Chapter 1: What is discussed at the start of this section?
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Normal is broke and 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. I'm George Camel, joined by my co-host, Rachel Cruz, also my co-host on Smart Money Happy Hour, which you can get on YouTube or podcast.
You call us, 888-825-5225, and we'll help you take the right next step for your money and your life. Daisy kicks us off in Phoenix. Daisy, welcome to the show.
hey there it's daisy and i've just been um i'm just in a little bit of uh not with only fans oh so i yeah um i've been doing it for about three years now and as of recently i've fallen pregnant and would like to you know become a stay-at-home mom from that
Okay, so there's multiple pieces here. You've been doing this for three years, and you want out only now because you're trying to start a family?
No, I have been wanting it out for a while now, but as of recently, I found out I'm pregnant, so it's like... This just gave you the kickstart to go, all right. Okay, Daisy, how old are you? I'm 21. You're 21, okay. And who is the father of the baby? Is it someone you're dating? Are you married? It's my boyfriend. We've been together for about two and a half years now. Okay. Wonderful.
Okay. And what is your current income? Just you.
My current income is honestly about $1,000 a month right now because my boyfriend, he's the one that takes care of everything.
Okay. How much does he make?
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Chapter 2: How does Daisy plan to transition from OnlyFans?
Him or you, Daisy. I mean, just for the time being, though. Do you know what I'm saying?
How far along are you?
I just found out last week, so I'm about five weeks. Oh, congrats. Okay, so early on. Thank you. That's good. How you feeling? Oh, I'm feeling great. Oh, you are good. We've been trying for months now, so. Okay.
Rachel meant like morning sickness and stuff.
I meant like, yeah, the first trimester is always tough. Actually, none of that, luckily, thankfully. Good. Okay. So, Daisy, yeah, I mean, so to be able to replace this, I mean, you could do this, you know, doing Uber Eats, you know what I mean? A thousand bucks a month.
Mm-hmm. $250 a week.
Could be found. Yeah, yeah, yeah. It could be found super easy, which I'm thankful for because sometimes when people are looking to replace their income, and especially when you're in this, like, moral dilemma of how you're making your money, sometimes you're trying to replace, like— $10,000 a month, $20,000 a month. Yeah, yeah, yeah, like a crazy amount that would be hard to replace.
This is easy. Yeah. So, yeah. And luckily we're not in debt either at all, so. Good.
So no debt. You guys have anything in savings?
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Chapter 3: What financial details does Daisy share about her situation?
You're committed to each other. Let's go ahead and get married. We can have a party later on down the road.
And I agree with that completely. Yeah, and that way, Daisy, you guys can start to combine your lives even more, right? I mean, it's not only from a legal standpoint when you get married, but also from a financial, because I would not be combining money with him until you guys are married.
And so there does have to be, because you are living together, you're going to have to figure out like a pay schedule, right, of, okay, he's going to be in charge of these things, I'm in charge of this, you know, whatever it looks like to run the household of how you guys are. But... But, yeah, there's something about that marriage. And, again, it is if he's the one.
And, I mean, he's going to be in your life, I mean, I assume, regardless, because you guys have a kid together, you know. But, yeah, I think stopping the income source right now from the OnlyFans.
Are you done, done, like account shut down?
No, I don't have the account shut down. I've just been running it, but every time I go do it, I just have a complete breakdown and just cry about how much I don't want to do it.
Wow.
Yeah, Daisy, I mean, for your sake, girl.
It's not worth the money and your mental health, your emotional health, your relationship.
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Chapter 4: What advice is given regarding Daisy's OnlyFans income?
If you want to give money, make it a gift. And please don't go into debt for said gift. That's not really a gift. We've heard that with like, well, mom got me a car. It has a loan on it. And so I, you know, I got to pay it. But she got me the car.
Right.
Yes. And so it's fine if you want to give money.
And if the giving ends up... becoming a pattern of enabling bad behavior or irresponsibility that's another stop right we're not doing that um but they get because i mean part of the show is about changing your family tree right getting yourself in a position where you can change your life you change your family's life you change others lives like The ripple effect is beautiful and wonderful.
And we want that to be. But we also want the people on the other side that are receiving it to be in a healthy, good spot themselves to have their own dignity as adults. So that and then the other thing, George, no co-signing.
