The Ramsey Show You Can’t Borrow Your Way to Freedom
Apr 21, 2025
Explore the humorous yet practical approach to managing overwhelming debt, like deciding whether to sell an unaffordable car. Discover strategies for boosting income through side hustles while navigating the complex emotions around financial decisions as a couple. The risks of zero percent interest credit cards and the value of building an emergency fund are discussed. Plus, learn how to balance fun and financial responsibilities, highlighting an inspiring journey to financial freedom through disciplined budgeting and decision-making.
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Get Rid of Underwater Car
- Sell an underwater car to reduce financial burden from high monthly payments.
- Use savings to pay off remaining debt and buy a cheaper car to improve money flow.
Manage Taxes for Side Hustles
- Set aside about one-third of your 1099 side gig income for taxes in a separate savings account.
- Make quarterly estimated tax payments to avoid a large year-end tax bill.
Boost Income and Negotiate Debts
- Use income-boosting opportunities like travel nursing to increase earnings and accelerate debt payoff.
- Negotiate medical and credit card debts for settlements to reduce amounts owed.
