Intro
In this episode of “The Ramsey Show”, Dave Ramsey and Ken Coleman address various financial and real estate topics. They provide advice to callers on paying off loans, investing in rental properties, and navigating the current real estate market. They also have a conversation with Kyle Man, editor in chief of the Babylon Bee, discussing their unique brand of satire. Additionally, they offer practical tips on budgeting and gaining control of personal finances.
Main Takeaways
Real Estate and Loans
- Caller has a rental property in Nevada that’s making double her mortgage payment
- Caller also has $178,000 in Parent Plus loans in her name
- Caller’s daughter is getting her master’s degree and has her own student loans
- Caller is considering selling her rental property to pay off her Parent Plus loans
- Ken and Dave advise caller to focus on the fact that paying off loans will give her her life back
- Median house price in Dallas is under $400k, but it depends on the neighborhood
- Location is the main factor that determines the price of real estate
- Ken and Dave advise caller to pay cash for a house when she retires
- Paying off loans will give caller her life back and help her build wealth
Airbnb Rentals and Real Estate Market
- Retired couple in North Carolina with a mortgage-free home, $100k yearly income, and a $1,700 rental property are considering investing in an Airbnb rental.
- Dave Ramsey advises against it, citing hassle and risk factors such as new tenants every four days, potential damage to property, and neighbors complaining.
- Ramsey suggests paying cash for the rental property if they decide to invest in it.
- Ramsey warns of a glut of people investing in Airbnb rentals, citing significant drops in revenue in cities such as Austin, Nashville, and Seattle.
- Ramsey advises listeners to be cautious and not assume that Airbnb rentals are a sure thing.
- Major markets throughout the country have more supply than demand in Airbnb rentals, leading to a backlash from cities and potential legal issues.
- The Airbnb market is soft and involves more work and risk than people assume.
- Buying cheap houses in low-income areas for rentals can provide a higher ROI than high-income rentals, but comes with more hassle and risk.
- Dealing with low-income rentals can involve tenants causing damage or engaging in illegal activities.
- If you want to engage in hassle to make more money, Airbnb rentals or low-income rentals can be options, but if you want a hassle-free investment, stick to stable, long-term rentals in good areas.
The Babylon Bee and Satire
- Kyle Man, editor in chief of the Babylon Bee, joins the show and discusses their humor style
- The phrase “Fake news you can trust” belongs to the Babylon Bee, and they have made t-shirts with it
- Satire is difficult because real-life events are so absurd that they resemble satire.
- The news has become more salacious and bizarre, resembling tabloids like the National Enquirer.
- The Babylon Bee has been fact-checked and mistaken for real news by outlets like SNOPES and USA Today.
- No topic is off-limits for satire, but the Bee is careful not to make light of serious issues like abortion.
- The Bee is an equal opportunity offender and makes fun of both left and right-leaning issues.
- Being able to make fun of yourself gives you the right to go after the other side
- Launching during the Trump-Clinton years was perfect timing for making fun of both sides
- SNL and late night shows used to make fun of both sides
- TikTok banned the Bee for making jokes that were politically sensitive
- Social media algorithms are controlled and change based on location and cultural preference
- The Babylon Bee is a popular source of political humor on Facebook and Instagram
Budgeting and Personal Finances
- A couple on the Ramsey Show seeks advice on how to get ahead of their bills and pay off debt
- The couple needs to sit down together and map out where every dollar is going to gain control of their finances
- Mapping out where every dollar is going is crucial to gaining control of finances
- Writing down a plan for each week, including bills and expenses, is important
- Every dollar should have an assignment on paper before the month begins
- It’s important to prioritize bills and allocate them to specific weeks
- Being intentional and living the plan is key to gaining control of finances
- Allocate every single penny in your budget, every dollar has a name before the month begins
- Agree on a detailed budget with your spouse, plan out each paycheck for the month
- Stick to the plan, don’t spend a dime unless it’s on the budget app
- Being intentional and living the plan is key to gaining control of finances
- Get started on the budget plan at RamseySolutions.com by clicking Get Started
Summary
Paying off Loans and Real Estate
One caller seeks advice on paying off her Parent Plus loans while having a rental property. Dave and Ken emphasize the importance of paying off loans to regain financial freedom and build wealth. They also discuss the impact of location on real estate prices and advise the caller to consider paying cash for a house when she retires.
Airbnb Rentals and Real Estate Market Risks
Dave Ramsey advises against investing in Airbnb rentals due to the potential hassle and risks involved, such as frequent tenant turnover, property damage, and neighbor complaints. He warns listeners about the oversaturation of the Airbnb market in major cities and the resulting decline in revenue. Ramsey suggests considering stable, long-term rentals in good areas instead of low-income rentals or Airbnb properties.
The Babylon Bee’s Satirical Humor
Kyle Man from the Babylon Bee shares insights into their unique brand of satire. They discuss the challenges of satirizing absurd real-life events, the misconceptions and fact-checking they face, and their equal opportunity approach to humor. The Bee’s ability to make fun of serious issues while avoiding sensitive topics like abortion is highlighted. They also touch on social media algorithms and the popularity of the Babylon Bee on platforms like Facebook and Instagram.
Budgeting for Financial Control
A couple seeks guidance on managing their bills and debt. Dave emphasizes the importance of budgeting and tracking every dollar spent. He advises the couple to create a detailed plan, prioritize bills, and allocate money to specific weeks. Living intentionally and sticking to the plan are key to gaining control of personal finances. Dave directs them to RamseySolutions.com to get started on their budgeting journey.
Conclusion
This episode of “The Ramsey Show” covers a range of financial and real estate topics, offering practical advice and insights. Whether it’s paying off loans, investing in rental properties, understanding the risks of the current real estate market, or managing personal finances through budgeting, Dave Ramsey and Ken Coleman provide valuable guidance to help listeners achieve financial success.
