My Wife Bought 5 Horses on Credit Cards (Hour 2)
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What should we consider when renting from family in financial distress?
live from the headquarters of ramsey solutions broadcasting from the pods moving and storage studio it's the ramsey show where america hangs out to have a conversation about your life and your money i'm your host christina ellis joined today by my co-host george camel and we're taking your calls at 888-825-5225 if you've got questions about student loan forgiveness how to pay off debt going to college debt free Anything that's on your mind, if you just need a second opinion, somebody to talk through it with, give us a call. Let's go to the phones. First up, we have Jessica calling from San Francisco, California. Hey, Jessica, welcome to the show. Hi, thank you for taking my question. We're happy you're here.
How can we help? So my husband and I are renting an inured house from family, but due to her drowning in debt, our utilities are constantly threatening to be shut off due to her not paying the bills. Should we stay and continue to take advantage of the great rent weight and save faster for a down payment, or move and pay significantly more and our savings get slowed and stalled drastically?
Okay, tell us more about this situation. This sounds pretty dramatic. So have the lights been shut off yet?
No. In the past, I was
How can someone get their finances on track after a divorce?
Since the beginning of the year, I would say we've had three different threats of either the PG&E and or water being shut off.
What's your relationship like with this relative?
She's my mother-in-law. Oh, yeah.
That's tough. So then we've got a whole marriage dynamic, right? So how does your husband feel about this?
So my husband is a very loving soul and he wants to fix everyone's problems. Um, but we, we can't fix this problem for her. So, I mean, we've come to her and said, you know, we're willing to pay a little bit more in rent, but our conditions are she has to get onto the Dave Ramsey plan and we're willing to help her with that. But she doesn't want to.
What have the conversations been like when you say, hey, we would love to, you know, have electricity and water. Could you, I don't know, keep up with your bills? How does she take that?
What are the implications of buying horses on credit cards?
Well, she feels insecure because the roles are reversed, right? Your parents are supposed to take care and mentor your kids, not the other way around.
Well, she's not doing a good job taking care of her son in this case. If that's the attitude she has towards it, both sides are struggling here. So does she not have the money? Is she just misbehaving when it comes to her spending? What do you think the actual root of this is?
So I think the root of it is, you know, recently she's been going through a pretty sticky divorce and so that's been consuming a lot of money in attorney fees. She also doesn't have a job and we've been trying to help her pursue that route because she needs more of an income and she just is not willing to do it.
So is your rent basically floating her life and covering her mortgage?
Basically, so right now she's in a situation where um the only thing she is responsible for are the utilities and her personal um the uh her personal finances because her ex-ish husband is still paying the mortgage so luckily we don't have the mortgage as a threat but so where does your rent payment go that is an excellent question i would love to know that myself
Does he live there too? Who's living in this place? You said it's in-unit?
What updates are there on George's #HorseGate saga?
Yeah, so it's a large property. So there's the primary house that you would see from the street, and then in the back half of the property there is a whole separate unit. That's like an in-unit, one bed, one bath. So that's what we live in.
Who's in the primary?
Just her, so my mother-in-law, and then her special needs son.
So what's going to happen with this divorce with the property?
She's going to lose it. Which would mean you guys are out too? No, we're not out because I was smart enough to get a lease that protects us from that.
But you're going to be leasing from her ex-husband at that point?
Yes. We'll just change who we pay from.
I feel like that would change the dynamic with my landlord drastically.
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Chapters
8 chapters
1
What should we consider when renting from family in financial distress?
0:29–1:47
2
How can someone get their finances on track after a divorce?
1:47–2:48
3
What are the implications of buying horses on credit cards?
2:48–4:18
4
What updates are there on George's #HorseGate saga?
4:18–5:12
5
Should I cash out my 401(k) to pay off debt?
5:12–6:14
6
What are the risks of withdrawing from a 401(k) early?
6:14–7:10
7
How can side hustles help in paying off debt?
7:10–7:48
8
What are the best strategies for managing debt effectively?
7:48–37:37