📈 Are you on track with the Baby Steps? Get a Free Personalized Plan Jade Warshaw & Ken Coleman answer your questions and discuss: "I'm scared my impulse buying will put my family in jeopardy," "Should I wait to pay off my credit card debt?" "Should I take out a HELOC and invest those funds?" "How do I get out of a $33k car loan?" "My mother-in-law stole $13k from us," "Do single people have a shot at purchasing a house?" 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 📱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! 💼 Connect with a RamseyTrusted tax pro for help with payroll and more 💵 Start your free budget today. Download the EveryDollar app! 📙 Check out George Kamel's Breaking Free From Broke today. 🪑 Check out Front Row Seat with Ken Coleman! 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
Chapter 1: How can impulse buying jeopardize your financial stability?
This is the Ramsey Show, America. It's where we help you win with your money, win in your profession, and win with your relationships. Alongside the fabulous Jade Warshaw, I'm Ken Coleman. Phone number to jump in, 888-825-5225. 888-825-5225. You ready to roll? Let's rumble. Let's go. Eli is joining us in Dallas, Texas. Eli, how can we help?
How are you doing, guys? Thank you for taking my call. Man, I'm not even quite sure where to begin, but I seem to have a ginormous problem handling my finances. I am 27 years old with a wife and two kids and I have one on the way in July and I'm just kind of like up to my throat in stress on trying to figure out what I got to do to stay the course in trying to be debt free.
I've been a part of the show for about six months now. I even bought Dave Ramsey's The Total Money Makeover. And everything was going well. I had Baby Steps 1 working into 2. I had everything listed from smallest to largest, paying the smallest stuff off. And then right around the holidays, I kind of just fell off a cliff, started buying things I didn't need. And just recently, I got into a...
$2,100 purchase of headphones. What do you mean you got into it? I, uh, it did not take very much convincing to be truthfully honest. Um, I love, I love music and stuff like that. So it didn't take much convincing for me to buy them. Um, I was leading emotionally rather than thinking rationally. And that's when I kind of realized I've got a problem and I just, I cannot, um,
I just can't get out of it. Okay.
So let me ask a quick question, Eli, on this, because I love how vulnerable you're being. And I think you've nailed it. I think you've diagnosed what's going on, that you can't do this on your own. And so we're going to walk with you on this call.
But before we dive in deeper, I'm just curious, if you'd be willing to share from your gut, what do you think is the emotion that's driving all these impulse purchases for you? What do you think it is? How would you describe it?
I believe desire would probably be the best thing I can come up with. Just the sheer desire of wanting to get, you know, anything that I've always wanted, stuff that I didn't get when I was growing up.
Stop. There it is. So now we're going to go deeper for a second. Okay. You said desire, but it's actually something else. What do you think it is based on the fact that you didn't have it when you were a kid and now you want it? What is the deeper emotion? It's deeper than desire. What's driving the desire to get stuff? What do you think?
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Chapter 2: What should I do if I can't manage my credit card debt?
I'd start there. Yeah.
I'd get rid of those.
It's sort of selling all the stuff you've bought that you can still sell.
OK, I got you. I do believe I'd go back. I do believe I have a 30 day warranty of some sort where I can exchange them or return them for a refund. But I'd have to double check on that just to make sure that is accurate.
And let me hit you with something else, Eli. I've heard Dr. John Deloney say this, and it's so true. Your stuff talks to you. Your stuff, it does.
It talks to you.
And I bet you when you walk by it, because you've said what it is that you truly want, let your stuff talk to you and it talk you out of doing this again. Because I bet when you walk by those headphones, they're like, you said you were going to make things right with your family, right? When you walk by those purchases, they're telling you everything that you said you were going to do.
So by you getting rid of them, selling them off, and let it be a reminder of what you said you wanted to do and start surrounding yourself with things that are telling you the right thing.
Good stuff. Thanks for the call, Eli. This is The Ramsey Show.
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Chapter 3: Is it wise to take out a HELOC to invest in mutual funds?
Yeah, before you leave, we'll make sure you're set up with every dollar, the premium version, because it's going to help you build that habit of budgeting, checking in with your money every single day, and tracking your transactions. So we'll make sure you have that. I'm also going to give you the total money makeover because...
I think being able to read that and read other people's stories, you'll be able to see yourself in those stories and you'll be able to pinpoint, like I said, what went wrong here. You'll be able to accept that so you don't end up in this situation again, which is so important.
Get after it, Kelly. Everything you got. You don't take no for an answer. A no is just not here. And just keep on moving forward. All right, quick break. We'll be right back. This is The Ramsey Show.
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Welcome back to The Ramsey Show alongside Jade Warshaw. I'm Ken Coleman. Glad you're with us. 888-825-5225. Hey, the best way to make the most of your money is by creating and then sticking to a monthly budget. That's why we created EveryDollar. We believe it is the best budgeting tool on the planet. Help you plan spending, track expenses, save for what matters most to you. And it's easy.
You can download EveryDollar for free in the App Store or Google Play or click the link in our show notes if you're listening on YouTube or your favorite podcast platform. Now, our last call. Jade and I were talking during the break. I want to revisit this quickly because Jade got fired up.
And, you know, listen, bottom line is, and love Kelly, want to help Kelly, but it is a difficult thing to lose one's job or to see an interruption. It just is. Psychologically, we've got to call that out. It's difficult. And so it can really throw us off.
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Chapter 4: How do I deal with a family member stealing money?
And did you have like a little cheat sheet of the basics you could help with and then you handed them off to somebody else?
No, it was the tax software. So if they had trouble with the tax software, but you have to understand the taxes to be able to do that. So I learned a lot. So I learned, that's what I'm saying. You'll learn what you like, what you don't like.
Okay. On a scale of one to 10, how soul sucking was it?
Um, I chose for it not to be soul sucking because like I said, it was 2020. There was enough that was sucking out our souls.
So my point is it was no, but that's you because you're mentally tough. I'm saying how rough was it?
It was hard because to go from making... There you go.
you know over 200 and some odd you're singing whitney houston covers yeah in a fabulous probably a nice suite with your hubs traveling all around the world and now all of a sudden you're on a you're that's not fun that's the point yeah i'm saying hello you sucked it up big time
sucked it up you gotta suck it up you gotta do what you gotta do for your family okay come on uh so that was number three you'll learn uh what you like what you don't like number four you'll just be a productive person okay because sometimes ken you just gotta get out of bed you gotta take off your sweatpants hit the pavement knock on some doors make some phone calls like you gotta be productive make something happen
make something i love it otherwise you're just going to be getting depressed i love it about the fact that you don't have a job all right which leads me to number five it'll build your confidence going to a job i don't care if you're a greeter at walmart getting up and taking pride in what you're doing and being the best at whatever it is that you do colossians 3 23 whatever it is that you're doing work at it as though you're working you know for the lord not as unto man what right i didn't quote it right but you know what i'm saying
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