The Ramsey Show - App - Starting Over After Bankruptcy: Learn to Say No (Hour 3)

Episode Date: June 18, 2019

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Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, it's the Dave 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. This is your show, America. Thank you for joining us. Open phones at 888-825-5225. That's 888-825-5225. Well, I just got some great news. USA Today is reporting that Sally Mae is expanding from student loans to credit cards. They want to help you out because everyone in America knows that Sally Mae has been such a blessing so far.

I mean, everything Sally Mae touches turns to gold. Aren't you just happy you had that old woman in your life at some point? USA Today reports Sally Mae, the student loan provider once sponsored by the government, is expanding into credit cards because they've not done enough damage. No, I said that. The company this month unveiled a suite of three credit cards aimed at college students, recent graduates, and young professionals. The vulnerable and the naive. No, just kidding.

Not really. Its new cards offer rewards for responsible financial behavior, which would not include getting one of the cards. God, this is so stupid. They come 18 months after the company introduced new personal loans to go along with their student loan business. The cards have no annual fees for the first 6 to 12 months and then they go to 15 to 25 almost 26 percent for your interest rates uh company's goal is to diversify its business to meet the needs of our customers after high school and college because we hadn't sucked all of their blood out yet. There's a few drops left, and we want to make sure we get what we're owed. So the cards are called the Ignite card, the Accelerate card, and the Evolve card.

Sounds like a bunch of people sat around in an ad agency and named these stupid butt cards to me. The chief marketing officer Donna Vieira for Sallie Mae says they recommend establishing credit during college to a secured card that requires an initial down payment

as collateral. This one's fabulous, right? Listen to this quote. College is a good time to make those small financial mistakes so that you can learn going forward. So we're launching a credit card. I don't understand. Who writes this crap?

You can't make this up. Make them. You don't want to make the small mistake. You want to make the small mistakes while you're young so you can make larger mistakes later. Make them when you're a little older and the stakes might be higher, says the quote. That's hilarious.

So, brought to you by the people who have changed your life for the better, said no one ever. About Sally Mae. I mean, have you ever met anybody? You know, Sally Mae is just the best organization. They just have loved on me. My life is better because I've interacted with Sally Mae. I'm just so thankful Sally Mae's on the planet.

The best thing that ever happened to me in my life was Sally freaking Mae. I have just never heard this. I've never heard this from a single human. And so they're going to continue to find ways to extract. See, the problem is that the banking industry has forgotten somewhere along the lines. All they do is when you look at these products and you you take them apart on the inside and you see what they're making on them they're making bank no pun intended on these products they're getting filthy stinking rich on them and when they sit down and they see how much money

they can extract from your life by launching you know know, the Evolve, the Ignite, and the Accelerate card. Oh, give me a break. Jeez. When they see that, when they see how much money they can make, they can't keep themselves. They're hogs going to the trough. They just can't keep from bellying up to the bar and ordering another round because they just know they can take you to the cleaners and and you know and and then they try to figure out a way in their little minds that it's somehow

good for the customer but they know they know they know they're screwing you they they understand overdraft fees and credit card fees are where banks make all their money. It's where they make all their money. The overdraft fee business in America with commercial banks is in the billions and billions and billions of dollars. And the credit card interest rates. Those two things alone keep the stinking places open. And they're sucking the blood out of the very marrow of your bones. I mean, they're financial vampires.

And Sallie Mae is looking at this. See, it was formed originally to make and service government-sponsored loans, and it was originally a government-sponsored, like Fannie Mae was. That's why it's called Sallie Mae. It was a government-sponsored organization for the purposes of student loans. Well, the government cut them loose because they sucked so bad at managing the student loan epic plague debacle. And Navient is now running the show on that stuff. But Sally Mae's got the old ones.

