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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 Studio, 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 my dear, dear friend, Mr. Ken Coleman, this hour, and we're taking your calls at 888-825-7000.
That's the number to call if you want to jump in the conversation. Two deers. Two deers. That's how dear you are.
Not just a deer friend. You went with the deer deer friend. I thought it was appropriate. Oh, I feel so loved right now, George. That was my goal.
All right. We got some people.
to help if you want to spread the love and you like this show please consider subscribing leave a review share it with a friend we've seen the data ken that is how this show grows it's not through fancy marketing and paid advertising it's from people like you going hey you got to check out this episode it really helped me get out of debt it gave me some hope it gave me some motivation so we so appreciate all of you who have left those reviews subscribe to our channels and shared it with people yeah my new tagline is be a bro share the show oh
What do you think about that? I don't like it.
I don't like it. It's got a whole lot of Velveeta on it, and I don't like it. I tell you what I do like is when people call in going, hey, I'm stuck, I'm scared, I'm confused, whether it be in their money life, their work life. So we're taking those calls this hour. George will straighten you out on those baby steps of the money.
And if your work situation, not making enough income, or you're just not happy where you are, but you're worried about a loss of income, work and money issues, Go hand in hand, so we're here for you this hour. Good word, inextricably. Thank you. That's a good word.
Ken always ups my vocab when I'm hanging out. That's what we do. We make each other better, George. All right, let's get to the phones. Lee kicks us off in Columbus, Ohio. Lee, welcome to the show.
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Chapter 2: What should we do with my husband's car?
But you know, it's honestly, it's like you could go get a decent minivan and if it gets you from point A to point B, who cares? What it looks like. Yes.
And I know that the car market right now is insane. So if you're looking to get a car, especially a new car or used car, the prices are crazy. Are you seeing though that they're dropping a little bit? We're starting to see the cool off happen. Starting to see it a little bit.
But there's still so many weird variables involved in the car market right now that I would just try to get a car that's as affordable as possible to get you from point A to point B. Now is not the time to flex. And unless you're a millionaire, do not go buy a new car. You simply cannot afford the hit on depreciation. It's just too much of your world wrapped up in something going down in value.
So if you want to pay cash for a reasonable used car and all of the things with wheels and motors in it in your life add up to less than half of your income, that's how you know you're not out of control. It's a great parameter to help me go, is this crazy to spend this much? Yeah, it is. Because I make 40 grand and my car is worth 30.
That is insane. By the way, if you're buying a car... on the open market from someone else, not a dealer. And even the dealers, they can be sketchy. But ask to take it to your mechanic. And if that makes them nervous, you need to be nervous.
If they say, no, you can't take this to a mechanic, walk away. Go find a dealership who will allow you to do that because that's going to give you the peace of mind. No, you're not buying a lemon. You're not going to have $17,000 in repairs, which is how people catastrophize this stuff in their minds. This is The Ramsey Show. I'm George Campbell, joined by Ken Coleman this hour.
This is The Ramsey Show. You can call us up at 888-825-5225 if you want to talk about your life, your work, your money. Our question of the day is sponsored by Neighborly, your hub for home services. If you're moving, you've got a long list of to-dos, but Neighborly has got local pros like Housemaster, Five Star Painting, and Junk King to check those items off the list.
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Today's question comes from Daniel in Maryland. I'm starting the application process for college. However, I'm in a dilemma. My dream school is George Washington University in D.C., and the tuition costs... Oh, $80,000 a year. Hello. Including room and board. The total would be $320,000. I'm a well-rounded student. He's talking about four years.
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Chapter 3: When should I apply for my dream college?
For you guys, where you're at to get started on the baby steps, because I'm bringing it all back to you're paralyzed, you've got some fear of getting serious about the baby steps. And I'm going to challenge you on that in a second, and I'm going to hand it to George. But right now, let's say that you're not quite sure what that white collar or that next big career move is.
The reality is you can go make pretty good money, probably more money than he's paying you. Just doing something that doesn't require any kind of qualifications. It's just maybe customer service related.
You're working for a big box store or whatever, or manufacturing, or you're doing anything, making $20 an hour in a customer service role or some type of sales job that, again, is train as you go. So I want to paint a picture for you that more income is sitting there waiting for you just to move towards it.
Then the big picture, if you want to make $80,000, $100,000, you want to go some career direction or whatever, that's a different ballgame. But there's a fear in you that shouldn't exist because going through the baby steps is going to actually relieve the financial tension, George.
Absolutely. So what is the household income right now? I'm guessing the net profits of the business?
Well, yeah. I mean, last year it was $38,000, which in years past, It has been, you know, $200,000. Yeah.
I think here's what I would do if I was in your shoes. I would say, hey, husband, we have to set a goal. And if this business can't get back up to, you know, $100,000 a year in the next six or so months, then we have to relook at this thing. And maybe you will get an IT job because you have 30 years experience in IT and you can make double or triple that. I can go do bookkeeping.
I can make double what I'm making. And all of a sudden, this becomes a very different picture.
Yeah.
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