Breaking the Paycheck-to-Paycheck Cycle

The Ramsey Show

Ramsey Network

Education, Investing, Business, Self-improvement

4.5 • 38.5K Ratings

🗓️ 30 November 2023

⏱️ 118 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jade Warshaw & Rachel Cruze answer your questions and discuss: "Should I pull from my 401(k) to pay off debt?" "What's the best way to pay off my truck?" "How should I save money for the future?" "Can we afford to stay in our current apartment?" Living paycheck-to-paycheck, "How can we fix our finances?" "Scammers are after my father, what can I do?" "We hate the house we bought," "How do I start investing?" "Should we give Christmas gifts to teachers?" "Should we pay off our house before investing?" "Pay off debt before buying more rentals?" "Should I drop my car insurance?" "Pay off debt before buying more rentals?" Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET Support Our Sponsors: Zander Insurance Balance of Nature BetterHelp USCCA Neighborly Protect yourself with the right coverage—Take our Coverage Quiz! Start your EveryDollar Free Account today: Click Here Cyber Monday Deals are here! Shop meaningful gifts for as low as $7 this week only!: Click Here Want a plan for your money? Find out where to start: Click Here Listen to all The Ramsey Network podcasts: Click Here Interested in advertising on The Ramsey Show? Click Here Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Transcript

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0:00.0	The Oh, Live from the headquarters of Ramsey Solutions, it's the Ramsey Show where we help people build wealth
0:34.7	do work that they love and create actual amazing relationships. I'm your
0:39.5	host Jade Warsaw. I am joined by one of my favorite co-host Rachel Cruz best-selling author hosts of the Rachel
0:45.0	Cruz show and we are joined together.
0:49.3	Joined forces to answer your questions about life, money, relationships, the holiday season, whatever is
0:54.8	sticking in your crawl, we are going to help it come out of your crawl as we take your
1:00.1	calls. Give us a call, the number is triple 8, 825, 5, 225, and we'll chop it up with you. Let's
1:05.6	go straight to the phone lines. We've got LJ from Tulsa, Oklahoma. What's going on, LJ?
1:12.1	Yes, thanks for taking my call. No problem. How can we help? I'm kind of new to all this. I just recently heard about
1:20.0	y'all because some friends are talking about a concept of debt snowball versus a debt avalanche.
1:26.0	And it got me curious, so I started looking and researching all up and found the baby sets,
1:31.1	and I got some savings, but I saw I'm trying to pay off debt so I'm
1:34.9	looking all the places to get my like hands-on money you know to help pay dead off yeah
1:40.4	and I have a 401k that they call the target date for 1k from a previous job.
1:48.0	Is there any downsides or is that a good place to look and getting money to help pay off it since I'm
1:56.6	currently in 4 or 457 at my new job?
2:01.0	Yeah, I mean I love the fact that you're looking for ways to pay off your debt and I love that
2:04.7	you feel that it's urgent for you to quickly get your debt paid off, but I would not pull from retirement
2:10.8	savings of any kind in order to do that.
2:13.2	And you know the fact that you once had a 401k and now you have a 457,
2:18.0	that's not really a license to do that because it's still retirement money and so there's still penalties and fees if you
2:24.3	were to dip into that money. Not to mention that's not truly the solution, right? We
	...

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