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. Dr. John Deloney, number one best-selling author, Ramsey personality, host of the Dr. John Deloney Show, is my co-host today as we answer your questions about your life and your money. It is a free call, and some say the advice is worth exactly what you pay for it. The phone number is 888-825-5225. Thank you for joining us. Kelly in Denver starts this hour. Hi, Kelly. Welcome to The Ramsey Show.

Hi, Mr. Ramsey. Thank you for taking my call. My husband My husband and I are debt-free, live in a beautiful place, Grand Jerica, Colorado. About 20 months ago, sorry if I'm talking fast, we had to go no contact with his very abusive family after I was assaulted. Whoa. Yes.

Who assaulted you?

His mother and his brother.

He physically assaulted you?

Yes, they assaulted us. When we decided We were no longer going to take their abuse. My husband and I moved to Colorado from California 10 years ago to help take care of his mother and father, moved right next door. They gifted us a property of land in exchange for doing that. Two weeks after getting here, we realized we'd made a horrible mistake, but we were stuck. Anyway, back in 1993, plan, but I just want to take a year-long vacation and blame it on education, no.I'm going to suggest you're using the wrong metrics for a good life. You keep asking, Is this smart? Is this smart? Is this good financially? No, not at all. It doesn't mean it's wrong, but you got to just take… Like Dave, you got to take ownership of, I want to quit everything, and I want to go have a life over there. You're trying to do everything all at the same time and make it work, and it's just not going to work like that. You either got to take the jump and go get in the ring and just start swinging or make peace with your life in New York.If you got an MBA in construction management wanted to live in Europe, can you apply that in a career there?Yes, I just know the salary won't be what I'm making here.No, but if you want to live there, that's what you want to do, right?Right. The thought of living there sounds good to me. For me, the one-year master's thing was a good way to basically test it and make sure, Hey, this is something I want to commit to before I do fully move out there and get a job.You don't have anything to gage it on because you're not actually Are you going to be doing anything. You're taking a vacation. If you go over there and set up life and don't like it, quit and come back. Go spend a year at a new job working and getting your MBA at night like you would normally do when you're 28. That's some of the best MBA programs out there anyway, or adult-based MBA programs. If you want to study in Europe and work in Europe. Then if you're there a year and a half, two years and you don't like it, quit. Move back to the States. Apply your MBA then. That's not dumb. But there's an element of escapism and childishness to the way you're laying this out that I'm not going to endorse for you. I don't think it's good for you. I think you're trying to find something that's not there.Or you're trying to be a boxer without getting hit. That's just not how the world works, man. Either go decide, I want to live in Europe. What's going to stop you if you go there and after two years, you hate it, you realize it was a bad idea? Just go back home, right?Come back. Come back with your MBA and get back to work doing something else. But I'm going to go over there on vacation and just not have any responsibility. See, what you have is you have a selective memory about how cool it was when you were there. You forgot all the crappy stuff when you were there before. You want to go back to this unicorn dust thing again. Everybody has this… I mean, Uncle Rico had a selective memory about his high school quarterback days.No, that was for real. He got screwed by his coach.We all have selective memories about… No. People say, Oh, the best years of my life were when I was… Oh, crap, no.Uncle Rico got robbed. If the coach had just put him in, they would have won the state.Yeah, they would have just given him a shot. Just gave him a shot. But give me a shot, coach. But yeah, but no, really, I think I'm just being your older ugly uncle who tells you stuff, and that's me because I love you and I want you to win. I I wouldn't tell my own son to do what you're doing. I would tell my own son to go work. I think he'll find a better choice of life and get a better sampling of what it'll actually be like. You're not sampling what it would be like when you're going over there has no debt whatsoever. He will be moving into this house with me once we get married here in two weeks. He has been backing up cash with the idea of buying his own home, obviously prior to our relationship. I guess my question is about, he's wanting to chunk that cash at the house and pay down the house as quickly as possible. We're also, I feel like, a bit behind on retirement savings. My question is about that. For him, he's never been in debt before ever in his life, and so he's a little nervous about marrying into some debt, meaning my home. I think that's why he is really focused on that. You all are fine.This is cool. What are you guys going to make as a household once you're married? What's your household income going to be?We each make about 75 a year.Okay, so 100 and a half. What do you owe on the How much?I owe 188.How much cash does fiancee have stacked?He has about 90,000 in addition to his emergency fund.Okay. You have an emergency fund, too? I do, yeah. Okay. We don't need two of them. We'll need one. That's true. Will your emergency fund be big enough to suffice for the family emergency fund once you're married?We could probably add a little bit to it. I have about 15 right now.You have how much?Fifteen, thousand.Okay, and how much does he have?He has about 20, I believe. Okay.So easily, we throw 100 at the 188. Agreed?Okay. Versus catching up on some retirement payment?No, we don't do any retirement. You're going to put 15% of your household income into retirement. If you're not doing that, get that set up after you're married. Automatically, going into 401(k)s and Roth IRAs, no more. That's enough. That's You're only 31, and you're going to get the house paid off very quickly, and then you're going to kick up. As soon as the house is paid off, you can put more than 15% in. But you're not behind. You're fine.Okay. After chunking his money at the house, how aggressive should we be? I think he is a little more on the anxious side, more conservative side, and he wants to act like we're in baby step two and really pay down this house in a year and a half, versus I'm thinking it be okay if we took a little longer than that. What are your thoughts?Probably right between you two. We don't tell folks to be gazelle intense in baby steps four, five, and six. We tell you to be intentional. That means in one, two, and three, you're not on vacation, you're not going out to eat. That's intense. No lifestyle. Lifestyle is scorched earth. No life. You're getting out of debt. You're not there. You're at baby steps four, five, and six, and you're intentional, which means you're going to want to do some other things. You may need to upgrade a car. You may actually want to go on a vacation. You may want to spend some of your money on fun, and you should. Okay? Okay. But let's just throw a couple of numbers here, okay? You make 150. If you put 100, you said you had 188 on the mortgage? Mm-hmm. Okay. If you put 100 on it, that's 88. 44 out of 150 would be done in two years. That means you guys would be living on over 100,000 a year. That would give you plenty of room for other stuff, right?Yeah, that's true.That also means you have a paid-off house at the age of 33.That's true.You knew who else has that? Nobody in America.I never expected that because me, prior to getting married, I never was on that track.Well, you both have been very conservative and wise. Neither one of you have got a complete mess. You're both in good shape. You've done a great job, both of you. Now you're talking about this ahead of time. That's a good sign. It's a good sign for your relationship. It's a good sign for your probability of building wealth. If you put it on a two to a three your schedule to finish off the other 88, throw 100 at it, that should give you plenty of wiggle room to have a good life.Okay, so just 15 to retirement, we don't need to do extra to catch up there, and then the rest of our extra money can go towards the house.If you put 15% of $150,000, so 22,5, towards retirement, and that's all you ever do from 31 to 65, you'll have about $10 million. Okay. So you're fine. That's a lot. You're fine. You're going to be worth a lot of money with a track you're on if you continue to be intentional. I appreciate his nervousness because it's moving you towards positive things, but we don't want to let it go too far.Here's what's going to help him, because I have that same bent that I want to treat a mortgage like Baby Step 2 also. Put a plan down on a piece of paper, and you all agree on that plan. So he wants it done in a year and a half, and you were like, three or four years will be fine. Say two years.Or two and a half. Or two and a half. Or 26 months. I don't care.Lay it down. That's right. Put it down, and then he'll exhale and go, Okay, now I've got something I can work towards, and it keeps that tornado from just cycling up on it.I would also agree as a part of that little- We will go out once a week. I'll say no. As a pinky, swear and spit shake, okay, with our current numbers, we're going to put 100 on it and lay it out. But if we got a found bonus or a granny passed away, leaves them $10,000, Any extra found money we're throwing, and we could speed the schedule up on paying off the house. I like that.But also, you get to say, We're going to have some fun and go on a date because we're newlyweds. We're going to go on a vacation.Go on vacation, upgrade that junky butt car you're driving. I don't know. It's okay. As long as you're paying cash for all of it and you got the wiggle room to do it and it fits in your plan. I don't care if it's 26 or 28 or 24 months, somewhere in there. That's intentional. That's not intense.That's a great band named Junky Butt Car. James, note that.Oh, brother. We have a battle of the bands here at Ramsey, and they always get their names from weird things I say on the air. This is the Ramsey Show.This show is sponsored by Betterhelp. This is Deloney, and I'm always railing against social media, especially in the summer, because everyone uploads the highlight reels of their perfect bodies and perfect vacations and perfect kids. I know they're not real, And I also know that I'm blessed beyond my wildest dreams, but I still find myself wishing my life was like other people's. Based on the data, I know this is happening to you, too. Comparison is wired into us, but comparison can also become the thief of joy because we can feel like we're not enough and begin acting and thinking in ways we would never think otherwise. When all gets to be too much, think about contacting Betterhelp. Betterhelp is 100% online therapy staffed with licensed therapists. It's convenient, flexible, and suited to fit your schedule. By the way, therapy isn't just for those who've experienced major trauma. It's for all of us who are ready to get out of the comparison spin cycle and find our own peace and joy in the life we're creating. Stop comparing and start focusing with betterhelp. Visit betterhelp. Com/delonie today to get 10% off your first month. That's betterhelp, H-E-L-P.Com/delonie.Dr. John Delonie, Ramsey personality, PhD in counseling, number one best-selling author. He's my co-host today. Open phones at 888-825-5225. Thanks for joining us, guys. Our question of the day comes from Jen in Tennessee.All right, Jen writes, I came to this country years ago with nothing. I've worked hard, don't have any debt. My house has paid off. Just stop there. That's so great. And I'm investing. Growing up with nothing and being so hungry and so poor created a scarcity mindset, even now that I'm in a place where I have all the necessities that I need. Sometimes it's hard to wrap my mind around it, and it's hard to not feel guilty sometimes. I would love to hear your wisdom and advice about how I can develop a spirit of contentment. I have grown up my whole life in the States, Dave, but I identify with this.Okay.Just that sense of feeling guilty sometimes, feeling like, Why me? That sense of something's not right, and it's tough, man. How have you wrapped your head around that all these years?Well, I think this 90% of solving a problem is realizing there is one. She's identified that she should not have this, but how do I? How do I not? I feel discontent, and I should be in a place where I'm content. I feel guilty, and I don't know. I didn't do anything wrong, so what am I guilty of? There's nothing to be charged with here. You didn't do anything. You're not a crime committed. You You didn't wrong anyone. No one got hurt. You didn't steal your way into this position. You worked your way into this position. The only thing I've ever been able to come up with that has helped me a lot is I balance my consumption with my generosity.Yep, me too.If I feel a tinge of I don't feel worthy to be here, which I don't. That's why I tell people I'm better than I deserve. I'm really smart and I work really, really hard, but the blessings in my life are beyond my smart or hard work. Okay? You're right. I mean, it would just be... That's not humility and that's not false spiritual pride or something. It's not a humble brag. It's just simply an intellectual observation that I have a life that is beyond my smart or work ethic. I got good smart, I got good work ethic, but my life is beyond it. I'm better than deserve. Those of us that are Christians, we call that the blessings of the Lord, which is beyond what I did. I played my part, but it's beyond what I did. So you can say, I'm better than I deserve. People are, You ought to be positive and so you deserve it. It wouldn't be accurate. I am better than I deserve. Also, it's a statement of grace. Doctrually, I'm better than I deserve because I deserve hell, and I'm not going because of Jesus. Okay, so all that stuff.But aside from that, When I… Sharon and I are able… I remember the first time I tithed because I give a 10th of my income to my church, the first time I ever made $100,000, and I gave a $10,000 check. I was like, Oh, my God, there's so much money. In one lick. I mean, one time, I wanted to announce it. This is going in the plate, boys and girls. Look at me. This is happening. Ten freaking thousand dollars. All that stuff went through my head, but it's just a normal rhythm of our life. We automatically did it, but it was still like, wow, that just happened. I've continued to have those feelings that now we're able to give more than we used to make, a lot more than we used to make in a given year. Generosity helps me go, Okay, it's part of the rhythm of my life, and it helps me to not, quote, unquote, feel guilty. I don't ever really feel guilty. I've not had that issue. But I do have the sense of I've gotten more than I deserve. But I don't feel... Guilt is not the word for me.It's just unearned blessings. That's different than guilt. You know what I'm saying?Yeah, the word that I hang on it that has stuck with me and that has been very helpful is practicing. Jen was surviving her whole life, and now she gets to practice giving. She gets to practice enjoying.Godliness with contentment is great gain.If you've never done it before, if Jen was asked to start learning a new language, or Jen was asked to start doing gymnastics, she would stumble and fall and hurt herself and sprain an ankle. It's part of it. Same as giving, same as- Contentment. Contentment. When I remember, I felt so guilty a couple of years ago buying a guitar. It sat on me. I went and found somebody to give a silly amount of money to, to donate to her a thing as not a way to offset it, but as a way to practice, Okay, I feel this. Then I'm going to not just stew on this, and I'd be dramatic, but I'm going to be extra generous, and that's been a way to balance it for me.When I practiced that, I can remember precisely the first time I practiced that. That's interesting because I was driving a Mercedes that had 260,000 miles on it. It It looked