š ā Are you on track with the Baby Steps? Get a Free Personalized Planā š± Watch the full episode for free in the Ramsey Network app. Ken Coleman and Jade Warshaw answer your questions and discuss: "Should I drain my savings to pay off debt if I have a one-year-old?" "I'm 64 years old and my investments aren't making money," "How can I get out of a debt relief program?" "How can I grow my savings while working on my career?" "Should we share details about our financial situation with our kids?" "How do I deal with a family member who brags about how much money she makes and spends?" "How do we get out of $1M in debt?" Next Steps: ā ā Help us make the show better by taking this short survey!ā š Have a question for the show? Call 888-825-5225 weekdays from 2ā5 p.m. ET or ā send us an email.ā šµā ā ā ā ā ā ā Start your free budget today. Download the EveryDollar app!ā šļø ā ā ā Dave Ramsey and John Delony are going on tour this month! Get tickets today š Find a Ramsey Trusted Real Estate Agent š°ā HurryāYour chance to win $5k is almost over! Enter the Ramsey Cash Giveaway today!ā Connect with our Sponsors: š Stop paying more and start shopping smarter at ā Aldiā š± Get 10% off your first month ofā BetterHelpā š±Go to ā Boost Mobileā to switch today! š„ Learn more aboutā Christian Healthcare Ministriesā š” Get started today withā Churchill Mortgageā š Get 20% off when you join ā DeleteMeā š¦ Go toā FAIRWINDS Credit Unionā for an exclusive account bundle! š„ Save 15% on your first ā Field of Greensā order with code RAMSEY āØ Find top Health Insurance Plans at ā Health Trust Financialā šø To find out more about student loan refinancing, check outā Laurel Roadā š» Visitā NetSuiteā today to learn more šļø Use promo code RAMSEY for 18% off at ā The Nokboxā šµ Learn more about ā Timothy Planā š Get started with ā YRefyā or call 844-2-RAMSEY š Visitā Zander Insuranceā for your free instant quote today! Explore more from Ramsey Network: šø ā The Ramsey Show Highlightsā š§ ā The Dr. John Delony Showā šø ā Smart Money Happy Hourā š” ā The Rachel Cruze Showā š° ā George Kamelā šŖ ā Front Row Seat with Ken Colemanā š ā EntreLeadershipā ā Ramsey Solutions Privacy Policyā Learn more about your ad choices. Visit megaphone.fm/adchoices
Chapter 1: Should I drain my savings to pay off debt if I have a one-year-old?
And you're going to lose some skin in the game. Yeah, you're going to lose a little something in this.
100%.
100%.
Yeah.
What about the money I've already paid to the one? Because I paid 18 months worth, which is about half. It's still paid.
The creditor still received it. The balance has still gone down. So that's been paid. Your balance is not going to suddenly shoot up because they're two separate companies. You've got the debt consolidation entity that's holding a small pool of your money. Then you've got the actual creditor who is accepting the money. And once that's been accepted, the balance is the balance, if that makes sense.
Yeah, see, we've kind of done this wrong. We started on, like, baby step two. But we do have baby step one done, and we're in the middle of baby step two. My car will be paid off this year. Good. And that's the only car payment I have. Good. And it's worth a lot more than I owe. Oh, okay. I was thinking about selling it, but my wife's going to throw a fit if I do.
Well, tell me more.
Tell me more. Well, the car, okay, I told her that we owe about $150 on her house. The car is worth about $28 to $30. I owe $5 on it. Oh. It's a limited edition, but it's very rare. That's the big thing about it. What is it? It's a 2012 yellow jacket. It's a Challenger SRT8, but they only made 1,300 of them.
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Chapter 2: What should I do if my investments aren't making money?
There's psychology around people, what they make.
Yeah, you're right.
This has been a theme today. Should kids know? My point is, the minute you give me a number, I got my number. And my number is either above that or my number is below it.
What's an expensive bottle of rum?
$100?
Yeah. Expensive. I didn't say affordable. I said if you said... I'm just kidding.
That's expensive. I'm just kidding. I'm just proving your point.
Yeah, exactly. When you throw a number out there, folks, it gets dangerous. Stay away from the numbers. I hate to admit this, but I don't always eat right. I know I need to eat more fruits and veggies, but sometimes I just have to pound some chips because they taste so good. That's why I love my Field of Greens. It helps me eat healthy when I don't have much time.
And each fruit and vegetable in Field of Greens was doctor selected for a specific health benefit. Heart, lungs, kidney, metabolism, even healthy weight. And folks, I ain't getting any younger. It's super easy to mix with water. And here is the great part of it. I thought it might taste like grass, but it tastes great. And only Field of Greens makes this promise.
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Chapter 7: What steps can we take to get out of $1M in debt?
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This is The Ramsey Show, where America hangs out to have a conversation about their money, their profession, and their relationships. The phone number to jump in today is 888-825-5225. 888-825-5225. Alongside the incomparable, the fabulous, the wonderful, Jade Warshaw. I'm Ken Coleman. And we're here for you. Jay's going to help you today on how to save that money, budget that money.
And I'm going to help you on how to make more of the money. And we weigh in. We always have a good time. You never know what we're going to agree on or disagree on. It's quite exciting. I love it. It's a bit of potpourri, I like to say. Okay. You never know. Just a wonderful little bowl. A mƩlange. That's right. We're going to start it off with George in Riverside, California today.
George, how can we help you today?
Hello. So I've been talking to my wife about whether we should pay off our vehicle or just save our money in the bank. We have about $32,000 in our savings account. And then we still owe about $35,000 into our CRV. We bought the vehicle because we wanted a bigger car because of our growing family. And the car that we had previously was just too small. That's where I'm currently at.
I don't know whether I should just pay it off in full or should I just keep on making my payment each and every month? Is that your only debt? That's my only, aside from my mortgage.
Okay. Yeah, you know, let me see if I can frame this in a different way. I mean, we're always going to tell you to pay off the debt, right? That's kind of what we're known for around here. Maybe the why behind the what will kind of help you get your head around it. Is that what it is? Like, why would I do this?
Yes.
So for me, whenever I'm looking at debt, I am viewing debt synonymously with risk, right? There's always this risk. As long as I have payments, as long as I have debt, there's always a risk hanging over my head and hanging over my shoulders. So in this case, it's $35,000 that you're sitting on.
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