Don't Borrow Against Your House To Buy Groceries! (Hour 3)

The Ramsey Show

Ramsey Network

Education, Investing, Business, Self-improvement

4.5 • 38.5K Ratings

🗓️ 12 July 2023

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

Ken Coleman & Rachel Cruze answer your questions and discuss: Why you shouldn't have a mortgage that's 40% of your take home pay, from the blog: Mortgage Calculator How to determine how much of an Emergency Fund you need, from the blog: A Guide to Your Emergency Fund "Should we do use a first lien HELOC to buy our first home?" from the blog: Mortgage Options to Avoid What to do when you can't get a hold of your budget and are still living paycheck to paycheck, from the blog: Gazelle Intensity: Do You Have It? How to make lasting family memories for little to no money, "Should I pursue a growing side hustle or take a promotion at work?" from the blog: How to Take Your Side Hustle Full Time Support Our Sponsor: Balance of Nature PODS Moving & Storage Neighborly Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET Here's an EveryDollar deal just for our listeners: get a 14-day free trial PLUS $15 off your first year of premium. Click the link below and start budgeting today! www.everydollar.com/TRS Want a plan for your money? Find out where to start: https://bit.ly/3cEP4n6 Listen to all The Ramsey Network podcasts: https://bit.ly/3GxiXm6 Interested in advertising on The Ramsey Show? https://ter.li/s64ye3 Ramsey Solutions Privacy Policy

Transcript

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0:00.0	MUSIC
0:04.8	Live from the headquarters of Ranzi Solutions broadcasting from the pods moving in storage
0:33.7	studio. This is the Ramsey show where we help you win in your life specifically with your money,
0:39.1	your work and your relationships. The phone number to jump in is triple 8 825 225, triple 8 825 225.
0:47.9	Rachel Cruz is my co-host. I am Ken Coleman and we are thrilled to be with you. We'll take your
0:53.3	questions about your money and work related and income issues. Today is Rachel and I sit in
0:59.4	together thrilled to have you with us. John is up in Dallas, Texas. John, how can we help?
1:06.8	Okay. Hello, John.
1:10.5	Hi. Thanks for being on my call. I appreciate it. You bet.
1:14.4	Okay. So I'm a band teacher in the public school. I'm single. I'm debt-free.
1:21.0	I have four months of my income in emergency funds and I'm pretty much in control of my budget.
1:27.0	The part where the reason for my call is that 40% of my income right now is going towards my
1:32.5	mortgage and the way I had tried to justify that the 15% of that was, oh, I'll just cut back on
1:39.4	these ratios of my budget to fit that payment. And so I've been fine. I still have about 13% left
1:48.4	over from miscellaneous after putting in for retirement and savings, but I'm really in college to
1:54.3	find out, you know, I'm lying to myself about what situation I'm in or if I'm truly okay.
2:01.1	And last little thing is I really just found you guys two weeks ago through the happy hour
2:06.5	that you guys have. Oh, yeah. And just start following. Just start following your stuff.
2:12.5	And can't leave last two weeks. So it kind of put me in a guilty place of thinking that that
2:17.9	makes sense. Yeah. Well, you've done a fantastic job up until that point, John, without
2:22.9	following. And it's like, we're the only, some of the only voices out there that are like,
2:27.5	be debt-free, have an emergency fund, all that. And you've done it all just on your own,
	...

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