Warren Buffett on Building Wealth & Avoiding Charlatans (Hour 2)
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What is the main topic discussed in this episode?
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 and your money. I'm George Camel, host of The Fine Friend, the Entree Leadership Podcast, and co-host of Smart Money Happy Hour, joined by Christina Ellis. And we are taking your calls at the number 888-825-5225. We're kicking it off with Jan in Chicago. Jan, how is it going over there?
Well, I have some school debt and some credit card debt and just looking for some advice on how to restructure our lives so we can get out of this debt.
How can I restructure my life to get out of debt?
Wow. Well, the fact that you're willing to talk like that means you guys are ready for a change.
Is a rewards debit card worth the annual fee?
Absolutely.
Sounds like you've had your I've had it moment.
Yes, we've definitely had it. I came to the realization that
Should I pause investing to build a house?
With the school debt, I'm actually going to the expense to leave school and look for a job just so that we can get out of debt.
How far are you in your schooling?
So I have been about a year, close to a year and a half into schooling. I was going to go to law school and then realized I don't think I want to practice. And so it doesn't really make sense for me to continue with a degree.
So that costs a pretty penny, of course.
What is Warren Buffett's prediction on cryptocurrency?
So this is you're a year and a half into law school? Of course, yeah.
Okay. So how much student loan debt and how much credit card debt?
So total we have about $108,000 in student loan debt and then credit card debt we have about $6,000.
How can I pull from my IRA to pay off debt?
Okay.
And when you say we, is that your spouse?
Me and my spouse, correct.
Okay. And what's your income, household?
Right now, we just have one income and it's about $115,000.
And then you're going to leave school soon.
What strategies can help balance debt repayment and investing?
What are you going to do after that?
I'm not sure. I'm just looking for something, maybe administrative work. I'm just trying to find something because I'm realizing that this debt has turned into kind of a snowball and... Um, we're definitely not looking to take on more debt. And so, um, what is your undergrad?
What's your undergrad degree in? Um, political science. Okay. And do you, do you feel like you have, you want to stay completely away from law in any capacity right now?
How does living situation affect financial decisions?
Or are you still kind of open to maybe paralegal work or something in the field?
I'm open to work in the field just, you know, because, I don't really have too much of a choice at this point, but it would be nice to kind of pivot if that's possible. But, I mean, I've worked in the field for some time. I was a legal assistant prior to school, so I could always go back to that.
I don't want you to wait until you're debt-free to do something you love. And so that's what we're trying to get you plugged into while you become debt-free. And if you can do that and get paid well and actually enjoy doing it, it's going to make this whole experience a whole lot better.
Well, you'll probably make more money doing something that you're passionate about. Like, I think right now it feels really overwhelming and you feel kind of, you know, a lot of guilt around leaving this degree and, you know, maybe some shame, but you still have a lot of value. And just because you're leaving law school does not mean you can't have a successful career doing something completely different and get paid really well doing it.
Yeah, that's actually pretty encouraging because I was thinking that I kind of just had to take anything to help us get out of this debt because it's It's a lot, and school loans are pretty tough.
Yeah, it's overwhelming. Right now, it feels like you are staring at a mountain, and it's easy to just want to start running as fast as possible, which we do want you to run as fast as possible and be gazelle intense, but we want you to do it with the best strategy, with a career that you love, that you're going to want to be fired up to get up every morning and go to work. and take on an overtime job. And, you know, anytime the boss says we need somebody to work late tonight, that you're going to go, Hey me, Hey me, you know, and get a bonus for doing that.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:30–1:09
2
How can I restructure my life to get out of debt?
1:09–1:14
3
Is a rewards debit card worth the annual fee?
1:14–1:23
4
Should I pause investing to build a house?
1:23–1:52
5
What is Warren Buffett's prediction on cryptocurrency?
1:52–2:07
6
How can I pull from my IRA to pay off debt?
2:07–2:25
7
What strategies can help balance debt repayment and investing?
2:25–2:59
8
How does living situation affect financial decisions?
2:59–39:31