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Chapter 1: 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. I am Jade Warshaw, one of your hosts for the day. Joined next to me is Dr. John Deloney. What up? Your other host for the day. That is his voice that you hear if you're listening on podcast.
And hey, if you're listening on podcast, try checking out the YouTube show because it's amazing. But if you want to talk to us, give us a call. The number is 888-825-5225. We will chop it up. We'll talk about your life, your money, and the good doctor is in so he can talk to you about all those things that involve relationships and mental wellness. Love it.
John, let's get to these phone lines right away, shall we?
Let's do it.
Let's go to Brian in Los Angeles, California. Hey, what's going on, Brian?
Hey, how's it going, guys? Thank you for taking my call. So I got a quick question. I'm on baby step two. I have one credit card left with about $12,000 on it, and then I have a car loan with $49,000 left on it. My wife suggested we refinance the car loan when we're done with that other credit card to try to get the payments higher and paid off sooner.
But once we're done with that credit card, I believe we might be able to see double or even triple what the payment is.
Right.
I was thinking of what would be the best option for that car loan.
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Chapter 2: What options do I have for paying off my car loan?
Zipping on grape juice. Lay back. It would be not cool at all. At all. Not cool.
But it'd get you out of debt.
There's no way you're going to do it. I know you're not going to. I know you've got a $7,000 car, $9,000 car, and you've got this nice suburban out there. You can fit everybody in it. You kind of feel like a little bit of a miniature baller. You're not going to sell it, but Jade and I are both telling you this would be a way to accelerate freedom in your house.
Well, what if I'm upside down on it?
How upside down?
It's not worth it. About, I think it's like $7,000 or $10,000.
Sweet. Take one of those cars out of the driveway that's just sitting there.
Yeah. You have options.
Yeah, I was thinking of doing that, sending one of the cars that we do have that paid off.
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Chapter 3: How can I effectively manage my family's financial contributions?
Here's our values outside of this pot. How are we going to live those things out? And he is saying, I don't care what your values are. I'm going to go do what I want to do when I want to do it. That's not good.
Yeah.
Right.
Yeah, I agree. I also think, though, like, where do they start? Because on the one hand, you say, I think he if he just contributed anything. But reading this, I have a feeling if he if he made $40,000 a year, she'd be like, no, that sucks.
I bet not.
You bet not?
Yeah, I bet if he did anything. I think there has to be a, this is one of those, I normally will say, you gotta stop the dance, right? You gotta turn the music on, turn the music off, turn the lights on. What I mean by that here is, this is a moment where you say, hey, starting next month, I'm pulling, I'm gonna open my own checking account. Oh, you think so?
And we're gonna split this thing up and we're gonna have a hard conversation about contribution and participation and what love looks like in our home. Because this is a recipe for not just a divorce. This is a recipe for an implosion. Somebody's going to do something dumb if they're not already doing something dumb.
Okay, so that's step one. What's step two? Some sort of counseling, right?
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Chapter 4: What are the best strategies for handling family loans?
You're going to change the terms, sit down and change the terms like adults. But you got to go first and say, I messed this up.
All right, all right. You're listening to The Ramsey Show. I'm Jade Warshaw. This is Dr. John Deloney. We're taking your calls, America, or wherever you want to call in from. Just know that the number is 888-825-5225.
John Deloney, I'm so excited because tomorrow morning, George Camel, fellow Ramsey personality, George Camel and I are going to be doing this really cool bonus hour that we're calling the Every Dollar Bonus Hour, where we're coming in at... nine in the morning. Yeah. 9am Tuesday, the 27th. And we are helping people live on YouTube with their budgeting questions.
Now you might be thinking, okay, Jade, what's the big deal? That's what the Ramsey show does. This one is different because A, we're going to have every dollar pulled up live. Like they're showing it on the screen right now. We're going to have every dollar pulled up. So when you ask the question, we can actually show you, you'll be able to see it
In real time, like, hey, Jade, you know, I have a problem with irregular income. What am I supposed to do? We'll actually be able to show you in the app every dollar how to do it. You can ask whatever question you want and we'll be able to actually let you see it, which I think is a big piece to learning. It's one thing to hear it. It's another thing to see it happening.
