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Chapter 1: What is discussed at the start of this section?
Live from the headquarters of Ramsey Solutions, it's The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm Ramsey personality, George Camel, joined by my good friend, Dr. John Deloney, who's having a spectacular week, by the way. Congrats on your book launch, John. Very exciting. Building a non-anxious life is now in the hands of...
Dare I say... Dozens. Millions.
Dozens. Very different answers. Dozens and dozens of folks.
Well, if you're watching on YouTube, you'll notice I'm sporting a Deloney shirt that we just got in. This is not merch you can buy.
A bunch of people, yeah, they printed up, my manager printed up a whole bunch of them.
John's mom decided to just make some merch to make him feel better. That's right. But it's fun. So in honor of Dr. John Deloney's book launch, I'm wearing a Deloney shirt. I expect you to wear a camel shirt during my book launch.
A camel tattooed on my chest, for sure.
A little aggressive, but I like the spirit behind it.
We're going to make it happen, man. No, thanks. I'm excited to have it out in the world, man.
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Chapter 2: What are the common dilemmas faced when leasing a car?
Um, Yeah, we make a pretty decent income. What's the income? About $140,000.
You make $140,000. I think you can scrape together $4,000 in less than four months. I'm thinking one month. Do a no-spend month. We covered only the basic bills, minimum payments. The rest goes towards getting out of this deep, deep car hole we've got ourselves in. No eating out, no buying any clothes, nothing, nothing, nothing. No Miami lifestyle that you've been leading.
We'll get back to it soon enough, my friend. Thanks for the call. This is The Ramsey Show. Welcome back to The Ramsey Show. I'm George Campbell, joined by my friend Dr. John Deloney, and we are here for you, America, taking your calls at 888-825-5225. If you've got that burning question, a conundrum, a crossroads, you need some validation, confirmation, we are here for you. 888-825-5225.
Ciara joins us up next in Cincinnati. Ciara, welcome to the show.
Hey, George and John. How are you guys?
Doing well. How are you?
I'm doing good. I'm doing good. So I have a little bit of an interesting situation, and I'm sure there are other people out in the world that are in a similar boat, but I am looking for advice on my situation. So two years ago, my father passed away.
And, um, I bought his house, um, or I bet I did a cash out refinance and put it in my name in order for it to be, um, to prevent it from being foreclosed on. Um, I don't live in the house currently. I haven't for years, but my sister at the time when my father passed away, lived with him, he was supporting her, um, and her kids, um,
until the kids got into school age, and then they made an agreement to where once they go to school, she would start working and helping to pay the bills. Well, neither of us expected him to pass away, So now we're in a situation where she had no job and, you know, the house was being foreclosed on. Fast forward to now, I now own the house 100% in my name and she is working now.
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Chapter 3: How can I effectively budget my new income?
Okay. How long has she been in this financial predicament?
She... It's been a couple... Well... Back when my dad and her made an agreement that she was working, but she was having a hard time finding childcare. She's a single mom of two. So he told her that he would help support her until his kids were in school age.
Right.
So then she had quit her job of five years and really was kind of depending on him until he passed away.
Right. And so you're doing a noble thing. You're trying to keep going the agreement that he made with her. Yeah. But what we have here is your dad trying to help you trying to help. And we have somebody on the other end of this help, not realizing the full sense of their predicament.
Yeah.
And she's had a couple of years. Is that easy? No. I've sat with moms who lost everything. It's devastating.
Yeah.
It's her responsibility to either come up with the ability to pay for $120,000 house, which in this market, in this planet is unheard of right now. I won't say this planet in the United States. It is to figure out a way to cover that or to figure out something else. Yeah, I... And I know that sounds heartless. I don't want to beat up on single moms or anything like that. Right.
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Chapter 4: What are the key considerations when deciding to sell or repair a car?
And it costs them literally nothing because they will still get paid. The Senators doing this crap, playing tag with each other. And then here's what's going to happen. Georgia's going to play tag, they're going to play tag, they're going to play tag, and then something's going to set off. And I hate it. But, Jason, I would explore something bigger. And then that's the big 30,000 foot view.
The reality is the anxiety and stress is the alarm system going off. We may not have enough money next month because our bosses are acting like children and they won't actually sit down and solve problems. They just want sound bites for their Twitter account. Okay. I'm going to always go towards the alarm directly into it. What does this mean? George, tell me if I'm crazy.
