Cut Debt out of Your Life, One Credit Card at a Time | October 17, 2024
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- เผยแพร่เมื่อ 20 ต.ค. 2024
- The Ramsey Show | October 17, 2024
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Jade Warshaw & Ken Coleman answer your questions and discuss:
"How do I find margin when I'm capped out on income?"
"Should I use a HELOC to refinance my home?"
"My wife doesn't want to give up her horse..."
"How do I get rid of my credit card debt?"
"Should I move out of my parents' house?"
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We are in baby step 2 and I actually clean house (toilets) as my part time ( 3.5 hrs for $140.00) every Saturday for a great family. Pretty generous. I started 90 for 3.5 hrs for 1st month, 115 for 2nd month, 120 after 6 month and after 1 year its 140. Been with them for almost 2 years. It helps big time on our baby steps.
@@Freda-k2j 👍 I clean toilets and blood and ugly stuff in the OR. I was disappointed in that answer
Jade had the empathetic approach to the call about Jessie the Horse. 9 months to too long to not ride and the owner obviously needs the income. Let the Mom ride her horse. 🐎🐎
Pay off the debit in a year with Moms mental health intact 💕
If your mental health is "fixed" by a horse then you need a therapist and lifestyle change. Not a breathing money pit
Momma can go get a job to make up the $350 Lol
I am 60. I have never paid more than $10,000 for a car. And I have owned four cars in my lifetime the most recent in 2016 I paid in cash.
In many areas you can't hardly find one under 10k that you'd want to drive.
@@tduck828 I don't think you're looking hard enough then
I love the hosts and know they can’t catch everything but did anyone else hear a 56k truck loan with a 45k take home salary?
I did! I replayed it, just to make sure I heard those numbers correctly. Ouch! Big miss for the co-hosts.
I was just going back to see if he said 56 hundred or thousand
I agree. How was that a good idea?
Yup they should def sell the truck!
Rick, having been a Collegiate athlete I say regardless of which path you want to take, whether it be athletic director, accountant, agent, person who helps Collegiate athletes find their spot when they graduated from high school, do the four-year degree! Go those last two years because one it's going to be free if you can get your scholarship, two, you get to play lacrosse collegiately and it is so much fun to play a sport in college and to be involved in the athletic departments. 3, the degree and the college experience is just going to make you better in any of those options. And if it's free go for it😊
The horse lease for the family is the same cost as the betterhelp membership (for one person) that Ramsey promotes. ❤keep it
This is for Heidi, I care for my special needs son who is 21, and my sister who is paralyzed from strokes. The state pays me to care for them. I went from 12, ooo yearly to 165,00. We live in Arizona
Yes, I was wondering if they have ssdi for the kids.
8:00 Maybe Target is paying more in Franklin, TN, but I just checked, and there are 17 openings at my local Target. They ALL are for $15.50/hour...NOT $18-20/hour.
$20 in CT.
@@romt-712 good for CT!! I checked in Columbus, OH area, and unless it's a management position, pay is $15.50/hour. Must be a Midwest vs east coast COL difference.
$17.50 in MA
Peter, I work from home but in order to pay down our debt sooner I took on a part-time job at marshall's, I work two nights a week for 5 hours each night and I pull in an extra $400 a month. Your wife could keep the horse and keep her sanity and joy, but she could pay for it by just working a part-time job at night.
Good thing George wasn’t there to take the horse call
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😂😂😂😂
PETER! Don’t give up on the horse, push your debt payoff a couple months, coz if mama ain’t happy 🤷♀️
Alex, do NOT get a $30,000 car at your age - it is a depreciating asset. Get a less expensive car and put your money into an appreciating asset like a house or keep on saving until you can buy one in cash. I can't believe Jade gave this advice. You have to think about other costs associated with a car. Has Jade not been listening to all the people who have gotten into trouble with a car that is too expensive and starting down a trail of consumption just because they have the money at the present time? I can't believe Jade said he doesn't need that money in his account. Here's the deal, Jade. Apparently you have NEVER heard of anyone, even a young person, who can have a debilitating accident and the person's entire life is changed. Don't spend needlessly - keep up your good frugal habits and use any extra money to do some other life dreams - travel, etc. while you still have energy and youth to enjoy things you will not be able to do later with the responsibilities of a family or health problems. Your memories of travel will be with you long after you have disposed of the car!
Amazing moment to teach your kids!!!
Walmart pays $18 an hour? Not over here ($14 an hour and they've been on a promotion and hiring freeze all year). But Mississippi is the poorest state so elsewhere may pay more.
Horses are SO good for physical and mental health, keep leasing Jessie!
Jade I was shook with the 30k approval 😅 you were the fun mom today!
Jade, you guys recommend that every with wheels or motor should not exceed 50% of your annual income. He absolutely should not have a 35k car at 23yo. He never lived on his own! Life is going to hit him hard when he starts paying for his stuff. 10k is enough to drive for a few years. 55k to live by yourself is tough in a lot of places where you can't find rent under 2k plus utilities.
I agree, way to much for a car when you make 55k.
I feel like Jade was on the verge of breaking out of the cult mentality with that advice she gave the young kid...😂 but in all honesty I see her point in the fact that he would be ok enough to drive something brand new if he wanted to. He is very responsible and would not allow himself to go into debt with a $30k vehicle. I know the principles that Ramsey teaches but it's nice to see a good solid difference in opinions and I'm here for it!!
Great advice Ken. Love this team.
Is it just me, or have there been more frequent ads during the videos recently?
Jade, you're my favourite ... but you're wrong this time! His car should be less than half of the 55K he makes so 30K is a tad too much! 27K would be acceptable but 15-20K seems more reasonable!
Y’all didn’t tell Jason, you can’t make $45k and get a $56k truck loan 😱 not good Jim.
Definitely sell the Truck.
Congratulations ❤
Jade, you’re BONKERS on the $30,000 car!!! 😡
Jade you forgot cars shouldn't be more than half his annual income. 30k is too much on 55k a year
I didn’t forget- he makes almost 60k, it’s a 2k difference 🤷🏽♀️
@@jadewarshawjade is that you?😅😂
@@jadewarshawI'm with you, Jade!
It really was jade haha
@@laurab5849it was me 😂I usually don’t come in here hahahaha
Jade is wild for saying $30k on a car making $55k at 23. Buy a $15k and keep the rest invested in the brokerage to start saving for a home. Wait till your 30’s to buy nice cars.
He had near 100,000 in savings. He could buy it in cash. I'm with Jade
@@MONI-bj1ms he had $7k in cash. $35k in a brokerage account and everything else was in retirement accounts. Yes he could liquidate his brokerage but that doesn’t mean it’s wise. Still too much car for someone making $55k and just starting their wealth building journey. The opportunity cost is way too high.
@@scottodekirk8107 see Jades answer in the comments
@@MONI-bj1msHe shouldn't be dipping into his retirement funds for the sake of a car. He's only saved up so much because he had no rent or car payment. Plus the insurance is higher on a more expensive car too. He shouldnt break all the habits that got him to where he is.
@@ElloAsty I bet he won't, and will be a multi millionaire before 40.
He has the time I don't.
See Jade's answer in the comments.
Guy tricked by low rates into buying too much house
JADE. Really bad advice for someone making $55k. So much life ahead, including home ownership goals and this is the advice? Buy a modest car and don’t give into lifestyle creep. Go Ken!
I know an insurance guy who runs a youth sports club. I think part time sports work can scratch the itch without going all in on something that hardly pays
To Rick the sports guy, that was a great advice. I would start the connects the calls meetings etc with those people suggested; not only he will get a lot of good information but also he will build his network and I wouldn't be surprised if he finds a job opportunity in the space he likes via one of those conversations.
