Increasing Your Income Jumpstarts Your Wealth-Building
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What is discussed at the start of this section?
Live from the headquarters of Ramsey Solutions, this is The Ramsey Show. It's where we help you win in your life. Three areas. Win with your money, win at work, and win in your relationships. That is the game, and you can crush it. 888-825-5225. 888-825-5225. I'm Ken Coleman, joined by the fabulous, the incomparable... Jade Warshaw. Now I'm turning into a boxing announcer. Always fun. We love being together. Jade's going to help you on the money issues. I'll weigh in. I'll dive in on the income. She'll help out on that as well. That's what we're talking about. More income. Getting rid of debt. We have a great group of people, fabulous looking group of people out in the lobby today watching. You can come watch the show anytime that we're on.
So go to ramsaysolutions.com, look at the schedule. We'd love to see you. Come out and say hi during the breaks and all that jazz. And it's always good to have folks staring at us like we're zoo animals. Speak for yourself, Ken. Yeah, well, there's some lovely zoo animals. I would put you as a peacock, maybe.
Okay, I'll take that.
You okay with that one?
I'll take a peacock.
Don't tell me what I am. I'm afraid I won't be able to handle it. Here we go. Manuel or Manuel? I never know. Manuel. I say Manuel. Let's see. St. Louis, Missouri. What say you? It's Manuel. It's Manuel, but I'll say Manuel. All right. No, no. We've got to call you by your name, Manuel. So how can we help?
Hi. All right. So I'm about to graduate from college with a degree in mechanical engineering in about a year. Nice. But my dream career is to be a prosthetist. And you have to go to grad school for three years. And that's going to be about $160,000. Plus, there's only like eight schools in America that have it. And the closest one to me is Chicago. So far, I've cash flowed all of college. And I want to cash flow grad school, but that's going to take like six years, I assume, to save up all that money. And I didn't know if it would be best to just go ahead and take out a loan. And like pay it off later when I get my career or to go ahead, work as an engineer, save up money. But I don't know where I'll be in life in like,
that like in a few years so that option will be like all right let's break that down so jade and i we want you to go with no loan so let's start to map this out so it doesn't feel like you're placing your life on hold because can we be honest that's the emotion and i get it yeah oh six years all right did you say 160,000 160 okay now here's my question you said there were only thousand dollars each year okay and you said there were only eight schools in america that offered this particular degree grad level degree correct
Yeah, that's out of my research, yeah.
Is 160 the high, low, or medium of the eight prices?
It seems about like the medium, like the regular price.
What's the lowest price? I'm curious.
I actually don't know that right off. I'd find out.
I'd find out. Let me tell you why. The good people that you're going to be putting prosthetics on or designing prosthetics for and the people that will hire you do not care which school you go to. Do you agree or disagree with that statement? I'm fine with whatever. Agree. Agree. Definitely agree. So homework assignment number one, Jade, I want Manuel finding out. what the lowest price school is let's say it's a hundred for sake of discussion okay now all of a sudden if i'm doing the math right now i always have to have jade help me because normally i have to take my shoes off to do math 100 divided by two can but the point is is that you've got a six year timeline for the 160 price you're you're looking at it kind of going for me to save cash and
It's going to take me six years. I'm trying to get you in a mental process by which you start to go, wait a second, I am not limited and I'm not putting myself on hold. So practically what we're doing right now, manuals, we're going, all right, I need to find out what the lowest price school is. Let's say for sake of discussion, it's a hundred grand. How does that, let's play this game out.
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Chapters
8 chapters
1
What is discussed at the start of this section?
0:29β13:27
2
How can I balance my career with family expectations?
13:27β18:24
3
What are the pros and cons of financing a new house?
18:24β29:35
4
How can I budget to have fun while traveling?
29:35β57:27
5
What financial decisions should I consider when building a new house?
57:27β59:07
6
How can I effectively manage my emergency fund during a home transition?
59:07β1:00:12
7
What strategies can help me increase my income to pay off debt?
1:00:12β1:01:10
8
How can I balance work and family responsibilities while managing debt?
1:01:10β1:52:50