And so they're no longer government-sponsored, so they go into personal loans, and now they come out. So really, basically, what they are is just another stinking bank. And a very large one, and one with bad motives. Because from day one, they've screwed every customer they've touched. And so now they have a credit card. I mean, really. You just, when companies' very mission statement says stuff like, we are here to expand shareholder wealth.

That's their mission statement. Let me help you with that. That means you, the customer, are not in their mission. You are not their mission. You are their prey, and they are the predator. Run, little gazelle, run. The cheetah is coming. He wants to eat you for lunch.

This is Hansel and Gretel, Sally Mae. Think about Hansel and Gretel. The witch in the woods, right? And she captures the children and puts them in the oven, right? This is Sally Mae. She's the witch in the woods. She's going to put your little butt in an oven now at 24, 26% interest on a credit card. Because our goal is to help college students.

And everyone that believes that, do the hokey pokey right now. Give me a break. You've got to be kidding me. Sorry, Sally Mae. You still suck. This is the Dave Ramsey Show. Are high health care costs getting you down? Are you confused trying to navigate your options? Do you wish you could find an affordable, biblical solution to your health care costs? Based on New Testament principles, Christian Health Care Ministries, or CHM,

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Christian Healthcare Ministries is a proud sponsor of Dave Ramsey Live Events. chministries.org. Thank you for joining us, America. Taylor is with us in Orlando. Welcome to the Dave Ramsey Show, Taylor. Hey, how's it going? Better than I deserve. What's up? So I'm calling in because I'm about $103,000 in debt with a $50,000 income. And I've been following your program.

My girlfriend got me onto it about two or three months ago. And we're really trying to apply it. But so far, it's an income problem here, obviously. And I'm trying to find secondary income and trying to Uber Eats and stuff. But it's not really seeming to work out. Doesn't really seem to be helping my progress very much. So I thought i'd call and see what recommendations or ideas you might have for me maybe places i'm not looking for that income okay so you make what again uh fifty thousand doing what i'm a civil engineer okay wow um how long you been how old are you i'm 25 so you just got out of school i did about a year

ago okay all right well that's not a bad starting point and the good news is your income should be going up rapidly over the next five years agreed right i hope so yeah well civil engineers generally don't make 50 grand i mean 30-old civil engineers make closer to 100. So that's where you should be headed very, very quickly. Any side gigs you can pick up in the engineering world? I pay a lot more than Uber Eats. Is there any? That's a question.

Hello? I think I lost him. Okay. Yeah, so that's what I would do. I would expand on your current career because you dumbed down the second job thing pretty quickly. You can make $1,500 a month if you deliver pizza five nights a week. Typical pizza delivery job will do that. That's an example uh i talked to lots

of uber drivers that are making uh 1500 to 2000 working some you know some saturdays working most nights and they're doing that i mean when i jump in an uber sometimes i ask them what they're doing how are you doing this how you doing this that's an example i meet people that babysit and make a couple grand a month doing that i meet people that um cut grass i meet people that do some kind of a thing that used to be a hobby as their side gig but if you can pick up some side stuff doing engineering and civil engineering some side you know some freelance stuff um you know that'll pay you a whole lot better than anything else will. And especially if they offer any kind of overtime or anything else at your place, that's going

to be your best route by far. So I'm sorry I lost your call because the other question I had was what's the makeup of the $140,000 worth of student loan debt or worth of debt? And I'm assuming most of it's student loans. But if you're sitting on a freaking $30,000 car or something or something too you need to dump that puppy if that's what you're in so you know there's no magic bullet here it's going to take a little while as your income increases you keep your lifestyle down to nothing you live on a written budget and you attack attack attack the good news is you're 25 years old you know the only thing pulling at you

is date night with the girlfriend and hanging out with your buds and spending every dadgum night in a restaurant and that's what's killing your budget probably i mean you could live on nothing and really attack this uh but on top of that be working all the time so you'll get there you'll get there but you'll get there. But you've just got to concentrate on every aspect of this, every variable. Control the controllables. Spencer is with us in Louisville, Kentucky. Hi, Spencer.

