Intro
In this episode of “The Ramsey Show,” Rachel Cruz, daughter of financial expert Dave Ramsey, discusses the importance of making sacrifices to achieve financial freedom. The hosts also provide advice to callers on various financial topics, including student loan debt, budgeting, and side hustles. Additionally, they share insights on communication and teamwork in marriage and finances. The episode also highlights Ramsey Solutions’ new children’s book and offers recommendations for meaningful Christmas gifts.
Main Takeaways
Rachel Cruz’s Children’s Book
- Ramsey Solutions released a new children’s book, written by Rachel Cruz, which is great for the holiday season.
- The book is easy to understand and has lots of pictures, making it perfect for kids.
Advice for Tackling Student Loan Debt
- Michael from New York called in asking for advice on how to get his wife to tackle her $120,000 student loan debt.
- The hosts suggest that Michael and his wife need to change their mindset about money and work together as a team.
- Values should be discussed as a couple before making tactical decisions like paying off debt.
- Childhood experiences with money can affect one’s attitude towards it in adulthood.
- Couples need to have a conversation about their fears and concerns around money.
Financial Management and Communication in Marriage
- Money fights usually stem from misaligned values.
- Joint accounts are preferable to separate accounts in a marriage for better financial management.
- Having good income can lead to a false sense of security and separate mindsets.
- It’s important to approach money conversations with humility and kindness.
- Couples should work together towards a shared value system and goal.
Debt Repayment and Cash Flow Issues
- Logan from Nashville calls in to ask for advice on dealing with credit card and student loan debt, and cash flow issues caused by his wife’s job.
- Dave Ramsey suggests creating a budget together and focusing on paying off the smallest debt first using the debt snowball method.
- The couple makes a combined income of around $86,000 per year before taxes.
- The main issue with their finances is not cash flow but rather their choice to only work one job each, rather than pursuing additional income streams.
Financial Success and Intentionality
- Being intentional is important in marriage and finances.
- Lack of intentionality can lead to financial problems in marriage.
- Winning in life requires intentional effort and hard work.
- Having an intense focus and caring about your marriage and finances can lead to success.
- Passion and deep change are necessary for success in marriage and finances.
Money Conversations and Awkwardness
- Talking about money can be awkward, even for couples who are comfortable with other intimate topics.
- Many people feel uncomfortable discussing their income with friends and family.
- Some people believe sharing income information can be helpful for personal and professional growth.
- It’s important to have clear agreements with colleagues or leaders about salary or payment expectations.
Charitable Giving and Money Etiquette
- Donating to charity can be a difficult decision, but it’s important to consider the impact and benefits of giving.
- Loaning money can make things weird, so it’s better to give it as a gift if possible.
- Forgetting to pay back borrowed money can be forgiven if it was genuinely forgotten, but if you have the money, it’s better to pay it back promptly.
- Leaving a bad tip at a restaurant can be a sensitive topic among friends, but it’s important to handle it kindly and respectfully.
- Asking about someone’s salary on a third date is inappropriate, but it’s okay to discuss finances with a partner in a serious relationship.
Sleep, Financial Planning, and Personal Development
- Sleep is essential for physical, mental, emotional, and relational health.
- The Ramsie Show is a call-in show that listeners can participate in for free.
- The caller, Ashton, is in baby step three and has a fully funded emergency fund, no student loan debt, and no consumer debt.
- Ashton and his wife are unsure of where they will end up living due to her doctor of physical therapy school.
- Dave recommends mapping out the next three moves and pricing out options to ensure they are not overspending on temporary housing and can put some of their savings into retirement.
Financial Freedom and Enjoying the Present
- The couple is blessed to be on measure, making $50,000 but only spending $37,000 in a year.
- They plan to have a storm mode mentality and keep their savings in a high-yield savings account until the nine months are up.
- They should rent somewhere for a year and see if it’s a long-term play. If yes, they can use some of their savings for a down payment and move forward.
- They should not keep investing off the table for a year and start thinking about retirement once they are settled in a place longer than three months.
Financial Habits and Parenting
- Reading to your child every day is one of the tip-top things parents can do to help their child be successful.
- “I Am Glad for What I Have” is an awesome book to start that for families who don’t read.
- Contentment is important during the holiday season, especially for kids who may feel the pressure to have all the latest toys.
Financial Infidelity and Trust
- Financial infidelity is a term used to describe hiding financial information from a partner.
- It’s important to have meetings about money and see all statements.
- Cheating on your partner can extend beyond romantic relationships and can include cheating with money or work.
- Losing trust in oneself can be more disorienting than the actual act of infidelity.
- Rebuilding trust in a relationship requires identifying the four or five things needed on a daily basis and seeking professional counseling.
Work-Life Balance and Home Ownership
- Faking enthusiasm and energy for work is not sustainable without loving what you do and taking care of your physical health.