nice, but it was a piece of crap. It was completely used up. A guy that was working for me at the time, I was probably worth a couple of million dollars, something like that. A guy was working for me at the time, was in the car, we jumped in the car and we were driving to Chattano from Nashville, which is a couple of hours south of Nashville. And stupid thing overheated. I'm off the side of the road at the dadgum truck stop, rummaging through the dumpster trying to find a bottle to get a to get some water and pour over the radiator because I'm a red neck. I know how to fix the stupid car and keep it going. I know how to get the thing cooled off, and I'm going to get it on down to Chattanooga. This guy working for me, he's a friend of mine. He's just ragging me to no end. You freaking cheap You've got millions of dollars, and we're here on the side of the road because you're too dead gum prideful to buy a decent car because you're afraid of what somebody will think about you having a nice car.Got you.Totally got me. It owned me because that's exactly right. I I had reverse pride. I was like, I don't have to. I can drive whatever I want to drive. I was driving a piece of crap. I was afraid that somebody would think it, since I'm on the radio telling people to sell their car, that I shouldn't be driving a nice car. It made me process through the philosophy that she's dealing with here. When I got home, I went and bought a two-year-old Jag, which was a great car. I drove that car for a while. It was the ones back when Ford was making Jags. They were good cars. I don't know. They may still be making them. I don't know. But it was a great car in the '90s. Anyway, that was a while back. It was a couple of decades ago. Then fast forward, I went the other way. Up in 2014, I got a bunch of criticism for having a nice house Some guy decided he was going to go bananas on the internet. It pissed me off these left wingers, communists telling you, you can't succeed in America, and you should be ashamed of success.I went the other way and I went and bought three cars. You showed them, Dave.You showed them.I drove one of them It's a 2014. But you could-But I think the moral here is- Saying it out loud and then practicing your way through the emotions and not letting other people set the tone. It's not about other people. It's about what's right between you and God. Are you being proper towards your family, towards your community, towards your future? Being responsible with that, have you done anything wrong? Are you morally out of whack with how you're gaining the money? Probably not. But then there's always some moron out there that's going to be envious or jealous that those dirt on the gens' success. Whatever side you're doing. It could be your family. It could be something else. We say, you're getting above your raise and all that stuff. But anyway, you just say, look, it's between you, your brain, your conscience, and God. If you can get that straight, and that's a matter of practicing, adding generosity to the equation, intentionally That's your emotional generosity that grows as your income and your wealth grows so that the generosity is not back at your old income level or your old wealth level, and your enjoyment grows as your wealth grows as well.And your use of money for personal consumption, the quality of your vacation, the quality of your dining out should go up as you go along, but not so much so that it's out of whack. All of that fits into this contentment issue. It's a great discussion, Jim.It's a great question. I think the meta thing here is it's okay to feel weird anytime you're doing or experiencing something that you're not used to. That's okay. You're not crazy, not something wrong with you.Matter of fact, you'd be something wrong with you if you didn't feel weird.Right. So just make sure you practice.Practice your way through it. That's good. Good word, John. This is The Ramsey Show.Hey, guys. George Campbell here.No matter what platform you use for need a car.But $10,000 in a used car is not going to change your life much.Probably not. It's a big car. It's an SUV, and there's just the two of us. I don't know. I feel like- There's the type of car, and then there's, I don't need a car, and then there's, I don't like this car.I think you're being emotional. There's a whole lot of things you're accusing him of here. I think you need to get on the same page. But the answer to your question is, can you afford a $9,000 car if you're paying cash for it? Yes, you can in your situation. No, I don't need to talk him out of it. But you may need to talk him out of which car he's buying because you don't like that car. You should be aligned on that before you make a major decision together. That's happened at my house, I can promise you. This is the Ramsey Show. There aren't many places you can save hundreds of dollars a month and still give you great service, especially with health insurance. That's why Health Trust Financial is the only health insurance company Ramsey recommends. Health Trust Financial objectively compares the top health insurance providers to meet your needs and budget. Remember, the service is free and there's no commitment. Go to healthtrustfinancial. Com. Healthtrustfinancial. Com. Dr. John Deloney, Ramsey personality, number one best-selling author of the book Building a Non-Anxious Life. He's my co-host today. Open phones at 8888-825. Daniels in Colorado Springs.Hey, Daniel, what's up?Hey, Dave and Dr. Deloney. It's such a pleasure speaking with you, too.You, too, sir. How can we help?Okay, so I have two questions, one about my business, one about my house. I'll get a little background. I just hit four years from filing bankruptcy about a week ago. I was about as broke as broke gets. I now own a construction company that I opened April of 2021. The mental impasse that I'm at with myself is, do I sell this business in a couple of years? Do I just continue to do this and continue to hire more people so I'm not working as much since I'm about to have my third child? I feel like asking these questions to myself almost makes me feel like a sellout because I care about my employees, your budget and you've got money to live on.Then you're set for retirement. You don't have to be a millionaire, but you've got to... What we're aiming at, and if I could backtrack in Linda's life, I don't know what all happened to her, but if I could backtrack in her life 20 years and take her to a better place today, I would, obviously. But I can't. So we'll work with what she's got. So I'm going to buy the cheapest possible thing as soon as I possibly can. Then if interest rates go down, you can refinance. Folks, you marry the house, you date the rate. The rate is not permanent. You can refinance and get rid of the rate. If rates draw, I can't buy in these rates. Yeah, good.I can guarantee you in this situation, their sister is going to sit down and be like, All right, good, because I made up some stories about you, too. It'll be a good cathartic air cleaning, and it'll be good for everybody.Maybe. At least the folks around Starbucks will be entertained that day.There we go. Exactly.Or whatever the name of the coffee shop is that these things happen in. That's ridiculous. The Waffle House. There you go. That's better. That's better. Red Neck Reconciliation. This is the Ramsey Show.Hey, guys, it's Rachel Cruz. When it comes to teaching kids about money, moms tell me all the time just how overwhelming it can feel to get started. That's why I'm so excited to tell you about Financial Peace Kids. This toolkit was designed to make learning to save, earn, spend, and give money fun for both you and your kids. The best part? It only takes 10 minutes a day. Yep, just 10 minutes.You've got this.Pick up Financial Peace Kids at ramsey solutions. Com/store. That's ramsey solutions. Com/store.Dr. all do for a living? I am a product owner, and she is a homemaker.Home with the boys. A domestic engineer. There we go. Got it. Okay. Very cool. Very cool. Good for you guys. You've seen a nice income increase in the last four years. Yeah, a lot of that was just God's undeserved blessing. We just had opportunities come into our lap. Somebody messaged us out of the blue and wanted us to do some nannying for them, and she did that for a while. I took a side job at Costco, pressure washing, and also just applying for new jobs. A lot of components there, but all God's blessing. Well done. Well, he tends to bless you when you work like that. It's pretty amazing. It's a weird thing The harder I work, the luckier I am. What debt was this, 81,000? All student loans. Okay. How long you all been married? Seven years. She knows. You're married a couple of years, and you look up and there's 81,000 worth of Sally May living in the spare bedroom. What was the I've had it moment? What was the tipping point where you said, Something's got to change, and you plugged into this whole Ramsey what you have and stop complaining. It bores everybody else. It does you no good. It doesn't solve any problems. This is fun news release. Warren Buffett gives away another 5.3 billion since his children will manage the estate. Warren Buffett on Friday made his biggest annual donation to date, giving 5.3 billion worth of Berkshire Hathaway shares to five charities. The Oracle of Omaha has pledged to give away the fortune he built at Berkshire. The Omaha, Nebraska-based conglomerate started running in 1965. Buffett has been making annual donations to the five charities since 2006. In an interview with the Wall Street Journal, Buffett clarified that after his death, the enormous fortune he amassed from building the one of a kind conglomerate will be directed to a new charitable trust overseen by his three children. Buffett has He previously said his three children are the executors of his will, as well as the named trustees of the charitable trust that will receive 99% of his wealth.He said, His will will be made public after his death. After my death, the disposition of my assets will be an open book, no imaginative trusts or foreign entities to avoid public scrutiny, but rather a simple will available for inspection at the Douglas County Courthouse.Hey, so there's a question inside of here. What This shows my ignorance here. What is a A share versus a B share? It says that he owns 207,000 Berkshire A shares and then 2,500 B shares.Not positive at Berkshire. It means there's two classes of shareholders, but I don't know what rights those two classes have. A shares would be in line first and would have probably been issued first, probably have some superior ownership rights. The thing is, when you donate stock to a charity, it's a marked up basis, which means that, let's say, the 5.3 billion worth of A shares he gave, was it A shares that he gave? Is that what he said?It just says that's what he's worth. He's worth about 130 billion.Okay. Okay. Let's just say he donated 5.3 billion worth of shares. His cost on those shares is not relevant to his write-off. He gets to write off-The value? The value, not what he paid.Okay.So anytime you're doing a donation and you can donate real estate that has gone up in value, you get the market value as your write-off, not the purchase price. Got you. And that's true of stock as well. So if you buy a stock for, I don't know, a million dollars worth of stock, and it goes up to $10 million, when you donate it to a charity, you get a $10 million write off, even though you only paid $1 million for it.What I remember the other side of that, I remember being at a university where they received a gift that was going to be paid out over five years, but they got to book it in year one, which built up their borrowing ability. I was like, That doesn't feel like real money.It's not. It's in his accrual accounting. But the endowment is what that's for. That's a different scenario, but it works similarly in the sense that you get a stepped-up basis on charitable donations of assets. That's Can I give you a snapshot here?Let me answer your question first, and then we'll see how much of your snapshot we actually have to get into.Absolutely, yeah.Don't start the baby steps right now.Okay.Instead, Push pause. I do want you to be on the Every Dollar app, and I do want you to squeeze every dime out of your budget, but I just want you to stack cash for nine months, like when baby comes. Okay. How much money do you think you can save? You've just done your every dollar budget. You can save a month for the next nine months. If you put every... Like you were intense, gazelle intense, and you're getting out of debt, you're going to be so focused. But instead of throwing it at If you're going to get it, you're going to throw it in an account, and you're going to really work hard to build up as much as you can build up. How much can you save a month?We're looking at anywhere from about 2 grand to $2,200 a month.Okay, let's just call it 2 grand for fun. Let's call it two grand for a fund? Yeah. Okay. Nine months, that's 18 grand. Agreed? Yes, sir. Okay, so you should have $18,000 to $20,000 in an account when baby comes. That gives us a little extra peace of mind at an exciting time, but also a bit of a scary time when you're having your first baby.Mm-hmm.Okay. Now, when baby comes home healthy and mommy comes home healthy and everything's cool and you've got good insurance, I'm sure, and so all the bills are paid, we were still sitting there looking at $20,000 in your account. Agreed?Yes, sir.Then you push play on your total money makeover. When you push play, that means you're going to take everything out but $1,000 and throw it at your debt snowball, and your debt snowball is listed smallest to largest. How much debt do you have? Not counting a house.We are just under $70,000.Okay. If we have $20 in the end of nine months, we would throw that at it with $1,000 left in the account for Baby Step 1, and the first 20,000 of your 70,000 has gone instantly. You would have already paid that 20,000 on it. Were you working a total money makeover Baby Steps during this nine months? So you really have not lost any ground except a tiny bit of interest.Good, good, good.But that gives you some padding for Baby, and I want a little extra padding because if there's a little bit of a hiccup or something, I want you to have some money.Yes, sir.James.Yeah.No seven-month-old baby in human history has sat up and said, I don't like this crib. Can we get a nicer one?I hate the wallpaper.I hate the wallpaper. No baby in human history has ever sat up and But this room is too small.I hate the wallpaper.Could we repaint this and create an Instagram-worthy? All that. You're going to get $20,000 in the account. You're going to want to get a stroller made by Volvo. You're going to If you're going to do all kinds of extra spending. You're going to have to have incredible discipline to send all that money away.This is not for anything except health of the baby and health of the mom. That's the only thing the money is for. Otherwise, everything you do for a baby has to come out of the budget, and you're going to throw all 100% of this money towards the debt. That puts us hour of the Ramsey show in the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with Prince of Peace, Christ Jesus. Hey, folks. Dave here. You want to hear even more life-changing content from Ramsey? Download the Ramsey Network app so you can catch all your favorite shows all in one place, like the Ramsey Show, Smart Money Happy Hour, and the Dr. John Deloney Show. You'll get real talk about life, relationships, money, and your career. Plus, the app lets you browse by topic like debt, business, or selling your home. Get the content you want whenever and wherever you want to listen. Download the Ramsey Network app today.

plan, but I just want to take a year-long vacation and blame it on education, no.

I'm going to suggest you're using the wrong metrics for a good life. You keep asking, Is this smart? Is this smart? Is this good financially? No, not at all. It doesn't mean it's wrong, but you got to just take… Like Dave, you got to take ownership of, I want to quit everything, and I want to go have a life over there. You're trying to do everything all at the same time and make it work, and it's just not going to work like that. You either got to take the jump and go get in the ring and just start swinging or make peace with your life in New York.

