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The Ramsey Show
Do You Know Where Your Money’s Going?
Sep 20, 2024
George Kamel, a seasoned financial expert, and Jade Warshaw, an ethical finance advisor, tackle pressing money matters. They explore the ethics of workplace bonuses and stress the importance of budgeting, showcasing the EveryDollar app as an effective tool. Listeners learn about managing debt and the emotional intricacies of financial discussions in relationships. They also share hopeful stories of millennials successfully buying homes in a challenging market, emphasizing that good financial planning can pave the way to stability.
01:28:42
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Quick takeaways
- Establishing a robust emergency fund is crucial before prioritizing debt repayment and retirement savings for long-term financial stability.
- Embracing a team approach to financial challenges can help couples manage their financial responsibilities collectively, fostering partnership in marriage.
Deep dives
Managing HELOC Debt
A caller discussed the dilemma of whether to contribute more to retirement savings or to pay off a Home Equity Line of Credit (HELOC). With a HELOC amounting to $160,000 at an interest rate of 3.99%, the caller expressed concern about the potential impact on their financial future. The hosts advised prioritizing building a six-month emergency fund before focusing on investing and paying off debt. This strategy emphasizes the importance of financial stability by avoiding debt accumulation during emergencies.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode