Connor
Appearances
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Yeah, so I'm 25, married. I got a daughter and about $550,000 in debt, including a mortgage. Just kind of feels like... I have your every dollar out. I've been trying to use it, but even then it just feels really overwhelming trying to see basically no light at the end of the tunnel. So, right. So it's a little, need some guidance based on how to work it out from here.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Sure. Yeah. Um, second year I have, $145,000 home equity line of credit, $14,000 personal line of credit on my wife's side that was transferred over from a student loan, $1,000 credit card, and a $5,000 credit card. So $165,000 total. What was the home equity line for? Consolidating other debt.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
um, that we had. And then some of it too, was basically Robin Peter to pay Paul, right? My wife went on here in Ontario, like you got 18 months of maternity leave, right? So, but when you are on 18 months, the subsidy, the subsidy that you get from the government is very low. Like it could be maybe $500 a month. So I was using that to pay for our home expenses, too, on top of that.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
12 or 18 months, yeah, is what you get.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Yeah, at the time I was working a commissioned job, right, so I wasn't making a steady income. At a time during that 18 months.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Uh, I make about 80 to a hundred thousand.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Yeah, I will get raises for the next three years.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Yeah, I mean, our take-home pay probably per month is about $8,000.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Uh, yeah, she has a, an investment account here. We call it, it's a tax free savings account, right? And you get to invest and you get to take out tax free, but you're capped at about 6,000 a year to put in.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
I have, just based on the podcast. I've thought about getting Financial Peace University. I didn't know if it translated over to Canada, but I'm sure the principals would, too.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Good, good. Hey, I just wanted to kind of get your opinion on what I should do to kind of build wealth for my future. Awesome. Let's hear your situation. Okay, so I'm 18 years old. I own a landscaping company. I bring in about 70 grand during the summer and then 30 to 35 during the winter. Um, my truck is completely paid off and that's about $23,000.
The Ramsey Show
Your Future Self Deserves Better Choices Today
I have a $20,000 camping trailer that I rent out. Um, and that is also paid off. I have a motorcycle that's paid off and then a bunch. Like I have more trailers and stuff like that, and everything's paid off. Goodness gracious.
The Ramsey Show
Your Future Self Deserves Better Choices Today
It's solo, but I do have a team for lawn care and stuff. And then I design the landscape projects.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Yeah, just about that, give or take, depending on the year. It's gone up every year though. Amazing.
The Ramsey Show
Your Future Self Deserves Better Choices Today
I do, but I only have like, I only have a thousand bucks in it. So.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Gotcha. Okay. That's good to know. Yeah, that would be, that would be nice. And then another question, how do I start What's the best way that I can build credit? Because I still don't have a credit card yet.
The Ramsey Show
Your Future Self Deserves Better Choices Today
I was thinking like someday when I do want to buy a house.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Gotcha. Okay, that makes sense. That's good to know then.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Good. Good. So I have a question. Heading into the new year, I want to continue contributing to my retirement about 15%. My company offers 401k where I can contribute either pre-tax or Roth dollars into. And they contribute 12.5% annually. And they don't even offer a match. So they just flat out give 12.5%. I'll take that over a match, man.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Yes. That's awesome. Very generous. And, um, you know, it's a great company, so I really enjoy working with them. So, um, my question is, should I go hard into that? Cause I can contribute, uh, Roth, uh, dollars into the 401k. Uh, I think what they contribute is pre-tax, but, uh,
The Ramsey Show
Your Future Self Deserves Better Choices Today
Should I go hard into that 401k with Roth or should I continue doing a Roth IRA where I'm trying to max that out each year?
The Ramsey Show
Your Future Self Deserves Better Choices Today
Okay. Gotcha. Yeah, because right now, I kind of dabbled in both. I have a Roth IRA with about $4,000 in it, which I can kind of use as an emergency fund, I guess.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Yeah. I mean, that was the plan, too. Do you have any debt? No, I have no debt.
The Ramsey Show
Your Future Self Deserves Better Choices Today
I have a high-yield savings account with some money in there.
The Ramsey Show
Your Future Self Deserves Better Choices Today
All right. Well, thank you so much. Yeah. Thanks for the question. I was kind of debating between the two accounts. So thank you.