Chapter 1: What financial advice is given regarding repaying 529 funds?
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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 George Camel, joined by bestselling author Jade Warshaw. If you know, you know. Give us a call at 888-825-5225 and we will do our best to help you take the right next step for your life and your money.
Sarah is going to kick us off in Chicago. What's going on, Sarah?
Hi, thanks for taking my call.
Absolutely. How can Jade and I help?
So I'm 30. My husband's 31. Our household income is about $235,000. My parents had set up a $529,000 plan for me when I was young, which I ended up using to pay for the majority of my undergrad and grad schooling. I did take out a couple of federal loans just to cover the remainder of my grad school, which we still owe about $35,000 on.
Recently, my parents asked me to pay them back roughly $114,000 for the money that I used from my 2529 plan. What?
Come again now. So is that the money they put in or was that the balance of the account?
That was the balance of the account.
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Chapter 2: What should I consider when dealing with family loans?
All sums paid to you. Yes.
This is diabolical. I definitely didn't understand that when I was signing it. I kind of understood it more as like my... requirements. You know what?
Let him take you to court. I think this would be a hilarious way to end the relationship with his daughter. What a way to go.
This is wild.
Yeah, that's what I'm worried about. What was your relationship like prior to this with your parents and or just dad?
Are they broke?
Like, what's the underlying reason why now, you know, over a decade later, they're like, hey, remember that contract you signed when you were a child?
Yeah, have they brought it up at any other point other than now? And how long have you been out of school? I graduated grad school about a year and a half ago. Okay. So, okay. When you brought it up or have you brought it up?
Um, I just basically asked them, I told them I wasn't aware it was a loan. And what'd they say? They sent me the contract. They sent me the contract and then they said, let's talk about it. And so we're going to talk about it tomorrow, which is why I'm calling.
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Chapter 3: How can I navigate a difficult conversation about financial expectations?
Yes.
Yeah, because it's been in there for, I don't know, 15 years.
which you can if you want to keep the relationship alive you can never repay this and again he can try to come after you and i don't know what if he has any legal standing to come after you from a dad to daughter you know 529 perspective uh but i would i would honestly if you want to consult with your own attorney and say hey what is actually in this does this actually hold up should i actually be worried what is actually my obligation based on what i signed i would at least get that clarity
And Sarah, here's another thing. Here's another take for you because there is a relationship here. How does this make you feel, first off? Forget the money part of it.
I'm a little hurt by it and blindsided, like you said. My whole life I was like, oh, my parents kind of, I was really grateful for them setting me up. I'm in a really good financial spot right now. I think you need to tell them that.
You need to share that. I'm grateful. And I didn't understand what I was signing.
And also tell them how you fear this could affect your relationship. I think if you lead with your heart on this and how you're really feeling and the gratefulness, the blindsidedness, how you're afraid for the future of the relationship, keep it less about money, I think you might have a better shot.
Goodness gracious. Diabolical. What are we doing, parents? This is insane.
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Chapter 4: What steps should I take if I feel blindsided by family financial demands?
This may not be for you in this season. This is for people who are on baby step four or higher. Exclusive. You've paid off the consumer debt. You have the emergency fund. You're investing for the future. This is your chance to mark the milestone and celebrate big. When is it happening, Jade? February.
Oh, gosh. I laid you up, Jade. I know, but I was formulating another thought.
I'm sorry.
Go ahead and do it.
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And you can get the cabin now. If you're like right up on it, this should be your goal. Like I need to pay off. I need to get my baby step three in place so that I can sign up. That's what I was thinking of when you asked me.
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This is not a gimmick. The price will be going up. After February 1st. So book now. Get $300 off. You can lock in your spot with a deposit. I can't wait. March 2027. Wow. It's going to be the cruise of the year.
Sailing takes me away.
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Chapter 5: What financial strategies can help me build wealth after leaving an abusive situation?
Like if you want to win with money, it's still the same playbook. Budget like your money depends on it. Avoid debt like $10 lattes and build wealth on purpose. But here's the truth almost nobody tells you. Most banks make money when you lose yours. They want you swiping, overdrafting, and racking up fees because that's how they stay rich while you stay broke.
And that's why I tell people to go with Fairwinds Credit Union instead. They actually want you to win with money and become debt-free. And their smart bundle gives you a no-fee checking account, a high-yield savings account, and my favorite, the new Ramsey-branded debit card that says debtisnormal.com. Be weird. Right on the front. It's not just a piece of plastic with your money attached.
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Chapter 6: How should I address my partner's debt before proposing?
So this year, forget the gimmicks from the big banks. Forget so-called rewards that keep you broke. And instead, partner with a credit union that actually backs you working the baby steps. Go to fairwinds.org slash Ramsey to get started. That's fairwinds.org slash Ramsey. Insured by the NCUA. Up next, we've got Jennifer in Memphis. Jennifer, welcome to the show. Hi. Thanks for having me.
Absolutely. What's your question today?
My question is, how best do I approach a conversation with my husband who recently purchased a home as an investment and without telling me, had no knowledge, didn't know it was a plan. It came up fast, I guess, and called me after he did it.
Chapter 7: What should I consider when my spouse makes significant financial decisions without me?
And my question on that is how best to approach that conversation? Do I approach it from a financial perspective of understanding can we do this or more so in the fact of the personal side? I'm struggling being a numbers person. focusing on the financials rather than the emotional side. So that's my question on how best to approach that.
Oh, when did this happen?
Yesterday.
Oh, okay. listen this takes impulse purchase to a new level this is wild i applaud you the fact that you had enough self-control to be like i'm not gonna even mention this are you like you've held this to a radio conversation i applaud you because i would have been like what um so good job that's great how did this all come about as far as him telling you like what what happened here
Well, so long story short, this is his goal. He's good at it. The man has a 2% error rate in life, which frustrates me.
He's got a 100% error rate with his marriage.
Yeah, well... How mad are you? On a scale of 1 to 10, how much does this just, like, hack you off?
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Chapter 8: How can I effectively communicate about financial decisions in a marriage?
You know, it's surprising, because normally it would, like, I'd lose it. The fury is not my normal fury. Okay. So I'm trying to, like, listen and go, is this... Is this an opportunity to have a discussion? Because we do struggle with his impulse control because he is a very smart person.
The fact that you're not shocked by this tells me there has been a pattern of this your whole marriage.
This is the biggest. Usually I'm involved, but we've done some pretty high stakes investments that he researched. He's smart. So he's not impulsive, I wouldn't say.
Hold on. He has a high risk threshold and you've trusted it. He's impulsive. He bought a house without telling you on a whim.
Well, it wasn't a whim. So come to find out, he's known about this. He's researched it. It was an auction. Okay. How much? In... $750,000.
Oh man. Was it cash?
No. Um, we, we have very good net worth. Um, what is it? My net worth?
Yeah. About two to 2.1 million. Is it all real estate or is some of that, can you tell us what that is? Yeah. Majority real estate.
We have very, very good equity in our home. Um, And then we have an investment in some land that's in high, very nice area. So it's worth quite a bit. And then we've got some other assets. So our cars are paid off. Okay, good.
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