Are You Ready To Break Out of Your Debt Cycle? | July 26, 2024

The Ramsey Show (July 26, 2024)
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Jade Warshaw & Ken Coleman answer your questions and discuss:
- "Should we go into debt to move to another state?"
- "My business is drowning in debt..."
- The absurdity of car loans,
- "Do I need life insurance?"
- "Keep paying off debt after getting laid off?"
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[@keeziegopaul9353]

Ramsey has changed my money mindset, so i paid of a personal loan ( my only debt) on Friday! So IM DEBT FREE! 💃💃💃

[@nancy3735]

Happy FREEDOM! You did it!!!👏🏽👏🏽👏🏽

[@bigchills7194]

👏👏👏👏

[@Kayyynicoleee]

🥳🎉❤

[@mplsgrl]

OMG!! Congratulations!!

[@user-vb6sq9ml7b]

Congratulations!!! And remember, if you DON'T like it, as Dave says, you can always go and "get you another mortgage/loan/credit card." Ha ha ha You did it!! 🎉

[@user-lq2om9ky7b]

These guys are my favorite duo next to Rachel and George. Love all of them!!

[@mmp495]

This podcast guided me to pay off my house and stay away from debt. The peace and security is unimaginable. I am full of gratitude thanks to Dave and all the other personalities. Listening gave me encouragement through my journey. ❤🙏🏼

[@christinehopping5040]

I am with you. I almost fell into debt (HELOC) until listening to Ramsey. I am single income living in California on clerk salary. I would have been in huge trouble if I had fallen into debt. Today, I am completely debt free house and all living in financial peace. Thank you Ramsey for sharing your experience.

[@MrMustangrick]

Nice. Me too, no debt ever. Live way below my needs. Congrats.

[@bettedavis9261]

1:17:47 this cruise has been "almost sold out" for weeks. I just chuckle whenever they say it. Here's to having the time of their lives for everyone who's going.

[@anniethomas451]

I could so relate to Jade’s financial situation. I had a FT stable State job with great benefits but the pay was not enough as a single mom. I had so many odd jobs just to keep up and now when I think back they were lifesaving, plus having boarders. I was very lucky, this was over 40 years ago. We do what we have to do to make ends meet. I hated cleaning for people but enjoyed driving the golf cart picking up stray balls😂😂

[@Bumblebee-jl3ur]

I love Jade! She's my fav next to Dave himself

[@christinehopping5040]

I'm so happy to hear couples working together to buy a house the right way. Ken and Jade is great together. Dave Ramsey's team is perfect.

[@DonaldRedeemed]

8:51 funny first caller trying to get out of Michigan and my wife and I are saving to get in...

[@oxSarahxo1235]

I miss dave lol. He was corse like sand paper we need more of that

[@danieltik]

19:32 nobody will refund already paid interest. Take the offer, your minimum payment will come down; then use that margin to pay more towards your smaller debt

[@anthonyyoung6433]

This is the correct answer.

[@FaithSparklesclean]

My mom gave me my dads old 2004 mecedes benz mlk with 36,000 . 🎉 i am so blessed . And i am debt free !!!!

[@alleykeosheyan4779]

Nice - now THAT'S a cream puff! My hubby inherited his late mother's 2006 Monte Carlo in 2020 which had only 50,000 mile on it, which we thought was a score, but you won the used car lottery!

[@MrMustangrick]

Nice. Hope the maintenance on a 20 year old Benz doesn’t kill your budget.

[@catiadoyle8174]

I have been waiting for someone who has the situation as I do, thank you for asking about life insurance at my age. Now I know I am self insured!!

[@catiadoyle8174]

Thank you Scott for asking the question.

[@aprilhodge828]

I love em’ all but these two are my favorite Ramsey Show hosts!!!! Team Jade and Ken all day!!! You get the advice you need and the comedy you didn’t know you needed. Keep it up guys!!! And by the way, the G-wagon is my favorite too 😉

[@LordBass]

The first caller is an example why Dave is the best at this. There's a life story, "should we move", that's all fine, but what's your income? What would the new income be? The rest is all emotion.