Welcome to the Dave Ramsey Show. Thanks, Dave. Appreciate you taking my call. Sure. How can I help? Yeah, so I just wanted to get your opinion. I've got a looming debt issue kind of on the horizon with my soon-to-be fiancée. I just bought an engagement ring. She's finishing up pharmacy school in about a year.

Wonderful. And we'll have a two-year residency to follow that. But she'll have about $180,000, we're estimating, in student loan debt. And I'm a homeowner. We're both 26. I've owned the house for two and a half years. And so just with all this debt kind of on the horizon, it's as simple as just those two things. What do you make?

But it's a large number. I make $60,000 a year. What do you do? I'm in medical device sales. Okay. How long have you been doing that? A year? About three years now.

Three years. Okay. So you're seeing your income come up because generally that's a good-paying job that you've got. Yeah, it does rise kind of incrementally as opportunities present themselves. Okay. Most of the guys I talk to in that world are making over $100, but not necessarily the first year or two, but they get there pretty quick. So that's the good news.

What will she make during residency? She'll make $130,000 after she passes her boards. Right. Residency will be about $40,000 to $50,000. Okay. So you're going to have $100,000 household income, $180,000 in student loan debt for two years. After that, your income will go closer to $200,000. Exactly. Okay.

What do you owe on your house? Under $200,000. What's it worth? About $239,000. I'd keep it. It doesn't move the needle as much as your incomes are going to move the needle. Right. If you told me you had $200, dollars in equity i'd be real tempted right

but you got thirty thousand dollars in equity minus expenses you don't have any equity to mount anything right it's not it's not it's not your problem and it's not your solution you guys being on track being together being totally focused adding no more problems to this with no more new debt um you know and and attacking it with the first $100,000 of income that you've got and then certainly the second $100,000 you finish it off. It's probably going to take you three years just because it's going to take her two years to get through residency. Right.

So probably three years from today, if that's when she's been through residency for one whole year, is when you're going to be debt-free. Because, you know, you're going to learn to live on $40,000 or $50,000, and everything above that, all the way up to a $200,000 income, eventually, is going to go towards this debt, which means you clear it in, you know, two and a half to three years, somewhere in there, you're going to be done with it. Now, I wouldn't worry about it. I mean, I would be concerned about it,

but I'm not going to fret, and I would not sell your house because it doesn't move the needle enough. Good question. Thanks for calling in. Open phones at 888-825-5225. Daria is with us in Tampa. Hi, Daria.

How are you? Hi, Dave. Doing well. How are you? Hi, Dave. Doing well. How are you? Better than I deserve. What's up? Good. Got a question.

My husband and I have been working on our wells, and it brought up a question. He is the sole owner of his business. He has no employees. It's just he, himself, and him. So we were wondering, what do we do if he were to pass before me? What would I do? Because I wouldn't know what to do with it. And he doesn't have any arrangements and we don't know what arrangements to make. And he's a single employee. He is. Okay. And so he really owns his job. He does. Okay. Is there any, uh, does, is there any part of the business that if he's gone is going to continue then?

Well, it's a lawn and turf and shrub business. He does pesticides and fertilizers to commercial and residential. Okay. So you might be able to sell it to one of his competitors just for the customer list, right? Yeah, I guess I could. That's about it. I mean, you may have a little bit of equipment you'd liquidate, right? He has one truck that's outfitted completely, but that's all there is.

Yeah, so you'd sell the truck and try to get in touch. You know, he needs to leave you a good list of who the prospects are that would pay you for his customers. Okay. That makes sense. Yeah, you would pay you for his customers. Okay. And you would call them immediately and try to sell. Because you don't really have a business. You've got a customer list and a little bit of equipment. Because there's no staffing and no ability, no continuation of the business past him. Does that make sense?

It does. It does. There's 900 of us here. So if I die tomorrow, there's 899 to keep working, right? Don't even joke about that, Dave. Well, I'm not going to make it. I'm not getting out of here alive, and neither are you. So eventually it's going to happen.

