The Ramsey Show | Replay for November 29, 2024

The Ramsey Show discusses financial advice for a variety of callers, addressing topics such as debt management, job hunting, and retirement planning. The show's hosts emphasize the importance of taking control of finances, living within one's means, and prioritizing debt repayment before investing.

Debt Management Advice

• 00:01:08 A caller with over $500,000 in debt, primarily from a house, is advised to sell the house and car, and find temporary work to cover basic expenses. The hosts also suggest changing job search strategy from online applications to networking and expanding the search area.

Debt Relief Company Concerns

• 00:14:19 A caller seeking advice on dealing with a lawsuit filed by a credit card company after using a debt relief service is advised to avoid the service and negotiate directly with the company, offering 50% of the debt in cash.

Financial Planning for Marriage

• 00:22:21 A caller seeking advice on buying a house with her boyfriend before marriage is strongly advised against the arrangement, emphasizing the importance of financial stability and marriage commitment before entering a major financial commitment.

Financial Planning for Side Hustle

• 00:33:07 A caller with a side hustle that is growing rapidly is advised to temporarily pause investing during baby step two to purchase a second vehicle to increase income potential, thereby accelerating the baby steps and reaching financial goals faster.

College Dropout Advice

• 01:18:05 A caller seeking advice on whether to continue college or drop out to pursue a well-paying job is encouraged to drop out based on the current income and potential for career growth in the chosen field. The hosts also suggest focusing on paying off student loan debt and building wealth.

Investment Strategy for Six-Figure Net Worth

• 01:23:21 A caller with a six-figure net worth, seeking advice on investing in mutual funds or ETFs, is advised to continue investing in a Roth 401(k) to maximize tax-free growth during retirement. The hosts also suggest sticking to mutual funds and index funds over ETFs to avoid potential overtrading.

Debt and Spending Habits

• 01:33:02 A caller with two homes, one rented, and significant debt from a line of credit and credit cards, is advised to sell the rental property to pay off debt and focus on improving spending habits. The hosts emphasize that the current situation reflects poor spending habits and that investing heavily while in debt is not effective.