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If you don't get mind as a contractor, abeg don't collect contract from Dave Umahi o! ๐Ÿ˜‚ You must do that work by fire by force! ๐Ÿ”ฅ You see a Minister moving around with tape rule, kneeling down to measure work himself, inspecting every detail without caring whether his...

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Caller: I have a gambling addiction. I havenโ€™t filed taxes in five years. About five years ago, I had $200,000 in gambling winnings. After that, I havenโ€™t filed anything. โ€‹Dave Ramsey: Do you still have a career? โ€‹Caller: I'm retired. โ€‹Dave Ramsey: Okay. Do you have any money? Anything? โ€‹Caller: I've got almost $10,000 in my savings account. โ€‹Dave Ramsey: But you don't have a nest egg other than your pension. โ€‹Caller: No. โ€‹Dave Ramsey: Do you own a home? โ€‹Caller: Yes. About $13,000 is remaining on the mortgage. โ€‹Dave Ramsey: What is it worth? โ€‹Caller: About $300,000. โ€‹Dave Ramsey: And how much is your pension income? โ€‹Caller: $95,000 a year. โ€‹Dave Ramsey: That's good. Are you married? โ€‹Caller: No. โ€‹Dave Ramsey: Have you done something about the gambling addiction itself? Have you quit gambling? โ€‹Caller: I have not. โ€‹Dave Ramsey: Okay. So whatever we do is going to be a temporary fix because that is going to cause further problems. Agreed? โ€‹Caller: Yes, absolutely. โ€‹Dave Ramsey: What kind of gambling are you doing? โ€‹Caller: Slot machines. โ€‹Dave Ramsey: Are you lonely? โ€‹Caller: Yeah. I've been single for quite a while. โ€‹Dave Ramsey: How old are you? Caller: 61. Dave Ramsey: From working with people addicted to anything, I know that 100% of addicts eventually have financial problems. The addiction consumes every department of your life, including your financials. โ€‹I can help you with the money parts of it, but it is a temporary fix until you deal with this. It's not bringing you joy. If you were my buddy sitting down over a cup of coffee, here is what I would tell you to do: Step 1: Get in touch with the Gamblers Anonymous folks in your area. โ€‹Step 2: Find a good local church and start developing a personal relationship with a pastor who can walk with you. โ€‹Step 3: Find a one-on-one professional counselor to help dig into what is really going on so you can get to the other side of this.

