Is It Really Worth My Time To Work 2 Jobs?

Summary

Episode Summary: "Is It Really Worth My Time To Work 2 Jobs?"

Podcast Information

• Title: The Ramsey Show Highlights
• Host: Ramsey Network (Dave Ramsey)
• Episode: Is It Really Worth My Time To Work 2 Jobs?
• Release Date: April 4, 2025
• Duration: Approximately 7 minutes

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Overview

In this compelling episode of The Ramsey Show Highlights, Dave Ramsey addresses a heartfelt call from a 53-year-old widow who is grappling with a significant financial decision. The caller is contemplating taking a second job in a remote location to alleviate her substantial student loan debt. This move promises considerable financial relief but requires her to relocate far from her family. Throughout the conversation, Ramsey provides insightful financial advice, emotional support, and practical strategies to help the caller make an informed and confident decision.

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Caller’s Dilemma

Background:

• Personal Situation: The caller is a 53-year-old widow who raised her children alone after her husband passed away 25 years ago. Her children are now grown.
• Financial Status: She is currently on Baby Step Two, focused on paying off her student loan debt, which has accumulated to approximately $165,000 over the years.
• Opportunity: A job offer in a remote location provides up to $100,000 towards her student loan debt and a gross income of $95,000. This would potentially cut her debt by half in two years, offering her financial freedom sooner.

Emotional Conflict:

• The caller feels guilty about the prospect of moving away from her family, questioning whether her motivation is driven by money rather than genuine financial freedom.

Key Quote:

“I’m kind of feeling guilt for wanting to do this, going so away from family for financial. So I’m kind of like, is it loving money that I want to do this for?”
— Caller [00:06]

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Dave Ramsey’s Guidance

Clarifying Motivations:

• Freedom vs. Greed: Ramsey reassures the caller that her motivation is not about loving money but about seeking freedom from debt.

  Key Quote:

  “No, you love freedom and you’re wanting to be free of the debt.”
  — Dave Ramsey [00:55]

Evaluating the Opportunity:

• Return on Effort: Ramsey emphasizes the importance of assessing the return on effort and the time frame of the sacrifice. He questions whether the caller is willing to commit for just two years, contrasting it with less desirable long-term commitments.

  Key Quote:

  “So, you know, it's what I always look at on something like this is what's the return on the effort and what's the time frame?”
  — Dave Ramsey [01:00]

Debt Reduction Plan:

• Financial Breakdown: Ramsey helps the caller understand how the additional income and debt assistance will expedite her journey to financial freedom.

  Key Quote:

  “They’re going to pay off a bunch of your student loan debt. And then you have 120,000 left.”
  — Dave Ramsey [05:07]

Encouragement and Support:

• Emotional Strength: Ramsey acknowledges the caller’s past struggles and commends her strength and dedication. He reinforces that her decision is about breaking free from long-term financial burdens.

  Key Quote:

  “You’re a strong, cool woman. I like you a lot. You’re amazing. Go get it done, sister. Get it done.”
  — Dave Ramsey [06:00]

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Practical Steps Forward

Commitment to the Plan:

• Debt Elimination: Ramsey advises the caller to fully commit to her goal of becoming debt-free within two years. He suggests practical measures such as cutting up credit cards and adhering strictly to a budget to ensure success.

  Key Quote:

  “It’s not a hope. It’s a plan. Find the other 20 in two years, kiddo. Be done with this thing.”
  — Dave Ramsey [05:48]

Future Financial Freedom:

• Fresh Start: By eliminating her debt, the caller can look forward to a debt-free life, allowing her to enjoy time with her family and grandchildren without financial stress.

  Key Quote:

  “This mess that I’ve lived through is going to be in my rearview mirror and I’m going to have a fresh start when I am 55 years young.”
  — Dave Ramsey [06:21]

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Conclusion

Dave Ramsey concludes the conversation by reinforcing the caller's decision to pursue financial freedom. He highlights the temporary sacrifice of two years in exchange for long-term debt relief and personal well-being. Ramsey’s empathetic and strategic advice empowers the caller to take decisive action toward achieving her financial goals, ensuring she remains debt-free and can fully enjoy her time with loved ones.

Final Encouragement:

“Go get it done, sister. Get it done. But be a hundred percent done when you come home. Don’t screw around with this. Knock it out. Be done with it.”
— Dave Ramsey [06:00]

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Key Takeaways

1. Prioritize Financial Freedom: Pursuing opportunities that significantly reduce debt can lead to long-term financial stability and personal freedom.
2. Evaluate Sacrifices: Assess the return on effort and the time commitment required to achieve financial goals.
3. Commit Fully: Successful debt elimination requires full commitment to the plan, including budgeting and eliminating unnecessary expenses.
4. Emotional Support: Seeking financial advice is not just about numbers but also about emotional well-being and personal circumstances.

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Note: Advertisements and non-content sections from the transcript have been omitted to focus solely on the valuable discussion between Dave Ramsey and the caller.

Transcript

[Dave Ramsey]

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[Caller]

I am on Baby Step two. I have been on Baby step two for about a year. My conundrum is I have an opportunity to take a job in a really remote location, really far away from family. My kids are grown, but I was widowed about 25 years ago and raised them all on my own. But positive to all of this is that it comes with a lot of financial benefit to help out with student loan debt and such. And I'm kind of feeling guilt for wanting to do this, going so far away from family for financial. So I'm kind of like, is it loving money that I want to do this for?

[Dave Ramsey]

No, you love freedom and you're wanting to be free of the debt.

[Caller]

Right?

