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The Ramsey Show

Don’t Bury Your Head in the Sand – Pay Off Your Debt!

03 Oct 2023

Transcription

Transcript generated automatically by AI and may contain errors.

Chapter 1: What is discussed at the start of this section?

30.44 - 58.152 Jade Warshaw

Live from the headquarters of Ramsey Solutions, it is The Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. I am Jade Warshaw, your host, joined by John Deloney, Dr. John Deloney on the ones and twos. And today we are taking calls about your life, your money, your mental health. So give us a call. The number is 888-825-5225.

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58.132 - 61.216 Jade Warshaw

And, John, today's a big day for you, buddy.

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61.236 - 61.556 Dr. John Deloney

Launch day!

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61.676 - 62.497 Jade Warshaw

Launch day!

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Chapter 2: What is the significance of John Delony's new book?

62.557 - 79.498 Dr. John Deloney

Building a non-anxious life is out into the wild. So if you did not participate in our bribing you to pre-order, then it's at every store you can imagine. Target and Barnes & Noble and Amazon, everywhere. Go pick it up. It's pretty rad. I'm pretty excited.

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79.478 - 85.225 Jade Warshaw

How does that feel, John? Are you just like busting out of your skin right now? Can I slap you just to see if you're awake?

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85.325 - 104.932 Dr. John Deloney

I mean, you slap me all the time, so you can do that again if you want. No, it's actually like a real, it's the next few weeks will be a lot of nerves because it's out there and I can play the music and beat the drum roll out, but the proof is in the pudding. If somebody sits down and dedicates some time to it, which they can never get back.

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105.814 - 116.116 Dr. John Deloney

So it's when people start saying, all right, I need to have a hard conversation with my husband or I got to figure out how to reimagine my life with my kids. That's when it starts. You go, okay, it hit.

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116.737 - 117.438 Jade Warshaw

It hit.

117.458 - 119.222 Dr. John Deloney

Now the nerves start big time today.

119.405 - 132.922 Jade Warshaw

There's no way this is not going to hit, John. I'm so proud of you. I'm so excited for you. Anybody who has not yet picked up this book, I am telling you, please go pick it up. Building a Non-Anxious Life by John Deloney. Today is the Disney.

133.142 - 134.003 Dr. John Deloney

It's out. It's out.

134.424 - 147.64 Jade Warshaw

I'm so excited. I hope that Andrea in Nashville, Tennessee is equally as excited about this book coming out. Andrea from Nashville, what's going on, girl? Hi, thanks for taking my call. We're doing good. You're welcome. What's up?

Chapter 3: How should I approach discussing my debt with my partner?

606.012 - 623.012 Jade Warshaw

Or if I know people are going to be in the car with me, I'll have it on to where it's kind of quiet. And then they'll be like, hey, what is that? I'm like, oh, that? That is the Ramsey show. That's what my brother did. That's how I found out about Dave Ramsey on the Ramsey shows. He had it playing in the car and shared it with me. And that was his median of sharing it.

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623.092 - 634.585 Jade Warshaw

So yeah, like, subscribe, share it. We surely do appreciate that. And with that, let's go to the phone lines. We've got Kate in Albany, New York. What's going on in your world, Kate?

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635.56 - 645.172 Shayna Goldman

Hi there. So I have a bit of debt, and I'm kind of new to listening to the Ramsey Show, and I'm so glad that I found it.

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645.332 - 653.002 Dr. John Deloney

Hey, welcome to the gang. Welcome to the gang. I know, that's right. Hey, we're a weird crew, and so we welcome everybody. We're glad you're here.

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653.102 - 655.906 Jade Warshaw

When you say weird, John, are you just talking about you?

655.926 - 661.753 Dr. John Deloney

No, all of it. All of it. Very weird. But we're glad to have you. We're glad to have you. What's up?

662.594 - 686.205 Shayna Goldman

Thank you. So, um, my husband and I have a bit of debt. Um, I would say he knows probably about three quarters of it. Um, but he probably doesn't know the amount of some of it. Um, And having listened to the show, I know that I need to tell him, um, but I definitely need to get like a game plan in place. Um, you know, from now through to retirement, he and I are both state workers in New York.

686.586 - 695.679 Shayna Goldman

Um, and that's like another question mark too, as far as like, do we hold out for that state retirement and stuff, but we need to take care of what is in front of us first, for sure.

695.819 - 702.709 Dr. John Deloney

Yeah. Big, big question here. It sounds like you have some hesitation to even bring this up to him. Am I, am I reading into that wrong?

Chapter 4: What happens if you don't pay your student loans?

1119.62 - 1120.822 Jade Warshaw

Tell the folks about it, John.

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1120.862 - 1146.607 Dr. John Deloney

Building a non-anxious life. If we couldn't bribe you to buy it on pre-sale, it's now in every store you can imagine. And you can find it at Target, at Barnes & Noble, at Books A Million, on Amazon. Wherever you buy books, you can go to johndeloney.com or amzsolutions.com. No more excuses. And if you're sick and tired. of that burnout, that always stress. There's always electricity in your house.

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1146.687 - 1169.674 Dr. John Deloney

When you walk in to your home, the one place on planet earth where you should be able to drop your shoulders and your bag and laugh, drop your bag, drop your shoulders and say, welcome home. But instead your body tenses up. This book's for you. Go get it, go get it, go get it. It's 20 bucks and probably cheaper other locations, but go pick it up and change your, change your family, man.

