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Chapter 1: What is discussed at the start of this section?
live from the headquarters of ramsey solutions broadcasting from the pods moving and storage studio it's the ramsey show where america hangs out to have a conversation about your life about your money i am your host the jade warshaw i am joined by ken coleman
america's career coach in the house in the house thank you ken uh and like i said we're here to talk about your life and money so give us a call the number is 888-825-5225 and we will chop it up with you let's go straight to the phone lines we got amber in los angeles california what's going on in california amber hey how are you doing good how are you
Good, good. Thanks for taking my call. I'm a new listener. I stumbled across the YouTube channel about probably like a day after I paid for financial guidance. I'm 33. I'm single. I'm in California. I'm a registered nurse.
Chapter 2: How does Amber feel about her financial situation?
But growing up, I never really had any financial guidance. I saw my parents struggle going through bankruptcy and I kind of feel like I'm going in the same footsteps. After I found the show, I enrolled in Financial Peace University, but I'm kind of stuck on baby step one. I don't really have any extra funds left over to cover like minimum payments for my debt. So I'm kind of just stuck.
Like, what do I do in that situation?
That's such a good question. And I think a lot of people find themselves there. Typically, when you find that you don't have any margin left, right? You're barely covering minimum payments. There's no money there. It's usually a combination of a couple of things. One, your actual core income is probably not high enough. It's not sustaining your life.
It also could be that you need to cut back in your lifestyle, or it might be a combination of the two. So let's get a little bit more information from you. What's your current
I make about $90,000 a year. My debt is a lot of student loans, but there's also consumer debt there. Can you break that down? Sure. My student loans, probably about $194,000 because I went to a private school. It's pretty expensive. And then credit cards, $20,000. Personal loans, $38,000.
$38,000. Okay. What kind of degree do you have?
I have my bachelor's, but I'm in school for my master's. I'll be done next April.
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Chapter 3: What challenges does Amber face with her student loans?
What field is it?
Nursing, sorry.
Okay. So you do have a lot of student loans. What's the minimum payment on those student loans?
The minimum is like $1,500 a month because I have such a high interest rate.
Yeah, because they're private. What is it, like $7.5?
Um, one of them is, uh, the other is 11.5.
Yeah. Those things get bad. Those things get high fast. Okay. So we're working full time. We're in our field. Like you said, these student loans are just, and you've been paying them the whole time cause they were never put on pause, right? Cause they're private. Um, right. What is, what have you been doing? Have you just been barely getting by? Are you using the credit cards to fill in the gap?
Is that where the credit card debt is coming from?
Exactly. The credit cards and the personal loans. Yeah. It started with, I had to pay taxes one year for work and I didn't have that emergency fund or any kind of money saved. So I had to go out and get a loan and then kind of just snowballed from there.
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Chapter 4: What advice is given to Amber about increasing her income?
I think Jade's absolutely right on you need to make more income. And I'll add to that in a second. But if I'm you, I'm finding a roommate stat. Los Angeles, there's got to be plenty of other single ladies out there that you can interview and you get good sense and just find somebody who's willing to live with you because they need to cut as well. And let me just tell you something.
If you get a roommate and do you have two bedrooms?
No, it just wasn't.
Oh, geez. Well, I'd get a bunk bed, honestly. You know, I understand if you've got a one bedroom, that's a little bit different. So I didn't want to go too far down that. But I would be looking at stuff like that. You know, do you have a couch? And would someone like to save $1,100 a month? I know you would. Am I right? You're right. Why wouldn't you try that? You have nothing to lose.
But that's $1,100 raise by getting a roommate.
Look, Amber, can I just tell you, you're single. When my husband and I were paying off our student loans, which by the way, there was one of them that was around $194,000. We got roommates as married people, Ken. Why not? And look, 10 out of 10 would not recommend that. But if you're getting out of debt.
For a short season.
For a short season, go on and do it.
Y'all used your brain. You used your brain. Heck yeah. You had some discernment. You probably had a process. They weren't ax murderers.
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Chapter 5: How can I budget effectively for groceries during inflation?
If you take that over to Walmart, do you know they'll honor that?
See, this is why you listen and watch The Ramsey Show.
yeah don't make sure we didn't miss that if you google because there's a lot of these little um grocery stores that are like really small mom and pop stores that maybe will sell things cheap or um you can go on there and google like save a lot okay even if you've never gone into a save a lot if you google the price of save a lot grapes and they're usually the cheapest you take that or bravo they have a store by me called bravo i don't go in there
And do you have to take a screenshot?
Take a screenshot of it. Print it out and say, hey, they're selling it for this.
And you're telling me.
They will ad match that junk.
You walk that up to the cashier at Walmart and go, let me show you a couple picks.
Man.
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Chapter 6: What should I consider before taking a higher-paying job?
And they will honor it. They'll honor it. They'll ad match it. And if somebody doesn't.
I think there's a little social anxiety with that. Are you in line and everybody's waiting on you and you're scrolling through?
No, I used to go straight over to the customer service. I'd go straight over there. But Ken, we don't care anyway. We do not care what the people think.
Chapter 7: How can I manage my anxiety about new financial responsibilities?
I was bringing up an objection and you smacked it out of the park.
Oh, yeah.
So you don't care what everybody, what's she doing up there? Let's go, lady. You're like, listen.
I'm saving money. Wait your turn, please, sir. That's what I say.
So what I'm hearing you say, Jade, is it is possible to budget on groceries and food even in inflationary times.
There was a time we spent $60 a month
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Chapter 8: What steps should I take to prepare for home ownership?
$60 a week on groceries.
Oh, I was going to say, good heavens.
I did that math real quick. I'm like, that's not right. $60 a week.
I think you were rationing, not budgeting.
No, if we can do it, you can do it.
That's good.
You got this, America. You got it. All right, what's going on, everybody? You're listening to The Ramsey Show. I am Jade Warshaw, your host, joined by Ken Coleman. We are talking about your life and your money. Give us a call. The number is 888-825-5225. Let's go directly to the phone line, Ken, because we've got Elijah in Fort Wayne, Indiana, and he's got something to talk about.
What's going on, Elijah?
Hi, Jade. Hi, Ken. Thanks for taking the call. Of course. Hey, so I have a question. I'm a little bit in a predicament. I don't know if it's me just getting panic or what it is, but I worked at a fire protection company here local to Fort Wayne for about four years, and then I just left there back in January. What kind of company? A fire protection. I was an engineer there. Okay, gotcha. Yeah.
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