But, yeah, that's where we are. So, yeah, and if it's an LLC or something or a sub-S corp, you know, he just needs to have in the will that that ownership is transferred to you. And it wouldn't hurt for you just to have half that ownership transferred to you anyway. All of our LLCs and corporations and different entities that we have you, we really love them when it's one of our own team members. Lauren is with us in the lobby of Ramsey Solutions and here to do her debt-free scream. She's one of our project management folks in the ELP digital marketing team and works with you folks that helps you find a way through the web

and get to your ELP and ready to do her debt-free scream. Congratulations, Laura. Thank you so much, Dave. Lauren, I'm sorry. So how much have you paid off, Lauren? It was $29,718. Kind of like $30,000. Kind of like.

We can round up. I'm good with that. I'm good with that. And how long did this take? This part took 13 months. Okay. And I'm not going to ask you your income because all your team members are standing around. And that will be highly inappropriate.

But obviously, because you've been here almost three years, right? That's right. And so 13 months ago, you decided to get in attack mode on this. So why were you working here for a year and a half before you started your best snowboard? That is a great question. So I first took FPU back in 2009 when i was in grad school and the principles clicked and it made sense and i was like oh yeah that totally makes sense but i'm in grad school i'm not making any money budgets are for people with money and uh i was

being dumb and i really just didn't want to put forth the effort and the discipline that it was going to take to get rid of debt in my life. And so I wandered around for basically nine years. And in March, I do my kind of personal annual planning where I look at my goals for the upcoming year. And last year, I looked up and I said, I'm no closer to paying off my debt than I really was five, six years ago. And I work for Ramsey, so this is ridiculous. This is insane.

I found out that most team members, if they come in with debt, they pay it off within two years, and so my competitive side kicked in. Yeah, so there was that. Game on. Yeah, exactly. And then I realized, too, that this debt, it finally connected in my heart that this debt was keeping me from so many

things I wanted to do, like invest heavily for my future, buy a home, travel, buy new shoes. And then things like moving up in car. I've been driving this 99 Saturn station wagon. It's a blessed little thing. And I'm so grateful. Bless your heart, right? Exactly. It's a bless your heart kind of car. And I'm ready to move out of that car, but I couldn't do any of it because the debt was in the way.

And so I decided enough was enough. Like, I'm sick of just, like, floating around and, you know, trying to get to it. Well, and you do project management. There's that. And so looking at the debt became a project. Yes, exactly. That's the way your mind works. My mind works the same way, so no question.

And all kidding aside, I'm picking on you a little bit, just having fun with you. But we obviously are not a cult. We don't require our team members to do anything other than go to Financial Peace University. We don't check out your wallet to see if you have a credit card. We don't ask you details. We don't invade your personal life. However, there's a tremendous amount of support and positive peer pressure to do this stuff right oh 100 yeah so you had team members rooting for you i assume oh i had so many people

cheering me on um and even when i started verbalizing more that i wanted to get serious about paying this off um i started kind of asking well like how much do you budget and you're a single person how much do you budget for this and i found out that i was being way too lax with some areas of my budget. So I was like, this is ridiculous. I can go scorched earth for a year and be done. And so you knocked it out. 13 months.

Boom. Mic drop. Yep, exactly. Very cool. All right. So you not only work here, you're not only running around with all these people doing this stuff that work here, you not only are doing digital marketing for folks that are trying to do the same thing. But on top of all that, so what have you learned personally, though, in this journey in the last 13 months that when one of your friends that doesn't work here says,

hey, you paid off $30,000 in 13 months. That's pretty cool. How'd you do that? What are the keys to getting out of debt? Yeah, so for me, the budget is important. You know, I learned how to budget in 2009 when I first took the class and I budgeted every month, but I never stuck to the budget. And that's the key. You know, there's the follow through thing. And so what I learned was that for me, you know, I'm a nerd. I will sit down and do all the spreadsheets. I have a bunch of handwritten

