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Chapter 1: What is the main topic discussed in this episode?
What's up, America? We're live from the headquarters of Ramsey Solutions, broadcasting from the pods, moving in storage studio. It's the Ramsey Show, where America hangs out to have a conversation about your money, your relationships, your marriage, your kids, and your life. I'm John Deloney, joined here by George Campbell, and we're taking your calls just about everything.
The call is free, and the advice is worth about that much, but we'll give it our best shot. 888-825-5225. 888-825-5225.
Chapter 2: What should I do if my family wants me to get a prenup?
Let's go to Marie in Fargo. What's up, Marie? How we doing? I'm doing good. How are you? Good. Hey, talking directly into your phone. Yes, can you hear me? It's a little bit wobbly there. Keep going.
We'll see if we can get you.
We'll give it a shot. Yes.
What's your question?
Okay. So I'm in the fourth generation in our family business. My boyfriend and I have been together for four and a half years. My dad wants me to get a prenup. Neither my boyfriend and I want to, but my brother did recently get divorced and he did have one.
Okay. So usually my thoughts on prenups, I'm not a fan of them. It's kind of like it's planning the end of something and you're going into it.
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Chapter 3: Why is investing in Legos considered a bad financial strategy?
When you've got something like a family business, here's what a prenup can protect you from. Less from your husband, your future husband, and more from your future husband's cousin's sister's brother's roommate. Or your husband, heaven forbid, gets sick and passes away or gets in a wreck and some sister or some cousin sues you guys for your, does that make sense? It just separates it all.
That's where a prenup can be very, very useful. It's less about I don't trust him or I wouldn't be marrying him. It's more about if something happens to him, which is why we have insurance, that's why we have wills, because something will happen to all of us.
But heaven forbid something does happen to him, it protects your business, it protects your stake in the business, it protects the whole thing from anybody coming out of the woodwork to try to take a piece of it.
Okay. So what's your net worth? I didn't even know that was possible.
Yes, it is.
Me personally, not so much yet. I'm still young. Well, not that young. But the business does around $6 million a year.
That's a lot of dollars. And so you would be inheriting the business or some portion of it?
No, I wouldn't inherit. I need to buy myself in, but yes.
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Chapter 4: How can I navigate grief after losing a parent?
And so what I would do is take a job. I would start working there if that's what you wanted to do.
Oh, no, I have been for the last decade.
Okay. Do you have enough money to buy in?
Currently, I have a sliver of the pie. Okay. What does that mean? A tiny little bit of it.
I have a very small... What's your buy-in going to be?
I only have 3% of the business currently.
You only have 3% of the money it's going to take to buy the business, or you're slowly buying it piece by piece over time? I own 3% of the business currently.
Okay. And your boyfriend, what is his financial situation?
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Chapter 5: What is the difference between the Debt Snowball and Debt Avalanche methods?
Um, right now he's laid off because he's a seasonal worker, but when he does work, he makes more than I do.
Okay. I mean, we don't advise against prenups in situations where there is an inordinate amount of wealth that you're coming into with this very lucrative jewelry business. So it is something that you may want to look into. And it sounds like you guys are doing it, approaching with the right spirit of you're going, hey, I'm not doing this because I'm nervous about marrying this guy.
I'm doing it to protect us from crazy down the line. And that's the way you want to think about it.
And neither of us want to get one, but my parents do, and I'm just concerned.
Here's what I would recommend you do.
He flat out said, like, I'm not getting one. And that's how I feel as well, but I just, I don't know what to do.
I would sit down. This is going to be worth $500 or $1,000 to do this because of what's at stake here. I would sit down with an attorney and your local community and tell them what your dad has told you. Tell them what y'all want to do. Tell them what I told you.
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Chapter 6: How do I choose the best place to live when commuting to work?
that this is less about him and more worried about something down the road. Your attorney, an attorney may advise you, well, he won't be an owner. You will. And he would have part of your estate. Like, so there may be all kinds of different ways involved here. Okay. That may be able to avoid a prenup.
