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Chapter 1: What is the main topic discussed in this episode?
Live from the headquarters of Ramsey Solutions, broadcasting from the pods, moving and storage studios. It's the Ramsey Show, where we help people build wealth, do work. that they love, and create actual amazing relationships. Jade Warshaw, Ramsey Personality, is my co-host today as we answer your questions about your life and your money. Open phones about 888-825-5225. New Orleans is calling.
Brittany is with us. Hi, Brittany. How are you?
Good. How are you, Dave? Thank you guys so much for taking my call.
Our pleasure. How can we help?
All right. So I'm on baby step two currently, but I'm looking to move closer to my job. I currently have about an hour and 30 to two hour round trip daily that I take. Moving closer will put me at about a 30 minute commute daily. But the kicker is currently I'm only paying $800 for rent, but I do spend about $600 on gas every month.
Moving, I would go up $700 in rent, but I would probably cut my expense on gas to $300. I currently make about 10 to 12 K a month, but I have about 50,000 left in debt to pay. So I'm trying to decide on the best. I am a school social worker. But I do have two other jobs that I'm working right now to kind of get out of it, except to a little quicker.
So if I did that math right real quick, it's a $450 swing that you would lose by going 30 minutes closer or by getting it down to 30 minutes.
Yes. And you're making $10,000 to $12,000 a month.
Yes.
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Chapter 2: Is it worth it to move closer to work?
I currently stay in a small town, Thibodeau, Louisiana. Yeah. But I work in Destrehan. You work in what?
In Destrehan.
Oh, yeah. Okay. All right.
How much debt do you have? You said you're in Baby Step 2. How much do you have? Yes.
$50,000.
I have about $50,000. Okay. I missed that. Okay. Yeah.
So, yes, you need to do something, okay? I wouldn't commute an hour and a half in the New Orleans market. That's not a normal commute in that market. It might be in L.A., but it's not in New Orleans, okay? So, I commute 12 minutes, so I'm not going to do this, okay, period.
I'm going to suggest you do something that direction, but I'm also going to suggest that you shop more and find something closer to a thousand, which makes this make a lot more sense. So what I'm challenging actually more than the idea of moving is the idea that you have to move to that particular place. That particular thing.
So I want you to go find a rich old lady in Bethlehem that has a garage out back with an apartment over it that a friend at the church tells you about that's never been on the market for rent. And you go out there and you rent from her for $800. I want you to find the weird thing like that instead of just walking up to the shiny apartment complex that has a management team out of Atlanta.
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Chapter 3: What strategies can help reduce monthly expenses?
Wow. When you were 22, people told you that wasn't possible. Oh, sure.
Yeah.
Even now. Even now they tell you it's not possible, and you've already done it. It is possible. I'm standing in it. Shut up. But yeah, it's so weird, isn't it? It is. That's why we call people weirdos is because it's such the best kind of weirdo to be because people, A, can't believe it can happen, and B, they don't believe it happens as much as it does happen.
Lots of people pay off their houses, but nobody talks about it much. Way to go, you guys. Thank you. Wow. So what in the world happened to you three and a half years ago that lit you up like this? Well, I mean, it started like 12 years ago when Barbara and I got engaged. We got a gift for Financial Peace University that we took at that time, so we've been trying to live it ever since. Mm-hmm.
About four years ago, I got a new job and then we just dream all the time and plan and goal. And so we looked down like three and a half years ago and said, we can get this done in maybe like five or six years, maybe seven before the kids get to high school. And then, I don't know, you just start getting after it and you knock it out pretty quick. And it was just awesome. I love it.
Way to go, y'all. That's so fun. I mean, you're not even 40. What's this house worth? 525, 530. Let's go. And how much in your retirement account? About 300. Way to go. So you're bumping up on Millionaire.
Pretty close. Very close.
Going to be Baby Steps Millionaires in a minute. Way to go, you guys. Thank you. And you're not even 40. You're not even 35.
I mean, come on. Wow. That's amazing. That is.
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Chapter 4: How can I budget effectively for my financial goals?
It doesn't hurt us. It doesn't change my net worth when you do that. But you convince somebody else with your stupid butt hope stealing that they can't do it. And we sit here and show people every freaking day that you can do it. Hope deferred makes the heart sick. But when desire comes, it is the tree of life. This is The Ramsey Show. Jade Walshaw, Ramsey Personality, is my co-host today.
Thank you for joining us. Open phones at 888-825-5225. Anisha is with us in Charlotte, North Carolina. Hi, Anisha. How are you?
I'm great, Dave. How are you?
Better than I deserve. What's up?
So I'm calling about the student loan debt relief and everything that's transpiring at September, beginning of October. I have some student loans that I have yet to pay off. It's my last one, and I'm currently unemployed. And I have the money in my savings account and I want to go forth with paying it off.
However, I am hesitant because I experienced a situation before where I was inquired some fees and taxes later on after paying the debt off years ago. And I just want to make sure with what they have in stated now with no interest, if there's no type of fees that will occur later on or no type of taxes that that will later on occur for anyone.
What are you pulling the money out of?
That's what I'm asking. I'm going to be pulling it out of my savings.
Not a, not a retirement account.
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Chapter 5: How do I manage irregular income while budgeting?
No question about it. Hold on.
And go to every dollar dot com slash Jade and get a year. Fifteen dollars off on me.
Oh, there you go.
Yeah, everydollar.com slash jade. Promo code, $15 off, and you'll get it for a year. Super cheap.
I need to get a Slash Dave. I don't have a Slash Dave.
You got to know people, Dave. You got to know the right people.
You got to have the connection to get a Slash Dave.
That's right.
Slash Dave could be like a horror film.
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Chapter 6: What is the best way to save for children's education if college is uncertain?
that's right yeah isn't that funny isn't that weird but we got all the way down into her life we did yeah so that's the way that works around here because see money's not people who just answer money questions they miss the point because this is all about your life all about you i mean she got brand new baby she's not sleeping much right now nope and trying to figure out how to do all this stuff
But she's about to pay off her student loans.
And her car.
And still have money saved.
And her husband's going to smile.
That's right.
And say, it was my idea.
For once, I was right.
just call Ramsey they'll tell you I was right that's right it doesn't happen often but when it does occasionally you gotta play the I was right card yeah yeah you don't you don't play them often but you just occasionally just gotta throw it down on the table there that's it so I'm gonna have to I'm gonna have to work on my slash Dave yeah slash Dave there's I know some people in this building Dave and I think they can hook you up yeah okay
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Chapter 7: What are the benefits of using a 529 plan for education savings?
So this is what happens when somebody gives you a slash. I'm slashing. A backslash.
Yeah.
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