“I’m Gonna Tell You To Get a Real Job!”

Summary

Summary of "I’m Gonna Tell You To Get a Real Job!"
The Ramsey Show Highlights
Release Date: December 17, 2024

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Introduction to Patrick's Financial Situation

In this episode of The Ramsey Show Highlights, a 23-year-old caller named Patrick reaches out to seek advice regarding his financial struggles. Patrick reveals that he currently owes his parents a total of $10,000—with $8,000 allocated for his car, which he uses for his work as a farrier, and $2,400 to cover a few months of rent. This interest-free loan has become a source of tension between Patrick and his parents.

Patrick [00:36]: "So I'm 23 years old and I have a loan. I owe my parents $10,000 right now."

Parental Pressure and Expectations

Patrick explains that when he requested his parents to forgive the loan, they responded negatively, labeling him as ungrateful and urging him to work harder. This reaction has left Patrick feeling undervalued and financially strained, prompting him to consider taking on a second job to accelerate debt repayment.

Patrick [01:08]: "So I asked them to forgive the loan and they got upset with me. They said I was ungrateful and that I needed to work harder."

Current Income and Business Challenges

As a farrier with 25 clients, Patrick anticipates earning between $10,000 to $15,000 this year after accounting for expenses like gas, taxes, and supplies. He admits that these earnings are insufficient, categorizing his farrier work more as a side hustle rather than a sustainable full-time job. Patrick had hoped to grow his business faster, which is why he felt comfortable borrowing from his parents in the first place.

Patrick [01:46]: "So what is a, what is a 23 year old farrier with 25 clients make in the. In Colorado? What kind of money you make?"

Patrick [01:54]: "Well, so like before gas and tax and supplies and all that good stuff, I'm probably going to make about 15,000 this year, so not very much at all. Probably like closer to 10,000."

Dave Ramsey's Direct Advice

Dave Ramsey cuts straight to the point, advising Patrick to abandon his current business model and secure a more stable and lucrative job. He emphasizes that Patrick's current earnings are insufficient for financial stability and debt repayment.

Dave Ramsey [03:17]: "I'm going to tell you, get a real job. You already have the second job. $10,000 is not even survival money, dude."

Ken's Attempt to Explore Alternatives

Ken Coleman chimes in, attempting to delve deeper into how Patrick can scale his income within the horse industry. He suggests that to achieve higher earnings—ranging from $40,000 to $80,000—Patrick might need to expand his client base significantly or advance within the industry, possibly by taking on roles in larger ranches or higher-level positions.

Ken [03:28]: "Are you a farrier because you love horses?"

Ken [04:19]: "The answer, Patrick, is not to double down and say, well, I'm not good at marketing my services. ... You've got to get serious to say, I've got to take care of myself, and I can't even take care of myself on 10 to $15,000. So go get up the next level or the two or three rungs up the ladder in the horse industry."

Humorous Interlude and Reaffirmation of Advice

Patrick attempts to inject humor into the conversation by suggesting an unconventional job path, joking about becoming a stripper to quickly resolve his financial issues. Dave and Ken respond with skepticism, reinforcing the necessity of finding a stable and respectable job to manage his debts effectively.

Patrick [05:35]: "Okay, yeah, I'll probably go be a stripper okay?"

Dave Ramsey [05:38]: "Oh, that'd be great. Yeah. The fair. A farrier stripper."

Dave Ramsey [05:55]: "I know why your parents are angry with you, Patrick. ... So go get a job, honey, and make you some money."

Conclusion and Final Recommendations

Concluding the discussion, Dave Ramsey reiterates the importance of Patrick securing a reliable job to pay off his debts. He suggests conventional employment options, such as working for companies like Amazon or FedEx, to generate steady income. Additionally, Dave promotes the EveryDollar budgeting app as a tool to help Patrick manage his finances more effectively.

Dave Ramsey [05:21]: "While you're thinking about all that, just go to work for Amazon 40 hours a week and throw boxes or FedEx and go for 40 hours a week and throw boxes right now. 20, $25 an hour and go make $10,000 right quick and hand it to your dad."

Dave Ramsey [05:56]: "I know why your parents are angry with you, Patrick. ... So go get a job, honey, and make you some money. All right. Create your free every dollar budget today. The simplest way to budget for your life."

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This episode underscores the importance of financial responsibility, stable income generation, and effective communication with family regarding financial matters. Patrick's situation serves as a cautionary tale about the challenges of sustaining a passion-driven side hustle without a solid financial plan.

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Notable Quotes with Timestamps:

• Patrick [00:36]: "So I'm 23 years old and I have a loan. I owe my parents $10,000 right now."

• Dave Ramsey [03:17]: "I'm going to tell you, get a real job. You already have the second job. $10,000 is not even survival money, dude."

• Ken [04:19]: "The answer, Patrick, is not to double down and say, well, I'm not good at marketing my services. ... So go get up the next level or the two or three rungs up the ladder in the horse industry."

• Dave Ramsey [05:21]: "While you're thinking about all that, just go to work for Amazon 40 hours a week and throw boxes or FedEx and go for 40 hours a week and throw boxes right now. 20, $25 an hour and go make $10,000 right quick and hand it to your dad."

• Patrick [05:35]: "Okay, yeah, I'll probably go be a stripper okay?"

