbilly, mysteriously.It would happen.There would be no evidence. I promise you that.No. No bloodshed. That puts us our, 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.Hey, guys, I'm Rachel.And I'm George.And you've probably heard our voices before on the Ramsey show.And do we have a surprise for you.Yep, we have our very own show, smart money happy hour, where we talk about pop culture, current events, and, of course. Of course, money, George. It's a great show. And what else do we talk about?So much, Rachel. Not enough. And yet too much. We talk about guilt tipping, because tipping is out of control, and I won't stand for it anymore, which is why I'm sitting.I'm glad you were taking such a stand.And we also talk about something else. I'm passionate about. Disney adults, George. Why is it a thing?Listen.Some adults still find the magic.Sure. We also talk about toxic money traits and girl mathematic. And if you don't know what those are, you have to listen to the podcast.Yeah, there's a lot there, you guys. It's pretty fun.We keep you relevant is what I'm trying to say.We help you out.So pull up a chair to the happy hour you wish your friends were having. We promise you won't regret it. And if you don't have friends, we'll be your friends.We will.We're great friends.So make sure to check it out.On Apple, Spotify, YouTube, or the Ramsey Network app.

400.

And what city in South Dakota?

Rapid. Rapid city.

Okay. So it's a large enough market that he can build an actual handyman business and probably make more. He's making now.

That's the hope. But no, it's not.

I mean, it's not a hope. He can do it if he, I don't know if he will or not. But I mean, we're working with handyman. They're making 2250.

Awesome.

Yeah, it's a huge business because nobody knows out which end of a screwdriver is anymore? Our culture is tool illiterate. And so anything that breaks, they got to call somebody.

Ken Coleman.

Yeah, that's. That's true.

He can do anything. And so I'm serious.

If he will show up on time and do what he said he was going to do, he can charge whatever he wants, and he'll have a line around the block.

Okay, what's keeping you from.

Why don't we go do this?

Yeah, what's keeping you from saying this is a no brainer?

Because, well, one, we owe about 415 on our house, and on top of that, we.

What's the house worth?

Because he's so handy right now. The house is worth 750.

So why can't you sell it?

Because when we. By the time we would clear our debt, we would have about 150,000, so left over. And then to buy a farm.

Why do you have to buy a farm?

Because that's my job. I train horses, and that's kind of.

You have a farm now?

Yes.

How many acres do you have now in Minneapolis?

Minneapolis? We only have ten.

Mm hmm.

It's the only place to train horses is your personal farm?

Yeah. I mean, South Dakota is, like, one thing. They got land.

I don't know.

Oh, yeah. It's very expensive, though. And so that's our hang up, is we don't know if we can.

Cedar Rapids is expensive.

No, South Dakota.

I'm sorry.

Rapid City.

Rapid City is expensive. Same. Same voice tone. No, it's not.

Okay.

Rapid City, South Dakota, is not expensive. I'm sorry, this isn't. You're not trying to buy ten acres in New York. You're not. It's freaking South Dakota.

The houses that we would need the cheapest that we are finding with the house on ten acres of land is going for about 500,000, and I don't know if we can.

So don't buy ten acres of land. Go lease ten acres of land. Do your little horse business. Until you get the horse business big enough that it justifies a $500,000 investment, which is probably never.

Yeah, I'm with Dave here. Sarah, let me throw an idea at you. Why don't you sell and move up there and maybe rent for a couple of years? Get your feet on the ground, as.

In get his handyman business.

Who's got horses? What the potential is for you. You're making way less than him, and we've already established that he should be way making way more than he's making now. Once he gets there, on the ground. I would ease into this. I don't think you have to go from where we are now to a ten acre farm so I can do my horse business. I think you've created.

There's no way. There's no way that the sorrow is.

Yeah, I'd ease into.

You buy ten acres because you can afford it, and then you do horses. You don't buy ten acres to do horses and make 25k. That's a bad business model.

Okay.

You don't make enough to justify the expense.

Correct.

