Joanne (Caller from Baltimore)
Appearances
The Ramsey Show
Credit Is a Crutch—It’s Time to Walk Without It
Hi. So my question is that my husband and I, we just got an assessment of our home equity. And so it's right now at a point where if we were to sell our home right now, our primary residence, we would be able to pay off completely our student loan. And then that would make us completely out of debt. and still give us like a little something left over.
The Ramsey Show
Credit Is a Crutch—It’s Time to Walk Without It
But we're just trying to figure out like what's the best financial decision because we just don't know. And, you know, it's our home. Yeah, it's a big deal.
The Ramsey Show
Credit Is a Crutch—It’s Time to Walk Without It
So the student loan is about like $85,000. And on the lowest end, the home equity is sold would be around like $124,000. And on the highest end, it would be $157,000 is what the assessment said.
The Ramsey Show
Credit Is a Crutch—It’s Time to Walk Without It
Like, his thing was that, like, because right now we're just paying, like, the minimum amount on it just because we're, like, we're putting to savings. And someone was saying, like, oh, well, maybe if you get your savings to the, because we're trying to get it to, like, a three-month reserve.
The Ramsey Show
Credit Is a Crutch—It’s Time to Walk Without It
So they were, like, if you get your savings to a three-month reserve by the end of the year, like you say you're trying to do, then you can just put more towards it because Like the thing basically he was saying, like, well, right now we're just maintaining the loan is not going anywhere. Right.
The Ramsey Show
Credit Is a Crutch—It’s Time to Walk Without It
You said how much am I putting towards savings per month?
The Ramsey Show
Credit Is a Crutch—It’s Time to Walk Without It
And the savings right now is seven something.
The Ramsey Show
Credit Is a Crutch—It’s Time to Walk Without It
I mean, we don't really have any other consumer debt. It's mainly like our kids schooling because they're in private school. And like I said, he's an entrepreneur. So like my my job is really the only job that's like more consistent than anything.
The Ramsey Show
Credit Is a Crutch—It’s Time to Walk Without It
So it was $80,000 altogether, but then things were written off. So, I mean, I don't know. My income was about $154,000.
The Ramsey Show
Credit Is a Crutch—It’s Time to Walk Without It
That's correct. Yeah. I mean, he's not making it. Yeah.
The Ramsey Show
Credit Is a Crutch—It’s Time to Walk Without It
He's paying himself, but he's right. So most of it is being written off in terms of like expenses from what he's making, from what he's bringing in, like expenses for his business.
The Ramsey Show
Credit Is a Crutch—It’s Time to Walk Without It
I mean, I, I get what you're saying. It's not that you're necessarily speaking another language. It's just, I mean, I just feel we're like, we're of the mindset, like we're, we're a team. So I know you're a team.
The Ramsey Show
Credit Is a Crutch—It’s Time to Walk Without It
Oh, he's in entertainment. He makes movies.
The Ramsey Show
Credit Is a Crutch—It’s Time to Walk Without It
Yeah, he does. He makes movies and he does commercials.
The Ramsey Show
Credit Is a Crutch—It’s Time to Walk Without It
No, he does both. And how long has he been doing it? Yeah. Um, completely, I would say probably for the last 10 years, he's like been building this business.
The Ramsey Show
Credit Is a Crutch—It’s Time to Walk Without It
Um, I'm going to tell you this success in the last maybe five to seven years, I would say.