Do You Know Where Your Money’s Going? | September 20, 2024

The Ramsey Show | September 20, 2024
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George Kamel & Jade Warshaw answer your questions and discuss:
- "I have $164K in a HELOC and $0 in savings,"
- "Is it ethical for my boss to stop giving bonuses?"
- "What's the correct way to set up a budget?"
- Why you need to start paying your student loans,
- Can Young People Buy a Home in 2024? These 5 Millennials Proved It’s Possible,
- How to Set Boundaries: 7 Simple Steps - www.ramseysolu...
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[@TeijoKhanfan]

Jade rockin the Def Leppard T shirt under the jacket. Love it!

[@SilhouetteMorgan]

I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Abby Joseph Cohen. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, she was able to scale this quickly to $150,000.

[@EdenaCrisi]

❤❤

[@KimJimCastro]

I went from no money to lnvest with to busting my A** off on Uber eats for four months to raise about $20k to start trading with Abby Joseph Cohen. I am at $128k right now and LOVING that you have to bring this up here

[@MammeMassaert]

I know this FA, Abby Joseph Cohen Services but only by her reputation at Goldman Sachs; even though she's now involved in managing portfolios and providing investmnt guidance to clients. I have been trying to get in contact since I watched her interview on WSJ last month

[@KimJimCastro]

​@@MammeMassaertWell her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.

[@DennisSoklov]

​@@KimJimCastroSame here, I got to know about Abby Joseph Cohen Services on here in 2020. Since then I've paid off 160,000 USD of debt. Now I'm working on building an emergency fund. I didn't even have a savings account three years ago.

[@lillis887]

❤❤❤❤when you love each other enough to accept each other’s mistakes/debt and come together to combat all your debt in the same financial mindset and BE BETTER THAN YOU DESERVE & LIVE LIKE NO ONE ELSE!!!❤️❤️

[@ellea2541]

Other than Dave+anyone, I think Jade+George may be my favourite combo. Their management of calls is generally compassionate and encouraging yet pragmatic and straightforward ❤

[@heidiboyd2325]

100k for a BSN is absurd. I obtained my ADN at my local community college, completed my BSN online and in state… all for less than 20k. My BSN to MSN that I am doing currently is only 18k. I am also in Maryland and will have completed all 3 of my degrees in state including grad school for less than 40k

[@romaintrevisiol9159]

Owning a tiny home in terrible shape is the new American Dream! Millenials gotta be handy these days.

[@Trustbutverify2651]

Kalyn, why don't you start with an RN degree from a community college for a whole lot less money and then transfer to a four-year university to get the BSN?

[@spaceman7922]

100k for a BSN... WHAT!? You can get it for

[@tracyaf6084]

It sounds like she’s not a nurse. Those cheaper programs are for nurses to go back to school and get their BSN.

[@YouMissedBro]

$100k for a bechelors in ANYTHING in 2024 is moronic

[@spaceman7922]

@@tracyaf6084 oh I see. So she’s gonna go through nursing school in a bachelors program. Still. You should be able to do that for well under $50k.

[@tracyaf6084]

@@spaceman7922 I’m in California and private nursing schools charge anywhere from 70-120k. There are students doing it because the public schools are so hard to get into due to hundreds of applicants for each spot. They’re gouging these poor kids.

[@Trustbutverify2651]

Why is Jade talking about satisfying her minimum payments in the call to Kayla when I thought she paid off all debt?

[@AndreaAllen-v6y]

Mack should appreciate the fact that he received bonuses at all. So what if the owner of the business bought a brand new car. He Or she is not obligated to give a bonus.

[@Zee-zj2uh]

The owner may have leased the fancy car and claimed it as a business expense. That is very often the case. The caller sounds like an ungrateful whiner. Get over it. The most I ever got as a bonus was $4,000 after bringing in nearly $250k to my employers coffers.

[@Trustbutverify2651]

@@Zee-zj2uh I was surprised that the fact that it might have been a business expense was not mentioned. It's always a good idea not to ASSUME (and we all know what that means!) or count your chickens before they're hatched! Lesson learned.

[@Trustbutverify2651]

Amanda, why are you having to explain to your parents what you are going to buy or not buy when you are at the Fair? As far as eating out, maybe you can make a compromise by paying your bill, drinking water, and ordering an inexpensive appetizer. You can still eat together, but for a fraction of the price. Otherwise, if that is still too expensive, why not invite them to your place and fix an inexpensive meal like spaghetti or a nice soup with cornbread, or have a potluck when everyone coming brings something? This is a great way to share company without breaking the budget.

