📈 Are you on track with the Baby Steps? Get a Free Personalized Plan Rachel Cruze & Jade Warshaw answer your questions and discuss: "My husband hides everything regarding our finances," "Should I get a traditional job?" "How do I save up for a divorce?" "My in-laws want to gift us a partnership, should we accept?" "I'm $200k in debt and unemployed," "My wife wants to move but we can't afford it; how do I tell her?" 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 ⛨ Find top Health Insurance Plans at Health Trust Financial 💸 To find out more about student loan refinancing, check out Laurel Road 💻 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 📖 Check out our State of Personal Finance study 📱Watch the full episode for free in the Ramsey Network app. 📞 Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET or click here! 💵 Start your free budget today. Download the EveryDollar app! 📙 Check out George Kamel's Breaking Free From Broke today. 💼 Connect with a RamseyTrusted tax pro for help with payroll and more 🪑 Check out Front Row Seat with Ken Coleman! 🏠 Bundle your insurance with a trusted independent insurance agent 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 🪑 Front Row Seat with Ken Coleman 📈 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 do Rachel Cruze and Jade Warshaw help listeners with their financial issues?
Live from Ramsey Solutions, it's The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I am Rachel Cruz, hosting this hour with bestselling author and my good friend, Jade Warshaw. And we are answering your questions. So give us a call at 888-825-5225. We'll be talking about your life, your money, your relationships.
All of it.
Anything and everything, we are here for you. So first off, kicking us off this hour is Jocelyn in Lubbock, Texas. Hi, Jocelyn. Welcome to the show. Well, for taking my call, how are you doing? We're doing great. How can we help?
Chapter 2: What should you do if your spouse hides financial information?
Well, actually, my husband and I have been together for 26 years. We have three sons, and he works as a software developer, and I'm a stay-at-home mom for 20 years. And he handled all the monies, and I take care of the kids. So it worked quite well until eight years ago. I kind of expected him to step up for our twin son, but that didn't happen. So I wasn't happy, and then our marriage turned out.
And since then, I no longer allowed to know the household finance. He gave me a credit card to buy food and necessity for the kid and for the family. But I don't know how much he makes anymore. And he doesn't even ask me to sign the tax return filing. So I really don't know what's going on. And I asked him.
well during the covert he almost died at the hospital and i asked him um you know the password to pay the bills on his laptop and uh you know he refused to do that and then i had to bring his laptop to the hospital but then after he get better and um he got home and i told her him that you know, I should know our finance.
And just in case if he goes to the hospital again and he said, you know, he'll, he said, I will figure out after he died.
Oh my gosh.
Yes. So we have been living like a housemate and, uh, I take care of the kids and like a married single mom. And, um, he's like a married bachelor total check out. So I don't know what I should do from this point on. And, um, You know, this is my only marriage. And I have, you know, like, I think this is it for me. But then I don't know how to turn this thing around.
Yeah. Jocelyn, I'm so sorry. Thank you. How old are your kids? My oldest one is 18.
It's going to be 19. And I have twins. They are going to be 16. Okay. So, I mean, they are probably getting out of the house.
doing but I mean yeah I mean I mean at that point at this point Jocelyn from the information you've given us to me this is um way more of a marriage issue. I think the effect and the symptom is that he's isolated himself with the money, which is a problem in and of itself, but it is a symptom of what's going on from the root of your marriage.
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Chapter 3: Should you get a traditional job or continue with a small business?
So go to ramseysolutions.com slash taxpro to find CPAs and enrolled agents that have been vetted by the Ramsey team. Again, that's ramseysolutions.com slash taxpro. Next is, is this Isaiah? Yeah, from San Antonio. Hey, welcome to the show.
Thank you so much for taking my call.
Absolutely. Thanks for calling in. How can we help?
Awesome. So basically, I'm 18 and I got married this year in January. and I'm super young. I own a home service business with my actual twin brother, so we're both 18, and we've been running this for about a year and a half, and I just want to know if I should maybe look at getting a traditional job because there is an opportunity for right now to make more money.
Sorry, I didn't mean to cut you off. I thought you were finished. Keep going.
