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The Ramsey Show Highlights

I’m a Millionaire but Still in Debt!

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 20 April 2024

⏱️ 8 minutes

🧾️ Download transcript

Summary

💵 Sign up for EveryDollar today - Create a free Budget! Did you miss the latest Ramsey Show episode? Don’t worry—we’ve got you covered! Get all the highlights you missed plus some of the best moments from the show. Watch entertaining calls, Dave Rants, guest interviews, and more! Next Steps 📞 Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET or click here! 🏦 Take Your 3-Minute Money Assessment - Get a personalized money plan! Listen to more from Ramsey Network 🎙️ The Ramsey Show   🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💰 George Kamel 💼 The Ken Coleman Show 📈 EntreLeadership 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

Brought to you by the Every Dollar app. Start budgeting for free today. Chris, how can we help?

0:08.9

Great. How are you, Ken and George? We're having a blast. I just heard it. I heard it in the way you said, George. That's beautiful. I love the Boston accent.

0:17.1

Maybe a little bit. A little bit. So what's going on?

0:23.0

So I have a question I am currently a my wife and I are

0:26.9

a network millionaires I'm 45

0:29.1

she is 32

0:30.5

I'm struggling a little bit

0:33.3

on kind of what's underneath that

0:35.9

and the approach that I should take.

0:38.5

So we have a house and we also have a second investment property.

0:46.2

On top of that, some student loans and a car loan.

0:49.2

Um, just kind of curious, um, you know, essentially we're on baby step two.

0:57.3

And we do have an emergency fund of a little bit more than $1,000.

1:13.0

I'm struggling with the emergency fund of $1,000 if something major goes wrong and we need to repair the house, a furnace goes, or a roof needs to be replaced, or, you know, something like that where, you know, we are networked millionaire. So I'm just kind of looking for advice on the

1:17.6

next step to take and whether or not I should sell my investment property potentially and

1:22.0

get rid of all of the other debt underneath and just have my mortgage left. So I'm just kind of looking for some

1:28.5

advice. Yeah. Well, I'm glad you're on the plan. I mean, congratulations on being net worth

1:32.7

millionaires at such a young age. That's an, that's an accomplishment. So tell me about these debts.

1:37.7

How much do you have in student loans? So student loans, between the two of us, we have about

1:43.4

$37,000. And the, we have about 37,000.

1:45.0

And the car loans?

1:46.0

35,000, just one car loan.

...

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