• Dave Ramsey [05:55]: "I know why your parents are angry with you, Patrick. ... So go get a job, honey, and make you some money."

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This comprehensive summary encapsulates the core discussions of the episode, providing valuable insights for listeners seeking financial guidance and practical solutions to debt management.

Transcript

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[Dave Ramsey]

Brought to you by the EveryDollar app. Start budgeting for free today.

[Patrick]

So I'm 23 years old and I have a loan. I owe my parents $10,000 right now.

[Dave Ramsey]

For what?

[Patrick]

It's an interest free loan. About $8,000 is for my car that I use for work. I'm a farrier. And then about 2,400 doll for a few previous months of rent that I needed help with.

[Dave Ramsey]

Okay.

[Patrick]

So I asked them to forgive the loan and they got upset with me. They said I was ungrateful and that I needed to work harder. And so I was already kind of on the hunt for a part time job so that I can. A second job so that I can pay off the debt quicker.

[Dave Ramsey]

Good.

[Patrick]

But. So right now I'm, I've got about 25 clients as a farrier, so I trim and shoe horses.

[Dave Ramsey]

Right. So what is a, what is a 23 year old farrier with 25 clients make in the. In Colorado? What kind of money you make?

[Patrick]

Well, so like before gas and tax and supplies and all that good stuff, I'm probably going to make about 15,000 this year, so not very much at all. Probably like closer to 10,000.

[Dave Ramsey]

That sounds more like a side hustle than a job.

[Patrick]

Right, right. And I, so I really anticipated just being able to grow my business quicker, which is why I was more comfortable getting these loans. Like they're not huge loans, but.

[Dave Ramsey]

What's your question, Patrick? How can we help you?

[Patrick]

So I asked my parents to forgive the loan and I, and they got upset with me.

[Dave Ramsey]

You told us that.

[Patrick]

And like I struggle already with my. How upset did you ask?

[Dave Ramsey]

No, I said you told us that already.

[Patrick]

Oh, okay. I'm sorry.

[Dave Ramsey]

That's okay.

[Patrick]

So like how do I. The thing is I, my parents, I didn't go to college. I became a farrier and I'm the youngest of five kids and my parents have given my other siblings help with college and so that's why I was comfortable asking them to forgive the loan. Well, I guess, I mean, you're probably going to tell me, just, just get A second job and pay it off.

[Dave Ramsey]

I'm going to tell you, get a real job. You already have the second job. $10,000 is not even survival money, dude.

[Patrick]

Right. Do you.

[Ken]

Are you a farrier because you love horses?

[Patrick]

I do, yeah.

[Ken]

Okay, then how does one make 40,000? How does one make 60,000? How does one make $80,000 working with horses? I don't know the answer. You probably do. Correct.

[Patrick]

Right. And so that's why I asked for them to forgive the loan.

[Dave Ramsey]

We need to quit talking about forgive. Stop, stop, Patrick. Patrick, stop. When you don't need to talk about forgiving the loan. They're not going to forgive the loan. They told you to go get a life and pay them. So let's go get a life and pay them. Answer Ken's question. Why? What does it take to make 40,000 or 80,000 screwing around with horses?

[Patrick]

Well, you can make good money as a farrier if you have a lot of clients. You need like 100 or more clients.

[Dave Ramsey]

No, you have 23. You make 10,000. 100 would be 40,000. And that's gross, not net. That's still not good money.

[Ken]

The answer, Patrick, is not to double down and say, well, I'm not good at marketing my services. Well, that's a lesson that you've now learned. And Dave's right. So what you do have is a decent side hustle. But the answer is, the question is, what must. What must one do to get a 60 or 80 or $100,000 job working with horses? We're creating a ladder here also. The answer should be, well, Ken, I would have to go work for a large ranch and I would start out here, and a lower level ranch hand is going to make 32,000. I'm making this up, Patrick, but you know the answer to these questions, or you could go get the answers. And you have now got to get serious to say, I've got to take care of myself, and I can't even take care of myself on 10 to $15,000. So go get up the next level or the two or three rungs up the ladder in the horse industry. And if you can't do that, get into some other type of thing with a ranch.

[Dave Ramsey]

While you're thinking about all that, just go to work for Amazon 40 hours a week and throw boxes or FedEx and go for 40 hours a week and throw boxes right now. 20, $25 an hour and go make $10,000 right quick and hand it to your dad.

[Patrick]

Okay, yeah, I'll probably go be a stripper okay?

[Dave Ramsey]

Oh, that'd be great. Yeah. The fair. A farrier stripper.

[Ken]

Fantastic.

[Dave Ramsey]

That's a novel idea. That's great. Well, he's a whole different motif for.

[Ken]

Apparently he's got the clothing I get.

[Dave Ramsey]

He's.

[Ken]

I guess he's got the chaps.

[Dave Ramsey]

Oh, you're killing me here.

[Ken]

I know he did it. This kid's not serious.

[Dave Ramsey]

No, you're not a serious answer to.

[Ken]

What we just were trying.

[Dave Ramsey]

I know why your parents are angry with you, Patrick. I'm kind of getting the understanding now. Well, I'll just go be a stripper. Oh, brother. That's not even funny. Really. I mean, it's just weird. Okay, so go get a job, honey, and make you some money. That's the answer to your question. All right. Create your free every dollar budget today. The simplest way to budget for your life.