How Do I Cope With Rent That’s 50% of My Income?

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 11 January 2023

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Ramsey Call of the Day is a quick, daily dose of advice on life and money in under ten minutes. Hear from experts like Dave Ramsey, Ken Coleman, Rachel Cruze, Dr. John Delony, George Kamel, Kristina Ellis, & Jade Warshaw. Part of the Ramsey Network. Delivered to you five days a week. Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Ramsey Call of the Day, part of the Ramsey Network.
0:10.8	Joining me today is Ramsey personality, Dr. John Deloney.
0:15.6	Paul's in New York City.
0:17.1	Hi, Paul.
0:17.6	Welcome to the Ramsey Show.
0:19.0	Hi, Dave and John.
0:20.2	Thanks for taking my call.
0:21.5	Sure. I just sent it to the total money makeover, and my rent's over 50% of my take-home pay.
0:28.2	I'm a single dad that just went through a really long and expensive divorce, and I'm just trying to
0:33.0	figure out how to get my situation under control. Wow. Sorry. That's horrible.
0:38.5	Well, I mean, can we agree that 50% of your take-home pay is not mathematically sustainable?
0:45.0	Yes, absolutely. And the hard part is I, so I have a two-bedroom apartment so that my son has space.
0:52.8	And my rent is relatively affordable for Brooklyn.
0:59.3	Yeah.
0:59.6	Yeah.
1:00.5	I don't doubt that.
1:01.7	I mean, you live in one of the most expensive real estate markets in the world.
1:05.3	Yeah.
1:05.7	So I don't doubt that, but obviously you don't make enough money to live there.
1:10.1	Yeah.
1:11.2	So one of the two things, if you want to have a sustainable life and not end up with,
1:18.3	you know, substantial financial damage to your life or struggle and have stress,
	...

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