The Ramsey Show - App - I Have $395K in Student Loans! (Hour 3)

Episode Date: June 8, 2021

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🎵 Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, it's the Ramsey Show, where debt is dumb, cash is king, and the paid off home mortgage has taken the place of the BMW as the status symbol of choice. I'm Dave Ramsey, your host. You jump in, we'll talk about your life and your money. Anthony O'Neill, Ramsey personality, host of The Table,

and author of the number one best-selling book, Debt-Free Degree, is my co-host today. Open phones here, 888-825-5225. Jessica in Little Rock, Arkansas. How are you, Jessica? I'm good. How are you guys? Better than we deserve. What's up? Good. Well, let me tell you, I know how nerd I am in all of this, so go easy on me here, and I called on the perfect date with Anthony being there. So I am the person in my family to have gone to college, went, got a full ride for undergrad and then for vet school. I said, yeah, let's take out all the student loans. So fast forward seven years later, I now have $394,000 in student loans. So loan forgiveness,

the whole 20 years, you know, you hear that myth, decided I'm not going to do that. We're going to bust down and try to get these i think i can get them in three to four years what do you do i'm a veterinarian good yes sir yeah just started an emergency so um bottom line just signed on with them my base or my guaranteed is going to be 90 000 based on commission i think I can take home growth about 163,000 a year. Um, yeah, I can pick up extra shifts. So I'm really, like I said, three years are really hoping to go for this. So I've got, um, two loans. One is 142,000 and that is a 7.9% interest rate. The other one is $252,000 roughly, and it's 6.8%. So I have $41,000 in savings, no other debt, just my student loans. So my question is, do I hit those interest rates

pretty hard with that savings or on a minimum, if I go snowball, do I pay minimum on that $251? And how do I tackle these things? Now, before we go there, now, are you married? I may have missed this. I am not. No, sir. I'm single. So you're single right now, making $163,000.

Okay, cool. Great. Yeah, so you're going to hit debt snowball. Now, I do want you to look into refi because those interest rates are high and Splash Financial can. I do know for a fact that they can beat that rate. OK, so now here's the thing. You're refi to lower your interest rate, not to lower your payments, not to throw, not to come any lower. OK, we're trying to save you money on a long on a long run.

All right. But I want you to go ahead and line up your debt snowball with those two loans and then make the minimum payments on both. But then all your extra money for these next three years, you're putting it on the slowest one, on the smallest one. Yeah. So throw the 41 at the 140. Right. And look at refinancing both of them with Splash if you can.

Because if you can drop it 1%, that saves you $4,000 a year. Okay. They're at about $4,500 right now, Dave. Okay. So, well, I mean, I don't know if both these loans are going to qualify. A lot of them. They're structured. But if you can qualify and get those rolled in, I mean, 2% would be $8,000 a year.

That's very helpful here. It doesn't change the whole equation, but it changes it by two months or something. So what changed the whole equation was your wake-up call where you had that, oh, crap moment, and you said, I'm going to get in attack mode, and you went to warrior mode. You pushed warrior button on it, and it's very good. Good for you. And, you know, the good news about veterinarian medicine is that you can make that kind of money. And so you can clean this up very quickly if you're willing to work as hard as you're willing to work.

And as much as you're willing to work, getting all that OT and jacking up there. So you've got the solution. You know, you need $400,000, and you can make that with your great income in three years and knock it out. Plus or minus interest rates, plus or minus what order of attack. But I would get the interest rates down with Splash, like Anthony suggested, and I would attack the smallest one first and use the $40,000 to do that. Hold a grand back for your baby step one, and then just lean in. And all you're going to see are animals for the next three years, not people.

Not people. Except for the animals people that bring the animals in. But other than that, you're going to be working. Absolutely. Not dating. You're working. Well, now you just got to meddling. But, yeah, you can go on a date if you want to go on a date.

