If You Live Fake Rich, You Will Become Real Broke!

The Ramsey Show

Ramsey Network

Business, Education, Investing, Self-improvement

4.6 • 36.7K Ratings

🗓️ 31 January 2025

⏱️ 85 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

📈 Are you on track with the Baby Steps? Get a Free Personalized Plan Rachel Cruze & George Kamel answer your questions and discuss: "My mortgage is 50% of my income" "My friend won't let me repay him" "We're $412k in debt and I just lost my job" "My sister-in-law passed without a will". 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 📱 Watch 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! 💼 Connect with a RamseyTrusted tax pro for help with payroll and more 💵 Start your free budget today. Download the EveryDollar app! 🎟️ Get Tickets to the Money & Relationships Tour 🪑 Check out Front Row Seat with Ken Coleman! 🏘️ 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 🪑 Front Row Seat with Ken Coleman 📈 EntreLeadership Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Transcript

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0:00.0	Live from Ramsey Solutions, this is the Ramsey Show, where we help people build
0:19.2	wealth, do work they love, and create amazing
0:22.0	relationships. I am Rachel Cruz hosting this hour with my good friend and fellow co-hosts
0:28.0	of the Smart Money Happy Hour, George Camel. Different vibe on this show, but still fun. It's still fun.
0:32.8	Yeah, we don't have a cocktail in the show, but we are answering your questions, America. So give us a call at AAA 825-5-225, and we'll help you out. And it's anything from your career, your money,
0:44.9	your life, relationships, anything, and everything. We're going to start off this hour with
0:48.6	Alex in Cleveland, Ohio. Hi, Alex. Welcome to the show. Hi, thanks. How are you guys doing today? We're doing
0:58.0	great. How can we help? So I am 23 years old. I roughly have about 90,000 in debt.
1:09.3	47 of that is a car loan. My payment per month is $1,200. Okay. When I bought the car,
1:19.9	I was making roughly 150 per year, lost both those jobs, and now I make about 60 per year.
1:28.3	And I'm just wondering, should I voluntarily surrender my car?
1:34.3	I really can't afford it anymore with between rent and cost of living.
1:41.3	I have 47 on the car, about 37 in student loans and 6,000 on credit cards.
1:48.8	I did complete baby step number one, working on number two.
1:54.5	My mom also mentioned that she thinks I should file for bankruptcy.
1:59.9	I'm not sure if that's the best solution, but I just want to get your guys' thought on that.
2:06.7	No, on the bankruptcy.
2:08.4	So I'll just say that, yeah, first and foremost.
2:11.2	We're not there.
2:11.8	We're not even close.
2:12.8	So there's some good news for you.
2:14.5	I think mom wants you to get a clean slate, and she's kind of wanting you to just shortcut this and be free from the pain. But there's better options here. And so let's
	...

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