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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 win with their money, their work, and their relationships. I'm Ken Coleman. George Campbell joins me this hour. It is a free phone call for you to jump in, and that's what we do. We coach you. We counsel you. We cheer you on. 888-825-5225.
888-825-5225. You ready to go, George? Game on like Donkey Kong. Yeah, I just had some green tea with honey. I got some green tea with honey as well. And so I'm ready to go as well. Let's go to Megan in Des Moines, Iowa. Megan, how can we help?
Hi. Thank you for taking my call.
You bet.
My question is, is I have about $80,000 in student loan debt. That's all of my debt. Um, and about, about $40,000 of that is in private loans. One of my loans is $20,000. That's a lot of breaking down, but that loan is my smallest loan at $20,300. My concern is, is that the, interest rate just went up again to 11.25%.
I got an offer to, yeah, I got an offer to refinance my private loan and it would refinance it to a rate of 7.25%. And I was just wondering, I know that Interest rate isn't always the end all be all of it, but that's a huge jump.
Yeah. Wow. So here's how we view student loan refinancing. Now, generally, we're not a fan of refinancing because it kind of makes you feel like you did something. But student loan refinancing can be a good move. And I'll tell you the parameters. So check off these boxes as I say them out loud. Right. Number one, it's free to make the change.
No application fees, origination charges, whatever fees they want to throw in there. No fees. Number two, you've got to keep a fixed rate or move from variable to fixed. You said it's a fixed rate currently.
The one that I have currently is a variable rate. It would be going to a fixed rate.
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Chapter 2: Should I refinance my student loans?
And also, my main question is, when I do work second jobs, do I put that money in savings, or do I work on paying off the mortgage? That's my first question.
George, before we dive in on this, Connie, I'm curious to know what you're making. What is your income in your main job, and then what are you bringing in in these second jobs? Give us a snapshot.
$39,000 is my salary.
Okay.
And what do you do? And that's my full-time job. I am a secretary.
Okay. All right. And then what are you bringing in from the second job? Give us an example.
It varies. Yeah, it really varies. I've done home care, home health care. I also do some crafting where that's kind of closer to Christmas. I bring in some extra money that way. I am looking at, and I love your opinion on this, I do QuickBooks at my job, and I was thinking of possibly doing that now. Part time on my own, like maybe picking up.
I think you could do that full time and double your income.
Yeah. Let me give you an example. I was looking at this today, George. Connie, I was reading this today before the show. I was looking at what is the current list of some of the best paying part time jobs and bookkeeping. is one of them.
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Chapter 3: How can I pay off my house or save for the future?
You're going to do it.
And here's the deal. I appreciate the question, Peter. The reason I brought it back up is because and George can speak to this too, but when Stacey and I went through our debt-free journey, stuff happened. And you can put it on paper, which is what you should do, and you can project, and you can be disciplined, and then stuff happens.
So if something happens and it ends up being August, that doesn't matter. What matters more is what you just said, which is, Our lifestyle isn't going to change once I make more money. We're committed to being debt free. And I think that's what matters. So give yourself grace.
But also what I like to do is set a goal that scares me just a little bit to where I go, I don't know if we can make that. We're going to try. I love that. And then try to beat that as you get your feet under you. That's usually what happens more often than not versus, oh, it took us a month longer. And if it does, dude, you're still debt free a month later.
All right, Peter, I'm going to turn the tables if it's okay with you. George has got his first child on the way. Peter, give me all the advice, man. Peter, you're about ready to have number two. Give George one piece of advice about parenting a newborn because he knows nothing. What would you tell George?
Just enjoy it. Honestly, that's it, man. It's A lot of people tell me it's going to be really hard, but the love that you have for that baby just kind of outweighs how tough it is, honestly. Beautifully said.
Peter, for the win, that's as good of advice as you'll hear all day on the show. I love that. We turn the tables, George.
We should do that more often. I think our listeners have a lot of wisdom to impart to us.
It's absolutely true. All right, let's go to New York City, New York. The Big Apple, John, is there. John, how can we help?
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Chapter 4: What should I do with my new raise?
Very good. Let's go to Beth in Birmingham, Alabama. Beth, how can we help?
Hello.
Hi, Beth. What's up?
Well, I'm calling in with a question. I've been through a divorce, and I have a five-year-old little girl, so I'm living with my parents. My parents have been so supportive, but I am feeling pressured just by my own, I guess, expectations to move out around two years. I feel like that's a pretty good goal, but because of what I'm trying to save...
I'm nervous that, um, I should rethink my dream of building our house or I should rethink my timeframe. So I was just curious what you guys had to say about that.
I think you've set this up. Well, you know, build it at all or adjust my timeframe to make it more realistic. What's what, which way are you leaning before you even asked us?
Um, well, I guess, um, I'm struggling with, like, my parents have sat me down and been like, are you kidding? Like, we want to be supportive during this time. Like, they're amazing, and they're such, they're incredible. But I just feel guilty, and I also feel like through all of this and the divorce, I feel like I've failed in a lot of different ways, but I feel like
I just need to be able to show my little girl. I guess I feel I'm putting pressure on myself, but I think sometimes that's good. As a parent, I have expectations for myself, but I do struggle with perfectionism.
But are they realistic expectations?
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