The Ramsey Show – I Have $134K in Student Loans (Hour 3)

Intro

In this episode of “The Ramsey Show,” Dave Ramsey provides financial advice and guidance to individuals facing various money challenges. In this hour, he helps Elizabeth, a single mom with $134,000 in student loans, Samantha, a woman planning her wedding on a tight budget, and a couple seeking advice on paying off their mortgage or upgrading their car.

Main Takeaways

Elizabeth’s Student Loans and Career Goals

• Elizabeth has $134,000 in student loans and is a single mom.
• She has a dual master’s degree in accounting and analytics but did not pursue a CPA.
• Elizabeth currently works in IT finance and makes $115,000 annually in New York City.
• She plans to become a manager within the next five years and hopes to eventually become a director.
• Elizabeth is happier in her current job than her previous one and enjoys the better work-life balance.

Increasing Income and Paying Off Debt

• The gig economy and freelance opportunities can significantly increase income.
• Paying off debt requires strict budgeting and additional income sources.
• Moving to a cheaper location could save on living expenses, but may mean leaving a support system.
• The speaker is proud of the progress made in paying off debt.
• The speaker is a single mom who has made significant progress in paying off debt.

Samantha’s Wedding Budget and Student Loans

• Samantha is engaged and wants to save money for her wedding without going into debt.
• She and her fiance have a combined income of $38,000, with her fiance being a part-time student.
• Samantha has an $800 car loan and just started a three-year graduate program in child and adolescent school counseling.
• She will be taking out around $9,000 in loans each year for the program.
• The speaker advises Samantha to keep working on her people skills and to not bet against someone who has already made significant progress in paying off debt.

Paying Off Debt and Financial Goals

• The speaker advises against going into debt for a degree that won’t pay enough to justify the expense.
• They suggest rethinking the path and waiting until marriage to cash flow the degree.
• Getting married with a small budget is a viable option to reduce stress.
• Pausing or getting a refund on the degree program is not a failure.
• It’s important to have a better path to justify the expense of a graduate degree.

Couple’s Debt-Free Journey and Financial Success

• The couple paid off $153,356.63 in debt, including two cars and a house, in three years.
• The journey started with a feeling of resentment, but ultimately led to positive changes.
• The couple’s total net worth is currently around $384,000, and they hope to become millionaires by age 50.
• The couple paid off their cars and completed Baby Step 2 in just 30 days.
• Their goal was to pay off their debt by the first of July and they achieved it by April.

Summary

Elizabeth’s Student Loans and Career Goals

Elizabeth, a single mom with $134,000 in student loans, seeks advice on managing her debt and advancing in her career. Despite not pursuing a CPA, she currently works in IT finance and aims to become a manager and eventually a director. Elizabeth is satisfied with her current job and appreciates the improved work-life balance.

Increasing Income and Paying Off Debt

The podcast emphasizes the importance of increasing income and strict budgeting to pay off debt effectively. It explores the potential of the gig economy and freelance opportunities to boost earnings. Additionally, the discussion acknowledges that moving to a cheaper location can reduce living expenses, but it may require leaving behind a support system. The speaker, a single mom who has made significant progress in paying off debt, shares her pride in the achievements made so far.

Samantha’s Wedding Budget and Student Loans

Samantha, who wants to have a debt-free wedding, seeks advice on managing her finances. With a combined income of $38,000 and her fiance being a part-time student, Samantha faces the challenge of saving while dealing with an $800 car loan and taking out loans for her graduate program. The speaker advises her to continue improving her people skills and emphasizes the importance of not underestimating someone who has already made progress in paying off debt.

Paying Off Debt and Financial Goals

The podcast offers guidance on making wise financial decisions, particularly regarding pursuing degrees that may not provide sufficient returns on investment. It suggests reconsidering the path and waiting until marriage to fund the degree. The podcast highlights the viability of having a small budget for a wedding to minimize stress and reassures listeners that pausing or seeking a refund for a degree program is not a failure. It emphasizes the importance of justifying the expense of a graduate degree with a better path.

Couple’s Debt-Free Journey and Financial Success

The episode features a couple who successfully paid off $153,356.63 in debt, including two cars and a house, within three years. Their journey began with resentment but led to positive changes. Currently, their net worth is approximately $384,000, and they aspire to become millionaires by age 50. The couple’s determination enabled them to pay off their cars and complete Baby Step 2 in just 30 days. They prioritized their financial goals, even sacrificing a paid-for cruise to achieve them.

Conclusion

In this episode of “The Ramsey Show,” Dave Ramsey provides valuable financial advice to individuals facing various money challenges. From managing student loans and career goals to planning a debt-free wedding and paying off debt, the podcast offers practical insights and strategies for financial success. The stories of individuals who have successfully overcome debt serve as inspiration for listeners. By following Dave Ramsey’s guidance and prioritizing their financial goals, anyone can achieve financial freedom and peace of mind.