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. We'll do our best to help you take the right next step for your mental health, your relationships, your money, and your work. Savannah's going to kick us off this hour in Seattle, Washington, Siena. Savannah, how you doing? Welcome to the show.

All accounts would be a joint account with my mother, so if I were to have a manic episode, I could give her my debit card, and from the checking account, she could pay my basic expenses and give me cash to do things like buy groceries, gas, and some spending money. The problem with this system is that I could get access to the money without my mother's oversight by opening another checking account in my own name and pulling my money from the joint account. Is this a good idea, or is there another way that I should go about doing that?

I am doing great right now, but for my own, just as a tool for getting through the world, I gave my mom access, I gave her my money to hold it for safekeeping. Awesome. Proud of you. Thank you. The question I have is, the next question you posed seemed to assume that you're going to go back and do this whole thing again.

So tell me what does being well feel like, look like, I mean, tell me what it feels like. Tell me what that plan looks like moving forward. Can you handle $24,000?? It's in your checking account right now?

I think you've managed this the best way. you know how to moving down the road. And knowing that you're going to have stumbles, and that's okay, and that you've proven to yourself that you can get back up, and you can have long periods of success, especially when you do the things that you know you need to do to stay well and whole.

And everyone around you is going to say, oh my gosh, I can't believe you give your mom access to your checking account. Well, you've got a special situation, and you're managing it with great maturity. And I was going to suggest that you practice with smaller amounts, and you've been doing that. You've been knocking it out of the park. Let me ask you this.

What do you need that $24,000 for?

on her account. We set up a transfer up on Beth's video account, so if she were to pass away, it'd immediately go to me. But I just feel uncomfortable. If she were to get sick, I'd still be alive, and I wouldn't be able to get access to that.

It makes my future self not safe. So she transferred all the money to her mom and said, safekeeping. Mom seems like she's trustworthy and is paying her college expenses, is sending her money that they have saved up for college expenses. So she wants to slowly regain autonomy after a year of being well. Awesome.

And so she practiced with $5,000, manages it great, and then now says, next step, what about me joining those checking accounts with mom? I think that's a great next step, and mom knows if anything gets sideways, we can get in between here. I think I'm okay with that next step, especially given that her commitment to continue to take her meds, continue to go and meet with other professionals and licensed professionals. I think that's great.

I'm going to have access to the login, and you're still going to have oversight. Who knows what you guys decide then, you know, if everything goes well. So I like this plan, but I think we need to make some tweaks to it in order to protect you and give you some autonomy as well. But there's no need to have more in the checking account than what you need for that month. That's right.

Especially while you're in college.

And we often conflate the two. Not necessary here.

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888-825-5225, that's the number to call. This is the Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. A lot of people thinking about maybe selling the house.

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com slash agent. Next up, we've got Rachel in Fort Worth, Texas. How are you doing, Rachel?

We're currently in the Dallas-Fort Worth area. I am from Houston. That's where I grew up. My family is still there. We still have a bunch of friends there, so that definitely makes the move appealing.

So there's definitely a financial component to the decision, and there's also a heart personal component to the decision. Financially, where we're sitting, so the offer would be that my husband would be guaranteed $600,000 for 18 months. He's in sales, so he never makes the exact same thing every year. So he's guaranteed $600,000 for 18 months, and then after that, it's what he's kind of grown his territory to. It could be that same amount.

It could be more. It could be a little less.

so he sells.

. Financial advisors are his clients, so he works for one of the bigger firms that... Snacks?

We have a beautiful home on almost like 0.

7 acres.

We are on a cul-de-sac, walking distance to all the things you would want,

and at a 2.

9 interest rate. And looking into the housing market of what... If we tried to keep where we're at, yes, we're making significant more money, but almost all of it's like going to your mortgage, because it would increase our mortgage like a solid $2,000 to $3,000..

. Yeah, what's left on the balance?

2.

I skipped a final to go on a date with the woman who has become my wife.

