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Chapter 1: What topics do George Kamel and Jade Warshaw cover in this episode?
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 relationships. I'm George Campbell, joined by the Jade Warshaw this hour, and we're taking your calls at 888-825-5225. Ring us up. We'll talk about whatever's going on with your life and your money.
And Jade, it was a fun week last week, pre-launching my new book, Breaking Free from Broke. Thank you to the thousands who have already pre-purchased to get all the bonus items. You get audio book, e-book, access to my new talk, three months of every dollar. There's so much in there. I forget how much.
That's a lot. Look, there's no reason that you shouldn't pre-order this book today with $100 in free bonus items. It's a no-brainer.
It's a win-win. This is like total money makeover meets complete guide to money meets the fine print and borrowed future meets my YouTube channel. A lot of information. It's eye-opening. It's motivating. A lot of humor, empathy, snark, and research. So you're going to love it. I guarantee it. There you go. Go check it out. RamseySolutions.com slash store and get your copy.
All right, let's go to Lydia out in St. Paul, Minnesota. What's going on, Lydia?
Hey, thanks for taking my call.
Sure. How can we help?
So I want some advice on a one-year game plan. We have some credit card debt. It's about $9,000. My husband and I are moving so he can go back to school and he won't bring in some income, at least during the school year. So we want to figure out how can we eliminate most of this credit card debt. I do have a little bit of student loans as well in the next year.
How are you paying for school?
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Chapter 2: How can Lydia eliminate her credit card debt quickly?
Oh, boy.
Yeah. So what was he doing?
Teaching?
No, no, no. We thought about waiting about five years so that way he could find some work. but it has been very, very hard. And so one day we were like, maybe we should just go earlier. And so we've spoken with a lot of people and they said, before you have more kids, before you have to, You know, think about other things, educating your kids and all that. Maybe go... Look, I disagree.
I'm going to be honest with you. I think I disagree. I think that you guys have a mess that needs to be cleaned up, almost $40,000 of debt. And you guys have not figured out how to make an income as a couple yet. And I think that you need to figure that out for a couple of reasons. A, when you... enter life as an adult and you get your big girl and big boy job. And you're like, you know what?
Okay. I've established my value in the market as far as what people will pay me to do a job. There's a certain level of confidence that comes along with that. And I think going from that into seminary is going to make you guys feel far more confident going forward and, As opposed to it kind of being like, well, he wasn't able to get a job. Let's just go ahead and try seminary.
And then it puts you up against this clock of, okay, we have one year. And then, because what happens if you don't pay off the debt in a year? Because on $2,200 a month, that's going to be very difficult. Mm-hmm. And so that's, I mean, you called us, that's my two cents.
I understand you said you have a lot of other folks giving you some other advice, but if it were me, there doesn't seem to be any reason for him to quickly go into a season of not making income for three years. That's just me.
Yeah, what is the purpose of him going to seminary? Where did this come from?
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Chapter 3: What advice is given regarding student loans and income during seminary?
And we've got to do some homework here before we take this next step, but I'm doing everything I can. I'm pausing this dream until we get this debt paid off and get a good financial footing under us. Thanks for the call, Lydia. This is The Ramsey Show. Welcome back to The Ramsey Show. I'm George Campbell, joined by Jade Warshaw this hour. The number to call is 888-825-5225.
Well, Jade, about 4,000 people sent me this article. Our team was buzzing about it. This was big news last week. Yes, it was. Here's the headline. Intuit to close Mint and migrate users to Credit Karma. Budgeting app Mint will be killed off on the 1st of January with users invited to migrate their data to Credit Karma. Ooh, how inviting that sounds.
I never would.
Give me your data. That's what it feels like. Gross. Last year, the Mint team was integrated into Credit Karma as Intuit looks to combine the former's money management products with the latter's technology and product ecosystem. Let me tell you what their product ecosystem is, by the way. It's debt.
That's their entire business model is luring you into different loan products, credit card products, and debt products.
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Chapter 4: What should you consider when receiving an inheritance?
So don't fall for it.
Credit Karma has never been a budgeting platform. Ever.
Everyone uses it to keep up with their credit score, which is a waste of brain calories in my book.
Help me understand.
Okay. So, yeah, they go on to say Credit Karma will use customer data to do things like suggest people use a different credit card to maximize their rewards opportunities or flag when they're about to be in a cash crunch. That's sad.
Yeah.
That's not budgeting, by the way. And so what they're moving people to is not a budgeting app at all. No. No. That's rough.
It's just really a way to monitor how quickly you're going into debt.
It ends with, however, users will no longer have the ability to set monthly and category budgets, instead getting a simplified way, quote, for you to build awareness of your spending and track your savings.
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Chapter 5: What happens to the car if my mother can no longer drive?
Yes.
Okay. Unless there's something else dictated in her will and wishes, it's your car.
Okay. I mean, isn't it your car now? It is in both of our names, yes. I don't think she has a will, but I am the power of attorney for my mother.
Chapter 6: How can I remove my mother's name from the car title?
Okay. Is she still driving?
No, she can't drive anymore.
So we're paying monthly payments on a car that's just sitting there?
I'm driving it. I'm using it. I take her to and from, you know, whatever she needs.
So you don't have a personal car?
This is the only car I have.
Okay.
What does it take to get her name off of it? Just to make it clean?
I don't know how to go about that, and if I can, I don't know.
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Chapter 7: What financial steps should I take after bankruptcy?
um the payoff is 23 that's still the amount okay and what's you're not sure what it's actually worth if you sold it private party yes i did the kelly blue book and it shows about 17 to 19 okay i'm like upside down about 4 000 yeah somewhere there and what's your income My income is about $6,000 to $6,500 net a month. Okay.
Is this your only car or do you have another car that you were driving before you signed up with this one with your mom?
I have another car that has like $3,000 on it and my daughter's using it. How old's your daughter? She's 24. She's 29.
What would it look like? And what's her financial situation real quick? Can she afford her own car?
Not at the moment, no. Here's what I'm getting to.
I would love for everybody to have their own cars. I would love for your 29, almost 30-year-old daughter to have her own car that she pays for. I would love for you to then have your car back that you bought and only owe $3,000 on it. And then I would like you to get rid of this car that you got with your 83-year-old mother who no longer drives.
That's an ideal setting in my mind because right now it's kind of a little bit of a spiderweb.
I thought about that, honestly, but I'm kind of like so bad because she'll be left without a car and she is working. So I don't know. But she's working, right?
Does she have kids?
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Chapter 8: How can I effectively budget after getting out of debt?
No, no kids. Okay. She's a fully grown woman who's got a job. I don't think you should feel bad about that at all. I think you should feel like, wow, I have confidence in my daughter that she can make it in the real world and pay cash for a car that she can afford with her job. Sure. You know what I'm saying?
Do you have any other debt?
A lot of other debt, yes. And I have been listening to the show for a while now and have made so many mistakes. And now I'm back again. I'm following the Ramsey solution way. Good. And I've put my debt together and I kind of have numbers if you want.
Well, I'm wondering, are you able to pay off this car in a year or two?
No, I don't think so.
If you can't pay it off in the next year or two, I would sell it. And I would scrape up together the money that you're underwater on. That's $4,000. Scrape that up, sell the car, be done with it, and get a beater car for now until you can upgrade. What's the payment?
My worry is about I had a beater car and I got rid of it because they break down and I can't afford to fix it. So that's what made me go in there and get the new car out again.
Sorry, I'm changing. I'm going in another direction. How long has your daughter had the $3,000 car? Has she had it for a long, long time?
Just about a year now. She's making the payments and paying insurance. And is that in your name?
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