A 35-year-old Montreal nurse recently stunned the Ramsay shows when he called to say he was carrying a $ 1.8 million debt, even though he cut everything from breakfast.
“I had my moment at AHA when I saw $ 22,000 to go out in a month after I made a budget,” he told Dave Ramsay and co-host Rachel CruzS With one child already on the way, he desperately makes changes, but feels stuck in a financial hole that quickly closes.
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The call said he owes $ 680,000 to Triplex, which is currently named for $ 950,000, and another $ 590,000 for his family home, which he said costs about $ 750,000. On top of that, it has two electric Hondas, each with a loan of nearly $ 70,000 plus $ 35,000 credit card and a student loan debt. But the most convenient part is that he borrowed $ 350,000 from a cousin to use as an advance payment and renovate both properties.
His household brings from $ 110,000 to $ 120,000 a year before taxes. About half of it comes from his wife, who will go on maternity leave in 12 weeks. She will receive 70% of her salary in one year.
“I cut everything from potato chips to hairstyles, literally everything I could to limit costs,” he said. “I wish I could do more jobs a day, but the doctor tells me that since I am bipolar, I have to have a healthy balance between professional and privacy.”
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Ramsay and Cruz went straight to the point. “You sound like you are walking under 400 pounds,” Ramsay told him. “You sound scared to death.”
Ramsay called on the call to sell the triplex immediately, throw away expensive cars and stop making financial decisions based on attempts to keep his wife happy.
“You don’t become an investor in Triplex. This thing should be priced in such a way that your real estate agent will sell it and disappear,” Ramsay said. “We are not worried about the environment at the moment. The environment I am worried about is not broken. The electric hondas has disappeared. Parts. We get cheap cars.”