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Chapter 1: What should I do if my ex-husband refuses to pay child support?
Live from the headquarters of Ramsey Solutions, broadcasting from the pods of 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. Open phones this hour. Jade Walsh, our Ramsey personality, is my co-host. Open phones at 888-825-5225. Lynn in Greensboro, North Carolina, starts this hour. Hi, Lynn.
How are you?
I'm good. How are you doing?
Better than I deserve. What's up?
Okay, so I recently got a divorce and I went with a lump sum settle out because he was going to refuse alimony and the divorce was going to be far off because it's still COVID behind. So I chose to take a lump sum to take care of my children right now. We have joint custody until my son graduates. my oldest and he'll graduate this coming school year and I'll have full custody of my youngest.
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Chapter 2: How can I effectively talk to my daughters about money?
Um, with this lump sum, even though the court cases says that he has to pay 50% cause we have joint custody of all activities, school supplies, all of that. Um, he just chose not to show of this lump sum. My question is, is how much of it should I set aside? to take care of the part he's supposed to take care of. So I am not behind.
You said this school year?
Yeah, this school year. Like, he'll graduate next May.
I mean, one year from now. And then after that, any obligations he would have would end.
For that child. I still have one more child.
Oh, he's supposed to pay 50% of the other one, too.
Right, right. For both kids, he has to pay 50% of them, but he's refusing.
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Chapter 3: Is selling our truck a good idea to pay off debt?
I'm sorry, he does not have the option to refuse.
I know, I know. But to go back to court, it's thousands of dollars, and then it'll be after he's gone anyway. It's one year. No, it's not one year.
How old's the youngest? 14. Yeah, you need to get that money. It's five years.
Oh, I know, I know. Well, I mean, I did get a lump sum, so.
Yeah, but you said he should be paying 50% of the other kids' charges as well. How much is the lump sum?
Lump sum is $150.
Are you earning an income?
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Chapter 4: What financial strategies can help me manage child expenses?
And what is it?
I earned $36,000.
If I were you, I would hold him accountable for that 50% that he's supposed to pay because you could use all the money that you can get. You know what I'm saying?
Right, right. Okay.
You didn't get a million five. You got 150. I know. You got 150.
I know. It's not a lot. But I was going to pay a huge chunk because I would like to get the house paid off before my youngest graduates. So my plan was to put a chunk of it. towards that, but I wanted to make sure I had enough money to cover.
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Chapter 5: How can I balance my income with my household expenses?
How are you and the two kids going to eat on 30K in Greensboro, North Carolina? You doing that okay?
Yes, yes. Okay, so I bought a house, and my mother passed away, so I got a settlement from there, and that paid for most of my house, or a portion of my house, 40% of it. So I was going to try and get it paid down.
The settlement is monthly?
Yes. No, the settlement was a lump sum.
Oh, so that put a big chunk down on the house. Okay, one more time. So you currently have a house payment of how much?
My house payment's $1,000.
And you make $30,000. And so your take-home pay is $2,000. So your house payment's 50% of your take-home pay, and you have two kids.
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Chapter 6: What are the best practices for budgeting with a low income?
How are you planning to eat? That budget does not work.
Right. Right. Right. So I also get self support, not a lot. It's like $400 a month. So that's like our food money. And like, even with my budget,
So we want to get you to the point where you're not scraping by like this. 33% of my paycheck.
Yeah. Yeah, right. So my other thought was is to, like, we have rotation. Like, I have them three days.
Chapter 7: How can I ensure my children are prepared for financial independence?
He has them three days. It's getting a part-time job that when I don't have the kids that I work those three days. I love that. And it's like a rotation.
I love that because... Again, it's only $150,000. This is not your big windfall of life. I mean, it's great that you have this money, but the bigger thing is your monthly income. You know, I love the idea of being able to put this chunk of money towards wherever you're at in the baby steps. But at the end of the day, you also want to make sure your monthly income is all right as well, right?
Is the home the only debt you have? Yes. Okay, great.
That's excellent. What do you owe on it?
Chapter 8: What steps should I take to improve my financial situation?
I owe $143,000.
so you could pay it off today.
Uh, it wouldn't leave me with any kind of emergency fund.
I got that. I got that. You'd leave you $7,000. I did the math. Yeah. Okay. So, um, right.
So, yeah.
And then that shows us right there. The fact that that just made you, your stomach jump up in your throat tells us you can't make it on what you make right now. And you can't make it on what you make right now. That's what you're telling me.
It makes me nervous.
Yeah. Yeah. It's not a whole lot. You should. Yeah. I think you're going to burn through this 150 is what I'm trying to keep you from doing. Supplementing your life because your income's not high enough to feed your kids and you with a $1,000 house payment. That's what's scaring me here.
And throwing a little bit at the house doesn't solve it because the house payment's still sitting there looking at you. So I'd love for you to be able to work the baby steps too, but I think we've got to get your house. In order for you to work the baby steps, your house, Your household monthly income has to be enough to support you and the two kids.
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