Everything on paper says this is a good move and you are finding ways to not take it. What's the real reason you don't want to leave? Do you have friends there? Do you have community? Like?

what is it? Yeah.

So we've had to build something where we are for ourselves and we've done that. and we have a community here now and we've had two kids here now. We have a three-year-old and almost five-year-old and we're in the process of trying to have another. And so there's just this...

I think you'd move.

You pay down the mortgage. You move back.

We can go down there. It just starts being a lot more challenging. once parents get older. They're not going to keep being able to come visit.

You'll have one kid left in your house. Or the reverse. If your parents are in their 70s or 80s and aging parents is the next year or two. Yeah, I would totally consider that. I think you have to live in this tension that we don't talk about very often.

There's not really a bad option here. And both options, you're going to gain something and you're going to lose something.

You'll be alright. Thanks for the call, Rachel. This is The Ramsey Show.

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. And, 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.

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Henry is up next in Cincinnati. Henry, welcome to the show.

They have, the older one has good income. The younger one is a recently single mom. And so I'm just looking at how best to do this, because I can do this without debt, but they cannot.

Because of my kids, I'm looking to help, especially my daughter during this time. So instead of them, my oldest son is looking to make a move so that they could rent together and get our area. The rent is absolutely ridiculous. And so I said maybe it's a good time for us to get into a duplex, to where the rent is staying in the family as opposed to going in somebody else's property.

They're going, okay, well, what's our equity versus yours and what it appreciates? and what if we want to sell?

my daughter's the closest to being broke, but she's not exactly broke. My son has really good income, but he's starting out in life.

They're bringing zero and yet they're co-owners, and so it creates inherent awkwardness.

it's just going to turn into a mess.

And I just wouldn't buy, like. I just wouldn't buy a house with anyone other than my wife, because there is a legal detangling of that relationship if it ever got that place. But it's just a recipe for somebody wants to move. Somebody wants to stay there. Well, I got this house for you guys.

It's just a way to create unnecessary chaos. I would just buy the house outright. And if you can't afford to, or you're not interested in that, you need to have that conversation with your kids, but bringing them into a financial relationship that they can't pull their full weight on that you want to kind of pull their weight. but hey, dad, we're grown-ups now, but yeah, but I'm paying for this house. it's just going to make everything so messy, man.

But you do what you want. I mean you love your kids and you're a grown-up. you can do what you want. We're just telling you what we would do in our situation with our kids.

buy the house and then let your kids rent it from you. I got no problem with that. Let your kids live there for free while they get their feet underneath. That's amazing.

My company was bought out by another company, and when they did, they had to roll my 401k over into the new company's plan.

And so when this happened, I was charged the $17,000 MVA a market value adjustment.

even though I took no money out myself. And I was wondering how I could fight something like this and see if there was any way, any avenues I could go. Because right now we were told that we wouldn't lose any money in the rollover. And then I lost $17,000 and one of my colleagues lost $32,000..

And I've heard what you're saying from other professionals saying, oh, you weren't in a 401k, but I've always been in a 401k. It wasn't until a month before the switch that I was moved into this fund with the help of the people that were guiding me. And then all of a sudden it was $17,300-something was just pulled from my account.

96.

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Welcome back to the Ramsey Show, I'm George Campbell, with John Deloney here, taking your calls at 888-825-5225.

. John, it's time for our long running segment. Talk nerdy to me.

Is, don't say it, because I got a clip to tease it. You ready? Let's do it. Let's see if you can guess America based on this clip from Seinfeld. I'm not an investor.

People always tell me you should have your money working for you. I decided I'll do the work.

You know what I mean? Because you send your money out there working for you. A lot of times it gets fired. You go back there. What happened?

I had my money. It was here. It was working for me. Yeah, I remember your money showing up late, taking time off. We had to let him go.

Oh, that's good stuff. That's gold, Jerry. Is that any good to you? No. OK, well, John, what we're talking about today is not investing.

