📈 Are you on track with the Baby Steps? Get a Free Personalized Plan 📱Watch the full episode for free in the Ramsey Network app. Dave Ramsey & Ken Coleman answer your questions and discuss: "How do I learn to manage money?" "My abusive ex took loans out in my name," "Should I be ashamed for living in a motor home?" "How do I help a friend with their extreme debt?" "Can I afford a $80K Tesla?" Support Our Sponsors: 🌱 Get 10% off your first month of BetterHelp ◎ Get 10% off Byrna product bundles and more! 🏥 Learn more about Christian Healthcare Ministries 🏡 Get started today with Churchill Mortgage 🔒 Get 20% off when you join DeleteMe 🏦 Go to FAIRWINDS Credit Union for an exclusive account bundle! 🥗 Save 15% on your first Field of Greens order with code RAMSEY 💤 Visit Helix Sleep for special offers! 🗂️ Use promo code RAMSEY for 18% off at The Nokbox 💵 Learn more about Timothy Plan 🏛 Get started with YRefy or call 844-2-RAMSEY 🔐 Visit Zander Insurance for your free instant quote today! Next Steps 📞 Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET or click here! 🛒 Shop weeklong Cyber Monday deals starting at $10! 🏠 Get organized and prepared to buy or sell a home. 💵 Start your free budget today. Download the EveryDollar app! 🎁 Cyber Monday Extended Deals as low as $8 🎄 Hurry—Your chance to win $5k is almost over! Enter the Ramsey Cash Giveaway today! Listen to more from Ramsey Network 🎙️ The Ramsey Show 🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💸 The Ramsey Show Highlights 💰 George Kamel 💼 The Ken Coleman Show 📈 EntreLeadership Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices
Chapter 1: How can I learn to manage my money better?
So I'm a 21-year-old girl. I'm not planning to go to college anytime here soon. And I recently started getting all my money. My dad would get my money before because, you know, take care of expenses and stuff. And I thought I knew how to manage money pretty good, but it turns out I don't. So basically, my question is, what should I, as a 21-year-old, be doing to build wealth at this point?
I have about $6,000 saved, and yeah.
And you're working?
I have a car. Yes, I work four days a week, 15-hour-a-day job.
What do you do?
I work for my brother at his apple orchard.
So what do you make?
Yeah, $15 an hour. It's not steady income. Like in the wintertime, I make maybe $1,500 a month. And then in the busier times of year, I make maybe $2,500 a month.
What specifically are you doing for him?
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Chapter 2: What should I do if my ex took loans out in my name?
But you're not a victim, okay? You handed her the card. You knew this was going on. The only thing you're a victim of is being engaged to an idiot. And you're not the first one that's ever happened to. So, you know, roll up your sleeves, hon. Get on a detailed, tight budget and get as many extra hours as you can, as much extra income. Don't go out to eat. Don't talk about vacations.
Talk to your supervisor about I'm not working 80 hours. You're going to have to have some kind of a different plan here because 80 hours for 55 grand don't cut it. The work you're doing is very important work, and it's very good work. You're taking care of kids who have been messed up. Thank you for doing that. You've got a good heart. But also, you cannot sit and be a victim of $17,000, man.
I mean, seriously. Let me help you with this. $2,000 a month, and you are done in eight months. That's all you need, and you make $55,000. So this is very doable. You should be done with this in six months and then have zero debt. But this debt represents all this pain in your life, and so it feels bigger than it is. Mathematically, it's tiny. Emotionally, it's huge.
And that's why you act like it's some kind of big monster. It's $17,000. And, you know, no, I'm not staying in student loan debt for 10 freaking years for $7,000 worth of forgiveness that probably isn't going to actually come because you're probably not going to cross every T and dot every I. A high percentage of people that run that game don't end up with the forgiveness at the end.
So you don't want to get in that game. You want to get in the game of I'm going to knock this out, put it all in the rearview mirror, move forward in health and with with enthusiasm.
Yeah, I can feel the stupid tax. We've all done stupid, every one of us. And that's what you're feeling. This is a breakup. She took your card. And so you've created this narrative. The way you led the call is that you have been victimized. And in all reality, you haven't. And I think Dave is absolutely right. The more you can quickly go, I've got to get a victory.
And if I were you, I would go sell something today if I could sell it for $500 or if I could sell five things for $1,000, get a quick win and put $1,000 down on this debt. You need something to get those shoulders back a little bit. And there's nothing wrong with you. You aren't drowning in this. This is all a mindset because of what's happened to you and the way it happened.
Learn from it, but get a quick victory. Like, happen to this.
Don't let life happen to you anymore. So, quick lesson, folks. You need to have Zander Insurance's identity theft in place. I do, because they will take over an account that is actually identity theft. His wasn't. But actually is identity theft. They'll take it over, and they'll deal with the banks. The banks will lie to you and tell you you're responsible for identity theft. You're not.
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Chapter 3: Should I feel ashamed for living in a motor home?
investments like your personal residence going up in value and the problem with a stinking mobile home is they set it on a piece of dirt and the piece of dirt goes up in value faster than the mobile home goes down so it gives you the illusion you made money you didn't the dirt just saved you from your stupidity So don't buy mobile homes. Now, he didn't buy one.
Mom and Daddy gave him a whole $4,000 one. This is not a, you know, this is not, they didn't give him the Taj Mahal of mobile homes for sure. But that's the deal, guys. It's real simple. That's why we tell people to do that. Go buy things that go up in value. This is what rich people do. That's how they became rich people, and that's how they get rich, get richer, and the poor get poorer.
This is The Ramsey Show. 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. Open phones at 888-825-5225. Ken Coleman, number one bestselling author of the book Paycheck to Purpose, host of the Ken Coleman Show here on the Ramsey Networks. He's my co-host today. You jump in.
We'll talk about your life and your money. The phone number is 888-825-5225. The call is free, and some say the advice is worth exactly what you pay for it. James is with us in San Diego. Hi, James. What's up?
Hi, Ramsey. This is a pleasure to be here. I really, really love what you do for people. Well, thank you. I'm super nervous right now.
We haven't lost a patient. You'll be okay. What's up?
So this call isn't for me. I have a buddy that's very financially literate, and they've made some very poor financial decisions over the last few years. And I guess to start with, I guess where to begin is they have right now currently $37,837 of debt. Their minimum monthly payments for those debts is $1,743. Okay.
Their gross monthly income approximately is around $100K a year, plus or minus a couple thousand. They have a mortgage. Right now they're behind one month on their mortgage, so they're currently at $1,500 a month. That's what they're behind normally. It's $1,250. With all their basic household bills, they're looking at around, I think, $4,000 a month or $4,500 a month.
Um, so my thing for them is they have two kids they've recently had over the last two years and they find a struggle to be motivated to go to their job. Uh, well they go to work, but they allow overtime and he could work a little more than he is now. Um, but I guess the problem with them is they're just kind of stuck in this hole. They're about negative $700 a month.
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