[Dave Ramsey]

That's not loving money. That's wanting to be free. That's a valid sacrifice. It's a valid thing. So, you know, it's what I always look at on something like this is what's the return on the effort and what's the time frame? Because I could do anything for a short period of time. I don't want to sign up for 10 years in Uganda or whatever it is. Right. I mean, no, thank you.

[Caller]

Two years.

[Dave Ramsey]

Two years. And. And how much. How much do you make now? How much would you make if you did this? And how fast will you get out of debt?

[Caller]

Well, it would basically give roughly about 100,000 toward my student loan debt. So it would cut it over half, and it would give me a lot of financial freedom after that. Two years, like coming back and actually being able to spend time with grandkids and such.

[Dave Ramsey]

So you would be Debt free after 2 years?

[Caller]

Close to debt free. Yeah. I would probably still have maybe about $30,000 in student loan debt, but. Yeah.

[George Kamel]

And if you stay the course you're on now, how long would it take to pay off the debt?

[Caller]

Hopefully Social Security will pay it off.

[Dave Ramsey]

Yikes. It won't either.

[Caller]

It won't? No, it won't. So, yeah.

[Dave Ramsey]

How old are you?

[Caller]

I'm 53.

[Dave Ramsey]

So you're saying you. You have no other real. I mean, it's gonna. How much student loan debt did you run up?

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[Dave Ramsey]

How much student loan debt did you run up?

[Caller]

I. Well, I ran up 120,000, but kicking the can down the road, as you say, it's close to about 165 right now. I use. Yeah. I used it to supplement my income raising my kids. When my husband died, my kids were young. We had nothing. It was a suicide. So we literally had nothing. So. Yeah. So I stayed at home, went to college late. And I did it so that I could.

[Dave Ramsey]

How long ago was his death?

[Caller]

25 years ago. I was 20.

[Dave Ramsey]

So this has been following you forever?

[Caller]

For a while. Yeah.

[Dave Ramsey]

And you could give up two years and be done.

[Caller]

Yes. And my kids are supportive. I think my.

[Dave Ramsey]

I mean, emotionally the trade off is okay. 25 years of hell. Two years, I can be rid of it. That's a good trade.

[George Kamel]

That kids will be okay.

[Dave Ramsey]

That is not you chasing money. It is you chasing freedom.

[Caller]

Okay. I needed to hear that. I think from a Christian standpoint, I hear. Yeah.

[Dave Ramsey]

It's not. It's not greed that's driving this. It's anything but. It's quite the opposite. It's. You have had the hell beat out of you financially.

[Caller]

Yeah. Yeah.

[Dave Ramsey]

And you're wanting to get this behind you.

[Caller]

Yeah.

[Dave Ramsey]

I don't blame you. This is. This is Band Aid rip off.

[Caller]

Yeah. And I'm good with that. I mean, I was brought up by a Marine, so I'm okay with that. Hard work. I don't have a problem with that. I just wanted to. From a Christian financial standpoint to make sure.

[Dave Ramsey]

Yeah. I don't. I think it's quite the opposite from a Christian financial standpoint. I think this time for my daughter, my sister, the widow, to be free. I think she's been under the thumb of the freaking government long enough with these student loans beating her to death. I would love for you to be free, daughter.

[Caller]

Awesome.

[Dave Ramsey]

Now what are they going to pay at the remote location?

[Caller]

Actual pay. Actual, actual, actual pay. It'll come out to be about 95,000 gross.

[Dave Ramsey]

Okay. And then they're going to get pay off a bunch of your student loan debt. And they're probably providing housing because you're in the middle of nowhere or something like that.

[Caller]

Housing is cheaper. I'm like going to be renting a room, so. Yeah.

[Dave Ramsey]

Okay. All right. So. And you have 120,000 left.

[Caller]

Roughly.

[Dave Ramsey]

And they're going to pay how much of that?

[Caller]

Up to $100,000. So it's 50,000 per year? Yeah.

[Dave Ramsey]

Okay. Then you're making 95 and living in a no place, nowhere. One bedroom. You should be able to pay off the rest of it. I don't want you to come home with any debt.

[Caller]

Right. That would be my hope.

[Dave Ramsey]

No, it's not a hope. It's a plan. I mean, you're making 95,000. They're paying 100 of the 120. Find the other 20 in two years, kiddo. Be done with this thing.

[Caller]

Absolutely.

[Dave Ramsey]

Rear view mirror. Look in the past and go. That's where that needs to stay.

[Caller]

Yeah.

[George Kamel]

Do you have any other debt?

[Caller]

I have a credit card of like 8,000 from like, I had teeth repaired this year, so.

[Dave Ramsey]

You got to stop using this stuff. Okay.

[Caller]

Yeah, yeah.

[Dave Ramsey]

You got to be clear. Your goal is freedom. 100% freedom. Cut the card up, look at your budget and go, I'm not doing anything. And these student loans are going to die. This mess that, that I've lived through is going to be in my rearview mirror and I'm going to have a fresh start when I am 55 years young.

[Caller]

Yeah.

[Dave Ramsey]

The encore. The curtain goes up, you take a bow and you take one more act in the play.

[Caller]

Yeah.

[Dave Ramsey]

It's going to be amazing because you're going to be first time. You're going to be free because you have poured your life out for everyone else to take care of the kids and to make sure everybody's okay. And then to pay these stinking bills and. And now you're going to go give up two years of your life to take care of these bills. You're a strong, cool woman. I like you a lot. You're amazing. Go get it done, sister. Get it done. But be a hundred percent done when you come home. Don't screw around with this. Knock it out. Be done with it. That's very cool.

[George Kamel]

I like it. First time she's going to be debt free in her adult life. It's going to taste different.

[Dave Ramsey]

Ouch. Create your free every dollar budget today. The simplest way to budget for your life.