Chapter 1: What is discussed at the start of this section?
Brought to you by the EveryDollar app. Start budgeting for free today. Normal is broken. Common sense is weird. So we're here to help you transform your life. From the Ramsey Network in the Fairwinds Credit Union studio, this is The Ramsey Show. I'm Ken Coleman. Thrilled to be alongside Jade Warshaw, who is just launching the pre-sale of her latest book,
Oh, we'll talk more about that, and it comes up just about on every phone call, so good stuff there. You ready to go, my friend? Indeed. All right, she's fired up. Let's go to Marcus in Orlando, Florida. Marcus, how can we help today? Hey, guys. How are you guys doing? Doing well, sir. What's going on? Well, I'm in a situation where...
I used, you know, those credit cards that have the promotional rate of 0% for 18 months to 24 months. So I did that. I did that about 18 months ago. And it's almost that time where those high interests are going to start kicking in again. Yeah. And I have about, I don't know if I did my math right, but I think I have around $40,000 or $50,000. Oh, gosh.
In total debt, but in the credit cards that have the 0% promotional period right now, it only holds about, I think it's $12,000. Okay, so $12,000 is on the really bad card. Yeah, so $12,000 is on the 0% right now, but it's about to expire, the promotional rate. And I have like a $10,000 on... A personal loan, that's like around 14% interest.
And then I have other, you know, like the car, I still owe $16,000. And then I have like a medical debt that I put on a care credit, which is like 22%. So I know I can't transfer at all. But my question is, is it smart to, you know, try to do like a big personal loan so I can consolidate majority or all of this debt?
Or should I try to leverage the 0% promotion and just keep getting newer credit cards and keep repeating the cycle every year and a half? Yeah, in theory, mathematically, I could see why you would say that, because you're thinking, hey, I'm going to move it to a place where there's zero interest. But you've already told us that your behavior would not support that decision, right?
Because you got a zero percent, and you had a certain amount of time to pay it down before it shifts, and you didn't do that. Right. Yeah, I couldn't do it because of reasons. I don't know, just... My teamwork with my wife is not the best. Listen, there's always going to be a reason. There's always going to be something that pops up. I can tell you that right now.
That's why I don't think this is good for you. I think for you, feeling that pain is a good thing because you're going to have to do this the old-fashioned way, which is listing these out smallest to largest. By the way, how much was the medical debt?
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Chapter 2: How can I pay off my debt without selling my toys?
Was that like five? How much is that? The medical debt is a total of about Remaining $14,000 plus another $4,000, so about $18,000 is what's left. Okay. Okay, yeah, $50,000. So, yeah, you're going to have to list these out smallest to largest. That's how we do it. And just tactically, you're putting minimum payments on everything.
And the reason you're doing that is because you don't want anything to go into default. You don't want 1-800-PAY-ME calling you. But then all the extra money you're going to put towards the smallest. So tell us about what your income is and so we can figure out what your margin is. Yeah, so I've been trying to do that, but I've been struggling to even get the $1,000 emergency fund.
But I'm hoping that by end of next month, I should have that already. What's causing you to struggle with that? Oh, it's just kind of like that bad communication with my wife. Yeah. Yeah, but what does that look like? When you say bad communication, what is it? You say we're saving $1,000. She says, H, no, and goes out and spends the money anyway. What's happening?
So I tell her my goal is for us to save $1,000 emergency fund before starting to attack these credit cards. And she'd be like, okay, but then as we're going about our lives through the month and we run short on money, Um, I tell her like, we can't, you know, be spending and then something happens. Um, Like, I don't know, like maintenance on a car or something like that.
Marcus, Marcus, Marcus, Marcus, Marcus, Marcus, Marcus. Jumping in real quick. I'm not going to get in the way of you leading him. Ken, I need you to go on and get in there. Well, I got to speak to something. This is about the second or third time in the call you said, we have a communication issue. You don't have a communication issue. You have a plan issue. You guys don't have a plan.
In other words, when you say to your wife, hey, babe, I'd like us to get to baby step one and save $1,000. She goes, okay, great. But there's no plan by which we're going to do it. There's no change of behavior in order to meet the plan. There's no plan. So I just want to quickly jump in and say, you got to change your language because this is not semantics.
This is actually what's frustrating you and maybe frustrating her is that we've got some want to, but we don't have any how to. Mm-hmm. So I hand the ball back to my colleague, but that's the problem. So you need to listen about how one goes about creating a plan and executing on the plan. This is not a communication issue. Stop saying that. I agree.