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1169.823 - 1182.769 Jade Warshaw

So, okay, this is just for me. I read your previous book, Own Your Past, Change Your Future. I've started this book, but I'm not all the way through it yet. If you read that first book, how is this one totally different?

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1182.985 - 1201.623 Dr. John Deloney

Basically, that first book is a, it's almost a reverse engineering. It's a way to look back and say, oh, this is why all this is happening in my life. And then at the end, in Own Your Past, there's a path there, but it's more esoteric. It's more, start considering some things.

1201.683 - 1202.063 Jade Warshaw

Yes.

1202.083 - 1203.745 Dr. John Deloney

This book is a roadmap.

1203.765 - 1204.265 Jade Warshaw

Step by step.

1204.285 - 1217.661 Dr. John Deloney

It is a blueprint. So as in West Texas, the farmer may say, you're going to head over yonder. That was Own Your Past. This is waves on your phone. It's going to get you exactly where you need to go.

Chapter 5: What debt issues does the caller face before buying a house?

3475.438 - 3504.417 Shayna Goldman

My fiance has about 15,000, um, it's car credit card and personal loans. Um, we have a combined income of, uh, 1 57, um, $157,000. So we just wanted to get our ducks in a row and start to tackle this because we want to buy a house and that's not happening with all this debt. So when are you guys getting married? We're getting married May of next year.

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3504.777 - 3511.508 Jade Warshaw

May of next year. Okay. Sorry, I missed that last part. Can you say it again? Speak directly into your phone.

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Chapter 6: How can the couple manage their combined income and debt?

3512.389 - 3515.434 Jade Warshaw

Yep. Yep. May 2024. Okay, sweet. Um,

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3516.393 - 3540.219 Dr. John Deloney

I'll hop in and tackle the first part. Molly, so I'm telling you this not to put bad vibes out in the air, but only because what we do for a living, we hear the other side of the story so, so often, okay? until y'all get married, I would have his debt and I would have your debt. Yes. Because you don't want to start working on your debt.

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Chapter 7: What are the implications of selling a house before moving abroad?

3540.259 - 3561.684 Dr. John Deloney

Something goes sideways. Heaven forbid it goes sideways, but it goes sideways. And now you're in a legal mess. There's not as much legal protection as if you get married, there's ways to untangle things as awful as that is to think about. Everybody's got a path out. Whereas when you break up, it's just a mess. Okay, go ahead.

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3562.085 - 3572.86 Jade Warshaw

So I want to make sure I understood you clearly about the debt. You've got $128,000 in student loans. I thought I heard you say your fiance has $15,000 in student loans, but then you listed out cars and personal loans as well.

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Chapter 8: How can they buy a house without a credit score?

3574.274 - 3583.174 Shayna Goldman

Yeah, I don't know if I said that wrong. Sorry. So he just has the $15,000 and that's car credit cards and personal. He does not have any student. I'm the only one with student loan.

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3583.194 - 3607.589 Jade Warshaw

Okay, so you guys are about like $143,000 in debt and you'll be making $157,000. So to John's point, I agree. You're keeping it separate. The plan is this. Until you both get married, you're both working the baby steps as individuals. And more than that, yeah, you're doing that. But the conversations that you're having during this time are really going to set you up.

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3608.31 - 3629.014 Jade Warshaw

Those expectations of what you expect, the accountability levels, all of those things are good to start having those conversations now. So you can kind of start to see what each other's identity is as it relates to money. Because you might hear Dave talk about, you know, the nerd and the free spirit and things like that. And there's a lot of that nuance when you come into a new relationship.

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3629.455 - 3646.739 Jade Warshaw

I can tell you when my husband and I got married, I didn't like a lot of... I didn't like anybody telling me how to spend. I'm just going to be honest. I didn't like that. And it made me feel trapped or it made me feel like... I don't know, like I was getting in trouble, you know, when somebody says, hey, you know, make sure you check the account before you spend.

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3647.02 - 3667.048 Jade Warshaw

So understanding those nuances between each other, having those conversations starting today really is going to help you going in explaining, hey, if you're going to ask me, if we're going to talk about money, you know, here are the tones that trigger me and here's why. Like just talking about that as much as possible going in is going to be super helpful.

3667.389 - 3676.139 Jade Warshaw

Kind of understanding each other's background as it relates to money and why you think about it the way you think about matters so, so much. So I don't know. Have you had conversations like that at all?

3677.261 - 3695.276 Shayna Goldman

Oh, yeah. Yeah. So when I started this, I kind of brought it to his attention. Like, hey, I've been listening to this guy, Dave Ramsey. And I just feel like I woke up like and my head came out of the sand. I'm like, holy shit. Like I've been um, you know, with the student loans, not paying anything, but you can't go back in time, right? Like it is what it is.

3695.757 - 3709.288 Shayna Goldman

Um, I, um, on Friday had an interview for private practice. I'm going to be doing a part-time job utilizing my degree and making extra money and all of that is going to get thrown at the loan every month. So I'm excited. I'm motivated.

3709.629 - 3712.431 Dr. John Deloney

What do you make every, what do you make every month as a clinical social worker?

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