The Ramsey Show Highlights I'm $1.8M In Debt With No Job
Aug 19, 2025
A listener shares their daunting $1.8 million debt and job loss in real estate but stays optimistic, highlighting the power of transferable skills. The hosts discuss the struggle of managing multiple mortgages and selling properties to ease financial strain. They dive into real estate valuation, distinguishing between market value and emotional biases. Misconceptions about mortgage transfers and property tax implications are also tackled, along with real risks in the current housing market. It's a rollercoaster of insights and support!
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Man Laid Off, Juggling Multiple Debts
- Tom explains he's unemployed for seven months and now drives for Uber while his wife earns $130,000.
- He lists four mortgages, a car loan, and one credit card as his financial situation.
Broaden Your Job Search Now
- Dave urges Tom to broaden his job search and apply his financial analysis skills to other industries.
- He recommends not limiting himself to the narrow commercial real estate role that may be scarce.
Detailed Breakdown Of Property Debts
- Tom breaks down each mortgage, interest rates, and monthly payments, and says most properties are listed for sale.
- He mentions one partner property at 11.5% that may sell for cash for $45,000.