Stop Borrowing, Start Building Wealth

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“>> Normal is broke and common sense is weird.”

So we're here to help you transform your life. From the Ramsey Network in the Fair Wins Credit Union Studio, this is the Ramsey Show. I'm Richard Cruz hosting this hour with Jay Moore Shaw, so give us a call at Triple A825-2525.

And we'll answer questions about your life and your money.

All right, first up, we have it Justin and Knoxville, Tennessee.

Hi, Justin. Welcome to the show. >> Hey, how are you? >> Hi, we're doing great. How can we help?

>> So I'm just trying to figure out, we've got over $100,000 in debt. We get married in a little over a month. And we are aiming to be as close to debt free as possible. Obviously not with the house,

but trying to get everything else paid off to where we can have more freedom to do the things that we want to do.

“>> So how much of the $100,000 is the house and how much of it is like consumer debt?”

>> Now the house is another two or five.

The $100,000 is our cars and credit cards. >> Okay, so break it out for us. Tell us about the cars, tell us about the credit cards. >> So we've got, in her car we have about $50,000 in my truck. We've got about $49,700.

>> Oh, gosh, a lot of debt on cars. >> I hope you guys make it. >> Yeah, what do y'all make Justin, will your household income be combined and everything in a month? >> Combined and merged would be around $13,000. >> All right.

>> And after tax. >> After tax. >> Okay. And then the credit cards are just another one like five. >> Yeah, we've got $2800 on one, $2500 on another than $600 on one and $1100 on another.

>> Okay.

“>> So would it over $6,000 in split between four cards?”

>> So I thought I heard you say, and maybe I misunderstood. I thought I heard you say, I'd love to have as much of this paid off before the wedding is possible. Did I hear that correctly? >> Not before, but we're going to start on it now. Whatever plan we have and just getting it done as quickly as possible is what we'd like.

>> Well, I asked that because, I mean, I'm looking at these cars and I'm thinking, oh my gosh, what an easy offload of almost $100,000 of debt. Yeah, and bring home, you know, $130,000, $160,000. So yeah, the cars, the cars just and they need to go. >> Yeah, and so what we've kind of, you know,

planned out in our head is the snowball on the credit cards. And then double and triple on one car until it's bite off and then moving it all over to the other car. >> I mean, here's the problem with that. So what Rachel said earlier is she was hinting at a rule of thumb that we have here, which is things that are going down and value things with wheels and motors should really be no more than half of your annual income gross, right?

So if you're around 130k, is that right? >> Together, we're a little over that. >> So you may tell me? >> So you may tell me. >> Okay.

>> Can you make some $105,000 a year on May 56? >> Okay, so we're around 160 cost to it. >> 160, okay, still, that is way more than what I would say because half that puts you at 80 in cars and you're at 100,000 in cars. Yeah. >> Over 100,000, how much would you sell them for?

>> Over. >> Um, hers, probably 59, probably 38. >> Okay, so you're under water on both of them. Do you have any money saved? >> Yeah, we've got close to probably 60 in savings.

>> I love that. Is that for the wedding? >> Um, that's just kind of for everything. So the house is a new thing, we just got our house put on some family property and we have we've spent probably 30 in what we had.

So we had a close to 90 before we started on the house and we're in the 50s, mid 50s now are close to 60s.

>> So here's what I'm hearing.

What I'm hearing is, and I love that you're calling now, you know, that you guys are starting a marriage fresh because you really need organization.

And I would love to see you go into the marriage with a very clean perspective on how we feel about debt, how we feel about savings, how we're going to operate our lives going forward. And I would personally love to see you guys start that on a fresh foundation. If you said in the next 30 days, we're really going to be serious about selling off these cars, you have the money to clear the deficit, right?

And then you have the money to turn around and buy something reasonable in cash for both of you. You could both spend 15,000 on a car and still have 30,000 left, which is a great start or emergency fund. It's probably around, you know, gets you close to the three months of expenses point.

So, and then meanwhile, you could cash flow paying off the credit cards and you truly could go into the first month of your marriage debt free.

How amazing would that feel? Yeah. Just a few guys.

“Do you all both feel this way, who's kind of driving this idea of changing your financial situation?”

Is it more you or is it her or is it both of you guys? It's both of us. We just, we are not in a hard spot like we have the cash flow to pay the debt. Our big thing is like we want to be able to not have to worry about making so many payments,

simply, you know, it feels like we're always spending five, six, seven hundred dollars here.

Yeah. And then our big $1800 mortgage is a big thing, which we, we plan to refinance that in a year or so and get it lower. The thing is that's none. The mortgage shouldn't feel that way because the mortgage is actually a fair piece of your $13,000 or take home, the reason it feels like that is because of this debt, specifically probably your car payments are what feel

astronomical when you add that all together, suddenly that $13,000 is whittled down and you don't feel like you're being able to enjoy it. Yeah, just in how much are you guys paying in car payments per month? So my truck, the 49,000 that is at five, 84 months. And then her car, which had a start of 85,000, that we pay $980 a month on. Good, nice.

Less insurance. Yeah, plus insurance, we pay $390 a month in inch.

The other $2,000 a month, basically, in cars.

That's more than you pay for your house. Right. That doesn't, that doesn't sit right with me. Does it sit right with you?

“No, and that's what we, that's a big reason why we've been talking about, first of all, getting all these cards paid off is in, figuring something out with the vehicles.”

So what do you think you're going to do? Because Rachel and I laid out our point of view, what do you think going off this call is your first course of action? Just a little bit longer because I think you'll find that what Rachel and I are saying is the quickest course to what you asked us early on, which is you said, I'd love to go into the marriage with this little dead as possible. And Rachel and I gave you a solution to do that. Yep, pay off those credit cards, sell the cars, just sit and start and start new, just start fresh.

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Welcome to the show.

Hi, how are we doing today?

Hi, we're doing great. How can we help? I had a question.

“I'm a few months I'm going to be in the herding of paid off 400,000 dollar house.”

And around 38,000 in cash. And I was wondering if there'd be a good idea to put a mortgage on the house to pay off some of my debt. Okay. For the sole purpose of paying off debt. And to renovate the house, actually.

And to renovate the house. How much debt do you have? Currently around 45,000. Apparently, what do you mean? That's what they're telling me.

So 25,000 of that is a car loan. Okay. 20,000 of credit cards.

How much do you make a year?

About 85,000. 85. Okay. So you mentioned that there was cash, 38,000 cash. I mean, what would cause you not to put that on the 45,000 of debt.

And then just cash flow the other, you know, 7,000 or whatever's left. That's a good. I was planning on paying off the credit cards. We're kind of that. And then six and up a few things.

We're preparing the truck. That's where that was going to go. It was to pay off the credit cards and then keep the truck low. If you pay off the truck, that's 8,000. So how much do you owe on the truck?

25. Oh, okay. Okay. And how much does it cost to fix the truck? I'm sorry.

I'm going to do this. I say about three to four thousand. Of work. Okay. And is that urgent?

“Like is this a car that you drive every day for work?”

Or is this just one of those third vehicles that's just sitting in the driveway that you want to get fixed?

It's not urgent, but it just needs it. So you know, you take care of the truck. So it doesn't work. I'm not like a truck. Paul, are you planning on living in this house?

Yes, I'm currently in the house. Okay. Gotcha. You're what you're currently living there or you're planning on it. Would you say?

Currently living. Currently living. Okay. And you said it needs work? It does need to be updated and plumbing.

Six. Yeah. So that I've estimate, you know, to horrible floors. Just like a total, not a total renovation, but just bring it up. Mm-hmm.

