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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 Potts Moving and Storage Studio, this is The Ramsey Show. It's where we help you win with your money, your work, and your relationships. I'm Ken Coleman, joined by my colleague, George Campbell. The phone number to jump in is toll-free. It's 888-825-7000. That's 888-825-5225. Let's go to San Diego, California.
I love that city, George. Beautiful area. One of the many reasons. No bugs. I didn't think about that. No bugs. We live in the south where mosquitoes can carry a toddler. I don't go outside unless I have to. Yeah. Not in San Diego, my friend. All right. So Lena Rae is there. Let's go. How can we help? Lena Rae. Hello.
Hi, how are you guys?
We're great. What's going on?
So I'm in a dilemma because I'm in the military and I'm transferring out within about a year, 12 months to 14 months from now. But I'm in the baby steps. I'm currently in baby step number two and I'm thinking about selling my car. I just don't know how to go about that. I'm just afraid, I guess, to take the next step and choose a car. How much loan should I take?
Uh-oh. All right. So first and foremost, we want to say thank you for serving our country. You are a great American. Thank you very much for that. Tell us about this car that you're thinking about selling.
So I currently owe $40,000 on it. It is a Tesla.
Oh, Tesla. You're talking to the right guy today with George. George likes Teslas. So you owe $40,000.
I have a great interest rate on it.
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Chapter 2: Should I sell my Tesla and what factors should I consider?
So you got $35,000 in credit card debt?
Yep.
What's the interest rate on that?
The highest interest rate on... One of the cards is 27%. Oh, my gosh.
Oh, I need some Pepsod AC immediately. Oh, okay. Heartburn.
I'm almost done paying that one off.
Good. Well, absolutely, we are selling this car. Are you going to need a car ASAP to get around?
Yes.
Okay, so can we get you a little beater car? Let's say you waited to sell this Tesla for three months, and whatever you have saved in three months, we're going to find you a cheap car. Is that reasonable?
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Chapter 3: How can I effectively tackle my debt?
And then I'd have to be a flight instructor for, maybe a couple years. So I'm looking at, I mean, it's a long road.
It's like going to med school. It is. And you have a spouse? Yes. What do they think?
Yeah, they're very supportive. She's very supportive of me. She wants a house. I mean, we've kind of talked like, hey, we can rent a house eventually. I mean, like, If we want to have more space, we can still rent in the future. And she's okay with that. And she's completely on board as well.
Well, that's huge. That's the most important part. Yeah. Because then you're going to be willing to do whatever it takes. Because we agreed on this vision for our life. And it may take longer. It may look different. But I love that you're choosing your reality. And we can't have the cake and eat it too. We want the house. We want to do the pilot. But we've got to choose which one is the priority.
And here's the thing, Jackson, I'm not saying you're going to do this, but it could be very easy for someone in your situation on a long journey like this to start to feel guilty about midway through, and your wife is still supportive, she's on board for the vision, but all of a sudden you go, oh, I feel like we've got to get a house, and we just slip into debt. Don't do it. Stay the course.
It's going to work out. Don't move. More of your calls coming up. This is The Ramsey Show. Welcome back to the Ramsey Show America. I'm Ken Coleman. I'm joined by my colleague, George Kemmel. We're here for you this hour as we answer your questions about money, about your work, and about your relationships, all three of those.
Areas of your life, they just have a way, George, of bleeding into each other. If you're not winning in one, it tends to affect the other. And we are here for you this hour, 888-825-5225. That's 888-825-5225. Let's go to Megan, who joins us in Atlanta, Georgia. Megan, how can we help?
Hi, thank you so much for taking my call. I just, I'm a recent graduate. I just got my master's degree and I'll be working for the first time pretty soon and I just wanted to know how to go about establishing financial boundaries with my parents.
Uh-oh. So the very question here, George, tells me that you feel like there aren't some healthy boundaries now. They're crossing some lines. I'm just curious, what is the source of this? What are you concerned about as maybe not being a boundary? What's going on? Tell us a little bit more.
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Chapter 4: What are some tips for increasing my income?
So hang on the line and we'll make sure you're sent that book. And it may be one you give to dad, not passive aggressively, but saying, dad, this book has been really helpful for me. I'm learning all this now as I'm becoming an adult, how to have these really hard conversations. I found it helpful, not just for this, but for all areas of life. And I think you'd get a lot of value out of it too.
I think you're right, Ken. Dad's having a hard time letting go. He's used to being able to tell the daughter what to do. She's a grown woman now. She gets to make her own decisions. And based on what I heard from her, she's very respectful. I think so too. She's got her life together. She's not doing anything out of control.
Yeah. You know what it makes me think of? I was reading, and I'm sure you've seen these lists before. They're quite popular. In fact, there was a bestselling book written by an Australian nurse that she was a hospice nurse. And she published this book on the top regrets of people who are dying.
And one of the top five regrets of people who are dying is, I wish I had lived the life that was true to what I wanted to live. In other words, as you start to unpack that phrase, you realize that these were people who made big decisions in life. That pleased others. Based on the expectations of others. That did not please themselves.
And so what happens is if you don't establish boundaries here and you're always trying to make decisions that please others that are in absolute conflict with what you believe you should do, you are going to be a person who dies with regret. And it's that important.
Yeah. Well, I've heard this quote, and Dr. John Deloney is quoting another psychologist physician when he says, choose guilt over resentment. Yeah, right. That's the healthiest way to go about your life. Resentment will eat you alive. Oh, yeah. Guilt is something we go, okay, I feel guilty for telling that off, but at least I'm not resentful.
So true. I'd rather disappoint somebody than resent them. Than live an inauthentic life. Isn't that true? Man. Wow. Well, Megan, we got the book coming for you. You read it and live it. It's going to be a game changer and set you free. Thank you so much for the call. All right, folks, quick commercial break. More of The Ramsey Show coming up. Don't move. Welcome back, America.
You are joining the conversation here on The Ramsey Show. I'm Ken Coleman. I'm joined by George Kimmel. The phone number to jump in is 888-825-5225. You got a work question? Not happy? But you're freaking out? I'm in the baby steps. Can I interrupt my income? Do I need to? You got a money question? Well, we are here for you. 888-825-5225.
A lot of you are planning to move sometime soon, and that's always exciting. But we've got to get real with you here. In most places around the country, you're going to be facing some sky-high home prices. Interest rates are not going to return to their record lows anytime soon, but that doesn't make it impossible to own a home.
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Chapter 5: What are the best strategies for creating financial boundaries with parents?
That one feels too serious. It is. He's a great dude, though. Very funny guy. I had a chance to meet him once. When he shook my hand, it was like my entire arm went into his hand. It was like a baseball mitt? Yeah, essentially. Wow. Fantastic. 888-825-5225 is the number. Providence Road Island is where we go next. Jaden is there. Jaden, how do we help?
How's it going? Good.
What's going on?
Yeah, so just to shortly briefly summarize my situation. I'm 21 years old. When I graduated high school originally, I went and took a year and a half of college. And my major kind of just, I kind of lost interest. COVID was happening. I was online. So I gained some student loans. And from there, I switched careers and I went into the iron workers. So I'm in that union now.
And I have about $9,200 of debt right now, and that's counting $500 of credit from my credit card. I'm just honestly looking for the best way or some financial advice to go from here because I'm doing monthly payments currently, but I feel like it's just going nowhere.
Okay, so we've got about $8,700 in student loans, $500 on credit cards.
Yes.
Are those separate student loans? How many are there if you broke them out?
There's four separate student loans.
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