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. Ken Coleman, number one best selling author, Ramsey Person, host of the Ken Coleman show, where he does help people with their work and their careers. He's my co host today. So we'll be talking to you about your life, and we talk about you right in front of you. The phone number is triple 8825-5225 the call is free, and some say the advice is worth exactly what you pay for it.

So come hang out with us. We're here for you, baby. This is how it works. Chris is in Boston to start this hour. Hey, Chris.

Welcome to the Ramsey show. Thank you, sir. How are you today? Better than I deserve. What's up in your world?

So I'm trying to figure out a way that I can set my parents up for financial wealth. They're in a tough situation right now. Okay. What's your situation? How old are they?

Well, so they have 300,000 mortgage, no other debt, but they are way over the 25% they should be at. It's at like, almost 70% of their income is their mortgage payment. Mm hmm. How old are they? And they're very much struggling to pay for everyday things.

Sure. Okay. How old are they? Dad is 64. Mom is 62.

Okay. How did we get into this mess? Did they quit their jobs, retire, and couldn't afford to? No, just, you know, poor. Poor financial planning.

My dad's looking to retire in two years, but they have no savings and no retirement.

Well, typically, they don't want your advice. It's the powdered butt syndrome. Once someone has powdered your butt, they don't really want your opinion on money or sex. That's fair. And so it's hard to.

It's hard to talk to your parents unless they invite you into the conversation. And that would usually say something like, hey, dad and mom, I've been doing this stuff, and you talk about you a lot, and you talk about some of the dumb things you've done and some of the dumb things you stopped doing and the good results that you had. And then mom or dad says something like, wow, that'd be good. I wish I could do that. Can I show you?

Please, can I show you? Yeah. You invite them to ask you in by talking about you, but going over there and wagging your finger at them, it's probably not gonna work with most moms and dads. Would you agree? No, of course.

Yeah. So that makes you, what, 30 or 40. I am 33, sir. Yeah. Okay.

All right. And so, I mean, you and I both know they got to sell the house, right? That's actually. That was the first thing I told them, and they. They fought me tooth and nail for about three months.

They just listed it two weeks ago. Oh, good. Okay. So you are actually making headway. I'm trying to, but I still feel like it's a long road ahead, and I was just hoping to find some better advice.

There's no hack. I mean, you live on less than you make, and you save some, invest some money. That's the hack. Right, of course. And so we got to get their housing where they can afford it, and then get them, you know, get on a budget and start stacking cash into their 401 ks and so forth.

What are. What are their careers? What are they doing? My father works in the welding industry. He is a welder.

He's not a welder. He sells the gasses and welding equipment. All right. And your mom does what? She's retired.

She's on Social Security. How old is she? 62. Yeah. He's unable to work.

Oh, okay. Why? She has a serious back condition. Her back's all messed up. Okay.

All right. That's sad. Hopefully, she could find something to do in spite of that, that, you know, use your mind instead of your back type of a position, and. Because what they desperately need is an infusion of cash. And that comes from career, right?

Correct. Yeah. Get that. Get the house down where they can afford it. You get.

Just get a rental property or whatever, and then let's see how fast we can stack some cash. Yeah. Is she bedridden, or is she completely immobilized, or can she actually. No, no. She's able to walk around, but doing a regular day to day job would be impossible.

