I'm 20 And Finally Have Some Money, But Now I'm In Debt

Summary

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

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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.

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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)

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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”

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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)

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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.

Transcript

[A]

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[B]

I'm 20 years old and I've gotten to a bunch of debt and I'm having fun. You know, when I was younger, I didn't have a lot of things I wanted. And now growing up and getting some money in my pocket, I've been buying a couple of things that I wanted and I'm currently $52,000 roughly.

[C]

Now is the 52 all with these toys?

[B]

Well, one of them is my truck. Okay, so that's, you know, my way to get to work.

[C]

How much do you owe on the truck?

[B]

It's roughly 13,000 on the truck.

[C]

What's it worth?

[B]

I don't know exactly what the truck's worth. There's a few cosmetic things I need to fix on it from just using it over the years and you know, towing things and doing other stuff with it. But I'm sure I could probably get close to that out of it.

[C]

What's your monthly payment that?

[B]

It's $390 a month.

[C]

Okay, well, I'm just, I'm pulling the facts here so Jade and I can weigh in. What other debt do you have? So that's 13 for a truck. What, what other debt? List them out.

[B]

So the big one here is, is my side by side. It's $31,000 roughly in debt.

[C]

31 on the side by side? Oh boy.

[B]

Yes, sir. And then about eight and a half thousand on the boat.

[D]

A boat.

[C]

Man, you are. Do you have a woman in your life?

[B]

No, sir, I'm single. I'm 20 years old.

[C]

Yeah, baby, that's what I thought. 20 year old, single dude. He's got all this income, he thinks, and he goes out and buys a side by side and a boat. I mean, you don't have that much time.

[D]

Where do you live? Do you have a house to hold all this in a garage? At the very least.

[B]

We've built, we've built a house behind my parents on our property.

[D]

Who's we?

[C]

Yeah, who's we?

[B]

So me and my father built this house. We built it about two years ago, three years ago, and we built it behind their house on their property.

[D]

Okay.

[B]

And I stay here and I help out with a lot of stuff that they need.

[C]

So you, Are you paying any kind of rent at all?

[B]

Yes sir, I pay around 3 to 400amonth on rent.

[C]

Okay, but you don't own it?

[D]

You don't own that?

[C]

No.

[D]

Your dad owns it.

[B]

Yeah, well, it will be mine eventually. I mean, we built it. It's, it's not like we don't have to pay for it.

[C]

Like are you and are you an only child?

[B]

No sir, I'm the youngest of three.

[D]

So is your dad.

[C]

It was either that it was either the only child or the youngest. This is all starting to check out for me.

[D]

Got it?

[C]

Yeah.

[D]

So let me start with the idea that your current situation, it's going to be temporary. Like you living in this little offshoot of your parents house, you say dollars a rent. Well, it should be temporary.

[C]

I agree. I wonder if it will be because.

[D]

The minute he needs a fly young lady, a pretty young thing, he's going to be thinking, okay, you know, I want to get married one day, I'm going to move off of this site. Like so I just want to put that picture in your head that where you're at now is not going to be it forever. So how can we set you up to go towards the future? Fair enough.

[B]

Yeah.

[C]

All right, so we have limited time with you.

[B]

Another reason I called.

[C]

What's your question? What's the core question?

[B]

So my question is, and going kind of in what she says, I want to get out of debt, but I do not want to get rid of anything because. And the reason I want to get out of that is like she said, if I marry a young lady.

[C]

All right, go ahead, Jade. How does he get out of it without selling his toys?

[D]

Well, I mean, you've got two choices. What's your income?

[B]

So I make roughly 60,000 a year. That's without working overtime and usually I work a good bit of overtime.

[D]

So here's the problem. Usually I might find a way and say, hey, if you could, you know, work extra and pay all this stuff off, like keep it. But in your case, 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. You're, you're right side up in your truck so far, but you could probably see your side by side going down. You might even see that your boat's going down. 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 since you only owe 13 on it and the rest of it, I'd say bye, bye. Oh, bye, bye bye.

[C]

Oh, very nice. I don't even know what a side by side is.

[D]

I don't either, but I know it's something that you drive on.

[C]

I'm going to look it up on.

[D]

The, on the prairie on land.

[C]

So there you.

[D]

Okay.

[C]

Oh, it's a golf cart.

[D]

Okay. That's different.

[C]

Okay, so yeah, you definitely don't need an off road golf.

[D]

No, I mean you must me put it like this. You must sell the side by side. That's got to go today. What's it worth?

[B]

So right now as it sits, it's probably worth around 25 to 26,000.

[D]

Yeah, got to sell that today. And what I would do you do have some time, save up the difference so that you can break even on it and sell it and then. Yeah, I'd probably keep the truck. I don't think you're going to get anything much cheaper than that. And you're even on it. I think I, I'm okay with that. But. But you gotta get rid of the boat. You're 20 years old. You don't need a boat. Rent a boat.

[C]

Ah, that's tough, Jade. I might let him pay off the boat. Get rid of the side by side. Come on man.

[D]

Well, he's definitely gotta get rid of the side by side.

[C]

Well, who needs an off road golf cart?

[A]

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