The Ramsey Show - App - Doing Nothing Is a Stupid Idea (Hour 1)

Episode Date: August 22, 2023

Live from the headquarters of Ramsey Solutions, broadcasting from the pods of Moving and Storage Studios, it's The Ramsey Show, where we help people build wealth, do work that they actually love and create real amazing relationships. Ken Coleman, Ramsey personality, number one bestselling author of the book Paycheck to Purpose is my co-host today. His show, The Ken Coleman Show, concentrates on your work, your career, your job, making more money, enjoying yourself a little more.

And so he's going to be helping me with that part of the equation and anything else he and I want to talk about because that's what we do here. We talk about you right in front of you. The phone number is 888-825-5225. We'll talk about your life. Give us a yell. Scott is with us to start this hour in Kansas City. Hey, Scott, welcome to the Ramsey Show.

Dave, how are you? Better than I deserve. What's up? Well, I have got a question um after five long years with my previous employer um i actually lost my job a year ago in march and i lost my job because i went into the hospital for two weeks they claim that as an unexcused absence. Long story short is yesterday, I get a court notice from a sheriff's officer at my doorstep for a hospital bill that whenever I guess I lost my job, my employer canceled my insurance and didn't tell me. And whenever I started my new job, I had everything in line and a plan

and everything. And I called the collector that is suing me. And for a $9,000 hospital bill, it is now upwards of $15,000. And the collector is not budging and told me that they will see me in court and that is in writing enough and I don't know how to handle this. Okay. So how long ago was the hospital stay? A year, just a little over a year. Okay. And so obviously you knew the bill wasn't paid, right?

No, I did not. Yes, you did. You knew that you'd been fired and you didn't have insurance and you went in the hospital. Of course you knew the bill wasn't paid. You didn't think an old employer kept insurance on you, really, did you? Yeah, because they fired me. I know. When you get fired, you lose your insurance and you really did you uh yeah because they fired me i know when you get fired you lose your insurance and you lose your income i mean that's kind of like common sense girl they don't they don't you know when i fire somebody at ramsey i don't keep covering them

duh they don't work here anymore i mean you know that so but you you you so that. So you were in the hospital during the time that you worked for the employer or after? During. Well, then you should have had insurance coverage because they hadn't yet fired you, right? That's what I'm saying. Yeah, okay. They kept up my insurance before they fired me. Okay. That's not normal.

Can you prove that? Yes. Okay, because the way you set it up, it sounds like this is all a big, giant surprise to you. As in the other day when the sheriff showed up, this was the first you heard of it. That's the way it sounded is that true yes something just doesn't add up here to me i'm not sure how you would not know about a bill yeah have they not called you one single time and asked you about where the why you hadn't paid the bill no okay um what do you make now at your new No. Okay. What do you make now at your new job?

$74,000. Okay. Well, you've got two choices. One is work out a deal with the collector. If that doesn't work, work out a deal with the collector's attorney when it does go to court. Okay? That's choice number one. You probably can settle this with the attorney when it actually go to court. Okay. That's choice number one. You probably can settle this with the attorney when it actually goes to court. You just have to take a day off and run down there

and meet the little attorney and he'll have a whole box of other people's files that he's working on 500 deals at one time. And you'll just be in a line like you're going to traffic court running on a ticket. That's about what this will feel like. It's really pretty low brow. It's not even as much drama as judge Judy. And so you'll just walk in there and find the little goober who's not got a really good job as an attorney. If you're doing small collections as an attorney, that's like the bottom of the barrel. You're not really high on the food chain. So you're going to find the little goober attorney and start working on a deal, and you'll probably settle it for paying payments, an agreed order it's called,

and work your way through this that's option one option two is go get an attorney yourself and ask if you have any legal rights that were violated by your employer canceling your insurance before they fired you because that's very weird and i don't know if you have any rights in your state on that or not, but I would want to know that because I would cancel someone's health insurance that worked here on the day that we fire them or the day that they quit, either one. There's no sense in covering people that used to work here. We don't do that.

No one does that that I know of. But I don't cancel people's insurance, and I don't think I can cancel people's insurance punitively before they leave, weeks, months before they leave, especially without even telling them. That feels like there might be a legal issue there where your old employer ends up paying this bill because they should not have canceled your insurance to settle the potential lawsuit that you've got coming at them.