I think it's more of a, like Ken said, it's a plan issue and are you in agreement on how we're going to do this? Do you guys have a budget? It doesn't sound like it if you're running out of money. Yeah. That's what I'm trying to, what I was trying to say. Um, it's just that, so the plan that I had was, okay, here's his budget of how much we're allowed to spend.
But, um, so that's why I say there's a communication issue because when I say, okay, this is our budget. Let me tell you why. Let me tell you why. I'm going to tell you why. It's because the same way that you're grown and you wouldn't like if somebody came to you and said, here's what you're going to do. You wouldn't like that very much, would you?
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Chapter 3: What strategies can I use to manage my family's financial communication?
In other words, there's real life emotions. You are a human being who's trying really hard to be disciplined, and this is really hard to dig out of this stuff. Absolutely. And Jade knows this. I mean, our debt-free journey, nowhere near... the length and the amount that Jade and Sam paid off. And that's why I'm excited, by the way, about our new book.
It's titled What No One Tells You About Money. Well, what is it, Jade? That's a really fun title. Okay. You hooked me. Nobody. What are we not telling people? Nobody tells you that the things that we're asking you to do, which is make changes with your money. It's very emotional. It's not easy. It's emotional to listen to this podcast.
And now you got to go home and get your spouse in the same place that you're on. And it's conversation and argument and talk after talk. That is an emotional process, right? It's emotional when we say, hey, you've got a ton of debt. You know what you're not going to be doing? Going to a restaurant, getting your nails done, buying anything new like that. That hurts our feelings. That makes us sad.
It's tough when somebody calls in and we say, I'm sorry, your mortgage is too big a piece of your income. You might have to consider selling. Oh my gosh, the disappointment, the guilt, the shame, half of what we're facing, Ken, is emotions. And that's why this book is only about that. That's right. It's not numbers.
By the way, the very first Ramsey book, some of you have been with us a while and you're going, well, why this money book? I'll tell you. Very simply, no other Ramsey money book has ever taken on with an honest, in-depth look at the emotional side of money so that you know what you're going to face.
for those of you who are facing it, she's going to hit it right there on the bullseye and you go, oh, I'm not alone. I'm not crazy. And more importantly, I can get my emotions in check and win with money. So that's why we think this book is so powerful. What no one tells you about money is now available to pre-order. Okay. And you can get it now for the best price, $24.99.
And you're also going to get over a hundred dollars in free bonus items, including the enhanced audio book. Do you sing in this at all? No, but I will say this. That's a shame. I'll be honest. I will say this. A little disappointed.
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Chapter 4: What are the best ways to consolidate debt effectively?
Well, I'll say this. All of the chapters or all of the sections are song titles. So it's kind of a little game there. This is exciting. But more so than that, even if you're like, hey, I don't really, Jade, care about the content of the book. If you just want tea on me and Sam, it is the whole book is story driven. This is true. So you're going to get story after crazy story.
Although there needs to be an app. There needs to be a bonus Ramsey episode for me and Stacy to talk about what we learned about you and Sam at a dinner with you. These are two of the most interesting people you've ever met in your life. That's all I can say. But back to the book, you get so many things, including the enhanced audio book, early access to the e-book.
You get an exclusive video, your financial checkup with Jade Warshaw. And also a three-week online book club. Access to that with live Q&A. You can get the book and all of the goodies I just went through at ramsaysolutions.com. And if you are listening, you've got to see this book cover. I talked about this the other day. Guns out, folks.
Jade has been hitting the gym and the shoulders are in full effect here. I mean, unbelievable. To the point that I feel like I have to have my next book cover. I got to wear a sleeveless shirt and really rock the triceps. The point was to intimidate you into getting your money back. I'm already in the gym. No, but nobody's noticing. They're just like, wow, look at her arms.
I'm just getting that out of the way, folks. She looks fantastic on the cover, but a lot of fun. It's a great book. Go get it now at RamseySolutions.com. Jackson joins us now in Greenville, South Carolina. Jackson, how can we help today? Hey, I'm calling today just with a few questions as far as I'm 20 years old, and I've gotten to a bunch of debt. And I'm having fun.
