I Got Desperate Enough To Finally Call You Guys

Summary

The Ramsey Show Highlights: "I Got Desperate Enough To Finally Call You Guys"
Release Date: May 18, 2025
Host/Author: Ramsey Network

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Introduction

In this episode of The Ramsey Show Highlights, listener Alan reaches out in a state of financial distress, seeking guidance on managing his debts and unstable income. Hosted by the Ramsey Network, the show features expert advice from financial experts Rachel Cruze and George Kamel, who work together to provide Alan with actionable solutions to his financial woes.

Alan's Financial Struggles

Alan begins the conversation expressing deep frustration and self-doubt regarding his financial situation. At [00:06], he states:

Alan: "Needed to know if my plan I know nothing about. Really, you guys is just I'm an idiot or how much of it is I'm an idiot to try to get everything straightened out financially."

Alan outlines a precarious financial landscape, revealing that he and his wife are expecting a child. He mentioned contemplating bankruptcy due to accumulating debts totaling approximately $12,000, which includes a car loan. His income is unstable, fluctuating between $400 to $800 weekly despite working 40 to 60 hours [01:55]. He earns an hourly wage of $15, which he finds insufficient given the inconsistent nature of his work.

Understanding the Root Causes

George and Rachel quickly identify the core issues contributing to Alan’s financial instability. George notes Alan’s desperation and the lack of a concrete financial plan:

George: "Well, don't beat yourself up too much. You don't know us. And yet you decided to call us. So somebody close to you said, alan, call these guys. Am I getting this right?" [00:23]

Alan's primary concerns include:

• Inconsistent Income: His earnings are highly variable, making budgeting challenging.
• Debt Burden: With $12,000 in debt, primarily from a car loan and a previous divorce, Alan feels overwhelmed.
• Future Financial Responsibilities: The impending arrival of his child adds urgency to his situation.

Expert Advice and Recommendations

1. Avoid Bankruptcy

Rachel swiftly advises against bankruptcy as a solution to Alan's problems:

Rachel: "I'll tell you this. Bankruptcy is not your answer. You guys are the solution to this problem, and so we're going to get you out of it." [04:20]

She emphasizes that with the right strategies, Alan can overcome his debts without resorting to bankruptcy.

2. Increase Income Streams

Both Rachel and George stress the importance of raising his income:

Rachel: "You need income asap." [04:52]

George: "Better job. Better job." [02:32]

Alan mentions plans to transition into real estate to supplement his income. However, Rachel counters that this approach is a luxury when immediate funds are needed. Instead, she suggests securing a more stable income source, such as a higher-paying job or retail work that offers consistent hours and pay.

3. Liquidate Assets to Reduce Debt

One of the most impactful pieces of advice comes from Rachel regarding Alan’s car:

Rachel: "You need to sell that car today. It's worth 30 grand and you owe seven." [05:22]

By selling the car, Alan could potentially eliminate his $7,000 debt and still retain $23,000, providing significant relief and capital to invest or save. Rachel outlines this as a straightforward solution to drastically reduce his financial burden.

4. Implement a Structured Financial Plan

Rachel recommends that Alan and his wife enroll in Financial Peace University, a comprehensive program designed to teach budgeting, debt elimination, and wealth-building strategies. She asserts:

Rachel: "You and your wife sit down, watch all nine lessons, and then you will be on the Ramsey train on the path to building wealth." [05:45]

George reinforces the importance of accountability and intentionality in tackling financial problems:

George: "If you have intentionality, in other words, a much better paying job, and then you do what George tells you to do to pay it off." [03:45]

Key Takeaways

• Immediate Action is Crucial: Alan needs to address his unstable income and high debt promptly to avoid further financial deterioration.

• Sell Non-Essential Assets: Liquidating the car can provide immediate debt relief and funds to stabilize his finances.

• Increase and Stabilize Income: Securing a more reliable and higher-paying job is essential for long-term financial health.

• Educate and Commit: Enrolling in Financial Peace University can offer structured guidance and accountability to achieve financial peace.

• Overcome Self-Doubt: Both Rachel and George emphasize that Alan is not an idiot but rather someone in need of the right tools and mindset to overcome his challenges.

Conclusion

By the end of the episode, Alan is provided with a clear and actionable plan to regain control of his finances. The experts encourage him to take immediate steps to stabilize his income, eliminate debt by selling his car, and educate himself through Financial Peace University. Their supportive and straightforward approach aims to empower Alan to become debt-free and build a secure financial future for his growing family.

Notable Quotes:

• Rachel Cruze: "You need to sell that car today. It's worth 30 grand and you owe seven." [05:22]

• George Kamel: "If you have intentionality, in other words, a much better paying job, and then you do what George tells you to do to pay it off." [03:45]

• Rachel Cruze: "You and your wife sit down, watch all nine lessons, and then you will be on the Ramsey train on the path to building wealth." [05:45]

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Transcript

[Dave Ramsey]

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[Alan]

Hi. I just had a question for you guys. Needed to know if my plan I know nothing about. Really, you guys is just I'm an idiot or how much of it is I'm an idiot to try to get everything straightened out financially.

[George]

Well, don't beat yourself up too much. You don't know us. And yet you decided to call us. So somebody close to you said, alan, call these guys. Am I getting this right?

[Alan]

Yes. You guys had been referenced to me before by a co worker over a year ago. I wrote it off as nothing and then was like, oh, boy. Maybe there's something to it that tells.