I don't care. She ain't paying for it. As long as you're working. As long as she's not paying for it. As long as she's not paying for it as long as she's not paying for it that's right she's going to where she's working yeah so but that's great you're doing really good you've got a great attitude about it you've got a uh a sense of awareness uh and uh you face the reality you looked at look the monster in the eyes and said i'm gonna kill you we got this yeah yeah i'm proud of you and i'll just decide d, I hear discipline in her voice.

Yeah. She's like, okay, I want to get there tomorrow. Getting a DVM is almost, in many cases, it's harder than becoming an MD. Wow. Well, think about it. You have to study several species. Yes. An MD only has to study one.

Yes. So, I mean, it's serious. It's a real serious degree. Yeah. And dumb people don't get them. So, I mean, it's serious. It's a real serious degree. And dumb people don't get them. So it's powerful. I'm proud of you.

Good job, Jessica. All right. Open phones at 888-825-5225. So what I can't figure out is how you get the reputation that if you're here, that there's niceness on the show well i mean dave i think i think what people are saying anthony's not nice he just got a little more swag than dave and so the swag comes off cool cools come off nice you know you're uncle dave i'm nephew anthony that's what it is that's what it is you're uncle dave i'm not sure what he just said i think i just got insulted but i'm not sure what he just said. I think I just got insulted, but I'm not sure.

No, not at all, Dave. Not at all. Not at all. It's called the Ramsey Show now. So, you know, you're the vet. You're the seasoned. I'm the rookie. I'm coming in just helping people understand.

Yeah. Yeah. You know? Filling the nice shoes. Hey. Somebody's got to be nice. I don't hang up on people on my show. You don't have people on your show.

There's that. That was a good clap, man. That was a good one, Dave. There's a detail that we need to cover. Johnny is in Boston. Hey, Johnny, I'm going to bring you up after the break, Johnny. We've already blathered down into the break here. Oh, my gosh

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who don't have any sense, then it goes all down the toilet. So you've got to teach them so they've got sense. That's how this works. This is The Ramsey Show. People all over the country are discovering a faith-based and budget-friendly way of meeting health care costs through Christian Health Care Ministries. Christian Health Care Ministries, or CHM, is a nonprofit organization that helps members carry one another's burdens with health

care expenses, and they have successfully shared each other's medical bills for nearly 40 years. See if CHM is right for you by visiting chministries.org. CHM is a proud sponsor of Dave Ramsey Live Events. Anthony O'Neill, Ramsey Personality, is my co-host today. Johnny is in Boston. Hey, Johnny, welcome to the Ramsey Show. Dave, Anthony, how you guys doing? Great, man.

What's up? Real quick, I just want to say, Anthony, I definitely agree you got more swag. Dave, I heard you. Sorry, Dave, sorry. Hey, John, I like you, brother. Yes, sir. Yes, sir. Thank you, man.

It feels good. This is the Ramsey Show, but we just called it the Anthony O'Neill Ramsey Show. Thank you, man. How can I help you, Johnny? Yeah, because he's going to have to. Yeah, so I'm 24. I graduated college three years ago. And instead of getting a job, I've been building my own video production company.

And I recently just got a new job, and I want to continue to grow my company on the side. And I'm just wondering how I should best invest my new income after I allocate my 15% towards retirement. I want to just basically have money to invest into marketing ads and new equipment. But I also want a safer home, which is very expensive in Massachusetts. Yeah, it is. It definitely is. I just want to get your advice., which is very expensive in Massachusetts. Yeah, it is. It definitely is. That's why I get your advice. So what's your total income right now? What do you make in a year? My production company makes about $25, $30, and my new job pays $70.

Okay. So just about $100. Okay. So your production company, that's just your income. What are you paying yourself? Are you taking all 25 of that? I usually put 50% away off my income from my company. Okay.

And yeah, I was using that to pay off my student loans. And I'm a couple months away from doing that. Okay. How much debt are you in right now? About $3,000. Okay. Cool. How much money do you in right now? About $3,000. Okay, cool. How much money do you have in your savings? I mean, I've been putting all of it towards my student loans, so I got about $1,500.