And so I'm really excited because I think that's going to really help people get their budget and their money on track.
once we've all been to like work presentations where some guy gets up and starts talking you through like uh like a tech thing he's like when you're gonna want to click on the third box and by the time i'm snooze yeah i'm just falling out so yeah i've been able to watch you guys do this will be fantastic i kind of feel like you made it sound like it's the same thing though
No, I'm saying like, if I'm sitting here, you're like, okay, when you get to every dollar app, you're going to open it up. You're going to like, ah, you already lost me, but Hey, you guys are going to sit here and answer questions in real time. I'm going to show you now I'm in on that.
And every dollar is really, it's just, it's intuitive. It's brightly colored. Like, I feel like there's things that are going to make you stay engaged. Plus it's your question. It won't just be us just talking about it. Like we're not going to just be yapping about budgets. It'll be because of your questions. So come join us tomorrow, Tuesday, February 27th at 9 a.m. Remember, it's on YouTube.
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Chapter 5: How can we align our financial goals during challenging conversations?
You're both great people. It's just a matter of saying, okay, for this season, can we align our energy in this direction? That's not the direction we want to go forever, but just for right this second.
And you said something really important that I think everybody needs to hear when you're heading into these hard conversations are the ones that you're kind of apprehensive about with your spouse and,
start with hey what about this scares you and it could be i don't want our kids to get behind because if they get behind in school then this they're not going to algebra and then all of a sudden they're not going to get into the college okay we're going to be okay there or maybe it's something more um existential maybe it's bigger maybe it's more x or y or z but let's start with hey what's scaring you to death about this not here's the plan let's do the play you see what i'm saying
Yeah, I can come across the way you just said it.
I know you can.
I try to bite my tongue a little bit, you know what I mean?
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Chapter 6: What fears should we address when discussing debt with a partner?
Yeah, totally. But here's the deal. By not biting your tongue, your wife is looking for some sort of strategic direction, and because you hem-haw around it because you don't want to come across as a guy who's an active military guy with, here's the plan, let's execute the plan. So you end up handing her no plan and that's when fear takes over sometimes.
So let's sit down and co-create one together and start with, hey, what scares you to death about this? You say, we owe 60 something thousand dollars and I can't breathe. And I don't feel like I'm being a good husband or a good dad chasing this debt around. Now you go. What scares you to death? Here's our kids, someone else raising our children. All those things factor into it.
And once we get the fears out of the way and on the table, everybody's got fears on the table, now we can start together co-creating a plan. And then we're just going to follow the plan and knock it out. You'll get there.
Chapter 7: How can we co-create a financial plan together?
What do you think, Jade?
I love that. I think just remembering everything is short term. It's temporary. It's not going to be like this forever. And just always remembering that some people are just afraid of the unknown. I've never had to work this hard before. I don't know what it's going to feel like. I've never had to have two jobs. And that's fair and that's OK.
But I think together you guys will be able to work through that. This is The Ramsey Show. What's going on? This is The Ramsey Show. Thank you for listening.
Chapter 8: What steps can we take to overcome overwhelming debt?
I'm Jade Warshaw. He's Dr. John Deloney. Give us a call. The number is 888-825-5225. And we'll do our best to hook you up with the right advice for your situation. Let's go straight to the phone lines where we've got Chantel in Charlotte, North Carolina. What's going on, Chantel?
Hey, I have Kind of two questions. I just recently cashed out my retirement from an old job. I paid off my car because I had a $700 a month car payment and I was just kind of really struggling like having to work overtime just to make my regular bills instead of working overtime to pay extra. Okay. So I took a pretty big hit. I had about $34,000 in that account.
They took 20% of it, so I was able to cash out about $26,000. So I used that in combination with the money that I had in savings, and I paid off my car. So now I'm just questioning, how do I prepare this next year for tax time? I know there's going to be like a 10% fee.
At minimum.
Yeah. And also... And also, I'm questioning, do I turn around and sell this car and put that money towards my other debt? I do have another 05 Camry that I bought in cash just to run around for work because I drive a lot of miles, but it has 208,000 miles on it.
So you would cash out your whole 401k to pay off a car, then turn around and sell the car? to pay off another debt? That's what we're talking about doing.
Yeah. So I'm torn between, do I keep the car? Um,
Whenever you're in the medical field and you find yourself going down a treatment and the treatment is making everything worse, even if you don't know what treatment to go to, the first thing you do is stop doing the thing that's hurting you. And right now you are spinning out. Okay. You're making some long-term decisions with a very short-sighted, um, with, with a very short-sighted lever.
Okay. So like, just take your hands off the wheel, put your, take your foot off the gas and just slow down for a second. Okay.
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