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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 amazing, healthy relationships. I am Rachel Cruz, Ramsey Personality, hosting this hour with my good friend and fellow Ramsey Personality, Dr. John Deloney. And we are answering your questions, and it's a free call anywhere in the country at 888-825-5225.
So starting us off this hour is Sarah in Charlotte, North Carolina. Hey, Sarah, welcome to the show.
Hello, how are you?
We are doing great. Thanks for calling. How can we help?
Okay, so we have a really old family car that probably doesn't have a whole lot of time left. And we're also trying to save up for Baby Step 3. And I feel like we have to do both at once because our emergency fund is really small and our car is really old. Yeah. So my question is, number one, is that a good idea? Should I be doing them together or should I break them up into separate goals?
And what's a reasonable timeline to accomplish both of them?
Sure. Well, how much do you guys make a year? About $130,000. Okay.
Okay.
And for this car that may be leaving you soon, how much do you think, if you Kelly Blue Booked it, what would you get it for?
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Chapter 2: How can I balance saving for Baby Step 3 and replacing a dying car?
You said $1,400. I was like, man, your kids eat way less than my kids.
No, no, no, no. $14,000. We have five kids.
Yeah.
Yeah, yeah. And I homeschool, so I don't bring in any money, even though I work all the time. Sure. Yeah.
Yeah.
Yeah.
OK, well, here's the deal, Sarah. I mean, your car, we talk about the four walls, food, shelter, utilities, transportation. Transportation is is a to a degree a need. Right. Especially for one car, for one person to leave the home, earn money and come back. But there are a lot of families, you know, I'm not suggesting this, but just say it out loud. People do the one car family a lot.
I mean, that that's a reality as they're in this process.
There's always four or five couples. Somebody's dropping somebody off here at the office because they're trying to get out of debt.
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Chapter 3: What should I do if I have a small emergency fund and a dying car?
Keep it up. This is The Ramsey Show. Welcome back to The Ramsey Show. I am Rachel Cruz hosting this hour with Dr. John Deloney, and we're answering your questions when it comes to life, to money, everything. So, 888-825-5225. It's a free call anywhere in the country. Up next, we have Carly in Fargo, North Dakota. Hey, Carly, welcome to the show. Hi. Hello. Thanks for having me. Absolutely.
Thanks for calling. How can we help?
So I just have a question about me and my husband. We are buying or hoping to buy my parents' house. And I was just wondering if we are ready to do that.
All right. Is your family ready for that?
I don't know. So we would be living with them in the transition of everything.
So you're going to buy their house and they're going to keep living in it?
Yeah, for a little bit, and then they are building and moving.
No, they're not. They're going to stay with you forever.
Oh, stop, John.
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Chapter 4: How can I prioritize paying off debt while managing family dynamics?
Again, if you pre-order, you get a bunch of free great stuff, and it will be delivered in your mailbox October 3rd. Awesome.
And for those of you that can be in the Nashville area, October 5th, we are going to have a Madhouse live event here on Ramsey's campus. October 5th, 7 o'clock. It is going to be wheels off. We're going to have a book launch party. I'll be speaking. We'll have some guests show up. Don't miss it. You can get on RamseySolutions.com and check out tickets and all that. Get tickets there. Awesome.
It's going to be fun.
So great. All right. Up next, we have Casey in Fayetteville. Hey, Casey. Welcome to the show.
Hey there. Thank you so much for having me. I feel grateful.
Oh, well, thanks for calling. How can we help?
Yeah. So, um, I am currently serving active duty in the army. Um, I actually just completed 10 years. Um, thank you for your service. Oh, I appreciate that. Thank you. Um, unfortunately I've sustained some pretty significant injuries that is requiring me to be medically separated, hopefully medically retired, just depending on disability rating and all of that. Um,
My question to you is I have remaining debt that I have is $10,000 in student loans. Um, and I'm kind of in a pickle where I have the money to pay them off. Um, right now, however, um, my situation is if I get a high enough disability rating, the VA takes care of those loans for you. Um, now I expect to be separated probably by next spring.
My guess is March, April, just given how long these things take. Um, Obviously with the, you know, interest rates kicking back in and payments, you know, starting back up in October, it's kind of made me sit down and think about this. Like, do I want to just go ahead and knock this out?
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Chapter 5: What are the implications of accepting financial help from family?
But he didn't want to pay for it. He didn't want to pay for it. Well, can we say this real quick, Lindsay? Let's just say, oh, this is a good problem to have.
Yeah, usually it's the opposite.
Usually it's the opposite. And they're like, my parents have to come and live with us because they're broke. So I would say on the... I don't want to say better or worse side, but we're probably on the better side.
If you have to pick a side to be on, yes.
I would pick your side, Lindsay. Just know that. Just know that.
Yes.
I'm very grateful.
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Chapter 6: How can you balance financial independence with accepting help?
I remember being a young kid, and I went into my granddad's garage, and he had coffee cans in there. And in one coffee can were nails that he straightened. And another coffee can was just string that he picked up when he would go for his morning walks. And I remember asking my dad, why does he have cans of straightened nails and string? And he said, your granddad fought Nazis.
Your granddad knows what it's like to be somewhere and they're coming for you. Your granddad went through the Great Depression. Your granddad understands.
And so that stuff gets- Understands suffering at a level that- There is no stores to buy nails at.
There's no metal left to buy nails, right? And so that stuff is not just a decision at some point. That stuff gets wired into your nervous system when you're a kid. And so I'm thinking about your dad being born, what, in the 40s and 50s in Poland and
Well, he's first generation born here in 41. Okay, okay.
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Chapter 7: What are the best practices for discussing financial support with family?
Same thing, yep.
Okay, with parents that got out?
Right.
Yeah. So he's wired into his little one and two and three and four and five-year-old nervous system. This is how you live because it can go bad at any second, right? And so now he's 81 in the most prosperous time in human history, and his daughter's like, Dad, will you buy a Coke, right? Right? What do you want him to spend money on?
Vacations or if I can find an example like the newspaper that he loves so much, maybe magazines or crossword puzzles or something to keep his brain active.
How much money does he have?
Okay. You may not even know. 160. I'm the person.
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Chapter 8: How can you ensure financial security while maintaining relationships?
160 in cash. Okay. And $30,000 in a 401k.
Okay, so he doesn't have a lot, right?
No, but $400,000 in a paid-off house. Yeah. So his house is paid off.
He doesn't have many expenses.
Right. He's got no debt. He's got very little expenses. Electric, and that's it. The property taxes are reasonable.
And what's he living off of? Social security only.
Well, and so to be stark, he is one heart episode away. He can burn through 160 plus 30 in an afternoon in an ER.
OK.
And so his his his tentativeness is too far by a newspaper for crying out loud.
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