Transcript

Dave Ramsey (0:05)

Brought to you by the EveryDollar app. Start budgeting for free today. Normal is broke and common sense is weird. So we're here to help you transform your life. From the Ramsey Network and the Fairwinds Credit Union Studio, this is the Ramsey Show. I'm Dave Ramsey. Your host, Ken Coleman. Ramsey, personality number one best selling author is my co host today. The phone number here is 888-825-5225. The call is free and some say the advice is worth exactly what you pay for it. Suzanne is going to start this off in Chicago. Hi, Suzanne, how are you?

Caller (0:47)

Hi, how are you?

Dave Ramsey (0:48)

Better than I deserve. What's up?

Caller (0:50)

Me too, me too. So, okay. My daughter and her husband have been living in New York City for several years and of course paying, you know, exorbitant rent per month. But their goal is to someday like move out of the city, purchase a home. But for right now, their jobs require them to stay in New York. Okay. So they've now decided that they want to purchase property there to live in and hopefully gain some equity to put toward a house someday. Okay. So normally I would think, okay, that's fine, but with the current mayor and the administration there, I'm just not so sure this is a good idea. So, because that administration is called property ownership, and I'm quoting, a weapon of white supremacy. And he also said they want to, and I'm quoting again, establish a community land trust to gradually buy up housing on the private market and convert it to community ownership. So everyone's saying, oh, no, that'll never happen. You're overreacting. That'll, you know, but I mean, things have happened that I never foresaw. So I'm just nervous that my daughter and her husband, let's say if they bought property, would not be able to sell it profitably in the years to come if this happens, if it turns into communal property. So am I wrong to discourage them or am I overreacting like they say?

Dave Ramsey (2:03)

Hmm, that's interesting. So I'm 65 years old. How old are you?

Caller (2:10)

73.

Dave Ramsey (2:10)

Yeah, because I, you know, I, because I agreed with your statement. There's things that have happened in this world that I never dreamed I would see.

Caller (2:20)

Right.

Dave Ramsey (2:21)

And some of them have been normalized. And I'm really never dreamed I would see that. And then, but worse than that, you're evil if you thought that something that was completely freaking crazy has been normalized and you say it's crazy when you say it out loud. You get, you know, you're a Horrible person and you should be sent straight to hell. And so this is a weird world we live in for old people like.

Summary

The Ramsey Show: Take Ownership Of Where Your Life Is Headed

Date: February 20, 2026
Hosts: Dave Ramsey & Ken Coleman, Ramsey Network
Main Theme:
This episode centers on taking personal responsibility for your financial decisions, building wealth no matter your past mistakes, and overcoming obstacles—from toxic living situations to complex family dynamics. Dave and Ken tackle tough questions live from callers, delivering both practical advice and tough love in their trademark no-nonsense manner.

Episode Overview

The episode opens with Dave Ramsey setting the tone: “Normal is broke and common sense is weird. So we're here to help you transform your life.” Throughout the show, Dave and Ken Coleman field questions on real-life money dilemmas: real estate in politically uncertain climates, escaping toxic environments, massive debt, money and family issues, and building generational wealth. The episode is rich in actionable advice and classic Ramsey tough love, particularly emphasizing ownership over one’s circumstances.

Key Discussion Points & Insights

1. Real Estate in Uncertain Political Climates (00:47–08:31)

Caller Concern: Should her daughter buy property in NYC amid political rhetoric about community land trusts and anti-ownership comments by city officials?
Dave’s Advice:
- Cautious but pragmatic: “I wouldn't do it today. I'm gonna let some of this flame out or gin up. If it flames out, I'm gonna buy. If it gins up, I'm walking out of there.” (04:20)
- Real estate usually works itself out, unless property rights are threatened.
- Notable quote: “Most things work their way out, particularly real estate...but it doesn’t work its way out if you start stealing property from the private property owner in the name of virtue.” (03:44)
Ken’s Suggestion:
- Influence adult children through questions, not demands: “Ask really good, thoughtful, critical questions. Not with an opinion attached...Your only hope of influencing them is actually walk them through the financial case, the risk...” (07:26)

