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Chapter 1: What advice do you have for managing emotions after the election?
Welcome to the Ramsey Show America. This is where we help you win with your money, win in your work, and win with your relationships. The phone number to jump in today is 888-825-5225. Alongside the fantastic Jade Warshaw, I'm Ken Coleman, and we're here for you today. And speaking of today, if I might speak to a very large and diverse audience for just a moment.
Come on, Ken.
Because it's the morning after, and the reality is, Jade, is all morning, and even late last night, I have been receiving texts and communicating with friends who are deliriously happy with the results. I have also been communicating with friends who are devastatingly sad.
And I think it's important for this large audience to sit with that for just a moment and understand that's okay and that's normal to have those emotions. That is what makes a free society. Free is the opportunity to express with great passion, also show up and vote. And the reality is, it matters a great bit, and we know that.
So I was thinking of four words, Jade, to challenge our audience and encourage our audience. If your side won last night, be classy. If your side lost last night, be hopeful. And if I could take those last two words, be hopeful, and challenge both sides of the aisle today, Be hopeful, but be careful what you're hopeful in.
I want you to be hopeful in you and your free will and your ability to achieve why you come to this show. And here's what you come to this show for. Freedom. You come for freedom in your finances so that you can Create the life that you want to create, that you can spend money on the things you want to spend on. You can solve the problems that you must solve problems in your life when they arise.
You come to this show because you want to have an opportunity to climb the ladder, to make more money, to be able to do those things, to make the difference in the world through work that you desire to make. And you come to this show because relationships are hard and you want healthy relationships. Because if we don't have a healthy relationship, we have nothing.
And so that's why you're here, and that's why we are here, is to help you get that freedom, Jay. So I want to give it to you. That's why I voted for you, Ken. I add your thoughts because you understand the situation as well.
Hey, I mean, well put. Well, Ken, you were created for this moment. Very well put. I think it's an opportunity for both sides to just be magnanimous and be a good winner and a good loser, if that's whatever side you're on.
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Chapter 2: How can I tackle over $1 million in debt?
Okay.
Or that they see, what would it look like in baby step four? Let's put it that way. You're not there, but you go, okay, what if I could put away, let's say 15% on a salary of, I'm going to make this up. Let's say we're going to put away two grand a month.
Two grand, that's a lot. Go a thousand.
I told you, you're the queen.
A thousand bucks. Let's do 500.
See, this is why I defer to you. You're the queen.
Well, let me see what I'm going to base it on. I'm going to base it on the average salary, which is $67,000. Like what you're doing. And then I'm going to say 15% of that, because we take it off the gross, which is $10,000. And then I'm going to divide that by 12. By 12 months. I love it. And that's going to be $837. So we'll do that. There you go.
And to be fair, I threw this on her. That's okay. You see where we're going? I want people to not just hear that. I want them to see what you're about to do.
The idea is that you've not had anything in retirement up until this point, you know, and so you say, okay, I'm going to start doing that. And lo and behold, you retire with $4.1 million.
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Chapter 3: What should I consider before buying property?
Fine. I'm not concerned about that right now. I'm not going to take you to task.
I've got $2,500 status side and a separate account that I don't mess with.
So we sell off the first property. We clear the consumer debt. We sell off the next property. We keep three to six months of expenses. We sell the next property and we clear our house and then we clear then we pay off. We sell enough properties to clear all of this one point one million dollars of debt. And I think you have it out of these 22 units if you've done it anywhere close to right.
Follow the plan. The debt snowball. Let's give him a copy of. Excuse me. Total money makeover. Yeah. Just follow the process. Read that. It's classic. She's laid it out for you. But yeah, the thing I was going to add is I like his attitude.
Yeah.
What could hinder somebody from getting out of this mess is feeling like they're just idiots and they're not. They're normal. This kind of stuff happens. And he admitted it. I think his mindset is good. Yeah. He's not beating himself up. Corey, don't fall prey to that.
Just follow the plan, and before you know it, your shoulder's going to go back even further, heads up, and you know that you're walking out of this. Great advice, Jade. All right, quick break. We'll be right back with more of The Ramsey Show. The Ramsey Show continues alongside Jade Warshaw. I'm Ken Coleman, 888-825-5225 is the phone number. We'd love to take your calls.
Jade's our money specialist today, and I'm the work and leadership guy today helping you in those areas. We're both going to tag team on these financial and relationship issues as well because they're all tied together. Greenville, South Carolina is where we go next. Stephanie is joining us there. Stephanie, how can we help today?
Hi, thank you for having me, Ken and Jade.
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Chapter 4: How do I manage my wife's debt after marriage?
Yeah.
That right there. She's a small business owner solving a real problem. And so I love that. Good stuff. All right. Next, let's go to Richmond, Virginia. And Jennifer is there. Jennifer, how can we help?
Yes, thank you. My situation is I have $275,000 to buy land, build a house, and everything, furnishings, everything. That's all I have. And it's cash. I'm not going to have a mortgage. And it's proving difficult to budget for that. I'm wondering if I should rent for a year. And what I do for a living is I buy real estate, I improve it and sell it.
And do that for a year with the cash that I have to try to build up a little bit more for my ultimate home.