It's the cousin of investing, which is savings. So there's a big difference. Savings, think short term, investing, think long term. And the word of the day is high yield savings accounts or H.Y.S.A.

A traditional savings account, the average you'll get is 0.

46% in interest on your balance, which is not even a half a percent high yield savings accounts. We're seeing, you know, some record numbers here, John, at four or five percent that you're getting on your money. So you have $100,000 sitting in there. If that balance just sat there over those 12 months, you would make $5,000, which is pretty sweet for doing nothing. And so we talk about having your money work harder for you.

And that's why I recommend people store their emergency funds, their big savings, like a home down payment. You're saving up for a car, because once you get that ball rolling, it's nice to make a little bit of dough. So the goal here is not to make 10, 20 percent. We're not investing. This is for short term goals.

Think one year, two year, three year, four year goals. A high yield savings account is a great place on top of your emergency fund. And what you're going to see is this word APY, annual percentage yield. So $10,000 in a high yield savings account at 5% APY, that's $500 in interest at the end of the 12 months. It's that simple.

And so with a traditional savings account at 0.

46%, you get a measly $46 a year versus, you know, the 500.

. And so that's why I recommend those high yield savings accounts. It's a great place to store those things like the emergency fund, sinking funds. But again, this is not a long term investment strategy. So do not think that you're investing by putting money into this type of account.

And if you're spooked by the stock market, people go, I'll just put it in savings. Well, you're going to hopefully maybe keep up with inflation at that rate. But your money is not going to grow. So long term, think five plus years. You want to invest it into the market, into your 401k, IRA, brokerage account, short term, high yield savings.

And we did. I looked up after 18 months. I couldn't believe how much interest we'd made. It was remarkable. Yes.

Also, I use a high yield savings account, for I pay my my taxes and insurance and lump payments every year. And so I basically pay a bill every month, but I put it into that high yield savings account. So it earns money over the course of the year. And at the end of the year, I'm never surprised by something.

And they've got an APY right now is five point one, five percent, which is impressive. And so, if you guys want to check that out, this is not like a sponsored segment. I just I'm a fan of what they do. Laurel Road dot com, slash, George. You can check it out.

And, John, you use probably a different account for your.

So, you know, there's some credit unions out there that have some great high yield savings. Ally, I think, is one that Jade and Rachel have used. I use Laurel Road and John uses a different one. The key here is it keeps your money safe. You want to make sure it's FDIC insured, which means your deposits, the bank collapses, you're going to keep your money safe up to 250 for a single person per ownership category, or 500000 if it's a joint account.

And the other thing is watch out for monthly maintenance fees. So that's one thing I love about Laurel Road. No monthly maintenance fees. No, you know, heebie, jeebie, minimum balance required here. You don't have to worry about that.

So those are some of the things to look out for. We've got a great blog article on this. We're going to link it in the show notes. if you want to learn more about high yield savings accounts. Love it.

Painless, John, painless. Let's get to a call. Isabel is up next in New York City. What's going on, Isabel?

Go ahead.

And all of a sudden you just bought, you know, a cruise to Cabo as an emergency.

. Yeah, right. And the money that I'm saving on the interest.

And if you do, we always joke you can go back into debt. But we haven't got that call yet, John.

John Maloney. All the folks in the booth keeping the show afloat. And you, America, we'll be back before you know it.

Hey, folks, Dave here, and I know some of you listen to the show waiting for a call that answers your specific question. Maybe you need help with budgeting or investing or saving your emergency fund. But wouldn't it be great if you could get the answers you need right when you need them? Well, I got great news for you, because you can. When you download the Ramsey Network app, you get our advanced AI search that lets you easily find the calls that matter to you.

You can also browse by topic to find answers for the exact things you need help with. That means you don't have to simply hope the next call will be the one you've been waiting for, because the Ramsey Network app lets you have control. And, with over 7000 hours of life changing content, the Ramsey Network app is the best place to find the answers you're listening for. To get access to personalized content for free, just search Ramsey Network in the App Store today. From the headquarters of Ramsey Solutions, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships.

