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    Bonus Episode: Student Loan Debt in America (How We Got Here & How We Get Out)

    en-usSeptember 15, 2023

    Podcast Summary

    • Student Loan Debt Crisis: Overwhelming NumbersExplore alternatives like refinancing, budgeting, and seeking advice to manage student loan debt instead of relying on government promises or extended payment plans

      The student loan debt crisis in America is a significant issue affecting over 44 million people with an average debt of almost $40,000 per person. The government's promises of forgiveness have not materialized, leaving many feeling overwhelmed and uncertain about how to manage their payments. The current solutions, such as loan forgiveness programs and extended payment plans, have proven to be ineffective for the majority of people. Instead, it's crucial to explore alternative methods to tackle student loan debt, such as refinancing, creating a budget, and seeking financial advice. Remember, denial and waiting for a miracle solution will only prolong the problem. Take control of your financial future today.

    • Take control of your student loan debtGather facts, find your servicer, familiarize yourself with programs, and take intentional actions to manage student loan debt

      When facing overwhelming financial situations, such as student loan debt, it's important to gather facts and information to reduce stress and take action. Roughly half of consumers will have monthly payments of $200 or more, and many will have payments exceeding $500. To navigate this, find out who your servicer is, gather your balances and familiarize yourself with available programs. Remember, no one else will do it for you, and past success stories prove that it's possible to get out of debt with determination and intentional actions. Jade Washaw, who paid off hundreds of thousands of dollars in debt, including student loans, will share her experience and guidance. Your feelings of anger, frustration, guilt, and stress are valid, but with the right information and mindset, you can take control of your student loan debt and build wealth.

    • Taking Control of Student Loan DebtDespite overwhelming debt, individuals can take control and achieve financial freedom through personal responsibility and action.

      No matter how overwhelming your student loan debt may seem, it's important to remember that you have the power to take control of your financial future. The speaker shares their personal experience of paying off $460,000 of debt in just seven and a half years, proving wrong those who said it was impossible. They encourage individuals not to rely on external help or forgiveness plans, but to take responsibility for their own freedom and forgiveness. The speaker acknowledges that some may have valid reasons for their debt, but emphasizes the importance of not letting excuses hold us back. Instead, we should forgive ourselves and take action towards financial freedom.

    • Longer repayment period with lower paymentsFocus on paying off student loans quickly to reduce overall burden and debt. Longer repayment periods mean more money paid over time.

      While income-driven repayment plans like the SAVE plan can help lower monthly payments, they also mean a longer repayment period and potentially more money paid over time. Instead, focusing on paying off student loans as quickly as possible can help reduce the overall burden and debt. Remember, lower payments equal a longer repayment period. It's important to consider the long-term implications and explore options for increasing income or reducing expenses to make larger payments. Don't let student loan debt linger and become a long-term problem.

    • Creating a budget is a crucial step towards financial freedomA budget is a roadmap to help prioritize spending, free up money for debt payments, and ultimately achieve financial freedom

      Creating a budget is a crucial step towards getting out of debt and gaining financial control. It may seem limiting at first, but a budget is actually a roadmap to help you prioritize your spending and free up money to put towards paying off your debts. By using a budgeting app and carefully examining your expenses, you can identify areas where you can cut back and find the margin to make extra payments towards your smallest debts, using the debt snowball method. This will help you pay off your loans faster and ultimately achieve financial freedom.

    • Creating a Budget: List Income and Expenses for Financial ControlList all income and expenses, including giving and saving, to create a zero-sum budget, identify areas for expense reduction, starting with food and dining out, for long-term financial stability.

      Creating a budget and cutting expenses are crucial first steps towards gaining control over your finances. Based on the discussion, the average household income of $57,800 per year translates to $2,400 per paycheck and $4,800 per month. To create a budget, you need to list all income and expenses, including giving and saving, with the goal of having them equal zero. The budget process can be eye-opening, revealing areas where expenses exceed income, leading to feelings of insecurity and uncertainty. However, facing these numbers head-on is essential for financial progress. The next step is to use the budget to identify areas where expenses can be reduced, starting with the biggest budget buster - food and dining out. Remember, these temporary sacrifices are necessary for a long-term goal of financial stability and peace of mind.

    • Managing Grocery Budget for SavingsMaking list, shopping at cheaper stores, and sticking to it can lead to significant savings on grocery budget.

      Carefully managing your grocery budget can help you save money, even if it means making temporary sacrifices and shopping at cheaper stores. The little switches, like buying store brands instead of name brands, can add up to significant savings over time. It's important to make a list before shopping and stick to it to avoid overspending. The story of Jade and Sam illustrates the importance of staying committed to your budget, even when faced with small temptations. Sacrificing in one area can lead to pulling back in others, and before you know it, your progress may slow down. So, be disciplined and stay focused on your financial goals.

    • Examining Expenses and Increasing Income for Financial ProgressThrough careful expense evaluation and side hustles, individuals can reduce costs and boost income, helping them pay off debts and achieve financial stability.

