The Ramsey Show Don't Settle for Living Paycheck to Paycheck
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Jul 24, 2025 Dive into the complexities of financial struggles, from managing $1.8 million in debt to navigating career impacts tied to credit scores. A listener grapples with retirement savings while co-signing student loans for their daughter. The hosts debunk credit score myths, emphasizing that financial health isn't just about numbers. Explore the importance of budgeting and disciplined saving, alongside personal stories that illustrate the journey to financial stability. It's a candid discussion on reshaping mindsets and reclaiming financial peace.
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Turning Real Estate Debt Around
- Tom faced the challenge of managing four mortgages and no income after being laid off from commercial real estate credit risk underwriting.
- He is actively selling properties and cutting expenses to get out of debt despite market challenges.
Debt-Free Can Lower FICO Score
- Paying off all debt may lower your FICO score, but being debt-free shows true financial responsibility.
- Challenge employers who equate low or no debt with irresponsibility; debt doesn't equal wellness.
Baby Steps for Late Starters
- After divorce, prioritize paying off high-interest debt and building an emergency fund.
- Use baby steps: pay off cars, then build 3-6 months emergency savings and invest consistently from age 50+ onwards.
