Beau, a father of four in New York City, is pulling in $120,000 a year between a full-time job and three side gigs. But when he called into “The Ramsey Show” recently, personal finance expert Dave Ramsey had a solution–move out of the city.
Struggling Despite Four Jobs
Beau said he feels an “overwhelming stress of the holidays” as he and his wife try to get out of debt while still doing right by their children, ages 7, 10, 11 and 15.
They're living paycheck to paycheck, he said, with nothing extra left over. Beau's main job is managing a small grocery store–the same one he used to own before selling it last year to help pay down business debt. He also picks up gigs with Amazon and catering services to make ends meet.
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Despite the effort, the family is still buried in about $123,000 of debt: $40,000 from the business, around $30,000 in student loans shared with his wife, $35,000 in credit card debt, and $13,000 on a 2018 Toyota 4Runner. Beau also bought a used Silverado in cash, which he said spends more time in the shop than in the driveway.
“Something’s got to change, dude,” Ramsey told him. “You’ve got no emotion left in your gas tank. I’m talking to a guy who can’t even form a sentence cause you’re completely exhausted.”
Beau admitted that he’s mentally and emotionally drained. Ramsey said it shows. “You’re carrying all of this. You’re the plates-spinning-est dude I’ve talked to in I don’t know when,” Ramsey said. “These plates are crashing all around you, and you’re scared to death.”
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Hard Truths And Tough Love
In fact, Ramsey zeroed in on the real problem. “You live in one of the most expensive cities in the world to live in,” he said. “And you can’t afford to live there, can you?”
Beau explained that they pay just $2,000 for a basement apartment in a desirable neighborhood. He also said moving isn't possible right now because of custody issues involving his oldest child.
He urged Beau to consider all options–from changing careers to asking his wife to find outside work, even if just for a season. She currently homeschools their kids.
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“You’re going to blow a gasket. Something’s going to blow up in your marriage,” Ramsey warned. “You’re stuck, stuck, stuck, stuck, stuck, and just start yelling at the stuck and say, ‘No, I’m throwing dynamite on your butt.'”
Co-host Jade Warshaw agreed that Beau needs a new job that isn't tied to the emotional baggage of his failed business. “You need a new job, and you need to not have four jobs because you’ve been doing that for too long.”
“Bust up into it, Beau,” Ramsey told him. “You’re better than you feel like you are.”
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