So the the biggest thing I see so far, Paul, is you have used debt to get what you want in life, right? Whether it's cars. You have 20,000 in credit card debt. You're wanting to go into more debt to pay off debt.

And to do this. And so what ends up happening is you end up living in the cycle of just payments. Of continually going to debt for it to be the thing to get you what you want versus Paul going to Paul and getting what you need from from you, which is going to take longer. It's going to take a lot of work and more patience.

But at the end of the day, when you eventually eliminate debt from your life, not only does peace and sanity and a good sleep at night happen, but also you get to keep your 85,000 dollar income versus it going out six different directions like it is now. So my goal and Jade's goal for you would be to not only not take out this mortgage to go deeper in the cycle you've been in, but to become a free man and to have autonomy over your

money and actually get out of debt and still get what you want.

“So that's what I want to lay out for you.”

This is what this is what I would do and Jade, you can concur or so far. So far I concur. Yes. So I would take your $38,000 in cash and I would pay off the credit cards tonight. You'll have $18,000 left.

I would either use some of that cash to fix the $3,000 you need on the truck. And then throw $15,000 at the loan, get it down to $10,000. And then say, you know what, I'm going to throw $2,000 to $3,000 a month at this and get it paid off in the next three months. Super fast.

So we're in at the end of August. You got August yet. So Tim Rock to have an November by Christmas. Paul, you're completely debt free. Okay.

And then you're going to start building up an emergency fund over the course of January, February, March, and get at least a three month emergency fund.

So we'll attack the house next spring and we're going to cash flow it. Yes.

“We're going to see what we need urgently.”

And we're going to save up and fix part of the plumbing over on these three bathrooms that need at the most. Right. And then the next. And then the hardwood floors can come next fall.

And we're going to just live a life and pace our life decisions based on what we can afford, not what we can borrow. Yeah, I mean, Paul, this this 400,000 completely free and clear house is such a blessed. What a gift. Yes.

It is a clear blue perfect blessing in your lap to turn around and put dead on it. It almost feels disrespectful to the blessing. If I can say that I don't want to overstep, but it almost does because that person worked hard to be able to leave that legacy gift and for it to be debt free. And so there's a part of that that I see that it just doesn't.

It doesn't feel right for you to turn around and take out debt. I mean, am I off base there? Or do you feel that too? Yeah, I think what Rachel laid out. And I just want to call this out because there is a part of all of us that wants what we want when we want it.

Right. And probably when you received this, it was like, Oh gosh, I can do so much now. I can do this and this and this and this and this and it's exciting to be able to do the things you want. And some of the things that have probably been on your waiting list for years.

And it's like, oh gosh, I can finally get to this.

But to slow down and do it right and to make sure that you're not adding any lack of gain to yourself. Right. Right. You want to be able to keep moving forward and not cause anything to go backwards. And one of the things I say all the time over here is you can't solve a problem while simultaneously creating it.

“So you do the very first step you have to take is decide, I just don't.”

I'm not going to borrow money anymore. And that's Paul. If there's one thing that I would say leaving this call is that needs to be your mindset. I'm not borrowing any money anymore. And I don't need to.

That sounds good. That's why I called. Yeah. I mean, honestly, this is a kind of a fork in the road of what you get to decide. You get to decide this huge gift of a home.

Mm-hmm. And are you going to continue the blessing of it to bless your life. To keep you to have a level of peace and sanity and control. Or are you going to continue to fall prey to the idea that debt has to be part of your life. And that you see an asset.

Like we see an asset. Like this at 400,000 dollar house. And we're like, oh my gosh. Like you're dead. Like you're peat. Like there's nothing attached to it. Like what a gift.

And then some people see it like, oh, it's basically a changing.

It's like a little miniature bank that I get to go borrow from and really know. No. Because that turns the gift right back into the problem of sitting there with $20,000 of credit card debt. And a $20,000 or $25,000. And I think there's an intentional intentionality play on the way of thinking on both sides of this.

Because we're sitting here saying the intentional thing to do is drawing line in the sand and say, "By principle, I'm not a person who's going to borrow money." And there's a very clear intention there. What I find with folks who do borrow money is there's not a clear line. They don't say, you know for me, $100,000 of debt.

“That's what I think is a fair amount of debt for me to carry.”

Right? There's no, it's just kind of like, well if it's 50, if it's 100, if it's $12,000 on a card. There's no clear line. And we're challenging people to say, be intentional. Yes. If you had called in and said, you know what, I just like care, I like having $50,000.

That's the way I like to do my life. I have $50,000 of debt. I would almost have more respect for that because you, at least you've made a clear choice. Yeah. But debt is sneaky and it does cause us to just kind of like go with the flow. And Dave says it, you know, you can wander into debt.

And that's just what it is, you just wander in. Yep. But we're telling you don't wander out. Be so clear, draw line in the sand. I don't borrow money.

Yes. And call listen to yourself, you wanted to have this debt paid off. In some capacity, right? And you're using more debt to do it, which we don't agree with. But the idea you want it paid off just proves that you don't want it.

You don't want it. You don't want it. And so listen to that. Like there's an inner voice in there that's saying, giving you a message of like, okay, I want this gone.

I don't know how to get it gone. I just want it gone. And we're saying, Paul, you take care of it. Keep this asset debt free. The house.

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Solacehealth.com/Ramsy must be 18 or older. Advocates do not provide medical or legal advice. All right, we have Matthew up next in Houston, Texas. Hi Matthew, welcome to the show. Hi, how y'all?

Hi, we're doing great. How can we help? Okay, so I feel like I'm running into what might be like a common thing among younger people today. I'm not really sure, but making decent money, but still feeling like it's paycheck and paycheck. Yeah. And I, you know, I assume it could be a budgeting thing and whatnot, but essentially, I kind of just walk you through what we have here.

So we have 35,000 in consumer debt. We spend $2400 a month on a least or a rented house. We have two core leases at 300 a month per car, which I'm sure you guys are going to not like. You know, all of our main, you know, internet phone utilities groceries are maybe like 650 a month. You know, and what an insurance and whatnot.

I make 92 five annual and my wife works as a nurse PRN about three to four times a month, which is about 450 maybe a shift. So I guess my question really is, is there any way we can kind of get out of this whole that's killing our ability to like invest in our kids future and. You know, have equity and almost anything, most notably at home. And you know, what are your opinions on the best options for doing so.

“Yeah, what's the 35 in debt? You said consumer debt? Is it does that, that doesn't include the least cars, right?”

So is it suit alone's credit card? Yeah, it does not. And it's actually a consolidation loan that we got to lower interest rate.

So we were paying maybe like 24 to 25 percent and you know, I made a decision to, or I guess, pay my wife made a decision to consolidate all that into, you know, one big chunk of debt.

And it kind of lowered our payment by like $300 a month. And it helped us with the cash flow. Okay, so that's just one large one large chunk. Yeah, so if I can for a second, the hard part about consolidating debt is you get, you might get the interest rate, but you lose the benefit of a debt snowball. You lose the benefit of being able to focus on something small and kind of check them off your list as you go and get feel that momentum.

And the other part of that, and I just want to say this, because this is helping other people, Matthew, not just you, but those listening is, you know, The point is to pay as much as you can on the debt, not pay as little as you can on the debt. So that's just, that's a teaching moment for everybody, but I do want to know with your 92,000 and with her nursing, What do you guys bring in every single month?

“Um, I think it's a, I think it's around gross.”