[@bluedevil0133]

Pay off HELOC of $164K making $100K/year, living off $50K does NOT equate to paying it off in 1.5yrs. Try 4 years when you figure taxes, unless income really goes up. 🤨 Math lessons needed.

[@Krazybonejabs]

Yeah, their math has always been off as they never seem to put taxes in the equation to act like people can pay everything off 2-3x quicker than reality. If that lady was to pay it off in 1.5 years she would need to live off of less than 20k per year and 80-90% of her check would have to go towards paying it off. The tone in Jade's voice like, yeah, just pay it off and live off 50k a year, no big deal. smh

[@tashatestino]

You're right-paying off a $164K HELOC on a $100K income in 1.5 years is ambitious, especially after taxes and living expenses. To pay it off faster, focus on increasing income, cutting non-essential expenses, and making extra payments. Consider other strategies like refinancing or investing part of your income for growth to accelerate debt payoff.

[@Trustbutverify2651]

Standard for this group - they NEVER consider taxes and that some financial commitments can't be tabled to live off next to nothing. I have found that renegotiating our bills and checking all expenses - even though we are financially secure - has significantly reduced our expenses. I took at look at what we were NOT watching on cable and reduced that bill by almost $80. This is just an example - I know we are dinosaurs who still subscribe to cable! In another instance, since we are retired and drive a lot less now, I renegotiated our car insurance with "low mileage drivers," etc. I have also taken a HARD look at grocery shopping and prescription drugs. (Obviously, we are Seniors.) Just checking pharmacies' prices and comparing with Single Care and Good Rx (they frequently beat our insurance prices), I was able to save more than $100 this month on prescriptions. These are just some examples of how everyone really needs to do the research these days to find margin and/or save.

[@thecolonialexpert777]

Hopefully they fix teir six of the ny pension 🤷‍♀️

[@natehunter2961]

Telling someone not to get the company match isn’t good. Nowhere else do you get a guaranteed 100% return

[@ChandrakantKute-b9h]

❤🎉

[@sosanotsammy21]

Uhhh idk about all this sharing debt nonsense especially in the generations other than the boomers, divorce rates are too high. Let's keep it real now. How about, get married and have separate accounts until she gets herself out of the mess she brought herself into. Ownership, responsibility can prove oneself worthy of marriage/ COMMITMENT

[@sosanotsammy21]

Gen Z stop going to college

[@Zee-zj2uh]

College is highly overrated. There are lots of trade schools put there and in my state, many tech institutes are state funded and it's very inexpensive to get good training and jobs as a result.

[@Trustbutverify2651]

Don't stop going to college, but do it for far less money. Self-study and earn credit through CLEP testing. Start at a community college and transfer. Take technical classes as your electives at community college so you can get a better job to cash flow a four-year degree if that's your choice. And, most importantly, if you're going to college, choose a major in a field where your job will make going to college worthwhile. If you just want to get away from home, find an apartment and a job!

[@Zee-zj2uh]

@@Trustbutverify2651 I respect your views, but still maintain that college isn't for everyone. BTW, I really like the trustbutverify handle; a Ronald Reagan handle. In other words, don't give anyone the benefit of the doubt!

[@Trustbutverify2651]

@@Zee-zj2uh 100% - "college" as defined by the four-year university definitely is NOT for everyone. However, "college" as used in the broader sense IS for most people - especially community college where people can get workforce certifications. Community college is still college. I have several reasons for recommending getting at least a two-year degree, no matter the field. One never knows where life will lead, and a two-year degree in a workforce skill can lead to opportunities that a person without any kind of a degree might not have. For example, in my state, a person can teach in the practical subjects like food preparation in high school as long as he or she has an Associate's degree. Likewise for those teaching in some other areas. (Generally a person would need a four-year degree for other academic subjects.) We had an excellent chef who was no longer able to handle the hours physically, but because he had a two-year degree, he was able to teach in our school and his catering classes were always filled (usually with boys who liked to eat!) In addition, sometimes a person needs some kind of degree to move into a management position or get a promotion. Life at 40 doesn't always look like life at 20. I know a lot of people who regret taking the time and money to get a four-year degree, but I've never yet met someone who regretted the time and modest amount of money to get a two-year technical degree from a community college.

[@billdiehl8463]

OMG, that second callers voice lol. She sounds about 14 years old. Good luck to you.