‘Terrifying’: This Oregon family of 6 is $90K in debt with just $25 in the bank — they don’t know how to pay their mortgage or keep the lights on. Dave Ramsey says there’s only 1 way out

“He should have been out of business six months ago, cause it wasn’t working then,” said Ramsey, explaining that business owners tend to “call it” and give up on a failing venture too late.

Unfortunately, many small business owners like Rachel’s husband find themselves in similar situations every year.

Stabilizing finances is a top priority

Rachel said her husband has signed up to become an apprentice electrician with the hope that it will be a new career for him. However, Ramsey pointed out the role won’t pay enough for the couple to meet all their expenses.

Long-term planning while the family faces a financial crisis is “like thinking of a new boat when yours is sinking,” co-host Dr. John Delony explained. “The first job is to get to shore.”

According to Dave Ramsey, “getting to shore” in this case involves taking up multiple jobs. He said, “So I want him to go get three jobs in construction and Walmart box slinging. I want him starting right now.”

He also advised selling the trailer and added that once the family has money coming in, the first thing they spend it on should be groceries and utilities, followed by the mortgage and then the truck payments.

He said, "I've been right where you are, I remember what it feels like to be so scared you can't breathe."

Millions of Americans take on multiple jobs and freelance work to make ends meet. As of October 2024, nearly 5.1% of the workforce had more than one job, according to the Fed. Meanwhile, 54% of working Americans surveyed by MarketWatch Guides said they’ve taken on side hustles for extra income in the past year.