Most people think becoming a police officer comes with a steady paycheck, maybe a pension, and the kind of stability that helps build a future. But one 31-year-old cop from Philadelphia says he’s barely treading water — buried under $451,000 in debt and living on just $40,000 a year after deductions.
“I bring in $70,000 a year, but after pension and everything else is taken out, it’s more like $40,000,” Mike told “The Ramsey Show.” His debt load includes $252,000 in student loans and $185,000 from a mortgage he said he took on for emotional reasons.
“I purchased the house in September. My father passed in July,” he explained. “It was across the street from his house. It was the last conversation we had — he really wanted me to get it.” Since he had just purchased the home, there was no equity in it, so selling wasn’t really on the table.
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Host Dave Ramsey didn’t waste time easing into it. “You bought things you couldn’t afford with money you didn’t have — both under the influence of your parents,” he said. “You make $70K a year, and you’re so far in debt you can’t breathe.”
Mike’s massive student loan balance came from attending a private university, initially for finance. He later switched majors to criminal justice and eventually earned a master’s degree — which didn’t do much for his career prospects in law enforcement.
“My mother wanted me to go to that school,” he admitted.
“Well,” Ramsey replied, “you’re 31. You’re going to have to love your parents without letting them dictate your financial life.”
Mike lives with his girlfriend and her daughter, but they aren’t married. She’s studying to become a nurse practitioner and reportedly earns around $89,000 a year — but she’s not interested in discussing finances.
“She said she’s too busy with school and doesn’t want to worry about that right now,” Mike said.
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That drew a sharp warning from Ramsey: “If you’re not on the same page about money, you’re not ready to be on the same page about marriage. The number one cause of divorce is money fights and money problems. You already see it when you go on domestic calls.”
Even if the relationship does move toward marriage, Ramsey told Mike the numbers still don’t work. “You cannot afford a $185,000 house making $70,000 a year — especially not alone,” he said. “That house is in your name, not hers. And right now, you can’t afford it.”
After breaking down the debt and income mismatch, Ramsey offered a clear short-term goal: boost income fast.
“You need side work,” he said. “Security gigs outside your department pay $40 to $50 an hour. That’s what it’s going to take to dig out.”
For anyone in Mike’s position — overwhelmed by six-figure student debt, a mortgage they may not be able to afford, and a household with separate finances — there are a few non-financial-advice takeaways:
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Re-evaluate the house: If you’re not married and the house is solely in your name, you’re the one on the hook. Downsizing or renting could relieve pressure — even temporarily.
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Don’t count other people’s income: If you’re not legally tied, you can’t build your budget around someone else’s paycheck.
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Increase income by any means: Overtime, second jobs, contracting, or monetizing skills — it doesn’t have to be forever, but it has to start somewhere.
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Have hard conversations early: If a partner refuses to talk about debt, that’s a red flag. Financial compatibility is real — and necessary.
Ramsey offered to enroll Mike and his girlfriend in Financial Peace University, but the bigger question loomed: Would they take the next step together, or would the silence around money keep digging the hole deeper?
“You’re heading straight at the wall with the accelerator on the floor,” Ramsey told him. “You have to turn the wheel.”
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This article 31-Year-Old Philly Police Officer Is $451,000 in Debt and Brings Home Just $40K — Dave Ramsey Warns ‘You’re Heading Straight at the Wall’ originally appeared on Benzinga.com
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