Preparing Financially for a Baby (Hour 3)
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How can I build an emergency fund while paying off debt?
Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where debt is done, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. I'm Dave Ramsey, your host. Ken Coleman, Ramsey Personality, is my co-host, as we talk about your jobs, your career, your money, your mental wellness, and your relationships, all right here on the Ramsey Show. Thank you for joining us. Debbie starts off this hour in New York City. Hi, Debbie. Welcome to the Ramsey Show.
Hi, Dave. Hey, what's up? I hope you're doing well. I am.
How are you?
I'm okay. I'm okay. Um, so my question, um, I know that I'm very new.
What should I consider before paying off my adult child's mortgage?
I, but I've already cut, I've already closed six credit card accounts. Good for you. And yeah, so, and I have a question, although it's a little far in the future considering where I am with my debts, but you say to put the, to do the three to six month emergency funds from what I've heard from your show and from reading your books, um, After you do all your debts other than your mortgage. But I don't have a mortgage because I rent. My husband and I, we rent. And so my largest debt is a $93,500 student loan. And my other debts, altogether, the debts are like almost $190,000. Besides the way we just cut up. Anyway, so my question is, I'm just concerned that they'll never get to the emergency fund or it'll take way too long if I do the student loan before I do the emergency fund.
My husband, you know, his income isn't 100% steady because he's self-employed. You know, and my income is all taken up on my debts.
What do you make a year? Household income.
I actually looked it up.
How does self-employment affect financial stability?
Last year, I made $106,238. What did he make? That, I don't know exactly. I just, his income really varies. It's less than mine right now. It used to be more. He has a steady $30,000, and then it goes up and down depending upon how much work he has. And it's... What does he do? He's an electrician. Why is he not covered up in work? He's 84 years old.
Well, there's that. Yeah.
My husband's a lot older than me.
What steps can I take to manage student loan debt effectively?
Okay. So he's 84. So he doesn't really do the work himself, and he just, you know, backs up other people basically.
Yeah. And so. So how old are you?
So he doesn't like, you know, so he just gets like a small fee, you know.
So how old are you?
59. Okay.
Cool. All right. Good for you. Well, I'm glad you're attacking this. And in general, there's a power to focus.
How do I balance saving for a baby and paying off debt?
So you've got $130,000 plus or minus income to attack almost $200,000 in debt.
Yeah.
Ouch. What was your student loan for?
nursing and that first the two loans the original nursing degree then i this would be my stupid i went for the masters but i did it as a bridge program because i had a bachelor's so now the masters did me bupkis no everyone wanted me to have the bsn but my bachelor's isn't another thing so i feel i thought i might have a borrower's defense case now for that part of for that part of loan i have a borrower's defense case active and right now I'm in forbearance because of that. And even when everyone else has to pay back their loans because of the pandemic freeze is ending, I still don't have to pay until they decide my case. Right. So right now I'm not even focusing on that at the moment. And I don't know if I'll win or not.
And if I do, I'll still have for the original degree. Right.
So you are a nurse today?
Yeah, I'm a school nurse. I mean, I'm still an RN, but I work in a school.
What financial strategies should I use for a growing family?
I have a quick question on that, Dave. Are you maxed out with the degree you have and experience you have as a nurse? Are you maxed out, or could you make more than the 106?
I tried to get back in the hospital, and no one would even interview me.
I didn't ask you that. I'm saying, are you maxed out in the marketplace?
Is there something else you can do with an RN that makes you more than you make now?
Not that I'm aware of. I'm an NP, but I couldn't do that because I don't have the experience in anything that you can get an NP in because I spent most of my time in the school. So I can't go for a postgraduate certificate program as a nurse practitioner because of that.
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Chapters
8 chapters
1
How can I build an emergency fund while paying off debt?
0:28–1:16
2
What should I consider before paying off my adult child's mortgage?
1:16–2:27
3
How does self-employment affect financial stability?
2:27–3:07
4
What steps can I take to manage student loan debt effectively?
3:07–3:35
5
How do I balance saving for a baby and paying off debt?
3:35–4:48
6
What financial strategies should I use for a growing family?
4:48–5:52
7
How can I further my career while managing financial obligations?
5:52–6:45
8
What are the long-term financial implications of having a child?
6:45–39:50