Don’t Be Your Own Worst Enemy!
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What is discussed at the start of this section?
Live from the headquarters of Ramsey Solutions, it's The Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. Not the fake kind, the real kind. I'm your host, Jade Warshaw, joined by Rachel Cruz, host of The Rachel Cruz Show that you can find on YouTube. Also, Smart Money Happy Hour. Love that. Also, the author of I'm Glad For What I Have. Listen, the list goes on.
Oh, Jade, it's good to be here with you.
Love it. All right. If you want to talk about your life or your money, you can give us a call. The number is 888-825-5225. And we will do exactly that. So let's go straight to the phone lines where we've got Nicole in San Francisco, California. What's going on, Nicole?
Hi, Jade. Thanks for taking my call. No problem. So my question is, I live in a very expensive area. half of my take-home check goes to my rent. I work remotely, so it's kind of ridiculous that I'm staying here. And I'm thinking about moving to Texas. I see that the new constructions in Texas, they have lower interest rates, like 4.9% interest rates, whereas the interest rates right now are 7%. And I'm wondering if that's too good to be true. Why are the new construction interest rates
so low and attractive and it should it be something that I pursue I have heard of new construction being able to offer lower rates I guess they're eating that cost at some point within the process I just love that you're looking at your situation and saying listen it's too expensive for me to live here rather than continue to struggle I'm gonna embrace new opportunities so I don't think it's too good to be true does your question go further
Um, no. Yeah. I was wondering if there was like some sort of trick that they're doing that I'm not understanding. Um, you know, also it's a, it's a big move for me and it's something that I want to do because I am single and just live by myself and my dog. And, um, if I were to move to Texas and save money, I'll be able to pay for egg freezing, which is something that my job doesn't help pay for. And it's also something that I was, Like, I know I don't want to finance it. They have a lot of payment plans for egg freezing. And it's something that if I moved to Texas, I could save money because, I mean, even a mortgage payment is going to be way lower than what I pay for rent right now.
Yeah, and we're seeing that, Nicole. I mean, like your situation, it's very common. And we're seeing that a lot with people in these, like, really high-priced areas, especially where you are, San Francisco, the Bay Area. I mean, I think it's number one right now in the most expensive places to live. But you look at people in New York and different places, and we're seeing that people are gravitating, obviously, to places that they can actually have an affordable lifestyle and actually enjoy their money versus being taxed high, real estate being insane, and experiencing exactly what you're experiencing. So just know you're not alone in that change, even though that's a big change. You're right. I'm like, when you decide to change locations and states and
It is. I mean, you're uprooting your life. But I think what you have to realize is you're doing it for a reason, right? You're not necessarily running away. from something, right? You're running to the life that you want. And in order to get that and do the things that you want to do, like freeze your eggs and different things, you have to have more margin. And so that means other areas of your life are going to have to look different in order to do that. And so you're just kind of weighing the pros and cons. And I really applaud you for that. And it's not easy. But it's a reality. I think a lot of people, a
100%. And here's the thing. Even if you get there and you realize, oh man, whatever they quoted me on the interest rate, it's slightly higher or it's not quite that. It's still a better situation financially. You're still going to get more for your money. You're still going to be able to afford... owning a home or getting a place for yourself more easily.
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Chapters
8 chapters
1
What is discussed at the start of this section?
0:29–5:00
2
What financial challenges does Nicole face in San Francisco?
5:00–13:13
3
Why should you consider moving for financial reasons?
13:13–28:23
4
What advice is given about financial decisions and relationships?
28:23–54:22
5
What strategies can help improve financial communication in relationships?
54:22–54:45
6
Why is it important to avoid withdrawing from retirement savings?
54:45–55:14
7
What are the consequences of taking a hardship withdrawal from a 401(k)?
55:14–55:40
8
How can setting financial milestones help during debt repayment?
55:40–1:52:19