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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 and storage studios. It's the Ramsey Show, where we help people build wealth, do work that they love, and create actual, amazing relationships. Jade Walshaw, Ramsey Personality, is my co-host today. Open phones at 888-825-5225. Gabriel is with us in Fort Wayne, Indiana. Hi, Gabriel. How are you? Doing well.
How about yourself? Better than I deserve. How can we help?
So glad to speak with both of you today, Dave and Jade. I'm going to dive right in. My fiance and I are getting married in October. Yay. Thank you. And we're both entering the senior years of our debt-free degrees. But between scholarship refunds and our part-time jobs, we don't make much.
How can we best be financially prepared for all the changes that are coming with marriage, welcoming children, graduation, moving home, all of those things?
Well, what are you going to be making when you do get your degrees and get into your career field? What are you expecting?
I'm studying supply chain, so I'm expecting north of 55 a year. And then my fiance is studying athletic training, so we're not sure, but probably around 40.
When do you graduate?
In May of 24. Okay.
Okay, so your first several months of marriage, you're not going to have much of an income.
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Chapter 2: How can college graduates financially prepare for life after graduation?
You're living in the house that you're going to be... Who's living in the house that you're going to be renting? Because somebody's already living there, right?
Right. So I'm living in it currently.
Okay.
And she's being a summer RA. The good news is... So when we are married, we'll both be living there. Yeah.
The good news is you've already been living there on the income you have. You've already been holding up your lifestyle. She's going to come into that. She has no debt, right?
Right.
Okay. So, and she's bringing, you know, $5,000, whatever to the table. So it sounds like you, like Dave said, you've got enough to just keep camping the way you have been. Then, you know, A1 after you graduate is getting, you know, the jobs that you say that you're going to get. And then after that, you know, do you guys have any money saved?
Not yet. It'll be around $10,000 after the wedding's all said and done for.
Good. That's more than I thought you would have.
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Chapter 3: What are the best ways to handle home repairs financially?
Open phones at 888-825-5225. This is The Ramsey Show. Jade Warshaw, Ramsey personality, is my co-host today. Open phones at 888-825-5225. Well, Jade, if you go on vacation for three weeks, stuff happens while you're gone.
Yeah, a lot happened while you were gone, Dave.
So first thing happened, Supreme Court rules and says... President Joe Biden does not have the power to forgive student loans. That's right.
The second thing that happens is Joe Biden came out with an announcement that they were forgiving a bunch of student loans, which was actually a complete falsehood because the student loan process already involved forgiveness for people that did the PLC public service process. And it was 10 years, and now it's going to be 25 years.
And you just went on a rant last week about that, which has now got over 300,000 views. That's right. Yeah.
And so it's not the same forgiveness, guys.
It's not. It's not. It's not student loan forgiveness at all.
No, it was.
By the way, by the way, of the people that signed up for that when it was a 10 year program that are now coming up on 10 years, almost no one has gotten less than 5 percent of people who actually gotten the forgiveness. So one more time, the government lied to you. Whether they're Republicans or whether they're Democrats, it doesn't matter.
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Chapter 4: How can newlyweds budget effectively for their first year together?
They had been paying 25 and 30 years. Is that worth it to wait around that long?
Listen, this is taking the student loan business and applying the rules of the DMV to it.
That's right.
This is stupid government socialist behavior.
Yeah, that's who's working there.
And it's ridiculous, and it's a disaster if you lean on this for your future. So your future, you want to get your student loans, get rid of your student loans? Here's how you do it. what we call big math. Big math works somewhere around the fourth grade. So you owe $10,000, okay? That's $833 a month, or if you want to do it in one year, okay?
Or it's $1,666 a month if you want to do it in six months. Okay. It's $1,000 a month if you want to do it in 10 months. It's $5,000 a month if you want to do it in two months. So take your student loan and divide it by how long you want to be a slave, how many months, and that tells you what you've got to go make and get up off your freaking couch and
go leave the cave, kill something, and drag it home, and get this dadgum thing out of your life. This crap owns your life, and they're sitting up there in Washington playing tiddlywinks with your dadgum life, and you gave them permission because you leaned on something that didn't need to be leaned on that wasn't worthy of being leaned on called politics.
And you're kidding yourself if you think that they're for you.
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Chapter 5: How much should I save for a down payment on a house?
Well done. So what you're saying is you might not put down as big a down payment on this first house. but you're still going to be making $175,000, and you're still going to go in and knock it out as fast as you can. So if you don't put down $200,000, you put down $100,000. That's not the end of the world, right?
Yeah, and I actually have $100,000 saved. Oh, that's great. Yeah, but kind of the issue we're seeing is, just with the way our budget is and how much his master's degree is costing, we're struggling to save, you know, $2,000 to $5,000.
Yeah, but that's not a permanent situation. That's just until he completes the master's.
I see. So you guys, yeah, I probably just need to be more patient, but maybe you guys can tell. When's he finished?
You're wanting to buy now while he's in the master's program?
No, I'd like to buy in maybe 12 months to 24 months.
And will he be out by then?
He will, barely.
Okay. Is he going to go into private practice, or is he going to join a practice, or what's his plan?
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Chapter 6: What should you know about student loan forgiveness?
Yes, sir. Yeah, within about a month, no water will be able to leave the house.
Yeah, so you've got to get at least one fill line open, and you probably do that for $10,000. There's usually three or four fill lines. I don't know how big this property is, but I'm guessing there is. And then they generally head towards a tank. You pump the tank, I assume, right?
Yes, sir.
Okay, and so that's not helping at all because the water's not getting there because of the collapsed lines, right? Right. Well, the tank's filling back up. Wait a minute, the tank's filling back up because the lines leaving the tank are what's not working, right?
Yes, sir. I can get it pumped, which costs about $600. And after it's pumped, I have about three weeks or two weeks before it's filled back up.
Yeah. So I'm going to keep pumping it until I can get enough fill lines in that I don't have to pump it anymore. And you may have to do one fill line at a time. You got $10,000 worth. See if you can't get two in. Tell the guy what you're up against. Say, I don't have any money and I can't borrow money. And I don't make $500,000. And so, you know, help me, man.
and help me figure out how we can do this in phases and at least get it semi-operational. That's what I would do if I woke up in your shoes. I've done stuff like that.
I mean, we had a roof leaking when Sharon and I went broke and went into bankruptcy, and I wasn't borrowing money anymore, and I would have had to borrow $6,000 to put a roof on, and I went and got some of that tar stuff and spread it on the roof. It looked awful, but it quit leaking.
yeah until i could save up to six thousand dollars now you might be a redneck if right john but um but you know you might be a redneck if you're pumping your septic tank every three weeks but hey we're saving up our money and then i'm if and then if i'm you i'm picking up extra jobs and working like crazy because i got to buy some fill lines yes sir because you can't sell the house yeah you can't sell it
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