📈 Are you on track with the Baby Steps? Get a Free Personalized Plan 📱Watch the full episode for free in the Ramsey Network app. Dave Ramsey & Ken Coleman answer your questions and discuss: "How do I recover after a bankruptcy?" "Should I go into debt to visit my sick parents?" "Do I have enough saved to be self-insured?" "Should I go into a partnership with my attorney?" "Can you explain what a 'shared mortgage' is?" Support Our Sponsors: 🌱 Get 10% off your first month of BetterHelp ◎ Get 10% off Byrna product bundles and more! 🏥 Learn more about Christian Healthcare Ministries 🏡 Get started today with Churchill Mortgage 🔒 Get 20% off when you join DeleteMe 🏦 Go to FAIRWINDS Credit Union for an exclusive account bundle! 🥗 Save 15% on your first Field of Greens order with code RAMSEY 💤 Visit Helix Sleep for special offers! 💻 Visit NetSuite today to learn more 🗂️ Use promo code RAMSEY for 18% off at The Nokbox 💵 Learn more about Timothy Plan 🏛 Get started with YRefy or call 844-2-RAMSEY 🔐 Visit Zander Insurance for your free instant quote today! Next Steps 📞 Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET or click here! 🎄Hurry—Your chance to win $5k is almost over! Enter the Ramsey Cash Giveaway today! 🎁 Our 50 days of Christmas deals are ending soon! Get 30% off meaningful gifts. 💵 Start your free budget today. Download the EveryDollar app! 🎟️ See Dave and John LIVE in a city near you! Listen to more from Ramsey Network 🎙️ The Ramsey Show 🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💸 The Ramsey Show Highlights 💰 George Kamel 💼 The Ken Coleman Show 📈 EntreLeadership Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices
Chapter 1: How can I recover after a bankruptcy?
Hey, Dave. How are you?
Better than I deserve. How can I help?
Okay. So, I am 27 years old, and I just finished filing, well, I mean, just completed Chapter 7 bankruptcy, and I have No idea what to do next financially at all.
I'm sorry. Wow. Are you working?
Yeah, so right now I'm just bartending. I'm still trying to find a job in my career field in the meantime.
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Chapter 2: What should I do with leftover money at the end of the month?
Which is what? What field is that?
I have a degree in chemistry, so I was working as a lab assistant, but it was a contract-based, and my contract wasn't renewed.
So what's the path though? What's the ideal path that led you to a chemistry degree? Where do you want to be?
Um, I, I thought I just wanted to be a chemist. Um, not sure if that's still what I want to do at the moment.
Well, I'm not worried about the moment, but I am trying to think about this long-term play because now you're, you're, you're rebuilding your life. So is chemistry off the table, a career in chemistry off the table, or is it still on the table?
They're still on the table. I'm still on the table. What's that income look like?
What would be a top, top income in your field?
Um, usually like around 70, 80,000. Okay.
So, uh, Ray, what happened? Why'd you file bankruptcy?
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Chapter 3: Is it okay to go into debt to visit sick parents?
I bring in anywhere from $80 to $120. Why can you not find $1,000? $1,000. I dug myself a little hole before I had kids and bought more expensive cars than I should have, and I'm paying the price now.
So you don't have $1,000? You make $120,000 a year, you don't have $1,000? I have $2,000 in savings. Then take $1,000 and go to Florida. Okay.
Why did you call me and ask me to borrow money when you have $2,000 in your savings account? Oh, I wasn't calling to borrow. I was calling just for some insight.
No, you were saying is it honorable to borrow money because my parents are sick and dying so I can spend some time with them before they leave this earth and I have to borrow money to do it. But you don't have to borrow money to do it.
Yeah. I was just trying to figure out if I should keep the $1,000 or $2,000 for... Let me reframe this for you, okay?
If you borrow $1,000, you're not borrowing it for your sick parents. You're borrowing it to put it in savings. Because it's the same thing. If you take $1,000 out of savings and you borrow $1,000 for this trip and put it back in savings, it's the same thing. So you're really not borrowing for the parent's trip. You've worked this whole drama thing up in your head.
You're really borrowing so you don't have to deplete your little savings account. See the difference?
Yeah.
Now, what this is, if I'm you, is my wake-up call. It's time to do some different stuff, Alex. Agreed. You make too much money to be this freaking broke. You work too hard to be this freaking broke, dude. Yeah. What's the depression from? You sound like you're walking around in a mud hole.
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Chapter 4: How much do I need to be self-insured?
Chapter 5: What is a shared mortgage?
Live from the headquarters of Ramsey Solutions, this is The Ramsey Show, where we help people build wealth. do work that they love, and create actual amazing relationships. I'm Dave Ramsey, your host, number one best-selling author, and Ramsey personality Ken Coleman is my co-host today. As we answer your questions about your life and your money, the phone number is 888-825-5225.
Merry Christmas, America. We're so glad you're with us. Brittany is going to start this segment in Charlotte, North Carolina. Hi, Brittany. How are you?
Hi, I'm wonderful. How are you today?
Better than I deserve. What's up?
I've got a question for you. So my husband and I have started doing the baby steps. We have started our budget and we are just trying to figure out where do we put this leftover money that we have at the end of the month? I have quite a few student loans as well as our car payments.
We have a credit card, and we have a $10,000 personal loan that my husband just had to take out because he had issues with his truck. So I'm just trying to figure out what's the best bang for our buck as far as this leftover money that we have at the end of the month.
Okay. $10,000 worth of issues on a truck?
Yeah.
What?
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