This might mean I gotta go to work until I find some other job that will pay me when I go every day instead of one that's gonna give me back pay if they ever reopen. And then you're gonna have to deliver pizzas at night to pay the rent. And you're gonna have to get up in the morning and drive Uber on your way to your job that you're not getting paid for.
and then you're going to have to deliver pizzas. You're going to have to figure out a way to get money. And I wish there was another option to that. You can go borrow money, and then you're going to trap yourself in a continued cycle of debt and false security and whatever. You're just going to have to figure out a way to work on Saturdays and Sundays, and it's going to suck.
But that's the reality you face, right?
Yeah, and what this is, he's in baby step two. He's got a baby on the way in November, a third daughter, and there's this impending shutdown. So we call this storm or stork mode, and it's the only time to pause baby step two.
Stop paying off debt and just stack cash.
Just keep your minimum payments. Everything else, stack as much cash as possible until you're out of the storm, until mom and baby are home, until we know what the heck is happening with this government. And so that might be 45 days. That sounds like about right. If you wait just a month and a half, get a side job, keep working, stack all those into savings.
Then once the dust settles, we can move forward with the debt payoff. That's what I would do. That would help me with my anxiety and stress is some of the reality pieces of it.
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Chapter 5: What should I consider before buying a home for my daughter?
That's a way to lose them both.
We would still need to take out a small mortgage, maybe $200,000.
Okay. So if you sold the house?
Yes.
So you sell the house, you get, let's say, $440,000 out of it, and then you have your $75,000. That puts you at a little over $500,000, and you're saying, hey, it's going to cost $700,000 all in. We'd take out a mortgage for $200,000 of that.
It might be more closer to eight now that I think about it. Okay. It's just so expensive.
Well, what's your household income?
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Chapter 6: How can I handle a car repair bill of $5,700?
Our household income, it varies from month to month, but I could say on average about $12,000.
Fantastic. So let's say, hey, we really need to keep this mortgage around $3,000. And if we're going to do that on a 15-year, we can start crunching the numbers to go, are we ready for this build? Are we ready to take on an $800,000 project? Or do we need to wait and save up another $50,000, $100,000 to make this make sense?
Right. We could easily hold off in this house for no more than two years.
Okay. But it's not too early to do the homework and go, hey, let's contact a builder. Let's start to see what this would actually cost. Let's see how much mortgage we could actually afford based on our income.
Chapter 7: Should I fix my car or buy a new one?
And that will give you some actual facts versus just I think and maybe and I feel I like to have some real numbers on it.
The facts. Okay. And do I need a realtor for a custom build?
No, you own the land. You're going to have to, I would recommend getting several builders and having them give you a bid and have some sort of idea of what you want the house to look like.
And maybe when your husband can go through plans online or hand them to a builder and say, here's what we're interested in, or look around and ask people at your local church, whoever, who have used a custom builder. We had a great experience. We had a terrible experience. And then interview them at your house. They work for you. Okay.
Chapter 8: What are the financial implications of my car purchase?
Right. And then ask them to give you all in costs and go through that whole process.
Now, the spot where a realtor could come in, Carol, is their expertise, their relationships with builders in the area, their negotiation skills, project oversight, resale considerations, things like that. I would still say, hey, there's a lot of value in having a realtor involved. But do you need a realtor in order to build a home if you own the lot? Not necessarily. Right.
How do you say goodbye to them since they helped us buy the lot and our current home?
So are they wanting in on this? Because you already have a current realtor that you love?
Yes, she helped us buy our current home and the lot. And she's mentioned, when you're ready to build, contact me, contact me. And I haven't had the guts to say goodbye.
Well, so maybe do this. Call her and ask her... What does a realtor help me do?
What's the value? How are you making money from this? What does this relationship look like? And then if it doesn't make sense for you guys, just say, hey, thank you so much. You've been amazing. But we're going to continue forward without a realtor on this one. And maybe you do work with her. And maybe it's a huge blessing. But if the question is, do I absolutely need one? No. No.
I'm saving up to have some work done at my place, and it has never occurred to me to call a realtor. Maybe that's on me. Maybe I'm wrong on that one, but that's never occurred to me. I have reached out to several folks who would be either general contractors or builders to come out and help me.
And if I did keep her, I would pay her out of my pocket, correct?
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