Lean Into the Mess You’ve Made & Clean It Up!

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 27 June 2022

⏱️ 8 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, and George Kamel. Part of the Ramsey Network. Delivered to you five days a week. 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.
0:15.7	Spencer is with us in Indiana to start off this hour.
0:20.1	Hey, Spencer, what's up? Hey Hey Dave. I have quite a mess I've
0:24.7	made for myself, but me and my wife are working on trying to get out. Cool. We're on
0:30.9	baby step two, and I have a whole bunch of student loans. I haven't consolidated them yet,
0:40.0	partly because of the way that the repayment is right now.
0:45.0	Everything's kind of on forbearance.
0:47.3	I've been making the minimum payment despite the forbearance.
0:51.1	But my question is this.
0:58.0	I have a car loan that's about $30,000.
1:00.7	And I have a bunch of student loans.
1:03.7	Well, I have some student loans that are less than $30,000.
1:07.1	But my payment for my car is about $500.
1:14.9	And my payment for each of the student loans are like altogether are about $1,000.
1:22.7	And normally I, if I'm following your plan, right, I would pay the smallest loans off first.
1:27.8	But I'm just wondering if I'll have more money to pay back with if I pay my car off first.
1:28.6	Nope.
1:30.7	Works exactly the same math.
1:32.8	Math doesn't change.
1:34.9	Okay.
1:40.6	Let's just pretend you're paying $2,000 or $3,000 a month on debt.
	...

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