Personal finance expert Dave Ramsey offered his signature mix of encouragement and blunt realism to a listener struggling with whether her husband should quit his job to finish college, warning that not every degree is worth the financial risk.
Ramsey Approves The Plan But Urges The Couple To Save Like Crazy
In a letter shared with Ramsey, a woman named Courtney explained that her husband plans to leave his job next year to return to school full-time, cutting their annual income in half from $100,000 to $50,000, reported KTAR News.
The couple expects to rely on his veteran's stipend and tuition assistance from her job to stay afloat.
Ramsey approved of the plan — but with strong conditions.
"As long as you two are completely in agreement about this plan, and you're willing to save like crazy for the next year and beyond, I think it makes sense," he wrote.
"But listen carefully.. you're going to have some unexpected things pop up along the way."
Ramsey Says College Can Be An Investment
He reminded the couple that while "Baby Step 4" usually involves investing 15% of income toward retirement, in their case, the real investment would be in the husband's education, provided it leads to a practical, marketable career.
"As long as he's not off taking stupid courses like left-handed puppetry or pursuing a Ph.D. in the history of German polka, you two are making a great investment for the future," Ramsey quipped.
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Ramsey's Baby Steps Guide Families To Financial Freedom
In September, A 65-year-old caller named Mark told The Ramsey Show that he and his wife were starting over with $137,000 in debt and minimal savings but were committed to following Ramsey's Baby Steps to rebuild their finances.
They had just $10,000 in a 401(k), a few thousand of their own savings, and had completed a $1,000 emergency fund.
Ramsey advised them to focus on paying off unsecured debts while maintaining their mortgage, urging strict budgeting to become debt-free within a year.
Earlier this year, a 23-year-old Reddit user shared how she and her husband paid off $37,900 in under three years, aided by strict budgeting and a salary increase from $70,000 to $120,000.
"He busted his butt enough for the past month that we were able to pay off the remaining $10,000 of our debt, and it feels like we are set up so much better going forward," she wrote.
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