[@killacow78]

If everyone looked at there money like food and water, a lot things wouldn't get bought. There is a difference between wants and needs.

[@calebtryhane7139]

I love when they throw to James. Reminds me of The Pat McAfee Show and makes the show more personal.

[@christabellecarpenter2354]

Donut call....I've worked at a donut shop in the past....donuts sell better in cold weather. We sold yeast and cake donuts....made dinner rolls by the order for holidays....but, i have always wondered why donut shops dont also sell ice cream....because ice cream is a hot weather food. If you sold donuts and ice cream, you cover both weather seasons...and when the cake donuts are about to go bad, crumble them and use them as ice cream toppings.

[@MeganP1970]

Watching from Australia 😊

[@johnjoyce1465]

Me too in sunny Queensland. I wish we had an Australian version of this to talk about superannuation with the gusto of Dave Ramsay.

[@laurenlnb2386]

Same been watching for a few months now... I started the KZbin search "with how to invest in Australia"... I have read bearfoot invester and kinda knew the name Dave Ramsay... through Scott Pape... We don't have anyone like Dave, I'm so glad I found him and Calab Hammer... Calab is the guy I watch, as a warning if I don't follow Dave's way. I'm from South Australia... we sure were so clever when the sates were named, huh 😂

[@MeganP1970]

@@johnjoyce1465 Dave Ramsey has pretty much saved me from financial ruin. He is just the best.

[@MeganP1970]

@@laurenlnb2386 I watch Caleb too occasionally but don't like the way he puts people down. Barefoot investor isn't really enough for me. Dave's baby steps are the thing that resonated with me & made sense. I'm in Melbourne so hope the weather is a bit better for you in SA!

[@laurenlnb2386]

​@MeganP1970 Calab goes in hard because that's what helped him get his butt into gear... but can't watch everything, he has 2 other channels 1 as a follow up which is amazing to see how far some people have gone. The other is what is happening in the US money wise in a easy to listen to.

[@HairyTornado]

I’m with John. There’s more to this than the caller is saying. There’s no way he’s spending $1388 a DAY watching streamers “play video games”.

[@anthonyyoung6433]

Obviously it’s OF just doesn’t want to admit it live on a Christian radio show.

[@quanaak]

I love JADE ❤❤

[@MrMustangrick]

Donut shop? Sure, that will work.

[@slidegirl9166]

She has no idea of the work involved.

[@msparr01]

How to take a reasonably good life and turn it into an absolute nightmare.

[@Trustbutverify2651]

Actually, the more I thought about Matt with the stepmom with the PLUS loan debt, the more I disagreed with the advice from Ken and Jade. The son should pay it all. Obviously, the reason the stepmom went to a PLUS loan at all was because HE did not find a less expensive way to fund his college education. Knowing he was asking (or she was offering) his stepmom to take a PLUS loan should have made him realize his parents did not really have the money to help him and he should have looked for less expensive options at that point. No parent - EVER - should take out a PLUS loan for a child's college. These loans are nasty b/c the borrower needs to start paying them immediately (unlike federal loans which are deferred until six months after a student finishes college) and the interest starts accruing right away. Obviously he chose an expensive school because he has his own student loans (and likely other debt as well) which shows he was not concerned about financial matters. A student whose parent cannot afford to pay for college should first of all self-study and pass inexpensive CLEP tests for credits for gen ed courses, then start at a community college, and then transfer to a state college that accepts CLEP credits (more than 85% of all colleges do.) Jade and Ken did not get the whole story here. What kind of a college did he attend - one he could afford or his "dream" school? I wonder what the stepmom would have to say about this? Parents do NOT "owe" their kids a college education and to request that parents provide one often puts their retirement and Senior years at risk. Food, shelter, basic necessities, and love are what parents "owe" their kids until age 18. There are plenty of ways to afford college inexpensively if what a student is trying to get is an education, and not the "college experience."

[@msparr01]

Agreed! In most scenarios, college grads should be busting their butts to repay what mom and dad helped them get, regardless of anything and everything. I also hate when a kid graduates and starts doing some kind of volunteer/ministry work. They spent a heck of a lot of somebodies money and now have a moral obligation to MAXIMIZE their income from that education. Later in life, when you've created some wealth, then do volunteer/ministry work.

[@Kris8119]

I love when they go off on tangents like this GWagon convo. It made me smile the whole time

[@jaijai1132]

1:20:22 I’m not gonna have y’all ish talking producer James. 😂 We all know he’s the MVP.

[@matthewdorso4302]

I love this show

[@gilbertovasquez7885]

Hello there Mr. Ken sir and I really mean "SIR", Thanks for being so awesome! Now Ms. Warshaw is such an inspiration. I didn't know (still don't) her story but just hearing a tiny bit of her story today on how she got out of debt; is incredible!!!! My hats off to you ma'am! and that's even not having a hat! :) LOL Thank you both. Love you guys Gil (from El Salvador in Downey, Califurnace)

[@JoshCochran-y1o]

We already have too many donut shops here in Boise, Idaho. Plus, we don’t want anyone else moving Here stay where you are and shop there

[@RicRabina]

I sympathize with many people who had no knowledge for digital marketing because currently dollar is unstable and coin is taking over to be the universal currency

[@ShapiroTriom]

Hearing it last week got me scared so I agree with you! Investing puts money to work. The only reason to save money is to invest it

[@SerafinaEmerson]

Getting Mendy Alissa to help me really helped me clear all my debts. I started with what I have left and it's been the best decision I've ever made

[@RonnieDadivas-l4h]

This is correct, Mendy Alissa strategy has normalized winning trades for me also and it's a huge milestone for me looking back to how it all started

[@RicRabina]

I have been seeing lots of testimonies about her. She must be very good for people to talk so well about her

[@GramChapel]

I remember giving her my first savings $4500 and she opened a brokerage account for me it turned out to be best thing that ever happened to me

[@azreal3681]

Jade with the mighty ducks reference 👀 quack!

[@eightiesaddictone9063]

Move anywhere but Florida. It is WILDLY expensive and you will regret it.

[@MrMustangrick]

Yes stay away! We have too many people here already.

[@danieltik]

1:50:17 if he was following the plan, he would only have $1,000. How would you have advised him to make the 90 days work until he got a new job?

[@msparr01]

There is an element of this show that, to me, sounds like "making more money" and "stacking up cash" is magical. Every penny that I ever had came from VERY hard work (2 jobs for 26 yrs).

[@marilynh5487]

You can only make limited income to use government benefits for your son in Florida.

[@user-vh5bx9td4n]

The caller with the RV and a list of other debt - he’s my thinking depending on how much the RV is a month and the other upkeep should be compared with rentals in the area. It’s about margin too to pay off debt. So if they have to pay more renting it makes no sense to sell the RV right now if renting is more money off the budget that could go to the snow ball

[@CaslerDannels]

Hallelujah 🙌🏻!!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻. I was owing a loan of $49,000 to the bank for my son's brain surgery, Now I'm no longer in debt after I invested $11,000 and got my payout of $290,500 every month…God bless Mrs Susan jane Christy♥️

[@Doucette-ju3hb]

Hello how do you make such monthly?? I'm a born Christian and sometimes I feel so down🤦🏼of myself because of low finance but I still believe in God🙏.

[@Asad-qs4ji]

Can I also do it??? My life is facing lots of challenges lately.

[@EzechuHeadd]

I've always wanted to be involved for a long time but the volatility in the price has been very confusing to me. Although I have watched a lot of KZbin videos about it but I still find it hard to understand.

[@SolangeMarro]

​So nice to see Christy Jane talked about here, her good works are speaking already and like widefire, she's spreading.