Yeah. So you gotta. You need to lease that land or you buy the land. Because I want the land. Oh. And then I'll do some horses for fun, and then I can do 25k on horses. All right. But, yeah, I. We're not staying in Minneapolis in this toxic situation with this sort of kind of family business debacle that he is not going to stay in because you need ten acres. That's just. No, sell it and go to South Dakota and let him get his handyman business going. You go rent a farm to do your horse business on, and then later on, when you guys make a bunch of money, buy you a farm, and you can do your thing, and, you know, it's a five year plan to get to that. Okay, but you guys, you can't. What you've described in Minneapolis is not sustainable. You. You gave us all reasons to leave, and they were all good reasons. And then you took Cedar rapids and made it unattainable. Or Rapid City. I can't say it. I keep going. I keep going. The wrong state.

The rapids.

Sorry. South Dakota. I actually do know where you are, but. Yeah. Oh, my gosh.

There's some people in the lobby from.

South Dakota, and Dave is geographically challenged, but, yeah.

I also don't understand why you need ten acres. That seems like a lot of. For training horses.

It depends on. I don't know. I mean, I'm not a horse trainer, but if you're gonna graze them, I mean, you're gonna pasture them and so forth, you might, but.

Oh, I see.

And I was thinking the training part.

I've never played one on tv, Dave, so I'm over my skis.

Yeah, definitely. Me too. But. But I do. I'm not over my skis. To say you don't spend $500,000 to do a $25,000 business.

That's correct.

That. That's an easy one. Yeah, that's a. No, we don't do that, period. You know, if you want to buy a half million dollar house and can afford a half million dollar house. It's on ten acres. Great. Do that. Oh, and then I want to do some horse stuff on there. Cool. That's fine. But we don't buy a $500,000 piece of property to do $25,000 a year on. That does not make sense. That's not. That's a no. That's a non starter right there, so. All right, there we go. Move, Sarah, move. Load up the truck and head to Beverly. That's what we're doing. Bring Uncle Jed and Granny and let's go. Open phones at triple 8825-5225 family businesses that do succession poorly, they bring pain onto themselves. All they had to do was treat this guy right, and he and his brothers would have taken the thing over and it would have gone another generation. Instead, they're putzing around and they're going to lose their talent, which is in their family, to be able to carry this thing generation.

I was going to ask you, does it make sense with what little information you have that they would bring in an outsider for ownership when it was supposed to be a family thing?

No. All this is somebody trying to get some money. One of the uncles wants some money. He's trying to get some cash, and none of the boys got any cash. He's trying to bring in an outsider with some pockets there.

That makes sense.

This is the Ramsey show. Listen. Tickets for the live like no one else. Cruisers selling fast. This is the ultimate debt free vacation, and I can't wait to celebrate with all the folks who've worked their butts off and changed their family trees. We will be sailing through the blue waters of the Caribbean with the Ramsey personalities and other special guests. A bunch of cabin options are already sold out, so hurry and reserve yours with a $600 deposit today@ramseysolutions.com. events. Ken Coleman, Ramsey personality, is my co host today. Thank you for joining us, America. Daniel is in Los Angeles. Hi, Daniel. Welcome to the Ramsey show.

Hello, Dave. We have some home fears. Home buying fears, actually.

Okay.

All right, so I want to start with our numbers. Me and my wife's combined income, which is all self employed, 1099 is 243,000. The house we want to get is a $477,000 place. So we can only qualify for bank statement loan. And that lender gave us an average of twelve months of deposits of 9500 a month, which puts our house payment at 29% of our take home, which is not Dave approved. So.

I'm sorry. I'm sorry. How long have you had your 1099 business.

Ten years. Ten years.

Okay. Well, you've got a dumb butt lender. You qualify for a standard mortgage. If you got two years of tax returns proving this business value, you qualify for a standard mortgage. You don't need to get ripped off on a mortgage.

Okay.

So call Churchill mortgage and talk to those guys. They'll help you get it done. Because he's. He's hammering you on the rate, isn't he?

Yeah. It's between 6.9 and 7.7.

Yeah. Why is it between?

Because if I down payment more, it'll come down.

Oh, yeah. Okay. Yeah. You need a new mortgage lender.

Got it. Great. Good news. The last little bit here is every other. I've done about ten, trying to get qualified for a loan ten times and only forgotten the bank statement loans once or twice because the FHA, conventionals or whatnot. I can't seem to qualify for ever.

Why is your. Is your credit bad?

No, we have great credit. We just have a lot of write offs and lifestyle.

Okay, so you have a taxable income on your tax return of 250,000 or not?

No, no, not. Not a personal income of 250,000.

What you told me you make.

Yes.

