Podcast Summary: The Ramsey Show Highlights

Episode: I'm In $147,000 of Debt And Only Make $1,500 A Month
Date: December 12, 2025
Host: Ramsey Network (Rachel Cruze and Jade Warshaw featured)
Caller: Miguel

Overview

In this episode, Miguel, a first-year business owner in the printing industry, calls in overwhelmed by $147,000 in total debt and an income of just $1,500 per month from his business. The hosts, Rachel Cruze and Jade Warshaw, offer practical, empathetic guidance on whether Miguel should sell his business, keep pushing forward, or shift strategies to tackle his debt and improve his financial future.

Key Discussion Points & Insights

1. Miguel’s Situation: Debt, Business, and Income

• Miguel is carrying $147,000 in debt (credit cards, student loans, car payment).
• Owns a printing (merchandise) business generating $1,500/month — his sole income.
• Works 50-60 hours weekly; lives alone; rent is $850/month, car payment $450.
• Struggles to cover basic expenses and lacks health insurance.

Miguel: “Just making it happen, honestly.” [02:09]

2. Should Miguel Sell the Business?

• Option to Sell: Could liquidate equipment for ~$30,000.
• Business is only a year old, inconsistent income, feels unstable.

Rachel: “I don’t know that I would sell it, but I would not have this being my full time job right now because of what it's generating.” [01:49]

3. Is the Business Viable as a Side Hustle?

• Hosts encourage keeping the business, but only part-time.
• Urge Miguel to seek full-time employment for steady income.
• Only $8,000 of the debt is tied to the business—rest is personal.

Jade: “The fact that you’ve started generating money so quickly from it, I think is good... but worth it to try to play that out a little longer. But I like what Rachel said on putting a timeline on it.” [06:41]

4. Creating an Exit or Growth Timeline

• Suggest dedicating the next 6-9 months to grow the business while working a regular job.
• If the business doesn’t pick up, sell equipment and move on.

Rachel: “A part of me would give, give it another six months while doing something else... don’t go into any more debt in it... Can I pick up any more steam... If you can’t, then sure, sell the equipment...” [05:32]

5. Immediate Next Steps & Resources

• Cut all unnecessary expenses; Miguel’s spending is already bare-bones.
• Boost income urgently — any job, even waiting tables, is better than current status.
• Hosts offer a free career-assessment book by Ken Coleman.

Jade: “You don’t have expenses to cut—your bare bones as it is. So the next line of defense is getting more income. That’s how it works.” [07:21]
Rachel: “Ken Coleman has a book... Find the work you’re wired to do... that you can just kind of brainstorm and think.” [07:40]

Notable Quotes & Memorable Moments

• Rachel Cruze: “You’re not on a living wage right now...” [02:41]
• Miguel: “I technically just hopped out of school and then saved money and then started this business.” [03:07]
• Rachel Cruze: “We just see this, Jade and I both, I think, as a great side hustle for right now while you go get a full-time job somewhere else.” [05:32]

Important Timestamps

• 00:29 — Miguel asks if he should sell his business to attack his debt.
• 01:31 — Reveals $1,500/month income, working full time.
• 02:09 — Explains how he survives on low income.
• 03:07 — Miguel’s background: straight from school to business.
• 04:19 — Only $8k of debt is tied to the business.
• 05:32 — Rachel urges a realistic timeline before quitting.
• 06:41 — Jade supports trying to grow the business as a side hustle.
• 07:21 — Hosts agree: extra income, not further expense cuts, is the solution.

Conclusion

Rachel and Jade urge Miguel to prioritize finding a stable, higher-paying job, treating the business as a side gig rather than his primary income until it can show true growth. They stress the need for timeline-bound decisions and maintaining hope, while also being brutally realistic about income needs. The conversation is practical, supportive, and frank in its guidance for anyone facing similar entrepreneurial or debt-related dilemmas.