📈 Are you on track with the Baby Steps? Get a Free Personalized Plan 📱Finish today's episode for free in the Ramsey Network app. Rachel Cruze & George Kamel answer your questions and discuss: "Should I sell my car to get out from under the payment I can't afford?" "How do I get out from under medical, credit card and personal loan debt?" "We are being told not to pay for a house in cash," "Is opening a 0% interest credit card ever a good idea?" "My husband refuses to plan for retirement. How do I get him on board with a plan?" "I'm currently $234,000 in debt. Should I stop going on family vacations?" Next Steps: 💪🏻 Take George's Side Hustle Quiz ✅ Help us make the show better by taking this short survey! 📞 Have a question for the show? Call 888-825-5225 weekdays from 2–5 p.m. ET or send us an email. 💵 Start your free budget today. Download the EveryDollar app! 🎟️ Dave Ramsey and John Delony are going on tour this month! Get tickets today 🏘️ Find a Ramsey Trusted Real Estate Agent Connect with our Sponsors: 🛒 Stop paying more and start shopping smarter at Aldi 🌱 Get 10% off your first month of BetterHelp 📱Go to Boost Mobile to switch today! 🏥 Learn more about Christian Healthcare Ministries 🏡 Get started today with Churchill Mortgage 🔒 Get 20% off when you join DeleteMe 🏦 Go to FAIRWINDS Credit Union for an exclusive account bundle! 🥗 Save 15% on your first Field of Greens order with code RAMSEY ⛨ Find top Health Insurance Plans at Health Trust Financial 💸 To find out more about student loan refinancing, check out Laurel Road 💻 Visit NetSuite today to learn more 🗂️ Use promo code RAMSEY for 18% off at The Nokbox 💵 Learn more about Timothy Plan 🏛 Get started with YRefy or call 844-2-RAMSEY 🔐 Visit Zander Insurance for your free instant quote today! Explore more from Ramsey Network: 💸 The Ramsey Show Highlights 🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💰 George Kamel 🪑 Front Row Seat with Ken Coleman 📈 EntreLeadership Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices
Chapter 1: Should I Sell My Car to Stop an Unaffordable Payment?
Okay, so I have one of them huge car payments. It's about $900 a month. I owe $34,000 on it. It is a 2022 BMW. So my question is... It's only valued at $34,000. The auto trader value is $25,000. I would get about $2,000 back in warranties if I sold it back to the BMW dealer. I have $10,000 in my savings account. So my question is, should I get rid of the car?
Because it's kind of hurting us financially paying a car payment that high.
Yeah, for sure. I mean, $900, that'd be nice to have, right? Versus it going to a car payment. Okay, so you said it's valued at, I think you said it's valued at $34,000, but then you looked on AutoTrader and it's at $25,000.
Yes. So I owed $34,000. Oh, okay. I'm sorry. I got you. Sorry. I owe $34,000. It's valued at $25,000. Is that like trade-in? Have you? Yes.
Okay. You don't want trade-in value. You want like a private party value. You can check on Kelley Blue Book for that. That's going to be much higher. And that might get you closer to where you're not underwater on this thing.
Yeah. So let's say it gives you like five thousand more just for the fun of it. OK, so that means we'll just say thirty thousand. You owe thirty four. So, yeah, I would take four thousand out of your savings so that it's, you know, you can like after you sell it right, that you can pay off the remaining of the debt, get the title to the new people and you're done free and clear.
And then just I mean, I would just go buy like a five thousand dollar car. Yeah.
The rest of your savings leave a thousand bucks in there.
OK, I actually have an extra car like my luxury car. So I do have a beater. Well, there you go. God bless America.
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Chapter 2: How Can I Budget as a 1099 Side Hustle Worker?
So my husband and I just started Financial Peace University a couple weeks ago.
Awesome.
How's it going? It's going really well. We are a one-income family, so realized our income wasn't quite where I needed it. So I did pick up a side gig as well. Good.
What is it?
So my question, I am driving food delivery. Okay. Oh, good. That's great.
Through one of the apps, like an Uber Eats or DoorDash, one of those?
Through DoorDash.
Okay.
So it's my first time being a 1099 employee. So my question is, how do I budget so that I'm not setting myself up for failure come next tax season?
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Chapter 3: What Are My Options for Managing Over $250,000 in Debt?
You'd still do quarterly payments because you're not being taxed on that 1099 income versus your full-time employment. They're taking taxes out already. They're withholding.
