brought to you by the Every Dollar App. Start budgeting for free today. Two to half years ago, I bought a car, and it's a good car to 2018 Corolla. But I have a 16.5% interest on it, and over half of my payments go to interest.
I'm actually the co-signer on the car, and my mother is the main signer on the car, and I have had stop instability, having instability over the years, and I'm just not putting my life together. But currently, I haven't even been able to make my February car payment, so I also rely on this car as a source of income. So what are you doing here in my summer car? I would start looking for a different source of income.
That's not tied to this car. My guess is you're doing some of the delivery apps. Yeah, I'm actually a Lyft driver. I had a dead end job.
I quit that, but I got a new job that is a really good job, but it doesn't start for a couple more weeks. Yeah, I'm going to do one. What is it how much are you going to be making up a new good job? About three to four thousand a year.
Give me a month. Sorry. I am a film instructor and I'm contracting with a pool that is very well for their level. Okay, and then what's the total amount owed on this car?
I owe 16,200 and I originally paid 8,500. Have you looked at what it's worth? Have you looked on Kelly Blue Book? Have you looked at it's worth private sale?
Yes, it's $4.75. Oh, boy, what happened to it? She's been driving over. Oh, yeah, that's true.
You're on an off-road. Oh, gosh. Okay, well then you're only choice here. I mean, you're going to have to pay it off because it's such a low value.
And you're going to have to work quickly to do it. Is it your only debt? Oh, definitely not. I've got about $50,000 in student debt and I ended up dropping out of school due to mental health issues.
And I have about $25,000 to $25,000 in personal loans and credit cards. And then I don't even know how many, $7,000 in medical debt. I don't even like know. So you're going to be doing, you'll be doing swim lessons.
That's how long is it going to take you to build up your lesson pool to make $4,000 a month? Or is there a base pay? Because I'm going to be making about $30,000 an hour. Yeah, I know they're going to work you 40 hours.
Hey, you got to take care of your vehicle if you want to keep it on the road. And the smartest move is regular maintenance. I recommend Christian Brothers Automotive, the official auto repair partner of the Ramsey Show. Your local Christian Brothers shop provides high quality maintenance and repair services.
You can trust visit cbac.com slash Ramsey to find a location near you and get an exclusive Ramsey discount of 10% off your visit. 10% off of $250 value. See store for details. Yeah, they're going to work you 40 hours.
That's the plan. But again, that's the problem is that it does depend on how many clients they get a lot of clients. Yeah, I'd be looking really deeply into that. First off, and my homework for you leaving this call is I would have something else lined up that gives me the ability to work because you don't know how many clients are going to send your way and you don't know how quickly your calendar is going to fill up.
And you've got to get started on this debt. Ace that because here's the thing if you default on another payment, it's really going to mess with your mom. I'm sure it already has, right? Yeah, I feel bad for my mom and my mom just started helping when she can, but she's already she's a single mom, or even my teenage brother with special needs.
So what we've got to start with, let's go back to basics. All right. Before you do anything else with money, you take care of food, shelter, basic clothing, transportation and utilities. Okay.
Do you pay rent? I do and I live in the smallest cheap apartment I could find here in Phoenix and I. Perfect. So you pay the rent.
So you pay the rent and you go to the grocery store. Stop. You pay rent. You go to the grocery store.
You get the car current before you do anything. All the other debts can wait till you pay rent, get the car current. Get it. Get food on the table.
Okay. Before you do anything, you got to be able to basic foundation in your life. You get shelter, clothing, transportation, utilities. Okay.
Now once you're current on the car, then you can decide, let's reach out to the student loan people, let them know you need a hardship to furl and send them some of the paperwork on some of the mental illness issues you've had and just let the bureaucrats have something to chew on for a little while while they wait around you do nothing. You quit paying them for right now. And then you get this book of business at the swim lessons full as fast as you can and jades right in the meantime and even after I want you to work all the time because what you need to fix your whole life right now is $16,000. If you had $16,000 this car payment was gone, we could really get after some of those other debts, couldn't we?
Yeah, it feels like that, that, um, car loan has a big wall between me and basically the rest of my life. I agree. I agree. So we need to go find an extra $2,000 a month for eight months and smack this thing in the head.
Okay. But that's means like all you do is work, girl. You just work all and it's not Uber freaking over is making the car worse. Okay.
You're putting some miles on you destroyed the value of the car. So, but if you could, if you could, if you could work 80 hours a week with swim lessons, just put your fins on and go, right? Yeah. I mean, if you can't get, if you can't get a bunch of hours down there, then let's find something else that you can do that's the thing where you make the most possible money that's moral and legal.
Okay. And I want you to go. Great, great for a while because the way you bust this is you throw dynamite in the middle of it and the dynamite is dollar bills. Okay.
I like that. And you just say food, shelter, lights and water and pay off the stinking car. And that's all I am breathing to do right now. I breathe in and out every morning.
I'm tired because I work all the time, but by God, I'm making progress for the first time in five years. Yes. You can do this. You can do it.
What was the nature of your mental illness stuff? I have a level one high functioning autism and that has made it hard for me to hold a regular full time job. Yeah. And then I also have, because of that stems like some anxiety depression.
Yeah. I have over the last few months gone on the right and that's got into the stable housing and finally I'm starting to get my finances stable. I'm trying to do things like one right now. Here's the thing.
I worked with them in 35 years of doing this. I worked with a whole bunch of people that both had high level functioning autism and I worked with a whole bunch of people that had depression. And the thing I know is the depression is made worse when you feel trapped and when you're not in action mode. When you get in action mode and get in warrior mode and get in attack mode, it helps because it releases the dopamine and other things and it helps to melt away the depression and the autism, the high functioning autism can actually work in your favor in those situations because you have the ability to do extreme amounts of focus, don't you?
Yeah. I am really good at taking people to swim and actually the gym I'm working at is a call with the person who is actually an adaptive gym and most of their employees have some kind of disability. Okay. And anything you can do to help people work out if you can do a personal trainer thing going like that.
I was going to say you need to go to this situation to your advantage to the thing that has been a blocker for you because as you start melting away these debts, first and foremost, you get this car off your back off your mother's back, your brain is going to clear up the fog that you've been walking in the stress related anxiety of feeling trapped in 16% and feeling honestly shame about signing up for 16% too. That was dumb. So you're not dumb, but that was dumb. So what you do is you get an attack mode warrior girl, you put on your warrior stuff and you get after it complete focus.
I don't want you to pay anybody else. Just let them all go bad. I don't really give a crap about your credit. You already don't have credit.
We know that because you have a 16.8% car payment. We know your credit is trash already. So I'm not worried about that at all. I'm worried about you.
I want you to be free. So you hang on and we'll get you signed up for every dollar and that'll help you walk through this stuff as well. Create your free every dollar budget today, the simplest way to budget for your life.