- Balancing work and home ownership can be made easier with the help of Neighborly’s nationwide network of service professionals.
Financial Success and Behavior
- Your money is 80% behavior and only 20% knowledge.
- Living above your means, even with a close to half a million dollar annual income, can lead to financial difficulties.
- Higher education and a high-paying job do not guarantee financial success if you do not practice good financial habits.
- Hard work and sacrifice are necessary for financial success.
- Drastic lifestyle changes may be needed to achieve financial freedom.
Debt Repayment and Financial Planning
- Financial Peace University is a helpful resource for managing money.
- Ramsey Solutions is giving away Financial Peace University to 10,000 veterans for free.
- Humility is key to recognizing the need for change in financial habits.
- A college dropout calls in with $70k in debt, including $32k for one semester of school.
- The hosts recommend the caller quit his job as a car salesman and find higher paying work.
Financial Planning and Conflicting Advice
- Nathan from Fargo seeks advice on what to do with his money for future home purchase.
- Nathan is receiving conflicting advice from parents, friends, and financial advisors.
- The Baby Steps process is the most effective way to build lasting and sustainable wealth.
- Paying off debt should be the number one priority, even if there’s no interest.
- After paying off debt, save up for an emergency fund of 3-6 months of expenses.
Investment and Wealth Building
- Good mutual funds are a reliable investment, whereas day trading is risky and often results in losses.
- Focusing on getting out of debt can lead to a life of freedom and peace.
- Living within your means and avoiding unwise financial decisions is key to financial stability.
- The least sexy plan, such as delayed gratification, can sustain you in the long run.
- Side hustles can be a big part of increasing income.
Financial Motivation and Discipline
- Building discipline and stability during tough times is crucial for success in wealth-building.
- The journey towards financial freedom is a marathon, not a sprint, and it’s normal to experience a range of emotions, but discipline is key.
- Creating a visual representation of financial goals can serve as motivation.
Budgeting and Financial Tools
- Mint is shutting down in January, leaving four million budgeters without a tool.
- Ramsey Solutions offers a budgeting app called EveryDollar that connects to your bank and helps plan for the future.
- EveryDollar Premium offers many options, including paycheck planning and connectivity for multiple users.
- EveryDollar helps users stay on track, know where their money is, and gives a sense of control.
Student Loan Debt and Financial Freedom
- Dave Ramsey advises Keaton to pay off his $27,000 student loan debt with the $40,000 he has saved up.
- Dave warns Keaton to consider the possibility of job loss and to prioritize paying off debt as a constant in life.
- Owning someone something creates a lack of autonomy and paying off debt gives a level of freedom.
- People don’t realize how much of their income is going to debt and paying interest.
- Being debt-free gives a level of peace and allows for more financial freedom.
Home Ownership and Financial Planning
- Having the right real estate agent can help make smart decisions when buying or selling a house.
Contentment and Meaningful Gifts
- Contentment is important during the holiday season, especially for kids who may feel the pressure to have all the latest toys.
- Stuff is not bad, but it doesn’t fulfill you the way you think it does, according to Rachel Cruze’s new children’s book.
- Ramsey Solutions has meaningful gifts for Christmas, including books and cards to create great habits and conversations around life and money.
Dealing with Loss and Financial Stability
- A caller shares her story of purchasing the Financial Peace University with her husband to get out of debt, but he passed away suddenly.
- The hosts express their condolences and offer support to the caller during this difficult time.
- The greatest gift you can give your kids right now is to let them see their mommy be super, super sad.
- Don’t do anything permanent for six months to a year.
- The stability for your kids is going to come from y’all, not from a geographic location right now.
Financial Motivation and Discipline
- Take the pressure off and grieve, make sure your basics are covered, and then start to learn and expand in a few months.
- Jordan Peterson says, “Perhaps you are overvaluing what you don’t have and undervaluing what you do.”
Financial Planning and Advice
- The Ramsey Show Annual Listener Survey is live now, and they want to know what listeners love about the show and what they want to hear more about.
- The holiday season sometimes sees a spike in people passing away, so it’s important to have a will and life insurance to take care of your family.
- Having those difficult conversations and encouraging the people in your life to have things taken care of can give peace and stability to a hard and sad situation.
Financial Journey and Motivation
- Beth from LA is feeling pressure and needs motivation to keep going.
- It’s not too late for Beth and her husband to start their journey towards financial freedom.
- They have mapped out their plan for the next two years and are putting in $3,500 a month.
- They make $10,000 a month after taxes, but live in one of the most expensive places on earth.
- It’s important for them to celebrate small milestones along the way to stay motivated.
Financial Planning and Discipline
- The journey towards financial freedom is a marathon, not a sprint, and discipline is key.
- Building discipline and stability during tough times is crucial for success in wealth-building.