If you got an MBA in construction management wanted to live in Europe, can you apply that in a career there?

Yes, I just know the salary won't be what I'm making here.

No, but if you want to live there, that's what you want to do, right?

Right. The thought of living there sounds good to me. For me, the one-year master's thing was a good way to basically test it and make sure, Hey, this is something I want to commit to before I do fully move out there and get a job.

You don't have anything to gage it on because you're not actually Are you going to be doing anything. You're taking a vacation. If you go over there and set up life and don't like it, quit and come back. Go spend a year at a new job working and getting your MBA at night like you would normally do when you're 28. That's some of the best MBA programs out there anyway, or adult-based MBA programs. If you want to study in Europe and work in Europe. Then if you're there a year and a half, two years and you don't like it, quit. Move back to the States. Apply your MBA then. That's not dumb. But there's an element of escapism and childishness to the way you're laying this out that I'm not going to endorse for you. I don't think it's good for you. I think you're trying to find something that's not there.

Or you're trying to be a boxer without getting hit. That's just not how the world works, man. Either go decide, I want to live in Europe. What's going to stop you if you go there and after two years, you hate it, you realize it was a bad idea? Just go back home, right?

Come back. Come back with your MBA and get back to work doing something else. But I'm going to go over there on vacation and just not have any responsibility. See, what you have is you have a selective memory about how cool it was when you were there. You forgot all the crappy stuff when you were there before. You want to go back to this unicorn dust thing again. Everybody has this… I mean, Uncle Rico had a selective memory about his high school quarterback days.

No, that was for real. He got screwed by his coach.

We all have selective memories about… No. People say, Oh, the best years of my life were when I was… Oh, crap, no.

Uncle Rico got robbed. If the coach had just put him in, they would have won the state.

Yeah, they would have just given him a shot. Just gave him a shot. But give me a shot, coach. But yeah, but no, really, I think I'm just being your older ugly uncle who tells you stuff, and that's me because I love you and I want you to win. I I wouldn't tell my own son to do what you're doing. I would tell my own son to go work. I think he'll find a better choice of life and get a better sampling of what it'll actually be like. You're not sampling what it would be like when you're going over there has no debt whatsoever. He will be moving into this house with me once we get married here in two weeks. He has been backing up cash with the idea of buying his own home, obviously prior to our relationship. I guess my question is about, he's wanting to chunk that cash at the house and pay down the house as quickly as possible. We're also, I feel like, a bit behind on retirement savings. My question is about that. For him, he's never been in debt before ever in his life, and so he's a little nervous about marrying into some debt, meaning my home. I think that's why he is really focused on that. You all are fine.This is cool. What are you guys going to make as a household once you're married? What's your household income going to be?We each make about 75 a year.Okay, so 100 and a half. What do you owe on the How much?I owe 188.How much cash does fiancee have stacked?He has about 90,000 in addition to his emergency fund.Okay. You have an emergency fund, too? I do, yeah. Okay. We don't need two of them. We'll need one. That's true. Will your emergency fund be big enough to suffice for the family emergency fund once you're married?We could probably add a little bit to it. I have about 15 right now.You have how much?Fifteen, thousand.Okay, and how much does he have?He has about 20, I believe. Okay.So easily, we throw 100 at the 188. Agreed?Okay. Versus catching up on some retirement payment?No, we don't do any retirement. You're going to put 15% of your household income into retirement. If you're not doing that, get that set up after you're married. Automatically, going into 401(k)s and Roth IRAs, no more. That's enough. That's You're only 31, and you're going to get the house paid off very quickly, and then you're going to kick up. As soon as the house is paid off, you can put more than 15% in. But you're not behind. You're fine.Okay. After chunking his money at the house, how aggressive should we be? I think he is a little more on the anxious side, more conservative side, and he wants to act like we're in baby step two and really pay down this house in a year and a half, versus I'm thinking it be okay if we took a little longer than that. What are your thoughts?Probably right between you two. We don't tell folks to be gazelle intense in baby steps four, five, and six. We tell you to be intentional. That means in one, two, and three, you're not on vacation, you're not going out to eat. That's intense. No lifestyle. Lifestyle is scorched earth. No life. You're getting out of debt. You're not there. You're at baby steps four, five, and six, and you're intentional, which means you're going to want to do some other things. You may need to upgrade a car. You may actually want to go on a vacation. You may want to spend some of your money on fun, and you should. Okay? Okay. But let's just throw a couple of numbers here, okay? You make 150. If you put 100, you said you had 188 on the mortgage? Mm-hmm. Okay. If you put 100 on it, that's 88. 44 out of 150 would be done in two years. That means you guys would be living on over 100,000 a year. That would give you plenty of room for other stuff, right?Yeah, that's true.That also means you have a paid-off house at the age of 33.That's true.You knew who else has that? Nobody in America.I never expected that because me, prior to getting married, I never was on that track.Well, you both have been very conservative and wise. Neither one of you have got a complete mess. You're both in good shape. You've done a great job, both of you. Now you're talking about this ahead of time. That's a good sign. It's a good sign for your relationship. It's a good sign for your probability of building wealth. If you put it on a two to a three your schedule to finish off the other 88, throw 100 at it, that should give you plenty of wiggle room to have a good life.Okay, so just 15 to retirement, we don't need to do extra to catch up there, and then the rest of our extra money can go towards the house.If you put 15% of $150,000, so 22,5, towards retirement, and that's all you ever do from 31 to 65, you'll have about $10 million. Okay. So you're fine. That's a lot. You're fine. You're going to be worth a lot of money with a track you're on if you continue to be intentional. I appreciate his nervousness because it's moving you towards positive things, but we don't want to let it go too far.Here's what's going to help him, because I have that same bent that I want to treat a mortgage like Baby Step 2 also. Put a plan down on a piece of paper, and you all agree on that plan. So he wants it done in a year and a half, and you were like, three or four years will be fine. Say two years.Or two and a half. Or two and a half. Or 26 months. I don't care.Lay it down. That's right. Put it down, and then he'll exhale and go, Okay, now I've got something I can work towards, and it keeps that tornado from just cycling up on it.I would also agree as a part of that little- We will go out once a week. I'll say no. As a pinky, swear and spit shake, okay, with our current numbers, we're going to put 100 on it and lay it out. But if we got a found bonus or a granny passed away, leaves them $10,000, Any extra found money we're throwing, and we could speed the schedule up on paying off the house. I like that.But also, you get to say, We're going to have some fun and go on a date because we're newlyweds. We're going to go on a vacation.Go on vacation, upgrade that junky butt car you're driving. I don't know. It's okay. As long as you're paying cash for all of it and you got the wiggle room to do it and it fits in your plan. I don't care if it's 26 or 28 or 24 months, somewhere in there. That's intentional. That's not intense.That's a great band named Junky Butt Car. James, note that.Oh, brother. We have a battle of the bands here at Ramsey, and they always get their names from weird things I say on the air. This is the Ramsey Show.This show is sponsored by Betterhelp. This is Deloney, and I'm always railing against social media, especially in the summer, because everyone uploads the highlight reels of their perfect bodies and perfect vacations and perfect kids. I know they're not real, And I also know that I'm blessed beyond my wildest dreams, but I still find myself wishing my life was like other people's. Based on the data, I know this is happening to you, too. Comparison is wired into us, but comparison can also become the thief of joy because we can feel like we're not enough and begin acting and thinking in ways we would never think otherwise. When all gets to be too much, think about contacting Betterhelp. Betterhelp is 100% online therapy staffed with licensed therapists. It's convenient, flexible, and suited to fit your schedule. By the way, therapy isn't just for those who've experienced major trauma. It's for all of us who are ready to get out of the comparison spin cycle and find our own peace and joy in the life we're creating. Stop comparing and start focusing with betterhelp. Visit betterhelp. Com/delonie today to get 10% off your first month. That's betterhelp, H-E-L-P.Com/delonie.Dr. John Delonie, Ramsey personality, PhD in counseling, number one best-selling author. He's my co-host today. Open phones at 888-825-5225. Thanks for joining us, guys. Our question of the day comes from Jen in Tennessee.All right, Jen writes, I came to this country years ago with nothing. I've worked hard, don't have any debt. My house has paid off. Just stop there. That's so great. And I'm investing. Growing up with nothing and being so hungry and so poor created a scarcity mindset, even now that I'm in a place where I have all the necessities that I need. Sometimes it's hard to wrap my mind around it, and it's hard to not feel guilty sometimes. I would love to hear your wisdom and advice about how I can develop a spirit of contentment. I have grown up my whole life in the States, Dave, but I identify with this.Okay.Just that sense of feeling guilty sometimes, feeling like, Why me? That sense of something's not right, and it's tough, man. How have you wrapped your head around that all these years?Well, I think this 90% of solving a problem is realizing there is one. She's identified that she should not have this, but how do I? How do I not? I feel discontent, and I should be in a place where I'm content. I feel guilty, and I don't know. I didn't do anything wrong, so what am I guilty of? There's nothing to be charged with here. You didn't do anything. You're not a crime committed. You You didn't wrong anyone. No one got hurt. You didn't steal your way into this position. You worked your way into this position. The only thing I've ever been able to come up with that has helped me a lot is I balance my consumption with my generosity.Yep, me too.If I feel a tinge of I don't feel worthy to be here, which I don't. That's why I tell people I'm better than I deserve. I'm really smart and I work really, really hard, but the blessings in my life are beyond my smart or hard work. Okay? You're right. I mean, it would just be... That's not humility and that's not false spiritual pride or something. It's not a humble brag. It's just simply an intellectual observation that I have a life that is beyond my smart or work ethic. I got good smart, I got good work ethic, but my life is beyond it. I'm better than deserve. Those of us that are Christians, we call that the blessings of the Lord, which is beyond what I did. I played my part, but it's beyond what I did. So you can say, I'm better than I deserve. People are, You ought to be positive and so you deserve it. It wouldn't be accurate. I am better than I deserve. Also, it's a statement of grace. Doctrually, I'm better than I deserve because I deserve hell, and I'm not going because of Jesus. Okay, so all that stuff.But aside from that, When I… Sharon and I are able… I remember the first time I tithed because I give a 10th of my income to my church, the first time I ever made $100,000, and I gave a $10,000 check. I was like, Oh, my God, there's so much money. In one lick. I mean, one time, I wanted to announce it. This is going in the plate, boys and girls. Look at me. This is happening. Ten freaking thousand dollars. All that stuff went through my head, but it's just a normal rhythm of our life. We automatically did it, but it was still like, wow, that just happened. I've continued to have those feelings that now we're able to give more than we used to make, a lot more than we used to make in a given year. Generosity helps me go, Okay, it's part of the rhythm of my life, and it helps me to not, quote, unquote, feel guilty. I don't ever really feel guilty. I've not had that issue. But I do have the sense of I've gotten more than I deserve. But I don't feel... Guilt is not the word for me.It's just unearned blessings. That's different than guilt. You know what I'm saying?Yeah, the word that I hang on it that has stuck with me and that has been very helpful is practicing. Jen was surviving her whole life, and now she gets to practice giving. She gets to practice enjoying.Godliness with contentment is great gain.If you've never done it before, if Jen was asked to start learning a new language, or Jen was asked to start doing gymnastics, she would stumble and fall and hurt herself and sprain an ankle. It's part of it. Same as giving, same as- Contentment. Contentment. When I remember, I felt so guilty a couple of years ago buying a guitar. It sat on me. I went and found somebody to give a silly amount of money to, to donate to her a thing as not a way to offset it, but as a way to practice, Okay, I feel this. Then I'm going to not just stew on this, and I'd be dramatic, but I'm going to be extra generous, and that's been a way to balance it for me.When I practiced that, I can remember precisely the first time I practiced that. That's interesting because I was driving a Mercedes that had 260,000 miles on it. It It looked nice, but it was a piece of crap. It was completely used up. A guy that was working for me at the time, I was probably worth a couple of million dollars, something like that. A guy was working for me at the time, was in the car, we jumped in the car and we were driving to Chattano from Nashville, which is a couple of hours south of Nashville. And stupid thing overheated. I'm off the side of the road at the dadgum truck stop, rummaging through the dumpster trying to find a bottle to get a to get some water and pour over the radiator because I'm a red neck. I know how to fix the stupid car and keep it going. I know how to get the thing cooled off, and I'm going to get it on down to Chattanooga. This guy working for me, he's a friend of mine. He's just ragging me to no end. You freaking cheap You've got millions of dollars, and we're here on the side of the road because you're too dead gum prideful to buy a decent car because you're afraid of what somebody will think about you having a nice car.Got you.Totally got me. It owned me because that's exactly right. I I had reverse pride. I was like, I don't have to. I can drive whatever I want to drive. I was driving a piece of crap. I was afraid that somebody would think it, since I'm on the radio telling people to sell their car, that I shouldn't be driving a nice car. It made me process through the philosophy that she's dealing with here. When I got home, I went and bought a two-year-old Jag, which was a great car. I drove that car for a while. It was the ones back when Ford was making Jags. They were good cars. I don't know. They may still be making them. I don't know. But it was a great car in the '90s. Anyway, that was a while back. It was a couple of decades ago. Then fast forward, I went the other way. Up in 2014, I got a bunch of criticism for having a nice house Some guy decided he was going to go bananas on the internet. It pissed me off these left wingers, communists telling you, you can't succeed in America, and you should be ashamed of success.I went the other way and I went and bought three cars. You showed them, Dave.You showed them.I drove one of them It's a 2014. But you could-But I think the moral here is- Saying it out loud and then practicing your way through the emotions and not letting other people set the tone. It's not about other people. It's about what's right between you and God. Are you being proper towards your family, towards your community, towards your future? Being responsible with that, have you done anything wrong? Are you morally out of whack with how you're gaining the money? Probably not. But then there's always some moron out there that's going to be envious or jealous that those dirt on the gens' success. Whatever side you're doing. It could be your family. It could be something else. We say, you're getting above your raise and all that stuff. But anyway, you just say, look, it's between you, your brain, your conscience, and God. If you can get that straight, and that's a matter of practicing, adding generosity to the equation, intentionally That's your emotional generosity that grows as your income and your wealth grows so that the generosity is not back at your old income level or your old wealth level, and your enjoyment grows as your wealth grows as well.And your use of money for personal consumption, the quality of your vacation, the quality of your dining out should go up as you go along, but not so much so that it's out of whack. All of that fits into this contentment issue. It's a great discussion, Jim.It's a great question. I think the meta thing here is it's okay to feel weird anytime you're doing or experiencing something that you're not used to. That's okay. You're not crazy, not something wrong with you.Matter of fact, you'd be something wrong with you if you didn't feel weird.Right. So just make sure you practice.Practice your way through it. That's good. Good word, John. This is The Ramsey Show.Hey, guys. George Campbell here.No matter what platform you use for need a car.But $10,000 in a used car is not going to change your life much.Probably not. It's a big car. It's an SUV, and there's just the two of us. I don't know. I feel like- There's the type of car, and then there's, I don't need a car, and then there's, I don't like this car.I think you're being emotional. There's a whole lot of things you're accusing him of here. I think you need to get on the same page. But the answer to your question is, can you afford a $9,000 car if you're paying cash for it? Yes, you can in your situation. No, I don't need to talk him out of it. But you may need to talk him out of which car he's buying because you don't like that car. You should be aligned on that before you make a major decision together. That's happened at my house, I can promise you. This is the Ramsey Show. There aren't many places you can save hundreds of dollars a month and still give you great service, especially with health insurance. That's why Health Trust Financial is the only health insurance company Ramsey recommends. Health Trust Financial objectively compares the top health insurance providers to meet your needs and budget. Remember, the service is free and there's no commitment. Go to healthtrustfinancial. Com. Healthtrustfinancial. Com. Dr. John Deloney, Ramsey personality, number one best-selling author of the book Building a Non-Anxious Life. He's my co-host today. Open phones at 8888-825. Daniels in Colorado Springs.Hey, Daniel, what's up?Hey, Dave and Dr. Deloney. It's such a pleasure speaking with you, too.You, too, sir. How can we help?Okay, so I have two questions, one about my business, one about my house. I'll get a little background. I just hit four years from filing bankruptcy about a week ago. I was about as broke as broke gets. I now own a construction company that I opened April of 2021. The mental impasse that I'm at with myself is, do I sell this business in a couple of years? Do I just continue to do this and continue to hire more people so I'm not working as much since I'm about to have my third child? I feel like asking these questions to myself almost makes me feel like a sellout because I care about my employees, your budget and you've got money to live on.Then you're set for retirement. You don't have to be a millionaire, but you've got to... What we're aiming at, and if I could backtrack in Linda's life, I don't know what all happened to her, but if I could backtrack in her life 20 years and take her to a better place today, I would, obviously. But I can't. So we'll work with what she's got. So I'm going to buy the cheapest possible thing as soon as I possibly can. Then if interest rates go down, you can refinance. Folks, you marry the house, you date the rate. The rate is not permanent. You can refinance and get rid of the rate. If rates draw, I can't buy in these rates. Yeah, good.I can guarantee you in this situation, their sister is going to sit down and be like, All right, good, because I made up some stories about you, too. It'll be a good cathartic air cleaning, and it'll be good for everybody.Maybe. At least the folks around Starbucks will be entertained that day.There we go. Exactly.Or whatever the name of the coffee shop is that these things happen in. That's ridiculous. The Waffle House. There you go. That's better. That's better. Red Neck Reconciliation. This is the Ramsey Show.Hey, guys, it's Rachel Cruz. When it comes to teaching kids about money, moms tell me all the time just how overwhelming it can feel to get started. That's why I'm so excited to tell you about Financial Peace Kids. This toolkit was designed to make learning to save, earn, spend, and give money fun for both you and your kids. The best part? It only takes 10 minutes a day. Yep, just 10 minutes.You've got this.Pick up Financial Peace Kids at ramsey solutions. Com/store. That's ramsey solutions. Com/store.Dr. all do for a living? I am a product owner, and she is a homemaker.Home with the boys. A domestic engineer. There we go. Got it. Okay. Very cool. Very cool. Good for you guys. You've seen a nice income increase in the last four years. Yeah, a lot of that was just God's undeserved blessing. We just had opportunities come into our lap. Somebody messaged us out of the blue and wanted us to do some nannying for them, and she did that for a while. I took a side job at Costco, pressure washing, and also just applying for new jobs. A lot of components there, but all God's blessing. Well done. Well, he tends to bless you when you work like that. It's pretty amazing. It's a weird thing The harder I work, the luckier I am. What debt was this, 81,000? All student loans. Okay. How long you all been married? Seven years. She knows. You're married a couple of years, and you look up and there's 81,000 worth of Sally May living in the spare bedroom. What was the I've had it moment? What was the tipping point where you said, Something's got to change, and you plugged into this whole Ramsey what you have and stop complaining. It bores everybody else. It does you no good. It doesn't solve any problems. This is fun news release. Warren Buffett gives away another 5.3 billion since his children will manage the estate. Warren Buffett on Friday made his biggest annual donation to date, giving 5.3 billion worth of Berkshire Hathaway shares to five charities. The Oracle of Omaha has pledged to give away the fortune he built at Berkshire. The Omaha, Nebraska-based conglomerate started running in 1965. Buffett has been making annual donations to the five charities since 2006. In an interview with the Wall Street Journal, Buffett clarified that after his death, the enormous fortune he amassed from building the one of a kind conglomerate will be directed to a new charitable trust overseen by his three children. Buffett has He previously said his three children are the executors of his will, as well as the named trustees of the charitable trust that will receive 99% of his wealth.He said, His will will be made public after his death. After my death, the disposition of my assets will be an open book, no imaginative trusts or foreign entities to avoid public scrutiny, but rather a simple will available for inspection at the Douglas County Courthouse.Hey, so there's a question inside of here. What This shows my ignorance here. What is a A share versus a B share? It says that he owns 207,000 Berkshire A shares and then 2,500 B shares.Not positive at Berkshire. It means there's two classes of shareholders, but I don't know what rights those two classes have. A shares would be in line first and would have probably been issued first, probably have some superior ownership rights. The thing is, when you donate stock to a charity, it's a marked up basis, which means that, let's say, the 5.3 billion worth of A shares he gave, was it A shares that he gave? Is that what he said?It just says that's what he's worth. He's worth about 130 billion.Okay. Okay. Let's just say he donated 5.3 billion worth of shares. His cost on those shares is not relevant to his write-off. He gets to write off-The value? The value, not what he paid.Okay.So anytime you're doing a donation and you can donate real estate that has gone up in value, you get the market value as your write-off, not the purchase price. Got you. And that's true of stock as well. So if you buy a stock for, I don't know, a million dollars worth of stock, and it goes up to $10 million, when you donate it to a charity, you get a $10 million write off, even though you only paid $1 million for it.What I remember the other side of that, I remember being at a university where they received a gift that was going to be paid out over five years, but they got to book it in year one, which built up their borrowing ability. I was like, That doesn't feel like real money.It's not. It's in his accrual accounting. But the endowment is what that's for. That's a different scenario, but it works similarly in the sense that you get a stepped-up basis on charitable donations of assets. That's Can I give you a snapshot here?Let me answer your question first, and then we'll see how much of your snapshot we actually have to get into.Absolutely, yeah.Don't start the baby steps right now.Okay.Instead, Push pause. I do want you to be on the Every Dollar app, and I do want you to squeeze every dime out of your budget, but I just want you to stack cash for nine months, like when baby comes. Okay. How much money do you think you can save? You've just done your every dollar budget. You can save a month for the next nine months. If you put every... Like you were intense, gazelle intense, and you're getting out of debt, you're going to be so focused. But instead of throwing it at If you're going to get it, you're going to throw it in an account, and you're going to really work hard to build up as much as you can build up. How much can you save a month?We're looking at anywhere from about 2 grand to $2,200 a month.Okay, let's just call it 2 grand for fun. Let's call it two grand for a fund? Yeah. Okay. Nine months, that's 18 grand. Agreed? Yes, sir. Okay, so you should have $18,000 to $20,000 in an account when baby comes. That gives us a little extra peace of mind at an exciting time, but also a bit of a scary time when you're having your first baby.Mm-hmm.Okay. Now, when baby comes home healthy and mommy comes home healthy and everything's cool and you've got good insurance, I'm sure, and so all the bills are paid, we were still sitting there looking at $20,000 in your account. Agreed?Yes, sir.Then you push play on your total money makeover. When you push play, that means you're going to take everything out but $1,000 and throw it at your debt snowball, and your debt snowball is listed smallest to largest. How much debt do you have? Not counting a house.We are just under $70,000.Okay. If we have $20 in the end of nine months, we would throw that at it with $1,000 left in the account for Baby Step 1, and the first 20,000 of your 70,000 has gone instantly. You would have already paid that 20,000 on it. Were you working a total money makeover Baby Steps during this nine months? So you really have not lost any ground except a tiny bit of interest.Good, good, good.But that gives you some padding for Baby, and I want a little extra padding because if there's a little bit of a hiccup or something, I want you to have some money.Yes, sir.James.Yeah.No seven-month-old baby in human history has sat up and said, I don't like this crib. Can we get a nicer one?I hate the wallpaper.I hate the wallpaper. No baby in human history has ever sat up and But this room is too small.I hate the wallpaper.Could we repaint this and create an Instagram-worthy? All that. You're going to get $20,000 in the account. You're going to want to get a stroller made by Volvo. You're going to If you're going to do all kinds of extra spending. You're going to have to have incredible discipline to send all that money away.This is not for anything except health of the baby and health of the mom. That's the only thing the money is for. Otherwise, everything you do for a baby has to come out of the budget, and you're going to throw all 100% of this money towards the debt. That puts us hour of the Ramsey show in the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with Prince of Peace, Christ Jesus. Hey, folks. Dave here. You want to hear even more life-changing content from Ramsey? Download the Ramsey Network app so you can catch all your favorite shows all in one place, like the Ramsey Show, Smart Money Happy Hour, and the Dr. John Deloney Show. You'll get real talk about life, relationships, money, and your career. Plus, the app lets you browse by topic like debt, business, or selling your home. Get the content you want whenever and wherever you want to listen. Download the Ramsey Network app today.

