I Racked Up $40,000 Of Debt During A Manic Episode

Summary

Podcast Summary: The Ramsey Show Highlights – "I Racked Up $40,000 Of Debt During A Manic Episode"

Episode Information:

• Title: I Racked Up $40,000 Of Debt During A Manic Episode
• Host/Author: Ramsey Network
• Release Date: January 25, 2025

Introduction In this emotionally charged episode of The Ramsey Show Highlights, a caller grapples with the financial aftermath of a severe manic episode. The discussion delves into the intersection of mental health and financial stability, providing valuable insights and actionable advice for listeners facing similar challenges.

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Caller’s Background and Financial Crisis

Bipolar Diagnosis and Management The caller, identified as B, opens up about living with Bipolar I Disorder since the age of 19. At 24, B has been committed to managing their condition through medication and therapy for five years. Despite these efforts, a recent manic episode spiraled out of control.

• B’s Statement [00:10]:

  "I've got bipolar one. I was diagnosed when I was 19, so I'm 24 now. And you know, I've been on my meds, been in therapy for five years the whole time, and then just kind of crashed this last couple months."

Financial Impact of the Manic Episode During an eight-week manic period, B accrued $20,000 in debt and depleted an additional $20,000 from savings. This financial strain coincided with leaving a job and later securing a new position in October, though B remains apprehensive about their financial future.

• B’s Admission [00:10]:

  "I went into a full blown manic episode for about two to eight weeks, racked up $20,000 in debt and blew through my savings. That was almost $20,000. And I'm financially not in the best situation right now."

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Host’s Response and Supportive Dialogue

Expression of Pride and Acknowledgment Host C responds with empathy and encouragement, commending B for their self-awareness and perseverance. C highlights B’s consistent efforts over five years, noting that a single financial misstep does not overshadow their overall success.

• C’s Encouragement [01:01 - 01:25]:

  "Can I just tell you I'm proud of you... you've had one blowout in five years... you've been working real hard... you've been taking your meds even when you don't want to... I'm proud of you."

Understanding the Emotional Struggle C delves into the emotional impact B feels, particularly the sense of losing trust in oneself rather than external factors like employers or the government. This introspection underscores the internal battles faced by individuals managing mental health conditions.

• C’s Insight [01:48]:

  "The person that you've lost trust in is not your boss, is not the government. What, it's you."

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Strategies for Financial Recovery and Management

Debt Repayment Plan The hosts provide a step-by-step plan to address the accumulated debt. They suggest immediate actions such as consolidating personal loans through a local credit union, deleting contacts related to financial temptations, and implementing stricter financial controls.

• C’s Actionable Advice [07:09 - 07:18]:

  "Do that today... delete their number out of your phone and block it... put friction in your life to where you can't spend money on that credit card because you don't have one anymore."

Utilizing Financial Tools and Support Systems A recommends leveraging Financial Peace University and the EveryDollar app to create budgets and maintain accountability. The importance of having an accountability partner is emphasized to ensure sustained financial discipline.

• A’s Recommendation [07:24]:

  "Hang on the line. I'm going to send you Financial Peace University... And I would love it if you had an accountability partner who also you could connect to the EveryDollar app..."

Addressing Co-occurring Issues Recognizing the gambling problem intertwined with the financial debt, the hosts urge B to seek immediate assistance, such as attending support meetings. This holistic approach ensures that underlying issues contributing to financial instability are addressed.

• C’s Urgency [06:10 - 05:25]:

  "if you got struggle, trouble with gambling, go to a meeting tonight, go to a meeting in the morning, get on top of this stuff."

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Notable Quotes

• B’s Self-Reflection [04:44]:

  "I hit all the milestones I was supposed to do, and now I just feel stuck and like failure and I'm not good at reaching out for help."

• C’s Reassurance [02:57]:

  "You have one choice... or you can look at the data you have in front of you... you're really good at what you do... you're on the right track."

• A’s Affirmation [05:19]:

  "You reached out for help right now. You called the show. That's bravery."

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Insights and Conclusions

Balancing Mental Health and Financial Responsibility The episode underscores the delicate balance between managing mental health and maintaining financial stability. It illustrates how mental health crises can lead to significant financial repercussions and emphasizes the importance of proactive strategies to mitigate such risks.

Empowerment Through Structured Support Listeners are empowered by the hosts’ compassionate yet pragmatic approach. By combining emotional support with concrete financial advice, the episode offers a blueprint for navigating financial crises exacerbated by mental health challenges.

Encouragement to Seek Help A recurring theme is the encouragement to seek help, whether through professional services, support groups, or utilizing financial tools. The hosts stress that reaching out is a sign of strength and a critical step toward recovery.

Final Takeaway Despite the severity of B’s situation, the episode conveys a message of hope and resilience. With the right support systems and financial strategies, individuals facing similar struggles can overcome their challenges and regain control over their finances and well-being.

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Conclusion This episode of The Ramsey Show Highlights poignantly illustrates the intersection of mental health and financial stability. Through B’s candid sharing and the hosts’ empathetic guidance, listeners gain valuable perspectives on managing financial crises triggered by mental health issues. The actionable advice and supportive dialogue serve as a beacon of hope for those navigating similar turbulent waters.

Transcript

[A]

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

[B]

I've got bipolar one. I was diagnosed when I was 19, so I'm 24 now. And you know, I've been on my meds, been in therapy for five years the whole time, and then just kind of crashed this last couple months. I went into a full blown manic episode for about to eight weeks, racked up $20,000 in debt and blew through my savings. That was almost $20,000. And I'm financially not in the best situation right now. I make 104 right now. I quit my job when the manic episode happened and luckily caught a new one that I started in October. So I'm just a little lost and scared of myself, if I'm being honest.

[C]

Yeah. That's it. Right? You're, you're. Well, number one. Can I just tell you I'm proud of you.

[B]

Thank you.

[C]

That's gonna sound bananas, but you, you had, you've had one blowout in five years.

[B]

Yeah. I mean I've dealt with manic and depressive episodes in that time, but nothing to this, to this degree.

[C]

But that tells me you've been working real hard.

[B]

Yeah.

[C]

That means you've been taking, that means you've been taking your meds even when you don't want to. That means you've been going to counseling even when you don't want to. That means you've been putting the work in. I'm proud of you. That's hard.

[B]

Thank you.

[C]

Okay.

[B]

Thank you.

[C]

And I, I love your self awareness is pretty, pretty amazing. Yeah. The person that you've lost trust in is not your boss, is not the government. What, it's you.

[A]

Right.

[C]

And that's just a scary place to find yourself when you're worried about what you're going to do next. So when you. Are you pretty leveled out right now or do you fall? Do you go down in the valley after a pretty, pretty hot episode?

[B]

Typically I go straight plummeting down. Luckily, I got a new psychiatrist and I'm on a new medication. Over the last two to four weeks, I've been taking it. I want to say feel good. And it's, it's. Yeah, I feel pretty. I'll be honest, I feel like normal, if you will, mellow, medium, whatever you want to call it.

[C]

Sure.

[B]

But to me, I, this is my own guess here, but because I was manic for so long, normal feel dull and low.

[C]

That's right. That's right. And yeah, Lame. That's a good. I love that word. And that's the challenge, right? Is. How do you. It's making. Making peace with the ordinary. Right. Making peace with day in and day out. That's hard. That's hard.

[B]

Yeah.

[C]

Here is the best, worst news I'm gonna give you. Okay? You have one choice. Actually, that's not true. You have two choices. Choice number one is to say, see, I told you so. You blew it all. You screwed up everything. That's just going to keep happening forever, whatever. Or you can look at the data you have in front of you. The data says for five years, you scratch, you clawed. And by the way, you got a diagnosis at 19, and that means that 18, 17, 16, 15 were really tough years for you, weren't they? Yeah. So you got at 19 and you've been wobbly and figuring it out and doing pretty dang well, making a whole bunch of money, which tells me you're really good at what you do. And you had one kind of off the rails, manic episode. You quit your job and you managed to go get. Dust yourself off and go get another six figure job, and now you're back at it. So option two is you take your lumps. You'll learn. You put one hurdle in front of yourself, which is you have one or two people that you know and you trust and love who have your ATM number and your Amazon login, and the next time they see you starting to spin up, they have permission from you in writing that they can go cut something off. And you're just going to need different hurdles than, than other people. But everybody's got their own hurdles. Yours are going to be taller because you, you've got, you know, BP one. But, dude, I'm just, I'm proud of you. The thing I don't want you to do is give up on you because your track record is pretty dang good.

[B]

Yeah, I mean, I've dealt with a lot and, you know, like, I'm a Division 1 athlete. I, I hit all the milestones I was supposed to do, and now I just feel stuck and like failure and I'm not good at reaching out for help. I don't want help. I keep telling myself, you know, I can truck along and figure this out on my own, and I'm realizing that you can't.

[C]

You can't. It's okay. You know. You know who else can't? Me. You know who else can't? George. Dave. None of us can.

[A]

And you reached out for help right now. You called the show. That's bravery.

[B]

Yeah.

[A]

So I realize that it's okay to bring others in to help you through this, and no one's gonna judge you. And the ones that do, get them out of your life. And so I love John's ide of make the. The bad things difficult to do and make the good things easier to do. And we did this with my. With our little toddler. We took off all the ornaments on the bottom of the tree so that she couldn't reach them and smash them. And so for you, that means freezing your credit, cutting up the credit card, and putting some restrictions to make it harder to spend, put friction in your life to where you can't spend money on that credit card because you don't have one anymore.

[C]

And by the way, it feels like the end of the world. George and I talk to people all day long who don't have bipolar one who blow through 20, 30, 40, $50,000 in credit card debt.

[B]

Yeah.

[C]

And so 20 grand, making $100,000 a year, 105 grand. You're going to be able to pay that off real quick.

[A]

Could you put four grand a month toward this debt right now with your income, if you got on a real tight budget?

[B]

Yes. The other issue is that 5,500 of it is what I'm calling a personal loan, but is to someone that I gathered a bit of a gambling problem over this last episode, and I lost eight grand to someone who was supplying that money for me to gamble with.

[C]

Do you have savings that you can go pay them off today?

[B]

No, I blew through the savings I had on top of the 18,000 I have left.

[C]

So at $104,000 a year, can you get onto a local credit union and take out loan for $4,000 or $5,500, get them paid off?

[B]

Yes.

[C]

Do that. Do that today. Do that today.

[B]

Okay.

[C]

And then delete their number out of your phone and block it. And block it. And delete every app off your phone.

[A]

And then debt snowball the rest. Whatever the smallest balance debt is, we're going to attack that first. Make minimum payments on the rest.

[C]

Hang on the line. I'm going to send you financial Peace University. We're going to get you hooked up, and I'm going to send you the EveryDollar app. And I would love it if you had an accountability partner who also you could connect to the EveryDollar app and y'all could review budgets together. Or if you bought stuff, it shows up and they can see it too. And that might be a way that you can have mutual accountability with somebody. But all in all, man, you had a rough season. If and by the way, if you got struggle, trouble with gambling, go to go to a meeting tonight, go to a meeting in the morning, get on top of this stuff. But man, you are on the right track. I want you to dust yourself up and get up and go again. I'm proud of you.

[A]

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