61-Year-Old 'Country Girl' Has No Money But Owns a $26K Tractor for Her Acres of Worthless Land — Dave Ramsey Tells Her to Sell It All. Even the Deer

Core Insights - A 61-year-old woman named Teresa seeks advice on investing in her 401(k) while managing significant debt, highlighting the challenges faced by individuals nearing retirement without savings [1][2]. Financial Situation - Teresa earns approximately $67,000 annually but has debts totaling around $69,000, which includes $11,000 in student loans, $18,000 for a car, $12,000 in personal loans, and $26,000 for a tractor [3][4]. - The land associated with the tractor is valued at only $500 per acre, raising questions about the financial wisdom of such a purchase [4]. Debt Management Advice - Financial expert Dave Ramsey emphasizes the need for Teresa to aggressively tackle her debt and sell unnecessary assets, including the tractor and car, to improve her financial situation [4][5]. - Ramsey suggests that by selling the tractor, Teresa could potentially trade a $26,000 liability for $150,000 in retirement savings, illustrating the long-term impact of her current financial decisions [5].