has no debt whatsoever. He will be moving into this house with me once we get married here in two weeks. He has been backing up cash with the idea of buying his own home, obviously prior to our relationship. I guess my question is about, he's wanting to chunk that cash at the house and pay down the house as quickly as possible. We're also, I feel like, a bit behind on retirement savings. My question is about that. For him, he's never been in debt before ever in his life, and so he's a little nervous about marrying into some debt, meaning my home. I think that's why he is really focused on that. You all are fine.

This is cool. What are you guys going to make as a household once you're married? What's your household income going to be?

We each make about 75 a year.

Okay, so 100 and a half. What do you owe on the How much?

I owe 188.

How much cash does fiancee have stacked?

He has about 90,000 in addition to his emergency fund.

Okay. You have an emergency fund, too? I do, yeah. Okay. We don't need two of them. We'll need one. That's true. Will your emergency fund be big enough to suffice for the family emergency fund once you're married?

We could probably add a little bit to it. I have about 15 right now.

You have how much?

Fifteen, thousand.

Okay, and how much does he have?

He has about 20, I believe. Okay.

So easily, we throw 100 at the 188. Agreed?

Okay. Versus catching up on some retirement payment?

No, we don't do any retirement. You're going to put 15% of your household income into retirement. If you're not doing that, get that set up after you're married. Automatically, going into 401(k)s and Roth IRAs, no more. That's enough. That's You're only 31, and you're going to get the house paid off very quickly, and then you're going to kick up. As soon as the house is paid off, you can put more than 15% in. But you're not behind. You're fine.

Okay. After chunking his money at the house, how aggressive should we be? I think he is a little more on the anxious side, more conservative side, and he wants to act like we're in baby step two and really pay down this house in a year and a half, versus I'm thinking it be okay if we took a little longer than that. What are your thoughts?