It's around 66. Okay. Three times a month. And what would cause her to not work three times a month? Like, what causes her scheduled to be?

Um, less solid. Right. So we don't, we haven't done daycare or anything like that. So she's usually home with the kids. We have two kids, two young kids, toddler and infant.

And so she usually works on Friday so they get a half day at home. Got it. But you know, she sometimes should be able to work four times or three times because we're traveling to her parents. And at her city or something like that on the weekend.

Okay. All right.

So yeah, I mean, what's going on here is basically what we would tell everybody.

There's really two places that you can start.

“Um, the first place you need to start is with a budget, right?”

I think that you have a sense of your numbers, but the way you were talking about them. Doesn't make me feel like it's something that you guys are doing month to month that you're both all in on. Yeah, because you should have close to $4,000. Everything you just listed out, there should be $4,000 left. Now I know that didn't include food.

And a couple of other categories, right? But I think if you guys had a really solid budget and you, we'll give you every dollar as a, as our gift to you to really be able to look line by line and say, What can we cut out? Because hopefully you could throw an extra two for sure.

2,000, 2,500 a month at this. And if she decides to pick up some extra work when she, where she can, That's just gravy on top. And you guys will just be slowly, you know, kind of chipping away at this 35,000. But my hope for you, Matthew, is that if you go all in,

Then that means you would even be working extra.

You would be, you know, obviously helping cut the expenses. But like whatever, whatever more you can do makes it go faster, right? So say you did 3,000 a month. You guys will be done in 10, 11 months of this debt. Right, okay.

And I've played around with every dollar a little bit. It's like, you know, obviously we don't have the premium one and I appreciate you guys We're offering that. And I just, you know, when I start putting, yeah, I go back track a little bit. And I just kind of put in numbers from previous months.

And it just seems like the, the surface just melts away. And then that's, that's not paying attention. No, as it would, if you were pulling a numbers from last month, Because you guys weren't on a budget last month. Yeah.

“So you have to say, this is how much we want to throw.”

This is when we want to get out of debt, which means we have to throw this amount every single month, which means we have to find that every single month in the budget, which means we're going to be cutting things. Yes.

We're not going out to eat. We're cutting subscription. Like, we are cutting gym members. Everything to get this one magical number every single month. It's going to be thrown with debt.

And then in 10 months, Matthew, you can put some of that back in. You know what I mean? Like, it's not like it's gone forever. But you guys have to have an aggressive change to see progress. It's just chipping away a little bit here and like, okay,

we'll cut that and maybe this. Yeah. You just feel like, yeah, you're not making any traction. That's why we are pretty intense on the sacrifice side of getting out of debt. So that you feel momentum happening.

Because if you don't, it's just long gates it. And it's exhausting. Well, yeah. It's like, it's like anything else.

“If you want to make progress in an area,”

you're going to feel the pain of that progress. Like, if you lift weights, you can't just lift two and a half pounders. You're not going to be like anything. You gotta feel it. And so it's the same thing with this.

I think Rachel is exactly right. So for instance, just to give you a real picture with kind of real numbers. If you look back, what is it, August? So if you look back for July and say, what did we spend on groceries? And you found that you spent $1,200 on groceries?

Well, then that's you then this month decide we're only going to spend $950 on groceries. If you look back and you say, oh, my gosh, we spent, you know, 600 bucks eat now. Yes.

We're only spending 150 like hard, like hard stop right there. So those are, and you are going to feel it. You're going to feel like a child crying because you're not getting your way. Honestly, you will. And it's going to be one of those things where like you look at each other.

And it's like, oh my gosh, this sucks. Yes. Truly. And one of you, I don't know who because I don't know your marriage. One of y'all is going to be like, Eve, trying to get the other one to do wrong.

And one of you is going to have to be strong. I'll be like, we said, we're going to do this. And it's going to feel like that for a couple of months until you start seeing not to mess up the analogy, but until you start seeing the fruit of what you're doing. And then when that happens, you're going to go, okay, this is worth it.

And it gets easier and a little bit easier every month. But if you guys do this, something really special happens. Rachel, I don't know if we talk about this enough. You're just going to become people who you do what you say you're going to do. And there is such a trust there that's built between couples when it's like, we shake

and agree on something. And then I actually see like he held up his side of the bargain. I held up my side of the bargain. And what that's going to do for your marriage beyond just the money and the debt payoff is really something Matthew and it's really worth you guys just going just tentos into this thing.

Yeah, and that you're both people that can the phrases so overused these days. But it's just true that can do hard things, right? Like you're going to run into stuff that's not easy.

We just had our parent teacher conference with our third grade class yesterday last night.

And they had this phrase and she talked about like the suffering that happens. Yeah. But it's good like they're going to run into things.

It's like it doesn't come easy.

And it's frustrating. And you just want the answer. You just want the quick way out. And that's how life works. And so when you go through it together, though, in a marriage.

Like, wow, we can do that. Like we can do things that are really difficult. There's a tolerance that's built up there. That's just it's good for your marriage. Like there is something that is so unifying in that Matthew for you all. Instead of just kind of like playcating this idea of money.

You're like, no, no, no. We're going to be people of intentionality. Yeah.

“And you said at the beginning of the call, which I think is awesome.”

That you're doing it for a reason.

You're like, we want to save for our kids future. We want to be people that our kids have a better life than we did. And that's a noble goal, right? To have that life. So we really do believe in transformation Matthew.

And I think you guys can take what you've done. Do a 180 and say, you know what? We're going to crush this. Yeah. And it may not be the popular thing in our neighborhood.

And you sound like a smart guy Matthew. Very well spoken. And so I think you know this stuff in your head.

It's just when it goes from there to your heart.

And you lock arms with your spouse and say, okay, we're in this together. Yeah, and we didn't talk about those leases, but go on ask Ramsay and ask him, what would we say to do with those leases? And it'll tell you exactly what to do. Yep.

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Welcome to the show. Hi, dear ladies, how are you? Hi, we're doing great, how are you? Fantastic, thanks. Calling in today, just my husband and I are in baby steps six.

And we're looking for advice about prioritizing cash flowing, some major renovations on our home. Overpaying it off early, knowing that we intend to sell our home and re-locate once our youngest graduate and we have a high school and about eight years, we want to maximize that sale price. Okay.

“Wait, years as a while, do you think you could do both?”

You could do renovations and probably have it paid off in eight years. I don't think that we'd be able to do both. This isn't old farmhouse that needs some major upgrades that we not only want to be able to enjoy while we live here. But to be able to make it competitive, lots of new construction, new subdivisions that are kind of growing around us. So we just kind of wondering if it would be wise to prioritize those renovations knowing that we would definitely be able to get it out in the end.

What's the price tag? Like of all the things that you're wanting to do, whether it's floors, kitchen bathrooms, roof, whatever. What's it all going to cost when you look at the whole scope of it? We've kind of done some budgeting and things. You know, trying to estimate, we can do a lot of this work ourselves. We would hire contractors to do some of the majors, the plumbing, the electrical and things like that.

But a lot of the cosmetics we are able and capable to do ourselves, we've already done many projects here already. Okay. A price tag, it's really hard. We've kind of done it so far as we... I don't know, let me stop you on that because you're telling me that if we do these projects,

it will keep us from having the margin to pay off the house early. If you tell me that, I'm looking at this going, okay, then this is a hefty price tag. But then when I asked you, you're kind of backed back pedaling on it. If you were to look at this, not even the projects you're going to do yourself, right? They're still materials, there's still things involved that you have to spend money on.

