According to a Northwestern Mutual study, more than a third (36%) of Americans say financial uncertainty keeps them up at night at least once a month. Rachel from Eugene, Oregon, is probably losing even more sleep over a financial situation that radio host Dave Ramsey called “terrifying.”

Call for advice on “The Ramsey Show” Rachel said her husband’s business was in decline and the couple had just over $90,000 in business and personal debts, including a truck and trailer they owed money on. They also still owe $175,000 on their house. The couple has three children, another on the way, and only $25 left in their checking account.

“It should have gone out of business six months ago, because it wasn’t working then,” Ramsey said, explaining that business owners tend to “call it quits” and abandon a business too late which fails.

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

Rachel said her husband had signed up to become an apprentice electrician in the hope it would be a new career for him. However, Ramsey stressed that the role would not be enough for the couple to meet all of their expenses.

Planning for the long term while the family faces a financial crisis is “like thinking about a new boat when yours is sinking,” said co-host Dr. John Delony. “The first task is to get to shore.”

According to Dave Ramsey, “getting ashore” in this case involves working multiple jobs. He said, “So I want him to get three jobs doing construction and slinging boxes at Walmart. I want it to start now.

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

He said, “I was where you are, I remember what it feels like to be so scared you can’t breathe.”

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Millions of Americans take on multiple jobs and freelance to make ends meet. As of October 2024, nearly 5.1% of the workforce held more than one job, according to the Fed. Meanwhile, 54% of American workers surveyed by Market observation guides said they had been working to earn extra income over the past year.

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