[George]

Us actually how desperate you are.

[Rachel]

Fine.

[George]

A year later, a year later, I'm desperate. I'm gonna call these clowns and see if they can help me.

[Rachel]

We'll do our best.

[George]

We will do our best. Give us a little bit more detail here on. On the real problem.

[Alan]

All right. So me and my wife are pregnant. Well, I'm not. She is.

[George]

Thanks for clarifying that.

[Alan]

Pretty soon I talked to try to file bankruptcy that cost over two grand. So I didn't do it. They estimated me at about 12,000 in debt. And that's including her car. I don't have one.

[Rachel]

You tried to File Bankruptcy over 12 grand?

[Alan]

Yeah. Now I told you, I don't know what I'm doing. How much of an idiot I am. I don't know.

[George]

Let's stop.

[Rachel]

I'll tell you this. Bankruptcy is not your answer. You guys are the solution to this problem, and so we're going to get you out of it. You're working full time?

[Alan]

Yes. My hours vary and so does my paycheck. It's highly inconsistent.

[George]

What kind of work are you doing?

[Alan]

Geotechnical field technician.

[George]

That sounds really fancy. What does that mean?

[Alan]

Summed up construction needs testing done before they can build or any of that. I run a bunch of tests.

[George]

Okay, but that's not a consistent 40 hour a week gig.

[Alan]

Sometimes it can be just below 40 hours. I'll make less than 400 or 500 bucks. Sometimes I'm working almost 60 hours, still make less than $800. I never know what my check's going to be.

[Rachel]

What is your. Is it an hourly rate? Who's setting this?

[Alan]

It's 15 an hour.

[Rachel]

Okay. I think you need to be making more money doing something.

[George]

Yeah. Better job. Better job.

[Alan]

So let's just check me today. Sorry. That he was looking to give me a raise soon, but has no idea how Much or how little it'll be.

[George]

Does that, like that just makes my head hurt listening to that entire sentence.

[Alan]

Right? But I had come back to them because we had moved back up to Georgia from Florida because that was a bust at every avenue and they were the only place I could find to go back to work for. I did get my real estate license in Florida and I got the paperwork printed out to transfer it up here. So my plan is to try to get what time I have not working. Because I could work through the weekend at a moment's notice. You get told at the end of the day whether you got to be at work.

[George]

Hey, Alan, Alan, Alan, Alan. You're making too many excuses as to why you're stuck. This whole.

[Alan]

Where my plan comes in is I want to get into the real estate and find a secondary gig.

[Rachel]

Put, dude, that is a luxury. You need money now.

[George]

Yeah.

[Rachel]

Not, I hope to make a commission seven months from now to sell my first house. Yeah. I'd be working 60 hours a week doing retail. And you'll make more.

[George]

Yeah, that's absolutely right. You can get. You can be making $20 an hour stocking shelves somewhere at this point. You've got to get really intentional. This whole I'm an idiot act, it's. It's a function of. If I can be very straight with you, you're making a lot of excuses. And George is right. You presented us with $12,000, which in the grand scheme of things, my friend, is not a lot of money to pay off. If you have intentionality, in other words, a much better paying job, and then you do what George tells you to do to pay it off.

[Rachel]

The debt, mathematically is not your issue here.

[Alan]

Absolutely, I understand. I just started getting real with these things, like a wake up this week, so I knew I had nothing together.

[George]

All right, well, listen to George here.

[Rachel]

I think here's what happened. You got a baby on the way and it was a reality.

[George]

That's right.

[Rachel]

And you went, oh my goodness, I got to be like an adult all of a sudden, right?

[Alan]

Yes.

[Rachel]

And your wife is feeling the stress too.

[Alan]

Now she currently working, doesn't care about money.

[Rachel]

She does when she doesn't have it and she can't feed her baby. She's got to start caring.

[George]

Walking through how he gets out of this. Listen, Allen, paid attention like you've never paid attention to anything else in your life.

[Rachel]

You need income asap. The debt, I'm guessing the minimum payment is a few hundred bucks.

[Alan]

Yes, sir.

[Rachel]

Okay. And you owe 12 grand and it's a car.

[Alan]

It's. It's a couple of things. A credit card, her car, a lawyer from a previous divorce. That's only two grand. Didn't even use them. And what's the car worth?

[Rachel]

And what do you owe on it?

[Alan]

I believe she said the car's worth like 20 something. 30. And she. It should be paid off next year.

[George]

No.

[Rachel]

What. What do you owe on the car?

[Alan]

I think like seven.

[Rachel]

You need to sell that car today. It's worth 30 grand and you owe seven.

[Alan]

I think that's what she said last time I asked her.

[Rachel]

So you could make 23 grand from this sale, use that to pay off the rest of your debts and still have money left over to buy another car used in cash. You hear that? You just solved the problem right there, Allen. And then the next step is let's get our income up and start stacking up cash that we have some when the baby's here. You guys are gonna be debt free with an emergency fund by the time this baby arrives into this world. Mark my words. And we're going to send you Financial Peace University. You and your wife sit down, watch all nine lessons, and then you will be on the Ramsey train on the path to building wealth.

[George]

And Alan, let's change the label. You're not an idiot. You're a good man. You're a husband, you're a father. You're a hustler. Pick a label, own it and go happen to this situation. George just gave you the game plan. I'd be listening to that car in the next five minutes.

[Dave Ramsey]

Create your free every dollar budget today. The simplest way to budget for your life.