So I'm probably going to talk to an attorney and at least get some advice on that because I don't know what your rights are. I don't know if anything was violated. It just sounds unethical the way you have presented it. Now, the whole in what you're presenting is the whole idea that you never had any idea that this was coming for an entire year. That one is going to be hard for people to swallow because I've been dealing with collectors for years,

and the only thing they're good at is pestering the crap out of you. And so the fact that you've not had a single contact from anyone at the hospital, at the insurance company at anywhere that that there's nothing came in the mail nothing not one thing that that's really hard to swallow so you're gonna have trouble selling that one to the judge um if you go before either judge the one on the collection or the one for the thing so you better get your crap together on that story. But I'm not accusing you of lying. I just think I will tell you that like 1% of the time I would hear something like that happening. So, yeah, it just doesn't happen.

So you need legal advice is what I think. And it's more than I can give you because I really don't know the law in Kansas on that. And that's what you're looking at. So, Ken, I actually got a collections notice. You did? Yeah. And I thought, well, this is bogus.

Like as in recent times, like 30 years ago? Like as in about a year and a half ago. Okay. I got to hear this. And I just threw it in the trash because I'm like, oh, this is a complete scam. Obviously, I don't have debt out is a complete scam obviously i don't have debt out for collection obviously i don't have an unpaid bill oh my god you know we've got a controller that pays our bills so finally i i handed it to our attorney the third time he came

in i said call this guy and get rid of him he comes back in he goes that's the time the ambulance picked up your wife when she passed out at the restaurant. Yes. And I said, okay, we do owe that. That gun. No way. But I had never, like this guy, I had never heard a thing before. I got a collections notice. The ambulance people never sent a bill.

But there's no way I have a bill outstanding. Sure enough, you did. Sure enough, I did. I was a deadbeat. There you go. How that didn't make national news, I'll never know. Well, now it will. This is The Ramsey Show.

Open phones at 888-825-5225. Ken Coleman, Ramsey Personalities. My co-host Lexi is in Harrisburg, Pennsylvania. Hi, Lexi. How are you? I'm good, Dave. How are you? Better than I deserve. What's up? So I just had a quick question. I've been listening to the show for about two weeks now,

and I'm really trying to get everything in order here. I had a previous 401k with my previous employer, and I took it out stupidly about a year and a half ago and put the money in a CD. And you've paid the taxes and penalties then when you filed your taxes, right? Correct, yes. Okay. I'm sorry. Yeah, yeah. I have $2,500 in credit card debt and then $5,900 in student loans.

The CD comes due in January. Obviously, I'll be making payments and trying to get done with this debt soon. How much is in the CD? $4,000. Okay. I would not wait for it to come in. I'd cash it out now. You would?

Yeah. Pay off your credit card. Okay. I would not wait for it to come in. I'd cash it out now. You would? Yeah. And just do that to pay down the debt. Pay off your credit card. Okay. And Lexi, cut it up. Yeah, yeah. I really have to do that. Get a debit card.

Are you on a budget yet? Yes, sir. I have every dollar. Good, good. You're using every dollar. Perfect. That's exactly what you need to do. So that gives you the sense that I'm in control and I don't need a credit card

because I'm only going to spend money that I have, right? Right, yeah. Good, good. How old are you? 25. You are right on track. You are doing so good. What a great turn in two weeks you've made.

Very proud of you. Thank you, sir. That's very difficult to do. You've already done some difficult things. You got ahead of it, got on top of it, made it behave with the EveryDollar app. The budget is you telling your money what to do instead of wondering where it went. And using EveryDollar to do that was brilliant. And now we got rid of the credit card. Now all we got left is a student loan, right? And you got $1,500 in your account left because we didn't use the whole $4,000.

So baby step one is save $1,000. Have you heard us yet talk about the baby steps? Mm-hmm. You have? Yeah, yeah. I have my emergency fund set up, so I'm on step two. So you have $1,000 in addition to this CD? Correct, yeah.

Good. Okay, then take the other $1,500 and throw it at the student loan. So that brings us from $5,900 down to $4,400. Mm-hmm. Now you've got $4,400 in debt left. What do you make? $44,000 a year. Okay.

