The Ramsey Show Draw a Line in the Sand and Say “I’m Done!”
Jan 15, 2025
The hosts dive into the gripping journey of a caller grappling with $68,000 in credit card debt, emphasizing practical strategies for financial recovery. A light-hearted discussion about snack preferences transitions into serious talks on career goals, education, and managing surrogacy finances. They also explore the balancing act of investing at 65 and the complexities of life insurance decisions. Ultimately, empowerment and open dialogue take center stage, encouraging listeners to take charge of their financial futures with confidence.
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Increase Margin
- Increase personal income and decrease spending to create margin.
- Use a budgeting app to track expenses and identify areas for improvement.
Sell Unused Assets
- Sell unnecessary business equipment to pay off high-interest debt.
- Use remaining funds as retained earnings and avoid future business debt.
Avoid Bankruptcy
- Avoid bankruptcy when facing business debt, it won't fix spending habits.
- Instead, analyze income and expenses to eliminate debt in 18-24 months.