Leon
Appearances
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Um, I didn't check to see what kind of debt ratio.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
I wanted to quit my job. And so in that, I asked him if that was possible. We went back and forth. I said, I really need to see the budget, assuming he kept one. And I found out there that he didn't keep a budget. But when I started pulling things together, finding about 17 credit cards, I realized there's no way. And he was heavily reliant on my income as well.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
As a bachelor, he was just a heavy spender.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
After we were married. My name is not on the title.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
uh august it closed so we were married when so you're married you bought a house okay you were aware you were buying a house i was so five hundred thousand dollars is owed on the house and you said there's a million dollars what's the other five hundred thousand dollars there's about there's a another house that he had it's a three hundred thousand dollar home um just that we were we have it as a rental right now what's owed on it 330 okay so did you not know about the rental
The Ramsey Show
Financial Peace Starts With Clear Boundaries
He has a HELOC loan and some medical debt and then about almost $200,000 in credit card. Okay. And so what's your question? Um, I mean, how do I not murder him, eh?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
So far, he's been doing everything. We have a financial peace university coach right now who's helping us untangle a lot of things. Great.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
I think the HELOC is on the new house, but our coach and I are both confused about that. It's just messy.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Um, so that's messy. His, his wife passed and there are two vehicles. There's one vehicle in her name and a motor home in her name. And so was the dad in her name? Yes.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
No, he didn't. He just actually told the bank like two weeks ago that she passed away two years ago.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Yeah. So the bank is pretty upset right now. So he's had the stuff in possession for two years. Yeah.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Well, the HELOC somehow has his truck wrapped into it.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
I think it was like $18,000 that he paid. He told me he paid off.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Hey, Dave. I'm great. How are you doing?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Okay, so I'm calling because I am pretty newly married. Not my first rodeo. But one of the things I did, I made a mistake of, is not doing my financials.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
background check um on my new spouse and so um october we got married in may in october we realized that we are close to a million dollars in debt and uh wait a minute slow down wait a minute stop stop stop stop stop i got lost in this already i want to make sure i'm with you so you're how old I am 45. Okay.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
My net worth, so I can break this down. I have a net worth, if you include the mortgage, about $3.66 million.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
I make about $300,000 a year, which doesn't include a 30% bonus. It's a single income. I am married with a one-year-old child, but my wife is a stay-at-home mom. And how old are you? I'm 39 and she is 41. Okay, all right.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
I mean, I do have the mortgage, which is, you know, it's in California, and it is a sizable mortgage of about $739,000 at a 6.74%. But the house itself is worth about $1.9 million. All right.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
So out of what I say the net worth, about $2.1 million is in brokerage and index fund that follows large mid-cap U.S. market. And then about $150K is liquid, mixed between check and savings. about $510,000 in my 401k, about 500 K in my wife's 401k. And, um, So that's liquid, and then about 500K in company RSUs, which are investing in approximately one-third every year.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
So I've been fortunate enough to amass some money over the years through just working and some very nicely timed company acquisitions. And now I would like to make one of my childhood dreams come true. I like to buy a super car that's worth about $250,000. Cool. Which car?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
uh specifically the lamborghini um huracan a used one that's a beast yeah usually 250 you're right news what 450 yeah i think so yeah yeah okay cool so what your model would that be Well, looking on some of these websites, anywhere from a 2015 to a 2017, 2018.