I'm George Campbell, joined by bestselling author Dr. John Deloney. And we're here for you, America, to take your calls to help you take the right next step. The number is 888-825-5225.. Betsy is going to kick us off in Portland, Maine.

Betsy, welcome to The Ramsey Show.

But do I try to bank all my money? And do I have it for retirement, or should I pay up all my debt? Because my dream is really to own a home someday before. It's too late.

Yeah, would love to have me down there, but it's so hot there.

And we're still waiting for a court.

I just got run over by a truck. I love this person for a decade and a half. And probably you've been through some things in your life and you let yourself believe again.

And you knew things were a little bit shifty and a little bit shady, but you, man, you let yourself love this guy and he absolutely set your heart on fire.

Yeah, I'm telling you this because I love you. You're going to have to flip a switch from victim. I just got hit in the mouth to you. watch me.

Right, and if I know it's easy to say, I know that's easy for me just to say, and it sounds like an Instagram post, but I'm telling you, that's going to be the difference between you not owing anybody any money this time next year.

Or you being $40,000 in debt this time next year and trying to find some guy that you know is not good for you to move in with you. You see what I'm saying? Like just repeating the cycle. Yeah, I'm just repeating the cycle. Again.

I wasn't prepared. I had. I had thought he was like that. I could have been squirreling money away for 15 years. But I.

But often the most painful part is you lose trust in yourself. I should have seen this coming. I should have put money away.

And that's what happened. And so when that happens, you've got to just put your hands down and grieve it. Right, right. And then you have to ask yourself that terrifying question, what am I going to do now?

Yeah, I'm making like, I'm making decent money.

Is there alimony? Is there back pay? I don't know what's going to happen there, but I can tell you how Betsy can get out of this mess and move on with her life regardless.

Do you have any savings?

I'm sorry. Do you have any savings right now?

How much money can you throw on top of the debt, on top of the minimum payments every month on the smallest one?

And you are next. And I'm so pumped for you. Hang in the line. Christian's going to pick up. We're going to send you Financial Peace University as our gift to say we believe in Betsy.

Thanks for the call. This is The Ramsey Show.

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Means a lot. Alright, let's continue on with Franklin in Miami. What's going on, Franklin?

The thing is, I was. I had a very at in the beginning, at a very savvy like thought process, you know, trying to take some money out and invest. I mean real estate, I do wholesaling, and that was like the brunt of my income. I I got into a little health issue situation at the end of last year. I had to do open heart surgery and then, starting in January and February, it took some time for me to get the ball back rolling.

But business hasn't been as as it was and just like right now I'm. I'm literally right now, as I'm talking to you guys, I'm pulled over on the side of the road cause I just got got done picking up a Uber each order just to just to supplement my my household income. I'm married. I have five kids. My wife will stay at home because we have a.

We have a one year old. But as of as of right now, you know, we're trying to try to, you know, just trying to bring more income into the into into the house.

You've got credit cards, medical debt, HELOC, mortgage. It all adds up to 650.. If you removed the mortgage in the HELOC, what is? What's the consumer debt section? How much does that add up to?

I know my heart. My heart surgery bought in some bills. Are? we are one of our second to youngest daughters? Her birth wasn't covered by the insurance, so we had to pay for that.

Sorry again, is it just marketplace health insurance? Who is it through?

Yeah, OK. I think we need some stable core income, and that might mean you need a career change. If wholesaling is not working out, I think you need to do something full time with benefits to kind of get up, get your head above water, especially with five kids. Does that sound right?

. I was last year I was at 137.. Four years before that I was at like 150.. Before that I was at 190 and then 2020.. I was like, what's one of my biggest years at 250?.

So it has been steadily decreasing. But and even now I'm still actively doing it. Like I have some deals in a pipeline. I got one closing schedule for next week and I'm working on another potentially, but in the name of Jesus, I got a six figure deal that I'm negotiating.

