Pay Off $250,000 in 7 Years On This Income?

The Ramsey Show Highlights

Ramsey Network

Investing, Self-improvement, Education, Business

4.5 • 840 Ratings

🗓️ 31 January 2025

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

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Transcript

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0:00.0	All right, we're going to go to Shirley from Harper's Ferry, West Virginia, for our next question.
0:10.5	Hi, Shirley.
0:12.4	Hi, guys. Oh, my goodness. I'm so excited.
0:15.3	Oh, we're so glad you're here.
0:17.6	So my question for you is, how do I pay off $250,000 in debt?
0:25.8	Now, that includes my mortgage on a $4,000 a month net income.
0:32.9	And here's a little kicker.
0:34.5	My plan is to be debt-free in seven years.
0:38.4	Can I do it?
0:48.8	No. Not on $4,000 you can't. Not in seven years. That's $48,000 a year, times seven years doesn't get you there if you eat.
0:53.5	So something's going to change in the math for you to be there in seven years or it's going to take longer than seven years. The good news is it never stays the same. How much of the 250 is
0:57.5	mortgage and how much is the rest of it? A hundred and thirty nine thousand, thirty-eight
1:04.0	thousand on mortgage and about seventy-two thousand in student loans.
1:12.5	Okay.
1:13.2	And then some other things, a car and HVAC loan.
1:18.0	Yeah.
1:18.5	So you're single?
1:20.5	Yes, sir.
1:21.6	What do you do for a living?
1:23.2	I am a claims analyst.
1:25.5	Okay.
1:25.7	I work for a government contracted company.
	...

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