- Changing job positions or industries can lead to a significant increase in income.
- The story of a teacher in New York City who paid off over $100,000 in student loans through a side hustle is an example of a “curvebuster” who sets a high standard for others.
Financial Planning and Decision-Making
- A caller asks how much they can spend on vacations and a house addition with their financial situation.
- The caller has no debt, a paid-off house, and around $9.2 million in investments.
- The financial advisor recommends allocating percentages for spending, saving, and giving.
- The advisor reassures the caller that they are in a good financial position to spend more.
- The conversation emphasizes the importance of balancing financial responsibilities and enjoying life experiences.
Budgeting and Financial Tools
- Ramsey Solutions offers a book called “Breaking Free From Broke” that teaches how to build wealth and avoid money traps.
- Mint is shutting down in January, leaving four million budgeters without a tool.
- Ramsey Solutions offers a budgeting app called EveryDollar that connects to your bank and helps plan for the future.
- EveryDollar Premium offers many options, including paycheck planning and connectivity for multiple users.
- EveryDollar is an incredible budgeting app that helps users plan out their life and track their expenses.
Student Loan Debt and Financial Freedom
- Dave Ramsey advises Keaton to pay off his $27,000 student loan debt with the $40,000 he has saved up.
- Dave warns Keaton to consider the possibility of job loss and to prioritize paying off debt as a constant in life.
- Owning someone something creates a lack of autonomy and paying off debt gives a level of freedom.
- People don’t realize how much of their income is going to debt and paying interest.
- Being debt-free gives a level of peace and allows for more financial freedom.
Home Ownership and Financial Planning
- Having the right real estate agent can help make smart decisions when buying or selling a house.
Contentment and Meaningful Gifts
- Contentment is important during the holiday season, especially for kids who may feel the pressure to have all the latest toys.
- Stuff is not bad, but it doesn’t fulfill you the way you think it does, according to Rachel Cruze’s new children’s book.
- Ramsey Solutions has meaningful gifts for Christmas, including books and cards to create great habits and conversations around life and money.
Dealing with Loss and Financial Stability
- A caller shares her story of purchasing the Financial Peace University with her husband to get out of debt, but he passed away suddenly.
- The hosts express their condolences and offer support to the caller during this difficult time.
- The greatest gift you can give your kids right now is to let them see their mommy be super, super sad.
- Don’t do anything permanent for six months to a year.
- The stability for your kids is going to come from y’all, not from a geographic location right now.
Financial Motivation and Discipline
- Take the pressure off and grieve, make sure your basics are covered, and then start to learn and expand in a few months.
- Jordan Peterson says, “Perhaps you are overvaluing what you don’t have and undervaluing what you do.”
Financial Planning and Advice
- The Ramsey Show Annual Listener Survey is live now, and they want to know what listeners love about the show and what they want to hear more about.
- The holiday season sometimes sees a spike in people passing away, so it’s important to have a will and life insurance to take care of your family.
- Having those difficult conversations and encouraging the people in your life to have things taken care of can give peace and stability to a hard and sad situation.
Financial Journey and Motivation
- Beth from LA is feeling pressure and needs motivation to keep going.
- It’s not too late for Beth and her husband to start their journey towards financial freedom.
- They have mapped out their plan for the next two years and are putting in $3,500 a month.
- They make $10,000 a month after taxes, but live in one of the most expensive places on earth.
- It’s important for them to celebrate small milestones along the way to stay motivated.
Financial Planning and Discipline
- The journey towards financial freedom is a marathon, not a sprint, and discipline is key.
- Building discipline and stability during tough times is crucial for success in wealth-building.
- Changing job positions or industries can lead to a significant increase in income.
- The story of a teacher in New York City who paid off over $100,000 in student loans through a side hustle is an example of a “curvebuster” who sets a high standard for others.
Financial Planning and Decision-Making
- A caller asks how much they can spend on vacations and a house addition with their financial situation.
- The caller has no debt, a paid-off house, and around $9.2 million in investments.
- The financial advisor recommends allocating percentages for spending, saving, and giving.
- The advisor reassures the caller that they are in a good financial position to spend more.
- The conversation emphasizes the importance of balancing financial responsibilities and enjoying life experiences.
Budgeting and Financial Tools
- Ramsey Solutions offers a book called “Breaking Free From Broke” that teaches how to build wealth and avoid money traps.
- Mint is shutting down in January, leaving four million budgeters without a tool.
- Ramsey Solutions offers a budgeting app called EveryDollar that connects to your bank and helps plan for the future.
- EveryDollar Premium offers many options, including paycheck planning and connectivity for multiple users.
- EveryDollar is an incredible budgeting app that helps users plan out their life and track their expenses.
Student Loan Debt and Financial Freedom
- Dave Ramsey advises Keaton to pay off his $27,000 student loan debt with the $40,000 he has saved up.
