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Chapter 1: What should I do if I owe $90,000 in debt?
Live from the headquarters of Ramsey Solutions, broadcasting from the Boss Moving and Storage Studio, it's The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Campbell, joined by Dr. John Deloney, and we are excited and enthused to take your calls at 888-825-5225.
If you need some confirmation, affirmation, inspiration, whatever you're going through, whatever's keeping you up at night, we want to help you take the right next step.
Some constipation.
We can't give you that. I don't know that we can relieve that either.
I am certain we can give you constipation.
John has been known to do that, and he's very, very good at it. He's got a PhD. I don't know what it's in, but apparently he's got one or two.
It's in my PhD is in the inability to go to the bathroom.
There are dumber degrees out there, so it would not shock me at this point.
That's probably fair.
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Chapter 2: How does debt affect mental health?
What are all those Asians you dropped out?
Inspiration, affirmation, confirmation. Conservation. Motivation. That's not in there. You keep throwing that one in there. All right. Stop trying to make it happen.
All right.
All right. Jeremy is up first, if he still even wants to talk to us. Jeremy, how you doing?
Hey, guys. Thank you so much for taking my call.
Sure.
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Chapter 3: What is the Debt Snowball method and how can I set it up?
What's going on?
Well, I've reached a point of desperation in my life. I listen to you guys every night, but I still can't get my act together. I have six kids, and me and my wife, we maybe bring in about 65,000 a year.
We have no savings, no emergency fund, and we're barely able to pay our bills as they are, uh, due to like a special circumstance where I'm kind of getting double dipped for child support, where I'm paying for two kids who live with me. Um, and I'm, I'm, I have two $600 car payments. as well as the student loans are getting ready to drop.
We have about $50,000, $40,000 actually in student loans between me and my wife.
What do you do for a living, man?
I'm a bus driver for Disney.
What do you make a year doing that?
So I make about $55,000 a year, and that's with my overtime.
And is your wife working outside the home? Where's the other $10,000 coming from?
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Chapter 4: How can I discuss financial help with my parents?
Well, my wife works over at Walmart. She's a regular associate.
Okay. And that's part-time?
Yes. Okay. Do you have a degree with these student loans you got to pay back?
I have a certificate from Universal Technical Institute, and she has some schooling from Puerto Rico. Okay.
Well, there's two pieces to the puzzle. There's decreasing expenses, which you've got six kids. You've got a lot going on on top of the debt payments, on top of normal bills that people have. And then we've got to also increase the income. We've got to find ways to make more because we're in the situation where we have a lot of mouths to feed and a lot of debt to pay.
Do you hear George?
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Chapter 5: What should I consider before asking my spouse to get a job?
I want you to – George just distilled that down, but it's as simple as that. And I know it's terrifying to think that it's that simple. But the only two options here are to increase what you make and decrease the expenses you have.
So the only issue with that is we've been looking.
But you haven't because you got two $600 a month car payments.
I would look right in the driveway and I would go, those things got to go today. Yeah. What are the cars worth?
My van's worth about $11,000, and we owe $14,000. And my Corolla is worth about $15,000, and we owe, I believe, $13,000. But we needed the Corolla because I live about 55 miles from my job. So I needed the gas mileage.
Why is this the end-all, be-all job?
They've been very good to me. I mean, it has its benefits.
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Chapter 6: How can I balance my financial responsibilities with family obligations?
You can't afford to live there, brother. I mean, you can't afford to work there. It's 50 miles away for $50,000. You can go be an assistant manager at a fast food restaurant and make that money. What is it about that job? Because that job is costing you two hours of commute time a day. It's costing you a car you cannot afford, and it's not paying you enough to pay your bills.
I don't have a real good answer for that.
I mean, I really enjoy my job. I enjoy the guest interaction.
Oh, dude, I know I'm stomping on your heart. I know you love that job. You love the people. And my understanding is when you are fully bought in as a Disney employee, it's a family big time. It's a community.
Chapter 7: What are effective strategies for reducing monthly expenses?
I get that. And you are broke. And you can't breathe.
Yeah.
And then you get in a car that's depreciating every second you sit in it and drive an hour in that traffic to work a job that does not pay you enough to support all six kids.
What's your total consumer debt, Jeremy?
About $90,000.
Is your wife able to work more? What is the child care situation like? I can't even imagine taking care of six kids. I imagine the ages are wildly spread.
George has two... Were they pugs? Yeah.
French bulldogs.
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Chapter 8: How can I improve my financial situation without compromising my values?
French bulldogs. Two bulldogs.
He has two French bulldogs.
Yeah.
Okay, 15? And my youngest two are two and one.
Okay.
So that's kind of where that comes, where she has to help with the babies, especially while I'm working. I mean, it does... Yeah, that's one of the benefits. One of the benefits is I do get to take my kids to Disney on my days off. So, I mean, that's kind of a big benefit for my children.
For the next couple of years, you don't get days off. You owe $90,000. $90,000. You've got to start making some headway on this. And, dude, trust me. I'm not trying to be a jerk, man. I'm just trying to put both hands on your shoulders and let you realize how precarious your situation is.
And if the cars can get us out of what? They can decrease our debt by $27,000. Obviously, we've got to save up some money. We've got to figure out the underwater situation. We've got to get some cars.
Keep the van, right? Keep the van because you've got 14,000 children, right? So keep the van. And then here's what we're trying to do. We're trying to rattle your cage a little bit to get you out of the there's just no way. There is ways, but you've got to be willing to go all in, man.
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