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Should I Sell My Guns to Pay Off Crushing Debt?

On an episode of The Ramsey Show, financial expert Dave Ramsey and co-host Rachel Cruze tackled a listener’s thought-provoking question that many of us might wrestle with when trying to get out of debt.

Lucas, a listener from Maryland, sent in his dilemma: should he sell part of his prized firearm collection to pay off the remaining $38,000 of his student loan debt?

As Ramsey and Cruze dove into the details, they explored the financial implications and the emotional weight of such a decision. Their insights offered valuable takeaways for anyone navigating the sacrifices often required to achieve financial peace.

The Financial Background: Making $100K a Year

The Financial Background Making $100K a Year
Image Credit: The Ramsey Show Highlights

Lucas and his family are on Baby Step 2 of Dave Ramsey’s famous “7 Baby Steps” to financial freedom. They’ve already made a lot of progress, paying off $69,000 of their student loan debt. With a steady income of $100,000 a year, the idea of selling off some firearms to clear the final $38,000 is tempting.

But, like many collectors, he’s reluctant to part with these possessions that hold sentimental value. The question remains: is selling his guns a wise move, or should he continue with his current plan and pay it off by December?

Dave Ramsey’s Perspective: Just Sell Them

Dave Ramsey's Perspective Just Sell Them
Image Credit: The Ramsey Show Highlights

Dave Ramsey’s advice on the matter is straightforward – sell the guns. According to Ramsey, getting out of debt should be your number one priority, especially when you’re so close to the finish line. He compares this situation to his experiences in financial teaching, where people often have to make tough choices to eliminate debt quickly.

He highlights that while some items, like family heirlooms, should be preserved, a collection of firearms doesn’t fall into the same category. As Ramsey explains, “They’re just guns. It’s just stuff.”

The Value of Sacrifice for Financial Freedom

The Value of Sacrifice for Financial Freedom
Image Credit: The Ramsey Show Highlights

Ramsey draws on a powerful story from his time teaching at Financial Peace University. He recalls a man who sold his prized knife collection – something he loved dearly – to pay off debt. Ramsey explains that the man’s willingness to make such a sacrifice sent a strong message about what mattered most: his family.

“He said, ‘I love you and my kids more than I love my knife,’” Ramsey recalls, noting that the man’s actions earned a standing ovation from the class. It’s a reminder that sometimes the best way to show love and responsibility is through sacrifice, even when it involves parting with things that have great personal value.

Rachel Cruze’s Take: Keep Going, You’re Almost There

Rachel Cruze’s Take Keep Going, You’re Almost There
Image Credit: The Ramsey Show Highlights

Rachel Cruze, co-host of The Ramsey Show, suggests a different approach. She’s more cautious about pushing Lucas to sell off his guns immediately. Cruze acknowledges that Lucas’s debt is substantial, but given his annual income and the progress he’s already made, she believes he could achieve his goal of paying off the debt by December without selling anything. Instead of rushing to liquidate his collection, she recommends sticking to his current plan and staying focused on the finish line.

A Collector’s Dilemma: The Emotional Attachment

A Collector's Dilemma The Emotional Attachment
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It’s clear from both Dave and Rachel’s advice that the decision largely comes down to Lucas’s emotional attachment to his collection. Ramsey emphasizes that while most firearms are replaceable, certain items in a collection might hold more sentimental value—perhaps a rare piece or a firearm passed down through generations.

If that’s the case, selling such a piece could bring regret later. However, as Ramsey points out, if the collection includes items that aren’t deeply meaningful, then selling a few could make perfect financial sense.

The Reality of Debt Freedom: What’s Worth More?

The Reality of Debt Freedom What’s Worth More
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Ramsey’s philosophy on debt freedom is all about the intensity of sacrifice. He believes that getting out of debt requires commitment, even when it feels uncomfortable. “If the numbers were different, if you had three years left, I’d be telling you to sell your guns,” Ramsey asserts. But since Lucas is so close to the finish line, selling the firearms might feel unnecessary, as his income is enough to eliminate the debt quickly without parting with his collection.

Should You Keep Your Guns?

Should You Keep Your Guns
Image Credit: The Ramsey Show Highlights

Both Ramsey and Cruze agree that a well-balanced approach is key. There are certain items that should never be sold to get out of debt – like family heirlooms or anything with immense sentimental value. But if Lucas’s guns are simply part of a collection that isn’t tied to any deep personal history, then parting with some of them could be a smart financial move.

As Cruze wisely says, “It’s about the numbers and your priorities.” If the guns are just that – guns – and not family treasures, then perhaps the sacrifice is worth it.

A Financial and Emotional Balance

A Financial and Emotional Balance
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While Ramsey and Cruze offer practical advice, it’s essential for Lucas (and anyone in a similar position) to weigh the emotional aspect of selling cherished items. There’s a clear financial benefit to liquidating assets to become debt-free, but that benefit needs to be balanced with the emotional cost.

Will selling the guns bring relief or regret? As Ramsey suggests, there might be some firearms in Lucas’s collection that aren’t irreplaceable or hold the same sentimental value as others. These are the ones to consider selling, while keeping the truly valuable pieces.

The Key Question: What’s the Real Cost of Debt?

The Key Question What’s the Real Cost of Debt
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Both financial experts stress that the longer you carry debt, the more expensive it becomes in the long run. With interest piling up, that $38,000 could grow, making it even harder to get rid of. When you sell off items like firearms, you eliminate the potential for that growing debt and step closer to freedom. While it’s tempting to hold onto things that feel valuable, the financial cost of keeping debt around should be a motivating factor to act decisively.

A Final Word on Financial Freedom

A Final Word on Financial Freedom
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Ultimately, Lucas needs to ask himself how badly he wants to be free from debt. If selling part of his collection helps him cross the finish line faster, then it might be worth it. As Ramsey says, “It’s just stuff.” The real prize is the financial peace and freedom that comes with being debt-free. And while the decision to sell personal possessions can be difficult, it could be a necessary step for those committed to their financial goals.

The Path to Debt Freedom

The Path to Debt Freedom
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In the end, Lucas’s decision is personal. Should he sell his guns to pay off the last of his debt now, or should he stick to his plan and pay it off in a few months? Both Ramsey and Cruze provide valuable perspectives – Ramsey advocating for a more drastic approach and Cruze suggesting that Lucas is already well on his way without sacrificing his collection.

The best advice here is to carefully assess the emotional value of his firearms and decide whether that sentiment is worth the weight of lingering debt. Financial freedom is priceless, but it comes down to personal sacrifice.

Emotional Attachment

Emotional Attachment
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How do you balance emotional attachment to possessions with the need for financial freedom? Would you be willing to part with a cherished collection or item to eliminate debt faster? Why or why not? In Lucas’s situation, do you think the short timeline to pay off the debt justifies keeping the firearms, or would selling them be the smarter choice?