You Have No Money, You Don't Need To Purchase A Home!

[Music] seth is with us in lincoln nebraska hi seth welcome to the ramsey show thanks for having me dave our pleasure how can we help sir so i recently accepted a promotion through work um as decent perry's in my opinion however i'm trying to decide um if i if we should purchase a house with the move it's about an hour and a half away from where we live right now and i've been making the drive um and it they're paying my mileage up until the end of next week um but should i should i purchase a home should i run a home were like baby step half as far as getting our finances and you have no money correct well no you should not purchase a home you're in debt you have no money yeah go rent man i think you should move and just rent a house up there are you there you're breaking up yep no i'm here okay so uh you're are you renting now yeah we're currently currently running the house for my father-in-law okay and so you're going to move to the other town and rent right yep i wouldn't be commuting an hour and a half if that's what you're asking that's crazy land okay but yeah you need to move up there and rent and then you guys need to get you guys need to lean in now and get your debts paid off and get yourself an emergency fund built so you can save a down payment and buy okay but right now how much less i'm sorry right now we're sitting i have about 56 000 in debt between student loans and credit cards and stuff how much you own the cars uh i own my car free and clear both of them uh yeah we so when we got married i i came into the marriage with a lot of that myself so we've kept our finances separate okay sound like you had to guess on that car thing man do you owe anything on on the other car i don't know anything on the vehicle we there's a loan on the wife's truck so so yeah let me let me help you with this you're married all of her debt is your debt all of your debt is heard at welcome to marriage okay so yeah we have we have a loan on one of the vehicles there we go okay and so we have 56 we have student loan debt and we have a truck debt and uh how much is owed on her truck uh her trucks just below seven thousand dollars okay so do i did i do this correctly so you you owe a little over sixty thousand dollars to become debt free as a family is that right yes sir good and what is your household income now with your new promotion uh with my new promotion um it i i don't like counting in bonuses so it's going to put us where we were last year without bonuses which would be 72. okay okay but i count bonuses because they go into your checking account to use to get out of debt so what do you anticipate your bonus to be reasonably uh reasonably for if i do what i'm supposed to do which i plan on obviously um about another ten thousand so we'd be sitting about eighty two eighty three great okay and so what we're gonna do is we're gonna sit down together and lay out a budget together and we're going to set a goal together of having a debt-free household and then we're going to build an emergency fund of three to six months of expenses those two things should take you about 24 months you should be debt-free and 18 and another six to build your other but you're on beans and rice during that time you're not going on vacation and you're not going out to eat and you're on a written detailed plan yeah and when you move seth one of the one of the things to do on beans and rice is to make sure that your apartment i think in that area you should be right around 20 do not go anything higher than 25 but i want you to look at in between 15 and 20 percent of your take cheapest possible rent because the cheaper your rent the faster you're out of debt the faster you can save up and buy yes sir okay all right now we have a membership called ramsey plus it puts you through our class called financial peace university it signs you up for the every dollar premium budgeting app which is the world's best budgeting app and uh if if the two of you will work together and go through that whole thing i will pay for it for a year for you to go through it but you have to promise me both of you are going to work on this and you're going to go get yourself straightened out because you have an opportunity here to have a great life in front of you if you stop being normal yes sir will both of you do it if i give it to you yes sir okay all right brother you hold on i'll have kelly pick up and we'll get you signed up as our gift so guys the um just a reminder those of you been listening a long time know this already but um all of the data that we have on people who build wealth it almost never occurs in a household where the spouses are not working together one of you dragging the other one along simply does not is not conducive to building wealth as a matter of fact it's quite the opposite it's going to continue to cause problems in your relationship it's going to continue to cause marriage issues it's going to continue to cause lower productivity at work because you're screwed up and fighting all the time it's going to continue everything until you can work together to a common goal that you both agree on and that's whether you've been married 20 minutes 20 years or 50 years we both you know we have combined goals we have combined assets combined incomes we change our pronouns our we us not hers and mine yeah changes everything the probability of success goes way up 1 plus 1 does not equal 2 it equals 42. you get the synergy of two people playing off each other pushing each other holding each other accountable cheering for each other lifting the other one up when they're hurting all the stuff that you do in marriage when you're working in sync and in tandem i love it i always think two is better than one in my opinion yeah yeah it it it really does create that

Channel: The Ramsey Show - Highlights

Views: 132,731

Keywords: the dave ramsey show, budget money debt cash, real estate, insurance, how to make money, dave ramsey, save, credit card, compound interest, buying house, buy, snowball, You Have No Money, You Don't Need To Purchase A Home!, how to buy a house, mortgage, home, buying a house, debt, money, buying a home

Id: behNvRe-UTo

Length: 6min 37sec (397 seconds)

Published: Tue Jun 08 2021