Oh, okay.
So that's the big difference with 1099, folks, is no one's paying the taxes for you. No one's withholding for you. You've got to do it all yourself, and that's where this kind of savings account, quarterly estimated payments plan comes into place.
Sounds good. That's what I needed to know.
Awesome.
So great.
Thank you so much for the call. Way to go. Doing whatever it takes. I know. I shared on Smart Money Happy Hour my Instacart side hustle.
Yes, you did for a weekend.
What a struggle that was.
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Chapter 4: Is Paying Cash for a House Better Than Financing?
But that's going to be your, yeah, I mean, you're going to find more money doing that, Rachel, figuring out how to work overtime than doing like Instacart shopping, like what we were just saying. So you are qualified to make a lot of money in extra time. So if you're working an extra few shifts, Yeah, that's going to bring it up. And so that's going to be it, Rachel.
And so it's going to be knocking out this debt, smallest to largest. And again, seeing where you can settle. And you'll probably be able to settle the most with the medical and the credit cards.
And the longer they've been in collections, the more willing they will be to negotiate and settle. Yeah. But first, cover your four walls, food, utilities, your housing, your transportation. You pay those before you pay anybody else. If there's money left over, we can throw some payments their way. I'm going to set you up with a financial coach on us, Rachel, to walk you through all of this.
Thank you.
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Hey, if you're enjoying the show, do us a quick favor. Hit the subscribe or follow button wherever you're listening or watching. Leave us a kind review. Share it with a friend. All of that helps us reach more people with this message. We appreciate you guys. Ben is up next in Cleveland, Ohio. Ben, welcome to The Ramsey Show.
Hi, guys. How are you guys doing? Doing well.
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Chapter 5: Is Opening a 0% Interest Credit Card a Good Idea for Repairs?
She just invested the mortgage payment.
Exactly. So there's a piece of this where you have to tackle it with the emotion, the pain point she's experiencing. Then you can use the logic and math to go, it's going to be okay. Here's the real facts. We're rooting for you guys. This is The Ramsey Show.
All right, Dave, you have some strong opinions.
Possibly, yeah.
Yeah, I think so. Okay, because you really prefer credit unions over big banks.
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer accounts. pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
But what's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
Well, and I think we have found one that is incredible, and that's Fairwinds. They are an incredible credit union that is really out with the heart to help the customer.
They're the right kind of people with the right kind of values. And they've done a really, really good job with customer service. And the deals that they're offering, the Ramsey tribe is incredible.
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Chapter 6: How Do I Get My Husband to Plan for Retirement?
I know what it is.
Keep the Devil Out? Is it a hymn?
I wouldn't call it a hymn. It's like a Sunday school song. Yeah, a Sunday school song, Rachel. Wow. Fine. Just leaving me in the dust.
And I grew up charismatic. The comment section will back me up on this.
They're all about the spiritual warfare. Oh, my gosh.
All right. Go to Julia.
Let's go to Julia in Sacramento. How can we help, Julia?
Hi, guys. Thank you for taking the call. I'm calling because, and I had spoken, I think it was with Jonathan, when they wanted me to call back, but I never got through.
That's all right.
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Chapter 7: When Should I Start Adding Fun Money into My Budget?
It's Yeah. So there has to be. Okay. So that's where you're at. We need to figure out and you need to figure out as his wife, where is he at?
Is it that there's a level of not knowing and that's very intimidating of what to do at retirement, you know, whatever that is, but he needs to be honest with himself on what is causing him not to think about it because there's a reason why some people don't want to think about it because they don't want to think about death. So they don't want to do wills and they don't want to do a state plan.
You know, like, I mean, there's a reason why people don't do things. So
understanding that and then you guys have to come together to say we are both adults and we have to plan it is part of it's part of society we want to be able to eat when we're 80 years old and not have to work our whole lives so what do we need to do to get into place yeah so we need to probably get with a financial advisor and get with someone who knows what they're doing they live and breathe this stuff to be able to say hey
Let's map out how much you guys need to be putting away per month to get you to a place that is comfortable with retirement. But the truth is you guys are going to have to work another 10 years to even probably get that. So I would be doing that, Julia. And you can't change him, okay?
So if he will not get on board on any of this, Julia, that's when we always say separate the finances at that point. And then there's a point that you have to get a job and you have to retire yourself, Julia. Thank you. Yeah, it's hard.
That's what I'm trying to do.
Which we don't want.
I'm working out of state because I'm not certified in California.
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