But it's, you know, it's like you said, it's not stable, you know, and unfortunately I don't have a team. I'm working by myself. I'm doing my own cause. I don't have any cold college calling for me.

a wife staying at home, not to mention all these deals.

You're a man of character, and I know that's who you are. And you got to believe me when I tell you, if you work that hard. And you're as smart as you are, and you're as good at working with people as I know you are. There's not a lot of jobs you won't get involved with or you're not making 150 grand at the end of the day.

That's who you are. You could start a car washing business tomorrow. in an 18 to 24 months, you'd be making that kind of money, because that's how you work and that's how you honor people. But you're locked into this. Like the wholesale game was so crazy in 2020, and now you're just chasing ghosts, man.

You know what I'm saying? Like. it's never going to be like that again. It was a wild, weird moment in history. And it feels like, OK, but the next deal and the one next deal.

And, like you just said, now we're now we're on our hands and knees praying to the grace of Jesus that this deal goes through. And George and I want you to have stability, man, so you can play with your kids and you can sleep in your own house and pay your bills. Does that make sense?

Making 150, cover the bills, the rest goes to debt. That's the one thing you're focused on. And so I don't think you're too far. You know, you're not too far gone. You don't need to file bankruptcy.

You're going to hustle your way out of this, just like you did to get to where you are with this wholesale business. But it's going to take. it's going to take a little while. And it might mean you got to tell the credit card companies, hey, listen, here's what I can pay you right now. It might mean you got to negotiate with the medical bills and go, listen, I don't have the income that I had before.

I'm doing my best. Here's what I can pay you right now. But the most important thing to do is cover the four walls. They don't get paid before you put food on the table. The utility bills are covered and you've got your housing covered and your transportation.

Got it.

Ballpark.

You pay off the medical bills and credit cards.

So I think that's, that's the backup plan. If we don't get income up soon, that needs to be the next step.

Y'all can make it work and you'll have six months of rent in a high yield savings account. So, you know, I'm going to be OK on that front.

And that you got too much house and not enough money coming in, and it's going to give you a chance to control or delete the career move and then make your next move, whether that's going to become the manager of a Walmart or a local restaurant, or going to start your own plumbing. I don't know what your, what your skill set is and what you want to do. But man, you're, you work too hard and you're too much of a man of character to just be stuck on the side of the road, like you are right now trying to get into this wholesaling flipping game, man. I just you've got too much to offer to your neighborhood and your family and to yourself to stay in this game anymore.

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I'll just stop. No, you didn't. Cars depreciate, it's what they do. Maybe you bought a new car or a fancy car and it's depreciated a lot, but you didn't do that. It's just what cars do.

I drive an extremely expensive car that's worth more than my annual income, but not our household income. All right, there we go. So you drive a fancy pants car that is depreciated. I want to drive a cheaper car and move away from the luxury brands that I love. But I'm afraid if I go to a dealership, it will trigger me into purchasing a new expensive vehicle.

Please help. Well, I think this goes with A, I'll just shout out, Amber, like we had a caller in a recent episode. Good for you. This is amazing. Taking your medication, getting the professional help and care that you need and recognizing where you need to put hurdles in your life.

And this doesn't just apply to people with bipolar disorder. This applies to all of us. I have a hard time walking by a jar of jelly beans without eating 70 to 80 percent of it. So sometimes I have to take a different lap around our office because sweet Caitlin puts out those. A whole fishbowl of fruit.

So I think there's a couple of ways you can do this. Number one, your husband can come with you and he can be on the car purchase, like with with you, which I think you should be be on the title with you when you buy a car. And he will be the person who can help you. And, for lack of better ways saying this, protect you from yourself. Another way to do that is to go out and look at cars and make sure you intentionally leave any way that you have to pay at home and go out to just look and then go home.