spreadsheets of like paying off my debt and my credit card and that sort of thing. And, but as soon as the spreadsheet went away, like outside of my line of vision, it was on to spender mode and spend all the money, buy all the things. So I had to figure out a way to get the debt payment to be the first thing I did every month. I was trying before to pay the debt payment at the end of the pay period, but I changed it up and I said, okay, I'm going to pay my tithe, and then I'm going to put all that money towards the debt. And of course, pretty much that left me with like a couple hundred bucks for two weeks

for groceries and gas, which is intense. That'll motivate you to get this over with when you're flying by the seat of your pants. But that really was critical for me. It was like, you've got to make this your focus and it's got to be the first thing that you do. And what you did is you put a system in place to trick yourself into being accountable. Yeah. And sometimes you have to trick yourself.

That's good. I do that with stuff. That's very well done. Thanks. Congratulations. Thank you. So team members were cheerleaders. Who else?

Oh, I had so many friends that were on board. My family was on board as well. There were a couple of colleagues at the last place I worked that were like, you're doing what? Like, you got a PhD and you're driving a 99 Saturn? That doesn't make sense. But I've had so many people here on board cheering me on. It's been hard not to win when you have so many people on your side. Yeah.

Well, there's a lot of broke PhDs, but you're not one of them now, right? Not anymore, no. I love it. Well, Doc, thank you. Well done. Proud of you. Very cool. We got a copy of Chris Hogan's book for you if you don't already have one. You you. Well done. Proud of you. Very cool. We've got a copy of Chris Hogan's book for you.

If you don't already have one, you probably already got one. I got a few. You got a bunch of Chris Hogan's books. Kind of like anything you want around here, you just kind of get. Oh, well, you can have another one if you want. It's all good. Proud of you, and the team's here to cheer you on as well. All right.

Lauren is, again, in our digital marketing team, one of the project management folks there. Does a great job. Has been with us almost three years. And in the last 13 months has paid off $30,000. Count it down. Let's hear a debt-free scream. Three, two, one.

I'm shot free! Fabulous! Woo-hoo! Well done, well done. And they dropped balloons on her from the second floor. Very cool. Now, our team celebrates each other as well as celebrates all of you guys as you become heroes and take control of your own lives. We're so proud of you.

Very, very, very well done. Steve is in Denver. Hey, Steve, welcome to the Dave Ramsey Show. Hi, Dave. It's an honor. Thank you. Thank you. How can I help?

I have a quick question for you. We bought a house nine or eight years ago in 2011. We are going to pay this off in four years. Yay. Yes. And what I'm wondering, when we bought this house, it was girlfriend of mine at the time, we just got married, and so my concern is I just want to make sure that I'm okay with everything in the event that anything should happen to her. I was self-employed, so I was not able to get on the house at the time. Oh, it's her house? It's her house.

Okay. All right. You were not able to get on the uh on the mortgage but are you on the deed no and that's what i'm wondering is what steps do i need to take um i don't want to refi now and you know you don't need to refi there's no there's no benefit to you being on the mortgage the only thing the mortgage is how is the debt there's no there's no reason for you to be on that uh the only benefit you would is how is the debt there's no there's no reason for you to be on that uh the only benefit you would have is to make sure that you have ownership position in

the event something happens and there's two that's what i'm calling for yeah there's two possibilities on that call a local title company that does closings and they can tell you what the law is in colorado i don't know most states have the personal residence automatically the the both spouses have ownership position even if they're not technically on the deed okay most states not all of them so verify that that's the case it's very likely that just when you got married you became half owner even though your name is not on the deed. So you would be just fine if you're in one of those states. If you're not and you want to be a purist about it or you want to be a purist about it, you can do what's called a quit claim.

