Latest news with #KenColeman
Yahoo
25-07-2025
- Business
- Yahoo
'You Can't Even Afford Rent': Ramsey Hosts Clash With Woman Trying To Buy An RV While $40K In Debt
"You can't even afford rent," career expert and "The Ramsey Show" co‑host Ken Coleman said in a recent episode. He addressed Rachel, a Dallas caller whose 2023 flood pushed her family into her parents' RV. Finance coach and fellow co‑host Jade Warshaw echoed the warning. The hosts insisted that wiping out $40,000 in debt must outrank buying another camper, no matter how daunting Texas rents appear for families today. Rough Math Meets Tough Love Rachel told the hosts that her household lives rent‑free on her parents' land, that she has pared her unsecured balances to $40,000 and that she has banked just $2,500. She brings home $70,000 and her husband earns $11 an hour while pursuing marine‑biology studies. Coleman said monthly rent should stay at $1,250 to preserve cash for repayments. Don't Miss: 7,000+ investors have joined Timeplast's mission to eliminate microplastics—now it's your turn to $100k+ in investable assets? – no cost, no obligation. "You should not stop paying down your debt to buy an RV," Coleman said. "You have no idea what it will cost," Warshaw said. Coleman urged moving closer to Rachel's workplace and pausing coursework so her husband can seek higher wages — steps the show's hosts often prescribe for callers in similar binds. Debt Data Mirrors Caller's Strain The couple's predicament mirrors broader figures. The Federal Reserve Bank of New York in May pegged household balances at $18.2 trillion in Q1 and reported that mortgage balances climbed $199 billion. Freddie Mac said the 30‑year fixed rate averaged 6.72% for the week of July 10. Higher rates feed steeper obligations. Typical monthly debt payments reached $1,237, up 5% year over year, Experian found. The Bureau of Labor Statistics showed shelter costs rising 3.8% in June from a year earlier, pressuring renters already juggling larger credit card balances and pricier auto loans. Trending: This AI-Powered Trading Platform Has 5,000+ Users, 27 Pending Patents, and a $43.97M Valuation — With budgets squeezed, 64% of workers plan a second job or side gig this year, according to the American Staffing Association. Coleman's rent ceiling reflects those realities, emphasizing liquidity for repairs and emergencies instead of new liabilities. Map To Move Forward Coleman told the caller to "get your income up and change your lifestyle." He recommended relocating nearer to work, trimming transportation costs and delaying further study. Warshaw, who once eliminated $460,000 herself, said every extra dollar must attack principal until balances vanish. Ramsey Solutions' Baby Step 2 guide endorses the avalanche method, which targets the highest‑interest debts first and the snowball, which clears the smallest balances for quick wins. Read Next: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Many are using retirement income calculators to check if they're on pace — Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article 'You Can't Even Afford Rent': Ramsey Hosts Clash With Woman Trying To Buy An RV While $40K In Debt originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Fox News
18-07-2025
- Business
- Fox News
Business Rundown: $1K 'Trump Accounts' For Kids Give Families The Investing Power
Within the 'one big, beautiful bill,' the Trump administration has launched an ambitious pilot program: gifting $1,000 investment accounts to all babies born in the U.S. between 2025 and 2028. The President argues this 'pro-family initiative' will help millions of families harness the strength of the American economy. FOX Business correspondent Gerri Willis speaks with Ken Coleman of Ramsey Solutions about how these accounts work and how they might help these Americans afford homes, college, and small businesses in the future. Photo Credit: AP Learn more about your ad choices. Visit
Yahoo
12-07-2025
- Business
- Yahoo
Caller With $9,000 in Collections Says She Followed Ramsey's Advice, Told Debt Collector 'I'm Broke. Sue Me'— Now She's Second Guessing It
After just one month of listening to "The Ramsey Show" and putting herself on a budget, a caller named Mary faced a moment that would shake most people: a credit card debt collector threatening to sue her over a $6,000 balance. But Mary had been doing her homework. "I just listened to an episode of Dave Ramsey telling them that, you know, I'm going to file bankruptcy — leave me alone. And that's what I did," she told Jade Warshaw and Ken Coleman during a recent show. "I was like, 'My financial advisor told me that I might file bankruptcy, so if I do, you'll get the call. Uh, remove me off your call list.' And I hung up." Don't Miss: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." $100k+ in investable assets? – no cost, no obligation. That move, while terrifying to her in the moment, earned instant praise from the hosts. "I love it," Jade said. "My financial advisor — she was like, 'I'm going to file bankruptcy,' and then like hung it up. Good for you!" Still shaken, Mary asked if she had done the right thing. Jade assured her she had. "What you essentially told them is, 'I don't have the money that you're asking for and I'm broke.' And so if you think you're going to get that money from me, you're wrong," Jade explained. "You're basically saying, 'Yeah, if you're going to sue me, sue me.'" According to the Ramsey team, collection agencies rarely follow through with lawsuits — and in most cases, the debts have already been sold for pennies on the dollar. The smart strategy, they said, is to stop paying them small amounts and instead save up enough to make a settlement offer. Mary had already sent a $445 payment via money order and tracked it, but she admitted she was still figuring things out. "I don't know if I did that right," she said. "That's great that you did that," Jade responded. "I