How much can you squeeze out a month to throw at this debt? I mean, you're living on nothing now, beans and rice. You're not going out to eat. You're not going out on the weekends. You're not going on vacation. We're getting this debt gone. Yeah, yeah. I would say probably around $400 extra a month I could do.

Okay, I want you to jack that up, and I want you to pick up a side gig. I'd love for you to be debt-free by Christmas, and you only got $4,000 to do that. So you need about a thousand bucks a month. Wow. Okay. Yeah. So now you're free for Christmas. And when you start 2024, you're a whole new person. You're ready to get in attack mode. I really like where your head is right now. You're you're the way you're thinking is the way people think when they turn the corner on this whole money subject and they get control, they get out of debt, and later you're going to become a millionaire because you did this. Awesome. Well, thank you so much, sir. You can do this. Have you got a copy of Total Money Makeover yet?

No, I do not. I'm going to send that to you as a gift. Proud of you. Very, very well done. Ken, that's a big start. Huge. And you heard her say in two weeks so there's some real momentum that she's created in a very small window of time yeah you you change you know you go okay can't do that anymore okay can't do that anymore oh i'm gonna start doing this not doing that doing this not doing that doing this and you start having a new list and you say this is who i am and as our friend james clear says in atomic habits you start saying i am not a person who borrows money you don't say oh oh how can i not borrow money you just say i am going to i did my change my identity now the way i talk about myself

in my head which is where people are the meanest by the way when they're talking to themselves uh well the way i talk about myself is now i'm on my way to being a baby steps millionaires when we talked to a guy at the break i paid off a half a million dollars maybe became a baby steps millionaire yeah just a minute ago and uh you know i mean and i you know this is freaking that's like turn a mountain down man oh yeah it's a big deal you don't do that crap you don't win at that level on accident. But you can almost hear the resolve in her voice. Oh, yeah. You could tell that she had already bought it. Now she was trying to figure it out.

She's bought the philosophy. Yeah. That's the part. And then she was like, okay, good. And even just the politeness. I mean, she's not a kid, but just the thank you, sir. There's a humility, a spirit of, oh, my goodness. Gratitude.

I have figured out that this can be done, and I'm on my way. And see, she's unstoppable. She'll never waver. Versus somebody calls in and tries to talk me into endorsing their stupid behavior. That is my favorite. Dave, you've talked to 7,642 people on this particular topic. This week. Are you sure that's not true for me what about me

should i borrow money at 1.99 on my car and put that money into a cd dave as if you're gonna go you know what you know what just for you i think we're gonna do a special dispensation yeah just for you we need to give you some kind of like where you go all right i will give you the law gravity works for everyone yes i'm gonna give you an exception and an exception not for you the law of gravity does not apply to you that's it it's a law but it's not it's not a law and here's what's funny about that we're joking around but that's actually illustrating why she's gonna why she's gonna win because she she's already got it she believes that it. Those people still doubt it, and they think that if they ask you another way, that you're going to identify a crack.

Yep. Oh, I never thought of that. Yeah. 30 years. Austin in Huntington, West Virginia. Hey, Austin, welcome to the Ramsey Show. Hi, Mr. Ramsey. Hi, Ken.

I was just wondering, how can I find a job I'm passionate about without a college degree? Well, we've got to find the job first, the direction first. In fact, it's less about job. It's more about path. The type of work is what I'm talking about. And then we go, does it require a degree to do that thing? So my guess is you have a couple of ideas, yes? Yes. I'm good with computers and audio and things like that. Great. All right, let's take those two different things. Let's separate those.

Let's say just computers, and we'll just say that's the technology path. I can tell you right now. You don't need a degree. You don't need a degree. There are all kinds of, let's just take one example of coding boot camps. There are certifications in cybersecurity. Let me tell you, design. So those are three specific jobs within a technology path where you don't need a degree.

And I would tell you, I endorse Bethel Technology. Ramsey Solutions works with them. They've got a nine-month program, less than $15,000. And I just got another report yesterday of a single mom who was making $39,000, just took a job for $85,000. No college degree. So this is real stuff. This isn't hype. Now let's look at the audio side of things. By the way, we hire them at Ramsey. We hire them. Yeah, we do. From Bethel Tech.