[@pslove-zm4vd]

Same,l met Christy Jane for the first time at the conference in Manchester, after then my family change for the best, God bless Christy.

[@user-vb6sq9ml7b]

$50 for donuts??! You're right - ya did shock me! Ha ha Good thing I have celiac or I'd be tempted to try one of those things...😂

[@sistahinscrubs]

That e commerce business lady..the owner probably sold it to her because they knew sales been declining and the business won’t survive. She shouldn’t have took on debt with SBA because when she get a job they coming for whatever she has if she don’t pay.

[@As_Sulay]

0:10 How could one in a property of (JAMES HENRY SMITH ) in Manhattan cost to date ? Comments

[@smfernandez96]

QUESTION Is it smart to purchase the financial coach master training when you’re in baby step two? I could use that money to put towards debt instead, but the investment in the class could help bring in more money to pay off my debt.

[@terimorgan9815]

I didn't know Ken was from WV. Home of the Mothman no less. ❤

[@AdinnaMullins]

I wonder what the best opportunities to invest now are, there are opinions but a little later I find out these opinions don't matter as a totally different turn of events play out with the stocks they discussed therein...

[@JeffEmerson-gi5jt]

If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.

[@SheyMillheiser]

Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again.

[@Melleigh-sz7oc]

That's correct. At first, I wasn't too pleased with my gains compared to my previous performances, I was doing so poorly, I thought I needed to diversify into better assets, so I got in touch with an investment-advisor. That same year, I pulled a net gain of 550k, which is about 10 times more than I average on.

[@AdinnaMullins]

How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?.

[@JeffEmerson-gi5jt]

THILO MOUKOKO is one of the finest portfolio managers in the field. He's widely recognized; you should look him up.

[@nickchillemi3178]

Donuts? I hate to burst a bubble. But som1 needs to turn off hallmark channel. Those movies have every1 thinking they can open a cupcake/donut, candle making business, selling ornaments open a food truck. Its a feel good fantasy. How many donuts need to be sold to pay 2k a month rent, insurance, ingredients ect ect b4 U pay Urself. My coworker poured $150,000 into funding a candle store for his wife b4 he said no more. Smh. I almost bought an ice cream store biz for wife. Then I ran #'s & didn't work. My buddy bought & sold another ice cream store. He foreclosed & resold & foreclosed twice. Then took this basically free building & converted it into office.

[@chadbailey7038]

That caller Angela with the small business, what I’m wondering is WHY did she buy it in the first place? It sounds like she wasn’t a true “operator “ and maybe business ownership isn’t in her wheel house. It’s a shame. I don’t believe she had a plan on what to do from the very beginning. How was she planning on maintaining inventory? How did the prior owner do it? What was the last 5 years of profits BEFORE she bought the business? What was game plan for the next 5 years? 🤷🏾‍♂️

[@DDEHoodStarz]

The delusion of Laura and her donut wish made me literally laugh out loud! 🤣

[@georgeslupski5987]

U haul is not 12k.....u lost ALOT in tornado, a 20 ft truck Michigan to Fla is 2k max. And no need to argue my point, I just got quoted that

[@Sunflower-Lover]

You need to add hotels, meals and gas.

[@VioletBloom]

That was for everything, not just the uhaul.....

[@BlakeC341]

Agreed. I worked in the moving industry in SoCal for United Van Lines and customers hiring us to pack, load, and transport their stuff across the country was rarely even $12k and that includes packing supplies too. That estimate is way off.

[@VioletBloom]

@@BlakeC341 again, if people would listen that $12,000 is for the entire move and the first month's rent and security deposit, incidentals, gas, hotels, food, and money to live on when we get there. Why does everyone think I said it's $12,000 for a u-haul? 🙄

[@msparr01]

If you have to move and only have $5k, you'll figure out how to move for $5k. Or, you'll needlessly go into debt. I've done it.