Okay. So here's the thing, and I definitely want Dave to talk to you, so you got to make up with him after that comment. Because he built an empire over here so he could tell you how to build it and he's sensitive that way you know but i'm definitely i i feel as if for you man the number one investment you can do is go ahead and knock out this three thousand dollars especially at your age and get that fully funded emergency fund up uh to at least three months for yourself um but i i i can't talk into the business because I haven't built a business before. But I really would love to see you focusing on now trying to invest more and start saving for a home.

But I do want you to build a business. And Dave can really talk into that part. What I would do is just take a percentage of your production income and say, I'm going to allocate that to whatever i make i'm going to put x percent towards um number one you got to pay taxes on it yeah and so and as a christian i tithe and so with taxes and tithe that's 50 it's gone 40 for taxes 10 for tithe so 50 is gone then what do i do with the other 50 on your business income uh you know i I would – well, let me back up a minute. You don't have taxes until you have net profit. And so your top line was $25,000, right, before you paid expenses?

$30,000 was my highest. Okay. All right. So $30,000, you pay all your expenses. Take a percentage of the $30,000 and say, I'm going to set that take a percentage of the 30 and say, I'm going to set that aside for growth of the business, marketing, equipment, inventory, whatever. And it could be 10%, it could be 25%. It does not need to be 50% or more. Okay.

Okay. Then the rest of it you bring home and you set taxes aside out of that uh and you put that into your budget to uh say 15 of that's going into retirement along with 15 of the day job and um and you and then above that we're doing our baby step 3b so then you just say and all the rest of it goes towards the house so that's going to give you plenty of money to really start saving towards the house out of your day job and out of the business as well, but still set aside a percentage. If you just develop yourself a little formula like that, then it's automatic. And you say, okay, this month I had $4,000 come in, 20% goes back into the business.

Okay, then boom, $800 goes over here to set aside to grow the business. The other $3,200 is coming down through the funnel and going to drop into the at-home formula where we're doing 15% of the income and the rest towards house savings. So that puts you in that position. So that's very good. You should be debt-free within the next two months. Oh, he's debt-free now. I may be debt-free in 20 seconds here.

Yeah, that's behind him. But like you said, get that emergency fund bill, get your baby step four going, baby step three be going. All of that happens at home after you set aside some percentage of your top line for growth and restocking and so forth. Robert is in St. Louis. Hey, Robert, welcome to the Ramsey Show. Hey, guys. My wife and I have been married about seven months, so we're pretty newlyweds. And she has about 105,000 student loans.

We make combined about $120,000 a year. My question is, the housing market right here is red hot. So I'm thinking if we sold our house, I could conservatively make about $130,000 on it and basically cover all of her loans. Wow. My parents live close by and they've offered to let us move in and kind of rent to own. Well, they bought a condo down in Florida, so they'd be back and forth to the house and whatnot. But they've offered us to live in it, just pay them rent, and then we could make whatever updates we wanted to the house and eventually when they pass away it'd be ours. No, that part I'm not doing. No, thank you. That's too

weird a plan for her. But would I sell the house and just go rent something and be debt free, man, I'd be really tempted. Yeah. I wouldn't do the whole parent thing though. Yeah. That's scary. Okay. Yeah. I would avoid, I don't think that's good for your marriage, especially in the first year. Yeah. You all need freedom and peace. That's Papa Dave advice. That's not financial advice. But, yeah, I just, I wouldn't, no, I think that's got too many weird strings and twisted up spiderwebs tied to the deal, and it's strung out, and it's, you know, sort of your house, but they sort of might come home and live there some,

and it's back and forth. So, no, I'd just go rent you a place. If you want to sell the house and be debt-free, that's not a bad idea. It's not the end of the world if you don't. You can be debt-free fairly quick, making $120 anyway, if you just lean into it. But if you guys just say, well, the house isn't our favorite, we'll go rent for two years, and we'll be debt-free,

and we'll save up and let this housing market calm down and buy again, that would be okay but uh you don't have to but if you just you know but i wouldn't do the parent part of it are you hearing i mean no i dave i was i was like nope nope i'm not doing it i mean because mom and dad can come home whenever they want and we're just now newly married we're still getting to know each other i don't want to get to know her and her get to know my parents at the same time. Like we need freedom. We need peace. We need our own privacy. You know, and so I would just go whatever you're going to pay them for rent, go rent an apartment.