2. Escaping Toxic Environments and Job/Income Struggles (10:38–18:51)

Caller: Single mom with two kids, living with her mother after escaping an abusive marriage. Income is $1,200/month from two part-time jobs.
Dave & Ken’s Advice:
- The issue is income, not just environment. Find a full-time job, and potentially move to Arkansas for better opportunities.
- “Time, job, full time, 40 hours a week...then when we get things moving and there's groceries and lights and rents paid, then we'll think about classes [college] later.” (14:26–14:45)
- Don’t cling to Pell Grants as lifelines when real opportunities (like state jobs with tuition support) exist.
- Emotional support: “If you sit in poop, it's 100% chance it's gonna smell. 100% chance. So, yeah, you gotta get up and go, I'm not sitting in this stuff.” (18:51, Dave)

3. Getting Out of Debt—Fast, Efficient, and Permanent (23:21–31:05)

Caller: Married couple, $210k annual income, $40k consumer debt + $69k truck loan.
Dave’s Formula:
- If you can't pay off all consumer debt (except your house) in two years, your car is too expensive—sell it!
- “You have a car that is keeping you from getting out of debt within two years...then you need to sell the car.” (24:05)
- Only keep the truck if you’re willing to go scorched earth: “No vacations, no dining out, no fun, just work and get out of debt.” (25:28)
- “Don’t just sell the truck immediately—try the hard path for 90 days to establish new habits. If you can’t keep pace, reconsider.” (29:03–30:54)
Ken’s Encouragement:
- Celebrate every win and build permanent, healthy financial habits.

4. Lease Breaks, Collections, and Facing the Consequences (33:12–35:52)

Caller: In collections after breaking an apartment lease.
Dave:
- Face the facts: “They don’t have to negotiate with you. You signed a lease.” (33:56)
- Don't evade the issue or play games with details: “I can't help you, honey, we're just going to move on.” (35:44)

5. Navigating Raises & Job Scope Changes (35:53–42:41)

Caller: Unsure if she should ask for a raise after her job expanded but her base salary didn't.
Ken’s Advice:
- Validate your feelings but deal in facts, not emotions.
- Find out the standard comp for your new role and ask management, not tell them.
Dave:
- “That last little thing you gave us [different base for your role] was a game changer.”
- Approach the conversation with curiosity, not confrontation.

6. Retirement Crisis: Coaching a Parent (44:42–52:35)

Caller: His 62-year-old father has only $3k in savings, makes $100k/year, high expenses, possible looming judgment.
Dave & Ken:
- Dad needs a budget and to eliminate overspending.
- “If he doesn’t pay attention, he’s going to retire and eat Alpo.” (47:45)
- Retirees must avoid desperate, get-rich-quick moves and focus on steady, proven methods.
Quote:
- “The problem with my money is the guy in my mirror. If I can get him to behave, he can be skinny and rich, but he likes donuts.” — Dave, (52:35)

7. Single Mom with High Income But Deeply in Debt (54:25–63:16)

Caller: $160k/year, $90k student loans, $9k credit card debt—considering hardship retirement withdrawal to buy property.
Dave:
- Absolutely not.
- The real issue is emotional struggle post-divorce, not a math problem.
- “You have to take this by the throat and shake it and just go—‘You are going to do what I say to do. I am in charge of you.’” (60:49)
- Strong encouragement to budget and regain control via EveryDollar app.

8. Job Loss and Supporting Adult Children (86:39–93:39)

Caller: Laid off 9 months; husband’s self-employed plumbing business is struggling; also paying rent for non-functioning, substance-abusing 24-year-old son.
Key Points:
- Cut financial support to adult son.
- Husband should seek employment with a plumbing company for stability.
- Mom should leverage project management skills in other industries.
Dave:
- “Love does not pay the bills. In this case, you're going to have to pay your own.”