Probably right between you two. We don't tell folks to be gazelle intense in baby steps four, five, and six. We tell you to be intentional. That means in one, two, and three, you're not on vacation, you're not going out to eat. That's intense. No lifestyle. Lifestyle is scorched earth. No life. You're getting out of debt. You're not there. You're at baby steps four, five, and six, and you're intentional, which means you're going to want to do some other things. You may need to upgrade a car. You may actually want to go on a vacation. You may want to spend some of your money on fun, and you should. Okay? Okay. But let's just throw a couple of numbers here, okay? You make 150. If you put 100, you said you had 188 on the mortgage? Mm-hmm. Okay. If you put 100 on it, that's 88. 44 out of 150 would be done in two years. That means you guys would be living on over 100,000 a year. That would give you plenty of room for other stuff, right?

Yeah, that's true.

That also means you have a paid-off house at the age of 33.

That's true.

You knew who else has that? Nobody in America.

I never expected that because me, prior to getting married, I never was on that track.

Well, you both have been very conservative and wise. Neither one of you have got a complete mess. You're both in good shape. You've done a great job, both of you. Now you're talking about this ahead of time. That's a good sign. It's a good sign for your relationship. It's a good sign for your probability of building wealth. If you put it on a two to a three your schedule to finish off the other 88, throw 100 at it, that should give you plenty of wiggle room to have a good life.

Okay, so just 15 to retirement, we don't need to do extra to catch up there, and then the rest of our extra money can go towards the house.

If you put 15% of $150,000, so 22,5, towards retirement, and that's all you ever do from 31 to 65, you'll have about $10 million. Okay. So you're fine. That's a lot. You're fine. You're going to be worth a lot of money with a track you're on if you continue to be intentional. I appreciate his nervousness because it's moving you towards positive things, but we don't want to let it go too far.

Here's what's going to help him, because I have that same bent that I want to treat a mortgage like Baby Step 2 also. Put a plan down on a piece of paper, and you all agree on that plan. So he wants it done in a year and a half, and you were like, three or four years will be fine. Say two years.

Or two and a half. Or two and a half. Or 26 months. I don't care.

Lay it down. That's right. Put it down, and then he'll exhale and go, Okay, now I've got something I can work towards, and it keeps that tornado from just cycling up on it.

I would also agree as a part of that little- We will go out once a week. I'll say no. As a pinky, swear and spit shake, okay, with our current numbers, we're going to put 100 on it and lay it out. But if we got a found bonus or a granny passed away, leaves them $10,000, Any extra found money we're throwing, and we could speed the schedule up on paying off the house. I like that.

But also, you get to say, We're going to have some fun and go on a date because we're newlyweds. We're going to go on a vacation.

Go on vacation, upgrade that junky butt car you're driving. I don't know. It's okay. As long as you're paying cash for all of it and you got the wiggle room to do it and it fits in your plan. I don't care if it's 26 or 28 or 24 months, somewhere in there. That's intentional. That's not intense.

That's a great band named Junky Butt Car. James, note that.

Oh, brother. We have a battle of the bands here at Ramsey, and they always get their names from weird things I say on the air. This is the Ramsey Show.

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

Com/delonie.

Dr. John Delonie, Ramsey personality, PhD in counseling, number one best-selling author. He's my co-host today. Open phones at 888-825-5225. Thanks for joining us, guys. Our question of the day comes from Jen in Tennessee.

All right, Jen writes, I came to this country years ago with nothing. I've worked hard, don't have any debt. My house has paid off. Just stop there. That's so great. And I'm investing. Growing up with nothing and being so hungry and so poor created a scarcity mindset, even now that I'm in a place where I have all the necessities that I need. Sometimes it's hard to wrap my mind around it, and it's hard to not feel guilty sometimes. I would love to hear your wisdom and advice about how I can develop a spirit of contentment. I have grown up my whole life in the States, Dave, but I identify with this.

Okay.

Just that sense of feeling guilty sometimes, feeling like, Why me? That sense of something's not right, and it's tough, man. How have you wrapped your head around that all these years?

Well, I think this 90% of solving a problem is realizing there is one. She's identified that she should not have this, but how do I? How do I not? I feel discontent, and I should be in a place where I'm content. I feel guilty, and I don't know. I didn't do anything wrong, so what am I guilty of? There's nothing to be charged with here. You didn't do anything. You're not a crime committed. You You didn't wrong anyone. No one got hurt. You didn't steal your way into this position. You worked your way into this position. The only thing I've ever been able to come up with that has helped me a lot is I balance my consumption with my generosity.

Yep, me too.

If I feel a tinge of I don't feel worthy to be here, which I don't. That's why I tell people I'm better than I deserve. I'm really smart and I work really, really hard, but the blessings in my life are beyond my smart or hard work. Okay? You're right. I mean, it would just be... That's not humility and that's not false spiritual pride or something. It's not a humble brag. It's just simply an intellectual observation that I have a life that is beyond my smart or work ethic. I got good smart, I got good work ethic, but my life is beyond it. I'm better than deserve. Those of us that are Christians, we call that the blessings of the Lord, which is beyond what I did. I played my part, but it's beyond what I did. So you can say, I'm better than I deserve. People are, You ought to be positive and so you deserve it. It wouldn't be accurate. I am better than I deserve. Also, it's a statement of grace. Doctrually, I'm better than I deserve because I deserve hell, and I'm not going because of Jesus. Okay, so all that stuff.

But aside from that, When I… Sharon and I are able… I remember the first time I tithed because I give a 10th of my income to my church, the first time I ever made $100,000, and I gave a $10,000 check. I was like, Oh, my God, there's so much money. In one lick. I mean, one time, I wanted to announce it. This is going in the plate, boys and girls. Look at me. This is happening. Ten freaking thousand dollars. All that stuff went through my head, but it's just a normal rhythm of our life. We automatically did it, but it was still like, wow, that just happened. I've continued to have those feelings that now we're able to give more than we used to make, a lot more than we used to make in a given year. Generosity helps me go, Okay, it's part of the rhythm of my life, and it helps me to not, quote, unquote, feel guilty. I don't ever really feel guilty. I've not had that issue. But I do have the sense of I've gotten more than I deserve. But I don't feel... Guilt is not the word for me.

It's just unearned blessings. That's different than guilt. You know what I'm saying?

Yeah, the word that I hang on it that has stuck with me and that has been very helpful is practicing. Jen was surviving her whole life, and now she gets to practice giving. She gets to practice enjoying.

Godliness with contentment is great gain.

If you've never done it before, if Jen was asked to start learning a new language, or Jen was asked to start doing gymnastics, she would stumble and fall and hurt herself and sprain an ankle. It's part of it. Same as giving, same as- Contentment. Contentment. When I remember, I felt so guilty a couple of years ago buying a guitar. It sat on me. I went and found somebody to give a silly amount of money to, to donate to her a thing as not a way to offset it, but as a way to practice, Okay, I feel this. Then I'm going to not just stew on this, and I'd be dramatic, but I'm going to be extra generous, and that's been a way to balance it for me.

When I practiced that, I can remember precisely the first time I practiced that. That's interesting because I was driving a Mercedes that had 260,000 miles on it. It It looked nice, but it was a piece of crap. It was completely used up. A guy that was working for me at the time, I was probably worth a couple of million dollars, something like that. A guy was working for me at the time, was in the car, we jumped in the car and we were driving to Chattano from Nashville, which is a couple of hours south of Nashville. And stupid thing overheated. I'm off the side of the road at the dadgum truck stop, rummaging through the dumpster trying to find a bottle to get a to get some water and pour over the radiator because I'm a red neck. I know how to fix the stupid car and keep it going. I know how to get the thing cooled off, and I'm going to get it on down to Chattanooga. This guy working for me, he's a friend of mine. He's just ragging me to no end. You freaking cheap You've got millions of dollars, and we're here on the side of the road because you're too dead gum prideful to buy a decent car because you're afraid of what somebody will think about you having a nice car.

Got you.

Totally got me. It owned me because that's exactly right. I I had reverse pride. I was like, I don't have to. I can drive whatever I want to drive. I was driving a piece of crap. I was afraid that somebody would think it, since I'm on the radio telling people to sell their car, that I shouldn't be driving a nice car. It made me process through the philosophy that she's dealing with here. When I got home, I went and bought a two-year-old Jag, which was a great car. I drove that car for a while. It was the ones back when Ford was making Jags. They were good cars. I don't know. They may still be making them. I don't know. But it was a great car in the '90s. Anyway, that was a while back. It was a couple of decades ago. Then fast forward, I went the other way. Up in 2014, I got a bunch of criticism for having a nice house Some guy decided he was going to go bananas on the internet. It pissed me off these left wingers, communists telling you, you can't succeed in America, and you should be ashamed of success.

I went the other way and I went and bought three cars. You showed them, Dave.

You showed them.

I drove one of them It's a 2014. But you could-But I think the moral here is- Saying it out loud and then practicing your way through the emotions and not letting other people set the tone. It's not about other people. It's about what's right between you and God. Are you being proper towards your family, towards your community, towards your future? Being responsible with that, have you done anything wrong? Are you morally out of whack with how you're gaining the money? Probably not. But then there's always some moron out there that's going to be envious or jealous that those dirt on the gens' success. Whatever side you're doing. It could be your family. It could be something else. We say, you're getting above your raise and all that stuff. But anyway, you just say, look, it's between you, your brain, your conscience, and God. If you can get that straight, and that's a matter of practicing, adding generosity to the equation, intentionally That's your emotional generosity that grows as your income and your wealth grows so that the generosity is not back at your old income level or your old wealth level, and your enjoyment grows as your wealth grows as well.

And your use of money for personal consumption, the quality of your vacation, the quality of your dining out should go up as you go along, but not so much so that it's out of whack. All of that fits into this contentment issue. It's a great discussion, Jim.

It's a great question. I think the meta thing here is it's okay to feel weird anytime you're doing or experiencing something that you're not used to. That's okay. You're not crazy, not something wrong with you.

Matter of fact, you'd be something wrong with you if you didn't feel weird.

Right. So just make sure you practice.

Practice your way through it. That's good. Good word, John. This is The Ramsey Show.

Hey, guys. George Campbell here.

