Focused Intensity Over Time Will Move the Needle
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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?
So it's actually seminary, and the way it works, we're Orthodox. The way it works is that we go under our archdiocese, and so they will be paying for all the seminarians in our archdiocese.
Okay, so no cost to you guys.
What about the student loans that you have now? How much is that?
Yeah, I have $30,000 in student loans.
Any other debt?
And then credit card debt is $9,000.
Okay. And is he able to work at all outside of school?
Probably during the summer. I know that they have connections for the seminarians during the summer.
But is he taking classes 40 hours a week with no time to take a part-time job on top of that?
Yeah.
Yep. And are you working outside of the home?
No, I work from home mom, so we don't worry about child care. I have a flexible schedule, and I'll be able to keep my job.
What will your income be?
Right now, I'm making $3,000, but it will probably go up in the next six months, probably double.
Because of what?
I'll be able to go full-time. Ah, okay, great.
And is that your take-home pay per month? Yeah.
So I'm a 1099, so I do have to account for taxes.
Oh, boy.
After taxes, what would you estimate it to be when you go full-time?
I don't even know yet.
Okay.
My guess is you're looking at probably closer to 2200 take-home. Yeah. Is that enough for you guys to live?
So seminary is being orthodox. It's literally giving up everything to go. It's not like normal Protestant seminary. It's truly giving up everything. They're not covering your housing or anything, right? They have married housing.
So you're not needing to pay rent or anything?
We will, but where we're going, it's a lot cheaper than where we are now.
When does that start? In a year. Okay. So let me just make sure I get a whole idea of this. He doesn't start this for one year. So you're wanting to pay off as much debt as possible so that when you get to this seminary time, you have less debt. Yeah. And then how long does seminary last? Three years.
Okay. And what does he make now?
Not much.
What's he doing?
Not what I make. Everything that he possibly can. He graduated a year ago from his undergraduate and it's been very hard for him to find something that... Well, what was his undergrad in? History.
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.
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Chapters
8 chapters
1
What topics do George Kamel and Jade Warshaw cover in this episode?
0:30–5:10
2
How can Lydia eliminate her credit card debt quickly?
5:10–8:33
3
What advice is given regarding student loans and income during seminary?
8:33–9:42
4
What should you consider when receiving an inheritance?
9:42–56:20
5
What happens to the car if my mother can no longer drive?
56:20–56:43
6
How can I remove my mother's name from the car title?
56:43–57:34
7
What financial steps should I take after bankruptcy?
57:34–59:17
8
How can I effectively budget after getting out of debt?
59:17–1:52:13