During an episode of the personal finance help show, THE Dave Ramsey To showShow host and famed financial guru Dave Ramsey received a call from a woman who decided to change her finances. She called for advice and left with an unexpected gift from Ramsey.
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The episode began with Tasia revealing to Ramsey that she found his page on the social media app TikTok, which gave her the push she needed to start getting out of debt. Tasia told Ramsey that she had started her emergency fund, which is something Ramsey and her team taught people to do. According to Ramsey Solutions, a starting emergency fund should have at least $1,000 as a temporary buffer, while a fully funded emergency fund should save at least 3-6 months of expenses.
In addition to creating an emergency fund, Tasia told Ramsey that his advice helped her avoid overdrawing her accounts. Tasia revealed that she had been over her bank accounts her whole life, so it was a big accomplishment for her, and Ramsey agreed. He told him: “That’s a major breakthrough, isn’t it, kid? Well done.”
When it comes to overdrafts, Tasia is not alone. U.S. Senator Bob Casey sent out a press release in April of this year, criticizing large investment banks Casey said that overdraft fees are excessive and that Americans are taking advantage of these fees. “About 23 million households pay overdraft fees each year,” and that “26 percent of Americans live in a household that had to pay an overdraft fee or non-sufficient funds fee last year.” Casey revealed that American families are struggling to make ends meet and more and more families are overdrawn. According to ABC News, Americans paid a whopping $9 billion in overdraft fees last year, with banks charging about $35 per overdraft transaction. Lawmakers are currently in the process of passing a rule to try to reduce these overdraft fees.
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Now that Tasia has gotten out of the overdraft, she can focus on growing her savings account. She told Ramsey that with her three jobs combined, she makes $90,000 a year and still has about $30,000 in debt, half of which is student loans. Ramsey told her, “You’re ready to go. You’re ready to try new things because you’re sick and tired of being sick and tired.” Ramsey also told Tasia he was proud of her, then revealed his gift to her: a paid nine-week course at Financial Peace University and paid access to the budgeting app EveryDollar. Ramsey explained that he was giving her this experience because she’s the reason he does the show. He explained, “People who are like you, who for the first time in your adult life are not overdrafting because we taught you something,” and added, “Now we’re going to teach you how to get out of that debt. Ramsey told Tasia he would teach her how to become a millionaire.
When Ramsey finished telling Tasia about his gift, she was in tears at the unexpected gesture and told him, “It was my dream to talk to you.” Ramsey told Tasia he would help her take control of her money instead of wondering where it was going, giving her the tools to make wise financial decisions. With Ramsey Solutions, Tasia will learn how to use the snowball method to pay off debts, from the smallest to the largest. Ramsey promised that if she followed this advice and stayed out of restaurants without vacations, she would be 100 percent debt free by next year.
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This item Woman Working 3 Jobs and Struggling with a Life of Overdrafts Receives an Unexpected Gift from Dave Ramsey, Making Her Cry originally appeared on Benzinga.com
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