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Chapter 1: 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, specifically with your money, in your work, and in your relationships. I'm Ken Coleman. George Campbell joins me this hour. 888-825-5225 is the phone number. 888-825-5225. You got your money questions today. George is ready to go. He's got a fabulous little corduroy coat on.
Why has it got to be little, Ken? I didn't mean it. Why has it got to be little? You know, it's a Freudian slip, I guess, but it's a fabulous little coat. There it is. I said it again. I've got to stop. It's a fabulous little coat. George is going to take your money questions.
We know how this show is going to go. Big Kenny boy is going to take your career questions and work questions. That's right. Purpose questions.
That's it. You want more money? You need a bigger shovel? I'm going to help you figure that out, and we'll team up together. We always love being together, and honestly, great corduroy jacket. Thank you, Big Ken. I got that out the right way. Big Ken helps you with the bigger shovel. I'll help you with everything else. Oh, boy, it's going to be a fun one today.
I feel a great studio audience, by the way, out in the lobby. Fantastic group of people out there watching the show. Let's go to Natalie to start it off in Portland, Oregon. Natalie, how can we help?
Hi. Yes, I have kind of a mix of career and life question. So currently I am nine months pregnant and just starting my maternity leave today. And on Thursday we found out that the mill that I work at is shutting down for good. Oh no. Yeah. And so now I'm kind of Trying to figure out what do I want to do with my life, like stay home, be a stay-at-home mom, start a new career.
Okay.
Everything, all like that.
Yeah. Well, first of all, I'm sorry that the carpet has kind of been pulled out from underneath of you. That's not fun. However, let's just start by this. You're going to be okay. Okay? You've got to believe that you're going to be okay. So let's go back to before you got the news that the plant or the mill was shutting down. Okay? What was your plan before that?
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Chapter 2: How does George suggest handling money questions?
Nice. As a supervisor. Okay, so $90,000, that's legit. That's really good money. And so your plan was, what was that going to look like financially if you were going to gradually come back? And I'm thinking through this because I want George helping me think it through budget-wise and what we've got to do. Were you thinking you're going to make X amount of dollars for how many months?
What was that going to look like when you came back slowly?
Um... Yeah, so I was going to come back three out of the five days. So I was going to come back making about 60% of my salary. Okay. And that was kind of up in the air on the end date of it.
Okay.
So here's... Go ahead. Okay. We can live on just my husband's income, but then things will be pretty dang tight and not really making much progress with our finances. Right.
Where are you guys at financially? Do you have no debt in the emergency fund?
Yeah, we're in four, five, and six right now.
Right. All right, George, here's where I'm at on this. Natalie, here's what I'm thinking. So I think we go with the same plan. It's just that we've got to find something while in the first three months becoming a new mom, and this is going to be hard. But I think you immediately start telling everybody that'll listen to you, hey, here's what happened, and I do want to come back.
And I want to come back. I'm looking to come back three out of five days a week for month four and five of baby being born or whatever that initial plan was. I think you try to execute on that plan.
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Chapter 3: What challenges does Natalie face regarding her career?
And so now the mindset is, all right, I've got a lot of experience in leadership. Let's just call it what it is. Supervisor role is leadership. You're making $90,000. That's very impressive. So that tells me, Natalie, that you've got a resume with some very valuable experience. And if the plan was to come back anyway...
then I think you look at what you've done in the past in a supervisory role, and if you like leading and managing people, so I'll pause for a second, do you like leading and guiding and managing people? At times. As a whole.
Yes and no. As a whole, looking at my job, I absolutely loved what I did, and Working with the people, I mostly dealt with the optimization and kind of like more of the tech side, not so much as like the supervision side.
Okay, good. So here's a fun exercise, okay? And I'm not going to make you do it on the air here, but I would like you to do this sometime in the next 24 hours. I want you to write down specifically. I want you to write it out. What did I love most about my last job? And I mean specific. So you're talking about, I love the optimization. I love the tech side. I love da, da, da, da, da.
And when you write down what you loved most and you describe it however you want to describe it, here's what's going to happen, Natalie. You're going to come away with a job description for what you want to do with your life. So you kind of said, Kit, what do I want to do with my life? You want to do something similar to what you loved before. Make sense? Now, here's the key.
The key is when you potentially look at other industries, for you to remember that you've got experience and skill. And that skill and experience can translate, in other words, transfer to other industries. It doesn't have to be in the mill industry. Does that make sense?