Sure. I guess that is some research that we have been doing with each project. So I definitely, the kitchen definitely needs to be upgraded. Both bathrooms, the idea would be modest flooring throughout the whole home, and then kind of just the curb appeal, and we're just trying to... And all that in order.

Yeah, and all that adds good value to resale, everything you said, which is great.

“So price tag wise, how much do you think all that's going to cost?”

How many square feet is this house? It's just over 3000. Okay. So is it fair to say, like, this is like a 40 for the kitchen, 10 per bathroom, and maybe another 10 to 15 for the floors? Is that fair? I would say that that would be a little bit of a...

Yes, a great estimate may be running into some issues being met at an old farmhouse.

You always run into those projects that you've built.

So let's say a hundred. Seventy-five to a hundred thousand. And how much is left on the house, Katie, to pay off? We owe $2.50 to a current value that's just our real estate agent's current relative. As it is currently, is between five and six.

Okay. So this would definitely... I think you would get more than a hundred thousand dollars. Yeah, for sure. Price wise, right, after these renovations added to it. So, and this is an eight-year play.

Did I hear that? Yes, that would be our eight-year planning to... It's a very least downside from this big home, but our plan is to completely relocate out of state. I think there's time.

It just depends on what you guys's income is, what money you have saved. So tell us a little bit about that. We have approximately between one and five thousand dollars in margin to be able to do this each month.

And our monthly net income is drastically variable. We own a small business that is very seasonal. So it does vary. But we have... Let me see.

We've got all the, like I said, about upwards of five thousand dollars a month to do some of these projects and things. Okay. So, I tend to view on the side of Rachel. How much is the mortgage payment?

By the way, just your normal mortgage payment? Our normal mortgage payment is $1,200 per month, which falls below our 20... Yes. Well, let our monthly income.

So here's... Let me give you a little framework of how I view these things.

“And I think Rachel will land the plane very nicely.”

So when I think about big, big expenditures, I run them through kind of a financially responsible adult checklist. And these are the things that I must be doing in order to do set expenditure, right? Number one, you've got to be on a budget. That's got to be living on a budget.

That's what I do. That's a green check free. I believe you're on a budget. Number two, I've got to be out of debt in the thing that I want to do. Obviously, can't cause me to go into debt.

Green check on that. Number three, I've got to be carrying the proper insurance. As I have a will, life insurance, health insurance. I've done all that. Nothing's pending there.

That's the next check.

The third thing, and this is the big one.

And I'll go out of order, so I said the big one for the end. The fourth thing is I need to prioritize generosity. If you're doing that consistently, it's not going to cause me to stop prioritizing generosity. Green check.

“Now the fifth one, and this is the one where I think you have a problem is I also have to be prioritizing saving.”

And the way that we talk about saving around here is baby step three. Got to have three to six months of expenses. Baby step four, I must be investing 15%, it cannot cause me to stop investing 15%. And the third one, which is getting you, I have to prioritize saving in my forced savings account, which is my home. I need to be putting some extra bit, because this is the plan I said I'm following.

I need to be putting some extra bit on my mortgage because that's my forced savings account. And so I actually think that you have the margin to do both. It's just going to take you a little longer. Okay. Yeah, but I would be okay with you guys cash flowing some renovations, you know, and slowing down a little bit on paying off the house in order to do it.

Because if you if you guys save or you you literally, it makes me always nervous doing renovations like month by month.

Yeah, from a money perspective because stuff comes up that's a high dollar sometimes and you're like, oh crap. And then it kind of puts you backwards. I almost would take six minus or so span of time like 30,000 like in the bank. And so we then we can press go and then continue to save on top of that. Yes, but you guys kind of all this done Katie.

I mean, I don't know from the renovation side, but from the money perspective at five, you know, when I know it's not always five grand a month.

And maybe you start with the big, you know, do the kitchen first.

And then after that's done, you know, and if you do have to pause and save up a little bit more to do a bathroom. You just when you do that, you are kind of living in a construction zone for about 18 months. So if you're okay with that, but I do think, I don't think I'm off face to say that that is going to add value. That's putting everybody back in, which is a great thing. You guys aren't doing a pool even though I love a pool.

You're not going to get the money out of for that, right?

“So if that's what you were saying, I'd be like, if you wanted to just know,”

but for me, this is even more of a plus because you're hitting the things that every homeowner looks at. Bathrooms, kitchens, floors, paint, and landscape. Like when you do that, you are adding value back to your home. But I do think like doing that in phases to Rachel's point. It's like, okay, we're going to spend six months.

We're going to save up for one of the bathrooms or whatever your rate is. And then you take a moment and you're like, you know, let's do an extra mortgage payment or two. And then you go back and, okay, now this next fan of time. So it's you're not stopping your progress on the baby steps. You're just spending span of time spans of time on the things you want,

but then you're jumping right back into it. And I think that's a fair way to do it. Yeah, keeping it going throughout it, too. Yeah, that sounds like a great balance of kind of how we anticipated it, stacking the cash and then having it.

So we can cash full individual projects as we go and then going from there.

Always anticipating what they're going to take longer and cost more than we can.

Yeah, that's true. And I do reality, that's good. Rachel is probably your world more than it is mine. But I do think knowing that you're going to want to move on from the house, but you also want to enjoy it.

“I feel like that's something you have to think about when you're making certain choices,”

that you're not over renovating, that you're not overly personalizing it. Knowing that you're going to want to get out of it. Yeah, some of the worst stuff is people take a garage and turn it into something else. And now it's no longer a garage, but a garage is such a big feature for selling a home. Or they take a bedroom and they knock out the wall and make it.

You know what I mean?

Like, there are things that you're like, okay, that just no,

you can do it for you because you love it. And that's what you want. But if your goal in the back of your mind is knowing you're out in eight years to your point, making a little bit more generic selections. It's not the life crazy specific ones.

Even though I'm sure Katie your taste is great. And you're in the farmhouse world where I think most Americans want to be. Yeah.

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Go to boost mobile.com/ramsy and make the switch today. That's boost mobile.com/ramsy. $25 forever requires customers to remain active on boost mobile and limited plan. [Music] Welcome back to the Ramsy Show in the Fairwins Credit Union studio.

I'm Rachel Cruz hosting this hour with Jade Warshaw and we are taking your calls at Triple 8-825-5-225. All right, we have Matthew and Providence Rhode Island up next. Time Matthew, welcome to the show. Hey, how's it going? Thanks for taking the call.

Absolutely, how can we help? So just give you a little back story of what's going on. Me and my girlfriend, we had a daughter, she's not my fiance. So she moved in with me and she has a lot of credit card debt. $75,000 in credit card debt.

So, and that was kind of, you know, she worked full time at night. I worked full time during the day. We get a lot of babysitting helps, so we don't have to pay for babysitter. So that's nice. Yeah, so that's got to come from all the-- That's a lot. Yeah, sure is.

Some of it was, like, before I met her, she was working like 70 hours a week. So she was working during the day in the night night. And then she just kind of, I think, used to a lifestyle that, you know,

Oh, and so that calls the credit card debt. Yeah, and then obviously she got pregnant and her job kind of closed down for a while, you know, doing renovations. And then, I just think it snowballed. I didn't realize she was putting, like, formula, diapers and stuff on a credit card.

Like, because we were moved in together, but we weren't, like,

“we're not, like, integrated to get, you know what I mean?”

Like, I wasn't sure exactly how she was doing. And I knew she was working, but I didn't know-- How bad it was. Yeah, okay. So yeah, yeah, exactly. So you got 75,000 in credit card debt, or she does, what other debt do you guys have?

