Your Emergency Fund Is A Force Field Between You And Life

The Ramsey Show

Ramsey Network

Education, Investing, Business, Self-improvement

4.5 • 38.5K Ratings

🗓️ 4 March 2024

⏱️ 118 minutes

🔗️ Recording | iTunes | RSS

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Summary

💵 Sign-up for EveryDolllar today - The simplest way to budget for your life! George Kamel & Jade Warshaw answer your questions and discuss: "I'm in debt from making repairs to a home I bought from a meth addict and don't know how to fix this mess" Pick a Side: We're in Baby Step 7 and I want a new car, but my husband says we can't afford it "We backed out of buying a house and the sellers want more earnest money than what was in the contract" "My identity was stolen and I don't know what to do" read more: What to Do if Your Identity Is Stolen - https://ter.li/fban9v When is it actually beneficial to sell your house to pay off debt? "We're $100,000 in debt with a baby on the way and don't know how to fix this situation" "I'm debt free but still feel like I'm broke and don't know what to do" Support Our Sponsors: Angel Studios Yrefy Zander Insurance NetSuite Next Steps 📞 Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET or click here! 🏦 Take Your 3-Minute Money Assessment - Get a personalized money plan! 🎟️ It's game on! Get your ticket for Total Money Makeover Weekend. Listen to more from Ramsey Network 🎙️ The Ramsey Show 🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💸 The Ramsey Show Highlights 💰 George Kamel 💼 The Ken Coleman Show 📈 EntreLeadership Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Transcript

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0:00.0	The Oh, Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships.
0:39.0	I'm George Campbell joined by Jade Warsaw this hour.
0:42.0	The number to call is AAA
0:43.8	2.5. 5.25. Don't be scared. You jump in. We'll talk about your life and
0:48.7	your money. That's all we want to do is help you take the right next step and maybe talk you off a ledge if you're
0:54.1	about to do something stupid. That's always a fun call. The preventative medicine versus the emergency
0:59.0	surgery. All right, let's kick it off with Maria in Denver, Colorado.
1:03.6	What's going on, Maria?
1:05.6	Hi, thanks for taking my call.
1:08.0	So I purchased a home from a methadic, and I'm now $33,000 in debt because I had to do remediation on the home after I closed and I am just curious how I should best pay this off and salvage my credit. I did receive
1:27.7	a settlement from the owner after discovering this problem but I still have probably 80K and repairs to make to the home
1:37.8	and I'm just curious how I can pay it down and salvage my credit. So how much total debt do you have outside of a mortgage?
1:45.8	The 32,000 I don't have any other debt outside of my mortgage. How many cards is that across?
1:54.0	Across three cards. How much money are you bringing in every month?
1:58.0	I'm bringing in about 4,000, I know, probably 5,500.
2:07.0	5,500.
2:08.0	And then what portion of that is your mortgage payment? 2800.
2:14.0	Yipies.
2:15.0	All right, we got troubles.
2:18.0	So tell me a little bit more about this,
2:21.0	did you call it a remediation?
2:23.0	Yeah, so they had to rip out the kitchen, all the doors, all the lighting, anything porous, anything wood. so I basically bought the home and then they
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