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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 studio. It's the Ramsey Show, where America hangs out to have a talk. A conversation, if you will, about your life, your money. We are taking calls all afternoon. Give us a call. The number is free.
Chapter 2: How can I start my financial journey as a recovering addict?
Although, George, these days, all calls are free. 888-825-5225. Joined!
by the parsimonious george camel did you google that or is that just in the rolodex that's in the rolodex i like that word because it means frugal wow that's a good word isn't it it's a very expensive word for someone who's frugal okay it's that much yeah it's kind of like an oxymoron but i like yes love it all right guys give us a call like i said call in we're going to talk about your life your money and george let's just go straight to these phone lines okay i'm here for it we got tabitha in atlanta ga what's going on tabitha
Hi there. First of all, I am very excited that I even get to speak with you guys. So I have several questions. Basically, okay, so I'm a recovering addict. I'm sorry, I'm a little nervous. That's okay.
We're doing great, Tabitha. We're here for you. We're with you. We're going to hold your hand and get you through this.
Awesome. Okay, so I have been in recovery from heart addiction a majority of my life. I have been six years clean. Awesome. I now work as a certified peer specialist and a case manager for the Georgia Adult Drug Court. Um, so this is what's going on. I am, um, never, I was born in poverty and basically my parents were addicts themselves.
So I was never taught any of these things until I just recently started watching these YouTube videos and it's like a light bulb in my head. I have a, I have a career. I do not have any college education. I'm living from check to check. I live in a home for women and children. So I'm a single mother and I live in a home where I only pay 30% of my income a month.
So I pay $700 in rent a month for where I'm staying. But I am living from check to check. I owe $4,000 to Aspen Dental because without education and the research, I just ran to the first place to get my teeth fixed.
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Chapter 3: Should I buy a house or continue renting?
Okay.
Um, so the only debt I have is the $4,500. I'm 39 years old. Um, and I want to be successful and I want to be successful with my money and I want to break the chain of poverty for me and my son so he can have a great life. And I don't know where to begin.
Well, first of all, you're already breaking that chain. Six years clean. The fact that you're diving in, you're looking at YouTube videos, you're calling into the show. You are breaking that chain. I know I speak for myself and George when I say we are so proud of you. Thank you. Very, very, very good.
I'm inspired by your story already. And when we talk about changing your family tree, this is it. And I cannot think of a more noble and strong why than the one that you have today. And that's what gives me hope that you are going to get to where you want to get financially. And we can definitely help you get there.
So what's your income looking like?
Okay, so my annual income is $34,000.
And how much do you see every month in your check?
So every month in my check, I see about $2,300.
Okay, $2,300, and you've got your rent going out, and then you've got this dental situation. You said you're a single mom. How many kids do you have? I have one. One child. How old? He is six years old. Very, very cool. Six going on 36. Wow, so that really was your why. Six years old, six years clean.
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Chapter 4: What is the importance of fun money in budgeting for couples?
So you're saying I'm paycheck to paycheck. What do you think is the cause of that right now?
I'm going to tell you what the cause of that is. okay, so when I got this employment right here and I started working with people at the government center and everything like that, when I say I was never really taught how to money is a tool that you use. It's not to just spend, spend. And when I was going to Macy's to, to catch up with the Joneses, I was getting perfume, high heels outfit.
I decorated my, my apartment because I thought this is what you do. You decorate and you make everything look great.
So you're saying that you were just kind of spending like crazy and I'm guessing that you're ready to stop doing that. Absolutely. Okay. So what I would do, and we're going to set you up with every dollar. Are you already on every dollar? No. Okay, so EveryDollar is our budgeting platform here at Ramsey.
It is the best and easiest budgeting tool that's out there, and I can say that from personal experience. We're going to set you up with that. Don't get off the call until you get that from our phone screener. And more than that, I also want you to sign up for a webinar that I'm hosting next week on budgeting. We're going to walk through all of that together.
It's free, so we'll also make sure you have the information for that. And in the meantime... Like George said, you've got this great margin here. Obviously, I'd like to see even more margin.
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Chapter 5: Which debt should I prioritize as a single mom?
Is there something that you can do to increase your income?
It would be amazing if I could go get a second job. The only problem I have with that is finding someone to watch my little boy at night. Luckily, I have school during the day. I work the nine to five hours, so it works out perfectly. But there's no child care provided through your housing right now? No.
Okay.
Absolutely not. It's like it's definitely independent living.
Yeah. With your skill set, could you get another job that would pay more in the same kind of field or same role in the Atlanta area? Working towards that.
Okay. Okay. That's what the school is for?
Yeah.
The school. Well, I don't have no schooling right now. Oh, OK.
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Chapter 6: How can EveryDollar help me budget effectively?
OK. Sorry. When you said you were at school during the day, my mind kind of went in a different direction.
So my son is at school during the day. So I see these hours. They fit perfectly. But I'm also at this point, maybe if I were to go get that second job. Yeah. I can make it happen.
Yeah. So your A1 and A2 here are we're getting on a budget, which is we're listing out those expenses. You know what you've got to pay for, right? The $700 in rent, food, utilities, transportation, all of those four walls you've got to do. And then anything extra, if you have extra, we're hitting it at this debt. And in the meantime, we're looking on opportunities to get your income up long term.
And in the meantime, even some short term opportunities to get that income up. How does that sound?
It sounds amazing.
You're amazing.
It sounds so, it's like, It's like a light bulb that has been over my head for the past week and a half. I've been walking around. Some of my friends think I'm crazy and everything. I'm like, I've got a plan now. I've got a plan.
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Chapter 7: What strategies can I use to increase my income?
It's a good sign.
If people are making fun of your financial plan, you're going in the right direction.
I know, that's right.
You are going to inspire so many people, people who have been where you've been, people who want to be where you're going to be. And I can't wait for you to call back and share your debt-free story. You're going to be there in no time. $4,500 feels like a mountain right now.
You're going to look back at that when you have a fully funded emergency fund, no debt, saving for the future, going, I did that.
Yes, ma'am. Hey, hang on the line. Don't forget, we got every dollar for you. We got my webinar for you. And hey, make sure she goes through Financial Peace University as well. This is The Ramsey Show. You're listening to The Ramsey Show. I'm your host, Jade Warshaw. Give us a call. The number is simple, 888-825-5225.
But before we go to the phone lines, my host, George Campbell, and I have to talk about something so exciting that's going on. John Deloney, Dr. John Deloney, Ramsey's very own, has a brand new book coming out. The pre-sale has actually already begun.
And it's been going like hotcakes. I mean, people are just, it's like they've been waiting with bated breath for this exact book in this time.
Oh, yeah. And the world needs it. Let me tell you, we all need it. This book is called Building a Non-Anxious Life.
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Chapter 8: How do I decide between renting and buying a home?
They haven't given me a copy yet.
I got one of those. Jade got one.
I saw it on your desk, so I might steal it.
If you work at Ramsey, you got like a pre, I don't know.
The advanced reader's copy.
Oh, thank you, George. That's what it's called. I was about to call it like a, I don't know what I was going to call it, but we got one. I started reading it last night. Love it. John, let me tell you something about Dr. John. The way he talks about mental health, it just hits different. It just hits. It's not like- It's not stuffy.
It's not heavy. It's somehow light, but also you're like gut punch at the same time.
It's not like a bunch of jargon and studies and- Even I can understand it. And that's saying something, George.
That is saying a lot.
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