I have, well, I have no credit card debt. We both have 13,000 list on our cars. Individually or together? Individually. She has 13 on hers. I have 13 on mine. Okay, okay.

Yep, yep. So, yeah.

So basically, that's kind of been, like, in the background.

Like, and, well, you know, she had a baby. She was a full-time student. You are saying, you all had a baby, though, right? Well, we, of course, we have a baby, I mean, you know. I mean, you're not really taking us in it.

Yeah, you're not really taking care of it. So it feels like, is she's taking care of everything, right? No, no, no, no, absolutely not, no, no. No, no, no. I pay for-- So let me get to the rest of it, and then it'll make more sense.

So, please help us out. So, I'm getting there. Okay. Okay. Okay. Yeah. So, we'll point to you. She was in the middle of, like, finishing her degree when we met.

So, she was, you know, full-time student, full-time, well, you know, mom. I mean, we split duties, but still it's a lot, you know. And then full-time employee. So, you know, it was just a lot all at once. Yeah. So, how old is the baby now?

She's 18 months. Okay, 18 months. So, you guys have started to get a little bit of a rhythm, a little bit of a flow going on, and you're looking up, saying, hey, this debt. This is the problem we need to start solutioning that. Can I ask one question? I just want to make it. Yeah. Yeah.

Is this your fiance or your girlfriend? She's my fiance. She's your fiance. She's your fiance. She's your fiance.

Yeah, we got a gauge. She didn't 30 if you had one.

“When you're getting married, when's the wedding? What date?”

Well, we're still kind of unsure about that next year sometime. No. We're going to have a small.

Matthew, you're basically, you're basically married.

Do you guys lift together? You have a baby together? Yes. Oh, what? Yeah. What's the purpose of wedding?

Is the question? What's, oh, oh. Well, we want to do a church wedding. You know, we're Catholic. We want to do a church wedding. So, well, I'm Catholic.

Wait a minute. It takes 18 months to get a church wedding. No, I guess not, but just Matthew. Matthew, I just say we need a little urgency in life. We want this to pay off.

We need to get together. We need to make this official. We need to like, but you can't roll the Catholic thing back in when it matters on getting married. But it didn't matter. A little more.

This is unfair. This is not bad. And this is not. Oh, I know. This is a game.

We're on your side. We're on your side. We truly truly are. No, she's, she's totally unbored with the timeline. I know.

What are you? What are you? What if you did this? It's going to kill me all the time. Do they say, like, I'm like, I'm watching my daughter.

And they're like, you're not watching your daughter. It's your, you know, I'm like. I know some. I know some. Yeah, yeah, yeah, yeah.

But it is not, but it is not semantics. Well, we're going to talk about your money. Because the way Jade and I are going to answer it is that it is going to be separate. There is no combining right now. Because you don't have any legal protection.

She doesn't have legal protection financially. Neither do you. You don't until you guys are legally married. I know. So our advice is going to be.

It's going to be different though, Matthew. I know, but, but here we say what we're about to walk through is going to look different because you don't have a wedding date set. And, and I'm not trying to box you. Put you in a box, Matthew, because I like you.

Yeah. You're fun. But this whole semantics thing is real. Yeah. And you may call in two years.

And like, I don't know, you know, this happened in this. Like, so until you guys are married, you would give you one set. Yep. A plan one way. And then there's going to be another man until you're married.

So here's what we would say.

Well, that's another piece. I guess I haven't really thought about yet. Like, like, I trust her fully. And I know like, and that's the thing. We're not quite married.

But I understand, you know, with her being Matthew on say.

“That's why that's why we're kind of, you know, really trying to deal with this.”

Just see emotional stress that she's carrying from this. Like, well, so. Let us give you a solution. Let us give you a solution. Let us give you a solution.

Because all that you're saying, the emotional stress, the dollars, the all of this stuff. I think Rachel and I, there's two routes here. I want to simplify it for you because it feels like a lot floating around your head. There's two routes. Yeah.

The one route is you can say we're not married yet. Therefore everything is separate.

I am devoted to my child, but financially our lives are separate.

That means her debt is her debt. And my debt, that means you're only that is a $13,000 car and you're paying it off. And we can give you the set of steps to make that happen and give you financial peace. The other choice, which I actually feel is a better choice for you. If you do say this is the woman you want to marry is you can go to the courthouse.

You can fill out the piece of paper and be married on paper. So that you can legally combine and work together. And then later on, when you can afford to have a party and do the church wedding and things like that. You're doing that as a just as a, you know, a show and a party for your friends. I guess I just don't know, I guess I just don't quite know the unders.

I don't know the difference as far as what the benefit to, you know, as far as financially being married versus not.

“So that you, I'll, I'll paint you as the, it would be the, the quote unquote victim, right?”

Yeah. If this happens is that you take your income, you throw, you know, $80,000 over the next day. $18 months at this credit card debt and then she looks up and she's like, listen. I don't want to do this. I'm taking the baby and we'll figure out custody later, but we're done.

You have no legal protection, but she don't know. Listen to our show. The crazy stuff happens on the show. People call it. And I know you guys, I know you're the exception to the role, Matthew.

You are special. I know. I know. Yeah. Well, maybe a little bit.

No, not really. No, but, well, well, I'll think about it this way.

“I think about it from a perspective of, like, faith.”

You know, I just have faith that, like, I'm, I'm crying. So what do you want to do? But maybe you're right. Maybe we'll talk to the woman who's husband has a gambling addiction and talk about faith. Yep.

I mean, we all do. I love Jesus. We have some faith. But we're also going to be smart. Yeah.

And there's no legal protection, Matthew, and so keeping it separate. But I think what Jade is saying, combining everything is the best thing for you guys.

And you're basically married, Matthew.

You're basically married. Just go do it. Go do it. [MUSIC PLAYING] One of the biggest mistakes home buyers make is talking to a realtor and shopping for houses before understanding their real budget.

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Alright, today's question comes from Sierra in Georgia. As in the past year, I've had a few occasions when I feel like my friends are expecting me to spend money on vacation or going out when it doesn't align with my budget. I'm on babysept six paying off the house.

So it's not that I never vacation or go out.

But I can tell they are confused when I explain that something isn't in my budget. How do I politely say that without hurting your feelings while keeping the door open to spending time together at another time? Yeah, here's the thing. The idea of hurting their feelings I think is where I'm a little bit confused.

Because if somebody says to me, if I say, "Oh, let's go to such and such restaurant."

My feelings aren't hurt.

Usually I would be the one that feels a little bit like, "Oh, yes, no worries."

So I wonder if their feelings are actually hurt or if you're just interpreting their reaction in a way that's projecting something else. Yes. And then I think the simple answer to the question, honestly, Rachel, is to not really care that much what people think and just to say,

because if you're saying what I think you're saying, which is, I can't spend that this month or that's a little too expensive for me or that's just not in my budget this month, I think those are perfectly fine responses.

“I don't think you have to necessarily go into detail of the why behind, why you can't go.”

Especially if it's something that is just more of a lifestyle difference, because sometimes you may be on baby steps six. And it's like, "Oh, you're on baby steps six." There's no doubt you can still go on and have a good time. And that's all true.

But if your friend group is in a completely different income level than you, and they're wanting to do things that your income just doesn't afford you to be able to do as regularly as they do, I think that's totally fair. And even if that's the case, if they're good enough friends, I would just say that.

I feel like listen, I don't have it like you and Bob have it. Like you and Bob are in the high six figures. I'm right here. So thank you for inviting me, but I can't do that as often as you can. And I have buddies that I would 100% say that too.

