The Ramsey Show – Get on a Plan and Get in Control of You Money! (Hour 2)

Intro

In this episode of “The Ramsey Show,” Dave Ramsey provides financial advice and guidance to Britney, a listener facing challenges with her budget and commuting expenses. Dave offers practical solutions and encourages critical thinking when it comes to making financial decisions. He also shares success stories of individuals who have achieved debt freedom and built wealth through his program. Tune in to learn how to take control of your money and make informed financial choices.

Main Takeaways

Reducing Commuting Expenses

• Britney is currently paying $800 for rent and spending $600 on gas every month due to her long commute to work.
• Moving closer to work would increase her rent to $1,500 but decrease her gas expenses to $300 per month.
• Dave Ramsey suggests that Britney keeps looking for a more affordable option and not commute an hour and a half in the New Orleans market.
• He advises finding a creative solution such as renting from a rich old lady with a garage apartment for $800.
• Ramsey challenges the idea of always choosing between high rent and a long commute.
• He encourages critical thinking and finding a unique situation to write about in the future.

Financial Planning and Education

• Britney currently makes $10-12k per month and has $50k in debt.
• She has multiple jobs, including social work, counseling, and working part-time at FedEx.
• Dave Ramsey reminds listeners that most decisions made regarding commuting, renting, or buying a car are not long-term.
• Permanent decisions are not as common as we think.
• 529 plans are a good option for saving for college, but can also be used for trade schools, certifications, and other forms of education.
• Knowledge is more important than degrees and prestigious institutions.
• Continuing to learn throughout life is crucial for financial success.

Debt Freedom and Wealth Building

• Couple pays off mortgage in under 4 years.
• They are now debt-free and close to being millionaires.
• The key to getting out of debt is working together as a team and having patience.
• Mark and Barbara from Charlotte, North Carolina paid off $216,000 in debt, including their house, in 3.5 years.
• They made it clear that this is what’s possible in life and they are almost baby steps millionaires.
• They are at an $800,000 net worth and are on track to be multi-millionaires by the time they get in their 60s.
• The fastest way to build wealth is to get out of debt and this is not just a theory, but a fact as millions of people have done it and become millionaires through Dave Ramsey’s program.

Summary

Reducing Commuting Expenses

Britney is facing high commuting expenses due to her long commute to work. Dave Ramsey suggests exploring more affordable housing options closer to her workplace. By finding a creative solution, such as renting from a rich old lady with a garage apartment for $800, Britney can reduce her commuting expenses and improve her financial situation.

Financial Planning and Education

Britney’s multiple jobs and income provide an opportunity for financial planning and debt repayment. Dave Ramsey emphasizes the importance of critical thinking when making decisions about commuting, renting, or buying a car. He also highlights the value of lifelong learning and the flexibility of 529 plans for various forms of education.

Debt Freedom and Wealth Building

The success stories of couples who paid off their mortgages and became debt-free demonstrate the effectiveness of Dave Ramsey’s program. By working together as a team and having patience, individuals can achieve financial freedom and build wealth. Getting out of debt is the fastest way to accumulate wealth and secure a better financial future.

Conclusion

By following Dave Ramsey’s advice on reducing commuting expenses, financial planning, and debt repayment, individuals can take control of their money and achieve financial freedom. The stories of debt-free individuals serve as inspiration and motivation to make informed financial choices. Tune in to “The Ramsey Show” to learn more about managing your money and building wealth.