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Dave Ramsey advises woman to ‘choose your pain, or it will choose you’ when she realizes her financial situation is unsustainable
Dave Ramsey advises woman to ‘choose your pain, or it will choose you’ when she realizes her financial situation is unsustainable
During an episode of the Dave Ramsey Show, a concerned person asked a personal finance expert Dave Ramsey what to do after realizing your financial situation is unsustainable. Here’s what Ramsey advised.
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A caller, Olivia from San Diego, revealed to Ramsey that her financial situation was not sustainable and asked if she, her husband and their two children should move to a cheaper house and leave everything behind, including their church and family. , to build wealth. Olivia explained to Ramsey that they had just gotten out of debt. Before giving her advice, Ramsey asked the caller to reveal how much she and her husband earn.
Olivia told Ramsey, “My husband made $70,000 last year and I work on his days off.” She added: “I made $30,000 last year.” That puts them with an income of $100,000 in San Diego, but the caller mentioned they want to move to Arizona. According to information from Salary.com, the cost of living in San Diego, California, is at least 39.7% higher than in Phoenix, Arizona. The average cost of a home in San Diego is 101% more expensive than in Phoenix, Arizona. However, Azcentral reported that even in Tucson, the Arizona city with the lowest cost of living, a family of four would need to earn an annual salary of $215,000 to live a comfortable lifestyle. Therefore, a move to Arizona may not make your financial situation more stable and may add more stress, as moving is considered one of the most stressful events in life.
Ramsey responded to the caller by saying, “The way you asked the question, the way you formed your sentence. You don’t want to leave.” The caller confirmed that they did not want to leave and that they were only considering it for financial reasons. Olivia explained that she was working hard to keep her daughter in a private Christian school, which was only possible thanks to her family’s support.
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Ramsey sympathized with Olivia and agreed that it was “painful to move away from your grandparents,” but added that Olivia has some decisions to make. He explained, “Either you’re going to change careers so you can support yourself, or you’re going to make some different choices, like not going to private school.” Since their financial situation is unsustainable, Ramsey explained that something has to change. Olivia and her family will have to make some tough choices. Ramsey applauded Olivia for recognizing that her financial math isn’t working, saying, “What you’ve discovered is that the math isn’t working, and that’s very wise.”
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In Ramsey’s opinion, Olivia has three options: pull her daughter out of private school, change careers, or move to a new state. Ramsey advised Olivia, “One of those three things, and all three are painful. Choose your pain because it will choose you if you don’t.” Olivia and her family must make some decisions before they are forced into a painful situation. Ramsey also warned Olivia and viewers that it is crucial to have some type of life insurance coverage to deal with unexpected events when they happen.
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This article Dave Ramsey advises woman to ‘choose your pain, or it will choose you’ when she realizes her financial situation is unsustainable originally appeared on Benzinga.com
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