Well, yeah. How much do you need?
Well, you know, land is so hard to find and so expensive. So I would be more comfortable at $375,000.
Okay. And you've run out the numbers. Because what I want, I want to make sure we're...
fully and with detail counting the cost of this so that you don't enter in and realize oh gosh i don't have enough money and now i am kind of considering debt when that's not what you said you wanted to begin with so i really want you working out the numbers to go okay if i spend x on this land what can i then spend on the build and is that enough to get me what i say i want plus furnishings right so we're doing a detailed right
In many ways, just a detailed budget on this that's directly for this home build.
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Chapter 5: Should we maintain a gazelle intensity approach to pay off our house?
I didn't agree with how her mom put this debt on credit cards And it doesn't sound like they are paying much more than the minimums right now. My plan is to take out a personal loan after we get married to pay off her parents in full so I have control over the debt completely. This would drop down the interest significantly.
We could then attack it with both of our incomes to pay it off as quickly as we can. Would this work or is there a better plan? Okay. So just to clarify, there was a divorce. She had debt. Her parents said, we'll take care of it, but we're doing it with credit cards. And you're like, no, when we get married, we're going to take out a personal loan to clear it. I don't necessarily like that method.
I like that you're saying, hey, after we get married, then we'll tackle it together. That is right. So green check on that. I would not do the loan. The truth is, You're only on the hook for the 75,000. You're not necessarily on the hook for any interest that is in crude because of their method of paying for this. That part is on them because they chose that route.
They chose that card with that interest rate. Unless there's a conversation that I don't know about, in my mind, I'd be like, I owe you $75,000. Ken?
I couldn't agree more. It's a lot easier. They've already assumed this debt for her. This is not something that she put on them. They did this. I would pay the parents directly, and I agree with Jade. I wouldn't worry about the interest. That's their problem. I think they'll be thrilled that you guys are serious about paying it off, and I think it's a lot easier to pay them off.
Now, I would only say the caveat to that is... you both need to agree, you and your fiance, that we aren't skipping this. We're going to treat this like it is a private loan, like our credit would be affected, like they'd come after us with collections, all of the things that people that loan money put in place as some sense of accountability.
And I think that's the key or else this could create tension. And I don't think that's the case here. I think this is like, we want to get this out. I love the urgency, love the character and the integrity here. But I agree with Jade 100%. Pay the parents directly.
Here's the problem I do foresee is that he's already noticing, hey, her mom put this on credit cards. And this is him speculating. It doesn't seem like she's making payments. So, or he says something there where... They're paying the minimums. Yeah, they're paying minimums. So I do foresee a problem of down the line them saying, well, we did this, but the balance has grown.
So I do think you need to have some sort of really, really clear conversation about how interest is handled and how that part is not pertaining to you.
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Chapter 6: What are the Baby Steps to financial freedom?
But Monday morning, I was at my desk. And who comes confidently striding in to her desk?
Yeah.
No limping.
Yeah. You want to know why? Because I did the training.
I know.
I trained.
But I also think you might just be a little bit more blessed athletically and physically because I was really in pain after mine. Half marathon. You did a full.
I'm trying to.
You didn't remember I said to you, I was like, are you not sore? And you looked at me like I was like, no.
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Chapter 7: How can I invest for the future while managing debt?
You don't need our permission. It's your life. I love how Jade answered it. I agree with what she's saying there. I think in this case, you're okay. You don't feel like you're overheated. And you've got a really great why. And I just think motivation is not an issue for you guys. So yeah, I'd go as hard as you guys want to go on that.
How old are you? Yeah, my husband, I'm 27. So you'd be 30 and a half with a paid off mortgage?
Yeah, we'd be on baby steps seven at 30 and a half. My husband was like, his income's kind of uncapped with what he does. So he was like, I mean, from age 30 to whenever he decides to retire, he's like, I could put more than 15% into my retirement at that point because we wouldn't have a mortgage because we busted our butts.
Now, do you guys have a plan to replace your income with his growth or get close to it?
Yeah, so right now we're at $170,000 between the two of us. I'm 27, he's 28, and his income should definitely easily hit that throughout the course of his career.
Well, but how soon? So let's fast forward your timeline. Do you think he could get to a place where he's almost or has replaced your income or surpassed your income by the time you've got the house paid off?
surpass mine yes surpass both of ours total probably not but he also we both have like side hustles that we started doing on the side and we're I think we're starting to get a little more intense with them so we have the opportunity to add an extra two thousand and I may not have asked it well so but I hear what you said he's not and by the time you pay the house off in this timeline he's not going to be making what the two of you make together so my follow up question is and I think I know the answer
Will you guys prepare for that and adjust your lifestyle so that doesn't put you under pressure? Because what you don't want is to be jacked and excited about coming home with the babies, but then feeling the pressure of the squeeze. So we want to adjust our lifestyle so that he also doesn't have pressure. Is that going to be the case?
Yeah, so that's a really good question. So we have figured it out that if he kind of continues with his trajectory when I'm done working, he should be at about $5,500 monthly income, but our expenses are only $2,500 a month. So we should still have like a $3,000 cushion every month.
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