And ten mins later he calls the bank to get a replacement card
This is ridiculous. The horse call.....just ignore the cost of the horse and bang out your debt in 9 months. The stay at home wife has 3 kids she home schools...she needs an outlet. Jeez, let the woman have a little fun.
Jade failed on the 30,000 car because his income is 55,000. Plus having only 5000 left in the brokerage account would probably hinder his desire to leave the nest
Pay if off she is right.
how is AC more important than the kids braces. It can get worst with time. I dont get this advice. @1:15:55
30k may be a bit high but the kid should get himself something modest he enjoys for sure. He’s earned it.
Get a cheaper car and put the money into an appreciating asset or a life experience that makes a memory!
I still bought a Honda Civic when I was making six figures. I might go with a bit more luxury for the next car I buy in my 40s but nothing wrong with a basic car for now.
Thank God George wasn't there to take the "horse lease" call!
What your debt
Glad George wasn’t on this call 😅
Jason from Toronto (2nd called) SELL YOUR TRUCK !!!!!! Can't believe they didn't jump all over that.
He's an accountant! He needs that truck to haul mulch from Home Depot 2x a year!
@@YouMissedBro yeah, I didn't think about that.
@@striperkid😂😂
@@YouMissedBro😂
No 4 years.
I understand some say credit cards are good, some say that credit cards are bad. I feel I am so responsible with my credit cards if I don’t have the money I won’t use my credit cards. Yes I will keep all my credit cards ❤
Me, too - LOVE the points. I pay off as soon as something posts. Yesterday in checking my B of A I had enough points to convert to cash for my B of A account and completely pay for something I just charged two days ago for $100 - so it was free. Never pay interest, love the bennies, not just for myself but to pay for gifts and bless others (like getting food for the church pantry w/ Sams points). I can get extras outside of our budget by paying the SAME PRICE I would normally pay due to cash back and points. I also couple those points with greater cash back and gift cards by using Rakuten and Fetch.
She can tutoring kids
She needs to make 350 plus cancel her lease for 6 months
Where are the jobs from home where on the computer nyc
great advice all U need to do is make $40K more ... or BUY LOW sell HIGH
You need to net work more work a regular job plus others for 2 years sell the truck
So Beautiful Jade!! You still wind up being on the Stage!!!
Take the tax hit on unrealized gains and spend excess on a depreciating asset? 😂😂
Jade said to drop a comment about the kid w the stack of cash and how much to spend on a car. Dave says that things you own with motors and wheels should not equal more than half your annual income. If he bought a 35K car making 50K/year that violates that principle. Surprised that angle didn’t get brought up!
Alex- do not buy a $30k car. Listen to Ken- buy $15k car or less. cars depreciate in value. i have never owned a car over $15 K and always drove used cars and doing very well financially. save and invest that money.
😊😊😊😊😊😊
Nope.. focus on paying off the one large monthly minimum like your car note -if you can't sell it- instead of smallest to largest
Jade that is ridiculous to spend $ 30000 on a car at 23 years old.
Could Jade please stop interrupting Ken please?
She would be better in an off the air capacity. She doesnt think fast on her feet, like the other hosts. So she gives bad advice frequently.
Jade you forgot about the cars about add up to more than half your annual take home pay when you told the guy living at home he could take $30k out of his brokerage account to buy a car. He said he made about $54k. $30k is way too much even if he had it saved up.
It their a way to get a city or state job for medical and are your children entitled for social Sercuity if they are disabled
Jade was crazy to suggest a 23 year old buy a $30k car. I would say $8k is the max 😂. Use the money to boost retirement or have a down payment set aside instead
You are paid to low you need to work more
Jade to end the episode says to the 23 year old kid to spend $30k on a car but he makes $55k. That car would be 55% of his salary. Dave advises “everything with wheels and motors should not exceed 50% of your salary”
Jade as Dave would say “you’re what’s known as wrong”
That’s average salary it’s not bad look also if you can get help from government only for kids ?
Yy
This dude Ramsey is kinda like one of those charlatan preachers. Only fools follow fools!