Combined business income.

Gross revs or net profit?

Gross.

Oh, well, crap. You could be losing money then. What is your net profit? What's your taxable income?

Our personal taxable income?

Yes, sir. That's. That's all you got? Your business is personal. You're filing it. You're filing a schedule c, aren't you? Or you got it in an LLC?

We have s corps and general partnerships.

Okay. And all of that flows through directly to your tax return. When you pay taxes, all of your businesses, the net profits land on your personal tax return. What is your income, sir, that you pay taxes on?

About 25,000.

$25,000 a year.

Yeah.

Then you're not making any money. You're starving to death. In business, there are only one kind of write off. There's only been. You can only write off actual cash expenditures, which creates net profit. And you can depreciate items. And the depreciation has something to do with reality called loss of value in the item. So if you buy a $10,000 item and it's worth spit two years from now, you can depreciate that item because it's depreciated. But you lost the money. That's why you can depreciate it. I buy a nurse. So it's very dangerous.Yes, I agree.So she's having to back off.Well, here's the bad. That's the bad news. The great news is she's a nurse, so she could do non nursing, non actual care, but use that knowledge base and make really good money, maybe from home. Yeah, Ken, there's a lot of stuff she could do, isn't there?Yeah, I think there's a lot of pivoting there. She's. She's got some transferable skills. Uh, have you guys looked into that, or is this just.I mean, I don't want her. She does. For her sake. I don't want her on the floor. Right. Going bed to bed to bed in a hospital. Right. That. That would not be cool for her. Right. Much less the potential risk to a patient or something. So I completely agree with the fact you need to pivot, but I don't think it goes to zero.Yeah, no, it's not going to go to zero forever. We know that part. My. My concern is the next three to six months as we pivot or transition.Has she. Has she already quit?Yes.Okay.That already took place.Okay, cool. So now we've just got to figure out a different way to apply her skills. And it shouldn't take three to six months. It ought to take three to six days.I am open to suggestions even on.That, trying to find online, because the nature of your call is we're struggling financially because we just lost dadgum 60, 70% of our income.Yes.And you're scared to death for your wife's health because that brings tears to your eyes. It brings tears to my eyes, too. You're a good man.Yes.You love your wife. You're a good guy. So we'll help you with the, you know. But if we fix the income thing, don't we fix a whole lot of the other stuff?Yeah. Because then I can fully get onto the debt. Snowballing, get ourselves out of the.Have you sat down, the two of you, and looked at what her options are? Doesn't feel like you guys have sat down and talked about it. For instance, tele nursing. Is that an option? I don't know, but that's where my brain goes.So it is an option, and it is not an option that we have found readily available. As I started applying for her ahead of time, thinking, knowing this was coming ahead, and we've not had a lot of success with that. And so her auras and her seizures were all stress induced. And her neurologist even warned her, she mean, she may have to give up nursing and go on disability. We have fought for two and a half years now to avoid that because she would rather work.Thank you. Let me throw another high level idea out because I think you guys are a little bit panicked, and it's hard to think clearly when you're panicking, but you got to start looking at real options so it becomes less scary. The unknown is freaking you out. I would be looking at other caregiving jobs. I've coached a lot of nurses who have been burned out, and it is one of the top industries as relates to burnout and transition right now in this country, it's a massive problem. So I will tell you that one of the things I coach nurses on is caregiving. And when I've asked them, what is it the core of nursing that you love, they always come back with, I just love caring for people. So I would start to look in the Columbus, Ohio greater area and go, what are the jobs out there where it is about caring for people? Okay. And then where are my limitations? Knowing what we know medically, I just think there's more options for her to step right into something right now, because let me tell you something. There are holes everywhere in the world of caring for people.They need people. I would start there.Yeah, I think your work on the income side of this equation, Jonathan, and keep doing that. And tell you what, I'm going to send you a copy of Ken's book, Paycheck to purpose and also proximity principle, two of them. That'll help you get started. And I think you guys just need to start brainstorming tonight, clearly thinking about where she could apply these skills in a non traditional way that's low stress environment. This is the Ramsey show, live from the headquarters of Ramsey Solutions Ramsey show, where we help people build wealth, do work that they love, and create actual amazing relationships. Ken Coleman, Ramsey personality, is my co host today. Open phones at triple 8825-5225 Rebecca is in Louisiana, Shreveport, to be exact. Hi, Rebecca. How are you?Better than I deserve. Dave and Kent.Thank you. How can we help?Listen, I first have to say, it is such an honor to talk with both of you. Since becoming an avid listener of your show just last year, our family has paid off about $50,000 since last September.Way to go, kiddo.I could cry saying that. But anyways, the reason for my call today is I am sort of at a crossroads in my career and wondering what you guys think my next right move should be. Is it okay if I kind of give you an overview?Tell us about it. Yeah. What's the crossroads?Perfect. So a little bit of background. I'm recently 30, I'm married, and we have four kids, ranging in age from about 13 to four. I was a teen mom. I graduated high school with one baby, went straight on to college, and graduated on time with two babies. And in those hard life experiences, my purpose work, as Ken would probably put it, was born and I began a career in faith based nonprofit work about nine years ago. I made peanuts at first, but currently work in a leadership role at a nonprofit making $85,000 a year. Alongside this, I've also always maintained for the last eight, nine years a self employment side hustle type work. Although it's really a ministry, it's a passion. I enjoy it. And that is in keynote speaking and fundraising for nonprofits, particularly ministries. And in 2023, my side hustle brought in about $100,000 in net income. And this year, for 2024, I am on track. I just picked up another contract yesterday to net $140,000 in my side income.Great job.It is. But you can see my spouse employment income now supersedes my regular income. And the way we've kind of always worked. It is my, my normal w two paycheck, along with my husband's, goes towards paying our bills and then my speaking income, because it's grown so much, has just gone straight to the debt, and we've been able to slash it in the last year with a lot of force and with quick pace. But now both jobs have grown. They've grown in responsibility and time. Both require nationwide travel. And I'm away from my kids and my husband, and I just feel like my mind, my body, my family is suffering. And this is kind of the crux of my question. Is it time that I quit my regular job and pursue just my self employment work? Yes, it is.Yes. 100%.I feel.I know what you feel. Guilt.Guilt.I feel.It's kind of guilt. No.I've talked to you so many times, but you have a different name and a different life. I really understand this. Here's the deal, though. Your love of the organization and the mission, and I would guess, just hearing what we've heard about you, that you carry a lot of responsibility, that organization, and you are worried that if you leave them, it might come crumbling down. If not that bad, it might really put them in a bad spot. Is that about right?Yes.Okay.That's exactly right.All right. And I understand that's ago who did this himself, and he figured out how to go to law school for free. And you can search this, there's tons of resources on this, but here's the short process of how you do it. Number one, it's about your LSAT. The higher the LSAT, the greater the chance you have for a full ride scholarship. So you can take, you know, this, the LSAT as many times as you want to. There's a cash value on that. And so study, study and get a really high LSAT score. Second, early application. The earlier you can apply to these law schools, the greater the chance you have for, again, a full ride, because these law schools have quotas that they're trying to get and they want people who are ready to decide early. The third thing is how impressive your total application is. So this is really do the homework on what they're looking for. Strong recommendations, people like us, senators, congressmen, governors, when you are really well known business people, that's your total application process.And then the last piece is to go for the non name brand law schools, your name brand law schools. I'll just pick a school right here in the shadows of our organization's headquarters. Vandy Law is not going to give full rights, people, because everybody wants to get into these name brand schools. You can pick a name brand, your big state school. People are clamoring to get in there, so they're not looking for students, but there are a lot of smaller schools all around the country. No one's clamoring to come to their place. In other words, supply. Demand is the principle here. And where there's low, low demand, they are looking for supply and they are wanting to get people graduating from their law schools. So all that said, if you're willing to go to a non name brand law school, outside of those other three things I gave you, there's a very good chance that you can get a full ride, if not most of it covered.What kind of law are you wanting to practice when you're out, specifically?Intellectual property, kind of. With a startup law like that kind of in between those two.Yeah, good. Contract law and IP law. Yeah, good.By the way, want to add to that? No one cares. Your future clients will not.I'm your future client because I've, I've got people that do that. I've got trademark guys on retainer, we've got IP people on retainer. I've got a lead counsel that works here full time. I've got two guys that work for him, two lawyers that work for him full time, we got three on staff. I've got an estate planning attorney, I've got a tax attorney, I've got. is a great long term move.Okay.And then with a paid for house, take your income and start stacking cash and get you another investment property if you want to buy some real estate. But I would not own an investment or piece of real estate and then take out a mortgage on a new home. That's the same thing as borrowing on a paid for home to go buy investments, and I would never do that either. It's the same thing, though.Okay.That makes sense.Yes, sir. Yes, sir.Yeah. So I'd sell the investment property and build your house or buy you a house, one of the two in the community that you want to go to. And, jan, anybody that's willing to live in a camper to hit their goals is able to get just almost anything done.That is true. That is true.That's serious sacrifice right there. If I told Sharon Ramsay we were moving into a camp, I would like to be there so I could have an investment property that would. The camper would have its tires slashed.It's true. By hillbilly, mysteriously.It would happen.There would be no evidence. I promise you that.No. No bloodshed. That puts us our, 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.Hey, guys, I'm Rachel.And I'm George.And you've probably heard our voices before on the Ramsey show.And do we have a surprise for you.Yep, we have our very own show, smart money happy hour, where we talk about pop culture, current events, and, of course. Of course, money, George. It's a great show. And what else do we talk about?So much, Rachel. Not enough. And yet too much. We talk about guilt tipping, because tipping is out of control, and I won't stand for it anymore, which is why I'm sitting.I'm glad you were taking such a stand.And we also talk about something else. I'm passionate about. Disney adults, George. Why is it a thing?Listen.Some adults still find the magic.Sure. We also talk about toxic money traits and girl mathematic. And if you don't know what those are, you have to listen to the podcast.Yeah, there's a lot there, you guys. It's pretty fun.We keep you relevant is what I'm trying to say.We help you out.So pull up a chair to the happy hour you wish your friends were having. We promise you won't regret it. And if you don't have friends, we'll be your friends.We will.We're great friends.So make sure to check it out.On Apple, Spotify, YouTube, or the Ramsey Network app.