Like I quit claiming a quit claim deed. And again, in most states, it's like ten dollars to record this where she quits claiming half ownership to you okay and you file one piece of paper it's a single sheet of paper at the courthouse it may cost you a hundred bucks to have it developed by the title company to have it produced and then you have to have it recorded and then that'll ensure that you become half owner if you're not already by marital rights. Our scripture of the day, Isaiah 43, 18 and 19. Forget the former things. Do not dwell on the past. See, I am doing a new thing. Now it springs up. Do you not perceive it?

I am making a way in the wilderness and streams in the wasteland. Seth Godin says, The art of moving forward lies in the understanding of what to leave behind. It's kind of like we're packing to move and we're throwing away everything. Yeah, it's an art of what to leave behind. Oh, love it. Hey, if you're attending a graduation party this summer, it's not too late to get the perfect graduate gift. If it's a high school graduate, you can get the Graduate Survival Guide,

Five Mistakes You Cannot Afford to Make in College. It's a best-selling book, $15.99, by our own Anthony O'Neill and Rachel Cruz, Ramsey personalities. The book and video unpacks the five most common mistakes college students make. Good thing for a high school graduate to get a hold of, staying away from the credit cards and living on a budget and staying away from student loans and saving money and so on. Yeah, all of that at DaveRamsey.com and of course you can also upgrade to our exclusive college 101 bundle for $25.99

and that includes a two book special it's a perfect gift for high school grads just go to DaveRamsey.com or call us at 888-22-PIECE, 888-227-3223. Brian is in Amarillo. Hey, Brian, welcome to The Dave Ramsey Show. Hey, David, thank you for taking my call. My pleasure, sir. How can I help? Hey, I am a bivocational pastor, and we have the privilege of living in a parsonage next to our church,

and we are thinking about buying a house and didn't know if that was going to be a good idea at this time. We are, I am 50 years old looking at retirement, hopefully 65 and you know, just wondering about a home if we should go ahead and buy one now

and live in it or buy a house and rent it out until we're ready or do the 100% down plan and just save and pay for a house when that time comes right um so what do you make at your non-pastor job uh around 120 oh okay i would go ahead and buy. Okay. With the idea that we're going to own it, it's going to go up in value, we're going to get it paid off, you can afford the loss of the free housing. It's not going to damage your finances substantially, you know, because the larger share of your income does not come from pastoring. It comes from, obviously, your other career, correct?

Correct. And so, yeah, I'm going to go ahead and buy. And because of the appreciation you're going to get and it gets you in a position to stabilize that housing issue going forward at 50 years old. So, yeah, that makes a lot of sense to me. So, cool. Good discussion. Thanks for calling in. Shannon's with us in Columbus, Ohio.

Hi, Shannon. How are you? Hello. How are you? Good afternoon. Good. How can I help? Okay.

I would call you because I just had to file bankruptcy recently. Only thing that I'm required to pay back now is student loans. And I do have a car payment. I just wanted to know where would I start? Because I just started reading your book, which is awesome. And I need to know where do I start in the baby steps. And I put myself in these situations over and over again for some reason, these financial situations. And I went on 38th, and I have dipped into my 401K to where I don't have any.

And is it too late for me to really be financial stable like I need to be? Oh, absolutely not. You can certainly do it, but obviously you can't keep doing what you've been doing. Absolutely. It's not working. Whatever it was, it wasn't working. We can readily assess that. I went bankrupt when I was in my 20s because I was stupid and I ran up a bunch of debt

and I made a bunch of impulsive and bad decisions. And one of the huge benefits of that was it hurt emotionally and spiritually and relationally, financially so bad that I was bound and determined to whatever I used to do, I was going to do exactly the opposite because everything I used to do sucked. And so I did an autopsy on Dave and said, okay, this is what killed the patient, right? And so one of the things I figured out was credit cards aren't a blessing. Another thing I figured out is debt is not a way to wealth. And so I started studying. I'm a Christian, so I started studying what the Bible says about money. And I started finding a lot of it's way different than what other people think or do.

