Draw a Line in the Sand and Say “I’m Done!”

The Ramsey Show

Ramsey Network

Business, Education, Investing, Self-improvement

4.6 • 36.7K Ratings

🗓️ 15 January 2025

⏱️ 86 minutes

🔗️ Recording | iTunes | RSS

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Summary

💳 Share your thoughts and you could WIN a $500 Gift Card! 💸 Start taking control of your money in 2025 at our free livestream George Kamel & Ken Coleman answer your questions and discuss: "I'm $68k in credit card debt, should I file bankruptcy?" "Can I go back into debt to upgrade our house?" "How do I figure out what a "fair" salary is?" "Is it too late for me to start investing at 65?" 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 💸 Learn more about opening a high-yield savings account with 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 📱 Listen to 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! 📈 Are you on track with the Baby Steps? Get a Free Personalized Plan 💪 Invest with confidence! Get tickets to Investing Essentials ☂️ Get trusted insurance coverage that fits your budget 💵 Start your free budget today. Download the EveryDollar app! 💰Watch 90-Day Money Makeover 🏘️ Free Tools & Resources to Reach Your Home Goals 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	Hey guys, if you're ready to get ahead with money and start building wealth this year,
0:03.8	don't miss our free take control of your money, live stream.
0:07.2	It's on January 23rd, and you could win $4,000 just for signing up.
0:11.8	You got nothing to lose.
0:12.7	Go sign up right now at ramsysolutions.com slash live stream.
0:20.4	Music Live from Ramsey Network, it's the Ramsey Show, where we help people build wealth, do work that they love, and create amazing
0:38.6	relationships. I'm George Campbell, joined by my good friend, Mr. Ken Coleman, and we're here to
0:43.5	serve you in whatever's going on in your life. Maybe it's the job that you want to quit. Maybe it's
0:50.2	that side hustle thing that you want to go do. Maybe it's how do I move up in my career? How do I
0:56.0	get out of debt? We're here to answer those questions and help you take the right next step.
0:59.7	The number to call is AAA-825-5-2-2-25. Dante's going to kick us off in Chicago. What's going on, Dante?
1:09.3	Hey, guys. I just have a quick question.
1:12.3	So I'm $68,000 in debt, credit cards and loans.
1:16.6	50 of it has already been charged off from the bank.
1:20.4	The other 18, I'm still currently paying off.
1:23.5	So my question to you is, what do I do with the 50 grand that's been charged off?
1:32.1	I don't know if I should do bankruptcy or like debt relief program or what are my other options.
1:46.5	None of that. And here's why. Number one, you're not actually going to change any of the habits that got you here. So we got to dig into that part of what caused me to go $68,000 into debt with money I don't have.
1:50.9	And the other piece is it will destroy your financial life for the foreseeable future.
1:58.9	So what I'd rather see you do is go, what do I need to do with my income and my spending in order to climb out of this thing in the next 18 to 24 months?
2:02.9	If that was the only option, then you start getting creative.
2:04.7	You got, all right, what can I do with my work?
	...

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