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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, moving in storage studio, this is The Ramsey Show, where we help you win in your life, specifically your money, your work, and your relationships. I'm Ken Coleman, joined by George Camel. We are here for you this hour, 888-825-5225, 888-825-5225. George is our money expert. He's in the saddle, ready to go.
I'll help you with work-related issues. You're dealing with a toxic boss or co-worker situation. Maybe you just feel stuck. You don't hate your job, but you know there's more. Should I quit my job is a question we get a lot on the Ken Coleman Show. We'll take those questions together because your work and your money are inextricably tied together. So let's go. You ready to go, my friend?
I'm ready. George has got the Bonner jacket on. If you're listening to us via your favorite podcast app or radio station, you can't see him, but he's just all dolled up. We need to start doing a little clothing segment, Ken. Yeah, well, our video audience on YouTube can see it. They appreciate it. But he's got a great bomber's jacket on. He's very, very, very sharp looking today. Thank you.
And we've been told we are the, of the Ramsey personality duets, we are the root beer float. Wow.
I'd love to know all of the duets. We need to name them all. Let's have the audience do that for us.
Yeah, pick your duet and come up with a name.
I feel like John Deloney is kind of like a Mountain Dew, it's like a Code Red situation.
Yeah, it's some type of energy drink that's unhealthy. Nobody should be consuming it. Yeah, none at all. But we love him. We love him. Let's go to Josh in Greensboro, North Carolina. Josh, how can we help?
Hey, thank you for taking my call. My question is, should I pay $5,000 to get my Class A commercial driver's license or pay off my $15,000 in debt first?
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Chapter 2: Should I pay off debt or invest in a commercial driver's license?
Are you okay with that? I wouldn't lose sleep over it.
That's for sure. But it's not your favorite thing. The way I'm wired, I go, how do I do both and do it in a shorter time frame to go, hey, how do I do this in six months to clean this up and cash flow this? Then I'm willing to do what it takes knowing the gap. That's me personally. I get it. But I think Josh, again, he's not scared of work.
I think if he started working 70 hours a week for a short season, he's going to be able to clean all this up and get the license. Is this an instant pay raise, Josh?
Yes, it would be.
That's what I'm looking at. That's a good deal. So I'm looking at, then I take the pay raise, and I put all of that towards the student loan. Which is going to be $500, $600, $700 a month. Yeah, he said it was about $10,000 more. Is that what you said, Josh, a year?
Yes, at minimum. It could be $10,000 to $20,000 more.
Either way, get after it. The opportunity is going to be there. I like George's route, too. What we're talking about is $20,000 we need to come up with. That's exactly right. $20,000 gets you where you want to be in your life. You know what I'm saying, Josh?
Yes. Yeah.
You ready to do it? Are you ready? You're sick of this? You're done? I'm getting out of this? I'm moving forward in my life?
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Chapter 3: Is taking a pay cut now worth long-term benefits?
How are you doing today? We're having a blast. What's going on?
Yeah, it sounds like you're having a fun time. Uh, my wife and I are in a very, uh, unique opportunity where our name is up. We're next on the wait list for our community to rent out our house. Um, and it's, we only have three months to rent it out once our name comes up and it could be tomorrow or it could be two years from now.
And we're wondering, um, your opinion on renting it out versus, uh, just sticking where we are. We're on baby step six already. So we could just keep paying down the mortgage and be out of debt in probably five to ten years.
I've got a couple questions. Is this like a real hot neighborhood to the point that they've got this kind of process where it's almost like a lottery where it's like, this is your chance. There's a wait list. There's a wait list just to be able to rent your home. Yep, number one. Where is this in Atlanta? Do you mind telling me? Yeah, we're in Dunwoody.
Oh, that explains it right there in the circle. Okay.
So you're getting a little starry-eyed going, we could rent this place for $4,000 a month.
Yeah, well, that's what I'm asking. What's the rent? What could you get? What's the going rate? What do you think you'll get?
Yeah, realistically, we could get between $5,000 and $5,500 a month, and our mortgage payment is about $2,600 a month.
Oh, I'm so excited to have George answer this. George, I want to know what you're going to say here.
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Chapter 4: Is using Cash App for payments a good idea?
I live from Massachusetts. So I'll be living with her when I begin the fall semester. So I'm going to be with her every day starting in September.
Cool. Well, what if you watched FPU with her? You took her through Financial Peace University and said, hey, mom, I'm going to pay for this. Here's all I'm asking you to do. I'm going to come over. We're going to have dinner once a week. And I want to just watch another lesson with you and just have a conversation about it and see what you think. Would she be willing to do that?
Yeah, I think she would be willing to do that, definitely.
And I think if you come at it with empathy, because I know when you're a son going to his mom, giving her financial advice, it just feels weird because she's like, I still remember when I changed your diaper, dude, and you're trying to tell me how to live my life. And so there's going to be a bit of that.
And so I think the more you come at it with empathy, the more you reveal her own pain to her in a way that isn't judgmental, but it is out of love. And you go, Mom, listen, listen to what your retirement looks like if you keep this up. I don't want that for you. And as much as I love you, I don't want to be taking care of you in your old age because you didn't take care of your own finances.
I want you to have the great retirement where you're not reliant on me. And if you do all of that with a spirit to teach, a spirit to love her well, I think she'll turn around. And it may be longer than you want it to. At 53, it's harder to change those habits that she's had for many, many years, right?
Mm-hmm.
And there's a lot of unveiling she needs to do, which is why Financial Peace University is so great, because you go, oh, I thought the HELOC was the solution. Turns out it was a terrible shortcut. So I'm going to gift you Financial Peace University to go through that with your mom. And I hope that that turns her around.
Of course, encourage her to listen to the show, the podcast, give her the total money makeover. Try it all. She may be a book person versus a video person. Try it all and see if we can get her on board. So hang on the line. Skyler's going to pick up. We'll gift you one year of Financial Peace University. Appreciate you calling in. Congrats on the success.
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