When Life Gets Hard, Choose Financial Stability
4/16/20262 hr 13 min
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Rachel Cruze and George Kamel answer your questions and discuss:
“My parents took out a HELOC to help me build my house, how do I pay them back?” “I defaulted on $25,000 in 401(k) loans and owe the IRS $10,000. How do I tackle this?” “I’m $25,000 upside down on my truck and living paycheck-to-paycheck, how do I get out of this?” “My wife wants to increase our debt significantly, how do I get her to listen to me?” “Should we still buy a home even though we’re struggling financially?”
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First 90 secondsSpeaker 00:02
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Rachel Cruze· Host0:08
[upbeat music] Normal is broke and common sense is weird, so we're here to help you transform your life. From the Ramsey Network in the FAIRWINDS Credit Union studio, this is The Ramsey Show. And I'm Rachel Cruze, hosting this hour with my good friend and co-host of Smart Money Happy Hour, George Kamel. And we are answering your questions, so, uh, give us a call at 888-825-5225. All right, starting us off is Anne in Bend, Oregon. Hi, Anne.
Speaker 20:42
Hi. I'm calling because, so I've been very blessed with my family and how much they support me. Um, and so my dad and I have been building this house bit by bit, um, and we're hoping to have it finished by fall. Um, but to do this, my parents have a HELOC on their house where we've been using it to kinda cash flow the build. And so I'm at this point where, you know, I went through the baby steps. I started $1,000, paid off the debts that I had, closed my credit cards, have a $23,000 six-month emergency fund.
Rachel Cruze· Host1:18
Oh, good for you.
Speaker 21:19
Um, [laughs] so now I'm sitting at this point where as we're getting closer to finishing the build, my mom and I are trying to decide what is a better option. I've been paying on the HELOC