He Wants Accountability So He Called Into A National Show

Summary

Episode Summary: "He Wants Accountability So He Called Into A National Show"

Podcast Information:

• Title: The Ramsey Show Highlights
• Host/Author: Ramsey Network
• Episode: He Wants Accountability So He Called Into A National Show
• Release Date: March 1, 2025

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Introduction

In this episode of The Ramsey Show Highlights, Christian reaches out seeking help to get out of debt. Struggling with significant financial burdens and a lack of accountability, Christian turns to the show for professional guidance. Host Dave Ramsey, alongside expert Jade Warshaw, delves into Christian's financial predicament, offering actionable advice to steer him towards financial stability.

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Caller's Financial Situation

Christian opens up about his financial struggles at [00:06]:

Christian: "I am just starting the new year off the right way with trying to get out of debt. I'm following the baby steps. I just don't have a lot of accountability and I need direction and I really wanted to make a big deal about this. So I wanted to call the show and get some professional advice from people that I trust."

He reveals being $90,000 in debt, with $35,000 tied up in an auto loan and the remaining $55,000 in credit card debt. Additionally, Christian manages a $7,000 monthly trust income and earns approximately $2,000 monthly from part-time seasonal work on a farm in Oregon. Balancing fatherhood and financial responsibilities adds to his challenges.

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Expert Advice on Budgeting

Jade Warshaw commends Christian's decision to seek public accountability, emphasizing its importance in achieving financial goals:

Jade Warshaw: "First off, Christian, I love that you're understanding the importance of accountability to the point where you're like, I'm going to call on the show, people are going to hear it. I post about it on social media. I, I, I actually really like that."

She probes deeper into Christian's financial habits:

Jade Warshaw: "Do you know why you haven't been able to manage your money or stick to a budget? What do you do instead?"

Christian admits his discomfort with financial management and lack of education in budgeting:

Christian: "Well, I was never really taught that. And, yeah, I am. When I get around math or numbers, I choke up. I didn't get very far in math in school."

Jade reinforces the common lack of financial education:

Jade Warshaw: "None of us were taught this in college. None of us were taught it in high school. Few of us were taught it in our own homes. So it's very, very important."

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Auto Loan Strategy

Addressing Christian's substantial auto loan, Jade Warshaw advises evaluating the vehicle's worth and considering selling it to alleviate debt:

Jade Warshaw (07:06): "I think it's probably worth a little bit less than 35. I haven't actually looked it up. I don't know those numbers."

She suggests selling the car if it's heavily upside-down, recommending purchasing a less expensive vehicle outright to free up $35,000 towards debt reduction:

Jade Warshaw: "If I were you, I would get out of that vehicle, I'd buy something far less expensive in cash. And yeah, that's what I would do."

Dave Ramsey underscores the significance of this move:

Dave Ramsey (07:09): "That's almost half of that debt. Not quite, but almost."

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Credit Card Debt Management

Addressing the remaining $55,000 in credit card debt, Jade advises against consolidating or shuffling debts. Instead, she recommends the "debt snowball" method—paying off debts from smallest to largest to build momentum:

Jade Warshaw: "Don't consolidate them. Don't, you know, do a shuffle game. Just list them smallest to largest and pay them off one by one."

This approach not only reduces debt but also provides psychological wins that keep individuals motivated.

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Utilizing Financial Tools

To assist Christian in budgeting and tracking expenses, Jade recommends the EveryDollar app, highlighting its benefits in simplifying financial management:

Jade Warshaw: "The good news for you is that we solve those problems here for you with EveryDollar. So before you get off the call, I want you to have the EveryDollar app. It's a budgeting app, and it's going to help you do the things that you said you struggled with, which is making a plan for your money, sticking to the plan with your money, and doing the math on your money."

She emphasizes integrating the app into daily habits to ensure consistent monitoring and financial discipline:

Jade Warshaw: "The only thing that you have to do, Christian, is the only commitment you have to make is to make the thing right, plug your numbers in and just to take atomic habits habit, stack it with something else you do."

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Additional Support and Resources

Dave Ramsey stresses the importance of increasing income despite the current trust and part-time job:

Dave Ramsey (02:38): "I don't like what I'm hearing. ... you need to be working full time, even when it's your turn, your custody side of things."

He recommends Christian consider additional support systems or childcare solutions to enable him to pursue full-time employment, thereby accelerating debt repayment.