a nurse. So it's very dangerous.

Yes, I agree.

So she's having to back off.

Well, here's the bad. That's the bad news. The great news is she's a nurse, so she could do non nursing, non actual care, but use that knowledge base and make really good money, maybe from home. Yeah, Ken, there's a lot of stuff she could do, isn't there?

Yeah, I think there's a lot of pivoting there. She's. She's got some transferable skills. Uh, have you guys looked into that, or is this just.

I mean, I don't want her. She does. For her sake. I don't want her on the floor. Right. Going bed to bed to bed in a hospital. Right. That. That would not be cool for her. Right. Much less the potential risk to a patient or something. So I completely agree with the fact you need to pivot, but I don't think it goes to zero.

Yeah, no, it's not going to go to zero forever. We know that part. My. My concern is the next three to six months as we pivot or transition.

Has she. Has she already quit?

Yes.

Okay.

That already took place.

Okay, cool. So now we've just got to figure out a different way to apply her skills. And it shouldn't take three to six months. It ought to take three to six days.

I am open to suggestions even on.

That, trying to find online, because the nature of your call is we're struggling financially because we just lost dadgum 60, 70% of our income.

Yes.

And you're scared to death for your wife's health because that brings tears to your eyes. It brings tears to my eyes, too. You're a good man.

Yes.

You love your wife. You're a good guy. So we'll help you with the, you know. But if we fix the income thing, don't we fix a whole lot of the other stuff?

Yeah. Because then I can fully get onto the debt. Snowballing, get ourselves out of the.

Have you sat down, the two of you, and looked at what her options are? Doesn't feel like you guys have sat down and talked about it. For instance, tele nursing. Is that an option? I don't know, but that's where my brain goes.

So it is an option, and it is not an option that we have found readily available. As I started applying for her ahead of time, thinking, knowing this was coming ahead, and we've not had a lot of success with that. And so her auras and her seizures were all stress induced. And her neurologist even warned her, she mean, she may have to give up nursing and go on disability. We have fought for two and a half years now to avoid that because she would rather work.

Thank you. Let me throw another high level idea out because I think you guys are a little bit panicked, and it's hard to think clearly when you're panicking, but you got to start looking at real options so it becomes less scary. The unknown is freaking you out. I would be looking at other caregiving jobs. I've coached a lot of nurses who have been burned out, and it is one of the top industries as relates to burnout and transition right now in this country, it's a massive problem. So I will tell you that one of the things I coach nurses on is caregiving. And when I've asked them, what is it the core of nursing that you love, they always come back with, I just love caring for people. So I would start to look in the Columbus, Ohio greater area and go, what are the jobs out there where it is about caring for people? Okay. And then where are my limitations? Knowing what we know medically, I just think there's more options for her to step right into something right now, because let me tell you something. There are holes everywhere in the world of caring for people.

