We’re $4.5 Million In Debt (I Had My Head Buried In The Sand)

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 9 September 2024

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	brought to you by the every dollar app start budgeting for free today i am a stay-at-home mom of
0:08.8	two young kids and my husband is a business owner i've been living with my head in the sand
0:17.2	for the last couple of years as he's managed the money and I've just recently
0:24.4	discovered how poorly he's been doing that.
0:27.7	We are in a world of debt right now and trying to find a path out of it.
0:33.6	Okay.
0:35.0	So what caused you to suddenly become aware?
0:41.0	He called me one day and said, I'm going to tell you before you get home to see the mail today,
0:46.9	but we got a foreclosure notice on our house, which was due to a second mortgage. He took out on our house in order to purchase a warehouse
0:59.3	for his business.
1:03.0	I naively thought, okay, I'm going to fix this.
1:06.7	I'm going to cash out one of my 401ks, pay that off, get the house out of foreclosure,
1:12.7	and then we're going to move forward and do everything right from here on out.
1:17.2	That was very naive.
1:18.7	As I started to dig deeper, I realized the trouble that the business was in.
1:24.9	He has a huge overhead and is not making enough to sustain that.
1:30.3	How old are you guys? I'm 39. He's 42. How long you've been married? Six years.
1:38.3	When was the phone call on the foreclosure notice to you? Well, on the house or on...
1:45.5	Now, when did he call you?
1:47.0	What day?
1:47.6	How long ago did he call you and say...
1:49.6	Oh, this was back in May.
	...

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