That's right. And they're great. I mean, it's just because we need coders and they're making, you know, they're making bank. That's right. BethelTech.net for our listening audience and viewing audience. If you want to just check them out, tell them Ken and Dave sent you. But let's talk about the audio side. So here we are in the shadows of Nashville, right? Music City.

Audio engineers can do very, very well. And again, no college degree necessary. So what you now do, Austin, is a thing I call the proximity principle. And I'm going to give you that book here when we put you on hold in a minute. It was a best-selling book. And here's what I want going to give you that book here when we put you on hold in a minute. It was a best-selling book. And here's what I want you to do. Over the next 30 days, I want you to be very intentional to spend some time in person or on the phone or Zoom with people that are in those different fields. So if you're interested in more of the design side of tech, go that route.

If you're interested in more of the coding side of tech or cybersecurity, find somebody who knows somebody in that industry and just ask them questions like you were doing a high school term paper. Same thing in the audio side. The reason is I want you to get an idea of what their journey was, get an idea of what they do day in, day out, the good, the bad, and the ugly. And the reason I want you to do this is because it allows your head to process this information, and then your heart kind of goes ding, ding, ding, or gives you that X sound. So hang on the line. We'll get you the proximity principle, which is going to give you a much more detailed,

clear path to get around people that are doing what you think you want to do so that you figure out if it is the thing you want to do. We have never, we got a bunch of audio engineers on the team, a bunch of computer tech folk on the team of all kinds. And we've never not hired one of those because they did not have a four-year degree. Not one time. All we want to know is can they do the freaking job? That's all we care. This is The Ramsey Show. Ken Coleman, Ramsey personality, is my co-host today. Open phones at 888-825-5225. Our question of the day is brought to you by Neighborly, your hub for home services.

Neighborly.com is the place to find reliable help for your home from locally owned businesses like AirServe, Dryer Vent Wizard, Precision Garage Door Service, Window Genie, and more. For expert help with just about anything you need, visit Neighborly.com. Today's question comes from Aaron in Illinois. I recently voluntarily surrendered a truck I owed $56,000 on, and then they sold it at auction for $40,000. Now I'm finding out they can put a lien on my house or garnish my wages. What should I do? I'm looking into filing bankruptcy or trying a debt settlement company. Yikes. Yeah. Okay. So a voluntary repo is a repo. And guess what they do with repoed cars they sell them on the repo lot

and guess what they do with the difference the deficit they expect you to pay it so yeah they have you know you now have a sixteen thousand dollar debt instead of a fifty six thousand dollar debt um so for any of you that have friends or relatives or any of you that think you can just turn a car in and it automatically wipes out the debt, here's your life lesson. You can't. It doesn't. They're going to come after you for the difference. That's the bad news. So the good news, Aaron, is a debt settlement company can help you.

And the good news is you're not bankrupt. You can settle a car repo deficit for somewhere around a quarter on the dollar. So you owe $16,000. That means somewhere around $4,000 will settle this. So long before they sue you, and they haven't sued you yet. They haven't even bothered you yet. It takes them a while. Repo on a car, they usually don't get around to it for 12, 14 months after the repo.

But they are going to come calling. So let's not pretend like this is not going to happen. You're not bankrupt, though. You need $4,000 or $5,000 cash in an account to offer them as settlement in full, negotiate that out. And if you don't have $4,000 or $5,000, which I'm guessing you don't, you just turned your car in, so you're probably broke. So what are we going to do? We're going to go get $4,000 or $5,000. Where do we get that don't. You just turned your car in, so you're probably broke. So what are we going to do? We're going to go get 4,000 or 5,000 bucks. Where do we get that?

We deliver pizzas. We walk dogs. We sell everything. Uber eat. We sell everything. Sell so much stuff the kids think they're next. We get in gear, and we get on a tight, tight budget. We don't got to eat while we have $4,000, $5,000, $6,000 hanging over our head looking like a lawsuit.

We don't go on vacation with your broke brother-in-law because you're broke and you're in debt and people are getting ready to sue you. You live on nothing and you pile up money. Guess what? You can find $4,000 or $5,000 if you do that. You can in four or five months or sooner. So go get you some money. That's what I'm going to gonna tell you and then call these

goobers and offer them to settle they're not going to settle in the first phone call this is not a pleasant situation this is a situation where you haven't paid someone what you owe them and they are going to use the law and every technique they can to squeeze every dime out of your turnip butt it's what they do. Okay? So you're going to have to argue with them. You're going to fuss with them. You're going to say, all I got is $5,000.

