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Chapter 1: What is discussed at the start of this section?
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What's up, America? 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. John Deloney joined by the one and only gangster, George Campbell. Let's go out to York, Pennsylvania and talk to Rhonda. Help me, Rhonda. Help, help me, Rhonda.
What's up? I hope you can help me. How are you doing, George and John?
We're doing great. We're doing great. What's up?
I'm really struggling, and I was wondering if it would benefit me to get a loan to pay off all my debt except for the house in order to give me a little breathing room.
You sound terrified. Are you okay?
Yeah.
I just have a lot going on in my life.
Yeah, you sound like it. Take a deep breath for me.
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Chapter 2: How can I manage my overwhelming financial situation?
And then I have a house that's $26,362.
Well, the mortgage we'll leave alone for now. Let's focus on the consumer debt by itself. How much are you bringing home every month?
Do I want to count over time? Because I don't. I don't always have overtime. I've been blessed that I've been able to get a little bit in.
You don't have to count it. We'll go without that for now.
My bring home would be $2,800.
How much of that is the mortgage? What does that cost you?
Mortgage is $1,126. Okay.
So we're approaching half your income just immediately out the door from that paycheck to the mortgage. And then you've got the credit card bills. What are the minimum payments across all of those?
I think that is $632.
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Chapter 3: What steps should I take to address my debt?
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Hey, George, the last caller we just took, I want to dig in on two things real quick, because I think one of her core questions she asked was, I have to make seven different credit card payments every month. My life would be easier. If I just went and got... It sounds like her credit was good enough to do this.
I just want to run down to a credit union and get one loan, cover all this stuff, and I just want to make one payment a month. And I can even make a case mathematically for that to work. She might get a lower interest rate at a credit union than all these different credit cards. It's been my experience that... What looks good on paper doesn't always play out in the real world.
And what I mean by that is psychologically, you can get exhausted. I got so many nickel and dime things to do. And every month it's a beating getting out my checkbook or getting online and trying to figure out what's the payment here and what's this one. I just wanna make one payment a month. And I get that, especially if I can make a mathematical case for it.
But it's been my experience, and tell me if I'm wrong, psychologically speaking, what we miss is a whole bunch of little wins that give you a tailwind over time. And so what we're asking people to do often is not, people can beat me up all day for the math. What I'm trying to do is give you a psychological win so you can get through this thing quicker.
Because what I've seen in my own life in person after person is they consolidate everything, get one giant mountain. They take 10 steps up that mountain and they just say, ah, forget it. It's too high now, right? It feels insurmountable. Or they pay for five months and that mountain is still pretty dang big. And they just are like, ah, I'm out.
And so there's something about the psychology of a whole bunch of little wins, right?
Yeah. I mean, the debt snowball has been studied. I mean, even Harvard Business Review came out and said, Dave Ramsey's right. The debt snowball method is the best way to pay off debt because we know it's 80 percent behavior. It's 20 percent head knowledge. We all know maybe we shouldn't go into debt at 23 percent APR with Capital One. And yet millions of Americans do it. Yeah.
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Chapter 4: How can I ensure my financial decisions benefit my family?
Sometimes it's drastic sacrifices, moving your entire family, selling the home, whatever it may be. But it's the reality. If you want to get to where you're going in today's America, you might need to be more drastic than you would have five years ago.
And you don't want to, but... we got a math problem and it's a painful, ugly, just a gnarly math problem affecting everybody. Let's go out to Anchorage, Alaska and talk to Christina. Hey, Christina, what's going on?
Hello. How are you guys?
Awesome. Running a scam called a podcast. It's the best.
I, um, I'm like a little bit of a fan girl. I listen all the time and husband and I are on baby step number four. So thank you guys.
I'm a fan girl of George too. So I feel it. I feel it. So what's up?
What's your question? Yep. Let me just, so it's kind of a weird one. We're doing well financially. We don't have any debt. We truly live by the baby steps. We just never carry debt. The only thing we have debt for is our house. So that's great. We're working towards retirement. My job, I have a job that's an awesome job. I work from home most of the time.
I sometimes will go in a few days a week if they need me. I've got an opportunity to perhaps take a promotion, which would be in the office. We're still working on that. But anyway, I had mentioned when I was in the office the other day, like, hey, how come we never get annual raises? Like, we almost have to threaten to go somewhere else before they'll give us a raise.
Yeah.
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Chapter 5: What advice is given for managing a terminal illness and financial planning?
Go do fun stuff. Get off these apps. Like, dude, I've never in my life heard a young woman or older woman be like, oh, I love him. He's got so many financial hack apps on his phone and he just scrolls them when we're together. I've never heard that ever, ever.
Hang on the line, Brian. We're going to send you a copy of Breaking Free from Broke.
Chapter 6: How can I handle a retention bonus while considering job security?
We'll send you the audio book if you're more of a listener. That's fine, too. That's my speed.
Hey guys, healthcare is one of the biggest stress points in your budget. It's confusing, and most of the time it feels completely out of your control.
Chapter 7: What options do I have for financing a long-desired property purchase?
But there is a better way to handle it. Christian Healthcare Ministries isn't health insurance. It's a health cost-sharing ministry where Christians share each other's medical bills. And it's not a new idea. THM has been around since 1981. It's predictable and proven, and they've shared over $13 billion in medical bills for their members.
Chapter 8: What should my child do with a significant amount of money earned from selling a collectible?
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So, here's the thing. What say you, John, as the person who works out?
I'm saying that 14 years ago, I got on Craigslist and got a few kettlebells. And started in my garage. And I also had a gym membership at the time. And then a couple months later, I got a few dumbbells. And a couple months later, I bought a squat rack. And over the years, I've just continued adding. I still have a lot of the very first gear I got 10 years ago.
And now I have a really nice, extensive home gym. It's awesome. And I have close personal friends that are very successful personal trainers. And it's awesome. And there's been seasons when I hire...
trainers for particular purposes right but this idea that i'm broke i'm gonna spend it looks like about 680 bucks yeah 550 probably a month right okay um well 120 a week times four is what 480 plus the plus 50 there you go yeah so 500 plus bucks a month Plus all the supplements. Right. So many supplements. Right.
Here's the thing, Veronica, you're broke and you've given yourself a straw man here. I have to spend $500 a month or I can't be physically healthy. That's just nonsense. Yeah. You can get online and you can go check out my buddies at Mind Pump, dude, and get one workout program that you do from home for 60 days, 90 days, 120 days while you get your financial mess cleaned up.
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