Gambling Addict Calls Dave Ramsey For Help With $100k Debt: Ramsey Sets Him Straight with the Cold Hard Truth
Financial expert Dave Ramsey is always willing to give out financial advice, even when it can be hard to hear.
During the Aug. 10 episode of Ramsey’s radio program, “The Ramsey Show,” a desperate caller asked Ramsey for much-needed advice.
The caller, a 22-year-old named Ryan, was $100,000 in debt and falling behind on payments. His car payments, for example, are three payments behind.
Ryan accumulated the debt while gambling.
Ryan recently quit gambling, but he’s lost over $100,000 and is now behind on his payments and facing repossession. pic.twitter.com/2CxJD7yimD
— Dave Ramsey (@DaveRamsey) August 28, 2023
Roughly a year prior, over the course of four days, Ryan won, and then lost, north of $100,000. (At the time of the August podcast episode, Ryan had quit gambling two months prior.)
Ramsey’s first question was in regards to the gambling problem: “Are you seeing a therapist or anything.”
On the Wednesday before his call with Ramsey, Ryan had his very first meeting with a Christian counselor.
“Good for you. That’s what I was worried about,” Ramsey said.
With the emotional and spiritual problems seemingly taken care of, Ramsey moved on to Ryan’s financial situation.
“The thing we’re going to do with your money is we’re going to put you on a very strict budget where you don’t get to do anything except pay off debt,” Ramsey said. “I want you to list your debts, smallest to largest, and start paying them in that order.”
“I don’t want you going out to eat, I don’t want you in a bar and I don’t want you doing anything except working and getting these debts cleaned up.”
Ramsey wasn’t kidding about getting the debts paid off as soon as possible. When it came to Ryan’s car payments, Ramsey insisted the 22-year-old get those payments current with his next paycheck even if it meant not paying rent for a month.
“I want you to call your landlord and tell him that you’re going to pay him two rent payments at the end of the month, that you can’t pay him right now because you got to keep your car from being repo’d,” Ramsey said.
“He’s not going to like it, but you’re going to pay him two payments at the first of the month.”
For Ryan’s next paycheck, Ramsey told him he could only use the money for two things: to eat, and to “get the car caught up.”
Ramsey’s advice often shows that true financial acumen isn’t about genius business strategies or sophisticated investment strategies.
Instead, Ramsey shows that good finances is all about patience, common sense, and, most importantly, discipline.
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