No matter what platform you use for need a car.But $10,000 in a used car is not going to change your life much.Probably not. It's a big car. It's an SUV, and there's just the two of us. I don't know. I feel like- There's the type of car, and then there's, I don't need a car, and then there's, I don't like this car.I think you're being emotional. There's a whole lot of things you're accusing him of here. I think you need to get on the same page. But the answer to your question is, can you afford a $9,000 car if you're paying cash for it? Yes, you can in your situation. No, I don't need to talk him out of it. But you may need to talk him out of which car he's buying because you don't like that car. You should be aligned on that before you make a major decision together. That's happened at my house, I can promise you. This is the Ramsey Show. There aren't many places you can save hundreds of dollars a month and still give you great service, especially with health insurance. That's why Health Trust Financial is the only health insurance company Ramsey recommends. Health Trust Financial objectively compares the top health insurance providers to meet your needs and budget. Remember, the service is free and there's no commitment. Go to healthtrustfinancial. Com. Healthtrustfinancial. Com. Dr. John Deloney, Ramsey personality, number one best-selling author of the book Building a Non-Anxious Life. He's my co-host today. Open phones at 8888-825. Daniels in Colorado Springs.Hey, Daniel, what's up?Hey, Dave and Dr. Deloney. It's such a pleasure speaking with you, too.You, too, sir. How can we help?Okay, so I have two questions, one about my business, one about my house. I'll get a little background. I just hit four years from filing bankruptcy about a week ago. I was about as broke as broke gets. I now own a construction company that I opened April of 2021. The mental impasse that I'm at with myself is, do I sell this business in a couple of years? Do I just continue to do this and continue to hire more people so I'm not working as much since I'm about to have my third child? I feel like asking these questions to myself almost makes me feel like a sellout because I care about my employees, your budget and you've got money to live on.Then you're set for retirement. You don't have to be a millionaire, but you've got to... What we're aiming at, and if I could backtrack in Linda's life, I don't know what all happened to her, but if I could backtrack in her life 20 years and take her to a better place today, I would, obviously. But I can't. So we'll work with what she's got. So I'm going to buy the cheapest possible thing as soon as I possibly can. Then if interest rates go down, you can refinance. Folks, you marry the house, you date the rate. The rate is not permanent. You can refinance and get rid of the rate. If rates draw, I can't buy in these rates. Yeah, good.I can guarantee you in this situation, their sister is going to sit down and be like, All right, good, because I made up some stories about you, too. It'll be a good cathartic air cleaning, and it'll be good for everybody.Maybe. At least the folks around Starbucks will be entertained that day.There we go. Exactly.Or whatever the name of the coffee shop is that these things happen in. That's ridiculous. The Waffle House. There you go. That's better. That's better. Red Neck Reconciliation. This is the Ramsey Show.Hey, guys, it's Rachel Cruz. When it comes to teaching kids about money, moms tell me all the time just how overwhelming it can feel to get started. That's why I'm so excited to tell you about Financial Peace Kids. This toolkit was designed to make learning to save, earn, spend, and give money fun for both you and your kids. The best part? It only takes 10 minutes a day. Yep, just 10 minutes.You've got this.Pick up Financial Peace Kids at ramsey solutions. Com/store. That's ramsey solutions. Com/store.Dr. all do for a living? I am a product owner, and she is a homemaker.Home with the boys. A domestic engineer. There we go. Got it. Okay. Very cool. Very cool. Good for you guys. You've seen a nice income increase in the last four years. Yeah, a lot of that was just God's undeserved blessing. We just had opportunities come into our lap. Somebody messaged us out of the blue and wanted us to do some nannying for them, and she did that for a while. I took a side job at Costco, pressure washing, and also just applying for new jobs. A lot of components there, but all God's blessing. Well done. Well, he tends to bless you when you work like that. It's pretty amazing. It's a weird thing The harder I work, the luckier I am. What debt was this, 81,000? All student loans. Okay. How long you all been married? Seven years. She knows. You're married a couple of years, and you look up and there's 81,000 worth of Sally May living in the spare bedroom. What was the I've had it moment? What was the tipping point where you said, Something's got to change, and you plugged into this whole Ramsey what you have and stop complaining. It bores everybody else. It does you no good. It doesn't solve any problems. This is fun news release. Warren Buffett gives away another 5.3 billion since his children will manage the estate. Warren Buffett on Friday made his biggest annual donation to date, giving 5.3 billion worth of Berkshire Hathaway shares to five charities. The Oracle of Omaha has pledged to give away the fortune he built at Berkshire. The Omaha, Nebraska-based conglomerate started running in 1965. Buffett has been making annual donations to the five charities since 2006. In an interview with the Wall Street Journal, Buffett clarified that after his death, the enormous fortune he amassed from building the one of a kind conglomerate will be directed to a new charitable trust overseen by his three children. Buffett has He previously said his three children are the executors of his will, as well as the named trustees of the charitable trust that will receive 99% of his wealth.He said, His will will be made public after his death. After my death, the disposition of my assets will be an open book, no imaginative trusts or foreign entities to avoid public scrutiny, but rather a simple will available for inspection at the Douglas County Courthouse.Hey, so there's a question inside of here. What This shows my ignorance here. What is a A share versus a B share? It says that he owns 207,000 Berkshire A shares and then 2,500 B shares.Not positive at Berkshire. It means there's two classes of shareholders, but I don't know what rights those two classes have. A shares would be in line first and would have probably been issued first, probably have some superior ownership rights. The thing is, when you donate stock to a charity, it's a marked up basis, which means that, let's say, the 5.3 billion worth of A shares he gave, was it A shares that he gave? Is that what he said?It just says that's what he's worth. He's worth about 130 billion.Okay. Okay. Let's just say he donated 5.3 billion worth of shares. His cost on those shares is not relevant to his write-off. He gets to write off-The value? The value, not what he paid.Okay.So anytime you're doing a donation and you can donate real estate that has gone up in value, you get the market value as your write-off, not the purchase price. Got you. And that's true of stock as well. So if you buy a stock for, I don't know, a million dollars worth of stock, and it goes up to $10 million, when you donate it to a charity, you get a $10 million write off, even though you only paid $1 million for it.What I remember the other side of that, I remember being at a university where they received a gift that was going to be paid out over five years, but they got to book it in year one, which built up their borrowing ability. I was like, That doesn't feel like real money.It's not. It's in his accrual accounting. But the endowment is what that's for. That's a different scenario, but it works similarly in the sense that you get a stepped-up basis on charitable donations of assets. That's Can I give you a snapshot here?Let me answer your question first, and then we'll see how much of your snapshot we actually have to get into.Absolutely, yeah.Don't start the baby steps right now.Okay.Instead, Push pause. I do want you to be on the Every Dollar app, and I do want you to squeeze every dime out of your budget, but I just want you to stack cash for nine months, like when baby comes. Okay. How much money do you think you can save? You've just done your every dollar budget. You can save a month for the next nine months. If you put every... Like you were intense, gazelle intense, and you're getting out of debt, you're going to be so focused. But instead of throwing it at If you're going to get it, you're going to throw it in an account, and you're going to really work hard to build up as much as you can build up. How much can you save a month?We're looking at anywhere from about 2 grand to $2,200 a month.Okay, let's just call it 2 grand for fun. Let's call it two grand for a fund? Yeah. Okay. Nine months, that's 18 grand. Agreed? Yes, sir. Okay, so you should have $18,000 to $20,000 in an account when baby comes. That gives us a little extra peace of mind at an exciting time, but also a bit of a scary time when you're having your first baby.Mm-hmm.Okay. Now, when baby comes home healthy and mommy comes home healthy and everything's cool and you've got good insurance, I'm sure, and so all the bills are paid, we were still sitting there looking at $20,000 in your account. Agreed?Yes, sir.Then you push play on your total money makeover. When you push play, that means you're going to take everything out but $1,000 and throw it at your debt snowball, and your debt snowball is listed smallest to largest. How much debt do you have? Not counting a house.We are just under $70,000.Okay. If we have $20 in the end of nine months, we would throw that at it with $1,000 left in the account for Baby Step 1, and the first 20,000 of your 70,000 has gone instantly. You would have already paid that 20,000 on it. Were you working a total money makeover Baby Steps during this nine months? So you really have not lost any ground except a tiny bit of interest.Good, good, good.But that gives you some padding for Baby, and I want a little extra padding because if there's a little bit of a hiccup or something, I want you to have some money.Yes, sir.James.Yeah.No seven-month-old baby in human history has sat up and said, I don't like this crib. Can we get a nicer one?I hate the wallpaper.I hate the wallpaper. No baby in human history has ever sat up and But this room is too small.I hate the wallpaper.Could we repaint this and create an Instagram-worthy? All that. You're going to get $20,000 in the account. You're going to want to get a stroller made by Volvo. You're going to If you're going to do all kinds of extra spending. You're going to have to have incredible discipline to send all that money away.This is not for anything except health of the baby and health of the mom. That's the only thing the money is for. Otherwise, everything you do for a baby has to come out of the budget, and you're going to throw all 100% of this money towards the debt. That puts us hour of the Ramsey show in the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with Prince of Peace, Christ Jesus. Hey, folks. Dave here. You want to hear even more life-changing content from Ramsey? Download the Ramsey Network app so you can catch all your favorite shows all in one place, like the Ramsey Show, Smart Money Happy Hour, and the Dr. John Deloney Show. You'll get real talk about life, relationships, money, and your career. Plus, the app lets you browse by topic like debt, business, or selling your home. Get the content you want whenever and wherever you want to listen. Download the Ramsey Network app today.

need a car.

But $10,000 in a used car is not going to change your life much.

Probably not. It's a big car. It's an SUV, and there's just the two of us. I don't know. I feel like- There's the type of car, and then there's, I don't need a car, and then there's, I don't like this car.

I think you're being emotional. There's a whole lot of things you're accusing him of here. I think you need to get on the same page. But the answer to your question is, can you afford a $9,000 car if you're paying cash for it? Yes, you can in your situation. No, I don't need to talk him out of it. But you may need to talk him out of which car he's buying because you don't like that car. You should be aligned on that before you make a major decision together. That's happened at my house, I can promise you. This is the Ramsey Show. There aren't many places you can save hundreds of dollars a month and still give you great service, especially with health insurance. That's why Health Trust Financial is the only health insurance company Ramsey recommends. Health Trust Financial objectively compares the top health insurance providers to meet your needs and budget. Remember, the service is free and there's no commitment. Go to healthtrustfinancial. Com. Healthtrustfinancial. Com. Dr. John Deloney, Ramsey personality, number one best-selling author of the book Building a Non-Anxious Life. He's my co-host today. Open phones at 8888-825. Daniels in Colorado Springs.

Hey, Daniel, what's up?

Hey, Dave and Dr. Deloney. It's such a pleasure speaking with you, too.

You, too, sir. How can we help?

Okay, so I have two questions, one about my business, one about my house. I'll get a little background. I just hit four years from filing bankruptcy about a week ago. I was about as broke as broke gets. I now own a construction company that I opened April of 2021. The mental impasse that I'm at with myself is, do I sell this business in a couple of years? Do I just continue to do this and continue to hire more people so I'm not working as much since I'm about to have my third child? I feel like asking these questions to myself almost makes me feel like a sellout because I care about my employees, your budget and you've got money to live on.Then you're set for retirement. You don't have to be a millionaire, but you've got to... What we're aiming at, and if I could backtrack in Linda's life, I don't know what all happened to her, but if I could backtrack in her life 20 years and take her to a better place today, I would, obviously. But I can't. So we'll work with what she's got. So I'm going to buy the cheapest possible thing as soon as I possibly can. Then if interest rates go down, you can refinance. Folks, you marry the house, you date the rate. The rate is not permanent. You can refinance and get rid of the rate. If rates draw, I can't buy in these rates. Yeah, good.I can guarantee you in this situation, their sister is going to sit down and be like, All right, good, because I made up some stories about you, too. It'll be a good cathartic air cleaning, and it'll be good for everybody.Maybe. At least the folks around Starbucks will be entertained that day.There we go. Exactly.Or whatever the name of the coffee shop is that these things happen in. That's ridiculous. The Waffle House. There you go. That's better. That's better. Red Neck Reconciliation. This is the Ramsey Show.Hey, guys, it's Rachel Cruz. When it comes to teaching kids about money, moms tell me all the time just how overwhelming it can feel to get started. That's why I'm so excited to tell you about Financial Peace Kids. This toolkit was designed to make learning to save, earn, spend, and give money fun for both you and your kids. The best part? It only takes 10 minutes a day. Yep, just 10 minutes.You've got this.Pick up Financial Peace Kids at ramsey solutions. Com/store. That's ramsey solutions. Com/store.Dr. all do for a living? I am a product owner, and she is a homemaker.Home with the boys. A domestic engineer. There we go. Got it. Okay. Very cool. Very cool. Good for you guys. You've seen a nice income increase in the last four years. Yeah, a lot of that was just God's undeserved blessing. We just had opportunities come into our lap. Somebody messaged us out of the blue and wanted us to do some nannying for them, and she did that for a while. I took a side job at Costco, pressure washing, and also just applying for new jobs. A lot of components there, but all God's blessing. Well done. Well, he tends to bless you when you work like that. It's pretty amazing. It's a weird thing The harder I work, the luckier I am. What debt was this, 81,000? All student loans. Okay. How long you all been married? Seven years. She knows. You're married a couple of years, and you look up and there's 81,000 worth of Sally May living in the spare bedroom. What was the I've had it moment? What was the tipping point where you said, Something's got to change, and you plugged into this whole Ramsey what you have and stop complaining. It bores everybody else. It does you no good. It doesn't solve any problems. This is fun news release. Warren Buffett gives away another 5.3 billion since his children will manage the estate. Warren Buffett on Friday made his biggest annual donation to date, giving 5.3 billion worth of Berkshire Hathaway shares to five charities. The Oracle of Omaha has pledged to give away the fortune he built at Berkshire. The Omaha, Nebraska-based conglomerate started running in 1965. Buffett has been making annual donations to the five charities since 2006. In an interview with the Wall Street Journal, Buffett clarified that after his death, the enormous fortune he amassed from building the one of a kind conglomerate will be directed to a new charitable trust overseen by his three children. Buffett has He previously said his three children are the executors of his will, as well as the named trustees of the charitable trust that will receive 99% of his wealth.He said, His will will be made public after his death. After my death, the disposition of my assets will be an open book, no imaginative trusts or foreign entities to avoid public scrutiny, but rather a simple will available for inspection at the Douglas County Courthouse.Hey, so there's a question inside of here. What This shows my ignorance here. What is a A share versus a B share? It says that he owns 207,000 Berkshire A shares and then 2,500 B shares.Not positive at Berkshire. It means there's two classes of shareholders, but I don't know what rights those two classes have. A shares would be in line first and would have probably been issued first, probably have some superior ownership rights. The thing is, when you donate stock to a charity, it's a marked up basis, which means that, let's say, the 5.3 billion worth of A shares he gave, was it A shares that he gave? Is that what he said?It just says that's what he's worth. He's worth about 130 billion.Okay. Okay. Let's just say he donated 5.3 billion worth of shares. His cost on those shares is not relevant to his write-off. He gets to write off-The value? The value, not what he paid.Okay.So anytime you're doing a donation and you can donate real estate that has gone up in value, you get the market value as your write-off, not the purchase price. Got you. And that's true of stock as well. So if you buy a stock for, I don't know, a million dollars worth of stock, and it goes up to $10 million, when you donate it to a charity, you get a $10 million write off, even though you only paid $1 million for it.What I remember the other side of that, I remember being at a university where they received a gift that was going to be paid out over five years, but they got to book it in year one, which built up their borrowing ability. I was like, That doesn't feel like real money.It's not. It's in his accrual accounting. But the endowment is what that's for. That's a different scenario, but it works similarly in the sense that you get a stepped-up basis on charitable donations of assets. That's Can I give you a snapshot here?Let me answer your question first, and then we'll see how much of your snapshot we actually have to get into.Absolutely, yeah.Don't start the baby steps right now.Okay.Instead, Push pause. I do want you to be on the Every Dollar app, and I do want you to squeeze every dime out of your budget, but I just want you to stack cash for nine months, like when baby comes. Okay. How much money do you think you can save? You've just done your every dollar budget. You can save a month for the next nine months. If you put every... Like you were intense, gazelle intense, and you're getting out of debt, you're going to be so focused. But instead of throwing it at If you're going to get it, you're going to throw it in an account, and you're going to really work hard to build up as much as you can build up. How much can you save a month?We're looking at anywhere from about 2 grand to $2,200 a month.Okay, let's just call it 2 grand for fun. Let's call it two grand for a fund? Yeah. Okay. Nine months, that's 18 grand. Agreed? Yes, sir. Okay, so you should have $18,000 to $20,000 in an account when baby comes. That gives us a little extra peace of mind at an exciting time, but also a bit of a scary time when you're having your first baby.Mm-hmm.Okay. Now, when baby comes home healthy and mommy comes home healthy and everything's cool and you've got good insurance, I'm sure, and so all the bills are paid, we were still sitting there looking at $20,000 in your account. Agreed?Yes, sir.Then you push play on your total money makeover. When you push play, that means you're going to take everything out but $1,000 and throw it at your debt snowball, and your debt snowball is listed smallest to largest. How much debt do you have? Not counting a house.We are just under $70,000.Okay. If we have $20 in the end of nine months, we would throw that at it with $1,000 left in the account for Baby Step 1, and the first 20,000 of your 70,000 has gone instantly. You would have already paid that 20,000 on it. Were you working a total money makeover Baby Steps during this nine months? So you really have not lost any ground except a tiny bit of interest.Good, good, good.But that gives you some padding for Baby, and I want a little extra padding because if there's a little bit of a hiccup or something, I want you to have some money.Yes, sir.James.Yeah.No seven-month-old baby in human history has sat up and said, I don't like this crib. Can we get a nicer one?I hate the wallpaper.I hate the wallpaper. No baby in human history has ever sat up and But this room is too small.I hate the wallpaper.Could we repaint this and create an Instagram-worthy? All that. You're going to get $20,000 in the account. You're going to want to get a stroller made by Volvo. You're going to If you're going to do all kinds of extra spending. You're going to have to have incredible discipline to send all that money away.This is not for anything except health of the baby and health of the mom. That's the only thing the money is for. Otherwise, everything you do for a baby has to come out of the budget, and you're going to throw all 100% of this money towards the debt. That puts us hour of the Ramsey show in the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with Prince of Peace, Christ Jesus. Hey, folks. Dave here. You want to hear even more life-changing content from Ramsey? Download the Ramsey Network app so you can catch all your favorite shows all in one place, like the Ramsey Show, Smart Money Happy Hour, and the Dr. John Deloney Show. You'll get real talk about life, relationships, money, and your career. Plus, the app lets you browse by topic like debt, business, or selling your home. Get the content you want whenever and wherever you want to listen. Download the Ramsey Network app today.

