Financial expert Dave Ramsey aimed at a family of 11 on The Ramsey Show this week, warning that their $50,000 in debt is a symptom of poor financial planning, not their children's extracurricular activities.
$50,000 Debt Accumulates Amid Kids' Sports And Extracurriculars
On Wednesday, Caller James, a father of 11, explained that his family had amassed nearly $50,000 in credit card debt over the past five years due to sports and other activities for their children.
"We spend about $25,000 a year on these sports programs," James said, noting that his wife was unwilling to scale back.
Lack Of Budgeting System Blamed For Financial Strain
Ramsey and co-host Ken Coleman emphasized that the couple's real issue is a lack of shared financial strategy.
"The sports aren't the problem, and her working is not the problem. The problem is you're not on the same page," Ramsey told the caller.
He urged the couple to sit down together, plan a budget, and ensure all spending decisions are agreed upon.
Ken also pointed out the underlying tension between the spouses. "I think there's some real resentment there, and that's got to get solved at the same time if not before we sit down and get this budget," he said.
Ramsey Warns Millionaires, Couples On Debt And Spending
Ramsey advised callers on managing money, emphasizing that high net worth is meaningless without controlling cash flow.
Earlier this month, millionaire caller Caroline revealed $15,000 in monthly expenses and multiple mortgages. Ramsey urged selling non-essential properties and focusing on a paid-off primary residence.
Another caller, Joan, shared that her husband spent $40,000 without her consent, draining nearly all of their $50,000 savings.
Ramsey said poor communication, not account access, was the real issue, with co-host John Delony noting long-standing marital dynamics contributed to financial misalignment.
Caller Kevin asked about balancing small luxuries with responsibilities. Ramsey and co-hosts Jade Warshaw and Delony said spending was fine if essentials were covered.
Warshaw's five-step "green lights" checklist, being out of debt, budgeting, having insurance, saving for the future and prioritizing generosity, helped determine when it was okay to splurge on upgrades or experiences.
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