would stop doing that, because at this point I would stack up money so that you can make them an offer." Trending: The secret weapon in billionaire investor portfolios that you almost certainly don't own yet. She advised Mary to eventually say something like: "You've been blowing me up and blowing me up — this is the only money I have. And you're going to make a deal with me." When Mary confessed how terrified she was after that first call, Jade and Ken reassured her that the fear was normal — but the power she felt afterward was real. "Didn't it feel good a little bit?" Jade asked. "Yes, it did. It actually did," Mary said. "Because after I said, 'Remove my phone number,' I don't know — something broke in the spirit, I believe. And I'm like, if another debt collector calls me right now, I'm going to see this." "That is my favorite line," Ken said. "'Something broke in the spirit,' she said. That's really good." While Mary was not officially sued, it's worth noting what the Federal Trade Commission recommends if that day ever comes. According to the FTC, responding to a debt collection lawsuit is critical — even if you don't believe the debt is valid. By answering the complaint or showing up in court, you protect your rights and force the debt collector to prove they have the legal authority to collect. Ignoring a lawsuit, on the other hand, can result in a default judgment, wage garnishment, or even seizure of confidence and momentum didn't go unnoticed. The hosts gifted her the premium version of the EveryDollar budgeting app, Ramsey's new book, "Build the Business You Love," and a copy of Coleman's "The Proximity Principle." As it turns out, Mary just launched her own meal prep and nutrition business — the same one she went into student loan debt to pursue. She now makes $2,400 per month and has a $261 monthly surplus. While she still carries $10,000 in student loans and $9,000 in collections, she's not backing down. Jade summed it up best: "You're capable of far more than you ever thought possible. You really, really are." Ken couldn't resist tying it all together: "I got goosebumps, because we heard Mary roar." Read Next: Over the last five years, the price of gold has increased by approximately 83% — Investors like Bill O'Reilly and Rudy Giuliani are using this platform to Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Caller With $9,000 in Collections Says She Followed Ramsey's Advice, Told Debt Collector 'I'm Broke. Sue Me'— Now She's Second Guessing It originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
02-07-2025
- Business
- Yahoo
Woman's husband, 53, wants to ‘buy his pension' for $500K, retire early — Ramsey Show hosts offer alternative
Faced with a history of family members dying young, Sarah's husband wants to spend $500,000 to retire early. She called The Ramsey Show to find out if fear is a good enough reason. Sarah and her husband, 53, are in a strong financial position. Their house is paid off, they've saved millions for retirement and on paper, they're set. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it But his family history looms large. With his mother dying at 59 and both of his brothers dying at 55, he's starting to wonder if he should clock out of work early, just in case. That's why he's seriously considering spending the money to buy five years of his pension and retire early. The Ramsey Show hosts pushed back on the idea of making a major financial decision based on fear. 'None of us is promised tomorrow,' said Ken Coleman. At the heart of the matter is Sarah's husband's fear of dying young. While she called to ask if they should buy the pension, the Ramsey hosts cautioned against making an emotional decision. 'I would not sacrifice the future here on the altar of the immediate,' said Coleman. 'We have to live in the moment, yes, but also not sacrifice our future based on some emotion that's not rooted in facts.' Jade Warshaw echoed his sentiment. 'I don't like that idea,' she said. 'Something about that doesn't feel right.' As the hosts dug deeper, it became clear the couple doesn't need the extra money from the pension to retire early. They own their home outright and have millions saved for retirement. If they spent $500,000, they'd receive about $6,000 per month in retirement income. But given their other assets, they likely don't need it to live comfortably. 'You don't need the money, so I certainly wouldn't buy it,' Warshaw said. 'Now it's up to you guys to decide: what is this $6,000 a month worth to us?' If it's not worth working for seven more years, he could retire now, without buying the pension. Beyond the numbers, Warshaw encouraged the couple to consider using some of their money to assess and improve his health. Lifestyle changes and preventive care could help improve both his quality of life and longevity. Read more: You don't have to be a millionaire to gain access to . In fact, you can get started with as little as $10 — here's how Retiring early can be appealing for many reasons. Maybe, like Sarah's husband, you're worried about your health. Maybe you feel burned out or want more time to travel. Whatever the reason, it's important to consider the financial side. If you've spent your working years saving, paid off your house and built a solid nest egg, early retirement might be an option. But if you're still in debt or have minimal savings, this might be the time to buckle down on your financial goals instead. In Sarah's case, her family's strong net worth and paid-off house make early retirement a real possibility. If they had called in with debt or little savings, the advice would've been different. According to a recent Northwestern Mutual survey, Americans believe they'll need $1.26 million to retire comfortably. Sarah and her husband are already in that ballpark, setting them apart from the average household. And if full retirement doesn't make sense just yet, a gradual approach might. Scaling back to part-time hours — say from 40 to 20 a week — can offer many of the same lifestyle benefits without jeopardizing your financial future. This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-06-2025