Yeah. And just start stacking up your bread. And then once you get your money back up, go get the house that you all want eventually. But I would not sign an agreement with mom, dad, mother-in-law, father-in-law right now. I just wouldn't do it. Yeah, I agree. That's the only part of it that sounds weird. But I'm on the fence as to whether I'd sell or not.

Selling a house to get out of debt is the last thing I do. Right. I try everything else, unless you just don't like the house. Yeah, isn't that the question? If you had had no debt would you still want to sell the house yeah if we were thinking about selling anyway yeah um of course you the problem is if you sell in this high market you got to buy in this high market so you've got both sides of this uh i mean I mean, you just walk out on the plank doing that. But that's a, I don't know. I'm 50-50 on it. It's not a bad idea.

But I think the answer to the question is should you sell the house is really do you just don't care about the house anyway? Are you only doing this for debt and I love the house and I hate to part with it? Then I'd probably sit there and fight through the debt. Or I hate the house and this is an excuse to get rid of it and I get out of debt. Ding, ding. We're out of there. There you go. Go rent for a little bit. That's probably the way you answer the question. And then just avoid the whole parent trap thing. This is The Ramsey Show. We'll see you next time. In the lobby of Ramsey Solutions on the debt-free stage, Jason and Alexis are with us. Hey, guys, how are you? Way better than we deserve.

I love it. Welcome. Where do you guys live? Sioux Falls, South Dakota. Awesome. Welcome to Nashville. Bit of a haul to Nashville from there. You drive or fly? Drive. That's a long way. How many hours? Well, it's 14 if we didn't stop. Okay. Well, but we did stop.

Yes. Okay. I hope so. Okay. But we did stop. Yes. Okay. I hope so. Wow. Good for you guys. So how much debt have you paid off? What was it? $345,000.

$345,000. How long did that take? Seven years and four months. Seven years and four months. And your range of income during that time? $50,000 to $145,000 last year. Wow. That tells me you paid off your house.

We did. Woo! Look at it, weird people. How old are you two with a paid-for house? I'm 27. 29. Millennials. But he was 28 a week before we paid off the house.

Wow. Not even 30 years old and you got to pay for a house What's this house worth? That's a beautiful house The current one, probably close to $400 But we're building the next one And so forth And got the cash Just like that

Because that's what you do That's how we roll That's not how we roll They do. That's how we roll. Exactly. Now, wait, wait, wait. That's not how we roll. They are millennials, sir. That's how we roll. Whoa. Whoa.

I was saying it in their voice, Turkey. My gosh. All right. Fun, guys. Way to go. Wow. That is so cool. This is so cool.

So tell me what happened seven years ago before Anthony worked here. Well, actually, quite a while ago in 2000, I think it was 2006. Is that what we had? Yeah, so in like 2006, my parents took FPU, and I went through it with them when I was 13 years old. So that's really where it began, began. Man, see, I was rooting for y'all. That's awesomeness.

So yeah, but... Then you get married and you go, Jason, there's this thing, like we're going to pay off everything. Yes. Yeah. When we were engaged, I made him go through it with me and it was kind of a requirement to get married for me. Wow. I mean, that's indoctrination right there.

I like it. Very cool. Yeah. All right. So, yeah, I took it when I was 13 with my parents. And then Jason has always been a frugal saver. So, I mean, it wasn't terribly hard to get him on board or anything. And he had heard of you before.

So that was helpful. And then also, yeah, we actually had Lily when I was in high school. So despite having a teenage pregnancy, we still are here today where we're at with our money. And we rented a townhome for our first year of marriage, just like you recommend. While we were living there, we had an idea of how we could get to this day sooner. Wow. That's where the fun begins. We bought our first house in 2013. 14.

