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The Ramsey Show Highlights

We Have Over $2,500,000 Of Debt

The Ramsey Show Highlights

Ramsey Network

Investing, Self-improvement, Education, Business

4.5840 Ratings

🗓️ 30 January 2025

⏱️ 7 minutes

🧾️ Download transcript

Summary

📱Download your free Ramsey Network app today! 💵 Start your free budget today. Download the EveryDollar app! 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! 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 CHM, a biblically based alternative to health insurance.

0:06.3

Learn more at CH Ministries.org slash budget.

0:09.0

I have a question that my wife and I bought a house worth around $2.5 million.

0:19.0

And we have another house which is worth's around 1.3 million and it has 500k

0:27.3

remaining. We have rented it out it's around $4,000 per month. So our salary is around 900,000.

0:38.3

And yeah, so we were just kind of concerned whether to kind of keep the rental property or sell it off.

0:57.0

The rental is coming pretty nicely.

0:59.6

Like it's around $4,500, which is kind of like covering all the mortgagees and any other insurance and stuff like that.

1:09.2

So I was just wondering what your thought is on that.

1:12.4

Yeah.

1:12.7

What is the mortgage on your current home?

1:16.6

It's around $2 million.

1:18.6

Okay, so you've got $2.5 million.

1:20.2

Do you have any other debt outside of these two mortgages?

1:24.6

Just a car loan, maybe $40K.

1:28.0

Okay.

1:29.9

Well, you're calling us because your plan isn't working as you wanted it to.

1:34.4

There's some stress here, and I would feel it.

1:36.7

If I was over $2.5 million in debt, regardless of my income and how great things were right now,

1:42.3

in the back of my mind, I would be knowing this is a house

1:45.0

of cards. It could all come crashing down any minute. Yep. And so you want to reduce risk in your life.

1:51.3

You're using language like, well, it's just a 40K car loan. That's kind of what gets us here, right? You

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