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Chapter 1: What advice is given for budgeting on an irregular income?
Live from the headquarters of Ramsey Solutions, broadcasting from the Pods Moving and Storage Studios, it's the Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. Jade Washall, Ramsey Personality, is my co-host today. As we answer your questions about your life and your money, open phones at 888-825-5225. Beware. We love you so much.
We're going to tell you the truth. Wyatt is with us. Wyatt is in North Dakota. Hey, Wyatt, what's up?
I'm good. How are you doing?
Better than we deserve. How can we help?
So my old lady and I are talking about getting married.
How old are you?
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Chapter 2: How should couples handle finances when planning a wedding?
I am 28.
So how ancient is this woman, this old lady? She's only 25. Oh, she's ancient.
She doesn't know that he called her the old lady.
I'm telling you. We were thinking about getting married until Wyatt got on the Ramsey show and called me an old lady. Okay, anyway.
So we're thinking about getting married. We're up here in North Dakota working in the oil fields, making pretty decent money. We'd like to kind of simplify things and combine our income to be able to pay off debt quicker. Okay.
I had talked to her about just going down to the courthouse quick, getting it done, and then later on, after we're completely debt-free, saving up and having a big ceremony, as big as she wants it and everything. But I can't quite convince her. You sound just like a guy.
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Chapter 3: Should you prioritize paying off debt or investing?
He's so romantic.
You're such a guy.
She more wants to go... She's all for eloping and then paying off debt. Well, what's the difference? She wants to go on a small vacation.
Oh, okay. Look, for me, I like... If somebody says, hey, I want to delay the big expensive party until later, and for now, courthouse, eloping, whatever... I just want to make sure you're doing it because you want to get married, not because you want to pay off debt faster. I feel like there's a little bit of motivation behind that.
And my guess is that's maybe the part that doesn't sound as romantic for her. If you're putting it to her and serving it up on the platter of, hey, honey, we can pay off our debt faster if we just go down to the courthouse and get the paper, as opposed to, I want to marry you today. I don't want to wait and save up money. I'm ready to put a ring on your finger today. That feels different.
So maybe just frame it up a little differently for her.
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Chapter 4: What are the implications of keeping a home as a rental versus selling it?
Yeah, you're trying to sell this like a joint venture.
I wanted to do it as cheap as possible.
Okay, so what do you guys make?
Combined, $240,000.
Good Lord. Okay, and how much debt do you have?
About $205,000 combined.
Okay, and so you're in North Dakota, so you hop a jet for the weekend and have a nice weekend in Vegas and spend $3,000 or $4,000, right? out of 240. And this is the first time in your marriage you will learn the lesson, happy wife, happy life.
exactly okay but please don't say to your wife i want to get married as cheap as possible like let that keep that in your heart yeah that's that's good that's good lady advice for you there okay yeah yeah yeah you can't make it sound like a business transaction and go hey let's let's do this and we'll have a big party next year too but spend a couple of grand you know three three grand and
buy you some airline tickets a nice place and go to vegas or go to whatever's i'm thinking of what's handy to north dakota okay yeah but i mean pick you out a spot and uh you guys go to yellowstone i don't care whatever it is but get you know make it a nice weekend that's a notch above the courthouse but still 15 notches below the expensive wedding
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Chapter 5: How can you effectively budget when income varies weekly?
Come on!
Look, not me. I'm not the one.
Christopher is with us. Christopher is in Charleston, South Carolina. Hi, Christopher. How are you?
Hey, sir. Doing well, Mr. Ramsey. How about yourself?
Better than we deserve. What's up?
Well, sir, I'm moving to Oklahoma. My family's moving into, we're downsizing a little bit to a less expensive home. And so basically when all is said and done, after we sell the house in Charleston, we'll have just enough money to pay off the house in Oklahoma completely.
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Chapter 6: What strategies can help manage expenses during financial uncertainty?
Wow, that's awesome.
Without pushing our emergency fund. That's awesome. Yeah, which is great. Thank you, sir. Yeah, we're really excited. I'm on baby step number six, so this could be a really big moment for us. Thing is, I'm a husband and a father of two. We're looking to expand our family. We are going to need to buy a minivan, and then we also do need to do some renovations on the house. So is it worth it?
So my question for you is, should I just throw all my money at the house, get it totally paid off, and then figure out the car and the reno later, or should I figure that stuff out first and accept an outstanding mortgage on the house.
Wow. How extensive a renovation are we doing?
Chapter 7: How can you prepare for potential financial challenges in the future?
Are you moving her into some kind of shanty?
No, sir, not at all, not at all. They're wrapping up an inspection this afternoon. We probably will need to replace some flooring. There's a couple other things we want to do, but I'd say probably about $10,000.
And what's your household income going to be in Oklahoma?
$100,000. They're actually probably closer to $95,000. Okay.
And what do you need to spend on the minivan?
Well, they're pretty expensive right now. I'm thinking to get something that's not going to break down all the time that's going to meet our needs. I would think about $30,000.
Yeah, there's lots of $20,000 that don't break down all the time. This thing that break down all the time is kind of an exaggeration.
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Chapter 8: What are the benefits of having a financial plan in place?
They all break down, even the new ones, but you know, yeah, there's lots of wonderful $20,000 events. Okay. So, uh, and you have two kids currently in the third is not on the way yet.
Not on the way yet.
That you know of. Okay.
All right. That's what I know of.
That's right. And so, yeah. So I'm paying off the house. I'm going to do the renovation. Then I'm going to move up in van.
That's what I do.
All with cash.
I mean, because you're going to roll this equity from the previous home into this home. I mean, you're not going to have any payments.
No payments in the world. You're baby step seven.
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