      Carefully examining expenses and finding areas to cut back, along with increasing income through side hustles, can help individuals improve their budgets and make significant progress in paying off debts. The speaker emphasized the importance of addressing emotional spending and subscriptions, which often contain unnecessary duplicates. He also suggested that teachers, in particular, could benefit from side hustles like tutoring, based on their existing skill set. By focusing on both reducing expenses and increasing income, individuals can move in the right direction towards financial stability.

    • Turn passions into side hustles for faster debt repaymentEarn extra income of $20/hour through side hustles or increase core income to pay off debt in 18-24 months, but temporary sacrifices may be needed

      To get out of debt faster, consider turning your passions and skills into side hustles to earn an additional income of around $20 an hour. This extra income, along with increasing your core income through career advancements or certifications, can help you reach your financial goals within an average of 18 to 24 months. However, it may require temporary sacrifices and living below your means. Another strategy is to pause retirement contributions for a short period to focus all your income on debt repayment. This approach can help accelerate the debt-free journey significantly. Remember, the ultimate goal is to live frugally now so you can live generously later.

    • Reassessing finances during hardshipsPause retirement contributions, adjust tax withholdings, shop for insurance rates, use tax refunds to pay off debt or boost savings, and consider reducing large expenses to improve finances during hardships.

      During financial hardships, it's essential to reassess your financial situation and make adjustments to improve it. This can include pausing retirement contributions, adjusting tax withholdings, shopping for better insurance rates, and even considering reducing large expenses like car payments. On average, Americans receive a $3,000 tax refund, which could be used to pay off debt or boost savings. By making these changes, you can start to see progress towards your financial goals and reduce the weight of debt. Additionally, consider sacrificing larger expenses to eliminate debt, as the freedom from this financial burden can lead to significant savings over time.

    • Eliminating debt allows for greater financial controlEliminating debt frees up income for faster repayment and financial freedom, enabling you to decide how to spend your income and leading to hope and possibility

      Becoming debt-free allows you to regain control of your income and make significant progress in paying off your debts. By eliminating minimum payments, you can free up large sums of money and accelerate your debt repayment plan. This was exemplified by Jack and Jill's story, where they were able to pay off a significant portion of their debts and eventually reach financial freedom. The power of getting out of debt lies in the fact that your income is now yours to decide how to use, and the process can lead to a sense of hope and possibility. As demonstrated by numerous success stories, debt freedom is an achievable goal, and taking the first step, such as creating a budget and using tools like the EveryDollar app, can make a big difference.

    • Aim for financial freedom with clear goals and actionsSetting clear financial goals and using tools like EveryDollar app, meal planner, and income resources can help reduce expenses, tackle debt, and save for the future.

      Setting financial goals and taking deliberate actions towards them is essential for financial success. Zig Ziglar's quote, "If you aim at nothing, you'll hit it every time," emphasizes the importance of having a target and not just aimlessly spending. By using tools like the EveryDollar app, following a meal planner and grocery savings guide, and increasing income through resources like Ken Coleman's audio course, individuals can create a budget, reduce expenses, and build a financial margin. This approach allows them to tackle debt and save for the future. So, don't hesitate and aim for financial freedom. Sign up for EveryDollar today and receive the app, the 14-day money finder video series, the meal planner and grocery savings guide, and the audio course for free.

    • The Importance of Knowledge Over DegreesAcquire knowledge, consider school choices and ROI, avoid debt, manage loans wisely, and pay off debt peacefully for financial stability

      Having a degree may not always be a requirement for entering a profession, and the importance lies in acquiring knowledge rather than the degree itself. Choices of schools and the ROI of the degree are crucial factors to consider. Debt should be avoided as much as possible, and exploring alternatives such as community colleges, in-state tuition, and trades can lead to financial stability. When starting a new life with significant expenses like a wedding and buying a house, managing loans wisely is essential. Paying off debt peacefully and avoiding unnecessary borrowing is the key to a stress-free life. For more in-depth insights, watch the documentary "Borrowed Future" available for free on YouTube.

    • Managing Debt and Saving for Major Life ExpensesFocus on paying off debt and building an emergency fund before saving for major life expenses. Negotiate private student loans, consider debt consolidation, and remember renting is an option. Federally insured loans are not bankruptable, impacting negotiation possibilities.

      Managing debt and saving for major life expenses like buying a house or having a wedding requires careful planning and prioritization. Paying off loans and building an emergency fund should be the first financial goals before saving for a down payment or other big expenses. Regarding student loans, while it's not possible to negotiate the amount owed on federally insured loans, private loans can be negotiated with companies like Y Refi. Debt consolidation can be considered, but it's essential to remember that it doesn't solve the underlying problem of debt. Instead, focus on creating a budget, paying off debt, and saving for future expenses. Renting is a valid option for those who cannot afford to buy a house immediately. Lastly, remember that private loans are bankruptable, but federally insured loans are not, and this impacts negotiation possibilities.

