Intro
In this episode of “The Ramsey Show,” host Dave Ramsey discusses various topics, including investing in real estate and managing personal finances. He also interviews Dr. John Deloney about his new book “Building a Non-Anxious Life.” Listeners will gain insights into building a non-anxious life, investment advice, and debt management strategies.
Main Takeaways
Building a Non-Anxious Life
- Dr. John Deloney’s new book “Building a Non-Anxious Life” is breaking records in pre-sales.
- Anxiety is our body’s way of getting our attention to show that we are not okay in multiple areas.
- We live in the most anxious culture in history, despite having no cybertoothed tigers chasing us.
- There are six daily choices we can make to address the real problems causing anxiety to go up.
- Building a non-anxious life involves addressing the six daily choices causing anxiety.
- The book provides simple daily, weekly, and monthly habits to improve mental health.
- The book does not insulate from bad things happening but provides capacity to deal with them.
- Pre-purchasing the book can help support the authors and count towards the best-seller list.
- “Building a Non-Anxious Life” is a book for people who don’t read books, aiming to help people live a better life.
- The book contains valuable insights for everyone, even if they don’t consider themselves anxious.
Investing in Real Estate
- A caller with $2.2 million in the bank asked for investment advice, including buying property in Thailand for $30,000.
- The host advised against investing in Thailand due to the stability and predictability of the US economy.
- Investing in a less predictable environment is not recommended.
- It’s important to be aware that not all countries operate the same way.
- It’s important to seek investment advice from a professional broker, not a banker.
Debt Management Strategies
- Paying off debt wisely while keeping a side business going is possible by using the majority of personal income towards debt and reinvesting a small percentage in the business.
- The main source of income should be used towards paying off debt, while the side business can be kept going with a small percentage of the income.
- Use profits from side business to help others achieve their dreams through scholarships and home ownership.
- Leave side business alone, let it run itself without adding to it or taking anything out of it.
- Pay off car debt by January with incentive bonus from the company.
- Need to pay off more than $1500 worth of debt in six months.
- Need to lean in and gear down spending to pay off $42,000 debt with $80,000 income.
- Single mother seeking advice on managing debt with an $80,000 income.
- Considering downsizing and buying land to build a small house.
- Advised against mobile homes as they go down in value.
- House worth double what was paid for it, could sell for at least $100,000.
- Struggling financially despite owning a home care business as a nurse.
- Nurses can make 80 to 100K.
Business Valuation and Selling
- NetSuite by Oracle can help businesses with different software systems communicate.
- Hiring a business broker is a good option for selling a business.
- Vending machine business with 30-35 machines estimated to make 90K this year.
- Good business broker can help with accurate valuation, finding potential clients, and protecting buyer and seller during the transaction.
- Verifying funds can be done with a basic attorney and is not rocket science.
- Owners selling the business due to it being labor-intensive and wanting to focus on other ventures.
- Value of the business should be calculated as a standalone business, not factoring in free labor.
- Value of vending machine businesses is typically calculated as four to five times net profit after expenses are removed.
- Standard valuation method is called a cap rate method.
- Business brokers can help properly value a business and find a buyer for a commission.
- Hiring someone trustworthy to do the work can increase net profit and business value.
- It’s important to account for labor costs when calculating business value, even if the labor is free.
- Labor costs should be accounted for when calculating business value.
Other Topics
- The speaker is unsure why working only five hours a week is causing stress.
- Travel is involved in the job, which is similar to a paper route.
- Ramsey Solutions offers a weekly newsletter with helpful articles and tips for following the Ramsey Way.
- The episode notes contain links to products and services mentioned in the episode.
Summary
Building a Non-Anxious Life
Dr. John Deloney’s book “Building a Non-Anxious Life” provides practical insights for addressing anxiety in our daily lives. By making conscious choices and developing healthy habits, individuals can improve their emotional well-being. While the book is targeted towards those who struggle with anxiety, it offers valuable advice for everyone. Building a non-anxious life involves recognizing the factors that contribute to anxiety and implementing daily, weekly, and monthly habits to promote mental health.
Investing in Real Estate
When considering investments, it’s important to assess the stability and predictability of the environment. The host advises against investing in real estate in less predictable countries, such as Thailand, due to potential risks and uncertainties. Seeking advice from a professional broker can provide valuable insights and guidance in making informed investment decisions.
Debt Management Strategies
Paying off debt requires a strategic approach, especially when managing a side business. The host suggests allocating the majority of personal income towards debt repayment while reinvesting a small percentage in the business. This approach allows individuals to make progress in debt reduction while keeping their business running. Additionally, using profits to support others through scholarships and home ownership can create a positive impact in the community.
Business Valuation and Selling
For those looking to sell their business, hiring a business broker can streamline the process and ensure accurate valuation. Properly valuing a business involves considering factors such as net profit, expenses, and labor costs. Business brokers have the expertise to find potential buyers and protect both parties during the transaction. It’s essential to account for labor costs, even if the labor is provided for free, as it impacts the overall value of the business.
Other Topics
The episode also touches on managing stress, travel-related jobs, and resources offered by Ramsey Solutions, such as a weekly newsletter and links to recommended products and services.
Conclusion
This episode of “The Ramsey Show” provides valuable insights into building a non-anxious life, investing in real estate, managing debt, and business valuation. Listeners can learn practical strategies for improving their mental health, making informed investment decisions, and effectively managing their personal finances. By implementing the advice shared in this episode, individuals can work towards a more secure and fulfilling financial future.
