'Dave Ramsey Having A Heart, Oh My' — Ramsey Gives Student Loan Advice To Man Whose Wife is Pregnant And Battling Cancer

Dave Ramsey is known for one thing more than the rest: providing tough-love advice to people who need financial guidance.

But that doesn't mean he's heartless. Ramsey is human, too, and he showed his softer side in a recent call with Curtis, a man whose pregnant wife is fighting advanced-stage cancer.

"My wife is 23 weeks pregnant with our second daughter," Curtis said as he started the call. "She was unexpectedly diagnosed with colon cancer and we've begun treatment for that."

After offering his condolences, Ramsey sat back and took in additional information regarding the caller's circumstances. 

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The reason for the man's call was to get Ramsey's advice for paying off his wife's student loans. 

Starting at $160,000, the woman now owes $60,000. However, given their change in circumstances, he's unsure whether it's best to still pay down her student loans while her cancer treatment begins.

For most callers in this position, Ramsey would be harsh. He'd dig into their education, career aspirations and the impact of the loans on their finances and lifestyle in general. But not this time.

"No. Stop everything," he said. "Have a baby, fight cancer. Win. Your sole goal right now. Have a baby, fight cancer and win."

He then explained that once they accomplish that goal, paying off student loan debt will be a breeze.

Not everyone is facing extreme circumstances like Curtis, but it does bring to light an important point.

According to the latest Survey of Consumer Finances by the Federal Reserve, the median balance in savings accounts for families stood at $8,000 in 2022.

That's not a lot of money in the event of an emergency, such as a serious medical condition like cancer. 

Boosting your emergency account balance is crucial for facing unforeseen challenges without adding financial stress to your plate. 

Start by assessing your current expenses and identifying areas where you can cut back. Even small savings can accumulate over time. 

From there, set a clear goal for your emergency fund, ideally covering three to six months of living expenses. 

Then, it's time for the most important step: Automate your savings by setting up a direct deposit from your paycheck into a dedicated emergency fund account.

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But remember, unique circumstances call for unique financial strategies. And in the case of this caller, Ramsey changed from his usual strict and straightforward tone to that of someone who understands that life happens. Here's how he ended the call.

"OK, so you need a big old pile of cash for cancer and babies. Uh, ’cause we want babies, we don’t want cancer. And we’re gonna get … we’re gonna win both of these. OK? Oh my goodness, son. Hey, and listen, um, you hold on and I’m gonna have our team pick up. We’re gonna hook you up with one of our financial coaches in the area for free. And they’re gonna walk with you on the financial stuff and help you any way we can so that you can completely focus on babies and beating cancer, not on money stuff."

This approach resonated with Ramsey's audience, with one person commenting:

"Dave Ramsey having a heart, oh my."

Consulting a financial adviser during trying times can help you better plan for the future. An adviser can review your current finances, answer your questions and give you peace of mind. 

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*This information is not financial advice, and personalized guidance from a financial adviser is recommended for making well-informed decisions.

Chris Bibey has written about personal finance and investment for the past 15 years in a variety of publications and for many financial companies. He is not a licensed financial adviser, and the content herein is for information purposes only and is not, and does not constitute or intend to constitute, investment advice or any investment service. While Bibey believes the information contained herein is reliable and derived from reliable sources, there is no representation, warranty or undertaking, stated or implied, as to the accuracy or completeness of the information.