I think you have to get past the idea that a prenup is y'all planning for your divorce or you're planning for your husband to screw you over. That's not what, that's not what we're talking about here. Okay. Um, One red flag for me is your husband already planting his feet in the ground against your dad. I'm not doing that.
That attitude before you even walk down the aisle makes me, that's a red flag for me. As someone who's just talked to a million different couples.
sure that tells me he's more invested in his ego and his pride than in what's the best way i can honor my wife what's the best way i can keep her and this business safe and the best way we can be connected and unified as a family and i have to look in the mirror and say no i got some crazy cousins or i've got some crazy what like you know what i mean like he's got to be able to do that and say okay this actually protects you in the case i get hit by a bus
Okay.
See what I'm saying?
I never thought of it from that point of view.
So, but it's a much, I get what your dad's trying to protect his business and he's trying to love his daughter the best he can. I don't fault him for a second. I also don't fault him for being overly cautious and you having to say, hey, that's too cautious. I don't have any heartburn about you and your husband saying, dude, we really are not interested in signing a prenup.
We're going into this thing together. Um, I get that too. That's why I would get a third party who has no stake in any of the family stuff or the drama. And it's just going to give you wisdom particular to the business, to your situation, your state and local laws, all that kind of stuff. So that's where I would go, but think bigger. Um, and again, I'm not for prenups. I don't like them at all.
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Chapter 7: What financial considerations should I make when moving in with family?
What would actually happen? And that will give you some peace and confidence moving forward with it or not moving forward with it. That's right.
Hey, here's a fact about Ramsey Solutions I'm super proud of. We've never laid off anyone. We've let people go, but we've never laid anybody off. For the past 30 years, we've been doing what we preach. We run a cash-based business, which means we budget for everything. That includes salaries and compensation for our team members.
You deserve the right to work for someone you can trust, someone who won't cut you loose because of their poor planning. While other people are firing, we are hiring. We have several open roles, marketing, sales, technology. We want people like you to come join our show. Check out all the open roles at RamseySolutions.com slash careers. RamseySolutions.com slash careers.
Welcome back to The Ramsey Show. I'm George Campbell hosting with Dr. John Deloney this hour. And John, I got a video I'd like to play for you. You know, like when the substitute teacher shows up and it's like, let's watch a video. I kind of feel like the cool teacher because of that.
I feel like this has become one of your favorite things is to say, John, you live in a bubble and here's what's happening in the rest of the world.
I need to look at a screen every 30 minutes or else I spin out of control.
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Chapter 8: How can I ensure financial security for my family after a loss?
And so this is part of that. So the team has teed up this video. I want to get your reaction. Okay. You ready?
Let's do this.
For LEGO enthusiast Lucas Letrick, these aren't just toys. This is the LEGO Creator Palace Cinema. They're serious moneymakers that he buys and sells for profit. The biggest online database of collectible LEGO sets lists $1.2 billion worth of the toys around the world. You know, LEGO Tron up here, more in the $300 to $400 range. This LEGO Tie Fighter, $200 a piece is what these are selling.
The returns that I typically will see is somewhere between 150 to 250% on a Lego set. Researchers say Lettrick is one of tens of thousands who, concerned by the recent volatility of stocks and bonds, are betting on the reliable returns from this tiny but growing market.
Wow. Move over, crypto. Back that thing up, Beanie Babies. We have a new toy in town.
Okay, so this brings me to an article, John. Here's the headline for you. Adults are buying toys for themselves, and it's the biggest source of growth for the industry, and there's a new name for these people. They are called kidults. They have a great fondness for cartoons, superheroes, Star Wars, Lego. And in recent years, toy makers like Mattel have created lines just for these consumers.
Because they're stupid. That's why.
Well, think about it. They have the nostalgia and they have the buying power.
They've got money now. Right. You know how many times I've tried to convince my wife that this new guitar... Or hunting deer rifle is an investment. Yeah. No, my truck is an investment. It's going to depreciate and then suddenly re-appreciate. Oh, yeah.
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