Aisha from New Haven
Appearances
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Hi, guys. Thank you for taking my call. So my question is two parts. I am on baby step two. I have $1,000 saved, and now I'm trying to pay off my debt through the debt snowball. However, I'm 41, and my husband is 57. And he has no retirement yet. Um, in place. And so I wanted to know if I should do the debt snowball and put away for retirement.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
And the reason I say that is because by the time we pay off our debt, it'll be about four years. And so then I feel like I haven't put anything into his retirement. And then my second question, I have a second question, sorry.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
My second question is, should I pay off my credit card, which is $5,000 with no interest for the first year, and then start the rest of the debt snowball from lowest to highest? Or just do the whole debt snowball with my credit card?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
So with everything about 50,000, I just brought it up between the two of you. Yeah, so there's a couple of hospitals, and then, so that's no interest with the hospital. How much is it? The only interest we, total, I mean, I have, you know, maybe two, three, four, five.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Okay, so, yes, so roughly $5,000 total in health, medical, $5,000 in credit card, and then I have tax bills. Tax? $4,000, yeah, we owe back taxes. Okay, so $4,000 to the IRS? That's one of them, and then another $4,000, and then $7,000, and then $8,000, and then $13,000. Okay, $4,000, $7,000, $8,000, and $13,000, all to IRS.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Yeah, and then it's $1,000, $2,000, $3,000 in medical, and then $4,000 in credit, which totals $50,000. And if I do it right, based on our income and snowballing it, I can knock this out in four years. Well, what's your household income? My husband would be like $50,000-something.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
So I'm a stay-at-home mom, but my husband is self-employed. So we bring monthly is about $6,000. Okay.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
A lot. Okay. You know, all day. Okay. What kind of business is this?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
I don't know. I mean, he makes I mean, I don't think we have an income, too.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
OK, so if I do, because I did all the math out. So if based off of one expensive sort of house is paid off, I can put, yeah, about eleven hundred to each debt. So if I did the highest amount, $13,000, then yeah, I can put $1,175. Can you go back, Ayesha?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
So half of his income is going to the mortgage. Yeah, just about, yeah.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Yeah, it's up to $500,000 and we owe $300,000. Okay. About $300,000. I don't know how to do it.