You Guys Are Seriously Broke (Makes $200,000)

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Ramsey Network

Business, Education, Investing, Self-improvement

4.5 • 839 Ratings

🗓️ 6 May 2024

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

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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.
0:06.6	So I just have a couple of questions for you. I'm around $785,000 in debt. And I have an idea of how to tackle it, but my wife is on board with my idea. So I just want to give you your advice on how to tackle this and what you would do in my situation.
0:19.9	Is that including a house?
0:22.0	It is.
0:22.7	So it's a primary that I owe $4.50 on, and I have a secondary house that we move.
0:29.6	It was our primary, so we're still within that window of capital gains.
0:32.6	We agree with a sell, but I owe $192 on that one.
0:35.3	What's it worth?
0:37.2	It's worth about $3.25.
0:39.8	Okay.
0:40.3	And what's the $450, the house you owe $4.50?
0:43.4	What's it worth?
0:45.5	Around $4.90.
0:46.5	We just bought it less than a year ago.
0:48.2	So you've got $200, $6.50, which leaves $135 in other debt.
0:57.0	What is that?
0:58.7	Yeah, so two of them are vehicles.
1:00.9	About $40,000 of it is our vehicles, one for me and one for my life.
1:05.6	About $15,000 is personal debt.
1:07.9	Six of it's a credit card and nine of it is a personal loan and
1:11.1	29,000 on a student loan.
1:13.4	Yeah, you guys are seriously broke.
	...

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