"We're In $580k Of Debt At This Point"

The Ramsey Show

Ramsey Network

Education, Investing, Business, Self-improvement

4.5 • 38.5K Ratings

🗓️ 15 January 2026

⏱️ 127 minutes

🔗️ Recording | iTunes | RSS

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Summary

❓Have a money question? Ask Ramsey is here to help! George Kamel and Rachel Cruze answer your questions and discuss: "Should I file for bankruptcy? " "How do I move on after financial and emotional infidelity?" "I'm retired and I have never invested my money" "Is it a good idea to spend money on a birthday vacation for my daughter?" "What happens to debt if I die before paying it off?" "Should I use my HELOC to pay off my other debt?" "My brother has been stealing money from our parents and has put them into debt. Should I tell them to file bankruptcy?" "Do we have too much of our wealth tied up in our home?". Next Steps: ✔️⁠⁠⁠ ⁠Help us make the show better. Please take this short survey.⁠⁠⁠⁠ 📞 Have a question for the show? Call 888-825-5225 weekdays from 2–5 p.m. ET or⁠⁠⁠ ⁠send us an email⁠⁠⁠. 💻 ⁠⁠⁠⁠⁠⁠⁠⁠⁠Find out where you stand with your money and get a free plan⁠⁠⁠⁠⁠⁠⁠ 🏢 ⁠Join the Crusade! Apply Now! 💵 ⁠⁠⁠⁠Start your free budget today. Download the EveryDollar app!⁠⁠⁠ 🛡️ Protect yourself with trusted insurance coverage that fits your budget. Connect With Our Sponsors: Get 10% off your first month of ⁠⁠⁠BetterHelp⁠⁠⁠ Go to ⁠⁠⁠Boost Mobile⁠⁠⁠ to switch today! Go to⁠⁠⁠ ⁠⁠⁠⁠⁠⁠Casper Sleep⁠⁠⁠ and use promo code RAMSEY to learn more If you want your car to keep going and going, trust ⁠⁠⁠Christian Brothers Automotive⁠⁠⁠. Find a local shop and get an exclusive Ramsey discount of 10% off Learn more about⁠⁠⁠ Christian Healthcare Ministries⁠⁠⁠ Get started today with⁠⁠⁠ Churchill Mortgage⁠⁠⁠ Get 20% off when you join ⁠⁠⁠DeleteMe⁠⁠⁠ Go to⁠⁠⁠ FAIRWINDS Credit Union⁠⁠⁠ for an exclusive account bundle! Debt collectors hassling you? Take back control of your life at ⁠⁠⁠Guardian Litigation Group⁠⁠⁠ Find top health insurance plans at ⁠⁠⁠Health Trust Financial⁠⁠⁠ Use code RAMSEY to save 20% at ⁠⁠⁠Mama Bear Legal Forms⁠⁠⁠ Visit⁠⁠⁠ NetSuite⁠⁠⁠ today to learn more Get started with ⁠⁠⁠YRefy⁠⁠⁠ or call 844-2-RAMSEY Visit⁠⁠⁠ Zander Insurance⁠⁠⁠ for your free instant quote today! Explore more from Ramsey Network: 💸 ⁠⁠⁠The Ramsey Show Highlights⁠⁠⁠ 🧠 ⁠⁠⁠The Dr. John Delony Show⁠⁠⁠ 🍸 ⁠⁠⁠Smart Money Happy Hour⁠⁠⁠ 💡 ⁠⁠⁠The Rachel Cruze Show⁠⁠⁠ 💰 ⁠⁠⁠George Kamel⁠⁠⁠ 🪑 ⁠⁠⁠Front Row Seat with Ken Coleman⁠⁠⁠ 📈 ⁠⁠⁠EntreLeadership⁠⁠⁠ ⁠⁠⁠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 the Every Dollar app. Start budgeting for free today.
0:13.0	Normal is broke and common sense is weird, so we're here to help you transform your life.
0:19.0	From the Ramsey Network in the Fairwin's Credit Union Studio, this is The Ramsey Show.
0:25.2	And I'm Rachel Cruz hosting this hour with my good friend and co-hosts of Smart Money Happy Hour, George Camel.
0:31.4	And we'll be answering your calls, so give us a call.
0:34.5	A.825-225.
0:39.6	And we'll be talking about your life and your money first up we have jimmy in los angeles hi jimmy welcome to the show hey rachel hey george big fan of y'all's
0:50.4	thank you so much for what you do i I really appreciate everything that you guys do.
0:56.1	And I've gained a lot of knowledge these past few weeks, learning more about what you guys do
1:02.2	and how to kind of like financially plan my future. But I've kind of gotten myself into a sticky
1:08.3	situation and I'm just trying to see if I can
1:12.2	maybe get some guidance on trying to find a way out. Sure. So what's going on? So late
1:18.5	2024, you know, I retired from the military. I served for 22 years. And earlier that year,
1:25.0	I decided to open up like a kind of like a shop and where we just do like detail services, paint protection film, wraps and things like that.
1:36.5	And, yeah, it actually cost me a lot of money throughout that year.
1:41.6	I'm sure. How much?
1:42.6	To the point, well, we're at a point now where we're like, like, $580,000 in debt at this point.
1:52.9	Okay.
1:54.2	That first year, we took like a $220,000 loss.
1:58.6	Admittedly, I think I hired too many people full time.
2:03.4	Kind of went in too fast and too hard on that.
2:07.8	Yeah.
	...

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