Yeah, and I have friends that have crazy work hours. And so there'll be times that we're all like getting together and doing something.

And I'm where she's always like keep asking me.

There will be a day I can. So I think that's even okay to say. It's like, "Hey, I can't right now but ask me again." Yeah. But continue to keep me looped in.

Yes. This isn't a rejection or a no to our friendship.

“I just financially literally cannot do this.”

And but let me know next time because I would love to hopefully join in. Right? Yeah, absolutely. And if the only time you hang out with your friends is on vacation and. Go in out and spend a bunch of money.

Some expensive friends. Right, right, right. There's so much fun. We're going to have just not going. Yes.

I mean, I mean, like, I don't know. If like half of our hangouts are in our homes. Yes. Yeah. So hopefully the friendships are built.

And you have more quality time with them outside of just going out in vacation. But that's true. I hope that helps the area. That is it is tough. It is tough when you.

Yeah, either it's they're choosing to. Live a life beyond their means and you're choosing not to and/or you're exactly right. Or they just make a different income. Yeah. And there's a reality there.

And so kind of facing the music. Sometimes with this stuff, it's not fun. But it leaves you maybe with a little bit of like. Oh, thanks. But I think you would have way more inks and chaos.

If you just said, you know what, forget it. I'm going to do what I want to do. Hmm. Spend what I want to spend regardless of what I make. Yeah.

There's probably more harm on the other side. Well, I do want to attack it from the other side real quick too. Because I do find that some of us baby steppers. Get a little too intense on baby step six. True.

And we keep our foot on the gas from baby step two. And it's like we want to keep that same intensity. And we I would say actually if that's you Sierra, you do.

“You need to enjoy your life and you need to go out and have fun.”

And I understand if you're like, I got to pay this house. I got to pay this house off. But you do. You got to live life, too. Like this process is designed.

The seven baby steps is designed for a certain purpose.

And the truth is after you get past baby step three, you do get to move from intensity

to intentional and a lot of us forget to make that transition. And it's so important. That's a great point. Yeah. Don't be crazy, girl.

Have some fun. If you're not. Have a fun. All right. Let's go to Jack in Atlanta, Georgia.

Thank you so much for taking my call. Absolutely. How can we help? I just need affirmation that my idea for retirement is not crazy. And I want to sell my house.

Invest the money. And actually just go ahead and rent the rest of my life. I mean, I'm about to turn 62. About to start collecting social security. And I just want my crazy.

Why are you wanting to do that? Because you're worried you don't have enough in. And you're worried you don't have enough money. And you're worried you don't have enough money. And you're worried you don't have enough money.

And you're worried you don't have enough money. And you're worried you don't have enough money. And you're worried you don't have enough money. And you're worried you don't have enough money. And you're worried you don't have enough money.

And you're worried you don't have enough money. And you're worried you don't have enough money. And you're worried you don't have enough money. And you're worried you don't have enough money. And you're worried you don't have enough money.

And you're worried you don't have enough money. And you're worried you don't have enough money. And other investments, a lot in the stock market, that I really don't have to touch. And I can continue to let grow.

But I also don't have the house payments,

where maybe my wife and I can just travel and calculate what you're saying in a minute ago about just enjoy life. So it almost sounds like you're more interested in downsizing and having something that requires less attachment, like maybe like a town home or something where you're not

in charge of the upkeep that you can kind of travel and you're not worried about the property itself.

“Because the truth is, and we'll get into this a little bit more,”

but having a personal residence is a big piece of security on down the line for a couple of reasons. Obviously we know it's a major portion of people's portfolio when they're building wealth as a baby steps millionaire.

But the second part of it is you're keeping what, for most people,

is the biggest line item on your budget. You're keeping it stable because rent is going to continue to go up and up and up Jack. And there's part of you that wants to have that stability of saying, "But my mortgage, once it's paid off,

it's just that I know what the taxes are. I know what the insurance are." And so that's the piece of it that would make me go, "I would love for you to own something that's yours that can remain stable."

Okay. Because over the course of time, Jack, even if you were just pulling out what your investments were making and not touching the principle,

“but you just kind of like, basically took out the growth of 12,000 a month.”

That, when you think about it in 20 years,

which you easily could be alive, rent, oh my gosh,

would be who knows how much? Right. And 20 years of the type of living situation you want to be in. And so for me, that is such a question mark. And it's such a big deal, and you guys aren't.

Maybe not going to want to travel when you're AB2. You maybe really do want to settle down and have consistency somewhere. And then trying to get into the market in 20 years and warehouses prices are going to be.

And if the investments don't grow with the rate, you think they're going to grow. There's just, there's a lot of risks to me. So I do wonder, if you sold your house, Jack, how much would you sell it for?

A little under 600 is what my, the comps would be my neighbors have recently sold theirs. Okay. Yeah, I just wonder if you took half of that and bought something small, right?

Just to have that yours to come back to

and that you always know is there.

And when you guys don't want to be traveling and moving and everything, there's just that there's a place. So that's probably what I would do. Some people are going,

they're, they are just kind of taking this trend of just renting, I've heard that. And in some cases, I, I could understand, but I think even, even, I mean, 2.2 millions amazing.

Yeah. But even with that over the course of, of 20, 30 years, yeah, I don't think I would trust the rate. I don't know, I don't like it. Yeah, I think there's a time where you want to put down,

to own something, even if it's a condo, to have some foot in real estate that's yours, that you do know, in the present.

“And then, yeah, that's what I would do, Jack.”

If I woke up in your shoes, I would still have something, but again, maybe it's a significantly less valued property than you have now and you invest the difference. [ Music ]

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Yep, so make sure to check it out. Ask your question today at ramsysolutions.com or click the link in the description if you're listening on podcast or YouTube. All right, let's go to Micah in Little Rock, Arkansas. Thank you, Micah.

Welcome to the show. Hey, how's it going? Appreciate you taking my call. Absolutely. How can we help?

So I am up to turn 25. And I've lived paycheck to paycheck for as long as I've been a adult out of my life since like 19. I don't have a toning debt, but I don't want any.

Obviously I get zero the ideal number. Without with my truck, I have it's like 44,000 total in debt without that as like eight to most of it is the vehicle. I'm a firefighter in the greater-round little rock area.

And I met probably about 3,200 a month from that job. And then I have a very small sometimes uneventful little five gig as I do some power washing. So that's unpredictable. I've had months where it's 1500 bucks.

You know on the side or months where it's a few hundred. So that's really hard to imagine how to put that too much in the budget because it's unreliable.

But basically my question is just I feel like I'm so close to being in a good financial

spot with a girl. We're not engaged, but every you know plan to be and to be married. And I'm wanting to make sure that before I do all that. And you know, I want to make sure that I'm in the best financial spot. Personally, that I'm not carrying any of this into marriage.

You know about a year-to-year road. Yeah. Well, from just a debt income ratio perspective, the truck is pretty glaring. It's a large amount of money.

It's how much a month? Six hundred and nine. Six hundred and nine. That what you said. Yep.

Yep. Yep. Yep. So that's, that's your ticket out. I mean, I'm going to say it.

But I'm like, man, for you, a thousand bucks difference. And I know it was six or nine. But if you, if you got on a tight budget and found four inch works, this is a thousand bucks extra a month. It's just there.

Yep. So for me, I'm like, I, I don't know. I probably am selling the truck. I certainly would. I saw that.

And I'm not opposed to it. Like, I do like the truck. But I'm smart enough to know that, you know, this is a very small price to pay for setting myself up for, you know, being financially.

