Sal
Appearances
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
I'm a barber. I'm waiting to go into work after this. But, uh, I called you today, um, cause, uh, last June, um, I was looking for a car vehicle. Um, I kind of get approved for a car for credit. Um, I'm 23 years old. I've been through debt like twice, like in $10,000 worth. And I've read your book, the snowball method.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
I got out of like a 10,000 debt twice and then I saved my money a little bit for a down payment for a vehicle. I have a son, I have a fiance. I live with my fiance's mom at her house.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
My, my question is I got a loan from my grandpa for like $35,000 for a Jeep grand Cherokee. Um, His folks co-signed for me, but he didn't want the title in his name, so he just paid it off. So I made an arrangement with him to pay him, and he wanted 5% interest. Okay, sounds good, whatever. I paid $687 a month to him with the interest. The principal is like $602.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Because I feel like I'm throwing money. I realize, okay, this is not an asset. It's a liability. I make a decent amount of money where it's like I'm good at saving, but then I save more. I want to get my own house, my own property with my wife.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Yeah. And my family's against me because I said, like, okay, I might as well go to CarMax, sell it. All right, I'll take $8,000 loss. That's fine. I will pay my grandpa back in a few months. Then I'm out of that debt, right? Yeah. And then, whatever, I'll carpool my wife or I'll buy a beater. Buy a beater.