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

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.

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.

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."

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."

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.

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."

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."

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.

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."

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.

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.