The Ramsey Show Your Future Self Deserves Better Choices Today
Dec 20, 2024
Explore the candid stories of financial mishaps linked to mental health struggles. Discover strategies for managing debt and building a supportive network amidst life’s challenges. Gain insights into retirement planning with a humorous twist, while navigating family dynamics around inheritance and spending. Learn the myth behind credit scores and the significance of budgeting for financial independence. The conversation also touches on overcoming anxiety by addressing childhood traumas and the importance of self-compassion in personal growth.
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Manic Episode Spending
- Jessica, diagnosed with bipolar 1 at 19, experienced a manic episode at 24.
- She accumulated $20,000 in debt and depleted her savings, highlighting the financial impact of mental health.
Financial Safeguards for Bipolar
- John Delony and George Kamel advise Jessica to establish financial safeguards.
- Give trusted individuals access to her finances to intervene during future episodes.
Debt Consolidation and Snowball
- Consolidate debt with a personal loan from a credit union.
- Prioritize repaying the loan, then follow the debt snowball method.