your budget and you've got money to live on.

Then you're set for retirement. You don't have to be a millionaire, but you've got to... What we're aiming at, and if I could backtrack in Linda's life, I don't know what all happened to her, but if I could backtrack in her life 20 years and take her to a better place today, I would, obviously. But I can't. So we'll work with what she's got. So I'm going to buy the cheapest possible thing as soon as I possibly can. Then if interest rates go down, you can refinance. Folks, you marry the house, you date the rate. The rate is not permanent. You can refinance and get rid of the rate. If rates draw, I can't buy in these rates. Yeah, good.I can guarantee you in this situation, their sister is going to sit down and be like, All right, good, because I made up some stories about you, too. It'll be a good cathartic air cleaning, and it'll be good for everybody.Maybe. At least the folks around Starbucks will be entertained that day.There we go. Exactly.Or whatever the name of the coffee shop is that these things happen in. That's ridiculous. The Waffle House. There you go. That's better. That's better. Red Neck Reconciliation. This is the Ramsey Show.Hey, guys, it's Rachel Cruz. When it comes to teaching kids about money, moms tell me all the time just how overwhelming it can feel to get started. That's why I'm so excited to tell you about Financial Peace Kids. This toolkit was designed to make learning to save, earn, spend, and give money fun for both you and your kids. The best part? It only takes 10 minutes a day. Yep, just 10 minutes.You've got this.Pick up Financial Peace Kids at ramsey solutions. Com/store. That's ramsey solutions. Com/store.Dr. all do for a living? I am a product owner, and she is a homemaker.Home with the boys. A domestic engineer. There we go. Got it. Okay. Very cool. Very cool. Good for you guys. You've seen a nice income increase in the last four years. Yeah, a lot of that was just God's undeserved blessing. We just had opportunities come into our lap. Somebody messaged us out of the blue and wanted us to do some nannying for them, and she did that for a while. I took a side job at Costco, pressure washing, and also just applying for new jobs. A lot of components there, but all God's blessing. Well done. Well, he tends to bless you when you work like that. It's pretty amazing. It's a weird thing The harder I work, the luckier I am. What debt was this, 81,000? All student loans. Okay. How long you all been married? Seven years. She knows. You're married a couple of years, and you look up and there's 81,000 worth of Sally May living in the spare bedroom. What was the I've had it moment? What was the tipping point where you said, Something's got to change, and you plugged into this whole Ramsey what you have and stop complaining. It bores everybody else. It does you no good. It doesn't solve any problems. This is fun news release. Warren Buffett gives away another 5.3 billion since his children will manage the estate. Warren Buffett on Friday made his biggest annual donation to date, giving 5.3 billion worth of Berkshire Hathaway shares to five charities. The Oracle of Omaha has pledged to give away the fortune he built at Berkshire. The Omaha, Nebraska-based conglomerate started running in 1965. Buffett has been making annual donations to the five charities since 2006. In an interview with the Wall Street Journal, Buffett clarified that after his death, the enormous fortune he amassed from building the one of a kind conglomerate will be directed to a new charitable trust overseen by his three children. Buffett has He previously said his three children are the executors of his will, as well as the named trustees of the charitable trust that will receive 99% of his wealth.He said, His will will be made public after his death. After my death, the disposition of my assets will be an open book, no imaginative trusts or foreign entities to avoid public scrutiny, but rather a simple will available for inspection at the Douglas County Courthouse.Hey, so there's a question inside of here. What This shows my ignorance here. What is a A share versus a B share? It says that he owns 207,000 Berkshire A shares and then 2,500 B shares.Not positive at Berkshire. It means there's two classes of shareholders, but I don't know what rights those two classes have. A shares would be in line first and would have probably been issued first, probably have some superior ownership rights. The thing is, when you donate stock to a charity, it's a marked up basis, which means that, let's say, the 5.3 billion worth of A shares he gave, was it A shares that he gave? Is that what he said?It just says that's what he's worth. He's worth about 130 billion.Okay. Okay. Let's just say he donated 5.3 billion worth of shares. His cost on those shares is not relevant to his write-off. He gets to write off-The value? The value, not what he paid.Okay.So anytime you're doing a donation and you can donate real estate that has gone up in value, you get the market value as your write-off, not the purchase price. Got you. And that's true of stock as well. So if you buy a stock for, I don't know, a million dollars worth of stock, and it goes up to $10 million, when you donate it to a charity, you get a $10 million write off, even though you only paid $1 million for it.What I remember the other side of that, I remember being at a university where they received a gift that was going to be paid out over five years, but they got to book it in year one, which built up their borrowing ability. I was like, That doesn't feel like real money.It's not. It's in his accrual accounting. But the endowment is what that's for. That's a different scenario, but it works similarly in the sense that you get a stepped-up basis on charitable donations of assets. That's Can I give you a snapshot here?Let me answer your question first, and then we'll see how much of your snapshot we actually have to get into.Absolutely, yeah.Don't start the baby steps right now.Okay.Instead, Push pause. I do want you to be on the Every Dollar app, and I do want you to squeeze every dime out of your budget, but I just want you to stack cash for nine months, like when baby comes. Okay. How much money do you think you can save? You've just done your every dollar budget. You can save a month for the next nine months. If you put every... Like you were intense, gazelle intense, and you're getting out of debt, you're going to be so focused. But instead of throwing it at If you're going to get it, you're going to throw it in an account, and you're going to really work hard to build up as much as you can build up. How much can you save a month?We're looking at anywhere from about 2 grand to $2,200 a month.Okay, let's just call it 2 grand for fun. Let's call it two grand for a fund? Yeah. Okay. Nine months, that's 18 grand. Agreed? Yes, sir. Okay, so you should have $18,000 to $20,000 in an account when baby comes. That gives us a little extra peace of mind at an exciting time, but also a bit of a scary time when you're having your first baby.Mm-hmm.Okay. Now, when baby comes home healthy and mommy comes home healthy and everything's cool and you've got good insurance, I'm sure, and so all the bills are paid, we were still sitting there looking at $20,000 in your account. Agreed?Yes, sir.Then you push play on your total money makeover. When you push play, that means you're going to take everything out but $1,000 and throw it at your debt snowball, and your debt snowball is listed smallest to largest. How much debt do you have? Not counting a house.We are just under $70,000.Okay. If we have $20 in the end of nine months, we would throw that at it with $1,000 left in the account for Baby Step 1, and the first 20,000 of your 70,000 has gone instantly. You would have already paid that 20,000 on it. Were you working a total money makeover Baby Steps during this nine months? So you really have not lost any ground except a tiny bit of interest.Good, good, good.But that gives you some padding for Baby, and I want a little extra padding because if there's a little bit of a hiccup or something, I want you to have some money.Yes, sir.James.Yeah.No seven-month-old baby in human history has sat up and said, I don't like this crib. Can we get a nicer one?I hate the wallpaper.I hate the wallpaper. No baby in human history has ever sat up and But this room is too small.I hate the wallpaper.Could we repaint this and create an Instagram-worthy? All that. You're going to get $20,000 in the account. You're going to want to get a stroller made by Volvo. You're going to If you're going to do all kinds of extra spending. You're going to have to have incredible discipline to send all that money away.This is not for anything except health of the baby and health of the mom. That's the only thing the money is for. Otherwise, everything you do for a baby has to come out of the budget, and you're going to throw all 100% of this money towards the debt. That puts us hour of the Ramsey show in the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with Prince of Peace, Christ Jesus. Hey, folks. Dave here. You want to hear even more life-changing content from Ramsey? Download the Ramsey Network app so you can catch all your favorite shows all in one place, like the Ramsey Show, Smart Money Happy Hour, and the Dr. John Deloney Show. You'll get real talk about life, relationships, money, and your career. Plus, the app lets you browse by topic like debt, business, or selling your home. Get the content you want whenever and wherever you want to listen. Download the Ramsey Network app today.

good.

I can guarantee you in this situation, their sister is going to sit down and be like, All right, good, because I made up some stories about you, too. It'll be a good cathartic air cleaning, and it'll be good for everybody.

Maybe. At least the folks around Starbucks will be entertained that day.

There we go. Exactly.

Or whatever the name of the coffee shop is that these things happen in. That's ridiculous. The Waffle House. There you go. That's better. That's better. Red Neck Reconciliation. This is the Ramsey Show.

Hey, guys, it's Rachel Cruz. When it comes to teaching kids about money, moms tell me all the time just how overwhelming it can feel to get started. That's why I'm so excited to tell you about Financial Peace Kids. This toolkit was designed to make learning to save, earn, spend, and give money fun for both you and your kids. The best part? It only takes 10 minutes a day. Yep, just 10 minutes.

You've got this.

Pick up Financial Peace Kids at ramsey solutions. Com/store. That's ramsey solutions. Com/store.

Dr. all do for a living? I am a product owner, and she is a homemaker.

