You’re Out of Control!

[Music] brought to you by the every dooll app start budgeting for free today Ray starts off this hour in Oklahoma City hi Ray welcome to the Ramsey Show hey Dave watched some of your videos and stuff uh some of your YouTube things and I've put myself into um some major issues um started about three years ago I guess when I medically had to leave my job and it took me about a year and a half to even get Social Security Disability going on uh I am retired I am retired military and I'm drawing military disability also but I've had to borrow from some very highin loan places in order to survive for the longest time and now I can't get out of the cycle because I can't get a consolidation loan to pay off all of them and refigure my cash flow so what is your military disability income um let's see okay so military retirement I bring home about 19 a month M uh Social Security I bring home about 2400 and disability is 39 okay on top of that okay yeah all right so you've got you got you got $8,200 a month coming in yeah okay yeah the problem is with car payment and and all my loans and rent and bills and everything I'm shelling out about 88 okay um how old are you I'm 60 what's the nature of your disability uh bad knees bad back PTSD okay and the PTSD is what what cost the last job no the knes and back is what cost last job oh okay okay because I just I physically cannot work anymore I can't sit for any long periods of time I can't lay down for any long periods of time I can't stand for any long periods of time yeah um you know I just my back is completely shot I have massive trauma in my back and my knees and the military is basically deemed me unemployable sure because of physical restraints um I'm not supposed to pick up more than 10 to 15 pounds at a time are you are you married yeah what does she make uh she has a um she does a Consulting business for um a company and but she doesn't really make anything everything she makes she puts right back into it for right now and she really doesn't make a whole lot because she just got started with the company doesn't sound like a good deal nope I'm pretty much having to cover everything okay Sor I'm sorry for years I'm sorry for the mure thank you for your service and what an incredible price you paid um you know and I've spent the last two years trying to rebuild my credit yeah well you don't need credit credit is your problem um what how much debt do you have um all together cars credit cards and high interest loans okay how much do you owe on how much do you owe on credit cards um probably about eight what do you owe on your cars the one car that I owe on um is still got about 22 on it okay and um what what is the other de the high interest loans okay and how much are those if I were to pay them out completely um we're looking at about 25k okay all right you have 100K coming in all right and um so I think that the challenges is that the two of you need to do two things one is you need to sit down together and get on a detailed written budget we're going to put you into Financial pece University and into every dollar the world's best budgeting app and I'm going to pay for it as my gift to you to say thank you for your service okay okay and but you make $100,000 a year man yep okay you can't work because of your physical condition so you have zero need for a $22,000 car no that's the light's car yeah it's gone shouldn't make any money we're selling it we're getting a cheap car what do you what do you got um 2015 versus a note that's paid off okay we need to get her something that's paid off cuz y'all are broke and you're out of control and you're going to have to do some radical things to get in control and that's the two of you sitting down together she needs to get a job that actually pays money and then the two of you can take the 100,000 you got coming in and the money that she actually makes and get rid of a car payment and then you can clear this up in less than a year you don't have anything here that's not doable but you've just all this stuff has happened to you and the trauma of this whole situation is caused you guys to get paralyzed and you're just not dealing with it but you've got the math to deal with it the math is there $4,000 $4,000 a month and you're debt free in a year if you keep the car yeah I know but that's the problem is I don't you know well you got 8 coming in if I do that if I do that you know then do I so do I stop paying on stuff and just snowball it no we we're going and pay off one at a time or I'm gonna pay off one of these high interest loans how many different loans are there I don't know off top of my head there's a lot but there's you know list them out smallest to largest and take out $4,000 of them this month and take out $4,000 of them next month that's $88,000 of the 25 right but that's the problem I don't have I mean you have $8,800 but that's what I'm saying so do I take for I just stop paying you pay Min you pay minimums and you attack these but you you're you can do this you can do this um I think selling the car is going to help out freeing up that payment will give you a little bit of that margin to start this process yeah and you've got to do a written game plan for your money you write down $8,800 at the top of the page or $8,200 at the top of the page and then you work down into this you should have there should be margin in this it should not all be gone those interest rates there's not enough not enough debt here to cause that create your free every dooll budget today the simplest way to budget for your life