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Chapter 1: What is discussed at the start of this section?
Live from the headquarters of Ramsey Solutions, this is The Ramsey Show, where we help people build wealth, do work that they love, and build great relationships. I'm Ken Coleman. I'm joined by Jade Warshaw. The phone number is 888-825-5225. That's 888-825-5225. Jade's going to be answering your money questions. I'll join in on that, and I'm here to answer any question related to work.
Are you in a job that you want to get out of but you're afraid to because you're in debt or you're in the baby steps, in a toxic environment, trying to figure out what to do? Do I go back to school? Anything work-related that allows you to make more money, I will take those questions on, and Jay jumps in on to those.
So we always enjoy being together, and can I tease that we have a little fun thing coming up later in the program? Let's go, Ken. Tell them. Just enough. Just enough to keep them around.
We are going to talk about the true difference between store brands and generic brands with a taste test.
There it is, folks. You don't want to miss that. It hits you right where you're at, your budget on groceries. So let's get it started. Again, the phone number is 888-825-5225. We're going to stay right here in our backyard, Nashville, Tennessee, where Andrew is awaiting. Andrew, how can we help?
Hey, Ken. Hey, Jade. It's a pleasure to speak to you all today. You too. So it was a very basic question, but it's kind of a loaded question. So do we owe our kids – do we owe it to our kids to pay for their college? No. What is Ramsey's – what is y'all's – viewpoint, you know, for that. Cause I, so I just, let me frame the question real quick. Not a long story.
Uh, this last Monday, me and my wife paid off our house, which was phenomenal. Wow.
Let's not, whoa, whoa, whoa. Let's not just roll past that. Way to go, Andrew. That's amazing.
That's amazing.
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Chapter 2: How do I approach paying for my child's college tuition?
You don't owe that. It's my responsibility to pay for their school. But it is your responsibility to set clear expectations and let them know, hey, if you're pursuing whatever your form of further knowledge is, Here's what we will and will not do. Have those conversations so they know going in, hey, if you decide to go to trade school, here's what we will do. Here's what we won't do.
Tell them ahead of time so it doesn't get down to the wire. And it's like, well, wait a second. I thought you were supposed to, you know, fund four years at Columbia. You know, don't don't let them get that far down the line.
And by the way, for Andrew, hang on the line. I'm going to give you the student assessment, the Get Clear assessment, the student version. And for any parent out there, you can help your teenager figure out their future. It's called the Get Clear Student Assessment, RamseySolutions.com. We'll be right back. Welcome back to the Ramsey Show. I'm Ken Coleman.
I'm joined this hour by my colleague, Jade Warshaw. And friend, Ken. I know. You really don't like the colleague.
I mean, we're so much more.
You want everybody to know that we're friends. You know what, though? When people say my dear friend sometimes, I always go, are we?
My good buddy. My acquaintance. We're beyond acquaintance.
Oh, no, no. We're actually friends. Yeah, we're friends. But I'm saying when you see that in public, public figures go, my dear friends. My good friend. I'm not sure that you're dear friends. Yeah, we're good buddies. You just want people to know that you know them. Yeah. But in this case, Jade and I are friends, and so we are thrilled to be with you. 888-825-5225 is the phone number to jump in.
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Chapter 3: What should I consider when paying off debt versus saving for a house?
You've been looking for a job. You can't continue like this. I would sell that car because for you to pocket $15,000 right now would be huge. Man. Then you can take some of that money, you know, five or six thousand and buy a car in cash, something that's going to be reliable for you. Maybe it's eight thousand dollars.
Either way, I want you to come out of this with a decent amount of cash to your name. Do you have any other money saved?
i did so i was really working my baby steps and i had three thousand dollars saved and that has been gone now which i'm grateful that i had it yeah that was what's been sustaining me so okay so yes selling the car putting aside a little bit to buy a reliable car in cash putting the rest in the hy ysa high yield savings account try not to touch it okay and then ken's going to help you with the career stuff because we can't keep operating like this at the very least you've got to get something
That's full time, even if it's not the dream job, because you got to get money coming in or else you're going to blow through that money that you just got on the car in two seconds.
Yeah. What have you been thinking about? Because I know you've been applying, but we can't just apply. We've got to be connecting with people who know about open jobs that can put a good word in from you. That's the first piece of advice. But in the limited time I've got with you, what are you thinking about? What is that forward thinking, the type of work you want to do?