Home with the boys. A domestic engineer. There we go. Got it. Okay. Very cool. Very cool. Good for you guys. You've seen a nice income increase in the last four years. Yeah, a lot of that was just God's undeserved blessing. We just had opportunities come into our lap. Somebody messaged us out of the blue and wanted us to do some nannying for them, and she did that for a while. I took a side job at Costco, pressure washing, and also just applying for new jobs. A lot of components there, but all God's blessing. Well done. Well, he tends to bless you when you work like that. It's pretty amazing. It's a weird thing The harder I work, the luckier I am. What debt was this, 81,000? All student loans. Okay. How long you all been married? Seven years. She knows. You're married a couple of years, and you look up and there's 81,000 worth of Sally May living in the spare bedroom. What was the I've had it moment? What was the tipping point where you said, Something's got to change, and you plugged into this whole Ramsey what you have and stop complaining. It bores everybody else. It does you no good. It doesn't solve any problems. This is fun news release. Warren Buffett gives away another 5.3 billion since his children will manage the estate. Warren Buffett on Friday made his biggest annual donation to date, giving 5.3 billion worth of Berkshire Hathaway shares to five charities. The Oracle of Omaha has pledged to give away the fortune he built at Berkshire. The Omaha, Nebraska-based conglomerate started running in 1965. Buffett has been making annual donations to the five charities since 2006. In an interview with the Wall Street Journal, Buffett clarified that after his death, the enormous fortune he amassed from building the one of a kind conglomerate will be directed to a new charitable trust overseen by his three children. Buffett has He previously said his three children are the executors of his will, as well as the named trustees of the charitable trust that will receive 99% of his wealth.He said, His will will be made public after his death. After my death, the disposition of my assets will be an open book, no imaginative trusts or foreign entities to avoid public scrutiny, but rather a simple will available for inspection at the Douglas County Courthouse.Hey, so there's a question inside of here. What This shows my ignorance here. What is a A share versus a B share? It says that he owns 207,000 Berkshire A shares and then 2,500 B shares.Not positive at Berkshire. It means there's two classes of shareholders, but I don't know what rights those two classes have. A shares would be in line first and would have probably been issued first, probably have some superior ownership rights. The thing is, when you donate stock to a charity, it's a marked up basis, which means that, let's say, the 5.3 billion worth of A shares he gave, was it A shares that he gave? Is that what he said?It just says that's what he's worth. He's worth about 130 billion.Okay. Okay. Let's just say he donated 5.3 billion worth of shares. His cost on those shares is not relevant to his write-off. He gets to write off-The value? The value, not what he paid.Okay.So anytime you're doing a donation and you can donate real estate that has gone up in value, you get the market value as your write-off, not the purchase price. Got you. And that's true of stock as well. So if you buy a stock for, I don't know, a million dollars worth of stock, and it goes up to $10 million, when you donate it to a charity, you get a $10 million write off, even though you only paid $1 million for it.What I remember the other side of that, I remember being at a university where they received a gift that was going to be paid out over five years, but they got to book it in year one, which built up their borrowing ability. I was like, That doesn't feel like real money.It's not. It's in his accrual accounting. But the endowment is what that's for. That's a different scenario, but it works similarly in the sense that you get a stepped-up basis on charitable donations of assets. That's Can I give you a snapshot here?Let me answer your question first, and then we'll see how much of your snapshot we actually have to get into.Absolutely, yeah.Don't start the baby steps right now.Okay.Instead, Push pause. I do want you to be on the Every Dollar app, and I do want you to squeeze every dime out of your budget, but I just want you to stack cash for nine months, like when baby comes. Okay. How much money do you think you can save? You've just done your every dollar budget. You can save a month for the next nine months. If you put every... Like you were intense, gazelle intense, and you're getting out of debt, you're going to be so focused. But instead of throwing it at If you're going to get it, you're going to throw it in an account, and you're going to really work hard to build up as much as you can build up. How much can you save a month?We're looking at anywhere from about 2 grand to $2,200 a month.Okay, let's just call it 2 grand for fun. Let's call it two grand for a fund? Yeah. Okay. Nine months, that's 18 grand. Agreed? Yes, sir. Okay, so you should have $18,000 to $20,000 in an account when baby comes. That gives us a little extra peace of mind at an exciting time, but also a bit of a scary time when you're having your first baby.Mm-hmm.Okay. Now, when baby comes home healthy and mommy comes home healthy and everything's cool and you've got good insurance, I'm sure, and so all the bills are paid, we were still sitting there looking at $20,000 in your account. Agreed?Yes, sir.Then you push play on your total money makeover. When you push play, that means you're going to take everything out but $1,000 and throw it at your debt snowball, and your debt snowball is listed smallest to largest. How much debt do you have? Not counting a house.We are just under $70,000.Okay. If we have $20 in the end of nine months, we would throw that at it with $1,000 left in the account for Baby Step 1, and the first 20,000 of your 70,000 has gone instantly. You would have already paid that 20,000 on it. Were you working a total money makeover Baby Steps during this nine months? So you really have not lost any ground except a tiny bit of interest.Good, good, good.But that gives you some padding for Baby, and I want a little extra padding because if there's a little bit of a hiccup or something, I want you to have some money.Yes, sir.James.Yeah.No seven-month-old baby in human history has sat up and said, I don't like this crib. Can we get a nicer one?I hate the wallpaper.I hate the wallpaper. No baby in human history has ever sat up and But this room is too small.I hate the wallpaper.Could we repaint this and create an Instagram-worthy? All that. You're going to get $20,000 in the account. You're going to want to get a stroller made by Volvo. You're going to If you're going to do all kinds of extra spending. You're going to have to have incredible discipline to send all that money away.This is not for anything except health of the baby and health of the mom. That's the only thing the money is for. Otherwise, everything you do for a baby has to come out of the budget, and you're going to throw all 100% of this money towards the debt. That puts us hour of the Ramsey show in the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with Prince of Peace, Christ Jesus. Hey, folks. Dave here. You want to hear even more life-changing content from Ramsey? Download the Ramsey Network app so you can catch all your favorite shows all in one place, like the Ramsey Show, Smart Money Happy Hour, and the Dr. John Deloney Show. You'll get real talk about life, relationships, money, and your career. Plus, the app lets you browse by topic like debt, business, or selling your home. Get the content you want whenever and wherever you want to listen. Download the Ramsey Network app today.

what you have and stop complaining. It bores everybody else. It does you no good. It doesn't solve any problems. This is fun news release. Warren Buffett gives away another 5.3 billion since his children will manage the estate. Warren Buffett on Friday made his biggest annual donation to date, giving 5.3 billion worth of Berkshire Hathaway shares to five charities. The Oracle of Omaha has pledged to give away the fortune he built at Berkshire. The Omaha, Nebraska-based conglomerate started running in 1965. Buffett has been making annual donations to the five charities since 2006. In an interview with the Wall Street Journal, Buffett clarified that after his death, the enormous fortune he amassed from building the one of a kind conglomerate will be directed to a new charitable trust overseen by his three children. Buffett has He previously said his three children are the executors of his will, as well as the named trustees of the charitable trust that will receive 99% of his wealth.

He said, His will will be made public after his death. After my death, the disposition of my assets will be an open book, no imaginative trusts or foreign entities to avoid public scrutiny, but rather a simple will available for inspection at the Douglas County Courthouse.

Hey, so there's a question inside of here. What This shows my ignorance here. What is a A share versus a B share? It says that he owns 207,000 Berkshire A shares and then 2,500 B shares.

Not positive at Berkshire. It means there's two classes of shareholders, but I don't know what rights those two classes have. A shares would be in line first and would have probably been issued first, probably have some superior ownership rights. The thing is, when you donate stock to a charity, it's a marked up basis, which means that, let's say, the 5.3 billion worth of A shares he gave, was it A shares that he gave? Is that what he said?

It just says that's what he's worth. He's worth about 130 billion.

Okay. Okay. Let's just say he donated 5.3 billion worth of shares. His cost on those shares is not relevant to his write-off. He gets to write off-The value? The value, not what he paid.

Okay.

So anytime you're doing a donation and you can donate real estate that has gone up in value, you get the market value as your write-off, not the purchase price. Got you. And that's true of stock as well. So if you buy a stock for, I don't know, a million dollars worth of stock, and it goes up to $10 million, when you donate it to a charity, you get a $10 million write off, even though you only paid $1 million for it.

What I remember the other side of that, I remember being at a university where they received a gift that was going to be paid out over five years, but they got to book it in year one, which built up their borrowing ability. I was like, That doesn't feel like real money.

It's not. It's in his accrual accounting. But the endowment is what that's for. That's a different scenario, but it works similarly in the sense that you get a stepped-up basis on charitable donations of assets. That's Can I give you a snapshot here?Let me answer your question first, and then we'll see how much of your snapshot we actually have to get into.Absolutely, yeah.Don't start the baby steps right now.Okay.Instead, Push pause. I do want you to be on the Every Dollar app, and I do want you to squeeze every dime out of your budget, but I just want you to stack cash for nine months, like when baby comes. Okay. How much money do you think you can save? You've just done your every dollar budget. You can save a month for the next nine months. If you put every... Like you were intense, gazelle intense, and you're getting out of debt, you're going to be so focused. But instead of throwing it at If you're going to get it, you're going to throw it in an account, and you're going to really work hard to build up as much as you can build up. How much can you save a month?We're looking at anywhere from about 2 grand to $2,200 a month.Okay, let's just call it 2 grand for fun. Let's call it two grand for a fund? Yeah. Okay. Nine months, that's 18 grand. Agreed? Yes, sir. Okay, so you should have $18,000 to $20,000 in an account when baby comes. That gives us a little extra peace of mind at an exciting time, but also a bit of a scary time when you're having your first baby.Mm-hmm.Okay. Now, when baby comes home healthy and mommy comes home healthy and everything's cool and you've got good insurance, I'm sure, and so all the bills are paid, we were still sitting there looking at $20,000 in your account. Agreed?Yes, sir.Then you push play on your total money makeover. When you push play, that means you're going to take everything out but $1,000 and throw it at your debt snowball, and your debt snowball is listed smallest to largest. How much debt do you have? Not counting a house.We are just under $70,000.Okay. If we have $20 in the end of nine months, we would throw that at it with $1,000 left in the account for Baby Step 1, and the first 20,000 of your 70,000 has gone instantly. You would have already paid that 20,000 on it. Were you working a total money makeover Baby Steps during this nine months? So you really have not lost any ground except a tiny bit of interest.Good, good, good.But that gives you some padding for Baby, and I want a little extra padding because if there's a little bit of a hiccup or something, I want you to have some money.Yes, sir.James.Yeah.No seven-month-old baby in human history has sat up and said, I don't like this crib. Can we get a nicer one?I hate the wallpaper.I hate the wallpaper. No baby in human history has ever sat up and But this room is too small.I hate the wallpaper.Could we repaint this and create an Instagram-worthy? All that. You're going to get $20,000 in the account. You're going to want to get a stroller made by Volvo. You're going to If you're going to do all kinds of extra spending. You're going to have to have incredible discipline to send all that money away.This is not for anything except health of the baby and health of the mom. That's the only thing the money is for. Otherwise, everything you do for a baby has to come out of the budget, and you're going to throw all 100% of this money towards the debt. That puts us hour of the Ramsey show in the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with Prince of Peace, Christ Jesus. Hey, folks. Dave here. You want to hear even more life-changing content from Ramsey? Download the Ramsey Network app so you can catch all your favorite shows all in one place, like the Ramsey Show, Smart Money Happy Hour, and the Dr. John Deloney Show. You'll get real talk about life, relationships, money, and your career. Plus, the app lets you browse by topic like debt, business, or selling your home. Get the content you want whenever and wherever you want to listen. Download the Ramsey Network app today.

Can I give you a snapshot here?

Let me answer your question first, and then we'll see how much of your snapshot we actually have to get into.

Absolutely, yeah.

Don't start the baby steps right now.

Okay.

Instead, Push pause. I do want you to be on the Every Dollar app, and I do want you to squeeze every dime out of your budget, but I just want you to stack cash for nine months, like when baby comes. Okay. How much money do you think you can save? You've just done your every dollar budget. You can save a month for the next nine months. If you put every... Like you were intense, gazelle intense, and you're getting out of debt, you're going to be so focused. But instead of throwing it at If you're going to get it, you're going to throw it in an account, and you're going to really work hard to build up as much as you can build up. How much can you save a month?

We're looking at anywhere from about 2 grand to $2,200 a month.

Okay, let's just call it 2 grand for fun. Let's call it two grand for a fund? Yeah. Okay. Nine months, that's 18 grand. Agreed? Yes, sir. Okay, so you should have $18,000 to $20,000 in an account when baby comes. That gives us a little extra peace of mind at an exciting time, but also a bit of a scary time when you're having your first baby.

Mm-hmm.

Okay. Now, when baby comes home healthy and mommy comes home healthy and everything's cool and you've got good insurance, I'm sure, and so all the bills are paid, we were still sitting there looking at $20,000 in your account. Agreed?

Yes, sir.

Then you push play on your total money makeover. When you push play, that means you're going to take everything out but $1,000 and throw it at your debt snowball, and your debt snowball is listed smallest to largest. How much debt do you have? Not counting a house.

We are just under $70,000.

Okay. If we have $20 in the end of nine months, we would throw that at it with $1,000 left in the account for Baby Step 1, and the first 20,000 of your 70,000 has gone instantly. You would have already paid that 20,000 on it. Were you working a total money makeover Baby Steps during this nine months? So you really have not lost any ground except a tiny bit of interest.

Good, good, good.

But that gives you some padding for Baby, and I want a little extra padding because if there's a little bit of a hiccup or something, I want you to have some money.

Yes, sir.

James.

Yeah.

No seven-month-old baby in human history has sat up and said, I don't like this crib. Can we get a nicer one?

I hate the wallpaper.

I hate the wallpaper. No baby in human history has ever sat up and But this room is too small.

I hate the wallpaper.

Could we repaint this and create an Instagram-worthy? All that. You're going to get $20,000 in the account. You're going to want to get a stroller made by Volvo. You're going to If you're going to do all kinds of extra spending. You're going to have to have incredible discipline to send all that money away.

This is not for anything except health of the baby and health of the mom. That's the only thing the money is for. Otherwise, everything you do for a baby has to come out of the budget, and you're going to throw all 100% of this money towards the debt. That puts us hour of the Ramsey show in the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with Prince of Peace, Christ Jesus. Hey, folks. Dave here. You want to hear even more life-changing content from Ramsey? Download the Ramsey Network app so you can catch all your favorite shows all in one place, like the Ramsey Show, Smart Money Happy Hour, and the Dr. John Deloney Show. You'll get real talk about life, relationships, money, and your career. Plus, the app lets you browse by topic like debt, business, or selling your home. Get the content you want whenever and wherever you want to listen. Download the Ramsey Network app today.