Should I Sell my Car to Help Out My Family?

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 22 July 2020

⏱️ 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, Chris Hogan, Christy Wright, Anthony ONeal, and Dr. John Delony. 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	It's Wednesday, and this is the Ramsey Call of the Day.
0:03.8	Part of the Ramsey Network.
0:06.0	Joining me today is Ramsey Personality, Chris Hogan.
0:09.1	Alex is with us.
0:11.1	Alex is in Illinois.
0:13.2	Welcome to the Dave Ramsey Show, Alex.
0:15.9	Hi, thanks, Dave.
0:16.8	Thanks for taking my call.
0:18.0	Sure.
0:18.1	My financial situation is as follows.
0:22.0	I'm 25 years old, live at home with an income just north of $200,000.
0:27.4	I have $70,000 in a savings account and no debt besides the car that I purchased in January,
0:33.7	which is the reason for my call today.
0:35.9	I purchased a car for $39,000 as fast January, but since then my mother has encountered
0:43.3	some financial struggles as her alimony situation has dramatically changed.
0:48.3	I want to help her out more with expenses.
0:51.3	As I mentioned, I bought the car in January for $39,000,
0:55.1	and I'm now getting offers from dealers for approximately $32,000,
1:00.0	and I owe $26,000 on the car.
1:04.4	You make $200 and you have $70,000 in the bank.
1:07.8	That's correct.
1:08.9	We'll be wrong with paying it off.
	...

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