From the headquarters of Ramsay Solutions, broadcasting from the dollar car rental studios. It's that day, Ramsay matters DOM pages king and pay at all about mortgage has taken place in the Bmw status, symbol of choice on day Ramsay. Your host, thank you for joining us. Open phones triple eight, eight to five five, two to five: that's Tripoli, eight to five five, to two: Five Laura starts to solve this hour in Washington. High Lara. Welcome that ever am shout

thank you so much. I can't believe, I'm speaking to you, this is such an honor, I'm just shaking. I'm just completely overwhelmed my husband, and I both are we are. We are fpu coordinators and we went backwards in a big big way. I want to make sure we're doing the right thing. Well, I was finally diagnosed with bipolar disorder type. One. I am not able to implement self discipline a lot. So it's one of the symptoms to do a lot of shopping and spending and get a lot and kill everything fell apart in January, and I had a I had to go. The treatment and lost my

work at the time and All of a sudden, the debt really hurt. It's one thing to you. We made a lot of money and we just spent all of it. And now we have an eight hundred and eighty nine thousand dollars. Whole house. So five hundred and seventy thousand is on our primary residents and night. Five thousand his honour, all residents that we ve been renting for a year we ve spending the last two months getting it ready to sell and it goes on the market Monday. And were hoping it'll bring four hundred thousand, which will cover the summer? That is two hundred and twenty three thousand dollars that include

is a Heloc credit cards. Kay alone. For the sale of minors from land, shall investment probably get you back to just your home mortgage who act gut and if we get a good price it'll give us the emergency fund, so So we were thinking that we've been talking for a couple months like what would they say he would say, sell the House sell the house, so the House so what you want to say then you're back on and which are not sold income this year, it'll be one hundred and eighty because I didn't work for the six months and then Mr Lonely, so in the coming twelve months, it should be about two hundred and eighty cuz, I'm

Again, what do you do? I'm a consultant first particular software good for you when you got obviously have the ability to earn, the money and by showing this everything's cleaned up except the emotional damage That's the part, I need your help with. If I hear you I'm by heard one of your calls this week, I listen to the podcast all the time and I hurry. You say, don't look in the rearview mirror bet it's really hard She, when we knew better that Sir Maurice is so bad because it's not like we didn't know better. We sleep seemed to you and studied you for all these years. We shall never fit well you're only going through your manic phase and manic depressive and you go manage any go spending like a crazy person. Where was your husband and that equation. He was not really paying attention.

How'd, you get a lobby. The faint everything I want to live in the region are the only thing I ever wanted. Look in the review metaphor when shown, and I went through the bankruptcies, everything we sat down and say it is yes, we need if we give ourselves. Yes, we did some stupid but stuff. Yes, we feel like fools. Yes, we feel condemned. Yes, we feel remorse. Yes, we feel all of that, but that's only profitable to the extent we learn something from our stupidity and never do it again and that's what we said each other Shannon I and so that's when we quit borrowing money and that's when we should were always gonna be Tyler's. That's when we said were always gonna be on the budget. We don't make decisions without each other, and you know the pain of going through that bankruptcy seared the principles, the positive principles into place like burn them like

to them. You know onto a poorly, and so I think you have that opportunity here and on any others, two sides to this equation for listening to you, I mean what keeps this from repeating. In my mind, it's two things: one is you continue to do the work on your emotions with counselor. If there's medication involved by God stay on it, you married with with manic depressive. It's not unusual that chemical and mix. Ok, not everything out, there's chemical, that are by thanks as chemical, but that one is oftentimes man so stay on your medication stay with your therapist beauty. Let up on that and your husband has to free can stay engaged. He's gone back, mean hyper, proactive to make sure this that you guys

dont slip off in this because he's walking with your walking with a lamp and he's walking beside you holding you up if he just walks away and goes if you can do at this time- and you fall over almost smacking in open sea one pay attention, We could establish, ok you are dealing with a mental illness. She were dealing with emotional illness that you were fighting and you ve gotten the other side, but I can tell, by talking to you, you're, not completely healed. I'm sure there's days that all this, but the idea that you put some guard rails in place to keep from running off the road again is what makes the past okay to glance in the review Marin see. But we don't want. Back there and just beat ourselves up either I don't sit around and go Dave. You were an absolute fool. You're, a dirtbag

you have no use on the planet. You're of no value. You have to finance degree. Should have known better than to go that foreign debt and let some bank take you down. I don't talk about that from morn. I was twenty eight years old, I'm fifty nine have gone up moved on, but I have moved on from the lessons that our that's with them, and so you take the lessons and you go. Ok, I just paid four hundred thousand dollars worth of tuition after I graduated from an annual patient. Firstly, now Graduate studies right I mean that's what you do right, yeah, yeah, yeah, in the great news. Is you guys make a lot of money bad news is. That means you can match this up big again. If you stay workin on

stop and your husband doesn't stay logged in walking with his wife and using a backbone and being proactive. You don't have a choice, you'll be right back in the same soup? Again, if you don't do those two things, but if you do them, I think you'll be okay. This is the Dave Ramsey Show, America. About one point: six real in dollars and student loans at one point, six trillion if your drowning student loans, that there are options. I want you to consider refinancing your high interest student loans to a lower rate, fixed loan from splash financial alone

right, minimizes, the interest that builds, which helps you actually pay down the principle of your loan and helps you get out of debt faster. It's like found money and right now the rates on splash financial are the lowest lay a ban all year, see for yourself visit, splash manual, dotcom, Slash, Ramsay, that's split! financial Ramsey, Holmes. Alors listen up, they sure is way too not sell your house for what it's worth is to. Let it go. Sitting on the market for too long. If your listing goes stale, basically down the highway with the windows rolled down and throwing out fistful of hundred dollar bills. You do not want this to happen, The main reason between houses, the sit on the market and has actually sell is the queen.

The real estate agent, that's handling it and if they know what the flip there In their care, then they, actually make your house sell endorse only top agents, high octane high protein agents, all across the country, our endorsed local providers are the best in your don't throw away your time or your money with a rookie. Our somebody out, is no Mamma. Mother got relations are love your mother. She sweep Chinese, so you're out of use got a licence. Is the most expensive asset you have. You need to get some by knows what the flip they're doing. Click LP for endorsed local provider on real estate at Dave, Ramsay, dot com, and then I ll help you get someone to help you get the house listed, the soul The proper amount at the proper speed Tony is whether Sink California. I Tony welcomed the diver amnesia. I do thank you so much for taking Michael my honour. How can I help

so my wife and I have been married for two years now and we actually just had our anniversary yesterday. Thank you! So much we make one hundred and ten thousand dollars a year. Actually, we are used to make fifty thousand three months ago. Some of our income went up considerably, while weren't baby step too. We have twenty five thousand dollars left to pay on that and it's only on three things: one is a person alone and to leave us. So my question to you is what you do. If you were, Suasion would use to leases. One has forty five hundred left to pay doesn't out. He and the other one is fifteen hundred pay off for a two year

So what would you do if you were in my situation to pay it off to pay off the The balance of the full payoff of the car is fifteen thousand

right. Now we have the thousand emergency funds saved up in that it occur so you're making a hundred and fifty now write a hundred and ten hundred ten. Now, ok. Well, obviously, when the least run their course, you're not gonna have the money to buy right, a check him by the car and should have to go get a car alone. If you don't turn that car back in how far off before the fifth of the the leases and so for the outlying, where we have ten payments left that balances forty five hundred thousand foot, nobody, five hundred pay off all the ten payments of the tent, the term payments will run and fifty

by our at the end of the least, is not forty five hundred for the outlying, its twenty four thousand yeah. Ok, you got ten months to come up with twenty four thousand return in that car em right, and we definitely want to turn it in because at that point, is the one to be worth anywhere near. Twenty four thousand. Ok aren't so don't let that would go, but we will have saved up enough to pay cash for a car. Right- and I was thinking about getting like a three thousand dollars car and

and I know what you could save up between on their how long before the other one ends, the other ones still has two years left to twenty four months there and how much is the payment on its two hundred and forty four month? Ok and fifteen thousand twenty one thousand. So have you looked up what you saw that car foreign got the early by out on that one of the two euro we can set up were right about seem if you think but the early ever got the early by out on the fleece. Yes, it's fifteen early by honest, retain not at the end, none at all at the end, to pay. Eleven thousand ok, occasionally early by today s

being an you have to get rid of six thousand dollars worth Elise payments by selling it for fifteen. Yes, yes, let's go and sell out one unless replies that car, where the cash Carson as possible and then during the ten months that you're driving the out before you turn it in you save up for the next cash car, ok yeah, that clears both of em within ten months. That's that's. The strategy took momentum to work my way back through the spiral of visual. Sorry about that

got a lot of stuff going on here, so we don't have much time left on your flasher, usually better off just to continue to rent a car and then turn in at the end. That's the Audi like that when first and then, during the ten months remaining we'll get a car to replace the outcome and then we're making plenty of money, you don't have any payments, you're gonna, start saving and moving up in cars with cash. I know what you're driving junkie cars we're talking about for very long, because you're not gonna need to you're making good money and you can save up quickly and pay cash forum, but that's not an excuse.

Going to Bed Sonia is weathers. Sonia is in taxes. I saw your welcome that I ran show. How do you think you for taking my call for what's up soon nervous it up to you, but I get right to it so much we are kind of in a situation where our mortgage is on two houses, one of the investment property is about four One thousand dollars. We have cars, two cars of twenty five thousand dollars credit card, eight thousand dollars in between my husband and I we take home about seven thousand dollars, I'm the problem we're facing is, bought them basement house back in February. We bought it in a school school zone so like end of school town, college town and we decided

It's almost like a dormitories to multiple people, but then the city, then came in and told us that they wanted us to cease and desist, because it's zoned for a single family house list of it were not able to rent it out to multiple people listed the house for sales in June July. It's still on there. It hasn't been since then, we've been making about almost five thousand. What is the mortgage payment every month and it's come down to where we might be gonna be able to make our payments anymore, and I dont know what to do. I get your my because I'm hurry, you makes heavens out large amounts who can pay the bills you gave me Like the mortgage payments alone are about five thousand a month

I dont understand how I am sharing it one more time and much is out on the investment property two hundred thirty thousand, and how much is out on your home. I won t be two thousand, and so what are the payments on the two? the eight twenty one hundred a month was on the hundred eighty two, seventeen sending handed over four thousand, but my factor got thirty seven hundred and get five thousand a. We pay. You too, on investment, property and investment. Property is a ten bedroom house, so the utilities come up to like

vision, your dream turned into a nightmare and you want to throw in the towel. Throwing in the towel is going to cost you a lot more than hanging out and get this thing sold, get this house in the college town cleaned up and get it sold price it and sell it. I agree with you: it needs to go, but you cannot afford to just throw up your hands in frustration and declare that I can't pay the payment you can you need to get on a budget. The numbers are not right here. This is the Dave. Ramsey switch your cellular service to pure talk, USA, four main said I heard about pure talk, USA from Dave, Ramsay Pure talk It is the best cell phone service I have ever had. There is a monthly, affordable plan for everyone. Folks, all of

talk. Usa's plans include unlimited talk text and data. No contracts, try it risk free today call pound two fifty and say the key word Dave Ramsgate in the lobby of Ramsay solutions on the dead free state, Europe backers Weathers, Rebecca our great how awesome, how much data be paid off, Forty thousand dollars in eighteen months, good for you and your

in Japan cumbering the time about sixty two thousand. Seventy thousand very good. What do you do for a living? I'm a special education teach. Our work was due to the visual impairments, very cool good. For you, often this love love. It load show what kind of that was before Dave I was just normal. I had car loan, I had credit card debt like any credit card. You can imagine. I had those like ten I had family alone, and I had a loner had PETE. I had co sign for ok, so you can't collected credit card. I think so I was a collector of nearly so when you look back on it which warrant which one of those cards the you look and you go there all stupid, but that one that one is released

oh man, it was probably like a Walmart card. I mean Walmart credit card. I just feel like an archway more honour, their exactly like. I was you know what, Here's to even by America, Gallon Imelda was wiping away my credit card. So I was in then the interest rate was just superhero shows the shanty love rapidly shareholder you I just my birthday was last week and I turned thirty eight or happy birthday. You show your crucial along single light. Things going pretty good what happened a teen months ago, the jack you up well alone. Things happened, but I have to take it back to you know course, I guess, I'm one of those type of people that likes to learn things my way and which turned out you and I You know grew up. I have one hundred and six kids and

large family, and I grew up with my hearing these stories of my my grandma, my grandparents talking about how think my grandma was like the originator before technology of every dollar. She had this. She told these stories about having this box with, can six Cannes in them? My grandpa would come home if the twenty four dollars that he made for the month or something like that, put it in there. And when the six dollars for gas was gone, he walked and he always paid cash for everything you you just you know, live below your means. Parents were the same way. We live below our means, always had things premium, then never borrowed any money You know I just got released when I was in into the world didn't have a plan, seaside, hey Arnold at school, so I guess I'm just was normal and not what this you know. These background that I had from my family

just started just living and then I'm going to road trip back from somewhere with my mom and you show comes on and she's one of those you know I called and like smart people that like to listen to talk radio those like. Well, this you know sounds cool she, unlike eighty, ten years old and she is I go you're you don't have any student loans riding either. You know you don't have any of this and you can just pay everything off and okay, mom. Okay, so I just went on living life and living life and then, finally, I just I couldn't anymore, I was drowned I wasn't what happened between months ago or eighty. To go. I mean it was just really just. I got sick and tired, being sick and tired, I tried for a really long time. I tried day. Ok, I'm gonna do it this way I mean, I know I can be smarter than him, so waiting so go prior to that there was a break up and I was you, know, when two figure get on my feet and have things do

on my own figure it out, and so there was a period of kind of Trent like where I am transformation, and I was finally ready to embrace your program. Eighteen months ago was just like game on just started. You know I just did your pet principles. Data out I ran out. I heard you trying to do your plan exactly then you should ok. I submit yet uncle we'll go when you're asking it exactly by just. It was time to just do it and I didn't want to live like that. Any more I didn't want to be normal. I wanted to I mean be one of the debt. Free people lived, my life from the worst things ever happen, map and surrendered yeah, exactly that were good for you well done what you tell people the key to getting on a directive, so the key to getting There's two things you have to live below your means just have to live below your means

whenever I started ordered that mean that you cut out o awoke. The biggest thing was that I I try your plan, doing it where I am, I would pay everything and live a little bed and then, if I had any extra, it would go to debt so, okay. Whatever I have extra after I've spent the whole month a little bit do was like my debt got paid first and I knew I was gonna pay that what did you cut out that you used to know? You should live What are you doing? anything like just living life. I I I wouldn't go on vacations anymore.

Cutting the lifestyle finding ways. I dont think, though it was like a huge sacrificed, but I would find ways to do things without spending money. I go to the park with the kids. Instead of taking them to the movies and just different frugal strategies that I could try good good for you well done proud of. You lose your biggest cheerleaders. So I had a lot of cheerleaders. Actually I took financial peace University once and then I took it again so definitely that those coordinators of fragile peace University, my family was amazing. I work extra work summer school tutoring, and so they would help with a watch. The kids I finally may I shouted It is again and he had a someone that look like we're. Gonna go have a future may be, and I said well, if you want a future, we're gonna financial, these universities, so we went again, but no,

He was definitely a goods supporter, a good cheerleader. I will I worked with a girl ratio and she, the one that told me like. Oh, we live on, have we make and I was like you do that and that's how she paid off and it was just nice to have rights at work every day we talk and talk about frugal ways in paying off, Dave. Ramsey ways Well done very well done good job. I would get a copy of Christians book you every day millionaires! That's the next chapter in your story. You're gonna be a millionaire. Now you have to keep doing this. Yes, keep doing. You're, not gonna. Try to figure it out yourself again. No never tell your way. Works well done! Well done good for you, I'm so proud of your thing. Excellent excellent job our eye Rebecca from San Antonio taxes. Forty thousand dollars wait a minute who's this. These are making

it's all Margaret get out yet other names and edges. So this is maxim on he's a and Olivia is text, I am the kiddos forty thousand dollars prayed off in a Dane months. Making due to the seventy com down. Let's era dead, screw up ready. Three to why well done very well done. You guys excellent job, excellent man, that's five years, so proud of you guys, here's the thing you can do this! You can do it, I'm talking to you, you can do it

Just go on Dave, Ramsey are going Youtube and go on our Dave. Ramsey show channel hundreds and hundreds and hundreds of you folks, I downloaded over a hundred million hours of the day for him. She show on Youtube alone. I put us in the top one percent of all you to pursue its completely ferdy go watch screams. You can do that. I mentioned you can do that emissions free! You

can do it. This is the Dave Ramsey Show scripture of the day Ephesians. Forty two be completely humble and gentle be patient, bearing with one another in love, Stephen Curry,. Humility to seek feedback. It takes

to understand at analyze it and appropriately act on it well future podcast, exposing the student loan plague that is facing America is Boston out, The second episode of it came out of borrowed pod borrowed feature pod gas, which is eight episodes came in. Last Monday and in and or in the top ten of almost every version of podcast out there because out on Apple podcast, of course, check this out. Google play, of course on Spotify. Of course, everywhere and another one drops on Monday so every Monday for eight in a row we're going to hate Mondays in a row you're going to have another. Another episode of this borrowed future podcast Some of these will make you sad some of these.

You mad when you start figuring out how Tori this industry, if every one that has a child that might ever go to college or has ever gone to college, should listen to this podcast. Blow your mind, the stuff that we have uncovered borrowed future. Are Spotify or Google play quickly borrowed future Already twenty five hundred reviews. Viewer said this podcast revolutionary lives will be in the end, a generation will rise up and says now more I hope recommend this podcast to America by far the best podcast on the market. Thank you reviewer. We appreciate that we agree, Rob is weathers in Pennsylvania, hey Rob, contrive Ramses Shop, they think you're motor. Take my call me So how can I help? I just finished it all. The more than make over

and I'm starting I'm about to start baby stuff too I am one of those people that is crippled by student loan debt. Sitting around one hundred and eighteen thousand dollars in debt on student loans- and I went to one of those fancy private colleges, two thousand dollars on a car loan agree and restores. It was gonna, be history. Education, gonna, be graduated. Well, I did. But when my last semester came to student teach, the student Loan Department said that they weren't sure that I was going to go to pay back the money. The degree that I earned today and a drop me. So I ended up, you know going who finding work you never got frontier large ethic it I never did, but I did go back and I finished my history degree cast of the last class I needed, and I ended up finding myself

manufacturing management afterwards undergraduate. Household income right now is about seventy three. Working forty hours is your wife. She is working close to forty. She has two part time jobs that she's working right now that usually in the morning one in the evening, what does she do he's in each are key member, fairer retail store. Ok, so she's not gonna grow job it! Yet you know, you're, just just do not all have dropped number one number two done pay much right right, that's what majority household income, all of it, and I just picked up a second part time: jobs for about twenty five hours a week to try and