Traeyz โ™ ๏ธ

1,051,347 ๆฌก่ง‚็œ‹ โ€ข 1 ไธชๆœˆๅ‰

Caller: I'm a 58-year-old single guy, getting tired of working. I'm trying to get to retirement, I make $75,000 and nothing saved. I need to know what I should do to get there. Dave Ramsey: What do you do? โ€‹Caller: I'm a trim carpenter. I trim high-end houses and build some custom cabinets as well. โ€‹Jade Warshaw: Do you have any debt? โ€‹Caller: I've got about $25,000 worth of mortgage and a $20,000 auto loan. โ€‹Dave Ramsey: Why have you saved no money? โ€‹Caller: I was married to a spender, and at the age of 50, got divorced, and I walked away with zero dollars. โ€‹Dave Ramsey: That was eight years ago. Why have you saved no money in the last eight years? โ€‹Caller: Well, getting back on my feet, I ended up buying a house. That's where the mortgage comes in. I've got $25,000 left on that. โ€‹Jade Warshaw: So is that where your extra money was going, paying down that mortgage? What did it start as? โ€‹Caller: Paying down the mortgage. It was a bank-owned property. I got it for a song in a great neighborhood. I put a fair amount of money into it, and that's where most of my money went. โ€‹Dave Ramsey: And you bought a truck? โ€‹Caller: No. I have a truck that's paid for. โ€‹Dave Ramsey: What's the $20,000 vehicle? โ€‹Caller: I know you're into cars, Dave. It's not a car. It's a motorcycle. It's a Harley-Davidson. โ€‹Jade Warshaw: Well, we've got to get rid of that. โ€‹Caller: I knew that was the first thing you were going to tell me to get rid of. โ€‹Dave Ramsey: Yeah, that bike has to go. You did great on the house, but the motorcycle was a mistake. If we get you on an EveryDollar budget and you pick up extra work, you can save $2,000 a month. Over 10 years, that $24,000 a year will grow to about half a million dollars. By age 67, youโ€™ll have $500,000 and a completely paid-for house. โ€‹Caller: Okay. I do have about $23,000 in cash. โ€‹Dave Ramsey: Well, then you've got your emergency fund in place. โ€‹Jade Warshaw: That's great! โ€‹Caller: I do have the emergency fund, right. I also have a term life insurance policy that's $100 a month for half a million dollars. Should I keep that, or is there a way to convert that to something else? โ€‹Dave Ramsey: I wouldn't convert. It's just like, "I have homeowner's insurance and I don't have a home anymore, do I need it?" No, you don't. Because there's no one counting on you, it sounds like, for your income. โ€‹Caller: No. โ€‹Dave Ramsey: And the house is worth more than you owe on it. Do you have children? โ€‹Caller: I've got three. They're grown. โ€‹Dave Ramsey: Okay, so if you die, they sell the house and pay the funeral, right? โ€‹Caller: Correct. โ€‹Jade Warshaw: Let it lapse. โ€‹Dave Ramsey: Yeah, I would close that out because you need that extra $100 a month toward our $2,000 a month goal. โ€‹So, what I'm going to do is sit down and do a budget, and I'm going to come up with $2,000 a month. I'm going to sit down with a SmartVestor Pro, and I'm going to fill up Roth IRAs, Simple IRAs, and whatever else you can do as a self-employed person. The great news is, as a trim carpenter in high-end properties, you are in great demand. You've always had more work than you can take on. โ€‹And so if you want to jack it up and make some extra money for a little while, you can do that. I'm always less tired when I don't feel like a hamster in a wheel, when I'm actually getting traction. Part of what's making you tired is you feel stuck.

Traeyz โ™ ๏ธ

424,612 ๆฌก่ง‚็œ‹ โ€ข 1 ไธชๆœˆๅ‰

Dave Ramsey: How much student loan debt do you have? โ€‹Caller: About $550,000 โ€‹Dave Ramsey: $550,000? โ€‹Caller: Yeah. โ€‹Dave Ramsey: What is your field of study? โ€‹Caller: Medicine. Family practice. โ€‹Dave Ramsey: Why did it take $550,000 to do family practice? โ€‹Caller: Poor decisions and misguided advice early on to not worry about loans. โ€‹Dave Ramsey: Family practice. What are you looking at, a hundred and a half a year? โ€‹Caller: $180,00] starting. โ€‹Dave Ramsey: Why does it take eight years if you're making $180,000? You could live on $80,000, put $100,000 on it, and be done in five years. โ€‹Caller: After taxes and tithing, I'm down to $110,000. We plan to put about $85,000 a year toward it, leaving $20,000 to $30,000 to live off of. With the interest rate, it will take about eight years. โ€‹Dave Ramsey: Your income doesn't go up in your scenario? โ€‹Caller: That is building in a 5% raise every year. โ€‹Dave Ramsey: I think you'll get more raises than that. Can you work ER on the weekends? โ€‹Caller: The place I'm signed with won't let me work other jobs so I don't come in tired. But they said they can put me to work as much as I need. โ€‹Dave Ramsey: You could pick up another $100,000 a year working ER on the weekends if you have the stamina. I want to increase the size of your shovel. I'm not going to accept the eight years; I'm going with a four or five-year plan. And yes, I am going to delay retirement because this is a vast problem.