You want to sue me? You can sue me because I can't do anything. But they cannot put a lien on your house, and they cannot garnish your wages until they have sued you and won. And then either one of those other two things is called executing on the judgment. Now, different states have different laws as to how aggressively you can execute. Texas, for instance, you don't get a lien on your house. They won't let you.

Other states, I think Texas won't allow garnishment even. So very friendly to the consumer state. Illinois may allow them to come take your firstborn. I don't know. I don't know what the law says, okay? okay but uh you know you can find that out but here's the thing it's none of it's going to happen fast and none of it's going to be a surprise and there's not a single state where they can take a lien on your house or uh garnish your wages on a car repo deficit without first having gone to court and won.

So you're going to have all kinds of warning and opportunities to settle with the people, with the people's attorney, in front of the judge. You're going to have all kinds. You can even settle the judgment after the court has rendered a judgment. You can settle that for pennies on the dollar. And all of that will stop this from happening. Doing nothing means they may take your house and sell it for this debt. Doing nothing means they will garnish you if they can.

So doing nothing is a really stupid butt idea. But if you'll be active and get some money piled up and just be bothering them as much as they bother you, you can get this settled and you can get it out of your life. Always do everything in writing and no electronic access to your bank account when you're settling a debt because these people in this business are, some of them are straight up, but a lot of them are filthy. And so they'll come clean out your account. And if you had $6,000 in there, you settle for four, they'll take the whole six.

Try getting that other two back when you owe them 16 never happened so don't no electronic access your checking account cashier's check something like that wire transfer whatever it is but no access to your account and of course have to have it in writing that this is settled in full the entire deficit balance on said surrendered truck is settled for $4,462 or whatever it is you finally agree with after arguing and arguing and arguing and arguing. But you're not bankrupt, and a debt settlement company can't help you.

They don't do a good job with debt settlement, and they don't take this kind of debt settlement anyway. And so you're going to get screwed again if you start trying to figure out somebody else to do this for you. You got to go do it. You're in charge of you. It's like a full-time job.

Nikki's in Wichita, Kansas. Hey, Nikki, welcome to The Ramsey Show. Hi, Dave and Ken. Okay, need help. I'm 63. I already kind of had anxiety about retirement, but recently I'm just becoming more stressed out at work and just kind of tired of it. And I want to know, need your opinion.

I currently live in Kansas, have a house, thinking about selling, moving to Tacoma, Washington to be closer to my son and adorable granddaughters and just trying to figure out if that's a crazy idea based on what it costs to live in Kansas versus what it costs to live in Washington state. So I can, can I share some numbers with you? Sure. Okay. So, um, I have about 400 K and, um, myK is 50 of that is Roth. I make 155 gross.

My house, I owe 134. And don't yell, I have a $20,000 HELOC at a crazy 10% interest. It is on three years into a 15-year fixed on it. thousand dollar HELOC at a crazy 10% interest. Um, it is on a, on a, on three years into a 15 year fixed on it. What's about, what's on the earth? I think it should be two 85 from who I've talked to.

Okay. Um, and then, um, what I was thinking is that then I could just go to Tacoma. I actually found a lower level of a I could just go to Tacoma. I actually found a lower level of a house to rent, possibly at $1,800 a month with all utilities included,

and take, you know, a year to get to know the area, decide where I want to live, you know, take whatever I make from this house, just kind of, you know, stick it in the bank, try to add to it, and then, you know, go that direction. I am just nervous about retirement. I hadn't really thought about retiring, like, today, six months, a year. What's it take for you to live if you live this retirement life? How much do you need a month? I mean, I would like to have, you know, $5, know five thousand you're not you don't have it

well you would you might with social security you know so if you're 400 made 10 that's 40 000 a year okay that's 3 300 bucks a month okay yep okay with social security and that's putting 100 down on a house the 100 from your other old house right so yeah i i think you're going to experience a real lifestyle shock going from 155 000 income to a 40 000 income yeah i don't think you're that tired of that work yet i I could be wrong. I mean, mathematically, I'd love for you to work a couple more years. Mathematically.