They need people. I would start there.

Yeah, I think your work on the income side of this equation, Jonathan, and keep doing that. And tell you what, I'm going to send you a copy of Ken's book, Paycheck to purpose and also proximity principle, two of them. That'll help you get started. And I think you guys just need to start brainstorming tonight, clearly thinking about where she could apply these skills in a non traditional way that's low stress environment. This is the Ramsey show, live from the headquarters of Ramsey Solutions Ramsey show, where we help people build wealth, do work that they love, and create actual amazing relationships. Ken Coleman, Ramsey personality, is my co host today. Open phones at triple 8825-5225 Rebecca is in Louisiana, Shreveport, to be exact. Hi, Rebecca. How are you?

Better than I deserve. Dave and Kent.

Thank you. How can we help?

Listen, I first have to say, it is such an honor to talk with both of you. Since becoming an avid listener of your show just last year, our family has paid off about $50,000 since last September.

Way to go, kiddo.

I could cry saying that. But anyways, the reason for my call today is I am sort of at a crossroads in my career and wondering what you guys think my next right move should be. Is it okay if I kind of give you an overview?

Tell us about it. Yeah. What's the crossroads?

Perfect. So a little bit of background. I'm recently 30, I'm married, and we have four kids, ranging in age from about 13 to four. I was a teen mom. I graduated high school with one baby, went straight on to college, and graduated on time with two babies. And in those hard life experiences, my purpose work, as Ken would probably put it, was born and I began a career in faith based nonprofit work about nine years ago. I made peanuts at first, but currently work in a leadership role at a nonprofit making $85,000 a year. Alongside this, I've also always maintained for the last eight, nine years a self employment side hustle type work. Although it's really a ministry, it's a passion. I enjoy it. And that is in keynote speaking and fundraising for nonprofits, particularly ministries. And in 2023, my side hustle brought in about $100,000 in net income. And this year, for 2024, I am on track. I just picked up another contract yesterday to net $140,000 in my side income.

Great job.

It is. But you can see my spouse employment income now supersedes my regular income. And the way we've kind of always worked. It is my, my normal w two paycheck, along with my husband's, goes towards paying our bills and then my speaking income, because it's grown so much, has just gone straight to the debt, and we've been able to slash it in the last year with a lot of force and with quick pace. But now both jobs have grown. They've grown in responsibility and time. Both require nationwide travel. And I'm away from my kids and my husband, and I just feel like my mind, my body, my family is suffering. And this is kind of the crux of my question. Is it time that I quit my regular job and pursue just my self employment work? Yes, it is.

Yes. 100%.

I feel.

I know what you feel. Guilt.

Guilt.

I feel.

It's kind of guilt. No.

I've talked to you so many times, but you have a different name and a different life. I really understand this. Here's the deal, though. Your love of the organization and the mission, and I would guess, just hearing what we've heard about you, that you carry a lot of responsibility, that organization, and you are worried that if you leave them, it might come crumbling down. If not that bad, it might really put them in a bad spot. Is that about right?

Yes.

Okay.

That's exactly right.

