Dylan calls Dave and asks what the quickest way is to get out of debt.
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Dillon is in Bowling Green hi Dillon Welcome to the Dave Ramsey show hello Kay how are you today Better than I deserve sir what’s up oh Yes sir I was wanting to know like the Quickest sense how to get out of debt Okay well what we suggest folks do how Much dad have you got a roughly around 13,000 okay and what is your income 23,000 a year okay how old are you 19 no What what do you do I work at a car wash Okay what are your career plans for so Far I was taking college but after my First semester I actually wanted to go Into real estate okay so you’re getting Your real estate license yes sir Okay cool very cool all right well I Mean that there’s kind of two numbers Dillon that we look at and we call it The shovel to hole ratio and the shovel Is your income versus the hole is your Outgo your your your you know what You’re spending to eat and then how much Debt you have okay so you have $13,000 Hole that you’re in what do you owe that Money on ten thousand of it is for auto Loans and sixteen hundred a hundred of It is for a credit line loan and then The other fifteen hundred to two Thousand for another auto loan okay so Why do you have two car loans I had a car loan that was in twenty five Point nine percent interest and they was Charging me too much so I’ll let it go
Back and then I end up getting in Another car loan here recently okay Why did you not have a car at all yes I Didn’t have a car at all and they was Trying to towards me that was charging Me like Three times as much as what the car was Worth and I couldn’t afford it Don’t you okay and so you said you’re Making how much money roughly I make Around 450 a week mm-hmm okay And that’s only 3,000 a year okay all Right and mmm and you think you’re and You’re–you said you’re 19 yes sir okay Cool well what I would suggest you do is It’s just to increase your income by Increasing your hours doing something And get these debts cleaned up as fast As possible as you already know real Estate is straight Commission and at Your age it’s going to be a little Tougher because it’s very tough to Talking some forty-five-year-old into Buying a house from a 19 year old you Can be done I did and I had a real Estate license when I turned 18 and I Sold my first house when I was 18 years Old so you can do that it can happen but It’s harder to have credibility with Folks on a purchase of that size when You’re younger again I’m gonna saying Don’t do it but I’m saying that is a That is a challenge you’re gonna have to Overcome do you agree yes okay and so
It’s going to be your level of maturity How you dress how you carry yourself the Words you use the habits you avoid you Know you don’t smoke in front of clients You don’t go in there you know dress Crazy you know you dress conservatively The type of car you drive all of that is It’s gonna you’re gonna have to be Mature beyond your years to have Credibility and I I did do that when I Was your age selling real estate so it Can be done and so you’re choosing that Instead of college what were you Studying in college I was going to do so Sociology listen being like I guess Serb Not like I forgot a social worker and Things like that hmm Okay and what was drawing you to that I just like kids and I’ve been through a Lot myself as a child and I know what It’s like for young ones to like go Through that those kind of things don’t You okay and I just want to change the World you know and do better things for The world good for you good for you well I think that might be a good ministry For you at your local church to work With kids may be in foster programs and Stuff like that there’d be a lot of ways You could be a big brother in a sense to Those guys as a ministry as far as your Career goes I like what you’re doing I Want to help you out with that I’m going To send you through our class on how to
Handle money Financial Peace University Have you heard us talk about that uh yes There okay would you like to go through For free yes there all right you hold on We’ll get you signed up for that and That can give you a framework for making Some of these decisions so very very Well done good job