Setting a Strong Foundation To Build Wealth (Hour 3)

The Ramsey Show

Ramsey Network

Education, Investing, Business, Self-improvement

4.5 • 38.5K Ratings

🗓️ 10 March 2023

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

George Kamel & Rachel Cruze answer your questions and discuss: Setting a foundation to build wealth, "My husband's boss is a pig... should he leave?" "Should I cash out my investments to buy a house?" from the blog: How to Save for a House, Investing while paying off debt. from the blog: When You Should Stop Investing, "When should I invest in my side hustle?" Support Our Sponsor: Neighborly Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET Want a plan for your money? Take our FREE 3 minute assessment: https://bit.ly/3nInETX Listen to all The Ramsey Network podcasts: https://bit.ly/3GxiXm6 Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Transcript

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0:00.0	and
0:30.0	Live from the headquarters of Ramsay Solutions broadcasting from the pods moving in storage studio,
0:35.3	it's the Ramsay Show, where we help people build wealth, do work they love, and create amazing
0:40.7	relationships. I'm Ramsay Personality, George Campbell, join this hour by the Rachel Cruz.
0:46.8	That's right, the official Rachel Cruz is here with us today, taking your calls about life and
0:51.1	money at 828-255-225. Anthony kicks us off this hour in Philly. Anthony, welcome to the Ramsay
0:59.8	Show. Hi, George and Rachel, thank you so much for taking my call today. We're happy to take it.
1:05.2	What's going on with you? So, as an 18-year-old, how can I start building wealth early to ensure that I'll
1:13.2	be able to stay for a house not too late in my life? That's a fantastic question. Can I just say
1:20.4	the fact that you are thinking about this, calling in with this question tells me that you are going
1:25.7	to build wealth, so I want to encourage you with that, that is going to happen because of your mindset,
1:32.2	which is the most important part. So, I love the question. Let's get into your financial picture.
1:37.1	So, your 18, are you going to college? Are you going to work? I'm going to college,
1:43.6	starting in September, I'm going to a community college. Love it. And I do work, I am a utility worker
1:51.1	at a retirement community. Cool. What do you make there? I make 14, 70 an hour. And do you have any debt?
2:01.3	No, not yet, but I will probably have to take out some student loans. No, I'm showing you.
2:06.8	Anthony, we had a good thing going. You said not yet. How do we avoid this? How much is the
2:13.5	community college? Each year, it's about 5,500. Per semester, yeah, you're. How many hours do you work?
2:26.8	I work during school, I'm still in high school right now, during school, I work about 30 hours a week.
2:34.3	Oh, wow. Awesome. Is this a two-year community college? Yes. So, we're talking 11 grand for the two
2:41.4	years. Yes. Okay. So, that to me now becomes our goal. How do we come up with 11 grand over the two
2:48.3	years to cashflow this so we can get out of this thing completely debt-free? Well, I do have some
	...

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