Caller on Dave Ramsey Show has high income but struggles with debt and expenses, needs budgeting help

From Yahoo Finance: 2025-06-30 10:01:00

A caller on The Ramsey Show revealed a $40,000-$45,000 monthly income but struggles with overwhelming debt and expenses. They have massive car payments, including $1,600 for a Tesla and $800 for a truck. They owe $156,000 on a second mortgage and $19,000 on a credit card, plus $3,000 monthly for private school.

The couple’s financial behavior, not their income, is the issue. They have three rental properties, but only one is profitable. Host George Kamel advised selling properties to pay off debt. They must track expenses and cut unnecessary spending, even considering selling the Tesla due to negative equity.

Despite earning half a million dollars annually, the couple needs to live frugally to address their financial issues. They have started making changes, like using savings to pay off credit cards. Host George Kamel emphasized the need for drastic measures to rectify their financial situation, including living modestly despite their income.



Read more at Yahoo Finance: Earning $45,000/Mo And Under Financial Stress? This Ramsey Caller Has $2,400 Car Payments, $3,000 Private Schools, And A Massive Mortgage