I Hate My Job but Want To Clean Up My Debt Mess

Summary

Podcast Summary: The Ramsey Show Highlights – "I Hate My Job but Want To Clean Up My Debt Mess"

Episode Overview

In the January 1, 2025 episode of The Ramsey Show Highlights, hosted by the Ramsey Network, listeners are presented with a compelling discussion surrounding financial struggles intertwined with career dissatisfaction. The episode features input from Dave Ramsey, renowned financial expert, and Ken Coleman, career strategist, as they guide Elena, a listener grappling with substantial debt and a lack of fulfillment in her current job. This summary delves into the key points, insightful advice, and meaningful conclusions drawn during the conversation.

---

1. Elena’s Financial and Career Predicament

Timestamp: [00:10 – 01:41]

Elena, a long-time follower of The Ramsey Show, reaches out seeking guidance on her financial and career woes. She shares that she has saved $1,000 but is overwhelmed by a total debt of approximately $65,000, which includes student loans, credit card debt, and a car loan. Despite earning a salary of around $50,000, Elena finds herself “drowning” in debt and dissatisfied with her job in property management.

Elena [00:18]: “I hate my job and I want to go to school, but I don't know if that's a good idea because of the amount of debt that I have.”

Elena expresses her aspiration to transition into NICU nursing, a field she is passionate about, particularly due to her love for children. However, she faces significant obstacles, including the lack of recognized credentials which necessitates obtaining a GED and further education—steps that seem daunting given her current debt burden.

---

2. Assessing the Root Cause of Job Dissatisfaction

Timestamp: [00:43 – 02:27]

Ken Coleman steps in to help unravel Elena’s dissatisfaction with her current role as an assistant property manager. He probes whether her unhappiness stems from the field itself or the specific company she works for.

Ken Coleman [00:43]: “Basically, what's your current job? What do you work in that you're not enjoying?”

Elena clarifies that her discontent is with the field rather than the company, emphasizing her desire to pursue a more fulfilling career in healthcare. Dave Ramsey then offers a strategic perspective, advising Elena to conduct “soul searching” to clearly identify her true career aspirations before considering a return to education.

Dave Ramsey [01:41]: “You want to run to something, not from something, as far as your career goes.”

---

3. Strategic Financial and Educational Planning

Timestamp: [02:26 – 05:42]

Dave Ramsey provides a structured approach for Elena to navigate her career transition without exacerbating her debt situation:

1. Clarify Career Goals: Elena should precisely determine what she wants to achieve in her next career chapter.
2. Assess Educational Necessity: Returning to school should only be considered if the degree directly contributes to her career goals.
3. Interim Financial Steps: While pursuing her GED and undergraduate studies, Elena should maintain her current job or seek higher-paying opportunities to manage her debt effectively.

Dave Ramsey [02:43]: “So, number one, we don't want to go back to school in air quotes as an escape mechanism.”

Ken Coleman echoes Ramsey’s advice, emphasizing the immediate need to increase income to tackle debt. He suggests Elena explore side gigs related to her passion for children, such as nannying through platforms like Care.com, to bolster her income while she works towards her long-term career goals.

Ken Coleman [05:51]: “You need the money you need. And so what are things you can do?”

---

4. Balancing Immediate Financial Needs with Long-Term Goals

Timestamp: [05:42 – 07:21]

Dave Ramsey highlights the importance of not rushing into education without a clear objective, cautioning against inadvertently entering a field that may lead to further dissatisfaction.

Dave Ramsey [04:38]: “nursing at times is very stressful... It's hard work. It's a great career field, but it's way different than I have a heart for children.”

Elena shares a personal setback related to her emotional vulnerability following her sister’s passing, which led to living with her boyfriend and encountering financial disagreements. Ramsey advises a straightforward resolution: moving out to regain financial stability.

Dave Ramsey [07:21]: “You can fix that. You can just move out.”

This segment underscores the importance of addressing immediate financial and personal concerns to create a stable foundation for future career and educational pursuits.

---

5. Practical Steps and Resources for Elena

Timestamp: [07:22 – End]

In closing, Dave Ramsey offers Elena actionable resources to aid her journey toward financial and career recovery. He recommends Ken Coleman's "Everything" program, which includes an assessment and the "Proximity Principle" book, designed to help individuals like Elena map out their career transitions effectively.

