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The Ramsey Show Highlights

I'm 18 With A $1,000 Car Payment (Only Making $1,500 A Month)

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 15 April 2025

⏱️ 10 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

Brought to you by the Every Dollar app.

0:04.2

Start budgeting for free today.

0:06.8

So I'm currently 18 and by the time I graduate I'm probably looking at a hundred to

0:13.0

$120,000 loan that I'm sitting at and my current car is under my mom's name with her interest rates on it.

0:22.5

And her credit got ruined by my dad leaving.

0:25.4

And I'm looking to switch the car with way less percentage of interest.

0:31.7

But I have to max out my credit cards for the down payment to put on it. And I don't know what to do if it's even worth it

0:39.9

or not what's your car what do you owe on the car I'm sitting so I bought the car

0:46.5

I'm looking at $41,000 I know and you're a college student um first year yes with a 40,000 dollar freaking car what are you doing

0:57.6

with a 40,000 car you're a college student I had a 70,000 dollar car and another 60,000 I sold it

1:05.6

I made profit but my mom's credit got ruined and they gave me a 12% interest on it and I didn't realize until yesterday

1:13.8

when I checked and I only had it for five months.

1:17.0

I don't think this is your mom's fault.

1:18.8

You bought a $30,000 car and you're in a $40,000 car and you're in college.

1:24.1

You get a $4,000 car.

1:26.6

Do you make any money?

1:27.4

What's your income? So I'm sitting at $1,000 to $4,000 car. Do you make any money? What's your income?

1:29.2

So I'm sitting at $1,000 to $1,500 from my work at retail.

1:35.1

And I had side businesses before, and I had like about $70,000.

1:40.6

I blew it all.

1:42.1

And now I make maybe $500 to $1,000 for my side businesses a month.

1:47.4

Okay, do you have any money saved?

...

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