"Why Aren't You Working If You're Broke?"

[Music] brought to you by the Every Dollar app. Start budgeting for free today. Well, I'm uh 64 years old. Uh I have no retirement. Um I work a commission job. I've built a insurance agency uh passive income to some degree. And my question is this that I'm living paycheck to paycheck right now with no retirement. Uh what do I need to do when my stocks which I have no control over will start holding value? Uh that value should come in. They're telling us when we go public somewhere at 15 to $30 a share with what I have after paying the 40% tax. I believe that is what it is. You're looking at about 600 on the low end to 1.5 on the high end that I will get when I cash those stocks in. And when is this is what would I do my Dave? That's the uh problem. We we we're being told it could happen in a year, could happen in three years. So the insurance agency that you're a part of is going to go public. the IMO that we that we are part of. I own my own agency with under the IMO. The IMO is going to go public in one to three years. They're telling us. Okay. And you don't have any control over any of that. No. Okay. And why are you after all these years of building a book of business, why are you still living paycheck to paycheck? That makes no sense. I had to re uh um let go of 50% of my passive income um due to health reasons and I have an opportunity to build that back up which I can or do I go out why did you have to surrender your book of business for health reasons because you couldn't service it stress and basically was out of the field for a while long story short you have a spread with the agent underneath you and largest leg was flanking me. And once you get flanked, then you have no override. Uh that passive income basically goes away. When that happened, 50% of my passive income, I was making about 120,000. I'm making probably 70 to 80 now. Okay. And you're not That's the passive side. Are you are you actively working again? Are you able to work? Yeah. Yeah, I stay in the field to some degree uh just to keep my licenses in. Why Why aren't you working like a maniac if you're broke? Hey, George here with a quick interruption. If something were to happen to you tomorrow, would your family know where to find your life insurance policy, your will, even your Netflix password? Well, Knockbox solves that. It's a kit that organizes your financial accounts, estate plans, and everything your family would need all in one place. That way, they don't have to hack into your laptop or locate some longlost thumb drive. So leave them a legacy, not a scavenger hunt with Knockbox. Ramsey fans get the best discount available at knockbox.com/ramsey. That's knockbox.com/ramsey. Why Why aren't you working like a maniac if you're broke? Well, I'm lazy. I mean, that's the question that my son keeps presenting is do I put my time and energy because I needed to go back out. I've taken some time off, which shouldn't have, but uh based on getting myself where I needed to be emotionally, mentally. My question is, do I put it back into the agency and rebuild that? I can. There's an upside to that. Or do I just go out and get a 20 to $30 remote phone gig? That would Well, where do you make the most money? I assume you make the most money in your craft. You should make a lot more than $20 an hour if you start making sales calls again. Absolutely. Well, go make sales calls, dude. Yep. I I'm doing that on a limited basis. The bigger piece to that is what I've let go of, Dave, is the building piece. So, there's two pieces to our our business model. I understand. Produce, right? Which I can do with my eyes shut. Well, you need Yeah, but you need the money. You need the short-term money until the thing goes public. Correct. Okay. So, go work your butt off till it goes public. When it goes public, you can quit. Well, possibly. My question, if you get a 600 to 1.2, I think you can invest that at 67 years old and you'll be able to quit. Well, what is a good number? Do you know what that number is with life expectancy? That's if you can live off of If you can live off of 8% and you invest it at 12%, that's a good number. Okay. So if you got a million dollars, you'd be living off 80k. If you invested in good mutual funds and it makes an average of 12, which the market has averaged 11.8 since it began the last two years, 23 and 26 or 20 24 and 23, it averaged over 25%. Now that's not normal, though. But in those two years, if you'd taken off eight, your portfolio would have grown substantially. Okay? So, if you take off eight, as long as it's making more than eight, the thing will run perpetually. And that's invested in good growth stock mutual funds. But I think you're sitting around whining about all this stuff in the rearview mirror and you don't feel like you want to go get it again. And you don't really have a choice. You got to go get it. Uh, you got an IRS bill. You got all this stuff stacking up around you. And it all reflects back on this time that you took off. And it cost you half your book of business, cost you your overrides, and um yeah, now you got to go back and rebuild your short-term income. All I want you to do is go make 150 a year for the next three years while you're waiting on to put a little money in the bank. Put a little money while you're waiting on the other thing to your ship to come in. Yeah. For God's sakes, I wouldn't wait for this payout to get control of your money and get rid of this debt. You can't live on 60k and pay off 70,000 to the IRS while you're waiting and you don't know when it's coming. So, you've got to go make some money. And $20 an hour is that's just a that's a false offer. You're not going to go do that because that'd be dumb to go do that when you can go make 60 or 80 or 100 bucks an hour out there selling. So, you're not going to go work at Target. Shut up. Don't even make that offer. You know, go do the thing you that you don't want to do. Oh, well, it goes with the choices you've made. And so, that's what you got to do, man. So, um, you know, I've been in those same exact situations. So, I'm not fussing at you. I'm coaching you. I'm your coach at halftime and we're behind and you need to go out there in the third quarter and catch us back up. And I'm saying, "Go hit somebody, dude. Roll up your sleeves and get it. Suck it up, buttercup. Here we go." We've seen some incredible, inspirational stories of people in their 60s who cleaned up a mess and still were able to retire with dignity. No, wait. He's going to have a lot of money when the story ends here. There's a silver lining here. But but you got to you got to get to that IPO. You got to get to that public offering. And um that's when you get there, you're going to get six to 600 to 1.2, you said out of your share of the stock at that point. And nothing bad is going to happen by you increasing the book of business and increasing your income in the meantime. Nothing bad happens except you're not going to get to sit on your butt. That that's the only bad thing that happens. I do appreciate the honesty of him just coming out and saying, "I'm lazy. I'm lazy." That's really it. I don't want to do it. But, you know, you put yourself in a position where you don't have that option. So, when you owe the KGB money, I mean, the IRS money, you you've got to go do stuff to get the wolf away from the door cuz that wolf's got teeth, man. You don't want those people in your life. They'll just go right into your bank account. They're not scared. They have the power to do whatever they want. Yeah. It's pretty rowdy. So, and yeah, they're scary people. They scare me. I'm not in honor of tax day. I'm not afraid of many things, but on April the 15th, I'm afraid of the IRS. And here's what's interesting. I heard this on I was on Fox Business this morning. The IRS has issued all these guns, and they've had more accidental discharges, the gun going off accidentally, than they have people them actually ever firing the guns at a bad guy. Oh boy. Well, it's an IRS agent with a gun. Come on. That was a bad idea. Not a highly trained individual. It's not Seal Team Six. Create your free every dollar budget today.