Dave Ramsey [07:21]: “Hang on. We're gonna get you signed up for Ken Coleman's Everything.”

Additionally, Ramsey reiterates the importance of aligning one’s passion with practical financial strategies, suggesting Elena engage in community activities like joining the children’s ministry to fulfill her desire to work with kids without immediate financial strain.

Dave Ramsey [06:11]: “You can scratch the kid itch by joining the children's ministry at your local church.”

---

Key Takeaways

• Identify True Career Goals: Before making significant career changes, it's crucial to have a clear understanding of one's aspirations and the necessary steps to achieve them.

• Strategic Financial Planning: Managing existing debt should take precedence, involving maintaining or increasing income while minimizing additional financial burdens.

• Incremental Steps Toward Education: If further education is required, approach it with a clear plan that directly supports career objectives, avoiding education as a means to escape current job dissatisfaction.

• Personal Stability: Addressing immediate personal and financial issues is essential to provide a stable base for pursuing long-term career and educational goals.

• Utilize Available Resources: Leveraging programs and resources offered by experts like Ken Coleman can provide structured guidance tailored to individual situations.

---

Conclusion

This episode of The Ramsey Show Highlights offers a nuanced exploration of balancing financial obligations with the pursuit of a more fulfilling career. Through Elena’s story, Dave Ramsey and Ken Coleman provide valuable insights and actionable advice for listeners facing similar dilemmas. The emphasis on strategic planning, immediate financial management, and thoughtful career transitions serves as a practical guide for those seeking to overcome debt while striving for personal and professional satisfaction.

Transcript

[Dave Ramsey]

Brought to you by Y Refi Refinance your defaulted private student loans [e-mail] Ramsey.

[Elena]

So I've been watching you for a long time, for years now. And I have just saved my $1,000.

[Dave Ramsey]

Good.

[Elena]

And I am also drowning in student debt, credit card and my car loan. I do have a job. I make about 50,000. My debt is a little bit more around 65,000. I hate my job and I want to go to school, but I don't know if that's a good idea because of the amount of debt that I have. Trying to figure out what the best way is to get out of this mess.

[Ken Coleman]

Basically, what's your, what's your current job? What do you work in that you're. You're not enjoying?

[Elena]

I work in property management. I'm an assistant property manager.

[Ken Coleman]

Okay. And is it the field that you're not enjoying or is it the specific company, do you think? Because you said you want to go back to school. I'm just curious what else is out there that you're thinking?

[Elena]

Yeah, so I think it's just the. The field. This is actually a Christian based company, which is super awesome. So I think it's just a field. I'm not happy here. It's just not fulfilling. I do love kids, so I've always wanted to pursue NICU nursing, but I would graduate in Hawaii and the diploma I got from there is not recognized. I would have to go back to school for a GED and then go to college. But with all the debt and the mess that I have is just kind of overwhelming and I really don't know where to kind of where to go.

[Dave Ramsey]

Well, I think we're doing this a little bit backward. You want to run to something, not from something, as far as your career goes. And so what I would do if I were in your shoes is I would very clearly identify and spend some time and some soul searching. And we'll even give you some tools to help you with this, identifying exactly what you want to do with your life in this next chapter. Going back to school in air quotes is a really bad idea unless that particular degree is necessary to do the thing you want to do. Okay.

[Elena]

Right.

[Dave Ramsey]

And sometimes when people are running from something, they air quotes, go back to school as if that's going to solve anything. It's not going to solve anything. You need to actually be studying toward becoming the thing you want to be. Did you say you wanted to be a pediatric nurse?

[Elena]

A NICU Nurse? I'm 80, so yeah.

[Dave Ramsey]

Okay. And your high school diploma does not count.

[Elena]

Yeah. So I graduated from a competency adult community school, and apparently that is not recognized nationally. And I have to go back for a ged, which is crazy because I've been using that pretty much my whole life. So.

[Dave Ramsey]

Okay, so right now you're a high school graduate that needs to pass a GED to prove it. Right?

[Elena]

Basically.

[Dave Ramsey]

And then you would have to go through all your undergrad and go through nursing school to be a nursing nicu. Okay. So what Ken Coleman would tell you to do that is one of our Ramsey personalities has written extensively on this idea, is he would tell you to go over there in your off hours and volunteer in the NICU to rock babies.

