DAVE RAMSEY

Dave Ramsey says: Bankruptcy isn’t quick fix for self-worth woes

Nov 2, 2021, 11:30 AM
(Pexels Photo)...
(Pexels Photo)
(Pexels Photo)

Dear Dave,

My boyfriend is not very good with money, and he is in a bad situation right now.

He has a huge car payment every month, plus about $30,000 in credit card debt. He also lives in a very expensive apartment.

He recently quit a really good job because he doesn’t like his boss anymore. He has talked about filing bankruptcy, and yesterday he asked if he could move in with me.

I love him, but I’m also scared. I try to manage my money well by saving, investing for retirement and staying out of debt.

What does this mean for our future together?

– Crislyn

Dear Crislyn,

My guess is the guy’s not really bankrupt, but it sounds like he has some maturity and character issues that need to be addressed.

I’m not saying things can’t change, but this is not someone to move in with or consider marrying anytime soon. You two would have a hard time as husband and wife unless he makes some real course corrections in his attitudes about money and life.

For starters, he needs to get another job, sell the expensive car and find a cheaper place to live. Leaving one position for another is OK, but deciding you just don’t like something and walking away from it without another job waiting, especially when you’ve got bills and a bunch of debt, is just plain irresponsible.

Lots of people identify too strongly with what they drive or where they live. They come to believe those things are indications of their value or worth, and that’s sad. It means something inside them is broken, and bankruptcy isn’t going to fix that.

All this doesn’t mean he isn’t basically a decent guy, but it does mean he needs to get control of his finances — and that he’s got some soul searching and growing up to do.

— Dave

Dave Ramsey

(Pexels Photo)...
George Kamel

Here are some of the pitfalls of DIY investing

DIY investing is one of the hottest trends out there right now, but there are some pitfalls.
2 days ago
(Pixabay Photo)...
Dave Ramsey

Dave Ramsey says: Finances for married couple should always be a ‘we’ deal

Would it be fair if only the person making money in a marriage is allowed a little cash to spend for fun once in a while? Of course, not. Marriage is not a "me" thing, it’s a "we" thing.
7 days ago
(Pexels Photo)...
Rachel Cruze

Don’t let retail therapy cause you to overspend for the holidays

It’s the most wonderful time of the year – for buying gifts. And while you’re at it, you might as well buy something for yourself, right? We’ve all been there. Remember in “Friends” when Monica bought those super expensive leather boots on impulse? She ended up regretting it because they really hurt her feet. Womp, […]
9 days ago
(Pexels Photo)...
Dave Ramsey

Dave Ramsey says: Get rules in writing before friend signs on as tenant

Doing business with friends always comes with the risk of running into a situation that can damage the relationship. If you rent out a home to a friend, sign an agreement, just like with any other renter.
14 days ago
(Pixabay Photo)...
George Kamel

3 ways to get ready for the end of student loan relief in 2022

Whether you like it or not, you’re going to have to resume your student loans payments in the new year. Instead of waiting, prepare now.
16 days ago
(Pexels Photo)...
Dave Ramsey

Dave Ramsey says: Planning should get you through temporary loss of income

It’s always wise to look ahead and plan for the future. Getting debt paid off and saving up a bunch of cash will give you real peace of mind.
21 days ago

Sponsored Articles

...
DISC DESERT INSTITUTE FOR SPINE CARE

What you need to know about spine health

With 540 million people suffering from lower back pain, it remains the leading cause of long-term disability. That’s why World Spine Day on Oct. 16 will raise awareness about spinal health with its theme, BACK2BACK. “BACK2BACK will focus on highlighting ways in which people can help their spines by staying mobile, avoiding physical inactivity, not overloading […]
...
Schwartz Laser Eye Center

How to sharpen your vision with elective procedures

Imagine opening your eyes in the morning and being able to see clearly. You wouldn’t have to wait to put on glasses or contacts, and there would be no more blurry showers nor forgetting where your glasses are.
...
PNC Bank

How one organization supports early childhood literacy for the most vulnerable

Nearly two out of every three children in low-income communities don’t own a single children’s book, a fact that ultimately could have profound impacts even before entering kindergarten, according to Arizona nonprofit Southwest Human Development.
Dave Ramsey says: Bankruptcy isn’t quick fix for self-worth woes