Furthermore, Dave introduces the idea of aligning one's career with personal passions, hinting at resources like "Find Your Work You're Wired To Do":

Dave Ramsey: "Hang on the line. Kelly, let's get him a copy of find the work you're wired to do. It's a best selling book with an assessment, it'll help."

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Conclusion

Christian's call highlights common financial struggles, including debt management, lack of budgeting, and the need for accountability. Through expert advice from Jade Warshaw and Dave Ramsey, the show emphasizes the importance of:

1. Budgeting: Utilizing tools like EveryDollar to create and maintain a budget.
2. Debt Reduction: Prioritizing high-interest debts and considering asset liquidation to free up funds.
3. Increasing Income: Exploring opportunities to boost earnings to expedite financial recovery.
4. Accountability: Leveraging public commitments to stay motivated and disciplined.

By implementing these strategies, Christian can navigate his financial challenges and work towards achieving financial freedom.

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Notable Quotes

• Christian (00:06):
  "I just don't have a lot of accountability and I need direction and I really wanted to make a big deal about this."

• Jade Warshaw (00:40):
  "I post about it on social media. I, I, I actually really like that."

• Dave Ramsey (02:38):
  "You need to be working full time, even when it's your turn, your custody side of things."

• Jade Warshaw (06:23):
  "The good news for you is that we solve those problems here for you with EveryDollar."

• Dave Ramsey (07:09):
  "That's almost half of that debt. Not quite, but almost."

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Key Takeaways:

• Accountability is crucial for achieving financial goals.
• Budgeting tools like EveryDollar can simplify financial management.
• Prioritizing debt repayment helps in reducing financial burdens effectively.
• Increasing income is essential, even when existing funds seem sufficient.
• Professional guidance and educational resources can provide the necessary support to overcome financial challenges.

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This episode serves as a valuable resource for listeners facing similar financial hurdles, offering practical solutions and emphasizing the importance of taking proactive steps towards financial health.

Transcript

[Dave Ramsey]

Brought to you by the EveryDollar app. Start budgeting for free today.

[Christian]

I am just starting the new year off the right way with trying to get out of debt. I'm following the baby steps. I just don't have a lot of accountability and I need direction and I really wanted to make a big deal about this. So I wanted to call the show and get some professional advice from people that I trust.

[Dave Ramsey]

Well, I've got good news for you because I'm sitting next to the budget queen, not the dancing queen.

[Jade Warshaw]

Budget queen.

[Dave Ramsey]

There it is. Do your thing. I think this man needs to know how to figure out a budget.

[Jade Warshaw]

First off, Christian, I love that you're understanding the importance of accountability to the point where you're like, I'm going to call on the show, people are going to hear it. I post about it on social media. I, I, I actually really like that. Some people kind of like to do their goals in the quiet and in secret. And I listen. I'm no psychologist, I don't know, but I have a feeling around that. I think that when people do their goals quietly, it's because they're afraid that if they don't accomplish them or if they're, they fail, no one has to know. Right. And so I love the accountability of you saying, no, I'm putting it out there. So my question is, what is it that you're trying to accomplish and what is it? What is the thing that you're worried about being a roadblock for you accomplishing it?

[Christian]

Well, I've never really been good at my finances in the past. Keeping a budget, keeping up like a record of my finances. And I'm about 90,000 in debt. It's 35 of it, 35,000 is an auto and the rest of it is credit card. And I am, I work part time seasonal on a farm in Oregon. I don't make very much, but I'm very fortunate and blessed to have a trust that I get money from every month. But I've been very irresponsible. It's 7,000 now.

[Jade Warshaw]

So you get 7,000amonth from the trust and then you're working part time on a farm. What do you make from your part time work?

[Christian]

When I am working, which I'm off season right now, but usually about 2000amonth.

[Jade Warshaw]

Okay.

[Christian]

And I work part time because I have a two year old daughter and I watch her half the week. I have her three and a half days.

[Jade Warshaw]

Okay.

[Dave Ramsey]

Do you have any support around you that could help with her?

[Christian]

Well, so her mother watches her the rest of the time. And she is a big support and, and, and my daughter and everything.

[Dave Ramsey]

I know, but I'm talking about you're, you're a daddy now. And I'm jumping in here because I don't like what I'm hearing. And I'm not, like, criticizing you, but you need to be working full time, even when it's your turn, your custody side of things. That means you see her after you come home from work. That means someone is helping you or you are paying for them to help you because you need to be making more money in this offseason.

[Jade Warshaw]

Yeah. Is the trust for life?

[Christian]

Yes.

[Jade Warshaw]

Okay. I have a question. You told me earlier that you've never been good at, like, managing your money or sticking to a budget. Do you know why? Why is that? What do you do instead?

[Christian]

Well, I was never really taught that. And, yeah, I am. When I get around math or numbers, I choke up. I didn't get very far in math in school.

[Jade Warshaw]

Okay.

[Christian]

And it's, it's a very uncomfortable subject for me.

[Dave Ramsey]

Is it also fair to say. Is it also fair to say that you haven't needed to budget?

[Jade Warshaw]

Yeah.

[Christian]

No. Well, what do you mean by that?

[Dave Ramsey]

Meaning you've never had to worry about not having enough money, so therefore, there was never a need to watch where this dollar was going and where that dollar was going.

[Jade Warshaw]

Yeah. $7,000 a month. You can live on that.

[Dave Ramsey]

$7,000 a month. A good chance.

[Christian]

I haven't had that. I haven't. I only got it hasn't been that long since I've had that.

[Dave Ramsey]

Okay.

[Christian]

And it hasn't always been 7,000. I started getting it in 2008, and it started off at 2,000.

[Jade Warshaw]

Got you.

[Dave Ramsey]

Which is why, by the way, Jade, I want him working. Even though this is a nice blessing, I still want him working.

[Jade Warshaw]

Yeah. So let's, let's get into this a little bit. I, I, I totally buy it. None of us were taught this in college. None of us were taught it in high school. Few of us were taught it in our own homes. So it's very, very important. And I'm also with you on the math. Despite popular belief, I actually hate doing math, and I'm not very good at it. I made season it in high school and college. So there we go. The good news for you is that we solve those problems here for you with Every dollar. So before you get off the call, I want you to have the Every Dollar app. It's a budgeting app, and it's going to help you do the things that you said you struggled with, which is making a plan for your money, sticking to the plan with your money, and doing the math on your money. It does all of that for you. The only thing that you have to do, Christian, is the only commitment you have to make is to make the thing right, plug your numbers in and just to take atomic habits habit, stack it with something else you do, right? So if you have a, a habit in the morning of you make up, you wake up, you make your morning coffee and you read the news on your phone, right? You just add, and after I read the news on my phone or before I read the news on my phone, I track my transactions in every dollar. That's it. If you can start that habit this year, you're going to see things with your money begin to turn around. Because for most of us, we're just not, it's not part of our day to day rhythm. And so we're not seeing the fact that we're overspending on food or we're not seeing the fact that we're overspending and accidentally spent the money for something more important on something less important. Right. And so for you, I think getting that happen into your life is going to be really important. So that's numero uno. The next thing I want to talk about is this car. So you said you've got a $35,000 car and then you've got another 55 or 60,000 in credit card debt. So I kind of want to tackle the car. What's it worth?

[Christian]

I think it's probably worth a little bit less than 35. I haven't actually looked it up. I don't know those numbers.

[Jade Warshaw]

Okay, then that would be my second piece of homework. Number one is every dollar. Number two, I'm looking to see if this thing, if there's a break even here or if, you know, if it's very short amount of upside downness, I'm gonna, I'm gonna take that bet and I'm going to probably get out of this car because what are you paying every month for it? 700amy guy. Let's get that money back into your wallet. That's a lot of money for somebody who's in $90,000 of debt. So if I were you, I would get out of that vehicle, I'd buy something far less expensive in cash. And yeah, that's what I would do.

[Dave Ramsey]

That's almost half of that debt. Not quite, but almost.

[Jade Warshaw]

Yeah, you're clearing out a big portion of it. And then with these credit cards, you know, don't consolidate them. Don't, you know, do a shuffle game. Just list them smallest to largest and pay them off one by one. Ken, what's he going to do with the career real quick?

[Dave Ramsey]

I don't know. We didn't have enough time to get into that. What do you want to do if money wasn't an object, Say it goes.

[Christian]

If money wasn't an object. Something to do with plants. I work on a veggie farm. I moved to Oregon so I could do permaculture design which has a lot to do with, you know.

[Dave Ramsey]

So here's what we're gonna do. Hang on the line. Kelly, let's get him a copy of find the work you're wired to do. It's a best selling book with an assessment, it'll help. This is the Ramsey show. Create your free every dollar budget today. The simplest way to budget for your life.