All right. And I understand that's ago who did this himself, and he figured out how to go to law school for free. And you can search this, there's tons of resources on this, but here's the short process of how you do it. Number one, it's about your LSAT. The higher the LSAT, the greater the chance you have for a full ride scholarship. So you can take, you know, this, the LSAT as many times as you want to. There's a cash value on that. And so study, study and get a really high LSAT score. Second, early application. The earlier you can apply to these law schools, the greater the chance you have for, again, a full ride, because these law schools have quotas that they're trying to get and they want people who are ready to decide early. The third thing is how impressive your total application is. So this is really do the homework on what they're looking for. Strong recommendations, people like us, senators, congressmen, governors, when you are really well known business people, that's your total application process.And then the last piece is to go for the non name brand law schools, your name brand law schools. I'll just pick a school right here in the shadows of our organization's headquarters. Vandy Law is not going to give full rights, people, because everybody wants to get into these name brand schools. You can pick a name brand, your big state school. People are clamoring to get in there, so they're not looking for students, but there are a lot of smaller schools all around the country. No one's clamoring to come to their place. In other words, supply. Demand is the principle here. And where there's low, low demand, they are looking for supply and they are wanting to get people graduating from their law schools. So all that said, if you're willing to go to a non name brand law school, outside of those other three things I gave you, there's a very good chance that you can get a full ride, if not most of it covered.What kind of law are you wanting to practice when you're out, specifically?Intellectual property, kind of. With a startup law like that kind of in between those two.Yeah, good. Contract law and IP law. Yeah, good.By the way, want to add to that? No one cares. Your future clients will not.I'm your future client because I've, I've got people that do that. I've got trademark guys on retainer, we've got IP people on retainer. I've got a lead counsel that works here full time. I've got two guys that work for him, two lawyers that work for him full time, we got three on staff. I've got an estate planning attorney, I've got a tax attorney, I've got. is a great long term move.Okay.And then with a paid for house, take your income and start stacking cash and get you another investment property if you want to buy some real estate. But I would not own an investment or piece of real estate and then take out a mortgage on a new home. That's the same thing as borrowing on a paid for home to go buy investments, and I would never do that either. It's the same thing, though.Okay.That makes sense.Yes, sir. Yes, sir.Yeah. So I'd sell the investment property and build your house or buy you a house, one of the two in the community that you want to go to. And, jan, anybody that's willing to live in a camper to hit their goals is able to get just almost anything done.That is true. That is true.That's serious sacrifice right there. If I told Sharon Ramsay we were moving into a camp, I would like to be there so I could have an investment property that would. The camper would have its tires slashed.It's true. By hillbilly, mysteriously.It would happen.There would be no evidence. I promise you that.No. No bloodshed. That puts us our, 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.Hey, guys, I'm Rachel.And I'm George.And you've probably heard our voices before on the Ramsey show.And do we have a surprise for you.Yep, we have our very own show, smart money happy hour, where we talk about pop culture, current events, and, of course. Of course, money, George. It's a great show. And what else do we talk about?So much, Rachel. Not enough. And yet too much. We talk about guilt tipping, because tipping is out of control, and I won't stand for it anymore, which is why I'm sitting.I'm glad you were taking such a stand.And we also talk about something else. I'm passionate about. Disney adults, George. Why is it a thing?Listen.Some adults still find the magic.Sure. We also talk about toxic money traits and girl mathematic. And if you don't know what those are, you have to listen to the podcast.Yeah, there's a lot there, you guys. It's pretty fun.We keep you relevant is what I'm trying to say.We help you out.So pull up a chair to the happy hour you wish your friends were having. We promise you won't regret it. And if you don't have friends, we'll be your friends.We will.We're great friends.So make sure to check it out.On Apple, Spotify, YouTube, or the Ramsey Network app.

ago who did this himself, and he figured out how to go to law school for free. And you can search this, there's tons of resources on this, but here's the short process of how you do it. Number one, it's about your LSAT. The higher the LSAT, the greater the chance you have for a full ride scholarship. So you can take, you know, this, the LSAT as many times as you want to. There's a cash value on that. And so study, study and get a really high LSAT score. Second, early application. The earlier you can apply to these law schools, the greater the chance you have for, again, a full ride, because these law schools have quotas that they're trying to get and they want people who are ready to decide early. The third thing is how impressive your total application is. So this is really do the homework on what they're looking for. Strong recommendations, people like us, senators, congressmen, governors, when you are really well known business people, that's your total application process.

And then the last piece is to go for the non name brand law schools, your name brand law schools. I'll just pick a school right here in the shadows of our organization's headquarters. Vandy Law is not going to give full rights, people, because everybody wants to get into these name brand schools. You can pick a name brand, your big state school. People are clamoring to get in there, so they're not looking for students, but there are a lot of smaller schools all around the country. No one's clamoring to come to their place. In other words, supply. Demand is the principle here. And where there's low, low demand, they are looking for supply and they are wanting to get people graduating from their law schools. So all that said, if you're willing to go to a non name brand law school, outside of those other three things I gave you, there's a very good chance that you can get a full ride, if not most of it covered.

What kind of law are you wanting to practice when you're out, specifically?

Intellectual property, kind of. With a startup law like that kind of in between those two.

