You Don't Need To Buy A House, You're Broke! (Hour 3)
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Live from the headquarters of Ramsey Solutions, broadcasting from the Pod's moving and storage studio, it's The Ramsey Show, where America hangs out to help people build wealth, do work they love, and create actual amazing relationships. I'm Ramsey personality, Christina Ellis, joined today by fellow Ramsey personality, Rachel Cruz. We're taking your calls at 888-825-5225. And hey, if you like the show, please consider subscribing, leaving a review, and sharing it with a friend. We want to continue to reach people and help them build wealth and win with their money. All right, let's go to the phones. First up, we have Nicole calling from Jackson, Mississippi. Hey, Nicole, welcome to the show.
Hi, thanks for taking my call. Hey, thanks for calling. I am calling about potentially pursuing a doctorate degree. I'm not really sure if I can afford it. And if I can, I'm not really sure the best way to pay for it. Obviously, a loan is out of the question. So I have some options, and I'm just not sure that it's the best thing for me to do.
Okay, so what would you be studying? It would be a doctorate in education. Okay. And what are you doing right now?
I am in the kind of corporate training world, and that's where I would like to stay. So the degree would be in instructional design.
And what will this degree do for your career? I feel like there's a lot of hesitation in your voice. You said you're not sure if it's the right decision.
Yeah, there's no guarantee that... that this degree will do all that much as far as, you know, future earning potential and that kind of thing. It's more just something that I've kind of always wanted to do, just sort of for myself, whether it pays off financially or not. That's the hesitation. There's not an employer that's saying, you know, if you get this degree, then you're going to get this huge raise or anything like that.
What is it going to do for you, Nicole, when you say, I want to do this for me? What is that giving you?
It would just be a personal accomplishment, something that I could just look at at some point and say, I'll look at this.
Okay, so I'm going to ask you again. So you have the degree on the wall. What does that do to Nicole? What does that do?
It's something to be proud of. It's hard. It's hard work.
It is, and there's a lot of other hard work out there to be proud of too, right? That's true. So I'm just trying to dig a little bit deeper into your why and what that motivation is, right? Like, is there a... There's something under there that's causing you, and I don't know if that's what you've heard in the past from someone that you think that, like, this... This is important. I don't know if it's from someone in your past. I don't know if this is you feel like if I have this, somehow I'm going to be more complete. I don't know what it is for you. But usually what we find that if it doesn't have a financial benefit, right, if it has a financial benefit, this would probably be a different discussion that we'd walk through options.
But if it's just for Nicole, I think you can find that satisfaction other places that doesn't require going and getting a doctorate for something that you don't need in life.
Right. And that's one of the reasons why I think that, you know, paying for it is kind of become a sticking point is that, you know, it is going to be expensive. I don't mind to, you know, save money or whatever it is that I have to do to pay for it. But I think that probably is part of the hesitation is just, is this really the right thing to do? And then If it is, how do I map it out and make sure that it's the most?
Well, Nicole, what does the rest of your financial situation look like? Do you have any debt right now?
No, I have no debt whatsoever. I own my home. My salary before tax is about $68,000. And I have about $125,000 in retirement accounts and mutual funds and emergency funds and that type of thing. And how old are you? Forty-one.
And how much will a doctorate be if you just went and did it?
With the program that I'm looking at with the financial assistance that I'm likely to qualify for, it probably costs a total of about between $40,000 and $50,000.
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