A 53-year-old truck driver named Donny called into “The Ramsey Show” and asked Dave Ramsey and co-host Dr. John Delony for advice on finding a way out of his dire circumstances.
Donny's first confession set the tone. “I'm 53 years old, have absolutely nothing for retirement, I'm $50,000 in debt and I want a divorce,” he said.
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His voice conveyed the gravity of a situation that had deteriorated over the years, exacerbated by his career as a truck driver that kept him away from home and out of reach of financial matters. The conversation delved into the details of his failed marriage and financial disarray.
“It's just grown over the last 10 years,” he said. “I was in a good place, we were in a good place; no debt, six months of living expenses saved.”
However, a series of poor financial decisions by his wife, including doubling their rent and running up credit card debt, led to poor financial condition and the discovery of a $30,000 tax debt to the IRS.
Ramsey's response was blunt and focused on the root of the problem.
“You guys are incredibly bad at communication,” he said. He highlighted the lack of teamwork in handling their finances, noting that while Donny was away, his wife made financial decisions that undermined their previous successes.
The depth of their marital problems was revealed when Ramsey explored the implications of Donny's desire for a divorce, emphasizing that the financial problems were merely symptoms of a deeper relationship breakdown.
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'You want a divorce. … That is a symptom of the behavior, attitudes and beliefs that you all hold,” Ramsey said.
He provided practical advice for addressing the immediate financial concerns: Contact a tax professional through Ramsey Solutions to set up a payment plan with the IRS. He also emphasized the importance of addressing the underlying issues in their marriage.
“Until you can pay them off, you're going to continue to have financial problems as long as you don't communicate and align with where we're going,” Ramsey said.
Although Ramsey offered a clear path forward, his demeanor during the conversation might have surprised some listeners. Donny's situation is unfortunately not unusual. Nearly half of U.S. households have no retirement savings, according to the 2022 Survey of Consumer Finances. This statistic highlights the prevalence of financial struggles across the country.
Despite the widespread nature of the problem, Ramsey did not shy away from emphasizing responsibility. He pointed out that the lack of communication within the marriage was a major factor, a point that resonated throughout the episode.
Even if you find yourself in a situation similar to Donny's, with no retirement savings and mounting debt, it's important to remember that it's never too late to take control of your financial future. You might want to consider consulting a financial advisor. They can help you identify your circumstances, create a personal plan and ensure you are on track to achieve your retirement goals. An advisor can also help you maximize your current savings and investments so you can retire comfortably and enjoy the lifestyle you want.
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This article 'I'm 53 years old, have absolutely nothing for retirement, I'm $50,000 in debt and I want a divorce' – Dave Ramsey's advice to truck driver originally appeared on Benzinga.com
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