A move to Miami was supposed to be a fresh start. Instead, it turned into a financial squeeze that left one young family living paycheck to paycheck on a $6,000 monthly income.<\/p>\n
Ethan, an active-duty military service member, called into \u201cThe Ramsey Show<\/a>\u201d recently looking for help after what he described as putting himself \u201cin a hole\u201d over the past six months. Between a $10,000 relocation, a $3,000 monthly rent payment and a $900 car payment, the math simply stopped working.<\/p>\n Don’t Miss:<\/p>\n \u201cI more or less have put myself in a hole over the last six months or so,\u201d Ethan said. \u201cMade some dumb decisions and have locked myself in a financial bind.\u201d<\/p>\n The move to Miami cost about $10,000, which he borrowed from multiple sources, including family members. Not long after settling in, he bought his wife a 2025 Jeep Grand Cherokee. The monthly payment: about $900. The balance: roughly $50,000.<\/p>\n One of the problems is that the SUV is worth about $30,000, leaving the family around $20,000 upside down<\/a>.<\/p>\n Although Ethan earns about $6,000 a month, and his wife stays home with their 8-month-old son, their rent runs about $3,000 a month, roughly half their take-home pay.<\/p>\n Co-host Jade Warshaw was straightforward. \u201cMaking $100,000 a year is not what it once was,\u201d he said. \u201cYou get this salary and you’re like, \u2018Yes, I’m making six figures.’ And it feels like it’s going to be a way. That money dwindles very quickly, which is what you\u2019re experiencing.\u201d<\/p>\n Trending: This ETF issuer isn’t chasing the index \u2014 it’s building tools for income, leverage, and conviction<\/a><\/p>\n Even though Ethan receives a housing allowance through the military, Warshaw pointed out that once everything is combined, rent still eats up about 50%<\/a> of the household income. \u201cThere is no extra. There’s nothing left,\u201d she said.<\/p>\n That’s why the hosts focused on two big changes: housing and the car.<\/p>\n First, they encouraged Ethan to find a cheaper place to live, even if that means moving farther outside Miami, downsizing to a one-bedroom apartment<\/a> or breaking the lease early. Breaking the lease would cost two months’ rent, but keeping a $3,000 payment for the remainder of the lease would result in even more strain.<\/p>\n \u201cThis is the time to do the sacrifice,\u201d Warshaw said, noting their child is still young and more flexible.<\/p>\n The second issue is the car. Because they owe $50,000 on a vehicle worth about $30,000, the hosts suggested going to a credit union before missing payments and taking out a loan for the $20,000 difference. Then sell the SUV and replace it with a modest $5,000 vehicle.<\/p>\n \u201cThe only thing better than paying off $50,000 is paying off $20,000,\u201d Warshaw said.<\/p>\n See Also: Private-Market Real Estate Without the Crowdfunding Risk\u2014Direct Access to Institutional-Grade Deals Managed by a $12B+ Real Estate Firm<\/a><\/p>\n That move would eliminate the $900 monthly car payment and free up breathing room in the budget. It’s painful, but it shrinks the problem fast.<\/p>\n Co-host John Delony also challenged a deeper assumption. \u201cY’all have put yourself in a position where I don’t believe you can afford right now to uphold this value that you’re holding,\u201d he said, referring to the stay-at-home setup. \u201cY\u2019all have a huge mess that can be solved in a year and two years of everybody pitching in and going full bore.\u201d<\/p>\n For families earning six figures and feeling squeezed, it\u2019s worth getting outside guidance. WiserAdvisor offers a free tool<\/a> that matches you with a vetted financial advisor who fits your needs, with no obligation to hire. It’s geared toward households earning $100,000 or more and focuses on booking free consultations to help people make smarter long-term decisions.<\/p>\n In Ethan’s case, the path forward isn’t glamorous. It likely means downsizing, selling the car and attacking the debt with intensity. But as the hosts said, the numbers don’t lie,\u00a0 and pretending six figures automatically equals comfort can result in hard lessons.<\/p>\n Read Next: Professional traders demand transparency \u2014 see why Kraken Pro has become one of crypto’s most trusted advanced trading platforms.<\/a><\/p>\n Image: Shutterstock<\/p>\n UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily<\/a>, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.<\/p>\n Get the latest stock analysis from Benzinga:<\/p>\n This article A Move To Miami Came With A $3K Rent And A $900 Car Payment, All On One $6K Salary. ‘Making $100,000 A Year Is Not What It Once Was’<\/a> originally appeared on Benzinga.com<\/a><\/p>\n \u00a9 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.<\/p>\n","protected":false},"excerpt":{"rendered":"A move to Miami was supposed to be a fresh start. 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