14. It was a foreclosure, fixed it, flipped it, sold it, and then that's when we started buying land and building our houses we live in and build them, do it all, sell it, keep moving, and we're building house number four right now. But this is the first time you've done it all cash? Yeah, basically, yeah. Okay. They build their own houses, so we don't have to pay for labor, so we just have to pay for

materials. Oh, wow. Very cool. Man. It's because me and my brother in business together we own our own construction i'm a electrical contractor my brother's a general contractor so we own our own business together and do everything and yeah that's fun wow very cool good for you guys that's a great idea and so this is how you end up with a house this nice that's paid for and building another one. Yep. Yeah, and we paid cash for my college, and he paid cash for his tech school and a few vehicles along the way,

and we had another baby along the way. So we had other things that financially came up as well. That's so cool. So what are you going to do with this house? Are you going to sell this one, or are you going to keep it? We'll live in it for two years and sell it. Okay. Get to sell this one or are you going to keep it? We'll live in it for two years and sell it. Okay. Yeah.

Get to the next one. Just get the capital gains. Get the free capital gains that way. Yeah. Exactly. Wow. Very cool. What would you say was the hardest thing on this journey of paying off?

Because would you say you made, what, around 70 on average over the last 70 years? Or was it 50 and then it just went to 145 last year? Well, see, part of that is like years or was it 50 and then it just went to 145 last year well see that part of that is like what was it five years ago i bought into my brother's business once i passed my contractor's test okay so before that you were going to school full-time i was working full-time as an electrician i was part-time yep so we're making mostly 50 through most of that or a little less or where i'm there and then I guess that 140 is like our gross before taxes but what we actually take home is a lot less than that because our business

is growing and we're building a shop we buy trucks and equipment and trailers and all that fun stuff so we actually live on I think we basically 62,000 is what we actually have to budget with we don't have 145 to work with. Budget a year. Way to go guys and you actually know your Yeah, wow. Way to go, guys.

And you actually know your numbers and everything. That's so impressive. Very well done. Very well done. And so you brought baby with you? Yep. Part of the debt-free scream. Let's get him in the shot.

What's his name? Come here, Lincoln. His name is Lincoln, and this is Lily. Lincoln and Lily. And Lincoln is how old? Three. Three. All right.

Very cool. Well, way to go, you guys. I love looking at weird people. What a great plan. Way to execute. And we're honored to have you here. Got their debt-free T-shirts on, everything. All right.

$345,000. That's house and everything. And they're not even 30. All done in seven years, making 50 to 145. Jason, Alexis, Lily, and Lincoln, count it down. Let's hear a debt-free scream. All the glory be to God. Three, two, one.

We're debt-free! Yeah! Woo-hoo-hoo-hoo! That is amazing. That's how it's done. Yeah! That is amazing. That's how it's done. Yes. Well done, well done, well done. That is amazing.

Very cool. Dave, that's the third person today in their, I just want to say in their 20s, who have paid off debt. Yep. And paid off a bunch of debt. Yes. All of them debt-free and all not even 30. Wow. So if you're just wondering, America, if there's hope in the future, there is hope in the future. Yes.

We've got wonderful folks in that age group on our team here that are absolutely bright, hardworking, diligent, caring, love God, love America, doing their thing. And we get them on this debt-free stage every day, living the dream. They're not entitled brats. They're not jerks. They're doing it. So just know that they're out there. There's a lot of good ones out there.

Yeah. Yeah. How does your generation feel, Dave, when y'all see that, you know, younger people? Hopeful. Hopeful. We're going to make it. Yeah. You know? But if it's all participation, trophy, whining, trolling from your mother's basement, I mean, that doesn't give you much hope.