Not true. Not true at places in the world you can have this quality of life, and it is this freaking system that gave you this quality of life. So that's your minimum wage answer. Oh, by the way, 1% of Americans are on minimum wage. So if you raise the minimum wage, it does absolutely nothing. So it's political bull crap is what it is.The only other people that are affected are some of the union contracts are indexed off of minimum wage. So whatever minimum wage does, the union contract gets the same bump. So it does affect actually more than the 1%, but it's still a minuscule thing. It's absolute political bull crap. What does drive the cost of entry level work up is a supply demand issue.That's what we ran into a Covid. There was a shortage of workers, and these stores were having to pay people more money to come to work. And so that's the only way they could get them, was to pay them more. That is a free market pressure to drive wages up, not a regulated pressure. There's a difference.And so in either case, though, the dollar 20 person versus the dollar ten person, putting something on the shelf is built into the cost of whatever they put in the shelf. Whether it's driven by the rise of minimum wage, which it probably doesn't affect, that almost every grocery store is paying more than minimum wage. Almost every restaurant is paying more than minimum wage. They can't attract workers right now unless they do targets. Walmart's everybody, by the way.Amazon, everybody. Nobody's. None of these people are working for seven and a quarter. That's right. They're all paying above the actual federal minimum wage.It is a, you could move the minimum wage and it wouldn't change those people's pay one dime. That's correct. One dimensional, doesn't change a thing. But, but it's so it's political bull crap. We're for the working man.We're trying to help the little man. Oh, bull crap. You haven't tried to help the little man in decades, either one of you. If you did, you cut your own pay and balance your budget. Quit spending some dad gum much.If you wanted to help the little man, you cut taxes on the little man. If you actually cared about the little man, both of you, you r's and D's sicken me, right. Just the crap. We're for small business. You haven't done anything for small business in decades except tax our assumptions off.I mean, it's absolutely crazy. While we're at it, if both parties cared about the average American and their income and their children's children's opportunity, we'd have a balanced budget amendment.? Yes, sir. Dave, let me tell you something. We didn't really start your program till about eleven years ago.We paid off all our debt in a year and we started saving 15% and we were able to accumulate this much wealth in that short of time. Wow. So you did this on a little over a decade? Yes, sir. That's pretty cool.Good for you. It can be done and I just tell people to do it early. My. My daughter paid off her debt five years ago. I mean, five years after we paid off ours, and we came down to a debt free scream on your stage together with her.And now she's a physical therapist making $150,000 and she's debt free, so she's doing really good. And my son and his wife are debt free as well, so it's all been passed on. What do you drive? I drive a 2015 Tacoma and my wife drives a 2016 Lexus Rx 200 and we paid cash for both of them. Excellent.Quick question for you, Bill. For a young person that doesn't want to get the four year degree, can they still do the two year associates like you did and get into a really attractive industry, like logistics. Is that path still there? Absolutely. The military, you know, I was in logistics for 20 years, and when I got out, it was.It was fairly. I'm not gonna say easy to get a job, but I knew some people and I applied at the company. I've been. I've been at the company for almost 20 years now after I got the military and, yeah, great company and, yeah, you can do it. No doubt, if you have the experience.No doubt about it. Yeah. Way to go, man. Proud of you, baby. There's that military option again.Dave, good work. Well, it's not a bad thing. A lot of people are very successful, start their careers in the military. Some of them conclude their careers 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, folks, Dave Ramsey here. You know, budgeting doesn't have to be boring. You just need a budgeting app that's made with you in mind. And that's everydollar. The everydollar app has helped millions of people work the baby steps and take the stress out of planning and managing their money.Start budgeting with everydollar for free right now. Just go to ramsaysolutions.com everydollar and download the app today. That's ramseysolutions.com everydollar.

places in the world you can have this quality of life, and it is this freaking system that gave you this quality of life. So that's your minimum wage answer. Oh, by the way, 1% of Americans are on minimum wage. So if you raise the minimum wage, it does absolutely nothing. So it's political bull crap is what it is.

The only other people that are affected are some of the union contracts are indexed off of minimum wage. So whatever minimum wage does, the union contract gets the same bump. So it does affect actually more than the 1%, but it's still a minuscule thing. It's absolute political bull crap. What does drive the cost of entry level work up is a supply demand issue.

That's what we ran into a Covid. There was a shortage of workers, and these stores were having to pay people more money to come to work. And so that's the only way they could get them, was to pay them more. That is a free market pressure to drive wages up, not a regulated pressure. There's a difference.

And so in either case, though, the dollar 20 person versus the dollar ten person, putting something on the shelf is built into the cost of whatever they put in the shelf. Whether it's driven by the rise of minimum wage, which it probably doesn't affect, that almost every grocery store is paying more than minimum wage. Almost every restaurant is paying more than minimum wage. They can't attract workers right now unless they do targets. Walmart's everybody, by the way.

Amazon, everybody. Nobody's. None of these people are working for seven and a quarter. That's right. They're all paying above the actual federal minimum wage.

It is a, you could move the minimum wage and it wouldn't change those people's pay one dime. That's correct. One dimensional, doesn't change a thing. But, but it's so it's political bull crap. We're for the working man.

We're trying to help the little man. Oh, bull crap. You haven't tried to help the little man in decades, either one of you. If you did, you cut your own pay and balance your budget. Quit spending some dad gum much.

