A 53-year-old trucker named Donny called into “The Ramsey Show” and asked Dave Ramsey and co-host Dr. John Delony for advice on how to find a way out of his stressful circumstances.
Donny’s first admission set the tone. “I’m 53 years old, have absolutely nothing to retire with, $50,000 in debt and want a divorce,” he said.
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His voice conveyed the gravity of a situation that had worsened over the years and was exacerbated by his career as a truck driver, which kept him away from home and kept him at a distance from financial matters. The conversation delved into the details of his failed marriage and financial difficulties.
“It’s just been building up over the last 10 years,” he said. “I was in an optimal position, we were in an optimal position; No debt, six months of living expenses saved.”
However, a series of poor financial decisions by his wife, including doubling their rent and accumulating credit card debt, led to a dire financial situation 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 terrible at communicating,” he said. He emphasized the lack of teamwork in managing their finances, noting that his wife made financial decisions during Donny’s absence that undid her previous successes.
The depth of their marital problems came to light as Ramsey examined the impact of Donny’s desire for a divorce, emphasizing that the financial problems were just symptoms of a deeper relationship breakdown.
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“They want a divorce. … This is a symptom of behaviors, attitudes and beliefs that you all hold,” Ramsey said.
He offered practical advice to address the immediate financial issues: Contact a tax professional through Ramsey Solutions to set up a payment plan with the IRS. He also stressed the importance of addressing the underlying issues in their marriage.
“Until you get them paid off, you’re going to continue to have financial problems unless you communicate and agree on where we’re going,” Ramsey said.
While Ramsey offered a clear path forward, his demeanor during the conversation may have surprised some listeners. Unfortunately, Donny’s situation is not unusual. According to the 2022 Survey of Consumer Finances, nearly half of American households lack retirement savings. This statistic highlights the prevalence of financial problems across the country.
Despite the far-reaching nature of the problem, Ramsey did not shy away from emphasizing responsibility. He identified the lack of communication within the marriage as a major factor that reverberated throughout the episode.
Even if you find yourself in a similar situation to Donny, 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 may want to consult a financial advisor. They can help you assess your circumstances, create a customized plan, and ensure you’re 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, Have Absolutely Nothing for Retirement, I’m $50,000 in Debt and Wanting a Divorce” – Dave Ramsey’s Advice for Truck Drivers originally appeared on Benzinga.com
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