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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, do work that they love, and create actual amazing relationships. I am your host for the day, Jade Warshaw, joined by Mr. Rogers himself, Ken Coleman, looking like a finger of bourbon. You look good in brown, Ken.
The team likes to call these cardigans. Yes, cardigans. Instead of cardigans. You know what? I felt in a fall mood today. I had no idea you were going to show up looking like the first day of spring. So we are quite the couple today.
Come on. Give quite the couple a call. Give us a call at 888-825-5225. He's the work and career guy.
Let's talk about it.
I am the money guy. Girl.
Oh, I was wanting to know. Was it gal or girl?
I could have gone better with that.
I say gal, but George makes fun of me for saying old words like gal. But I think it fits the cardigan. So let's help some people.
Yeah, give us a call.
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Chapter 2: How do personal beliefs affect financial behavior?
Yes.
yeah yeah just then maybe i need to do a better job of budgeting i mean i don't feel like we're buying a bunch of extra crap that we don't need though it's just well let's make sure i just want to make sure we're on page on par with the numbers so you said you make thirty dollars an hour so what are you bringing home are you bringing and this is don't don't subtract anything out of it yet are you seeing like 4800 a month is that where you're at
No, about $4,200 and that's, you know, after taxes and I work a little bit over time, you know, a few hours a week. So it's around, yeah, around $4,200.
And how much is the mortgage coming out?
It's $14.60, I think, a month.
Okay. So whenever people tell me they're struggling to get ahead, I kind of just show them big number percentages, right? I'm like, okay, your mortgage and rent shouldn't be any more than 25%. So you got that. Then you've got 10% should be going to giving, should have about 15% going towards steady retirement contribution, 15%. So that puts us at 50%.
right of the things that are like this is making me fiscally and financially responsible so my question to people is what's what is happening with the other 50 percent and that's when you've really got to dial into your budget do you have an every dollar budget
no i don't have that okay you're not going to leave this phone call without every dollar so i want you to go and download every dollar and i want you to get the free version then i want you i'm going to give you a promo to get 15 off so that you can get the premium version for a lot cheaper okay because it's just got more bells and whistles to make it even easier but the every dollar free version will get the job done trust and believe so
That 50%, I'm telling you, there's something in your budget that is eating your lunch. And it's probably food, a food category, a restaurant category. Maybe there's a hobby that you or your wife has that's eating more into this than what you realize. And I think if you do some detective work on that other 50%, you're going to find that margin because you've done well. You have no debt.
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Chapter 3: What are the key components of a successful budget?
While my take may be that the government should be the one who fixes this problem, I think, again, at the baseline, we can all agree that the problem needs to be fixed.
The government, we need to do better. We need to do better in this country to help educate our people. The youth have no idea. When they're signing, they don't know what $100,000 is. They don't know what $200,000 is. Not to mention the interests. Yeah, I mean, you have to be very smart with your choices and live within your means and have a plan to repay it.
Change is going to happen if we change and say enough, no more. Our youth, our people deserve better.
What if I told you that I paid off $280,000 of debt? I would ask you, how did you do it? And can you teach me? Does it give you hope though? Does it make you feel like it can be possible? Absolutely. Wow, wow, wow, wow. Look, if you were listening on podcast, you need to head over to the Ramsey Show YouTube and watch that because it's totally different. It's different when you watch it.
And honestly, if you're looking for more information about this, I want you guys to go to RamseySolutions.com slash student loans because here's the thing. The news cycle moved on, Ken. The news cycle went on and they're talking about I don't know what they're talking about again, but the pain of this is still affecting people every single day. People are making payments.
They're still deeply, deeply in debt. And we just want to know, we still see you guys and we're still here for you. And at the end of the day, there's still a way out.
And there's a way to avoid them. Hey, real quick, we'll help you get out of it financially. But... Here's a two-part question. Is a degree and the loans that come with it the only way to get where you want to go, or is it the best way? If the answer is no to either one, hey, go get you a certificate. Go get you a community college associate degree.
You can get where you want to go without the degree many times. And by the way, that means no debt. So let's think about that as well.
Love it, Ken. This is The Ramsey Show. What's going on, everybody? You are listening to The Ramsey Show. And I don't know about you, Ken, but I am... Shook. Really, shook is the word that it's about to be Thanksgiving.
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Chapter 4: What are the steps to prioritize paying off debt?
Perfect. But one, I got asked, what should, which I think it's a pretty good question because the car is essential. My car insurance will not be extended. Should I just let my phone go off for about a week or so? So your car insurance is late. When will they, when would they lapse it? They won't lapse it until the next month, right? It's just late at this point.
They send you a letter out the first day. You don't pay it.
Chapter 5: How can I effectively manage my car insurance payments?
They'll send you a letter out saying it's been canceled. I talked to them on the phone. That's not true. You have like three days after this. OK, so let's make that final. Let's make that first priority because you need to be able to drive and you need to have insurance. So let's let that be the first thing.
And if for some reason, if you're not able to cover that and they do lapse it, like call them up and be like, hey, I just got this job. Is there any way you can extend it? What will that look like?
Chapter 6: What should I do if I feel financially stuck due to family obligations?
If they won't, then you're just going to have to pop into another policy. And until you can just don't drive your car, like do not drive around without insurance. And you're going to need to. You're going to need somebody in your circle, one of these friends who's been spotting you some money, you know, get them to drive you to work until you can get this money and get back with your insurance.
Yes, ma'am.
You got that? Ken Coleman's going to help you with this career side. Come on, Ken.
I'm just really curious. You're only 18.
Chapter 7: How can I balance my education costs with my current financial situation?
You're very, very young, and you've got plenty of time. So this is not a pressure question. I'm just kind of curious. I'm glad, by the way, you're at UPS. I think this is a great landing spot for you with all the trauma you've gone through, losing your mom. You're going to get great benefits there. Work your butt off. Just get stable.
Get your financial feet underneath of you and heal emotionally. But I am curious, what are you thinking about? What are you wondering about as an 18-year-old young guy about your professional future?
Well, I'm a preacher, so I think about preaching a lot. But I want to be successful. I'm actually in the course of taking online real estate classes right now. Um, so that's a main thing for me is pursuing real estate, but I want to, their classes are hard.
They're online and they're, they're difficult, but I'm not a quitter. That's really what I do want to do. And I'm not even sure if that's still, I want to do a lot of things. Well, that's fine.
That's fine. So are you thinking bivocational? You're selling homes during the week and preaching on the weekend? Is that what I'm hearing? Yes, sir. All right. Well, you've got plenty of time. I would say this. I want you to walk our baby steps out. We've got our crisis situation, which really isn't a crisis because you have a place to land. You have a place to sleep. You've got food.
And let me just say this on the cell phone thing. Cell phone people aren't going to cancel your cell phone because you're a couple weeks late.
No.
I love the fact that you're communicating with people and just telling exactly your situation. Look, here's where I'm at. I'm okay. I got a great job at UPS. It's one of the most respected companies in the world. You're good to go. So then get that $1,000. Once we get through this getting caught up on everything, $1,000 in your savings account. That's your emergency fund, right?
And you have no other debt, correct? That's just these small little things. Great. So here's the deal. Cut the credit card up.
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