Stop Living in Financial Chaos
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What is the opening introduction and who are the hosts of the show?
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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. I'm George Campbell, joined by my ride or die, Dr. John Deloney, and we're taking your calls at 888-825-5225. John, are you doing all right? I need a moment. There's a lot going on. We're good though,
man. Let's
dance. This should be a fun
show i'm not your ride or die i would probably show up i
said it facetiously
okay
that's a $10 that was a
big
word thank you
i went to
college
you're using chat gbt
don't need two phds you went to alabama college so let's don't let's don't stretch okay roll time adams in green bay wisconsin what's going on adam
hey guys good afternoon thanks for having me on the show today uh it's a pleasure being on and uh looking forward to it absolutely got a question for you So I'm within about 12 months of being completely debt free, which is great. I've been sacrificing for about 15 years. I met my wife. Yeah, probably 12 years ago, and we just had our nose down to the grindstone. We've been doing the right things, following the show and doing the baby steps. The last thing we've got to do is pay off the mortgage. So if we're working hard enough on it, we'll probably have it paid off in about 12 to maybe 14, 16 months, something like that. Awesome. So I don't know. This is going to be a little maybe pep rally or a reassurance check or what, but I'm getting a little...
Getting a little nervous because now I'm able to forecast what the next year looks like. And it's looking like I'm going to have about an extra $700 per month to use after I free up that mortgage. What's
the
mortgage payment? Well, the mortgage payment is actually, thankfully, I bought the house quite some time ago. Mortgage payment is $600 every two weeks. So
$1,200 a
month?
Yeah.
Yeah, about $1,200 a month, but that's escrow with my property taxes and homeowners insurance
included. Got it. So principal and interest side, you'll save $700 a month is what you're saying? Correct. Okay. I was like, man, there should be more margin with a paid-off house. Do you guys have any extra margin now outside of the extra? Because you're paying extra on the mortgage, right?
Yeah, we are. We are paying extra.
Okay.
Yep. So, and that's, we're living this lifestyle now where we got some extra, we're already saving $400. And this is after everything is, all the baby steps are covered. Everything's, you know, paid off. We're doing the right things. We're making sure, we're kind of spreading ourselves thin on purpose just to make sure 401ks and IRAs and all that stuff is covered.
Yeah, if you're doing it right, there's not just like a huge pile of money sitting in the bank account every month. You already have a plan for it. Correct. Okay. So you're investing 15%, you're putting some money away for college if you have kids, and you're throwing extra at the mortgage.
Yes, exactly. What's your question? Yep, we're right on track. Well, my question is, you know, the light at the end of the tunnel is looking dimmer than expected. And I don't know if I need to maybe take a breath and just realize I am doing the right things and everything. But $700 extra a month is not going to move the needle a whole lot. It's going to give us some breathing room. Uh, however, we've been sacrificing so heavily that we've neglected some things around the house, you know, uh, flooring needs to be fixed or, you know, we may need to, we're looking at buying a shed to put some stuff in and, you know, these things are going to take quite a bit of time to stave up and pay cash for. So once I start adding all this stuff up in my head, I'm like, Oh boy, we're going to be dead by the time we,
by the time you've actually done all the things you need to do as an adult.
Yeah, kind of. Yeah. And some of the stuff is, you know, you guys would probably slap me a little bit and go, well, you don't need a new car, so let's not worry about that.
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Chapters
8 chapters
1
What is the opening introduction and who are the hosts of the show?
0:05–14:20
2
How does Brandon discuss paying off debt while building an emergency fund?
14:20–34:31
3
What guidance is offered for navigating a divorce and protecting assets?
34:31–57:11
4
How can a student save for medical school without taking on debt?
57:11–1:10:24
5
Should I pay off my mortgage or focus on student loan debt first?
1:10:24–1:25:05
6
How will the latest Fed interest‑rate hike affect my variable‑rate debts?
1:25:05–1:39:35
7
What financial priorities should a newly‑weds couple set when income varies and a fixer‑upper is involved?
1:39:35–1:52:18
8
Is it smarter to keep a long‑distance rental property or sell it and invest the equity elsewhere?
1:52:18–2:08:02