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Chapter 1: What is discussed at the start of this section?
Live from the headquarters of Ramsey Solutions, this is The Ramsey Show. It's where we help you, the people. That's right. We help you win in your life, specifically in your money, in your work, and in your relationships. I'm Ken Coleman. Jade Warshaw joins me this hour. The phone number to jump in, because it is your show, America, is 888-825-3255. 855-225. That's 888-825-5225.
The fabulous Jade Warshaw ready to go.
Chapter 2: How can I manage savings while paying off debt?
Warmed up. Did you do voice exercises in the green room? Me, me, me. There she is, pitch perfect as always. She'll take your money questions. I'll jump in. And then, hey, you've got some work questions, some mindset stuff. Hey, I'm struggling here. I feel like I've got a lid on me professionally, which is affecting me financially. Any of those work-related questions I'll take on.
Chapter 3: What are the risks of holding onto savings instead of paying off debt?
and jade wade's ways in as well so let's go to the big apples where we start julie is waiting on us julie how can we help today hi guys how are you my call yeah i'm good um so i'm calling i've been listening to your podcast like probably over the last year and then since 2024 i've really been like obsessed with it and listening to it every single day that's awesome i think i need to call it
Um, so I'm calling because I feel like my husband and I have the baby steps, like all out, all out of order. Okay. We have debt, we have credit card debt, we have car payments, we have a mortgage and we have student loans, but I feel like we have savings to pay off our credit card debt, but I'm just nervous that if we pay it off, we're going to like plummet our savings.
And then if there is an emergency,
Yeah.
It's been hard since we bought our house to build our savings back up. So I'm just like, I like having that cushion. We have like about 30 over a little over 30,000 in our savings. Okay.
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Chapter 4: How do I prioritize financial steps while managing multiple debts?
And about 13,000 in credit card debt. So I'm like, we could just pay that off right now.
yeah but i'm nervous to just like see it plummet and then we have other payments too that's right yeah there's um you know that that emotional feeling is normal because you're used to seeing a pile of money in your account you log in you're used to seeing it and there's part of that it's giving you a truly a false sense of security right because if you do the math
which you don't have to do much, you can do the math and see, well, that 30,000 is not actually your 30,000. It belongs to Capital One and the car company and Sally Mae or, you know, Navient or whoever holds your student loan. And you're just keeping it from them. That's not actually your money.
And so when you put it that way and you start to realize, listen, the debt that I owe, that's the real scary thing. That's the risk that I've created in my life. And until I give them the money that I owe them, they're not going to stop coming after me.
And so the real question then is what's scarier to have these companies relentlessly coming after you for money or to just give them the money that you owe them and get on with your life?
right so right yeah back to your point of kind of i feel like we're doing the baby steps out of order that means you know the right order and there's yeah there's a reason for that and i want to take a moment and explain the reason insecurity yeah but i think if you understand the reason underneath it it'll make a lot more sense and this is for anybody listening it's not just we don't do it like this because it has a nice ring to it right we do it like this because it truly does work um
So when you do the first thing, you have the thousand dollars of security, you know, let's debunk that. That is supposed to make you feel a little bit shaky. So if you were to take that thirty thousand and apply it to debt and only or in this case, take twenty nine thousand, apply it to debt and keep a thousand there, that is going to make you feel uncomfortable and it should.
So I want to validate that feeling. The hope is that you go, okay, I can't live like this forever. Let me tackle baby step two, which is paying off all that debt besides your mortgage. And so that should light kind of a fire underneath you to like, let's keep going. Let's go as quickly as possible.
And the funny thing is, okay, so your credit card payments, how much do you pay every month to credit cards?
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Chapter 5: What opportunities should I consider for increasing my income?
And I don't want to get bogged down here, but this is a part of the equation. What are your opportunities, if you just think about what you have done? Do you think about what is a better paying job, a path for you, to where you are making $40,000, $50,000, $60,000, $70,000 a year? Have you thought through that?
Absolutely.
Chapter 6: How do I balance multiple jobs and a side business?
So, okay, so what I did was sign up to be an in-care provider, a home care provider, which starts at about $25 an hour, but it also gives me flexibility and time, you know, to do other things also because I wanted to do that plus work as an IA because I love my job. It just don't pay nothing.
Got it. Okay, good.
Yeah. So here's the deal. And I have a drinking business that I'm starting, but go ahead.
Chapter 7: What is the importance of breaking the cycle of debt?
What business? Okay. So I'm starting a juicing business. Eventually I wanted to grow, but right now I'm just starting off just selling juices from stores and stands and whatnot. So that's also going to be some kind of income.
So real quick, I want to hand you over to Jade, and Jade's going to walk you through how to get out of this debt. But I'm glad you've thought of some things. Let me tell you this about the juicing thing.
Chapter 8: How can I effectively manage my budget and expenses?
I don't want to discourage you in any way, but that needs to be your third job right now if you have time for it. And or a second job if we go and we get a better job. But I like the idea of what you have mapped out.
And I'm going to tell you, you need to pursue that with the same abandon that you need to pursue these baby steps that Jay is going to walk you through because your ability to make more money right now.
while living with mom is huge so you've got to treat that as life giving like i have got to make more money and if you can go get something that will allow you to keep the ia job and that's extra money great you hear me but you have got to be crazy intense about making more money right now and jay's going to tell you what to do with it all right
Sweet.
Thank you so much. All right.
All right. Yes, Ken. Good job. OK. My two cents here is I can walk you through the baby steps. You're not going to be able to do too, too much until you get your income up, which is what Ken suggested. And I might also offer this little piece, which is I want you to get your income up so that you can pay your debt off. I think that's really important.
But I think the most important move that you're going to make in all of this is moving out of your mom's house. Because what you described to me was a cycle, and it sounds like a cycle that you're trying to break. And it's very, very hard to break a cycle when you're literally living in the midst of it. So it's quick, you know what I'm saying?
Cause you've got to deal with everybody else's mindsets too. Cause your mom has an opinion, you know, auntie comes over, she has an opinion. Everybody's got an opinion. So I really want to get you in a place financially where you're able to remove yourself from that position. That's going to be so, so, so, so, so important because here's the thing. Here's what I know.
You start making some money, you start making some headway and people see it. Now you're the one who's got money. And now everybody's coming to you. And that just adds another layer of, all right, I got to tell these folks, no, I got to tell them, you know, I'm trying to do my thing. So just let that marinate somewhere in the back.
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