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Dave Ramsey Tells Caller To ‘Sell Everything’ After $26,000 Tractor Purchase Puts 61-Year-Old In ‘Emergency Mode’

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June 03, 2024
Dave Ramsey Tells Caller To 'Sell Everything' After $26,000 Tractor Purchase Puts 61-Year-Old In 'Emergency Mode'

Dave Ramsey Tells Caller To ‘Sell Everything’ After $26,000 Tractor Purchase Puts 61-Year-Old In ‘Emergency Mode’

Financial guru Dave Ramsey recently gave critical advice to Teresa, a 61-year-old woman from Arkansas facing severe economic challenges. Teresa, whose call was featured on The Ramsey Show earns $67,000 annually and has about $69,000 in debt, including student and personal loans, one of which she used to purchase a $26,000 tractor.

Ramsey did not hold back when he told her, “Broke people don’t have $26,000 tractors.” He emphasized that Teresa’s reluctance to sell the tractor, even at a loss, keeps her from a secure financial future.

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Teresa initially inquired about her retirement options since she wishes to retire at 67 and has no money saved. Ramsey advised her she must clean up her debt before considering retirement. He stated, “If I were in your shoes, I would say, ‘I am so scared, I’m going crazy and I’m selling the tractor; I’m selling the car and gonna get a $2,000 car. I’m gonna work like crazy.'”

Teresa learned about Ramsey’s famous Baby Steps to Financial Peace earlier in the year — after her “impulsive” $26,000 purchase — and desperately wants to improve her financial stability.

“Pay off all debt (except the house)” is Baby Step #2, two steps before investing 15% of your household income into retirement. Ramsey repeatedly emphasized that Teresa must get out of debt before doing anything else.

Getting out of debt is not easy, particularly when you’re used to living a specific lifestyle, and Ramsey stresses this by saying, “You’re about to do some really difficult things. And people in your life are going to think you’ve lost your daggum mind. But what you’re doing is you’re trying to secure the last two decades or three decades of your life. And that’s very important to fight for.”

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Despite his urgent advice surrounding Teresa’s financial emergency, Ramsey tells her there is hope for financial security. “It’s not too late, but you’re trading a $26,000 tractor for $150,000 in your retirement. You’re trading an $18,000 car for another $100,000 in your retirement. You could have a quarter million dollars set aside with match if you get your butt out of debt now by the time you hit 67, 68 years old. You can get there.”

Teresa is not alone in her financial struggles. According to AARP, about one in four adults over age 50 don’t have any retirement savings. Many have blamed inflation, including rising rent and mortgage payments, as the reason they are unable to save. AARP’s study highlights similar debt struggles to Teresa’s, stating that one-third of adults with credit card debt have a balance of over $10,000, and 12% have a balance over $20,000.

Ramsey would likely tell those struggling to save the same thing: “Sell everything and get out of debt now.” It’s scary to look to the future and not have a retirement account to fall back on, but it doesn’t have to stay that way. While many rely on Ramsey’s advice, consider talking to a financial advisor to help determine your best options for getting out of debt quickly and saving for retirement.

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This article Dave Ramsey Tells Caller To ‘Sell Everything’ After $26,000 Tractor Purchase Puts 61-Year-Old In ‘Emergency Mode’ originally appeared on Benzinga.com

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