Yeah, good. Contract law and IP law. Yeah, good.

By the way, want to add to that? No one cares. Your future clients will not.

I'm your future client because I've, I've got people that do that. I've got trademark guys on retainer, we've got IP people on retainer. I've got a lead counsel that works here full time. I've got two guys that work for him, two lawyers that work for him full time, we got three on staff. I've got an estate planning attorney, I've got a tax attorney, I've got. is a great long term move.Okay.And then with a paid for house, take your income and start stacking cash and get you another investment property if you want to buy some real estate. But I would not own an investment or piece of real estate and then take out a mortgage on a new home. That's the same thing as borrowing on a paid for home to go buy investments, and I would never do that either. It's the same thing, though.Okay.That makes sense.Yes, sir. Yes, sir.Yeah. So I'd sell the investment property and build your house or buy you a house, one of the two in the community that you want to go to. And, jan, anybody that's willing to live in a camper to hit their goals is able to get just almost anything done.That is true. That is true.That's serious sacrifice right there. If I told Sharon Ramsay we were moving into a camp, I would like to be there so I could have an investment property that would. The camper would have its tires slashed.It's true. By hillbilly, mysteriously.It would happen.There would be no evidence. I promise you that.No. No bloodshed. That puts us our, 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.Hey, guys, I'm Rachel.And I'm George.And you've probably heard our voices before on the Ramsey show.And do we have a surprise for you.Yep, we have our very own show, smart money happy hour, where we talk about pop culture, current events, and, of course. Of course, money, George. It's a great show. And what else do we talk about?So much, Rachel. Not enough. And yet too much. We talk about guilt tipping, because tipping is out of control, and I won't stand for it anymore, which is why I'm sitting.I'm glad you were taking such a stand.And we also talk about something else. I'm passionate about. Disney adults, George. Why is it a thing?Listen.Some adults still find the magic.Sure. We also talk about toxic money traits and girl mathematic. And if you don't know what those are, you have to listen to the podcast.Yeah, there's a lot there, you guys. It's pretty fun.We keep you relevant is what I'm trying to say.We help you out.So pull up a chair to the happy hour you wish your friends were having. We promise you won't regret it. And if you don't have friends, we'll be your friends.We will.We're great friends.So make sure to check it out.On Apple, Spotify, YouTube, or the Ramsey Network app.

is a great long term move.

Okay.

And then with a paid for house, take your income and start stacking cash and get you another investment property if you want to buy some real estate. But I would not own an investment or piece of real estate and then take out a mortgage on a new home. That's the same thing as borrowing on a paid for home to go buy investments, and I would never do that either. It's the same thing, though.

Okay.

That makes sense.

Yes, sir. Yes, sir.

Yeah. So I'd sell the investment property and build your house or buy you a house, one of the two in the community that you want to go to. And, jan, anybody that's willing to live in a camper to hit their goals is able to get just almost anything done.

That is true. That is true.

That's serious sacrifice right there. If I told Sharon Ramsay we were moving into a camp, I would like to be there so I could have an investment property that would. The camper would have its tires slashed.

It's true. By hillbilly, mysteriously.

It would happen.

There would be no evidence. I promise you that.

No. No bloodshed. That puts us our, 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.

Hey, guys, I'm Rachel.

And I'm George.

And you've probably heard our voices before on the Ramsey show.

And do we have a surprise for you.

Yep, we have our very own show, smart money happy hour, where we talk about pop culture, current events, and, of course. Of course, money, George. It's a great show. And what else do we talk about?

So much, Rachel. Not enough. And yet too much. We talk about guilt tipping, because tipping is out of control, and I won't stand for it anymore, which is why I'm sitting.

I'm glad you were taking such a stand.

And we also talk about something else. I'm passionate about. Disney adults, George. Why is it a thing?

Listen.

Some adults still find the magic.

Sure. We also talk about toxic money traits and girl mathematic. And if you don't know what those are, you have to listen to the podcast.

Yeah, there's a lot there, you guys. It's pretty fun.

We keep you relevant is what I'm trying to say.

We help you out.

So pull up a chair to the happy hour you wish your friends were having. We promise you won't regret it. And if you don't have friends, we'll be your friends.

We will.

We're great friends.

So make sure to check it out.

On Apple, Spotify, YouTube, or the Ramsey Network app.