Focus On What You Can Control With Your Money
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Normal is broke and common sense is weird. So we're here to help you transform your life from the Ramsey Network in the Fairwinds Credit Union Studio. This is the Ramsey Show. I'm Rachel Cruz, hosting this hour with Dr. John Deloney. And we'll be answering your questions about life and money. So give us a call at 888-825-5225-252. And we'll be talking relationships, money, anything and everything.
All of it. Let's do it.
Kicking us off, we got John in Detroit, Michigan. Hi, John. Detroit
Rock City. What's up, John? Hey, how are you guys? Good.
We're doing great. How can we help?
Doing well. So little bit of backstory for you. I uh I work in a family business doing dumpster rentals and demolitions. I've got kind of this uh storm cloud off in the distance, so to speak, where there's a slight chance that things might go underwater in about six months due to some uh outside legal issues with uh a separate business that my stepdad lives off of. So his lifestyle cannot be supported by what this business currently makes. The main issue I have is that I currently am a co signer on a piece of construction equipment and I want to set myself up to make sure that I can cover that if things do kind of go underwater.
Well you got a six month runway here, so what's keeping you from g screaming and yelling and running right into the middle of this problem?
Well, I think the main thing is that for now things are still good, so I don't want to necessarily jump in and start forking over money for something that at the moment is still being paid, if you will.
I I I get that. I'm trying to get to the I'm trying to get to either and I'm saying this with a smile on my face, right? So I'm not trying to be ugly. Either you don't like this business and you don't like or you don't like doing business with this person and in a somewhat anxious, maybe over dramatic, over like c i any of our businesses could have problems in six months. Or you actually have a problem right now. you just might not have to you might be able to put it off for six months. You get what I'm saying? Right.
Yeah, I do. I think uh I don't I don't necessarily have any any problems working with him. I think co signing was a mistake. I'm kind of a newer listener. Um so I probably wouldn't have done that if I could go back. But to kind of give you an idea of what the numbers look like, um my stepdad's lifestyle is easily something that's, you know, in the half million dollar a year territory.
Mm-hmm.
And uh this business in terms of profit year to date has only generated two hundred thousand dollars in profit.
But those are his personal expenses. What does that have to do with the business?
The business that he is in the legal dispute with is what he pulls his income from. So if that disappears, his only income would have to come out of the profit of this existing business.
Yeah, which will be two hundred thousand. And is that after you're paid?
That's after I'm paid.
Okay. So does he why why is he not calling the show? Being like, Wow, my income's about to go from five hundred, two hundred. It's it's gonna be his issue, John, but you think he's gonna take he's you think he's gonna dip into your current business so much, possibly even go into debt to keep up his lifestyle and you're scared for your business?
No, so they're both his businesses. I co signed on a hundred thousand dollar. I know, but I'm saying why do you
why do you think he's not going to keep up the payment on the things that you co signed, do you think that like what makes you think your business is gonna fail? Because he'll just have to adjust his lifestyle or you don't think he will?
I think it's more of a I'm not sure if he would end up adjusting his lifestyle. I don't know if that's something that So what would end up happening? So so
say he doesn't adjust his lifestyle, then what's your fear that he doesn't have an income and can't pay on the things that you co signed. Is that the is that the ultimate?
N my ultimate thing that I'm just trying to prepare for is what happens if me as the cosigner I end up getting stuck with the loan is essentially all I'm worried about.
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