Yeah. Yeah. Because here's, here's the numbers. I just ran them real quick. Mike, you're 25.

Let's say you retire at 67.

“And you just invested that truck payment every month, okay?”

So instead of having a truck payment, let's just pretend you just invested that. So you paid yourself at 67.

You'd have $6.5 million at retirement just by doing that.

Not that much money. I just, just some change just some six points. It's point by million. But change. But that's like, but that painful opportunity cost to pay just for a truck.

Yeah. Like that's the wildness of how normalized that is paying someone else versus paying yourself cost you $6.5 million. Unbelievable. So that one decision, Mike, that one decision. That changes your whole life.

Yeah. Well, and here's the tricky thing about it. So I've had this truck for maybe six months. And probably a little less than that. I drove a little Hyundai accent.

It was a little good. Gas car was like $420 a month, which is, I think, pretty average. Just full sucks. But for that kind of car, it seemed to be what was, what was average. But I sold that.

I still owed on it, even with what they gave me. It was about $3,000. Negative equity. And they put that on this loan. Yeah.

So you're upside down. But only $3,000, right? $3,000. Yeah. You could get that.

You could get your hands on that. Yeah. Hopefully. I mean, with the power watching you ever know, there's some jobs. I mean, that's, that could be the way we need to do your weight and tables.

Yeah. I mean, side hustle. Yeah. That's solid. Yeah.

That's, that's what I've been doing. It's looking around and applying to places because need something consistent. Yeah. Power watching when it's good. It's good.

But when it's not there's nothing. Exactly. You need to have a couple of side hustles in your quiver that you can pull from whenever you need one.

“And I think if you do that, you're going to be out of this in no time because you just need $3,000, right?”

I mean, there's, if you look around your apartment, maybe there's something you can sell to start, you know, to get the first thousand, right?

And then after that, what, how much did you say the other debt was the credit cards?

I think you said credit cards is the next biggest one. It's like $4400 on two credit cards. One is $3,500 limit. It's maxed out. And the other one is whatever the remainder.

Yeah. That's so. So what's wild is if you could find. Gosh. I mean, a thousand a month.

Let's just say. And between this credit card debt and all of that, I mean, that's nine, ten months. And that's just a thousand dollars, Michael. Like, if you went and said, what if I did two thousand, right? You have that, you know, you cut that timeline in half.

“And that's what the, the identity change for you is.”

You're a guy right now that's kind of normal. You've got to, you got a nice truck. You got some credit card debt. You're making some side. You know, but you just feel like gosh, even with the side has some living paycheck to paycheck.

That's a pretty normal profile of people. But when you change what you've been doing and you say, I'm not a person of debt. I don't borrow money even on cars. Nothing is normalized. I'm not doing it.

I'm not going into debt. I'm going to pay myself and instead of paying banks for the rest of my life. I'm a person that has money saved on the side. And I'm a person that budgets and that I know where my money is going. And I'm intentional with every single dollar.

If you're bringing in $6,700 a month, you know where every dollar is going. And I guarantee you after living a life like that for about 18, 24 months. Oh, yeah.

“You will create such stability and peace and discipline in your life.”

Where money no longer is an issue because you've tackled it. Like you're the one that's controlling it. It's not controlling you anymore. But it has to, there has to be kind of this not. Lacks of days old mindset.

Do you know what I mean? Like there's a level of intensity of change that has to happen for you to get out of the orbit of normal. Yeah, not to mention your lovely lady is going to take note of this and go. Wow, this guy's got his life together. Yes.

He looks like he knows how to handle his business, you know. Yeah, and the great thing is that part of it together. I mean, we're not, we're not married. Of course, that's the intention down the road a little bit. But we are both, you know, sitting down and like going over each other's separate but just like together and just kind of.

Yeah, Karen stuff out and then making sure that we're both on the same track of, you know, we're saving up to go. He will open this as far like two years down the road. So we're trying to get a jump on it.

We know that we can't be super aggressive in the same thing right to second.

But the plan is is, you know, we're both on the same track trying to make sure we're getting our money right and saving up and doing all this stuff. So it's great. I definitely want to put myself in the best scenario. And yeah, I guess saving that up getting out of being upside down the truck and selling it. I mean, it's, yeah, I mean, I'm not that attached to it.

It's nice, but I'd much rather just be. I mean, you make around 70,000 and you have a $44,000 truck. So you just, it's too much, even with the negative equity. Like, I don't, I don't care. That's just too much debt to have on a truck because of even your income.

So I would, yep, I'd for sure. A little more than I could do with the. Yeah, that's okay. But, you know, just know that the faster you go on this when people have a debt free journey in front of them. The faster you go, which means the deeper the sacrifice allows you to go faster.

The more likely you are to see it through till the end. If you just, you know, kind of, you know, wander through it. And I'll do a little bit here, but I don't want it to be. You're more likely to just get comfortable with. Yeah, that is quo.

And it's like, you want to finish this. You, you've said that.

“And I think you have a really nice why, which is that relationship that's sitting there in front of you.”

And so really just lean into that and to Rachel's point, what do you want? What do you want your life to feel like?

What do you want those first months of your marriage to feel like?

What do you want? Has been, do you want to be a man to you want to be? I mean, there's a, there's a lot there. Yes, there is. Well, thanks, Micah, for the call.

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Up next, we have Rachel in San Francisco. Hi, Rachel. Welcome to the show.

Hi, Rachel and Jade. I'm so excited to talk to you.

Thanks for taking my call. Absolutely. How can we help? My husband and I have been right for 11 years and we are in Baby Step 2. We started at $152,800 in debt about a year and a half ago. Since then, we sold a car. I got a new job and moved into our RV.

So I can put as much money as possible towards the debt. And we are down to $18,800. Wow, that's a nice girl. Good job. That's amazing.

Thank you so much.

“Yeah, we're on a 6% APR key lock that's our last piece that we're paying off.”

And my new company, restricted stock units, just released and there were $18,200. Oh my gosh. Perfect. But the stock has down 100% from last year. So I'm hesitating selling.

I know you guys must sell me to sell it. I just needed to call and make sure. What kind of industry is the company in? Check. Okay.

So a little volatile. I guess for the industry, the type of tech that you're in or is it the specific company that you're like in? It's the type of tech that I'm in. Okay. It's volatile.

And like the whole industry is down right now. Okay. Yeah, I asked ask Ramsey and somehow got to a potentially phased exit strategy.

“But I don't know that that's what David recommends.”

Yeah, pulling some out as you kind of. Yeah, a little bit at a time and see like every six months of something changes.

Yeah, it wouldn't be a bad plan necessarily, but I feel like trying to time the market is never good.

Because what sucks Rachel is I'm like only in five months it could be down a net down another hundred percent or up a hundred percent. You know, do you mean in either way you're like kicking yourself. So it's like, oh my gosh. What's your amount of margin that you're throwing at the debt every single month? About eight thousand dollars.

Okay. Oh, so you guys would be out in two and a half months. Yeah, we're so close. Oh, okay. If they're.

I wouldn't I wouldn't do single socks anyways. So I'm like, I they're still a piece where I'd be like, yeah, get get rid of them because this this is exactly the reason is because it's one single piece of. It's one single thing and your whole world is like rising and falling by that one company.

“Yes, so I probably I would probably just cash out Rachel honestly even though it hurts that it's down, but I think trying to time.”

I think, and I've all little industry is just like there's no one has, you know, I guess if you do know, you'll go to jail if you consider training if you like know what's happening. Oh, gosh. But no, so I yeah, I probably would just sell. I would keep that momentum of, you know, six seven grand a month that you're throwing at this debt or did you say eight thousand eight eight eight.

