It's Tuesday and this is the Ramsey Call of the Day, part of the Ramsey Network. Joining me today is Ramsey Personality, Dr. Sean Belloney. Michael is with us in San Antonio, Texas.
Hey, Michael, welcome to the Dave Ramsey Show. Hi, Dave. Hi, Don. It's a pleasure to talk to you both in my big chain.
Thanks. How can we help? Yeah, so I have a lot of stuff upcoming in my life in 2021. I'm getting married in January.
Yeah. Yeah. You don't sound real happy, Michael. Yeah.
I'm sorry. I was just really nervous. All right. That's okay.
You get one of those. That's okay. We won't tell her. Awesome.
So yeah, I'm doing that getting married. She's bringing in about $200,000 in student debt and she'll be graduating here after. So I'm just trying to get a sense of how should I plan for all those new responsibilities and at the same time on cash rolling a master's. Run!
Run! Just kidding. No, shut up, John. Is she gonna be a surgeon?
She is a doctorate in physical therapy. For $200,000? Well, $150,000 to $200,000 is a little bit of a living expense. It's a private institution.
Yeah, you think. Mmm. Mmm. Mmm.
To make 80 grand. Right. Okay. What is your master's in?
Real estate finance. Why do you need a master's in real estate finance? What is that? I'm hoping it'll help me along the road.
What? No, it's the road. It still houses. What road?
I still believe it does. Anyone to commercial real estate? Yes. I'm currently an analyst in a firm right now.
Okay. I need to learn essentially. Okay. Well, that does make sense.
Yeah. My degree was in real estate, special position in finance. So I didn't do a master's, but I did. Yeah.
I'm just in. Okay. So, um, what do you make? I make 23.
You're an analyst in a commercial real estate firm. You make $23,000? I do. Yeah.
Pay to learn in essentially 12 to 16 months. I switched over to brokerage. So. That's a little bit of a spoon to dig out that big old hole y'all are in.
That's why I'm calling. Okay. So what you've got to do is we have to work on what's called the shovel to hole ratio. The shovel is your income.
The hole you're in is 200k and the two of you together start planning how you're going to make an opponent to pay this off. And the more money you make, obviously, the faster you're going to pay it off. And I'm sorry, Michael, but that's the system. That's how it works.
So I can't predict your income as a commercial broker in this world, particularly. Yeah. It's scary. Scary.
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