If I Lost All My Money Today, Here Is What I Would Do

If you’ve ever experienced an unexpected job loss or a medical or family emergency, you know what it feels like to be stretched really thin for money. Today, I’m going to tell you everything I would do in that kind of situation.

Next Steps

Listen to More From Ramsey Network

Ramsey Solutions Privacy Policy:

[mrssap]

1. Find income. Take a job anywhere to make money.
2. Find a salary position with benefits even if not dream job.
3. Budget monthly and cut out none essentials. Cut subscriptions and lower grocery bill. Make sure 4 walls are covered - shelter, utilities, transportation and food.
4. Start selling off everything - anything of value; maybe go down to one car, sell fancy appliances, clothes, jewelry
5. Pause investing
6. Contact creditors for grace period and/or lower payments for a season
7. Take it one step at a time and don't lose hope
Go, Team!


4.
4.

[tressalewis]

This is such great advice! You don’t assume that people know any of the steps! Brilliant

[tyronpouncey]

Great advice, Litterally lost my job after working there for 2 AND a half years, and had to take. this same advice

[virginialangford]

Apply for unemployment compensation should be pretty close to the top of the lists of first thing to do. Not all jobs or situations are covered by unemployment compensation…but it is very worth looking into.

[CloudslnMyCoffee]

But what do you do between the no money and the paycheck? How do you eat for those 2 weeks

[ericasilva]

Where is the 14-day money finder link? The links u mention are not easy to find as you mention them in your video...if ur team could make those easier to find that'd be very helpful. Love your content girl 🤑

[lindadorman]

If I lost everything, the first thing I would do is sell anything of value. Getting a job relies on someone hiring you and you can't control that but you can sell clothing, jewelry, furniture, car, etc...everybody has stuff they can quickly sell online or a yard sale. When my business closed during the pandemic, I started reselling (at age 60) and only earned a few hundred dollars each month. Now 4 years later, it's my full-time business that allows me to set my own schedule, work from home and earn a six-figure income!

[misstbikini]

Hi Rachel, my husband passed away is there any part of Ramsey solutions that specializes in widows??, he paid all the bills, all the maintenance on cars, did everything 😢 my heart is heavy with sorrow and to add navigating in our finances at the same time is extremely hard.

[lindawilson]

Great advie! It can be hard to think straight if/when this happens. THANKS!

[crazyamazingthings]

This is such great advice. Love your channel. I love the way you take a complex life situation and break it down into easy steps that anyone can do. Thank you.

[ybbgimg]

65 now. got out of college in the 80's and worked for 5 years in the corporate world.
yuck. i started cleaning houses and landscaping. over the years i worked 6 days a week and had
2-3 cleaning jobs a day and filled in with landspacaping. never ever work for one ''entity'' or person. i would lose or quit a job, just filled in any holes in my schedule with referrals. had a wife, a paid for house, and owe ''nothing to anyone''. simple life, simple needs. big lesons, diversify and prepare.

[ashtree]

I was sure the first step you were going to say was prayer

[KlayJones]

This is perfect timing. I lost my job earlier this week. Just last night we finished going through the budget and cut off and cancelled everything possible including investing. You gave me some additional great ideas, thank you!

[TShirtAndReeboks]

If you can donate plasma, it's an option for some quick (same day) money. I hate donating plasma, but I did it when we were living really tightly and it helped a lot.

[tomTom-lbcu]

Rachel if I were you the first thing I would do is go see my Dad and ask for money. When he said, no. Then I’d ask him for a loan. When he said no. Then I’d say ok Dad no problem me hubby and the kids will be moving back home with you and mom, clear out a room, please. Thanks pops. See you soon. Love yah. In all seriousness though great ideas. Especially about just getting a job I think that would help you mentally too. God bless

[kallistoindrani]

Her advice is good. But because we know she has money (and probably a lot of it), it doesn't always sink in fully. The first thing I thought when I saw the title was think 'she would probably ask some money for her dad'
Kinda horrible to think because it's not because he's a millionaire, that he would just had out money like that. (I hope he would of course because it's his daughter but you kinda never know.)

[JCtheComicGeek]

If I had a significant amount of money in various places and lost it all!....The very 1st thing I would do is CRY!...that is the 1st thing!😊

[halcyondiver]

If you were to use an investing app, what would you use?

[Kurtdog]

If you think you have it all together financially by successfully completing the baby steps, allow me to introduce you to the medical and pharmaceutical industry, sworn to give compassionate care while draining your life savings and stealing your children's inheritance within a few months of treatment. Biopsy, $18, 000. Cancer pills, $22, 000 PER MONTH, that's $264, 000 per year, and the list goes on...

[topaz]

Giving your opinion on this is not as impactful as an individual who actually lived it and can give advice learned the hard way. Better to interview folks like this imo.