Logo

Be the Tortoise Not the Hare

en-us

January 29, 2025

TLDR: Discussion on debt management advice during marriage, investing questions (Bitcoin, Webull), emotional support questions about moving out and helping a partner with debt, and an evaluation of different platforms (BetterHelp, Byrna, Churchill Mortgage, DeleteMe, NetSuite, The Nokbox, Zander Insurance).

1Ask AI

In this episode of The Ramsey Show, Dr. John Delony and George Kamel tackle various listener questions revolving around debt management, investing, and financial decision-making. The hosts emphasize the importance of being methodical and intentional with financial choices, likening it to the story of the Tortoise and the Hare.

Key Discussion Topics

1. Managing Debt in Relationships

Caller Insight - Grace:
Grace shares her anxiety about marrying her fiancรฉ while carrying substantial debt, including $180,000 in student loans and $15,000 in credit card debt. The hosts reassure her that sheโ€™s not alone and encourage her to be open about her finances with her fiancรฉ. They highlight the importance of a solid financial plan and suggest that they tackle the debt together:

  • Create a budget to address debt payments.
  • Look for ways to increase income, such as taking on side jobs.
  • Write a letter of forgiveness to her younger self, to alleviate feelings of shame and guilt about past decisions.

2. Cryptocurrency Investment Concerns

Caller Insight - Anthony:
Anthony brings up his dilemma about investing primarily in Bitcoin instead of establishing a solid savings plan. He has accumulated $200,000 in Bitcoin while also dealing with $70,000 in student loans. The hosts recommend:

  • Reducing investment risk by clearing debt first.
  • Establishing an emergency savings fund.
  • Allocating a portion of income for retirement before engaging in speculative investments like cryptocurrencies.

3. Selling Assets for Debt Relief

Caller Insight - Braden:
Braden grapples with whether to sell a truck that he bought with debt thatโ€™s putting financial pressure on his family. He is advised that selling the asset would provide financial relief and help avoid future debts, allowing him to purchase a more affordable vehicle with cash.

4. Financial Independence from Family

Caller Insight - Lucas:
Lucas, a 24-year-old, inquires about moving out of his motherโ€™s house and whether to buy or rent. The hosts inspire him to take the leap, emphasizing that his income allows him to live independently, and it's time to embrace adulthood.

5. The Risks of Credit Negotiation Services

Caller Insight - Kristin:
Kristin expresses concern about using a credit negotiation service that has led her family into debt. The duo encourages her to disengage from the service and to manage their finances directly, emphasizing the importance of taking control over one's debt situation.

6. Wisdom from Successful Callers

Caller Insight - Kirk:
Kirk shares his inspiring story of reaching a net worth of $2.6 million by avoiding debt and investing consistently over the years. Key takeaways from Kirkโ€™s journey include:

  • Start investing early to benefit from compound interest.
  • Avoid consumer debt and prioritize need over want.
  • Embrace discipline and long-term thinking for financial success; be the tortoise, not the hare.

Takeaways for Listeners

  • Intention Over Impulse: Make deliberate financial decisions rather than hasty ones.
  • Communication is Key: Discuss financial situations transparently with partners or family to foster understanding and teamwork.
  • Invest Wisely: Before engaging in high-risk investments like cryptocurrency, ensure that you have a strong financial foundation.
  • Act with Integrity in Finances: Avoid reliance on services that might complicate your financial situation further; self-management leads to empowerment.

This episode serves as a reminder that navigating financial challenges requires patience, communication, and a strategic approach. Engaging with personal finances can lead to significant improvements and financial security in the long term.

Was this summary helpful?

Recent Episodes

Thereโ€™s No Fast Track to Financial Freedom

Thereโ€™s No Fast Track to Financial Freedom

The Ramsey Show

๐Ÿ“ˆย Are you on track with the Baby Steps? Get a Free Personalized Plan Jade Warshaw & George Kamel answer your questions and discuss: "I'm 18 and make $15k a week by day trading" "Should I accept a job offer located in Dubai?" " I don't know where my money keeps going" "Should I take Trump's employee buyout offer?" "How do we financially prepare for a baby?". Support Our Sponsors: ๐ŸŒฑ Get 10% off your first month of BetterHelp โ—Ž Get 10% off Byrna product bundles and more! ๐Ÿฅ Learn more about Christian Healthcare Ministries ๐Ÿก Get started today with Churchill Mortgage ๐Ÿ”’ Get 20% off when you join DeleteMe ๐Ÿฆ Go to FAIRWINDS Credit Union for an exclusive account bundle! ๐Ÿฅ— Save 15% on your first Field of Greens order with code RAMSEY ๐Ÿ’ธ Learn more about opening a high-yield savings account with Laurel Road ๐Ÿ’ป Visit NetSuite today to learn more ๐Ÿ—‚๏ธ Use promo code RAMSEY for 18% off at The Nokbox ๐Ÿ’ต Learn more about Timothy Plan ๐Ÿ› Get started with YRefy or call 844-2-RAMSEY ๐Ÿ” Visit Zander Insurance for your free instant quote today! Next Steps ๐Ÿ“ฑย Watch the full episode for free in the Ramsey Network app. ๐Ÿ“ž Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET or click here! ๐Ÿ’ต Start your free budget today. Download the EveryDollar app! โ˜‚๏ธ Get trusted insurance coverage that fits your budget. ๐Ÿ’ผ Need help with your taxes? See who we trust. Listen to more from Ramsey Network ๐ŸŽ™๏ธ The Ramsey Show ย  ๐Ÿง  The Dr. John Delony Show ๐Ÿธ Smart Money Happy Hour ๐Ÿ’ก The Rachel Cruze Show ๐Ÿ’ธ The Ramsey Show Highlights ๐Ÿ’ฐ George Kamel ๐Ÿช‘ Check out Front Row Seat with Ken Coleman! ๐Ÿ“ˆ EntreLeadership Learn more about your ad choices.ย https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

February 03, 2025

If You Live Fake Rich, You Will Become Real Broke!

If You Live Fake Rich, You Will Become Real Broke!

The Ramsey Show

Discussion on managing a mortgage consuming 50% of income, handling uncooperative debtor, financial struggles amidst high debt and job loss, and inheritance without a will. Rachel Cruze & George Kamel field questions.

January 31, 2025

Normal Is Broke and in Debt. Do You Want To Be Normal?

Normal Is Broke and in Debt. Do You Want To Be Normal?

The Ramsey Show

Podcast answers questions on retirement savings after age 60, wedding fund contributions, bitcoin stance change, forced loan consolidation, home prices, and target date index fund investing.

January 30, 2025

Building Wealth Happens One Baby Step at a Time

Building Wealth Happens One Baby Step at a Time

The Ramsey Show

Discussion on financial questions about retirement investing, child support spending, overcoming retirement guilt, upgrading homes in retirement, matching lifestyles, and home ownership worries.

January 28, 2025

AI

Askย this episodeAIย Anything

The Ramsey Show

Hi! You're chatting with The Ramsey Show AI.

I can answer your questions from this episode and play episode clips relevant to your question.

You can ask a direct question or get started with below questions -

Sign In to save message history