A 35 -year -old Montreal nurse recently stunned Ramsey Show listeners when he called to share a total of $ 1.8 million.
“I had a moment of my AHA when I saw $ 22,000 coming out a month after the budget,” he said Dave Ramsey and a fellow man Rachel Cruze; With one child who is already on the way, he or she wants to make changes, but feels stuck in a financial hole that is closed quickly.
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The caller said he owes $ 680,000 for Triplex, currently listed for $ 950,000 and another $ 590,000 for his family home, which he said is around $ 750,000. He also has two electric Hondas, each with nearly $ 70,000 loans, adding $ 35,000 credit card and student loan debt. But the brightest is that he borrowed $ 350,000 from the cousin to use it as an initial payment and renew both wealth.
His household earns between $ 110,000 and $ 120,000 a year before taxes. About half of this is his wife, who will go maternity leave within 12 weeks. She will receive 70% of her salary per year.
“I cut everything from potato chips to haircuts, literally everything I could have reduced costs,” he said. “I wish I could do more work a day, but my doctor says that because I am a bipolar, I have to have a healthy balance of work and personal life.”
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Ramsey and Cruze went straight to the point. “You seem to be walking at £ 400,” Ramsey told him. “You sound to be afraid to death.”
Ramsey urged the caller to sell Triplex immediately, demolish expensive cars and stop making financial decisions based on an attempt to keep his wife happy.
“You don’t have to be a Triplexes investor. That thing must be priced so that your real estate agent can sell it and disappear, “Ramsey said.” The environment I am worried about is not broken. Electric Hondos is gone. Let’s pay off. We get cheap cars. “