Podcast Summary: The Ramsey Show Highlights

Episode: I'm 20 And Finally Have Some Money, But Now I'm In Debt
Date: November 29, 2025
Host(s): Jade Warshaw & Guest Co-Host (with Call-In Guest, age 20)
Network: Ramsey Network

Overview

In this episode, Jade Warshaw and her co-host take a call from a 20-year-old listener who has recently come into some money but now finds himself $52,000 in debt due to purchasing a truck, a side-by-side (off-road vehicle), and a boat. The discussion revolves around his financial situation, his reluctance to sell his "toys," and practical advice about how to move toward financial stability at a young age.

Key Discussion Points & Insights

1. Caller’s Financial Breakdown

• Debt Details (00:06–01:17):
  • $13,000 owed on a truck (daily driver; essential for work)
  • $31,000 owed on a side-by-side (off-road recreational vehicle)
  • $8,500 owed on a boat
  • Total debt: approximately $52,000

Notable Quote:
"I'm 20 years old and I've gotten into a bunch of debt and I'm having fun." – Caller (00:06)

2. Lifestyle and Living Situation

• Built a house with his father behind his parents' place (01:37–01:57)
• Pays $300–$400/month in rent to his parents
• Youngest of three siblings
• Expects to inherit the property eventually, but does not currently own it

Memorable Exchange:
"Are you paying any kind of rent at all?" – Co-host (01:57)
"Yes sir, I pay around 3 to 400 a month on rent." – Caller (02:00)
"But you don't own it?" – Jade Warshaw (02:06)

3. Framing the Situation and the Future

• The hosts highlight that living with parents and low rent is likely temporary
• A life change, like getting married, will require financial flexibility and independence

Notable Quote:
"Where you're at now is not going to be it forever. So how can we set you up to go towards the future?" – Jade Warshaw (02:28)

4. The Core Question: Staying in Debt or Selling “Toys”

• The caller wants to get out of debt without selling his vehicles
• Reason: preparing for a responsible financial future and potential marriage (03:11)

Memorable Moment:
"I want to get out of debt, but I do not want to get rid of anything." – Caller (03:11)

5. Assessing Income vs. Debt Load

• Income: $60,000/year plus overtime (03:29)
• Hosts immediately point out the unsustainable debt-to-income ratio
  • Depreciating assets (side-by-side, boat) are problematic
  • The truck is viewed as essential and possibly worth keeping
• Strong advice to sell at least the side-by-side and the boat

Notable Quote:
"You have too much money tied up in things with motors and those things tend to go down in value, as you're probably already seeing." – Jade Warshaw (03:35)

• On the side-by-side:

"You make 60 and you got $52,000 of debt. That's way too much. So if I were you, I'd probably hang on to the truck...the rest of it, I'd say bye, bye. Oh, bye, bye, bye." – Jade Warshaw (03:57)

6. The Side-by-Side: Reality Check

• It’s likely worth less than the debt ($25,000–$26,000 value vs. $31,000 owed) (04:31–04:44)
• Advice: sell it ASAP, save extra to pay the difference, and move on

Notable Quote:
"You must sell the side by side. That's got to go today." – Jade Warshaw (04:31)

7. The Boat: Keep or Sell?

• Some debate between the hosts: one suggests paying off the boat if possible; both agree the side-by-side should be sold
• For a 20-year-old, owning a boat is seen as wholly unnecessary—rent instead if desired

Memorable Exchange:
"You gotta get rid of the boat. You're 20 years old. You don't need a boat. Rent a boat." – Jade Warshaw (05:04)

Segment Timestamps

• 00:06–01:17 – Detailed breakdown of caller’s debts
• 01:37–01:57 – Living situation and relationship/family context
• 02:28–03:04 – Hosts discuss caller’s future and need for change
• 03:11–03:57 – Caller’s reluctance to sell toys and hosts’ financial analysis
• 03:29–05:04 – Income, debt load, and direct advice to sell depreciating “motors”

Notable Quotes and Memorable Moments

• "I'm 20 years old and I've gotten into a bunch of debt and I'm having fun." – Caller (00:06)
• "Where you're at now is not going to be it forever. So how can we set you up to go towards the future?" – Jade Warshaw (02:28)
• "You have too much money tied up in things with motors and those things tend to go down in value, as you're probably already seeing." – Jade Warshaw (03:35)
• "You make 60 and you got $52,000 of debt. That's way too much...I'd say bye, bye. Oh, bye, bye bye." – Jade Warshaw (03:57)
• "You must sell the side by side. That's got to go today." – Jade Warshaw (04:31)
• "You're 20 years old. You don't need a boat. Rent a boat." – Jade Warshaw (05:04)

Conclusion and Takeaways

The hosts underscore the importance of not letting lifestyle purchases drag young people into financial quicksand. Hard decisions, like selling beloved toys, are often necessary for future success—especially when income can’t support massive debts. For young listeners, this episode underscores the importance of keeping debt in check, resisting the urge to finance fun, and building a flexible, independent financial foundation.

Bottom Line:
Sell the side-by-side today, work toward eliminating other debts, and keep future flexibility in mind as life circumstances change.