All good. Yeah. So I just want to know if maybe looking at getting a traditional job would be a better idea. Um, just for consistent income. Um, I also moved out this year, so maybe, well late last year, so basically this year, but uh, all kind of happened at the same time. So I have a lot more responsibility, a lot more bills.
And I just want to know if maybe getting a traditional job, um, especially specifically something in sales where I'm something I'm already really proficient at, um, where I have the opportunity, you know, to make a lot of money.
I just want to know if maybe that is a better avenue to take than continuing to grow this business, especially with the, you know, inconsistencies that can often come with small businesses.
Maybe. I mean, let's, what are you making right now and what are you guys projecting?
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Chapter 4: How do you save for a divorce when in debt?
Welcome back to The Ramsey Show. I'm Rachel Cruz hosting today with Jade Warshaw. And on this show, we talk about living like no one else so later you can live and give like no one else. And so this whole journey when it comes to your money and us talking about this so often, there's a season of sacrifice of getting out of debt and saving up cash.
40% of Americans can't cover a $400 emergency in cash. So Even getting above that step, right? I mean, like there's like these small wins along the baby steps. And then you get to a point where you actually start to get to build wealth. And within that, you change your family tree. You have options and choices with your life. You get to be unbelievably generous.
And that's the second half of this journey. So we always like to highlight some stories of people that have...
accomplish the first part and as they move into that second part or living in the second part of living and giving like no one else um always get to talk to them and share their story with you all and so we have rob from new york city on the line and he is a baby steps millionaire thanks for the call rob hey how's it going doing great okay so tell us your net worth right now that's about 1.1 million okay and what does that consist of
So we have about, my wife and I combined about $480,000 in our retirement accounts and then $520,000 equity in our home. We have about $80,000 in paid-for vehicles, $10,000 emergency fund, and about $20,000 in miscellaneous investments.
Amazing. Okay, so for your income, what was the worst year from an income standpoint that you guys made and what's been the best year?
I mean... When I first started my career full time, probably about $50,000 income. And now it's $150,000. And then my wife probably started around $30,000 and is now $90,000. Okay. Awesome.
How old are you guys?
I'm 33. My wife's 35.
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Chapter 5: Should you accept a business partnership from family?
Which would make me get that. And I would take less to get them out quicker so that they don't get repoed because then you have nothing to offset the debt. So even if you have to take less, I would. I mean, this is more of a desperate situation because of what you're in. You know, Maya, it's kind of like, you know,
with you know with people that are behind on their mortgage and it's like you'd rather sell it quickly than get foreclosed on i mean it's kind of the same equivalent so the hard thing though is you've got to be able to give them the title so how are you going to close the gap from the one do you know what i'm saying if you take less how are you going to close the gap so that you can actually sell it free and clear do you have any money anywhere saved
I only have, as of today, probably about $1,000 to my name.
Okay. So what I would do then with that $1,000, because breaking loose on one of these is going to help you avalanche through all of them. So the one that was the least upside down was number two, the one that you owed $28,000 on that was worth $25,000.
If you can just really quickly get 3000 bucks saved and just focus on that one, you even clearing one of these immediately is going to rock your world. Yeah, you know, absolutely. And so that's what I'd focus on. And then after that, they're going to go like dominoes because it's going to clear up that payment. You're not going to feel the stress of it. And so focus on one at a time.
But there's a lot of hope here, like Rachel said.
Yeah, for sure. And what you can do to make money between now and when baby comes is going to be as helpful as possible.
That's right. That's right.
That's right. Maya, if you stay on the line, Christian's going to pick up and we're going to get you with a financial coach to even walk with you through some of this because there's a lot here. And with a baby coming, I know it's just life. It's difficult. So hopefully that helps. Thanks for the call.
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Chapter 6: What are the benefits of bundling insurance?
And then, um, and then I have a property of, uh, my own, uh, rental property, um, that I own. Um, and I do have a mortgage on that.
How much is that?
The mortgage? Uh, it's about 83,000. Okay. Um, it's valued around like 175, 200. Okay. Um,
And where are you living?
I think you guys are, what's that?
Where are you living right now?
Yeah, so I actually, I had another apartment and I was fixing it up and then I actually sold it. I was going to rent it out. So I moved back home to my parents. Okay.
So what's that property? Oh, you sold it. You sold it.
Yeah, I sold it. Okay.
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