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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, live a life worth living, do work that they love, have great relationships, all of it. 888-825-5225. It's 888-825-5225. We're taking real calls from real people who are going through all kinds of challenges in their life. And we're going to help you out.
Our promise is to sit with you and walk alongside you as we figure out what's the next right step. 888-825-5225. I'm John Deloney, joined here by Jade Warshaw, and we're taking your calls on just about anything and everything. Let's run out to Salt Lake City and talk to the great and wonderful Stacy. What's up, Stacy? Hi. What's up?
nothing much just hanging out here with my son what's up with you we are just hanging out together too how can we help um i am calling because i um my husband and i can't afford child care and we're not succeeding financially we're really struggling and i'm just trying to figure out what better we can do than what we're already doing wow how many kids do you have
Um, one, he was a surprise and he's eight weeks old. Eight weeks. Wow. You guys are in the thick of it. Cool. Um, so what's the solution now? Are you just staying home?
Um, I'm on maternity leave. I'm supposed to be going back to work in about four weeks. Um, I was full time. I'm still technically full time, but I'm, the hope is to go back part time. Um, But it's retail, so it's in person. So I'm looking for something I could do remotely so I could stay home with him.
Okay.
And then my husband works in an office.
So is the issue that you're having a hard time finding the part-time job that you want to make this work? Or is the problem that you're having a hard time finding a daycare price that would work in any case?
I'm having a hard time finding remote work. Um, I'm hoping to work remotely full time. Um, and also I just, um, my husband knew I brought some, a lot of debt into the marriage. Um, and, um, we were working at paying it off. How much is it? Um, between car personal and, um, and credit cards and, um, uh, school probably between 30 and 40,000. Um, we're working on the credit cards first.
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Chapter 2: How can new parents manage financial struggles?
It's not enough.
Yeah. And I don't know that you can... go to not working or even working part-time. I think whatever you do, you're going to need to work full-time until he's able to make that spread as well.
His mommy still paying his truck payment. Could she wash your kid a few hours a day?
No, we're in different States.
Okay.
And, um, yeah, we're, we're in different States and, uh, I am planning on working remotely full time. As soon as I could find something, it's just a matter of finding something.
Okay.
And then just like running out of time. How hard are you looking right now?
Are you sending out 15, 20 applications a day?
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Chapter 3: What are the implications of having a significant amount of debt?
Zero credit score is not even possible. Okay. Tim says, this is absolutely not correct. You need to raise your credit score, not lower it. This explains so much about some people. Derek says, this kind of crap's annoying. While it's possible to buy a house without a credit score, it isn't worth the hoops.
Okay.
Better off with a credit score.
The next one's my favorite.
Yeah. Jacob says, says the woman with tons of assets to lean on and has no need for credit cards.
I can't. I can't. I'm coming out of my seat right now because, and I did reply to that one. I was like, oh, you must not know me or my story if you think I came from wealth and assets. Are you kidding me? I got to throw my pen across the room. Hold on.
Hold on. This cat says, I swear the Ramsey's team's advice on credit is the stupidest beep beep ever. Good luck getting approved for Jack with no credit. That's the whole point.
Here's my thing. Here's my thing, John. And this is crazy to me. People would rather be right. about what they think and about what they know, then be free, then be happy, then be better off in life. They'd rather be right about the fact that there's no other way to get ahead in society than to be strapped with debt for eternity. Like you have to play the debt game.
That's the only, it's the only way to make it in America is to have a credit score. Are you kidding me? You'd rather be right about that. And I'm like, really? You want to be right about something that keeps you in slavery your entire life? Forever.
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Chapter 4: How should couples handle financial decisions together?
Yeah. Instead of sitting down with your wife when your air conditioner goes out and you have become your own bank over 15 years, which is what took me and my wife. And your argument is not, please, please, can I? It's you call. I'm not calling you.
I know.
I don't want to call you call.
I love it.
That's the most annoying fight you have.
Yeah. And I think people forget the fact that when you decide, John, like, hey, we're going to pay off our debt, that simultaneously means and we're not going back into debt and we're not doing this thing called credit anymore. And the biggest argument is, yeah, but if you don't have a credit score, how are you going to live?
And the biggest two areas that people are thinking about are cars and living situation, right? Can you buy a car without credit? Yes, you can. It's called buying a car in cash. And I'm not talking about that you always have to save $40,000 or $50,000 to buy the newest model. The cars that Sam Warshaw and Jade Warshaw drive are from 2013.
And I think we paid less than, I don't know, $20,000 for both. Yeah, each of them. That's how you do this. And don't get me wrong. I could have way more car than that, John. At this point in my life, I just don't care about it that much. So don't tell me it's not possible. You save up your money and it takes time. Let me just say this.
My husband and I, for the first time in our marriage, are a two car family. And that happened last year because that's just the life we chose. We didn't have to do that for that long. But we said, you know, I don't care about going into debt over cars. And when we feel like paying up cash and buying a second car, we will. And that's what you're talking about. You just choose.
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Chapter 5: What should I consider before selling my car to use my boyfriend's vehicle?
So I'm wondering if I should sell my personal car and just use my boyfriend's company car, his personal car to pay off some of my debt.
You want to sell your car to use your boyfriend's company car?
correct i don't think that that's a good idea this doesn't end well yeah because what like this is where my mind goes i'm gonna just say what happens if you get in an accident in your boyfriend's company car which means the company's paying for him to use it for work transportation so i have coverage through his work we actually work for the same company do you have coverage on his vehicle or you have coverage because you just work there
Like you're listed on his vehicle?
Correct. On both of them. So his personal car and his company car. I have coverage.
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Chapter 6: What are the risks of relying on a partner's vehicle for transportation?
Okay. So it's completely kosher. Yes.
And my car essentially is just sitting in the driveway right now. And I don't touch it. So I don't know if I'm losing money by it just sitting there. I still owe on it. So I'm still making payments. But I just... I don't know if it's beneficial to just have my car sitting here and not use it or if I should sell it.
I think that's different. I think that's independent from him. I'm more nervous about you. You're going to be very exposed.
Okay.
And when I say this, you're going to go, not us.
It would never happen. No, I know. I understand. And that's why I wanted to ask.
If you're my sister or you're my daughter or you're just one of my buddies who's a woman, I would tell you...
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Chapter 7: How can I effectively manage my debt and prioritize payments?
if he marries you great y'all make financial decisions together and y'all go in and share a car and all that yeah if it's a boyfriend i mean jade and i would not have jobs if every every well-laid plan ended right and so you're selling your car exposing yourself to him and his company which happens to be your company too it's just a lot of you are hitching your wagon
to some unsecure horses and getting dragged into the wild, right? That just makes me nervous.
What's your car worth that's sitting in the driveway? About $9,000. $9,000. Is it paid off or you have payments on it still?
I'm still making payments. So that's my biggest thing is I'm paying insurance. I'm making my monthly payments and I'm not using it.
And how much do you still owe on it? About $5,000. Yeah, I'm going to keep it.
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Chapter 8: What steps can I take to protect my financial future while supporting family?
I'd pay it off.
Yeah, keep it and pay it off.
How quickly can you pay it off?
So that's kind of the second part of this. I have some debt and I just don't know how to approach my debt and what's the most important thing to pay off first.
Okay, let's figure that out. List your debts for me, just however they come to mind.
OK, so I have credit card, which is about three thousand. OK, I have house. So we actually have a house. So do you want me to include my mortgage?
Who's who's listed on the loan? Both of you are listed on it. Yes. All right, we'll get to that in a minute.
Madison Courthouse this weekend.
Yeah, we'll deal with that.
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