[@thekid3770]

Navy federal will not refund the amount of interest over a year

[@flowerflor8787]

I am from Toronto. Do i buy my first house or invest for my retirement in 8 years. My income is 78,000/ year. I pay a cheap rent for Toronto.

[@user-gl7tp7pr7f]

Preach!

[@lindacondilli6494]

Does she want to move to Florida or south Florida? Because south Florida is expensive!!! Rent is super high!

[@alleykeosheyan4779]

That's what I was thinking, with the increase in income, there would be an increase in housing costs that would eat up any extra money you make.

[@lindacondilli6494]

@@alleykeosheyan4779 exactly!

[@isidorolopez265]

@@alleykeosheyan4779 Agree vicious endless cycle what to do?

[@VioletBloom]

@@lindacondilli6494 Orlando area, our rent would go up about $400-600 a month, but our income would go from $61k to about $110k....

[@yankos_]

1:07:26 Aussie, Aussie, Aussie.... OI, OI, OI!!!!! 😂🤣 Sydney Australia

[@marilynh5487]

Florida doesn't pay be careful do a lot of research.

[@georgeslupski5987]

Pays a lot more in my line of work

[@VioletBloom]

I was the caller, Florida is offering us double the money for the same job. SW Michigan is a job desert, Michigan is a mess.....

[@pamsmith1665]

Yes but the job offer has moved on​@VioletBloom

[@VioletBloom]

@pamsmith1665 actually that school system and the college has left the door open for me and I've been job hunting here for 2 years and I'm still making $15 an hour. I can apply for yet more jobs down there in 2025 and still end up doubling my pay. That was my whole point. Michigan is a hot economic mess. Especially my area.

[@buckibanker]

@@VioletBloom you should look at many larger Midwest cities, reasonable cost of living and much higher salaries. Ohio, Indiana, Wisconsin etc. I live in a moderately large Midwest city and my wife and I both make over 6 figures and lower COL than other big cities. Especially with 2 MBAs and experience

[@demelzapoldark3035]

Nobody was ever killed or changed anyone with kindness. Bullies feed on nice. They only back down when you clearly and strongly address the situation. Otherwise in their delusional world they still believe they're winning because 'See, everyone's nice to me so that proves I'm right in how I treat people'. Embarrassment is fantastic for these completely entitled people. It's something they've never had anyone do. Stand up to them.

[@tessaoshea5697]

It's not about winning. Its about you not being responsible for the bully's character development. Just get your job done well and be nice because it makes it easier for yourself. Then if they do something over the line. go to HR. You can't deal with it yourself at work without damaging yourself.

[@marilynh5487]

I want an RV to travel for 6 months to a year until housing come down.

[@vanessaellis2195]

Housing isn't coming down. And l have a paid off RV only thing we pay is Rent for the camp grounds. And they are expensive. $900.00 monthly or more and many don't let full- time live ins stay very long.

[@JamesDJohnson]

Ken preach

[@stanleythompson-xq1nn]

$12,000 to move? Why? Our family move many times when I was living at home with my parents. Only thing we have was the rent and cutting on power. Even if you rent a U-Haul it should not be nowhere near that much. What is the $12,000 for?

[@BlakeC341]

They're not renting a Uhaul evidently. The only way you're dropping $12k on a move is if you're hiring a moving company to pack, load, and transport.

[@VioletBloom]

@@stanleythompson-xq1nn 12,000 is for the u-haul, the trailer, the gas for the U-Haul and the other car we are driving, the hotels, the food, incidentals, first month's rent and security deposit when we get there and money to live on when we get there. Obviously none of you have moved across the country anytime after the 1990s.

[@nancy3735]

And utilities, insurance....

[@msparr01]

I moved from FL to NC back in 2000. Including a month in a hotel, it was barely more than $3,000. We packed ourselves and hired a guy with a truck big enough to make 1 trip.

[@VioletBloom]

@msparr01 that's definitely changed at this point I wish we could move for that amount especially a 1200 mile move.

