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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 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. Dr. John Deloney, Ramsey Personality, is my co-host today. Thank you for joining us, America. Open phones at 888-825-5225. Genesee is with us.
She is in Springfield, Illinois. Hi, Genesee. How are you?
Hi, I'm doing good. How are you?
Better than I deserve. What's up?
Hi. So I am a fresh new baby graduate, and I'm about $217,000 in debt. Both of my parents didn't go to college, so I don't really have anybody to talk to about, like, loan repayment and things of that nature. I did luckily get gifted your course from a Facebook group that I'm in, and I'm on step two. But I'm wondering, so I'm a single parent. Um, I'm 26 and she's 10. I had her at 16.
Um, and I just did school straight through. So, um, no working in between high school undergrad. And then I just graduated from veterinary school. I have my doctorate.
Wow. Good for you.
Thank you very much. Um, I'm just wondering how realistic it is, you know, cause it seems like I'll never get to step three with that much debt. And, um, I know I, like I said, I'm on step two in the, in the course. And I see a lot of married couples.
We work with a lot of veterinarians in Entree Leadership because a lot of them come through to learn how to run their business, the business aspect of being a veterinarian. And so what I'm discovering just in having conversations with them is that there are veterinarians working in a practice that don't own the practice, lots of them that are making $100.25, $100.50.
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Chapter 2: What should I do if I owe over $200K in student loans?
It is on its last leg.
You're a veterinarian. Just prop the leg up.
Yep. And then living expenses.
So here's what I'm saying. $55,000 a year minus taxes is the most you can spend to live. The other $50,000 goes on your debt, and in four years you're done.
Okay, so you think it wouldn't be worth signing up for an income-based repayment?
Why would you want to stay in debt the rest of your life?
I don't.
Okay, let's get out of debt in four years. Okay. Or sooner.
I'm talking to a woman who at the age of 16 with most people trying to figure out how a blinker works on their mom's car had a child and And you have managed to be a mother and a daughter and a graduate student and now a veterinarian.
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