9. Mortgage Choices, ARM vs. Fixed (97:04–105:49)

Caller: Young couple, chose a 7-year ARM for home purchase to “ease in” with intention to refinance later.
Dave:
- Flatly against ARMs: “What you’re doing is with an adjustable rate is you’re taking on more risk. And 100% of adjustable rate mortgages start in the hole.” (100:58)
- “Be the third pig. Build the brick house. Take a little longer, buy a little less, take a little more time.”
Ken:
- “You're just. You're assuming risk with the loan and then assuming that you'll have nothing bad happen in your life. ... You're in your early 20s, but you're talking to two older guys.” (102:50)

10. Family Investment Clubs & Learning to Collaborate (118:10–123:14)

Caller: Parents gifted $40k to adult children to start an investment club; focus on learning to work together.
Advice:
- Traditional investing principles (no debt, no single stocks long-term), but treating this as an educational experiment is valid.
- Ken: “It's a great learning experience. But learn not just about the money piece, but about each other.” (122:33)

11. Debt-Free Scream Spotlight (106:57–113:24)

Guests: Manuel & Elia from Avondale, AZ
Their Journey: Paid off $320,549 in 8 years, including their house. Income grew from $103k to $240k. Rebar business owner and accountant.
Key to Success?
- Elia: “It's the budget. If you’re not on a budget, you're not gonna make it.” (109:31)
- Manuel: “When I saw how much money we were really doing and throwing away...we were not making any progress.” (110:12)
Dave: “The great American dream, baby. ... You’ll be millionaires by the time you’re 45.” (109:10)

Notable Quotes & Moments

Dave Ramsey on Facing Reality:
“Personal finance is 80% behavior, 20% head knowledge.” (52:35)
Ken Coleman on Raising Adult Kids:
“The problem with adult children is you don’t really get a vote.” (08:29)
On Taking Action:
“Don’t plan to be poor.” (15:01)
On Budgeting:
“If you're not on a budget, you're not gonna make it.” (Debt-free scream, 109:31)
On Hope:
“For entrepreneurs, if they can grab this—this is the other side of this deal. Debt free entrepreneurship, solo ownership. That's exciting stuff. ... That's changing family trees right here.” (115:05, Ken)
Dave’s Recurring Wisdom:
“Live like no one else so later you can live and give like no one else.” (Throughout)

Timestamps for Important Segments

| Topic | Timestamp | |------------------------------------------------------------|----------------| | NYC Property Ownership and Political Risk | 00:47–08:31 | | Toxic Parent Living Situation / Breaking Free | 10:38–18:51 | | Getting Out of Debt, Fast and Permanently | 23:21–31:05 | | Lease Breaks and Collections Consequences | 33:12–35:52 | | Raise/Comp Structure After Job Scope Change | 35:53–42:41 | | Retirement Crisis – Coaching Your Parents | 44:42–52:35 | | High-Earning Single Mom, Drowning in Debt | 54:25–63:16 | | Job Loss, Family Support Boundaries | 86:39–93:39 | | ARM vs Fixed Rate Mortgage Debate | 97:04–105:49 | | Family Investment Club – Learning to Work Together | 118:10–123:14 | | Debt-Free Scream: Manuel & Elia’s Story | 106:57–113:24 |

Tone & Style Highlights

The episode is classic Ramsey: tough, unfiltered, at times humorous, but always anchored in practical, proven financial principles.
Dave and Ken alternately dole out encouragement, tough-love reality checks, and hands-on advice.
Listeners are urged to take actual ownership of their mistakes and futures: “Quit saying ‘I can’t’...figure out how you can.”

For Those Who Haven’t Listened

This episode weaves together life’s hardest money moments with actionable, often immediate solutions—whether you’re dealing with a nightmare landlord or a mountain of debt. The message: no matter your past, no matter your income, you can build a new future by taking ownership today. Expect to walk away both sobered and motivated—ready to do the hard thing and take the next step.

“There’s only one way to financial peace, and that’s to walk daily with the Prince of peace, Christ Jesus.” — Dave Ramsey, closing out the show