Leslie
Appearances
Global News Podcast
The Happy Pod: The professionals and tradespeople cleaning up Ghana
Having a blood sample, they're really very supportive of each other. Because I think Lacey found it quite difficult having a blood sample in school for the first couple of times, but Betsy was really encouraging. So it made the whole process easier.
Global News Podcast
The Happy Pod: The professionals and tradespeople cleaning up Ghana
We're all waiting for your reaction.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Hi. So I have, it's kind of like a three fold question. We got ourselves into quite a big mess with our finances. We took out a HELOC on our house a little over five years ago and when we did it, they did not, all they told us was that it was 1% interest rate. It would be, it would take care of all the debt that we had. We wouldn't have that debt hanging over our head anymore.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
And we would be fine. So we did that. They did not tell us that the HELOC would balloon or mature, which it did. And now they're saying that we have to refinance the HELOC or pay off the total amount. And on top of having to do that, we have to include our other debt as well.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
On top of that, which I'm sorry, what was that?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Uh, so we have two credit cards through the bank and then we have, um, six other credit cards that had gone into collections. And we were working with them to pay those ones off the ones through the bank. We cut up the cards. when we found you guys and stopped using them, but they still have a balance and we're current on it. It just still has the balance.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
So it's $17,000 for one with the bank, another $4,400 with another one from the bank. And then with the ones that had gone to collections that we were working with them on, that total is about, about 19,000 total. And they're saying that we have to include,
The Ramsey Show
It’s Never Too Late to Start Building Wealth
The two through the bank and two of the ones that had already gone through the beginning legal proceedings of the other credit cards, which one was $7,000 and another one was $2,400. And they want to include all of that onto the HELOC.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Yeah, so that was my question. I guess I didn't lead with that. I was wondering, so they're saying this is our only option, and this is the trap we fall into every time. I understand it was us that got us into this situation, but as soon as we did that, COVID hit like a year and a half later. And then I had a company reach out to us and tell us it was a debt relief company.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
And they said to, yeah, I fell for that. They said to not only... Stop making payments.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
And beyond that, they said to, because they would just take care of everything and the payments would just kind of go away. They would be able to settle it all to max out the cards because the more debt that we had, the more they would be able to work with them, the more likely they would be able to get rid of it.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
I understand how insane that sounds, and I feel like an idiot.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Yeah, and that's why I was calling you guys because I don't want to do the same stupid thing over again. They're telling us this is our only option, and I've heard you guys say countless times there are other options.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
So we do have our mortgage company, our main mortgage company that we work with. And that was going to be my other question was, would it be better to reach out to them and see if we worked with them and explain to them that we had the HELOC with the bank and that now it matured and see if we can work with them instead of adding all of this additional debt onto our house?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
So we can afford to live in the home. My husband brings in on average $2,000 a week. Our mortgage is, um, well, we had a, we were behind a little bit on the escrow because of our homeowner's insurance that had to switch. So they added that onto the principal. So it went from $1,300 to $1,700 a month. So, I mean, the mortgage payments are not a problem.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
To talk to the mortgage company to do it all in one.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
The total amount or the payment amount?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
$29,000, and they want to add that $17,000. Plus the 45, plus another 10. So we're looking at over $60,000 that they want to put onto the HELOC.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Well, we would only need to add... They want to add all of that on. The HELOC itself is only $29,000, but they're telling us that in order for them to redo the HELOC... No, we're not redoing any of that crap.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Yeah, and they're telling us that we won't, and I don't believe them.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
We have... All of our current debt that we have is through the bank. We have a van payment through them. We have a camper through them. And we have the two credit cards that we already cut up and don't use.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
How much money do you need? We are planning on selling the camper, but we don't know how we would be able to sell the van because we're upside down on it.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Hi. Hi. My question is, should I take out a loan to purchase a family veterinary practice?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Yes. So, um, this is a father daughter business. My father owns the business. Um, I have been working in the business, uh, for almost 11 years now as an associate veterinarian. I'm not a partner. I'm not an owner. Um, and I work full time as a veterinarian. I've got two little girls, beautiful little girls, um, one and four and a half. And my amazing husband works as a school teacher. And, um,
The Ramsey Show
It’s Never Too Late to Start Building Wealth
My, um, my, I guess my, uh, currently the practice, um, is grossing, uh, last year in 24, um, we grossed 1.3 million and our profits are 80,000 a year. Um, my biggest question and my brother actually said that I should call and ask about this because, um, My gut reaction is absolutely no. I do not want to purchase this practice with a loan.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
But the reason the question is coming up is because my husband and I, in June, finally paid off $250,000 in student loans. Yeah, you did. Congrats. Way to go.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
And we are debt-free except our mortgage for the first time in our lives.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Yeah, so we've been talking about it for years now. I'm pretty vested emotionally in the business. I'm a 120% kind of person, and so I... I run the day-to-day and I manage our team. And so we have talked in the past and I've been very undecided if I wanted to move forward with purchasing the practice or at least becoming an owner. And my...
The Ramsey Show
It’s Never Too Late to Start Building Wealth
And I finally agreed that, yes, if we can do this, if we can figure out a way last year, about a year and a half ago, I said, we can figure out a way without me having to take out a loan to do this. I'm on board. And it came up again recently. And he said that he didn't actually believe me when I had told him that I didn't want to take out a loan when it came up again.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
And so that really made me feel very unheard. And our relationship is very strained because of this business. And I have worked really hard to try to be mentally healthy for my patients and sometimes working against him.