Traeyz โ™ ๏ธ

1,928,087 ๆฌก่ง‚็œ‹ โ€ข 1 ไธชๆœˆๅ‰

Caller: My husband and I are in way over our heads. We are about $1.3 million in debt with two businesses, a house loan, a car loan, credit cards, and back taxes. โ€‹Dave Ramsey: How old are you guys? How long have you been married? โ€‹Caller: We're both 28, married six years. โ€‹Dave Ramsey: How much do you owe on your home and what's it worth? โ€‹Caller: We owe about $48,000, and it's worth about $250,000. โ€‹Dave Ramsey: What do you owe on your cars and in taxes? โ€‹Caller: Cars is $17,000, taxes is $30,000. โ€‹Dave Ramsey: That means we have a whole bunch of business debt, like $1.2 million worth? On what? โ€‹Caller: My husband was fired four years ago and couldn't find stable work. We started a summer camp in 2022 built with credit card debt. To make that stable, we bought another business's assets for the $1.2m. โ€‹Dave Ramsey: The credit card debt totals how much? โ€‹Caller: About $19,000, and $15,000 of that is from the summer camp. โ€‹Dave Ramsey: You don't own the land on the camp, do you? What kind of income do you make on that? โ€‹Caller: No, sir, we rent the ground. It makes about $200,000 a year. โ€‹Dave Ramsey: And the business that you purchased, what was the assets? Who loaned you $1.2 million for that? โ€‹Caller: Itโ€™s event rentals like staging, lights, audiovisual, and inflatables. The SBA loaned it to us. โ€‹Jade Warshaw: Is the camp still operational? Is there a way you can add things for other seasons to earn more? โ€‹Caller: Yes, we still do it every year. We've been trying to, but we've hit a point in the economy where people are trying not to spend as much on fun stuff or childcare. โ€‹Dave Ramsey: Not really true, but being so overwhelmed, I can see how you could start to think that. Lots of people are still renting kid stuff all over the place. The economics at your house suck, and I'm so sorry, honey.

Traeyz โ™ ๏ธ

144,180 ๆฌก่ง‚็œ‹ โ€ข 1 ไธชๆœˆๅ‰

Newly married caller: $300,000 in student loan debt. Two job offers on the table. Natalie: โ€œMy husbandโ€™s a doctor finishing residency. Weโ€™re comparing two jobs one pays $850k, one pays $350k.โ€ Dave: โ€œ$500,000 difference? Why?โ€ Natalie: โ€œThe higher one is in the middle of nowhere. Up near Canada. Underserved area.โ€ Dave: โ€œThey ask for a length commitment?โ€ Natalie: โ€œThree years.โ€ Dave: โ€œYouโ€™d be making $450,000 in the worst-case scenario. If you canโ€™t pay off $300,000 in the first year on that, somebody ought to smack both of you.โ€ Natalie: โ€œWe havenโ€™t bought a house yet.โ€ Dave: โ€œYou donโ€™t need a house. You have $300,000 in debt. Clean that up first.โ€ Dave: โ€œTake the $450k job. Be debt free in one year. Next year, buy a house. Just have patience.โ€ Dave: โ€œThe other route, you come out a million and a half ahead over three years. Youโ€™re in the tundra, sure but you can buy a lot of plane tickets out of there and still come out way ahead.โ€ Natalie: โ€œWeโ€™re a little older. Weโ€™re worried about zero retirement savings.โ€ Dave: โ€œYouโ€™ll be fine. Bank $200k a year, and youโ€™ve got a million dollars in four years. Just donโ€™t jack your lifestyle up.โ€ Dave: โ€œIf it were me Iโ€™d take the tundra job, budget $50-75k a year in travel, and just bug out every weekend. Cabo, the Caribbean, wherever. You can still come out ahead.โ€ Dave: โ€œBut whatever you do no house, no car, nothing until this debt is gone. I will call you stupid to your face if you donโ€™t.โ€ $500,000 more a year. In exchange for three years somewhere with no Whole Foods.

Jeremy

238,358 ๆฌก่ง‚็œ‹ โ€ข 22 ๅคฉๅ‰