Um, the stuff that I've been looking for is like administrative bookkeeping type of stuff. Um, and I just, I've been networking. It's just not, the doors are closing and closing.
That's okay. Listen, I know that's discouraging, but that's what you want to do. Something more clerical, something with numbers, administrative work. That's your jam. Okay, great. So you can't quit on this. You have to keep talking and connecting. But to Jade's point, she's spot on.
Right now, I'm okay with you go getting a 40-hour job that's paying you $20 an hour, even if it's a big box store, because it's going to give you some momentum. It's going to give you more stability. We wipe out the debt. I'd like to see you buy a $7,000 to $10,000 car max. And the rest of that's in savings. I'd stay with mom and dad. I think that's a blessing right now.
I'd stay there until you get on your feet. But part of you getting on your feet is just bringing in more steady income 40 hours a week. And then we keep the networking. We keep connecting. And then we eventually step into that job that you're really looking for. So in this zone right now where you're like, I keep getting rejected.
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Chapter 4: How can I earn money while in college?
I'm glad you did. She's on a roll. I think you can help Austin in about two and a half minutes. Let's go. Let's go. Austin, Jade is standing by. What can we do for you?
Hello?
Hello. You're live, Austin.
Hey, okay.
What's up?
First time caller, long time listener. Oh, love it. Me and my wife, we are... And about $65,000 in total debt. We got probably $12,000 in student loans, another $10,000 in credit cards. But we also have two cars. And my car, we got about $8,000. Her car, we got $24,000. But it's only worth $21,000 now because she's done so much driving last year for her previous job.
Is it a lease?
No, we just thought we'd have it up through finances. Okay. And so we, over the last probably year and a half, because we started the baby stuff first off January of last year, kind of like a New Year's resolution. And we have paid off probably close to $75,000 in debt. That's great. We kind of hit a log jam. Okay. So we're trying to... figure out the best ways to get that out of there.
What's the log jam? I'm going to move you around, move you along a little bit so we can get to the end of the call. But what do you think the log jam is? Cause you were moving along good.
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Chapter 5: What humorous advice do Ken and Jade give about toilet paper?
I'll be honest with you, though. I wouldn't scrimp on the toilet paper. I'm going premium.
Team Angel Soft all day. Give me my $3 back. No, no.
Ken, you got bougie nostrils. I do. I do.
Chapter 6: How can I effectively manage my debt?
It's been said many times. Hey, good stuff. Don't move. We got more of your calls coming up next. I'm going to eat some chips. Welcome back to The Ramsey Show. I'm Ken Coleman. Jade Warshaw joins me. We're here for you, America, taking your calls about your money, your work, and your relationships. 888-825-5225 is the phone number. 888-825-5225.
Chapter 7: What steps should I take to improve my financial situation?
We've got a great crowd today in the lobby, and I want to just mention we've got a lot of new people listening and watching all the time. And if you ever get to the Nashville area, we'd love to have you stop by. You can watch the show in the lobby. We'd love to come out and say hi to you. We feed you free treats every And free hot beverages. I mean, I don't know what else you could want.
So we'd love to see you. Come by and see us. RamseySolutions.com to kind of check the show schedule and all that jazz there as well. All right. Talon is up in Little Rock, Arkansas. Talon, how can we help? Hey, how's it going? Good. How are you? Oh, I'm better than I deserve. I've heard that a time or two.
Chapter 8: How can I find a new job while managing my current financial stress?
I like your draw on it. I like how you put a little extra length on that. That was good. How can we help?
Oh, I feel overwhelmed and we're just a tower of debt.
Tell me about the tower. Build it for Jade, please.
Absolutely. The total debt is $36,271. About 22,000 of that is in vehicles, and the other 15 is, or almost 15, is between personal, loan, and credit cards.
Okay. Tell us about the cars. How much do you owe on them, and what are they worth?
Well, that's the downfall. A few years ago, my wife and me and my family were traveling, working. I was working on the road, making a lot better money than I am now, and just got in a bind and bought vehicles that I couldn't afford. And I moved back, had to give up the vehicles. And so one of them, after they sold it and however that whole scenario goes, I owe $4,436 on one of them.
And then the other one that we left in repo, we owe $17,684 on. We do not own either one of those vehicles anymore.
Oh, wow.
What's the car worth that you owe $4,400 on, the only one you have?
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