"Both worked in government", you saaay...
The newly married couple in Washington, D.C., ages 29 and 32, wanted Ramsey’s advice on how to become debt-free without filing for bankruptcy. At the time, the wife said, they held “probably just under $1 million in debt”: $335,000 in student loans, a $210,000 mortgage, about $136,000 in credit card debt, $44,000 in personal loans, and $35,000 in car loans. While that all totals $760,000, interest means they were likely well on their way to $1 million.
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The caller said she has an advanced degree in policy, while her partner has an MBA. They both worked in government and collectively brought home $230,000 a year, she added. “What in the world?” Ramsey responded. “So are you both on this, or [has] just one of you completely lost your mind?”
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Ramsey put the caller and her husband squarely in the HENRY category.
“I’m getting ready to destroy your life,” Ramsey said. “Because your lifestyle is considerably above your extremely good income, and has been for a period of time. You’ve gotten used to spending like you’re in Congress.”
Ramsey’s advice: no discretionary spending—at all—for three years, while they work to dig themselves out of the hole. He called them out for spending $310,000 annually, and put them on a $30,000 budget. “You’re not going to see the inside of a restaurant unless it’s your extra job. [That’s] how humbling this is going to be.”
Money guru Dave Ramsey was floored by the high-earning millennial couple with nearly $1 million in debt. Their story shows how hard it is to avoid lifestyle creep
“So are you both on this, or [has] just one of you completely lost your mind?” Ramsey asked the HENRY—high earner not rich yet—couple.finance.yahoo.com