Because I'd love for that 400 to turn into 600 or 700. It would change the whole equation. Because this is pretty tight. And I'd like you to consider making the move to make it 155 or higher in Tacoma. Keep on working, but you're near those beautiful grandbabies. Adorable. That would be the option. Adorable, she said.

Adorable. That would be the option I'd look at first. I don't think you can quit working yet, so work closer to them. Find some different work that makes some money. You're not done yet. Ken Coleman, Ramsey Personality, is my co-host today. Thank you for joining us. Open phones at 888-825-5225.

Mark's in Nashville. Hey, Mark, how are you? I'm fantastic. How are you doing today? Better than I deserve. What's up? Well, I'm calling in to ask if it's a good decision or a short-sighted decision to cash out what I have in my 401k thus far that I was contributing to before I started on the baby steps in order to pay off my student loans faster. How much is in your 401k?

Not like a ton i have about 27 and a half and i used an online calculator that said that if i after penalties and everything i'd get about 20 19 or 20 yeah you get hit a 10 penalty plus your tax rate so it'll be somewhere between 30 and 40 percent of it goes to the government for taking it out early so it's kind of like saying, Dave, I want to borrow money at 35% interest to pay all my student loans. Nope. Nope. Nope.

Not doing that one. No, we don't cash out retirement early to pay debt because of that. It's just that the cost is too high. So how much student loan debt have you got? I've got about $52,000 left. Now, what do you make? About $56,000 a year.

Good. How much is your car payment? I don't have one. I bought a car cash. Good. Good for you. What other debts have you got other than the $56,000 student loan? I have a small medical debt, but that's it.

Okay, good. You're single? I sure am, yeah. Okay, all right. Well, what I would do if I woke up in your shoes, my friend, is I would roll up my sleeves and attack it with an absolute vengeance because I have found in 30 years of doing this that the faster you get out, the more likely you are to get out and uh the people

who try to bump along and half butt you know keep it around like it's a pet uh they don't make it out and so i'm gonna go just like crazy like where my broke friends think i joined a cult crazy right i'm going nuts i like nothing i'm not going out to eat i'm not going on vacation i'm gonna pick up three extra jobs and we'll sell everything in sight and if you put 25 000 a year on this you'll be done in two years but that's you living on nothing if you uh put 30 on it you'll be done in 14 15 16 months um that's because you're working extra and living on nothing but that's the kind of thing i'm saying is just take a an 18 month period of time and go berserk and be done with this otherwise it's going to be around for

10 years yeah i completely agree i mean in 10 years of paying it i've barely made a dent so you can't you can't you just can't get rid of them they're just it's like a bad mother-in-law joke i mean you just it's awful so mark So, Mark, fun question here, all right? And I want you to be conservative, but I want you to throw a number at me. If you really got after it, extra jobs, selling stuff, I mean, just really intense like Dave said, what do you think is the number you could come up with, the amount of money that you could throw at this loan? Could you do $2,000 a month, $1,500, $3,000? I mean, you really went after it.

What's a number you think is realistic? Yeah, doing some of those calculations, I think what I landed on was that the absolute max before I'm starting to have to cut into bills or get the internet turned off is about 1,800 a month. That's without you making any extra money. Correct, yeah. That's just my current.

That's like if I'm paying rent and that's it. That's fantastic. What do you do for a living? I work for an IT professional for an eyeglass company. Okay. Freelance work, my man. Like how much money could you make with your IT skills? Yeah.

Contracting out. Additional money. Contracting work out in the evenings. Oh, my gosh, dude. Yeah, I've never looked into that. I don't know anything about freelancing IT. $3,000 or $4,000 a month, dude. That's your homework assignment. Easy. Look at your skill set, all the never looked into that. I don't know anything about freelancing IT. Three or four thousand bucks a month. That's your homework assignment.

Easy. Look at your skill set, all the certs you have. You know your world better than we do. But I'm telling you, if you can double that. You've done an unusually good job for someone who's new to this material that we teach. You know, this whole Ramsey thing is fairly new to you. So I can tell by the way you're talking. And that's not bad. But you've done an unusually good job of analyzing your situation.