But one of the benefits of being bankrupt is you don't really care what other people think you just want to win right and that's where you are you're calling me because you're disgusted in a good way yes i am i am good and i don't want to keep putting myself back in these situations amen and i love i love the phrase you're using, putting myself. Nobody did it to you but you. And that's what happened to me, too. So that's a big deal to say, okay, I caused this, but guess what? That means I can change it. The biggest controlling variable is controlling me.

So all I got to do is have a different plan here. Okay, let's walk through what to do then. What kind of debt did you bankrupt on? If you reaffirmed your car, and, of course, student loans aren't bankruptable, so what did you bankrupt on? If you reaffirmed your car, and of course student loans aren't bankruptable, so what did you bankrupt on? Credit cards? I don't even think, I don't even have like a whole bunch of credit cards, doing favors for people.

What was the debt on the bankruptcy that you filed? I don't want to include the student loans because i still have to no you don't have yeah that's you didn't bankrupt those 70 like 70 000 on what most of it came from i did a favor for somebody and let them get a rental car in my name which was my fault and that was like almost 40 50 000 of it so they wrecked the car exactly okay and then they came after you okay so that's 40 of the 70 what was the other 20 or 30 just just credit cards okay making bad choices um with apartments and not doing what i'm supposed to be doing everything i've done was all me like choices that i made nobody did it it was all me, like choices that I made. Nobody did it.

It was all me. Yeah, but what you figured out is that no is a really powerful word when somebody comes at you with a stupid idea. Like you renting a car for them in your name, right? Right, correct. So no is a really powerful word. A lot of people have trouble saying no. I do. Yeah, they're just nice people. You no is a really powerful word. A lot of people have trouble saying no. I do. Yeah, they're just nice people.

You're just a nice person. And so I want you to figure out that you're not being nice to someone when you allow them to financially abuse you when you don't say no. They come at you with a travel agent for guilt trips, right? And they're going to put you on a guilt trip. And you've got to go, oh, well, you know. No, you don't. And family's the worst.

They'll do it to you big time. So what is your household income? Right now I make $45,000. Cool. And how much student loan debt do you still have? $45,000. And what do you owe on this stupid car? Oh, about $20,000. you'll have uh 45 and what do you own the stupid car oh about twenty thousand dollars you need to sell the car it's too expensive you don't need a twenty thousand dollar car when you have student

loan debt coming out your ears and you make forty five thousand it's too expensive a car you need to get a five thousand dollar car i knew you were going to say that. Yeah, you did. And you also know I'm right, don't you? I know you're right because I totaled my car and bought this car. So when I got money back for the car, I asked myself, should I take this $3,000 and buy a car? And yourself told you wrong. Okay, so here's what we're going to do. It's time.

How old are you? I am 38. Perfect. It is so we're going to do. It's time. How old are you? I am 38. Perfect. It is so time for you to change. I'm going to put you through Financial Peace University, and I'm going to pay for it, because I have been where you are, scared and confused and didn't know what to do, and I'm going to show you exactly what to do. But you listen to me, Shannon.

Every single thing I tell you to do, you freaking do it, okay? Okay. And I'll show you how to, you freaking do it, okay? Okay. And I'll show you how to be a millionaire by the time you're 58. Okay. You're going to do this. But don't you screw around with my stuff. Don't you say, I did everything but. I don't want to hear about buts.

You do every single thing I tell you to do, okay? Okay. And I'll help you turn this around because I've been where you are. I know how it feels to be scared. You hold on and Kelly will pick up and we'll get you in Financial Peace University. You can do this. And I'll be here to coach you and I'll also be here to yell at you if you don't do it. So, because I love you and I think you can do this.

That puts us out of the day. 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 Child, producer of the Dave Ramsey Show. Once again, you made the Dave Ramsey Show one of the top five most downloaded podcasts last year. To get your daily

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