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Chapter 1: What challenges does the caller face with $134K in student loans?
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 at 888-825-5225. That's 888-825-5225.
Ken Coleman, Ramsey Personality, number one best-selling author of the book Paycheck to Purpose and host of The Ken Coleman Show, is my co-host. The first caller up this hour is Elizabeth. Hi, Elizabeth, from New York City. How are you?
Hi Dave. Hi Ken. How are you?
Great. How can we help?
Yes.
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Chapter 2: How should I prioritize paying off my car versus saving for a wedding?
Hi. So, um, currently I have about $134,000 in student loan debt. Um, I am a single mom and I've been following your shows since 2020 and it's a pleasure being on the show.
Honored to have you.
What's your, what's your degree?
What's your degree in?
Um, Yes, for undergrad, I did international business, and then for my master's program, I did a dual master's in accounting and business analytics.
And you did a dual master's in what, say again?
Accounting and business analytics.
Okay, so did you get your CPA?
No, I did not.
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Chapter 3: Is it wise to sell my house for a cheaper one?
However, just being in the field for about maybe four years, um, it wasn't my passion. So that's also why I didn't pursue it.
So what do you do now? What do you make?
Uh, in IT finance.
Okay. And what do you make?
So I've been liking the IT finance.
What do you make? No, what kind of money do you make? What do you get paid?
Oh, yes. I get paid $115,000 annually. Okay.
All right.
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Chapter 4: What strategies can I use to pay off my house using car savings?
Interesting. Okay. Feels like you're pretty dramatically underpaid or underutilizing these degrees. Feels like someone with a master's degree in accounting and a sidebar in analytics ought to be making almost double what you're making in New York City. Why do you feel like you're doing that? Am I wrong?
Probably, yeah. You're right. Probably because I did switch industries. So that's a factor as well. Yeah.
What were you making before?
I was making $95,000 a year ago.
You switched industries and went up, so that theory doesn't hold.
What does a promotional path look like for you?
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Chapter 5: How can I get back on track with my financial plan?
Have you determined what that looks like and how long it'll take to get there?
Within the next five years, hopefully I'll get up to a manager position. Definitely long-term director, but it's looking a little difficult right now.
How much of a bump would you get at that managerial level?
I believe maybe $20,000.
Okay. And are you happy in this type of work now that you made this pivot?
I'm happier than when I was in before, for sure. The work-life balance is a lot easier.
Okay. And how many kids have you got?
I'm sorry, what was that?
How many children do you have?
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Chapter 6: What should I consider when planning my wedding budget?
She's about to be nine. Okay.
Do you have a support system around you to the level that you could be getting some side hustle work with all those awesome degrees you have? The gig economy, the freelance opportunities that you have to significantly increase your income are pretty sizable. But do you have the time or bandwidth to do that?
Yes, I do.
You need to get busy with that.
And you're not on a budget yet. Are you?
Um, yeah, so I've been pretty, um, strict with myself. So since like 2020, I paid off my car, which was about 25,000. And also I paid off, um, another 25,000 on student loan. So originally I had 160,000. Okay.
And you're down.
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Chapter 7: How can I balance my expenses as a single mom in NYC?
And so you're making progress. And at that rate, you'll be done in about three years.
Yes.
And anything you can do to add to that income-wise is going to speed the rate at which you get out of debt. Way to go. You're a warrior. Get after it.
Yes, but, you know, I've been losing a little bit of momentum because it has been a little difficult, you know, being a single mom and also being in New York City and the rent is not that great in price.
While you paid off $60,000, that was exactly the same situation. Mm-hmm. Nothing changed except you're just getting tired.
A little bit, yes.
Yeah. Okay. So are you from New York City?
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Chapter 8: What advice do the hosts give about managing student loans and financial stress?
Yes, I grew up in New York City.
Okay. So your support system is there. Your family is there.
Yes, my family is here. Okay.
All right. If you're going to stay there, this is the plan. The only other plan would be to move someplace cheaper and make the same money. Obviously, obviously, you can live in a different place with much lower rent than New York City. No kidding. And there are other cost living facts, including taxes and so forth. You could save on as well.
And if you can make the same money, it would be net net a raise. Right. But you would lose the support system and you'd be moving away from your roots, which you may not want to do. But if you don't want to do it, you got a two to a three year path ahead of you and you're going to be tired. But you have $134,000 hole to clean up and you've already cleaned up $50,000. I'm proud of you.
I think you're doing better than you think you're doing.
Thank you. I really appreciate that, Dave and Ken. It's been a tough battle since 2020, so I just have to keep the momentum.
Listen, hang in there. I want to encourage you. You're a mama bear, and I would never bet against any single mom who has done what you've already done, and you can see it's out there, but you can see the end of it.
Think about where you've come from nine years ago. Yeah. Oh my gosh. You're like a superhero from where you were nine years ago to where you are now. Yeah. I mean, you've got a double mat. You got a double masters. I mean, pretty incredible.
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