- Business
- Yahoo
Ramsey Show hosts urge young woman whose mom racked up $186K of debt in her name to embrace a ‘paradigm shift'
When she turned 18, Jessica from South Carolina found out her mom had been using her Social Security number since she was a toddler — racking up $186,000 of credit-card debt in Jessica's name. After hiring a lawyer, Jessica was able to have her credit wiped clean, but she's left with zero credit history and can't get a credit card. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it She called into The Ramsey Show to find out how she could recover from having her credit history wiped. 'Not even a secure credit card will touch me,' she said. Jessica feels 'stuck' and says she can't even buy a car with a co-signer. While she says some financial advisors suggested her 'best option' is to get married, co-host Ken Coleman flagged that suggestion. 'I want to challenge this idea that you're stuck because you have no credit score and that you have to get married in order to have a car,' he said. Read more: You don't have to be a millionaire to gain access to . In fact, you can get started with as little as $10 — here's how Nor would it necessarily solve her issue. While credit scores aren't impacted by marriage, if a married couple jointly applies for financing on a large purchase, such as a home or car, Equifax says lenders usually check both spouses' credit information. So what's the solution? It involves a pretty big 'paradigm shift,' according to co-host Rachel Cruze. Jessica is focused on living her life around 'having a great credit score.' But, as Cruze points out, 'primarily you use a credit score to go into more debt.' That paradigm shift involves living debt-free — without a credit card. Consider that Americans owe $1.18 trillion in credit-card debt as of Q1 2025, according according to the Federal Reserve Bank of New York. And the average credit-card debt, per American, was $6,371 during this same period, according to TransUnion's Q1 2025 credit industry insights report. Plus, high annual percentage rates (APRs) on credit cards can make it even harder to get out of debt. 'Although Federal Reserve rate cuts began in 2024 after two painful years of rate hikes, average credit-card APRs are still well above 22%, offering no relief to consumers who revolve balances from month to month,' according to Experian. Thanks to her credit being wiped, Jessica is debt-free. She doesn't even have the option to apply for a credit card to get into more debt, 'so see that as a blessing,' said Cruze. While Jessica has a full-time job as a debt collector and makes $19 an hour, Cruze suggests she look for a side gig (or a higher-paying job) to earn some extra money each month that she could put toward a vehicle. If she made an extra $2,000 a month, for example, she could save enough to pay cash for a $5,000 to $7,500 secondhand vehicle in a matter of months — no credit card required. In a survey by Forbes Advisor, 58% of respondents said card payments are 'their prime facilitator of higher spending,' which is 'a reflection of the ease and perhaps the less tangible nature of using cards over cash, which seems to loosen the psychological purse strings.' And more than half (52%) of respondents are 'more likely to make an impulse purchase when paying with a card compared to just 24% with cash.' 'Society tells us you have to have a credit card to survive, you can't go to college without student loans and you'll always have a car payment. These are straight-up myths,' according to a blog by Ramsey Solutions. On the other hand, living debt-free means 'not buying anything unless you can pay cash.' Cruze says to start by coming up with a detailed budget and knowing exactly how much you'll need for basic necessities such as food, shelter, utilities and transportation. Everything else can go toward saving up for your biggest needs — in Jessica's case, that would be a car and her last semester of college. 'As you track your spending, you'll see red flags and how quickly you get to the point where you're spending more than you earn,' according to the Credit Counselling Society, which recommends using cash instead of cards. 'Cash-only diets are a great wake-up call to your spending because you physically see the money exchange and feel the drain on your wallet.' If you have multiple credit cards, consider consolidating your debt onto one card (the one with the lowest interest rate or best terms) and cancel any cards you don't need. You'll also want to build up an emergency fund so you won't have to rely on your credit card if you suddenly need money for an emergency. While Jessica is 'blessed' without a credit card, those looking to get out of debt can use techniques such as the snowball or avalanche method to whittle away high-interest debt. Most likely, it will also involve increasing your income (working overtime, looking for a higher-paying job or taking on a side gig) while reducing your expenditures (cutting back on anything unnecessary, such as takeout, travel and entertainment). To realize even greater savings, you could also look at ways to simplify or downsize. For example, is your rent eating up most of your income each month? If that's the case, it may be time to look at finding a smaller place, getting a roommate or moving to a less expensive neighborhood (though you'll also have to factor in the cost of moving). 'Don't be leaning on the credit industry to get you out,' Cruze advised Jessica. In other words, getting a credit card isn't going to solve her issues; it will only serve to get her into debt. And, advised Coleman, 'don't get married at the advice of a financial advisor so you can get a car.' This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
