5/09/2005
Advice from Nashville's leading Financial Aid Advisor Dave Ramsey
Dave Says
By Dave Ramsey
Author of:
Financial Peace and
The Total Money Makeover
"Wrong to take 2nd job and be away from family?"
Dear Dave,
My question is more of a moral question than a financial one. My wife and I have
gotten ourselves into a little financial mess. I only wish we’d discovered your
advice earlier. We purchased a home a couple of years ago and ran up quite a bit
of debt making improvements to it. We’ve got about $30,000 in debt – not
including the mortgage – of which about $20,000 is on a loan for my wife’s car.
I’ve already talked with her about selling her car.
We’re at the point now where we have enough money to make our monthly minimum
payments, but we’re making no progress at paying them off and getting out of
debt. I think the only way I’m going to make any significant progress on these
debts is to get a second job. I’m not afraid of the extra work. I’ll do whatever
it takes.
My moral question is if it’s a good idea to do this if the second job will take
me away from my family. We have two children and I’m heavily involved in
activities with them, such as Cub Scouts and church. I’ll have to give most of
that up if I get a second job. I’ve always promised myself to never be one of
those fathers who is never home with his kids because he’s working all the time.
Scott in Hartford, CT
Dear Scott,
I totally agree with and share that value system. I don’t want you to be one of
those dads who is away from his kids and works all the time with the goal being
to simply have more money. In your situation, you would be taking a second job –
not for money – but to get your family stable financially. At the moment, you
just can’t do that.
Also, I’m not suggesting that working all the time and being away from your kids
be a long-term condition, but it can be a short-term solution to help you get
out of this situation.
You’ve also told me that two-thirds of your non-mortgage debt is from a vehicle
loan. From what I’m seeing here, selling that car and eight months of work at a
second job and you can be rid of this debt and back home with your family. What
you’re really choosing here is between a car and being with your kids. As a dad,
I can make that choice in about thirty seconds – I choose kids over cars.
-Dave
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