If you wanted to help the little man, you cut taxes on the little man. If you actually cared about the little man, both of you, you r's and D's sicken me, right. Just the crap. We're for small business. You haven't done anything for small business in decades except tax our assumptions off.

I mean, it's absolutely crazy. While we're at it, if both parties cared about the average American and their income and their children's children's opportunity, we'd have a balanced budget amendment.? Yes, sir. Dave, let me tell you something. We didn't really start your program till about eleven years ago.We paid off all our debt in a year and we started saving 15% and we were able to accumulate this much wealth in that short of time. Wow. So you did this on a little over a decade? Yes, sir. That's pretty cool.Good for you. It can be done and I just tell people to do it early. My. My daughter paid off her debt five years ago. I mean, five years after we paid off ours, and we came down to a debt free scream on your stage together with her.And now she's a physical therapist making $150,000 and she's debt free, so she's doing really good. And my son and his wife are debt free as well, so it's all been passed on. What do you drive? I drive a 2015 Tacoma and my wife drives a 2016 Lexus Rx 200 and we paid cash for both of them. Excellent.Quick question for you, Bill. For a young person that doesn't want to get the four year degree, can they still do the two year associates like you did and get into a really attractive industry, like logistics. Is that path still there? Absolutely. The military, you know, I was in logistics for 20 years, and when I got out, it was.It was fairly. I'm not gonna say easy to get a job, but I knew some people and I applied at the company. I've been. I've been at the company for almost 20 years now after I got the military and, yeah, great company and, yeah, you can do it. No doubt, if you have the experience.No doubt about it. Yeah. Way to go, man. Proud of you, baby. There's that military option again.Dave, good work. Well, it's not a bad thing. A lot of people are very successful, start their careers in the military. Some of them conclude their careers 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, folks, Dave Ramsey here. You know, budgeting doesn't have to be boring. You just need a budgeting app that's made with you in mind. And that's everydollar. The everydollar app has helped millions of people work the baby steps and take the stress out of planning and managing their money.Start budgeting with everydollar for free right now. Just go to ramsaysolutions.com everydollar and download the app today. That's ramseysolutions.com everydollar.

? Yes, sir. Dave, let me tell you something. We didn't really start your program till about eleven years ago.

We paid off all our debt in a year and we started saving 15% and we were able to accumulate this much wealth in that short of time. Wow. So you did this on a little over a decade? Yes, sir. That's pretty cool.

Good for you. It can be done and I just tell people to do it early. My. My daughter paid off her debt five years ago. I mean, five years after we paid off ours, and we came down to a debt free scream on your stage together with her.

And now she's a physical therapist making $150,000 and she's debt free, so she's doing really good. And my son and his wife are debt free as well, so it's all been passed on. What do you drive? I drive a 2015 Tacoma and my wife drives a 2016 Lexus Rx 200 and we paid cash for both of them. Excellent.

Quick question for you, Bill. For a young person that doesn't want to get the four year degree, can they still do the two year associates like you did and get into a really attractive industry, like logistics. Is that path still there? Absolutely. The military, you know, I was in logistics for 20 years, and when I got out, it was.

It was fairly. I'm not gonna say easy to get a job, but I knew some people and I applied at the company. I've been. I've been at the company for almost 20 years now after I got the military and, yeah, great company and, yeah, you can do it. No doubt, if you have the experience.

No doubt about it. Yeah. Way to go, man. Proud of you, baby. There's that military option again.

Dave, good work. Well, it's not a bad thing. A lot of people are very successful, start their careers in the military. Some of them conclude their careers 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, folks, Dave Ramsey here. You know, budgeting doesn't have to be boring. You just need a budgeting app that's made with you in mind. And that's everydollar. The everydollar app has helped millions of people work the baby steps and take the stress out of planning and managing their money.Start budgeting with everydollar for free right now. Just go to ramsaysolutions.com everydollar and download the app today. That's ramseysolutions.com everydollar.

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, folks, Dave Ramsey here. You know, budgeting doesn't have to be boring. You just need a budgeting app that's made with you in mind. And that's everydollar. The everydollar app has helped millions of people work the baby steps and take the stress out of planning and managing their money.

Start budgeting with everydollar for free right now. Just go to ramsaysolutions.com everydollar and download the app today. That's ramseysolutions.com everydollar.