You've already cut deep. If you could get $2,000 a month out of your budget and put $3,000 on top of it, that's $5,000. You're done in 10, 12 months, dude. That's the exercise. The beauty of this whole call is you've got an untapped reservoir called IT side jobs that's going to pay really good. It might even open up a career for you that you didn't even know you had, advancement in this thing. It's absolutely incredible. So, Ken, the student loans are top of mind right now because they're going to start paying them again in October.

That's right. And, you know, the first thing that happened was there was false hope people have kind of gone through the um the stages of grief right it's really true false hope that biden was going to forgive the debt and then what's the false hope and it was false yep those of us that know a little bit about it told you it was false but that people held out anyway okay false hope now then it turned to anger would you know and our denial anger and now it's moving to fear sure because i'm looking up and i've got nine hundred dollars a month i'm gonna start paying in october and i'm gonna have to work an extra job and i'm not going to see my kids. And I'm scared. And so what we're doing, I was just in a meeting a few minutes ago talking about the content that we're building out for this student loan live stream event on September the 12th, Tuesday night, just about two, three weeks away is all.

Just the Tuesday after Labor Day, right? So, you know, guys, you got to get this down. Student loan live stream, ramsesey solutions.com slash student loans rachel cruz and jade washaw and i are going to do an event now this is not to talk about how horrible student loans are we that's kind of a given we don't really need to do a live event for 100 000 people to yell at you and tell you how stupid student loans are we all kind of know that now but we've you know what we want to do is we know you're getting your some of you are getting have woken up enough that you're scared and some of you are still just freaking in denial we'll smack you around a little too but

that but because denial is not just a river in egypt but the uh but the ones that are scared you know our company is called ramsey solutions so we're going to bring you some solutions yeah for your student loan debt and some of it was what we're just talking to mark about i mean there's not we don't have a magic pill we don't have a uh financial hack for your student you know the financial hack is you get you a mirror baby i'll go spoiler alert i'm gonna tell you what we're gonna tell you right but if you've got student loans bearing down on you and um you know you're a little bit mad about it or you're a little bit scared because it's coming down at you or you got someone in your life that that's going on that then they don't know what to do they're discombobulated confused

overwhelmed with the awkwardness of this thing coming at you. Man, I got to tell you, there's like 40 million people in America right now that need some solutions. And that's the bad news. The good news is we got the solution. We can help you. Yeah, please tell your friends and family. Not going to be easy, but you can do it. Ramsey Solutions. It's a completely free live stream.

September the 12th. Student loan live stream. Ramseysolutions.com slash studentloans. Sign up today. We'll send you the link. You can watch the thing completely for free. Rachel Cruz, Jade Walsh. Jade paid off $265,000 in student loans.

She knows from whence she speaks. And I just want to challenge those of you who listen and watch on a regular basis. This show is encouraging you. It's equipping you to move forward. Would you just commit to posting on social media? ramsaysolutions.com slash studentloans. If you can't remember that, go to ramsaysolutions.com, click on our events page. The details will be there.

Let people know that this is a free event they can watch anywhere from their phone, their device, whatever. Because, Daveave this message there's a lot of people who don't know about us yet and if you say hey these people i trust i listen and watch these people you're the greatest recommendation that we could ever have and say look they're helping me get out of debt don't let this student loan repayment freak you out we've helped share it we've helped more people get out of debt than anyone yeah walking the earth today yeah so tell people uh we post it we can do it i mean it's not magic and it's not easy and i'm not gonna tell you it's you know three easy steps and you're gonna no no it's not it's gonna be a pain in the butt yeah but you got a big old mess honey it's not gonna be easy that's

right you got a lot of manure to shovel so expect to expect to some stink right that goes with the territory comes with overalls but i can help you with this yeah i can you know you don't have a callus when you're done but i can help you i can show you what to do and we have helped a bunch of people so please yeah get signed up for this student loan live stream and it's all about helping you have a solution to the problem, not just barking about the problem. RamseySolutions.com slash studentloans. Free live stream. Register right now. This is The Ramsey Show. Hey, it's Ken.

If you love the show and want a deeper dive on your money journey, we have a weekly newsletter that gives you trending and helpful articles and tips on following the Ramsey way. Go to RamseySolutions.com today to sign up for our newsletter. Again, that's RamseySolutions.com to sign up for our weekly newsletter.