Right. Because that's basically a group of parasites, you know? But that's a proverbial dad joke, in a sense, you know? So you just have to use some sense. Every generation has had some rock stars. I do really think that the millennial generation has, there's something uniquely good about it. Yeah, there's some things that are uniquely bad yeah absolutely over here they've got the you know the the knock on them uh is is born in truth with some of them

but but the one we get to meet so many like that that are they're mature beyond their years i don't remember a generation that at 22 23 24 years old stand in front of me acting like they're 35 right and uh any of them yeah i mean and so uh you know it the the ones that are game on are really uh wise beyond their years there's a wisdom that's really i there's a lot of things you can say i I was going to say mature, but it is maturity, but it's a wisdom. And I think the key thing here too, Dave,

is what I love is their parents turned them on to you earlier on. 13 years old, she went through it. And so her mom and daddy are probably Xers. That's a secret. Yeah. That's a secret. America, teach kids.

Drug the 13-year- old to financial peace university while they were going through the class this is how you change your family tree then your daughter's standing up here with a paid for house at 28 wow financial peace babies this is the ramsey show Thank you. Our scripture of the day, Psalm 118, 24, This is the day that the Lord hath made. Let us rejoice and be glad in it. Will Rogers said, don't let yesterday take up too much of today. That's the truth. Wow, good stuff.

Anthony O'Neill, Ramsey personality, is my co-host today. Kyle is with us in Hattiesburg. Hey, Kyle, welcome to the Ramsey Show. How are you doing, Mr. Ramsey? How are you doing, Mr. O'Neill? Better than he deserves. What's up? I have some questions about my future right now.

Currently, I'm a graduate assistant at University of Southern Mississippi. I work in communications. I am very lucky right now. I got a good position. They're actually paying for my MBA. I have about a year and a half left on this. I'm just trying to figure out financially what I should be doing because that way I'm kind of struggling right now.

The stipend we get is roughly about $800 a month. With budgeting, I only get about $100 of that, with rent, car insurance, phone, phone bills and other stuff like that. Um, student loans, I have about $50,000 and then personal and credit card combines to be about 5,300. Um, I'm just trying to figure out what I should be doing, um, since I'm making such a low amount of money, uh, each month. Working. You should month. Working.

You should work. Yep. So the position I have right now, I'm working about 12-hour days when you combine class and the office work with that. So I'm just trying to figure out if that's something that I'm going to have to do. You have a graduate assistant position that is 12-hour days, and the stipend is $800? Roughly, yeah. Each day can vary, go down to anywhere from about seven hours.

This is with classes, but I'm the lead person in charge for a couple of the sport programs for their communications. So I'm just trying to figure out. Did you take some of this on as a volunteer position, or it was required as part of the graduate assistance program? It's required, sir. I don't like it. I mean, I love a GA position to go and get your degree for free and get a stipend, but usually it leaves you room to either have enough of a stipend to exist or it leaves you room to get some other side work to be able to live.

They're not furnishing housing, right? No, I'm moving with another GA that I work with right now. On $800 a month? Yep, where we each give $800. And can you do anything on the weekends? Or are you working on the weekends too? So that just depends. So over the summer, I'm free, so I'm definitely getting a job over the summer.

But then once it gets back into the academic and athletic years, athletic seasons, it really is up to whatever the schedules of the sports are. So on the weekends, I'll be working or I'll be traveling with the sports. So that is just something that I have to try and figure out. Kyle, let me ask you this question. Because right now you can't live. How are you doing it? Yeah.

Like, you can't live. It's a great question. You're running up credit card debt. I'm just trying to figure out what I'm doing. How are you paying your rent? With know with 800 the rent's 480 the car is uh concerns is about 60 a month um phone is about 40 i have to pay for the hot spot so cal let me ask you this where where do they feed you i ain't doing nothing. When we travel with the team, yes. You don't have enough.

There's something wrong with your numbers because you're not making enough to even buy food with what you just outlined. No. Yep. I have about $120 a month. So have you been taking out student loans through this? Yes. Oh, that's where you're eating. Okay.

