“I’m $147k In Debt And Only Make $1,500 A Month”
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What is the main topic discussed in this episode?
Brought to you by the EveryDollar app. Start budgeting for free today. Normal is broken. Common sense is weird. So we're here to help you transform your life from the Ramsey Network in the Fairwinds Credit Union Studio. This is The Ramsey Show. And I'm Rachel Cruz hosting this hour with Jade Warshaw. And we're answering your questions. So give us a call at 888-825-5225. And we'll be talking about your life, your money, career relationships, anything and everything. We are here for you. so let's start off in Boston with Miguel hi welcome to the show hey how's it going we're doing well how can we help today so today I wanted to ask so I have a business and I'm
I'm contemplating on what I should do next because I'm also $147,000 in debt, and that's including credit cards, student loans, and car payment. Okay. So I want to know if I should sell a business for what I think I give value for and then start fresh and use that lump sum of money to attack the debt.
What kind of business are you in?
It's a printing business, so merchandise.
What would cause you to sell the business versus using profit from the business to pay down the debt?
I think it's just because I'll collect a lump sum of money and the business right now is kind of fluctuating. It's up and down. And I'm also alone in it, so it's a lot of my time.
If you didn't have debt, Miguel, would you stay in this business? Or would you still want out?
Yeah. You would stay in? I'll potentially stay in the business, yeah.
Okay. Yeah, because I look at this as, I mean, well, how much would you sell it for? How much could you get out of it? Minus all of your liabilities and everything.
About $30,000.
How much are you making off of it every year? How much are you bringing home?
So this is actually like my first year in it. So I know at the end of the year, but roughly after everything, about $1,500 a month.
$1,500 a month. Is this what you do full time or is this kind of like a side business? It's full time. Well, I don't know that I would sell it, but I would not have this being my full-time job right now because of what it's generating. It feels like it's... How are you guys living?
Is your wife work?
What financial challenges does Miguel face with his business?
No, I'm single.
You're single. How are you living off of $1,500 a month?
Just making it happen, honestly.
But what's your rent, though? Like, real numbers.
I pay studio. It's about $850. Mm-hmm.
What else? Car?
Car? Yeah, 450.
And then 450.
Okay.
Should Miguel sell his business to pay off debt?
Yeah.
And then utilities, I guess that's put in with the rent. And then just you're scrapping on food. No insurance.
Yeah.
Do you have insurance?
Health insurance? My cards, no, no, no, no health insurance.
Yeah, so you're not on a living wage right now. And so while I think it's cool to have a printing business, it eats like a part-time side hustle when we look at the income that it's bringing. So I would be looking, as you're working this, I'd be looking for a full-time job. What are your skills? What have you done in the past before you did this business?
I technically just hopped out of school and then saved money and then started this business.
Yeah. How many hours a week?
I've never really.
How many hours a week are you putting into this?
A lot. It's probably like 50, 60.
Yeah. Yeah. Okay. So if you did, do you have a buyer out there? Like when you say sell the business, I mean, what's that? Have you, have you looked into that option? Is there a realistic option?
Yeah, I have a few options, and that's... When I mean the business, I just mean, like, the equipment and everything.
Yeah. Oh, I hear what you're saying. Not necessarily... Okay, yes.
Because that's where the debt is, right? What did you invest in to do this business? Like, what equipment do you have?
Oh, I have, like, DTG printer, heat presses, and a couple other machines, desktops, and stuff like that.
I'll tell you... You haven't been doing the business long, so I don't want to say that there's no future in it. But how much of this debt is business debt? Like how much of it came from the business?
About eight grand.
Okay, that's not bad. Of the 147, that's only eight.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:04–2:50
2
What financial challenges does Miguel face with his business?
2:50–3:14
3
Should Miguel sell his business to pay off debt?
3:14–9:41
4
How does Miguel manage living on $1,500 a month?
9:41–23:38
5
What advice do Rachel and Jade give Miguel about his future?
23:38–1:05:39
6
How much debt did Christopher pay off and in what time frame?
1:05:39–1:05:57
7
What sacrifices did Christopher make to pay off his debt?
1:05:57–1:06:16
8
What advice do Rachel and Jade give about handling debt and finances?
1:06:16–2:06:10