Yeah, and I'd take it as a gift. Just pay off your debt and then build up a great emergency fund. And then man, you guys are just yeah, you're way ahead of the game in that. So I think that's just what I would do. I would just see it as an 18,000 dollar gift.

I agree. Call it a day. Yeah. Okay. Thank you.

Yeah, the six percent he liked really just it's such a low APR. It's hard to let it go. Yeah, but you would have let it go anyways.

Yeah, okay, thanks.

That's the kick I needed.

Yes.

“And with your eight that think about it like this with your eight thousand margin.”

You would have the money that that stock lost in two months. That's right. Yeah. You guys are doing a hundred really well. That's a good point.

A hundred percent of 18,000 is eight like yeah. You're going to get that back with the work ethic you guys have. Changing your life Rachel is not going to be the stock as you guys. Wow, if it was a hundred and 18,000 right, that's it. That's it.

Yes, but it's 18,000. Yep. And you and again you can make that in two to three months. It was just the margin you guys have. So I don't think it's that big of a deal.

Yeah. I think I would have. 18,000's a gift. It's great. But I don't think it's.

It's not going to be the thing that makes a break.

You guys because you guys have already done so much already, which is just insane. So well done. We're so proud of you Rachel for real. Like that is that's wild. Really, really well.

How well you guys have done. All right. Let's go to Dan in Philadelphia. Hi, Dan. Welcome to the show.

Hey, how's it going? Hi. We're doing great. How are you? Good.

Awesome. How can we help today? So this is my situation. I'm 33. I'm single.

I have pretty much a list like paycheck to paycheck.

My entire like adult life. And I'm just kind of over it at this point. So I have 9,000 in a car. I have 53,000 in student loans. And I have 15,000 in a legal case that I am paying.

So I bring home about 4,400 a month right now. And just the area that I'm in. I've quite so much out of my life. Like I've gotten rid of like all my subscriptions. Like we're we're doing like the all these shops.

Like we're doing everything possible to cut everything out. But the area that I'm in is just so expensive. Where are you? Crazy. Oh, Philadelphia.

So I'm in like the Philadelphia area that I'm really in like South New Jersey. What's keeping you there? And I like I have friend here and like my family's here. But aside from that, like I have friends and other cities.

“Do they earn what you earn your friends and family?”

Do they have do they earn around $4,400 a month? Living in that area? Yeah. And like and I like I work a remote job. Like I work in the mentality doing revenue management.

So I can go wherever I want. So you don't need to be on the struggle bus of living in an expensive area on 4,400 a month? Yeah. Like if it's just crazy. Like I mean, like the majority of the people that I know are here is it crazy to like upper my life and go somewhere.

No, it's not because you it's a pretty simple equation and I'm not going to say that it's easy to do. But it's a simple equation here. You've got to find ways to either bring more money in or to reduce the amount that's going out. And for you, you've reduced the amount going out. Yeah.

So you said already as much as you can. Exactly. So now we have to focus on other things. And for you. I mean, how much is your rent?

I I think 1690 for a one bedroom. Okay. That's that's a lot for a one bedroom for you with no. Like I have I have friends in San Antonio. I have friends in Columbus.

Like I'm looking at rent there. And it's like a thousand bucks. Yeah. That's a big deal. Get an extra 600 bucks a month.

I mean, Dan, that's we laugh about the exit of set of California. But a lot of people do it because of taxes and how expensive it is. They can't own a home, right? They're just like we can't. And it's what it feels like.

And so there are places that you just say I cannot afford to live in this city with the income I'm making. And yeah, and that's a that's a very real adult decision. Now, is it do you have to do that? No, you could do what you're doing. It's just you're not going to financially thrive because you're in an expensive city.

But if you say, yeah, but that's okay for for the time being because of friends and family. The nuts of choice you make, right? It's a it's a you don't get both. Yeah. Or you say, hey, for maybe the next two to three years.

I want to live somewhere else. See how I feel with this margin. And actually not that money brings happiness. But the fact that you can bet your bills and greens and enjoy life. Like sometimes that's worth it to find a a cost of living a city with a cost of living that's lower than what you're experiencing right now.

Yeah. Now the type of work you're doing is that.

“Are you are you kind of have you hit a ceiling with that or are there other opportunities in that area that can expand or income?”

No, there's definitely more opportunity. So I used to work in hospitality management like on property and recently moved into this role. Okay. It's nice. But so I'm new to this like niche part of the field.

But there are plenty of other opportunities as I continue to grow and develop my own skills.

You know, you mentioned it sounds like you maybe took a bit of a pay cut to have a better work life balance.

But again, that was a tradeoff you made. And so maybe that's a tradeoff that you make back and you work on site for a while.

“Even though you have to go and office and even though you write there's these things that are in this convenient for you.”

But it might be worth it for you to knock out this debt. If you were able to find work in San Antonio that's on site lower cost of living. Making more and more right. Suddenly, your whole world opens up and it's not to say that you have to do that forever. But certainly do it in the time it's going to take you to pay off your debt.

Yeah, for a couple of years and there's a lot of options that bring your debt free. And you have margin in your life. Yeah, there's a lot more options that suddenly open up that actually could bring you some peace. Hey, this is Dr. John Deloni.

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With Helix better sleep starts right now. Welcome back to the Ramsie Show in the Fair Wins Credit Union studio. I am Rachel Cruz with Jade Worshawn. We are answering your questions at triple eight, eight, two, five, two, two, five. All right, let's go to Lindsay and Chicago, Illinois.

Hi, Lindsay. Welcome to the show. Hi guys, how are you? Hi, we're doing great, how can we help? Okay, so my husband and I, of 14 years, did an oddly up-to-step seven. He did an decided that he wanted to divorce.

“So my question is, how do I rebuild financial security alone with a fraction of what I'm going to get home on for 14 years?”

So it's like a baby deer out here in the real world from the right out. How can I get back to a place of comfortability and financial freedom because I have had to get into debt since he fell for divorce. And I'm having just lost right now. So I'm just looking for some insight and I need some direction on where to go from here. Okay, I'm so sorry. Any kids?

We have four kids. Okay, kids. And are they shared or they with you? They are primarily with me. They, they, he him occasionally.

Last year, he pulled in about $236,000. We had paid off over $100,000 worth of debt together. And had about almost $75,000 in the bank when he fell for divorce. I got none of that. What did you get?

Yeah, what did you get? I walked away with nothing. How? There's a voice that's so going through. It hasn't been finalized because he's fighting me for full custody.

Why didn't you give me anything at all? Why? Who wanted? But it's so crazy. So I've continuously asked.

What did your attorney say? In maintenance. I don't have an attorney. Excuse the problem. Lindsay, you need to get an attorney.

I don't know the divorce law in Illinois. But majority of states, you have protection of assets. Right. Right. Yeah.

I just, I honestly, I can't afford it. I, I make $3300 a month. I have to ask my dad my mom for help most months with things. And do your dad and mom help when you ask for it? Are they willing to help?

Yeah. Okay. So if you said to them, mom dad, I got to get a lawyer because I'm about to walk out of a 14 year marriage with zero.

Have you signed anything, Lindsay?

No. No. Okay. Good. They have like an extra $100 a month.

It's not, they're not wealthy people. At all, whatsoever. Tell us.

“It's not like I can call them and say I need 500.”

What about the home? Tell us about the home you lived in. Did he get the house, too? He. Oh, God.

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