Brock, 23, from Knoxville, plans to go to trade school to study information technology (IT), and he called into The Ramsey Show with a bold question.
Must Read
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don’t have to deal with tenants or fix freezers. Here’s how
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and 3 simple steps to fix it ASAP
- Robert Kiyosaki says this 1 asset will surge 400% in a year — and he begs investors not to miss its ‘explosion’
“I’m kind of at a clean slate in life right now,” he said [1]. “Someday when I get out of this year-long training, and I’m making some type of decent money … what can I do to prosper? Because up until this point it’s been hell.”
After years of juggling debt and tight finances, he’s hitting the reset button. But he’s made some decisions, like quitting his job and moving into his in-laws’ trailer, that have Ramsey questioning him.
Brock’s financial story reads like a cautionary tale and a lesson in big life choices.
How to prosper
Brock moved out at 18 years old after his parents’ divorce, and for years, he and his fiancée struggled to make ends meet. “I’ve just now dug myself out of that hole for the most part,” he said.
An offer to move into his fiancée’s family’s trailer and live rent-free in Oneida pushed them to make a big decision. “So we gave up our $2,700 a month house payment in Maryville, where I’m from, to move to where she’s from,” he explained.
The decision meant quitting his job in Madisonville, a two-hour commute from the new home, and relying on family support while pursuing IT certifications at TCAT and later attending a coding bootcamp at the University of Tennessee.
Ramsey praised Brock’s initiative but cautioned on execution. “You traded your job for a trailer rent with your mother-in-law. So that’s what’s blowing my mind here. The way you’re going to prosper is you’re going to go back to work, okay?” he said.
“You set your feet on fire,” said co-host John Delony.
Ramsey advised Brock to get back to work full-time even while he’s in school so that he can get back on track with his finances.
Read more: I’m almost 50 and have nothing saved for retirement — what now? Don’t panic. These 6 easy steps can help you turn things around
Are wages keeping up?
Ramsey’s advice to Brock was to work full-time to get his finances back on track, while going to school at the same time.
During the conversation, Brock said that wages aren’t proportionate to the expenses of everyday living, something Ramsey immediately dismissed. “Your wages maybe aren’t,” he said.“Lots of people prospering out there.”
A recent Bankrate study reported on by CBS News says Americans on average are earning 1.2 percentage points below the rise in the cost of living over the past four years [2]. It pointed out that some professions are falling further behind than others.
"Wage growth is often a reflection of who has the power in the labor market," Bankrate economic analyst Sarah Foster told CBS. "If there are more job openings than workers to fill them, businesses will often lift pay to retain or attract talent
In a study by Monster, 95% of U.S workers said their current wages have not kept up with the cost of living [3].
Brock may want to consider the types of jobs where he could earn more money by looking at hourly wages.
According to the U.S. Bureau of Labour Statistics, average hourly wages range from around $22 for those in the leisure and hospitality industry to almost $40 in the construction industry.
So is it income or money habits that determine a person’s wealth?
Income is important, but your financial habits play an important role in determining your financial success.
While certain industries can influence how much you earn, that isn’t the only indicator of being financially healthy. People in high-paying jobs may still struggle financially if they have poor spending habits, while those in lower-paying sectors can be financially stable through being disciplined with budgeting and saving.
Given Brock’s situation, his decision to pursue IT training is a step toward an industry with higher wage growth. He also needs to focus on developing strong financial habits that can complement his efforts in pursuing higher education and career advancement. He should be sure to start budgeting and avoid lifestyle creep.
By combining smart career moves with disciplined financial management, Brock can work towards achieving greater financial stability and well-being.
What to read next
- Are you richer than you think? 5 clear signs you’re punching way above the average American’s wealth
- Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich — and ‘anyone’ can do it
- This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchase. Here’s how to buy the coveted asset in bulk
- 22 US states are now in a recession or close to it — protect your savings with these 5 essential money moves ASAP
Join 200,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
Article sources
At Moneywise, we consider it our responsibility to produce accurate and trustworthy content people can rely on to inform their financial decisions. We rely on vetted sources such as government data, financial records and expert interviews and highlight credible third-party reporting when appropriate. We are committed to transparency and accountability, correcting errors openly and adhering to the best practices of the journalism industry. For more details, see our editorial ethics and guidelines.
[1]. The Ramsey Show Highlights. "You Traded Your Job For A Trailer"
[2]. CBS News. "Wages aren’t keeping up with inflation, with some jobs falling further behind than others"
[3]. Monster Work Watch Report.
This article originally appeared on Moneywise.com under the title: Knoxville man quit job, moved into trailer to save while in school — but Dave Ramsey’s not sold on his plan
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.