Yeah.
And do you like tech?
Kind of. I went to school... and became an engineer and didn't really enjoy that side of things, and so that's why I went into working at a mill.
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Chapter 4: How does George advise Natalie on her job situation?
So, George, do you think that's silly? That's not silly at all. I thought you were going to be like, I want to go twist balloons for kids' birthday parties. Like, that's a little silly, but I've heard that one before.
We've heard it. So, very exciting. Okay, so Natalie, here's one thing I want to do for you. I want to give you my Get Clear career assessment. Okay. It's about a 20 minute assessment. It's going to verify a lot of what you're feeling. And then Austin, we just released a new product and I'm not saying it the right way, but we've got a new financial coach class that I'm a part of.
It's a product that helps train coaches. I want to gift that to you, Natalie. So hang on the line. That just launched today. Wow. That's Very generous. Yeah. So I want to give that to you as well. It's going to set you up well. And just think of that as George and Ken's baby shower gift. What do you think, George? I like that. All right. Hang on the line. Austin will take care of you.
For the rest of you, don't move. More Ramsey Show coming right up. Welcome back to The Ramsey Show. I'm Ken Coleman. George Campbell joins me. The phone number for you to jump in is 888-825-5225. The question of the day is brought to you by Neighborly, your hub for home services with 19 service brands nationwide.
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All you've got to do is visit Neighborly.com slash Ramsey to find and schedule service today.
Today's question comes from Bethany in Georgia. My husband and I are having a disagreement on our monthly personal spending money. We budget for each of us to have $100. My husband says I can't visit my family in Florida because we're paying off debt and the cost would be around $500. But he also talks about saving his allowance over several months to go to a concert.
I was under the impression that if you only plan on spending $30 out of the $100, you put the $30 into a spending envelope and use the rest towards debt. Can you clear this up for us?
Uh-oh. Jordan, I feel like I need to get you one of those judge robes. I would love that. This feels like an episode of Judge George. A little gavel? A gavel? Why does it have to be little?
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Chapter 5: What financial challenges does Karen discuss regarding her mother?
But that's not the place for me.
You'd be hemming all the prison jumpsuits for the guys.
Yeah, you've got to have a job. You've got to stay busy. You've got to find some purpose no matter where you are.
Chapter 6: How does the conversation shift to the implications of student loans?
All right, Karen is up next in Milwaukee, Wisconsin. Karen, how can we help?
Hey, guys. How are you?
We are having a blast. Can you tell?
It sounds like it. It sure does. Good. So I am on this financial peace mission. I'm on Baby Step 2, working to change our family tree.
There we go.
Which brought the light. Yes. My mother's situation.
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Chapter 7: What advice is given about managing home equity loans?
My question more is about my mother's non-planning and which her situation could become my situation pretty quickly. So I wanted to ask some questions about that.
Okay. Tell us a little bit more and ask away.
Okay, so her, she's a wonderful lady. She's 83. She's independent. Got her sweetheart living with her. She decides to go back to college when she's 70 and gets her PhD in biochem, but she takes out student loans.
At 70?
At 70. She's a PhD in biochem. She's a rock star.
That is fantastic.
Yeah.
Except for the student loan part.
Exactly. So she's been paying on these student loans, and now she's 83. She stopped working when she was 80 a few years ago, teaching at the college. Jeez, what a slacker.
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Chapter 8: How can Daniel balance work and family life while paying off debt?
She's also got 18K in an equity loan she took out, and she has no... retirement. She has, um, just paid off her condo, which is good news. It's worth about 170 K and uh, she's on Medicare and, or, and social, she takes social security. And so what happens if something happens to her? She needs to be cared for, say in a nursing home or, In-home care, there's no money for that.
And I'm guessing, do me and my brother take that up? We don't have any money for that. How do we, is their condo protected from the student loan and her equity loan? Or do we put the condo in our name?
Well, the home equity loan is tied to her condo.
Yep.
And so her condo is at risk.
That would be paid off.
Yes. It's one of the scariest parts about these home equity loans is it puts your home at risk. If she can't pay that, they can take her condo away.
What kind of margin does she have on her Social Security payments and her basic expenses?
She gets $1,800 a month in Social Security. She has a contribution with her partner of $725 a month. Her student loan is around $300 a month. Her equity loan will be about $300 a month, and that's basically, and then she's got a condo fee of $300 a month. So she's already $900 out, right? And she's making $25.
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