FINANCIAL expert Dave Ramsey provided hard-hitting advice to a couple in Oklahoma City grappling with their precarious monetary situation. At 70 years old and with no retirement savings, Janice reached out to Ramsey for help, and what he had to say was not easy to digest. "I have no retirement; my husband and I neither one have a retirement," she admitted via a phone call to Ramsey .
Their financial landscape was bleak, with only $25,000 in cash and a $27,000 mortgage on a home valued at $250,000. To complicate matters further, they also owed $1,000 on a roadster. THE BREAKDOWN Janice described her husband’s proposal to pay off the car and apply the freed-up cash towards their mortgage.
read more about retirement However, she expressed deep concerns about their living situation, saying, “I don’t think I could even live in an apartment for what we would be paying a month on our home.” The couple's total income was $4,000 a month, comprising $2,000 in Social Security and another $2,000 from Janice's physically demanding job cleaning homes. Yet, as Ramsey pointed out, “We don’t know how much longer you can do that at 70 years old.
” HARD-TO-SWALLOW NEWS After evaluating their situation, Ramsey delivered the harsh reality check that many viewers might find difficult to accept. Most read in Money “I’m sorry, but the roadster is gone," he said. Selling their paid-off vehicle , which he estimated to be worth around $10,000, would provide the couple with funds to tac.