So you're taking out student loans to exist So you're taking out student loans to exist. You're taking out student loans to exist. Yeah, with the 5,300, with that personal and credit card, that's what I've taken out so far. I don't like it. Okay, so here's the deal. An MBA at, I don't know what Georgia Southern charges or Mississippi Southern charges, but it shouldn't be that much.

It should be $15,000, $20,000. And they're getting more out of you than that. Yes. So this is not working for you. You'd be better off to get a job and finish your MBA and pay for it. That's what I've been trying to figure out, if that's something I should be looking into doing, just because the bachelor's degree that I got, if I could go back in time, which obviously you can't,

that's something that I would probably change degree-wise. Yeah, but, dude, you can deliver pizzas and make $30,000 a year, and that's a considerable raise over where you are. MBA cost plus $800 is $10,000 a year, and that's a considerable raise over where you are. MBA cost plus $800 is $10,000. So, you know, the total cost of an MBA through the whole program shouldn't be $20,000, and you don't have that much left. How much have you got left? Time-wise, about a year and a half.

You must be crawling through it. It shouldn't be but a year and a half. You must be crawling through it. It shouldn't be but a year and a half program. Did you just start? So the, most of the athletic GA programs are two-year programs. Um, so yes, I just did start. Oh, okay. A couple months I've been struggling. Okay.

So is this an athletic MBA? Um, no, so, uh, I'm working through the athletic department at the University of Southern Mississippi, and they're paying for the MBA. Oh, I see. Okay. And the MBA is at Southern Mississippi? Yes, sir. Okay.

So what does it cost to just enroll for an MBA at Southern Mississippi? Do you know? Like you said, about anywhere from about $15,000 to $20,000. Yeah. And that's over two years. Yes, sir. So you're getting $10,000 a year and $10,000 a year worth of tuition free, and you're working 12 hours a day,

and you are going into debt in order to survive because your total package is only worth $20,000 a year, $10,000 of stipend and $10,000 of tuition or less. And so you're better off to go deliver pizzas and pay for your own MBA. You'd have a better life, and you'd have more money. Am I missing the math? No, sir. You took everything out of my mouth.

I want him to quit today. Yeah. That's what I really want. You sound tired. You hear it in his voice, Dave. Sound exhausted. Just thinking about it. Well, you're working 12 hours a day and you don't make enough to pay to eat.

Right. So you're having to go into debt just to buy food. And you can hear that he doesn't like the fact that he's taking out debt. Well, I don't. And it defeats the purpose. There's no need. They're paying for his school, but he's still got to take out money just to eat. Yeah.

It's not worth it. I'm quitting. I'm going to go use my degree in some kind of way, maybe do some tutoring, drive for Uber. You got a car, got a car insurance. You can do that on the weekend. Anything. Anything. You can make more money than you're making doing anything.

Absolutely. And still have the money to finish the MBA in there. He can make $1,000 a weekend weekend dave just from driving for uber yeah yeah we're hearing people do all kinds of stuff again pizzas uber whatever dog walking i don't care start a grass cutting business i don't care you can make 15 20 000 a year or you make 20 to 30 000 a year doing those kinds of things all the time uh and work less and have more of a life and uh live exactly the place you're living, pay exactly what you're paying, and still get everything cleaned up and still get through your MBA. That's what I'm talking about doing.

So you need to renegotiate with them and say, you're going to cut my hours in half so that I can work a side job or I'm going to have to leave this program. Those are their two options. They're about to lose their guy. And you know what? They might. They might. Because somebody would be stupid enough to do that. Well, they might let him go.

They might let him run away. But they might need him, and they might go, Oh, yeah, we are trying to kill this guy. 12 hours a day, 800 bucks. Yeah, that doesn't work. So somewhere in there, you've got to work it through. Hey, man, thank you for the call. And I think you need to set yourself free.

I hear a lot of tension in your voice. That puts us out of the Ramsey Show and the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with the Prince of Peace, Christ Jesus. This is James Childs, producer of The Ramsey Show. You can listen to all our shows with the Ramsey Network app on your smartphone. Browse by topic or even send clips to your friends.

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