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Chapter 1: What is the Debt Snowball Method and why is it recommended?
Live from the headquarters of Ramsey Solutions, broadcasting from the Pods Moving and Storage Studio, this is the Ramsey Show, where we help people win in their life, specifically with their money, their work, and their relationships. The phone number to jump in is 888-825-5225, 888-825-5225. I'm Ken Coleman. I'm joined by my colleague, George Camel, they call us Ramsey personalities.
That has nothing to do with our multiple personality disorders. It's also assuming we have a lot of personality. Yeah, you may not think we have any personality at all. George and I tend to think that we're quite funny and pithy. We're better than watching paint dry. That's fair. That's the bar. That's fair. We've been known to be called the root beer float of the Ramsey Show.
Obviously, we have two of us hosting every day, any combination. And it's started to stick a little bit. And so that means we have fun. I will tell you this. George and I are going to have fun. We enjoy being around each other.
If nothing else.
We're going to have fun with you. We're not going to yell at you, scream at you. We'll poke a little fun. George is here to take your money questions. He answers the questions honestly, sometimes better than Dave. I'll just be honest. I just said it. Wow. Easy to say when the big guy's not here. Exactly right. He's not here. He's probably on the golf course.
But you're much nicer is all I'm saying there. And then I'm here. I'm the work guy. I hate the word expert, but I help you with work issues because your income is your greatest wealth building tool. So how many of you want to make more money? How many of you want to do it in a place where you're valued? And so I'm the guy to help you with that. We work together on these calls.
So we'll take your work calls, income-related calls, money calls, relationship calls. Sure, George and I have both been married. George is about to be a dad, so now he's already ready to give parenting advice. You're going on, are you hit 25 years? 25 years. Stacey and I celebrated 25 years. That's incredible. That's very exciting. Very exciting. Stacey has no judgment and tremendous patience.
That's what that means. She gets it. So there you go. All right, we've got, let's get to the call, shall we? Danielle is joining us now in Syracuse, New York. Danielle, how can we help?
I'm just interested on your guys' thoughts of investments while you're young when you have the extra cash to hope to have some more passive income in the future. Kind of just interested if I'm making the right route.
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Chapter 2: How can I invest for passive income while managing debt?
So there, this is The Ramsey Show. Welcome back to The Ramsey Show. I'm Ken Coleman. I'm joined by my colleague, George Camel. And we are here for you this hour. 888-825-5225 is the phone number. 888-825-5225. Taking your work questions and your money questions and whatever else you want to ask today. We'll see how it goes. 888-825-5225. Let's go to Toronto, Canada. Adam, you excited about that?
I get excited about the Canadian callers. Yeah. It's always a gamble. Okay, let's see what happens here. Adam, how can we help? Hi, can you guys hear me? We can hear you well, sir.
I actually didn't think I would get through today, but I'm glad. I have a bit of a dilemma that I'm trying to get solved. Basically, the situation here is I'm trying to get married in December, and I want to see if I can get married, but I also have $48,000 worth of debt.
So I was thinking, I don't know if I should put getting married on pause and focus on clearing this debt first, or if I should just keep saving to get married and then deal with it after. I don't know. I'm kind of new to listening to you guys, so I don't know what advice you would give in that situation. I know you guys get that tunnel vision and focus on paying off debt.
I got to ask, do you actually think that putting your wedding on pause is possible? What's the other person think about that option? Have you cleared that?
I mean, I mean, she's, she's, she's okay with it. You know, we're not trying to do anything too big. Okay. Um, so yeah. How much is the wedding going to cost?
Uh, we're planning to keep us small, so it shouldn't be too much, but like, I want to save a certain amount because I'm thinking about like, you know, not just the wedding costs, but, uh, getting a apartment, furnishing space, all these other expenses that I'm thinking about. So what's the number?
uh the number that i have in mind is maybe like everything total 40k just for the wedding not just for the wedding plus all that other stuff maybe like 10 to get married and then getting us paid well rent is going to be an expense do you not have rent right now As of right now, I live at home, so my expenses are very low. That's another thing.
Are you working full-time? Okay.
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Chapter 3: Should I prioritize paying off debt before planning a wedding?
Sure.
And how old are you again?
24.
24. Okay, so the question is, I got to take care of my family, and I want to keep this dream alive. And I love that. I actually have, you know, I know what that's like. When I started into broadcasting, Adrian, I was 33, three little ones, running my own company, a very small business, and I had the exact same situation. So, You're going to have to treat your music like I treated my broadcasting.
I was getting basic experience, getting knowledge. So I was taking some training courses. I took a few broadcasting classes on the side. I was running my business and working really hard. to make sure that I was using my time wisely so that I had more time to go, again, audition at times. I had to audition. I was doing radio on Saturdays.
And so you just a little bit at a time, but you never stop. And so the main thing is the main thing, taking care of your family. And you've got it. You're doing it. I think I would guess even in Romania with this technology job, that you have the opportunity to climb the ladder financially. Is that true?
Yeah, that's true. I'm in the top 2%.
Okay, so you want to keep climbing and keep taking care of the family, but keep producing music. And I would just challenge you to show your work. Try to get yourself, not just put out your own music, but can you sign up? Can you get some clients where maybe you're scoring some music for local theaters, national stuff? How can I get my work? I just ran into an old buddy, George.
uh by the name of jim won't say his last name and hadn't seen him in years and he has been scoring music for the national nashville symphony he does a lot of stuff all around the country working from his home scoring music much like adrian does so adrian i want you to expand into trying to work more for other people because that's doing two things you are doing the thing that you love and
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