You know, when I was younger, I didn't have a lot of things I wanted. And now growing up and getting some money in my pocket, I've been buying a couple of things that I wanted. And I'm currently $52,000 roughly. Now, is the 52 all with these toys? Well, one of them's my truck. Okay. So that's, you know, my way to get to work. How much do you owe on the truck? It's roughly $13,000 on the truck.
What's it worth? I don't know exactly what the truck's worth. There's a few cosmetic things I need to fix on it from just using it over the years and towing things and doing other stuff with it. But I'm sure I could probably get close to that out of it. What's your monthly payment on that? It's $390 a month. Okay. Well, I'm pulling the facts here so Jade and I can weigh in.
What other debt do you have? So that's $13,000 for a truck. What other debt? List them out. So the big one here is my side-by-side. It's $31,000 roughly in debt. $31,000 on the side-by-side. Oh, boy. Yes, sir. And then about $8,500 on a boat. A boat? Man, do you have a woman in your life? No, sir. I'm single. I'm 20 years old. Yeah, baby. That's what I thought.
20-year-old single dude who's got all this income, he thinks, and he goes out and buys a side-by-side and a boat. I mean, you don't have that much time. Where do you live? Do you have a house to hold all this in a garage at the very least? We've built a house behind my parents on our property. Whoa, whoa, whoa. Who's we? Yeah, who's we? So me and my father built this house.
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Chapter 5: What financial challenges do listeners face?
I want to stipulate that. Yeah. I just was so stuck in my other position. None of it was wrong. No, no, no, none of it.
Chapter 6: How can I manage my debt effectively?
Yeah. So very interesting stuff. And what a benefit to people who... who have that option. I know.
Chapter 7: What should I consider before refinancing my car loan?
Very nice. The stock options are very nice, folks. Very, very nice. Hello. Very, very nice.
Chapter 8: How do I prepare for unexpected financial emergencies?
I got a friend who shall remain nameless who just recently left a massive company. Oh, yeah? And he cashed out, and boy, oh, boy. Cha-ching. Oh, boy. He had a good day, folks. I had a good day just hearing about it, and I didn't get anything from it. See, that's a good friend right there. The afterglow of his stock cashing was so nice that I even felt good. Afterglow. There you go. Afterglow.
Dave, we got a lot of calls on this show where life happens. One day someone's healthy, they're working, providing for their family, and then a curveball hits. You know, we hear it all the time. A car accident, a cancer diagnosis, a heart attack, and suddenly everything changes.
Yeah, and that's why you've always said that having term life insurance from Zander is essential because it protects your family if the worst happens. Yeah, that's right. You need 10 to 12 times your income in coverage. No gimmicks, no whole life junk, just straightforward term life protection. But there's another piece that people often overlook, and that's long-term disability insurance.
Yeah, it's important to understand the difference between them. Life insurance steps in when you die. Disability insurance steps in while you're alive but can't work. So it replaces a large part of your income so the bills still get paid while you get back on your feet. Now, if your employer gives you free disability insurance, great, take it. If it's discounted there at a better price, take it.
But if not, Zander can help you find the right plan. Whether you're single or married, it's not optional. If you're going to be out of work for a while, then you need to make sure the money's still showing up. And that's why Zander is our go-to. They make it super simple to get the right coverage at the best price, no pressure, no upselling.
I've trusted Jeff Zander and Zander Insurance for over 25 years, and so has my family. So don't wait. It's fast, it's easy, and it could make all the difference. Go to Zander.com or call 800-356-4282. Protect yourself, protect your income, protect your family. Anna is up next in Lexington, Kentucky. Anna, how can we help? Hello, hello. All right. Me and my husband, we got ourselves in a pickle.
We're spinning fast, young and dumb, you know. But that's okay. That's okay. God redeems, right? Yes. So essentially, we have about, I'll just see the numbers, actually. It's about $106,000 in debt that's outside of our mortgage. And that's totaling up to about like $3,700 a month.
month um but our house is for sale and we'd be left over with about i believe about 12 or 13 000 left over if we sell our house at this price kind of like knock it all over the way and then keep on doing what we're doing about like strapping down and paying off our debt um so yeah we just want to hear your thoughts on that and like where are you going to go after you sell your house
Yeah, so we really saw the Lord calling us back to Knoxville. That's where we were before, and we bought this house. We weren't fearful about it at all. It's beautiful. It's gorgeous, right? It's really isolating, and we work from home. We have two beautiful boys. We have a nanny that comes in. Yeah, we just feel like we should be back in Knoxville for a ministry since.
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