And if you and your husband decide this is the car we want, then you can call them, and most, most car dealerships, almost every car dealership now will deliver the car to you, the one that you want. They won't upsell you. They won't try to force you in anything like that. And so those are two things I would do. What other ideas you got, George?

You buy more cars than me.

It's just that you don't get in over your head with a depreciating asset. is you don't want all things with wheels and motors to add up to more than half of your annual income.

cars, RVs, mobile homes, whatever.

You need to come up with the difference in cash if you're underwater. So if you owe, let's say you owe 30 on the car, it's only worth 20.. Well, you need to have $10,000 cash in order to pay off the loan and clear the title. So that's one option. Then you go pay cash for the next car.

If you're going to go that route, that's how to do it. If you want to go get a different car, a used car. One way to stop yourself from getting triggered by the new car dealerships is to not go to a new car dealership. Go, find an independent used car dealership and do all of your research online. So, you know, your budget, you find the car, contact them and say, hey, I want this car.

Is it available? What's the out the door price? That's what you're looking for. Don't let them nickel and dime you with all these warranties. And we're going to put nitrogen in the tires, whatever stupid crap they do.

And dock fees say this is the price. I'm going to pay this price plus sales tax. And once you find that, that dealership, get the deal done and then you can go pick it up or have it delivered, like John said, if you don't want to go on the dealership lot. But to John's end, you do not go alone. You have your husband there.

You have your budget. You know what? Right out the check ahead of time for the, for your budget. You're out the door budget price. Then you can't be tempted to go into the financing office and have them go, no, no, no.

But do you understand? We'll give you a thousand bucks off if you finance with us in your brain. Here's what most people do, John. Well, it's a good idea. And then we'll just pay it off later.

And, you know, we want to no brainer. We're going to really stick it to the man. No, they've already stuck it to you. So there's some fail safes. you can put in place.

Those hurdles John talked about to help you with this. But I think the key here is you've got to pre decide. we're not going to buy a new car.

Man, I just remember him saying I just wrote a checkout at home and then he looked in the newspaper, saw a car and said, I'll pay that for it. Wrote a checkout, walked in and said, I want to give you that for that. I want to hand the check. I'm going to give you this check for that car. And like, well, you know, he's like, I want to give you this check for that car.

He came home in that car. Yeah, he came home in that car. And you got to be able to walk away.

We want to know why. Why are you paying cash? I went, well, I don't do debt. I don't understand. It makes it makes so much more sense to you should lease.

Leasing is actually the smart way to buy a car. And I went, you don't know who you're talking to. And I don't have the time to explain it. I'm not doing this. Goodbye.

We've agreed on the price.

Are you telling me this car is going to fall apart within the year? He's like, well, no, no, it's a great. And I was like, whoa, whoa, whoa. You just told me that I'm going to put thousands of dollars. I'm out of here, dude.

And he goes, no, no. And I knew it was a great car. And I said, am I buying any of your warranties? And he stopped. He looked at me, goes, why?

Like, I was the idiot. And I said, because I have cash in my bank account. I'll take care of them if and when they show up. And, by the way, I've had that car for four years now. None, zero of the anticipated big repairs that are coming.

You know, with this apprenticeship, it goes up every year. I'm not, I'm not sure how much will go up, but. Basically, he's a blank slate. And I don't know, I haven't succeeded financially. So to speak, but I want him to.

So given a blank slate, what does he do with this $500 a week? He currently has no bills. He's still living at home. So can I tell you?

So we've got the info taken care of. I did a practicum with a buddy who's about 10 years younger than me, and he was this real, famous psychologist. He's a smart, smart man. Long story short, we were working with traumatized kids. And one of the young men that we were meeting with, a really young kid, was saying some pretty awful things about women.

And I also had a two year old son at the time, and he wasn't old enough to speak or anything. But as we were going from room to room, I looked at at the, at my professor, and I said, hey, what are you supposed to tell? What are you supposed to tell little boys so that they'll respect women? And he laughed and he said something that stuck with me. And this is years ago.