    • Consolidating student loans: Lower interest and simplify paymentsShop around for the best consolidation offer, communicate openly with your partner about debt, and consider seeking professional help if needed for successful debt repayment.

      When it comes to managing student loan debt, consolidation can be a good option to consider for lowering interest rates and simplifying payments. However, it's essential to shop around and compare offers carefully to ensure it's a better choice than your current rates. Additionally, for couples dealing with debt, it's crucial to communicate openly and remember that debt is shared responsibility in marriage. If one partner feels the weight of guilt, it's essential to acknowledge and address those feelings while working together towards a shared financial goal. Remember, a strong marriage is crucial for successful debt repayment, and seeking professional help if needed can be beneficial for both your finances and relationship.

    • Learn from past mistakes and focus on a positive futureAcknowledge past financial errors, prioritize debt repayment, and invest in financial education to secure a stable future

      Focusing on the past and dwelling on financial mistakes can lead to shame and guilt, preventing progress towards a better financial future. Instead, it's important to acknowledge past mistakes, learn from them, and aim for a positive future. Savings can provide a false sense of security, but paying off debt should be a priority to achieve true financial stability and savings. Additionally, certain loan programs, such as parent plus loans, can lead to serious financial problems and should be avoided if possible. Overall, it's essential to prioritize debt repayment and financial education to build a solid financial foundation.

    • Take control of your financial situation and become debt-freeIndividuals can make the choice to overcome student loan debt for financial, emotional, and spiritual benefits. Self-reliance and a proven plan are key to achieving debt freedom.

      Individuals have the power to take control of their financial situation, specifically regarding student loans, by making the choice to become debt-free. This decision goes beyond just financial benefits, as it also brings emotional and spiritual changes. The process may be challenging, but it's worth it, and no one has ever regretted taking the hard route. Politicians and student loan servicers may not have your best interests at heart, so it's essential to be self-reliant and take back control of your life. By choosing to be the hero in your own story and following a proven plan, you can achieve debt freedom and celebrate your success on the debt-free stage.

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    Jade Warshaw & Ken Coleman answer your questions and discuss: "I'm new to the Baby Steps; how do I pay off debt?" "How much 'fun money' should we budget?" "Should I turn in the car I'm upside down on?" Why Ken prefers luxury sheets over luxury shoes, "How can I keep an inherited farm?" The best side hustle ideas, read more: 27 Side Hustle Ideas to Earn Extra Cash, "How much should we spend on a car?" "Liquidate stocks to pay off debt?" "Should I be saving while expecting a baby?" "Pull from our investments to pay off house?" "What do I do after maxing out 401(k) investing?" "Should I take out a loan to travel abroad in college?" Support Our Sponsors: USCCA DreamCloud Zander Insurance Balance of Nature BetterHelp Neighborly Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET EveryDollar, budget for the life you want today for free: Click Here Want a plan for your money? Find out where to start: Click Here Listen to all The Ramsey Network podcasts: Click Here Interested in advertising on The Ramsey Show? Click Here Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

    $1,000 In Minimum Monthly Payments Are Ruining Her Life

    $1,000 In Minimum Monthly Payments Are Ruining Her Life

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    Timestamps: 00:00 Job and income 02:40 Her finances are really bad! 04:15 OVERDRAFTING 04:30 Public 06:05 OVERDRAFTING p2 08:50 HOW CAN YOU POSSIBLY JUSTIFY THIS 11:40 She wants to do YouTube 12:55 No retirement... 18:35 DISGUSTING personal loan! 23:35 Terrible credit car debt... 25:32 I made her cry 32:25 More credit card DEBT 38:40 I'm scared for your future... 46:00 COLLECTIONS 48:40 Budget, budget, budget! 54:45 CLEAN THIS UP 01:04:40 Hammer Financial Score

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    Think About 20 Years From Now, Not 20 Minutes From Now

    Think About 20 Years From Now, Not 20 Minutes From Now
    Dave Ramsey & Jade Warshaw answer your questions and discuss: "Should we sell our house to pay off debt?" The stupidity of Biden’s SAVE student loan repayment plan, Check out the Ramsey Student Loan Hub for tips, tools, and the fastest way to pay off your student loans, "Should I change careers after an injury?" "Dave, I think you're wrong about infinite banking..." "Should I advise recruits to use loan forgiveness?" "How can I get financially stable?" "I'm upside down on my car; how do I get out?" read more: How to Get Out of an Upside-Down Car Loan, "Should I sell my rental property?" "Do I need to prepare for a switch to digital currency?" "Should I pay off my house today?" "Which debt should I prioritize after a divorce?" Support Our Sponsor: Zander Insurance DreamCloud BetterHelp Neighborly Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET EveryDollar, budget for the life you want today for free: Click Here Want a plan for your money? Find out where to start: Click Here Listen to all The Ramsey Network podcasts: Click Here Interested in advertising on The Ramsey Show? Click Here Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy