Do You Know Where Your Money’s Going?

The Ramsey Show

Ramsey Network

Education, Investing, Business, Self-improvement

4.5 • 38.5K Ratings

🗓️ 20 September 2024

⏱️ 83 minutes

🔗️ Recording | iTunes | RSS

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Summary

📱Watch the full episode for free in the Ramsey Network app. George Kamel & Jade Warshaw answer your questions and discuss: "I have $164K in a HELOC and $0 in savings," "Is it ethical for my boss to stop giving bonuses?" "What's the correct way to set up a budget?" Why you need to start paying your student loans, Can Young People Buy a Home in 2024? These 5 Millennials Proved It’s Possible, How to Set Boundaries: 7 Simple Steps, Support Our Sponsors: 🌱 Get 10% off your first month of BetterHelp 🏥 Learn more about Christian Healthcare Ministries 🏡 Get started today with Churchill Mortgage 🏦 Go to FAIRWINDS Credit Union for an exclusive account bundle! 💻 Visit NetSuite today to learn more 🚨 Get 15% off a medical emergency kit at The Wellness Company 📖 Learn More about Timothy Partners 🏛Get started with YRefy or call 844-2-RAMSEY 🔐 Visit Zander Insurance for your free instant quote today! Next Steps 🤑 Learn How to Build a Budget 🏘️ Free Tools & Resources to Reach Your Home Goals 📞 Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET or click here! 🏠 Find a Ramsey Trusted Real Estate Agent 💵 Start your free budget today. Download the EveryDollar app! 🛳️ Live Like No One Else Cruise ⚡️New-Must Have Money Book for Teens! 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

Transcript

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0:00.0	The Live from Ramsey Network, it's the Ramsey Show where we help people build wealth, do work that they love and create amazing relationships.
0:23.2	I'm Ramsey Personality George Camel joined by the inimitable Jade Warsaw this hour.
0:29.1	Open phones at AAA 255 225.
0:31.7	If you want to jump in, we'll talk to you about your life and your money and
0:34.8	remember it's just two people's opinion take that with a grain of salt and be kind.
0:40.4	Let's start off with Michelle in Hartford, Connecticut. What's going on, Michelle?
0:44.0	Hi, thank you for taking my call.
0:47.0	Sure, how can we help?
0:49.0	So my question is, should I be contributing more money towards my retirement or paying off my helock
0:56.2	which is about 160,000 at 3.99% for a year.
1:03.0	Oh, wow. What caused you to take out such a large helock?
1:07.0	So I purchased a house last year and it needed a lot of renovations and my plan was to pay it off in cash which I had and not
1:18.2	have a mortgage.
1:19.2	But just in case I took out a he-lach, just in case I needed a little bit of extra.
1:24.0	Instead of fixing it up little by little, I decided it was just going to be cheaper just to do it all at once, and I did, so I went over obviously over budget and then also I decided to go back to school and take some classes for a side gig
1:41.1	So that went on as well.
1:43.0	So that's how I got the he-lock.
1:45.0	Is it the only debt that you have?
1:47.0	Yes.
1:48.0	Okay.
1:49.0	And are you currently investing, like I'm basically asking you if you're walking through our baby steps.
1:54.0	Are you investing 15% of your income now or are you doing any investing?
	...

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