Ever.
Please. Please, no cosign. We had a grandma who cosigned. That was last week on the show, I think. I know. She was like 92. And this guy's like, yeah, my grandma cosigned. I was like, poor grandmother. He's broke. He's probably not going to be able to make the payment.
Yeah, they require a cosigner because nobody trusts you to pay it off.
Yes.
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Chapter 5: What strategies can help reduce debt quickly?
Yeah, don't stop the side gigs. You know what I mean? That's the gazelle intensity that we talk about, maybe step two of, You guys are just crazy people, right? You're just doing anything and everything to earn income, cut lifestyle.
I mean, it is like we are putting everything... Because every... If you think about it, every $200, $300 that you can put that's not going out in lifestyle towards this debt, that's a couple of hours that you're not working. I mean, it's just that give and take. So it's like just deep, deep sacrifice. And again, if you do that...
Like George said, in less than two years, you guys could be out, which is just huge.
How long have you been in debt?
My whole adult life.
Don't you think you deserve better, Julia?
I do.
I think you do, too.
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Chapter 6: How can couples work together to tackle financial challenges?
So I think we make a plan tonight. We spit shake and say, hey, hubby, we're going to go hard in the paint until this thing is gone. We're both working like crazy. It's a competition of who can work more hours at this point.
We're very competitive, so that works out. And we're very ambitious. I mean, he has his own business, and it's hard for him to invest in that with all the debt and everything. And then I have like a ministry and there's all this other stuff going on in our life that we want to do.
You have a great why. He wants to run this business. You want to be generous and run this ministry. So all of these things will fuel the journey when it gets really hard, when you guys are both exhausted. And instead of fighting each other, you go, good job today. Way to go. Thank you for providing for our family. Thank you for knocking out this debt. We are worth being debt free.
And you guys will get there in no time. Are you guys using EveryDollar right now?
We are. I just got the subscription in December. Good.
You are on the way, Julia. Call us back, and we will celebrate with you maybe 20 months from now, worst case. You got this.
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Chapter 7: What steps should be taken to create a financial plan after a loss?
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No contracts, no traps, just predictable savings that help you stay in control. Switch now at BoostMobile.com slash Ramsey. Restrictions apply. See website for details. Robert is in Columbia, South Carolina, up next. Robert, what's going on?
Hey, how are you today?
We're doing great. How can Rachel and I help?
Yeah, so I have a lot going on. First question that I have is where to start with everything that I have going on. Recently, in the last month, I own a business. I've had a business now for going on three years. This will be my third year. First year, I did great. Second year, I cut back, and I had too many eggs in a basket, and they went with a different contractor.
And so to speak, I'm losing about 80% of my income.
Oh, gosh. So what was it, and what is it now?
So my income was $6,000 or really $4,000. and it's dropping down to about $2,000.
Okay. So you went from $4,000 to $2,000?
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Chapter 8: How can generational wealth be built through financial planning?
What's the plan for that? So I've been going and meeting with different owners and I actually am looking at taking on more contracts than what I had before. Others don't have the contract signed right now. Oh, good. OK.
So in the pipeline, you got some leads here. Yes, sir.
Good, good, good.
But in the meantime, it sounds like there's other pieces here. Do you have debt?
Yes, I do. To be completely honest, I'm behind on my taxes. In my personal life, I'm looking at doing a bankruptcy. I have enough money saved up right now to float me by for two months if something does not come through. And then after that, I will basically lose everything that I have built. I have four children and I have a fiance. Wow. Okay. How much debt do you have?
Um, so after the bankruptcy, it will basically, uh, wait, are you, wait, have you filed? Give me, where are we at when, when you say after the bankruptcy, is that in process? I have, uh, yeah, it is in process. So I have one more final payment before I'll have my court date. Okay. And can I ask why you filed? So, um, I had a few judgments put on, on me. Um,
from a past marriage that i had okay i took all the debt from that and they reached out to me and put some judgments on me for some vehicles that we had okay so you have coming out of that um and do you have do you know you have no money personally saved for these upcoming months Other than two months' worth. That's correct. Two months, okay.
How much do you owe the IRS?
I would say about $26,000.
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