wait from it, a good what he might get. It's just that it's just that a retail store for You know ten alors now of knowledge in our, but you probably do not arrive at All- is among the Roma. Do better, not tutoring. Kids. On history twenty five dollars. Never even that besides have a higher percentage of its desire to teach. Yeah I did I actually wanted to and then like just didn't work out. That way you can do this. Is your site hustle Wigan, such up as a tutor, go visit from local schools and teachers to find out what the curriculum is. That needs to be taught so then get the classes past and on you, like twenty bucks, an hour done in high school students, Lou history, ok, promise you can answer, it must work do better than ten dollars instead of settling, and it sounds like you just now kind of getting around on top of this, and so. What is your payment on the one hundred and eighteen

two of them are federal loans, and one of them is a private loan that I consolidated with, because I was getting ripped off by Sally made it thirteen percent, so I'd transferred to a sofa alone with us have much better rate on it. So I had to save some money on that goods lawyer payments on the stern lunch was a total. They call about a thousand dollars month little over LUCA and what your house payment about. Nine hundred, almost ok.

And you get a car payment and that's it right and yellow even married, its three hundred, but we just hit six years. Ok. So what we're gonna do is roll up our sleeves and increase your shot, hustle or work on your wife's career increase our income so that you're gonna approach hundred thousand up from seventy and we're gonna be really tight budget. A detailed written game plan on every dollar because we're looking for a hundred and thirty thousand dollars over the next three years. For years, forty thousand a year for three years get you out, and I said, plan for five years at most, but I was also thinking to my question. My main question was: I have about nine hundred days of deferment time on my federal loans. Don't you understand, if I should know pointed out here we're trying to get rid of it.

You'd only different deferment gives you no benefit whatsoever. Just puts it off the kick the can down the road. Okay you know if it could be the money that could use to start my debts, noble the pay off the car, the credit card and then start really should be able to find that anyway, because we're increasing your income and tightening urge benches there's more room, and so you got the car and the hundred that car at twelve in hundred nineteen is one thirty right: monsieur debt free game, so forty five thousand dollars times three years and you're out of debt, but that's a lot more than your pay and now, but with increasing hurrying,

or increasing your income and putting on the tightest of tightest of type budgets and- and it's not gonna happen at once, but if you can average that you gonna, if you can average forty five thousand, you can be out in three years and if you dont average that you'll be out in four years. Five years is too long on this issue on those dividing one. Thirty by three, Thought it and I'm Sayin forty five thousand out of a hundred major living on nothing, but we gotta get your income up in Europe. Go down and really lean into this, and you can turn this around. I and nothing is, I think, what's gonna happen is both of your careers are going to mature during this tool to three or four The time and by mature mean they're going to move more into the zone where their supposed to be and your incomes are gonna, come up because now you're

we focusing on it, because now you have to and so very cool. I thank you for the call appreciate your joining us show. The moral of the story is: don't spend a hundred and eighteen thousand dollars to get a history degree from a private university period unless you pay cash, if you pay cash, you can afford to have this luxury, but you're not gonna, get a return on investment on that, and I'm not mad at people with history degrees, but there's really basically one place to make a living with a history degree in that's a teaching certificate teaching in a hospital. Unless you go on and get your masters or your Phd new teacher, the collegiate level at the university level. Otherwise, your history degree doesn't have application in the marketplace, and you end up working for a manufacturing

organization, which is what he's doing not a bad guy. This is what happened every vine America, so we have to stop and we have to think folks exactly what this borrowed future bog guesses about, pushing it so hard that puts us our that I've Ramses show in the books will be back with you before. You know it in the meantime, remember, there's ultimately only one way to financial peace and that's with the prince of Peace Christ. Jesus, this is James Childs producer of the Dave Ramsey Show. Did you know you can now listen to the Dave, Ramsey Show on Pandora and Spotify for all the ways to watch and listen to check out our show page at Daveramsey. Dot com show

have you got questions about retirement, investing becoming an everyday millionaire, go beggar and broader with my man, Chris Open on the crisis in Georgia. I M excited to be able to talk to you all week in week out we're gonna focus on your calls, and it's going to focus on building well investing and how to become an everyday millionaire subscribe to the Christian, ensure wherever you listen about gas, hey it's just producer of the Dave Ramsey Show