Financial expert Dave Ramsey warned a young caller that pursuing law school solely to satisfy family expectations could lead to crushing debt and an unfulfilled career.
Caller Faces Pressure And Debt
On Thursday's episode of The Ramsey Show, a 22-year-old caller named Joseph said he had already accumulated $24,000 in student loans while finishing a business management degree at a community college.
His immigrant parents urged him to become a doctor or lawyer, but law school would require another $100,000 to $150,000 in debt.
"I have no problem being a lawyer. I don't think it's bad. I don't think it's great. But at the end of the day, my outlook on life is whatever makes the money," Joseph admitted.
Pursuing Debt-Free Careers Over Parents' Expectations
Co-host Jade Warshaw cautioned against the idea. "I think you should not go into debt for a degree that you cannot afford and don’t even want."
Ramsey agreed, telling Joseph, "You're living your parents’ dream and you're having to finance it."
"I think we’re going to tell mom and dad, ‘Hey, I’m going to go live the American dream. I just found out it’s different than you thought it was. It’s not a lawyer."
Ramsey emphasized that while Joseph's parents want the best for him, their definition of success, a doctor or a lawyer, is rooted in an older mindset.
"They want good things for you. They're not bad people," Ramsey said. "But their methodology is bad."
Instead, Ramsey urged Joseph to pursue a career path he truly values, whether in real estate or another field.
Ramsey Warned Against Debt-Fueled Lifestyles And Poor Financial Decisions
Ramsey has previously cautioned that record-high credit card balances of $1.21 trillion and paycheck-to-paycheck living threatened long-term financial stability.
He highlighted a listener's success story of paying off debt and starting retirement savings as proof that his strategies worked.
Earlier in 2024, Ramsey used The Ramsey Show and social media to address common mistakes, including buying homes with unmarried partners, upgrading cars with insurance payouts and borrowing heavily for low-paying careers.
He called such choices "dumb" and a "Fruity Pebbles meltdown."
Earlier this month, Ramsey urged Americans to stop blaming low income for financial struggles, warning against debt-driven lifestyles like credit cards and student loans.
He promoted zero-based budgeting, paying cash and the debt snowball method, calling income the top tool for building wealth.
Read Next:
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
