Chapter 1: What financial advice is provided for dealing with family debts?
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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 and the Fairwinds Credit Union Studio. This is the Ramsey Show. Alongside George Campbell, I'm Ken Coleman. We're thrilled to have you with us. The phone number to jump in on the conversation today is 888-825-5225. You ready to go, partner? I am ecstatic.
I see you got your really fancy denim jacket on today. I saved the best for you. I appreciate you cleaning up. Let's go to Kathy in Texas. Kathy, how can we help?
Hi, I'm 68 years old, and six months ago, I got involved with an online investment group. I eventually borrowed $50,000 from my brother. He invested $110,000. I retired from my company. I took out all my 401k and pension, and last month, they ghosted us and closed our accounts, and we lost it all. I lost $487,000. My brother lost everything. The 50 I borrowed and the 110 he invested.
And my brother would like his money.
Oh, boy.
And I have a house that's paid off. I live in Texas, so I have a homestead on it. I have a $30,000 loan from American Express. So I'm wondering, do I file bankruptcy? I tried to get a reverse mortgage, but my husband died, so my house is not in good enough condition. I'm just lost.
Okay. Oh, absolutely. Not only are you lost, I'm guessing you're just emotionally stunned. I am.
That's an unbelievable. I'm devastated, really.
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Chapter 2: How should one approach bankruptcy after losing a significant amount of money?
My bills really are $800 a month plus food and then my homeowner's insurance and food.
So all in, what does it take to run your house for a month? Include food, include HOA, every single little thing?
Yeah, pretty much 2,000.
Okay, so you're just going to hopefully survive, and that's where getting a job is going to come into play.
Listen, I'm going to tell you, I'm going to jump in real quick on the job thing, because I think coming off of something this emotionally difficult, One of the best things you can do is get to work. Now, I understand that you have been applying, but I think you're going to have to take some opportunities that you wouldn't normally think about now. I mean, that's maybe Starbucks, Walmart, Target.
I mean, you're functional, you're a former salesperson. We need income. And if we can get some benefits out of that. So, I mean, you're doing everything you can. And your number one goal right now is to tell everybody your story. Now, this is very difficult. I understand what I'm saying. I completely understand what I'm asking you to do, which is to share your story.
It is a thing that is going to be difficult because you're ashamed, and I understand that. But you aren't the only person who has been duped before. And I think a 60-year-old lady who's a good person, who has lived her life well, this is where we can't do this on our own. We cannot, Kathy, do this on our own. No advice that George and I will give you is going to alleviate that fact.
This is the time to go, everybody I know, here's my story. Here's what's going on. And this is what I got to do. And I think that there's nothing wrong with that because you need some kind souls to go, I'm going to help Kathy. And I'm going to give Kathy a job. That's what has to happen right now. What is your house worth?
Probably $350 for a flipper. It's on paper.
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Chapter 3: What strategies can help someone transition out of poverty?
It's missing the leather sleeves and the letterman. Do you even know what it means to letter in a sport? I never made the team, Ken. I think that's pretty obvious. I know. No one is shocked by that at all. But we still love you, George. Thank you. And you are our coach today. So where's the whistle? Coach Campbell. Let's get you a whistle and a hat. Whistles are obtrusive. They might be.
Jim is up next in Little Rock, Arkansas. Jim, how can we help today?
Hi, how you doing? Yeah, I'm calling because our church is expanding. We're adding on to the building, taking out a loan. Our church collects decent offerings every week and month, but they want some guarantors to co-sign for the loan. How big is the loan? The loan is going to be about $3,000,000.
Tell me about those church offerings.
The church offerings are about $15,000 every week. The loan amount would be like $17,000 a month.
So they want you to take personal risk for a $3 million loan.
A few of the members. Are you on the leadership team? Yes, I am. How do you feel about this? I'm not at peace about it. That's why I called, to be honest with you. We have some people that have done it.
Yeah, I wouldn't do it.
I wouldn't do it. I guess I'm just kind of shocked that they would ask that.
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Chapter 4: How can one effectively manage debt while planning for the future?
Okay, so it's a prorated. It's not like you've signed on and you're now going to be making $210,000 over the next 12 months.
I will after I graduate, so that'll be in a year.
Okay, gotcha.
So it's locked in. Okay, gotcha. But you know this is coming, that potentially a year from now you'll five extra income, and you're going, what do I do? Wow.
Yes.
Do you have any debt from law school?
No, I was very fortunate to have a good scholarship.
Wow. Well, you worked your butt off for it. It wasn't luck.
I appreciate that. That's awesome.
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Chapter 5: What financial dilemma does Sarah face regarding inherited properties?
What's going on, Sarah?
Hi, George. Hi, Ken. Thank you so much for taking my call. Sure. So sadly, last month, my mother-in-law passed away. And she left. Thank you. Thank you. She left two paid off properties to my husband and his two sisters. And the siblings have agreed to sell the primary residence.
Chapter 6: How do Ken and George advise Sarah on her mortgage decision?
But my husband wants to keep the other home. It's a small cottage on Cape Cod. And he plans to use his share of the primary home sale to buy out his sisters. Cool. So, yeah. But my dilemma is, you know, emotionally, my heart and my husband want to keep this Cape house. But my logical side says that we should probably sell both properties to pay off
our mortgage faster and then become completely debt-free. I really just wanted to get your advice.
Chapter 7: What strategies do they suggest for paying off debt?
Yeah, thanks for the call. So faster, give us a real specific idea here. In other words, if you don't sell these homes and put it all on your mortgage, when do you anticipate paying off your primary home?
So we only bought it about two years ago. So we're looking at another 13 years or so, hopefully quicker.
That's if you put nothing extra toward the principal, though.
Right. Yes, exactly.
What's your income?
We make around $310,000 a year.
What's on the mortgage? What's left?
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Chapter 8: What insights do they provide about balancing emotions and logic in financial decisions?
$560,000.
Okay. So I'm trying to find a compromise here, and I think I have one. What if we keep the cottage, but we agree to a plan to then pay off this home more aggressively?
I'm surprised by that plan, but I think that sounds good.
Why are you surprised?
I thought we were going to be told to sell everything and pay off our primary.
Well, you're not in any kind of dire situation. You're not broke.
You make $300,000.
You guys are killing it. This is really an inheritance that he's just sort of rearranging. George and I, of course, this is all live. I didn't know what he was going to say.
Usually I disagree with Ken, and I'm the more aggressive one, and I'm actually pretty relaxed now.
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