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Chapter 1: What is discussed at the start of this section?
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Normal is broke and common sense is weird. So we're here to help you transform your life. From the Ramsey Network in the Fairwinds Credit Union studio, this is The Ramsey Show. I'm Ken Coleman, thrilled to be alongside my friend, partner in crime today to help you. She is... Jade Warshaw. The phone number is 888-825-5225. Let's go to Taylor, who starts us off in Miami, Florida.
Taylor, how can we help today?
Hey, thank you all so much for having me. I'm really excited to be here. I just got married last month, and my husband and I both are struggling to combine our finances because of all of the moving parts, and we're looking for advice from y'all.
What do you mean by all of the moving parts?
Okay, so one issue I have is I'm a contingent worker. So some weeks with the job that I have, I only bill for a four-day week, and some days I bill for a seven-day week, which means my base income a month could be $4,400.00. or it could be $7,600. And it's contingent on, for compliance reasons, I don't want to say publicly.
That's fine. You just have an irregular income.
Yes, it's irregular. But usually the base amount I make is $4,400, and then the most I can make is $7,600 in a month. What about him? He is part-time for the school system. He makes $1,700 a month. Okay, that's it.
So let's talk about why he's only part-time.
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Chapter 2: How can I effectively manage irregular income?
It paid for the wedding. And now we're just now back to a spot where we paid for it. Got it. So what will it be? We're just now back to a spot where we're breaking even because we just paid all that stuff off. Honestly, I got in an uncomfortable position paying for all of that. And now I'm like, oh, I can call now. Okay.
Okay, gotcha. Well, again, you know, as he increases his income, you know, or certainly sees more value out of that, you know, the managing the rentals, you guys are in a decent spot for you to win. And the good news is you have no debt. So, you know, just walking these baby steps out, which sounds like you're in baby step three, which is to get a fully funded emergency fund.
Of three to six months of expenses as my brain falls apart.
I'm going to take that. I like that. What's the plan for you guys' residence? Are you renting now or what's up? No, I purchased a house before I met him. And that's the house we're living in now. So you guys have four properties total?
Well, really, we have more than that if you include his portfolio. He acquired all of his rentals and he has like... a couple of lots that he purchased for a really, really strong amount there.
So you guys do have debt.
That's a lot of debt. Well, and mortgage.
How much mortgage debt, how much home mortgage debt do you have combined, including all his portfolio?
Including all the 60s. I'm counting it right now. That's okay. There's 60K on one of the rentals. Okay. There's 120 on another. Okay. And there's $260,000 on the house that we live in now. Okay. The other things are paid off.
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Chapter 3: What should I do with $100,000 after a divorce?
Understood, but they're not – and they're not bringing any – he's breaking even on rents. I'm just wondering about that.
He's charging too little for rent every month.
Yeah.
He's gotten close with the tenants that he has.
I'll be honest with you. This is just me. I'm not – I think there's some things you've done really well. If I were in your shoes, you guys are newly married. There's part of me I would love because you said he's equity positive and all of them. I would love if you sold some of these in order to pay off your personal residence, because if you did that, you guys would be smoking like unstoppable.
Yeah.
OK, think about that. What's your mortgage? All of them. Yeah. But what's your mortgage every month?
My mortgage is $1,600, but I pay $2,000 because I add an extra $400 to principal every month. All right.
And that's included in my, like when I told you I still have $800 to $900 left over every month, that's already after calculating that. So it would be $2,000 total? Correct. I love that for you guys because if you turned around and took that money, how old did you say you were? I'm 27. She's 35.
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Chapter 4: How can I prepare financially for becoming a stay-at-home mom?
Okay, great.
That's good. Okay, so your big question is I'm getting $100,000. We don't know when you're getting that. We hope within three to four months. The house hasn't even gone on the market yet. And then there's time to get that. So let's just say to be safe, we're looking at four to five months at the earliest that you're getting this money. Is that fair?
Yes, that's what I'm thinking too.
Okay. And so when we get to $100,000, we want to clear the debt and then we set you up for the next level. So here's what we got going on. We got to do a commercial break and we want to be able to help you. And so hang on the line, Bianca. When we come back, Jay's going to walk you through every penny of this $100,000 and how it can set you up for financial success. So that's the good news.
You're going to be okay. Hang on the line. We'll be back to take care of you.
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Chapter 5: How can I effectively use a $100,000 settlement to start over?
That's the exercise.
You're going to take care of yourself. Oh, man.
My husband wants me to be a stay-at-home mom.
Chapter 6: What should I consider when deciding to become a stay-at-home mom?
Everybody wants me to.
Oh, my gosh. What are we waiting on?
Why are we even waiting until September?
Chapter 7: Is taking out a HELOC a good idea for buying land?
She just needed permission. It's the chain of 300,000.
It sounds like holding handcuffs. Well, by the way, that's real.
Chapter 8: What steps can I take to overcome financial despair?
By the way, that's why that phrase came about and why it has stuck in culture so long, because it really adequately describes the psychological situation when somebody is thinking about doing what you're doing. It almost feels stupid. doesn't it? Yeah, I get it. But what we got to do is, I know. Well, I hope we helped because we have to reframe.
The reason I asked you what the first Monday looks like with the girls when you're done is because that's what you have to reframe around. That's what you're deciding on. You're not deciding on being stupid and walking away from 300,000. You are deciding on to make unbelievable memories that when it is all said and done, long after you stopped working,
you are dreaming and fantasizing on the past, the good old days. And when you go home, you are in the middle of the good old days. Man, come on, Ken. So that's, listen to that.
That's joy.
That's kind of what we wanted on this call. So Angela, you didn't need our permission. I think that hopefully you see this now as not a dumb decision, but maybe the smartest decision you'll ever make. Yeah, that's powerful.
Okay. Well, thanks for walking me through that. Yes, ma'am. And help validating some things.
I appreciate it very much. You're an awesome mama. And boy, you'll never, ever, ever, ever, ever regret making the move that your heart's telling you to make. That I'll stand by and I'll fight with anybody on that anytime. Listen to your heart. It's not just a great song by heart. Listen to your heart. I knew she was going to do it.
Oh, it's such a blessing to be able to throw a bounce pass to somebody who can do something with it. There it is.
At Ramsey, we don't partner with companies chasing trends or pushing gimmicks. Trust is earned. And that's why we send people to Fairwinds Credit Union. See, a lot of banks rely on teaser rates, marketing hype, and fine print. But that's not how Fairwinds operates. They've been serving members for 75 years, and you don't last that long by cutting corners. You last by serving people well.
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