When Lexi called into The Ramsey Show from New York, her voice carried the weight of crushing debt and the pressure of years of following flawed familial guidance.
Lexi admitted she’d made a lot of "really bad financial decisions” in order to fulfill her parents’ dreams. They wanted her to pursue medicine.
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While she didn’t become a doctor, Lexi did manage to graduate with a master’s degree in health administration — and $230,000 in student loans. She only earns $54,000 a year as a care coordinator in New York City. Now her mom wants her to co-sign a mortgage.
Co-hosts George Kamel and John Delony’s top tip for Lexi? To stop listening to her parents.
And as far as her co-signing the mortgage is concerned, that’s a hard no.
Cut the umbilical cord to pay down debt
"They have given you such horrific financial advice up till now,” Delony told Lexi. “You’ve carried their dream as far as you can carry it because now this is your nightmare."
Lexi is a first-generation college graduate. Her parents pushed her to attend expensive private schools hoping she’d become a doctor. In her effort to realize their outsized dreams, she ended up with outsized debt.
Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
Kamel and Delony offered Lexi practical advice on how to start cutting down her crushing debt.
“You have a math problem — a very serious math problem," Delony said. "You’re going to have to get serious about where you can live, where your cost of living is as low as humanly possible.”
She currently shares rent with a roomie in New York, but given her relatively low income and the high cost of living in the Big Apple, Kamel and Delony believe New York is the last place she should live.
Delony advised her to move to a community where she can pull in a much higher salary, for example as a health administrator in a rural hospital, and save more.
Lexi revealed that the main reason she lives in New York is that her mother worries about her moving too far away. Lexi has a chronic medical condition, but is managing it, along with her life, independently.
They encouraged her to embrace that independence and move to a more affordable region, as so many other Americans are doing.
Between July 2023 and 2024, relatively affordable states like Texas, North Carolina, Florida and Tennessee saw some of the highest net migrations, with anywhere from 50,000 and 85,000 people moving in from elsewhere in the U.S.
Vermont, Oklahoma and West Virginia have even introduced relocation incentives. For example, Tulsa Remote offers $10,000 grants to remote workers who move to the city.
Planning a strategic move
Relocating isn’t easy, but for someone in Lexi’s situation, it may be the most viable path to financial recovery.
As Kamel put it, “If you can make $54k in Idaho, you’re going to have a better shot at paying off these student loans in your lifetime … New York City is not the place.”
Here’s what financial experts say to consider in a potential move:
Cost of living. Use tools like MIT’s Living Wage Calculator to compare real expenses in potential cities.
Job market. Ensure comparable or better-paying jobs exist in your field in the new location.
Healthcare access. For those with chronic conditions like Lexi, proximity to care is critical.
Support system. Having community, friends, relatives or another support network is crucial when adapting to a new place.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
