'You guys have lost your minds': A man asked Dave Ramsey if he and his wife shou...
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A man asked Dave Ramsey if he and his wife should borrow money — they make $180K/year but spend $80K on the kids. This was the guru's scathing reply
Dave Ramsey is at it again: more opinionated and brash, if you can believe it, than a Philly guy.
“Dave from Philadelphia” told the finance guru on a recent Ramsey Show episode that he was “barely making it” on the family income of $180,000. He was unsure whether to save more, or take out a loan to make ends meet. While he’ll see the number rise once his wife finishes medical school (she currently makes $70K as a resident), the family of four has debts and payments to wrangle.
As per his trademark style, Ramsey voted for another choice.
“Option ‘C,’ work more,” he told him, adding: “Can you explain to me why you can’t get by with income at $180,000?” he asked. “I’m going to be as nice as I can, Dave. You guys have lost your minds.”
The (expense) monster under the kids’ beds
Forced to dig deeper, Dave from Philadelphia revealed some eyebrow-raising kiddo expenses: at least $50,000 in daycare tuition for two, with before- and after-school care and paying a nanny in the summer months.
Maybe you’re thinking what Ramsey said: “Are they going to Harvard? What the crap!”
The man admitted it was a pretty fancy school — especially given that his kids were still pre-school age. In fact, the average cost of child care in Pennsylvania remains just above $17,000 per child, slightly more in the suburbs, according to child care website TOOTRiS.
“We’re going to take out student loans for the four-year-old,” Ramsey teased. “That’s what we’re coming down to.”
Budgeting for cost-effective child care is even more critical considering the expenses many Americans can’t readily escape: gas, insurance, groceries and utilities, for starters. Budgets can play a crucial role in bringing things under control — especially if you start by tallying your last three months of spending. What’s costing the most? What are the non-negotiables? Where can painless, sensible cuts be made?
Read more: Here's how much money the average middle-class American household makes — how do you stack up?
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