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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, this is The Ramsey Show. It's where we help people, you, win in your life, specifically your money, your work, and your relationships. The phone number to jump in is 888-825-5225. 888-825-5225. I'm Ken Coleman, joined by the gracious, the lovely, the talented...
Rachel Cruz this hour, always fun. Thank you for the adjectives. Absolutely. She is fresh off a full summer, three littles. I bring this up because, you know, they're all getting older now, and now they're getting busy. They got activities.
Well, can I tell you, my brain feels like it's in eight different directions, a.k.a. why I said the baby steps last hour. What? If anybody was listening, I am fully aware. I skipped baby step one and went right to baby step three, so...
She was thinking about goldfish.
$1,000 emergency fund before you're completely debt-free, including student loans. Pay those off and then get a fully funded emergency fund of three to six months of expenses. I know this, Ken. I do. But my mind is going to daughters at a friend's house. Amelia's riding her bike home. I want to make sure she gets home safe. Winston's taking Charles.
Now, I love that Amelia is riding her bike home from another friend's house in the hood.
Isn't that a dream? Well, it's neighborhoods that connect. But that's a step. Oh, yeah.
Now, you and I grew up doing that.
I know.
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Chapter 2: Is the world more dangerous than it was in the past?
Thanks for the call, Greg. All right, Rachel's got to go plug her car in while we do some commercial breaks. For free at work. We'll be right back. This is The Ramsey Show. Welcome back to The Ramsey Show. I'm Ken Coleman. I'm joined by Rachel Cruz. The phone number to jump in is 888-825-5225. 888-825-5225. Kate is on the line in Boise, Idaho. Kate, how can we help?
Hi, how are you guys?
We are having a blast. What's going on, Kate?
Good, good. My question is, should me and my husband basically pay off our solar panels on our house before we pay off any of the rest of our debt? Um, just to give you guys a little bit of backstory, my husband is making about 70 to $80,000 a year. I'm in my second year of law school. Um, so I don't have a regular income. I have a couple of side gigs that bring in a little bit of extra money.
The question comes from, um, his, he bought a home with his ex-girlfriend, um, in 2021, she ended up leaving him. And his parents ended up having to purchase the home to get her off of the mortgage.
Um, I don't know why they didn't necessarily lump the, um, solar payment into the cell of the house, but now she is calling us relentlessly and harassing us and degrading him saying that, you know, he's not a man for not being able to get her name off of this solar payment.
Wow, she sounds lovely.
Yeah, we all went to high school together, so it's a fun time. Oh, that's even more exciting.
So great. Great. Okay, Kate, how much is left on the solar panels?
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Chapter 3: What are the effects of fear on financial decisions?
At the gas pump, Rachel. This is good news. Negative 26.5% used cars. This is a good sign, by the way, because used cars were really hot. Now we've seen a dip in used car prices drop negative 5.2% up.
this is barely registering but meat has dropped just two tenths of a point and if you have two teenage boys like I do doesn't matter let me tell you where we felt it and no joke the amount of tacos hamburger meat oh yeah and bacon that I buy I mean, it's unbelievable.
So much.
Yeah. Wait till Charles becomes a teenage boy. You're going to think he's got a tapeworm. Yeah. They just keep eating and eating and eating. It's fantastic. You've got to know where it goes. And then this is exciting for Rachel. I know. Because she declared this was the year of travel, as I recall.
Chapter 4: What should I do if I want to sell my Tesla to get out of debt?
I thought we had an event last fall. You're like, I'm excited about traveling. Well, it looks like airfare has dropped, according to this.
uh airfares have dropped 18.9 percent so and that is true we were looking at some stuff for uh the fall and yeah and and like there was like a yeah one way was like 200 bucks with america i mean it's back to like reason what i feel like
yeah was reasonable really good rates for the most part so really good rates that's where we're at thanks ken the economist yeah well no just a man of the people trying to get that so here's the good news yeah it's down we can celebrate that because we talked about how much inflation is up y'all i mean it's it's down to three three percent that's good for the household budget now here's the deal
Okay, go.
Wage increases are up still. So here's the deal. You can still make more money, but please don't spend it. Save it. Yes. Put it towards the baby steps. Put it towards the baby step two. If you're in the middle of that, hey, I am working the debt snowball. I get to that emergency fund, baby step three. If you're in 3B where you're trying to save for the first, here's the point.
Get it while the getting is good. Wages and jobs still good, but we are starting to see some inflation drop.
Yeah. That's a great point for the household budget expenses because Winston and I, we use EveryDollar, which is our budgeting tool. You guys, if you have not done EveryDollar, make sure to get this. We've had it out since 2015 and it helps you get organized, save money and build the life that you really want. It's really helped us in so many ways.
And so it's great because I can go back and look at last year's monthly budget and to be able to like, okay, realistically, where were we at? And it will help you say, okay, where can I cut stuff? Because things have lowered here, lowered there, up to, you know, like everything that list you just read out, Ken. But it helps you really plan it.
So I'm going to just say it again because it is my favorite. And I was looking at it even during the break. But EveryDollar, our budgeting app, it's incredible. And the premium plan, you guys, is the thing that I would get because it actually connects to your bank. You can do paycheck planning, goal setting, budget reports. There's financial coaching even in there, group coaching.
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Chapter 5: How do I handle debt with an ex-spouse's name on it?
But you're not happy where you are, bottom line. Correct. Yeah. Then leave. Here's the deal. You have two options. I'm a little confused, and I don't want to keep confusing the audience because if I'm confused, they're confused. So here's the deal. You have two options. You either stay where you are in a role that you don't enjoy. We're clear on that.
Until you can get clear from your leaders that you could go back to the other role and And if you can't, then you need to leave because it's not worth seven years of being unhappy. That I'm clear on. Does that make sense? Does that answer your question? Because you can, financially, we can help you win.
But Jeannie, does it help that because you filed this complaint recently that he may not be, is he the toxic part of the job? Is he the only part? Because if he's not your, if you don't have to report to him, does that help the situation where you're at? Yeah. Okay. And do you think that's going to happen?
No, I won't. There's so many supervisors that I won't need to be. I can easily never have to work with him.
OK, so does that does that solve your problem? Like, could you stay and you're never going to have to report to him? So does that is it still toxic?
Yeah, I could stay and then take the test again and try to pass and then redo the probationary period. Yes, that that was that. And then I mean, and again, I know that wouldn't. I wouldn't see that person again, so that would be great. Yeah, I could stay there and continue to do the job that I love.
Okay, well, so then there it is. If he's the only toxicity in this entire situation and it's removed, then stay. But again, back to my answer, if you get to a point where you're not happy there... And you don't want to go in every day. You don't do that for seven years.
Yeah, and you don't stay for, yes, the pension, the health care for seven years.
Yeah, because you can go get good health care and the pension. We can put you with a Smart Investor Pro. It can help you transition all that. Here's the bigger, because we get this question a lot. It's a very good question, by the way, by Jeannie. Yep, yep.
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