[@Brian-ss1qp]

Drinking game for every time Jade says "listen". 😂 Also, Why does she have to sing in every episode?

[@Trustbutverify2651]

Matt - why was this PLUS loan not part of the couple's liabilities settled in your father's divorce decree since your stepmother borrowed money to pay tuition for you as your Dad's son? What was the reason SHE did the borrowing in her name instead of your Dad helping out? And why did you accept money from someone with whom you had no blood relationship as a "parent" - this is , after all, a PARENT plus loan. IMO, you ought to hit your Dad up for paying part of this if you think a parent should pay (which they are not legally responsible to do, I know.) I did not agree w/ Ken and Jade on this.

[@rosedevereux2391]

EXCELLENT points.

[@Trustbutverify2651]

@@matthewcoolbaugh285 Actually I encourage all parents to NEVER take out a Parent PLUS loan. If a child needs a Parent PLUS loan, he or she is putting the parents' financial future at risk and insisting on a college that is too expensive. There are many other ways to afford college at a reasonable price - self study and pass CLEP exams for credit and choose a state college that take CLEP credits. Start at a community college. Look for scholarships. A parent does NOT owe a child a college education and should not go into debt to provide that for a child.

[@anniethomas451]

@@Trustbutverify2651 I did not agree either. Although I respect the ex stepson for offering to pay the principal, which he should do, I thought they were mocking the ex stepmom when she was the one who had stepped up in the first place. She should be paying nothing. I’m sure she, at that time, did not understand the consequences of co-signing.

[@Trustbutverify2651]

@@matthewcoolbaugh285 A parent does not owe a child a college education. Period.

[@marilynh5487]

I want an RV to travel for 6 months to a year until housing comes down.

[@patriciak826]

Rent, don't buy one

[@karl2582]

​@@patriciak826good compromise👍👍 unfortunately is so easy for ppl to get in debt that looking for a new one will always be ab option for those that have not matured yet financially

[@Kristinapedia]

It ain't EVER coming down.....

[@marilynh5487]

@@Kristinapedia negative Nancy

[@dorotheaanderson9482]

The rates may come down but the prices ....probably not

[@ck866]

Step mom was played. Neither of Matt's parents was paying for their son's college but taken out loan on step mom's name. Then daddy got rid of step mom and Matty boy wondering if he should pay for his college. Well the last person who should pay is the step mom. Tell your daddy or mommy to man up and pay their own son's college . I don't know hiw yhe hosts were okay with this. Basically step mom was screwed over and they are acting like Matt is the stand up guy here. I personally would be ashamed if neither of my parents nor me could pay for my college and it was burdened on a step parent because none of my real obe neither me is competent

[@keyring86]

Well she agreed to take on the debt and we don't know the specifics behind the divorce. Obviously she hadn't been paying on it all these years. She knew it was there. That's 100% on her. I think he's doing the right thing by paying the principal only

[@Bumblebee-jl3ur]

What's with the sparky comments at Jade today, Ken? 😒 Sheesh...

[@sagmeister2234]

Thank god. No Delony.

[@antonioiniguez1615]

Delony's great on his own show

[@thirdintegra]

And thank God we dont have to actually see you. You sound like a miserable person.

[@jon72592]

You mean Baloney

[@seinfeld4077]

George took a while to grow on me.. “the juice just isn’t worth the squeeze” LoL

[@NMelter]

Rude! He’s a good asset to the show.

[@rajeevSreenivasan]

Jade is very energetic, but Ken not showing that much interesting he was with George the other day 😂

[@NMelter]

I think Ken likes to make George laugh!

[@YouMissedBro]

Jade randomly breaking out into song lyrics is peak CRINGE seeing as a 45 year old

[@alexhill1871]

Ken is the worst. The first caller wasn’t saying the exact jobs would be available in a year, but they could find similar jobs for more money. He’s acting like the lease holder is just going to let them go, she said it would cost $5,000 to get out. Useless.