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Chapter 1: What financial struggles does the caller face?
Brought to you by the EveryDollar app. Start budgeting for free today. Normal is broke and common sense is weird, so we're here to help you transform your life. From the Ramsey Network and the Fairwinds Credit Union Studio, this is The Ramsey Show. Thank you for joining us, America. Jade Walshaw, Ramsey personality, number one best-selling author, is my co-host today.
Open phones here at 888-825-5225. Christy is in Philadelphia. Hi, Christy. How are you?
Hi, I'm good. How are you?
Better than I deserve. What's up?
I was just calling to see if you could help me figure out how to live a life and not be burdened by so much financial issues.
Well, we can certainly try. Okay.
What's going on? So I'm single, so I make about $50,000 a year, and I just am always in the negative every month. And I can't like really enjoy life. I just work and get back in the negative.
So usually when people experience that problem, there's one or two things or both at play. So either your income, the money that you're bringing in is not enough, or there is something in your expenses that needs to lower or a combination of both. Or just shared disorganization, which we have no idea where the money goes, and so it just leaves. Exactly.
That's a good point. Do you have a budget? I don't, and I have no idea what's coming and going.
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Chapter 2: How can budgeting help improve financial situations?
Just credit cards, yeah. Okay.
Okay.
You got to cut the credit cards.
And I tend to like put a lot of things for her on it. So like the four thousand dollars. And I know this is cringy, but I made her like a playroom and I just put everything on on the affirms. Like I put everything just so I could.
How old's the baby? It's a baby in arms.
Yeah.
No, no, she's two. Is she in daycare or what's the plan there?
No, I don't have any child care expense as far as that. My mother watches her.
Okay, so step one was the budget. Step two also happens today. The budget happens today. Step two also happens today, which is you've got to cut up these credit cards. You can't, and please remember this, you cannot solve a problem while simultaneously creating it. Credit cards are your problem. Buy now, pay later. Basically, spending money that you don't have is your problem.
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Chapter 3: What steps should be taken to tackle credit card debt?
It's like asking an alligator if he's hungry. You know what I mean? It's like seriously. Right. Yes. Yes. Come on in. I will eat you. Yes. I will help you. I will screw you again, says Toyota Financial. Yes. Right. Well, good thing he called us because now I feel like he's got the next moves to get out of this. It just took him a second to get there. Yeah, yeah.
But Rudy, I would expend an amazing amount of energy to get out of this car. Yes. And not just accept laying down that this is your fate for the next 36 months. And part of that fate is after this car is sold, now he's in the real business of driving a beater. Yes. Driving something that's, you know, $3,000 or $4,000.
Really the ugliest car and the oldest car that you can find that still runs is what you're going to be driving for a while until... You need a car that has to have a name. Pay the debt. It's so bad you have to name it. Bertha. Old Blue. Bessie. Whatever it is. If it doesn't have a name, it's too good a car. You need a car that's so nasty that you have to name it.
And then you walk out and you kick it in the door and say, all right, Bessie, we're going. Start up. Start up, Bessie. Here we go. You got to have the blue goose. You got to have whatever it is. Right. And and that's for a short period of time. But if you will drive like no one else, you can bank twelve hundred fifty bucks a month. In 10 months, that's twelve thousand five hundred dollars.
That's going to feel good. Then you can get rid of old Bessie. Right. Because your insurance is going to go down, too. Yeah, because you don't even get insurance for Bessie. Poor Bessie. She's not even worth health insurance. No, she's not even worth replacement costs. We're just going to put a bullet in her if she pulls over to the side. That's it. Yeah, that's it.
I mean, this is the way you have to think. And I did that. I drove a piece of crap. when we were broke and getting out. And then I got a little better piece of crap, and it was so much better that I didn't think it was a piece of crap, although it was a piece of crap still. Yeah, I mean, and that's what you do for a little while so that you never have to do it again.
It's not a way of life, but it's how you get out of these messes that we all find ourselves in when you wander into the finance office at Toyota Credit. We've all done it. We've all done it. I remember when I met Sam, he had a Jeep Grand Cherokee and he had finally made the final payment to pay it off. And they're not a good car. It's not a good car, but he paid it off. It breaks.
And I'd never known anybody who, I'd never seen anybody who didn't have a car note. And don't you know, he went right down there to the Hummer dealership and bought an H3. Because we couldn't stand not having a car payment. Well, the thought was, once your car hits 100,000 miles, it's going to start breaking down. It's going to start messing up. Not a cheap Cherokee.
Once it hits 10,000 miles, it starts breaking down. Yeah. And so we've all done stupid things. But the point is, I remember the feeling of then selling that H3. You're used to riding pretty nice. Y'all were Miami Vice. Man, I know that's right. Y'all were in Miami riding around in the Hummer. and then had to sell that and you get used to it.
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Chapter 4: What are the challenges of managing family finances with a spouse in sales?
That's fine. Is the husband concerned whatsoever? That this is a bad idea? No, he's used to this family script where people stick their nose in where they're not supposed to. So he doesn't bother him a bit. Yeah. No, it doesn't bother him at all. Yeah. Got it, got it, got it. You get used to your family's dysfunction and you don't smell it.
Chapter 5: How can we effectively separate personal and business expenses?
Right. Yeah, we all do. I mean, we all have that. And so, yeah. But if your husband is willing to do that, you don't need to say a word because you'll be the Wicked Witch of the West. You'll get painted up as the ungrateful little woman that married his grandson. Right. You don't need that paintbrush. I think she might already be painted up like that. Be very, very quiet.
Chapter 6: What strategies can help in balancing work expenses and family budget?
Yes, there's wabbits. Be very quiet. Things have been better for 10 years, and things are getting better. Good. Okay, okay. Yeah. So anyway, yeah, I think you just back off. But also not taking it. And it's not because you're prideful. It's because I see boundary.
Chapter 7: What advice is given for investing and financial planning?
danger. You want to preserve the relationship. Both things are boundary violations. I'm not allowed to sell a car I own. That's a boundary violation because it won't go over well. And you're going to come over here and tell me how to live my life because you gave me 19 whole thousand dollars. No, thank you. I'll pass. That's not pride. That's wisdom.
So walking away from this, unless those two things are cleared up, is a good idea. I agree with you. And it's not because you're prideful. You're getting ready to hit the road this summer. You want to feel confident your car is ready to go. But when you don't fully understand what's going on under the hood, it's easier to either ignore something important or spend money you didn't need to.
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You know when you change your life? When you finally say, I'm sick and tired of being sick and tired.
And you yell, I've had it!
That's when you change. Until then, it's all theory and discussion and intellectual exercise. But nothing changes until you get really, really, really, I've had it, I'm sick and tired of being sick and tired. If you're tired of working so hard and getting nowhere, well, you got to do something different to get something different.
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