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Chapter 1: How should I talk to my in-laws about their retirement plans?
Live from the headquarters of Ramsey Solutions, broadcasting from the pods, moving, and storage studios. It's the Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. Open phones here as we talk about your life and your money.
Ken Coleman, Ramsey Personality, number one best-selling author of the book From Paycheck to Purpose and Proximity Principle, two number ones, is my co-host today. And so if you want to talk careers and jobs and work, he's your guy. The phone number is 888-825-5225. So, Ken, last time you and I were on here was probably four weeks ago. Something like that. Or was that last week? It was last week.
It was last week we took that call.
It's good to know that I'm that memorable, Dave.
Well, I'm just – I took a long – I took a three-week vacation. I'm trying to remember before or after vacation. So BV or AV.
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Chapter 2: What are the implications of universal basic income?
That's right. So – Anyway, we took a call from a lady who was worried about her husband going on strike. That's right. And as we dug further into the call, he was working for UPS. We both assured her that she was going to be fine.
Yes.
That they were not going to go on strike, that there was a threat of that, but that the – union and ups would come to terms uh my uh reasoning for being so sure about that was that ups cannot afford to be offline because fedex will take all their business and so they're gonna do a deal that's what i that's what i said and you had other information about it yeah and you said what i don't know
I said that if they were to go on strike, I thought that it would be very, very brief and that their fund, each major union like that, has a fund that is set aside, essentially a rainy day fund, to pay their members because unions would lose all power in striking. they hurt their actual members.
So I said, I think you've got enough money set aside for about three months, I believe is what I saw in the news. And so I assured her that I think you're going to be fine. I don't think it'll go anywhere near that long. And then I said, it's like the people in the news that try to scare us about the federal debt ceiling.
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Chapter 3: Which type of life insurance is best for my family?
And I don't care if it's Republicans in power or Dems in power. Every time this happens, they always get together at the last minute and keep raising the debt.
No, you're not.
They're never going to do that. So don't be scared. There's no reason to be scared. And by the way, it settled yesterday.
Boy, the crowd wolf. Yeah. So, yeah. But you're right. UPS settled yesterday. And the reason we bring this up is we were both right.
That's right. It's rare.
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Chapter 4: Should I consider going back to school for career advancement?
We've both been married a long time. So, folks, we needed a moment to gloat.
We get to do it here on the air, but maybe not at home. Not at home at all. We were right. We were right. That's right. We were right. There's a lot of basic common sense observation that leads to that. Yeah, absolutely. All right. Victoria is starting today off in Colorado Springs. Hi, Victoria. How are you?
How are you?
Chapter 5: What factors should I consider for early retirement?
Great. Thank you. Thank you so much for taking my call.
Sure. What's up?
I just had a question. My husband and I are 32 and 31. We have four young kids with a fifth on the way. We became debt-free thanks to your teaching four years ago. And I'm wondering how you recommend we talk to my in-laws about their plans for retirement.
How long have you been married?
We've been married 10 years. And I know as a daughter-in-law, that's not my – my husband's going to take the lead on that.
No, he's going to do it. He's not going to take the lead on it.
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Chapter 6: How can I effectively communicate financial boundaries with family?
You're not saying a word.
Okay.
Not if you want this to go well, I mean.
No, yeah, no, no, no. I'm just making this call on behalf of him. He's at work right now.
Okay, all right. And why is he concerned about their retirement?
So they're both 60. It's my husband's mom and his stepdad. They've always struggled financially and have nothing saved for retirement. And at this point, we're concerned that we're the backup plan.
Why are you the backup plan?
There have been some red flags over the years. My mother-in-law choosing not to work for a year because she felt she deserved a break.
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Chapter 7: What strategies can I use to save for retirement while paying off debt?
So she was living on unemployment.
But why does that make you the backup plan?
So my husband is better off than his siblings.
Why does that make you the backup plan?
Um, we're afraid that we are, so we need to, we need to talk.
What we're getting at is have they said to you all, have they intimated or come right out and said, Hey, we're planning to live with you guys. Or is this just a fear?
Um, no, um, there's just a general, um, sense of entitlement there.
Um, and might I suggest that your husband feels obligated that you guys think you're the backup plan because he is planning to do it if they don't get it figured out and that's an unnecessary obligation. Is that possible?
Yeah. Yeah.
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Chapter 8: How do I balance investing in my future and enjoying my current job?
Yeah, that's a concern.
Okay. I got that. I'm okay with that. So, yeah, I think for sure, if anybody talks to him at all, it needs to be him. But he needs to have a real clear idea of what his goal is with his conversation. If he thinks one conversation is going to cause them to suddenly become diligent savers, I think that conversation is going to fail.
If he's just trying to discover where they stand so he can decide and you can decide at what level you want to participate in their help later, then you probably could get that going. Or if he wants to establish a boundary, he could probably get that done and say, you know, Mom and Dad, just want you all to know we're not your backup plan. And you can say that a lot of different ways, but –
He can deliver that message. That's an okay conversation that could be successful, moderately. Probably not going to work real well, but you could try it. And at least that's something a single conversation could accomplish.
is just letting them know, you know, we will be your cheerleaders, and I'll coach you and help you on handling your money, but we're not going to be the ones taking care of you. So we need to go ahead and establish that. And given that, how can I help you guys, or would you let me help you with some input and, you know, help you dial in your plan a little bit and, you know, just be of assistance?
But they're not asking for help. of any kind. Uh, they're not asking for instruction and they're not asking for money right now. So, um, you know, you, you, you might be able to establish a boundary or beginning, establish a boundary. You might be able to get the, some encouragement and some coaching involved. That would be nice.
That'd be a wonderful thing for a son to do for his parents, for his mom and stepdad. Um, but, uh, but you're not going to have a single conversation that solves her, uh, two decade pattern of not liking to work much. That single conversation isn't going to do that. That's correct.
And so you're going to be disappointed because there's not – multiple conversations coming from her son are not going to make her go to work. Okay, that was her dad that had to do that one. And we're way past that. That ship has sailed. And always keep in mind, folk, when you're talking to your mom and dad, you are facing the powdered butt syndrome. Once someone has powdered your butt –
They don't really want your opinion about money or sex. No input's helpful there. And a lot of people's parents never talked about sex and never talked about money, and everybody was surprised later when they found out they had both. This is The Ramsey Show. Our question of the day is sponsored by Neighborly, your hub for home services.
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