[Elena]

That is true.

[Dave Ramsey]

And talk to the nurses that are there and tell them it's going to take you six years to be one of them. Is it worth it?

[Elena]

Yeah.

[Dave Ramsey]

Now, I'm a huge fan of nursing as a career field, but I like little babies is a long way from. I want to go to school for six years to be a NICU nurse. That's a different thing. That's a lot different. Okay. So. Because nursing at times is gross. Nursing at times is very stressful. Nursing at times will break your heart. Nursing at times will cause your back and your feet to hurt and ache. It's hard work. It's a great career field, but it's way different than I have a heart for children. You follow me?

[Elena]

Yeah.

[Dave Ramsey]

So what I want you to do is get your arms around what it is you want to do and exactly what the cost is. And then I don't want you to spend six years and end up on in a field that you hate accidentally. You wouldn't want to do that. So, number one, we don't want to go back to school in air quotes as an escape mechanism. Number two, we want to. If we're going to go back to school, let's make sure that whatever we're studying gets us there. And then number three, what are some interim steps we can take to move in the direction of the field while you're talking about going to school there? So while you're working on your undergrad and passing your GED and getting your undergrad going at your local community college there in West Virginia, which you can do your first two years there just fine, you're probably keeping the job you've got, or you're getting a better job making more money, but maybe not in your career field. Or if you can find something where they'll pay you $40,000 a year to be in and around the medical field and you can get a sniff of what it is you're signing up for, then I would go along with that.

[Ken Coleman]

Yeah. And I would tell you too, Elena, just with the numbers you gave, not even thinking future, just presents. Right. You're, you're, you need the money you need.

[Elena]

Yeah.

[Ken Coleman]

And so what are things you can do? Because I would tell you, regardless if you wanted a career change or not on this call, part of the solution of you getting out of this debt is going to have to be upping your income. And so whatever you're doing beyond your current job, let it be around kids. Like I would go on care.com and see if somebody needs a nanny from 6 to 9pm or whatever.

[Dave Ramsey]

Right.

[Ken Coleman]

Like finding things in that that are going to make you more money to get out of debt and start your financial process and this ball rolling to get you ahead financially. But then also if you compare that with some level of your passion of what you're talking about while at the same time doing exactly what you're saying. But you're, you need more money right now. I mean, in my opinion, for the amount of debt that you, that you.

[Dave Ramsey]

Have, you can scratch the kid itch by joining the children's ministry at your local church.

[Elena]

Yes.

[Dave Ramsey]

And they need your help, by the way, because they're always perpetually understaffed.

[Ken Coleman]

And again, this isn't about.

[Elena]

I do have a.

[Dave Ramsey]

Go ahead. You have a what?

[Elena]

I was going to say something really important too, because I am a believer and a follower of Christ, but I did do something really stupid. And when my sister passed away earlier this year, I would say I was super vulnerable and dealing with grief, not knowing how to deal with grief for the first time. And I ended up moving, of course, from my first job earlier this year, paying about 70,000 to live with my boyfriend. And now we're living in this house unmarried. We're not seeing eye to eye in terms of finances.

[Dave Ramsey]

And that's easy, that's easy to undo, isn't it?

[Elena]

Yeah, yeah, yeah.

[Dave Ramsey]

Move out.

[Elena]

My dad always said. My dad always said, why pay for the cow when you can get the note for free? Right.

[Dave Ramsey]

So that's a wise man. And so. Yeah, but you can fix that. You can just move out. Where, where were you living when you were making 70?

[Elena]

In Arlington, Virginia.

[Dave Ramsey]

Can you get that job? Oh, that's more expensive than Huntington, West Virginia. I don't know that you were netting 20 more. That's a very expensive place to live. Okay. Yeah. I mean, you can. You can reverse that. You can just say, hey, I'm doing something I'm not proud of, and I'm not gonna do it anymore. That's a decision. Just like the decision to do something wrong is you can make a decision to do something right. So go do that, kiddo. Hang on. We're gonna get you signed up for Ken Coleman's Everything. I want her to get the assessment and the proximity principle book and the whole thing. Why Refi Refinances Delinquent private student loans for struggling borrowers. Learn more at YR E F y. Com Ramsay.