SoFi vs. the Education Department: They’re All Villains! (Hour 1)
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How can I untangle my parents' financial mess?
Live from the headquarters of Ramsey Solutions, broadcasting from the Pods Moving and Storage Studios, it's The Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. Thank you for joining us, America. Christina Ellis, number one best-selling author and Ramsey personality, is my co-host today. We're answering your questions about your life and your money. The call is free at 888-825-5225. And some say the information is worth exactly what you pay for it. 888-825-5225. Christian starts off this hour in Seattle. Hey, Christian, how are you? Hey, I'm doing all right. Good. What's up?
So, uh, my parents, uh, I have a little unique situation. So my dad is 92 and my mother is 62 and my dad has about 3 million tied up in stocks. And then he has sold calls on those. And then he has some cash that he has done some puts on that he's kind of all tied up in. And so he's aging. I can see that he's not doing super well. And then my mother's going to be left with kind of this unique situation to untangle. I have financial power of attorney for both my parents, and so I'm just thinking ahead here. When my father passes away, I need to try to help my mother kind of probably untangle some of this.
Go ahead and do it now.
Well, I guess I just always kind of thought it's his stuff and let him do it until he's not around anymore.
I thought you were doing it.
Well, he has me help him just because he's He does a lot of his stuff on a brokerage account online.
How does the conversation sound when you say, hey, Dad, this is a tangled mess to leave Mom. Let's get it untangled. Yeah. Let's you and I work together to untangle it starting right now. Ready, set, go. How does that sound? How does that conversation go? No, I want to do this until I die. Is that what he's going to say? I'm 92?
Yeah, he's just kind of stubborn. But, yeah, I should probably have that conversation.
What's the hesitancy? It does seem like you're a little bit reluctant. Have there been bad conversations in the past, or is there a history there?
Well, he's very... He's done well in some areas, and so he's just very stubborn and adamant that he kind of knows best. And so he's even tried to kind of influence me on some of the decisions I make financially. And so... I just didn't see that being a very... What is it that needs to be untangled for your mom?
Give me an example.
Well, so I'm just thinking if he passes, my mom's going to have no idea what to do with docs or have calls on them years out and just, you know.
Yeah. So, Dad. Yeah. Mom, you're going to die, and Mom's going to be left with this, and she's going to have no idea what to do with this. Let's set this up for her, not for you, Dad.
Mm-hmm.
Yeah. I mean, this is an act of love of him towards his wife to not leave her in a lurch. Yeah.
And I wonder if you can kind of make it that empowering conversation where it's like, I'm not trying to get in your business. I'm not trying to run the show, but I'm just trying to help mom. And this is the opportunity for you to make it less complicated for us. Like just even make him feel part of the process.
What is SoFi's fight regarding student loan repayments?
Like you still have ownership of this. This is still you running your finances. You're just getting us prepared for what's next.
Yeah, we're trying to set her up to win, not him. Right, right. If he won't do that, then the best you can do is just make a bunch of lists of stuff and try to have an inventory and then go ahead and develop a strategy for liquidating the crap out of this stuff as soon as he's gone. Sorry, but that's just, I mean, wow, how cold is that? But that's what you're going to have to do. Just go sell order, sell order, sell order, sell order, sell order. close that brokerage account, put it in cash, move it to basic mutual funds with a good smart investor pro, and let mom just live off the income that that creates, and it's boring as crud, and because your dad's a player. Mm-hmm. Right. And that's the problem.
Yeah. But I'm just going to liquidate. I'm going to liquidate.
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Chapters
8 chapters
1
How can I untangle my parents' financial mess?
0:27–3:54
2
What is SoFi's fight regarding student loan repayments?
3:54–7:27
3
Which property should I prioritize paying off first?
7:27–10:31
4
How can I support my son who is recovering from addiction?
10:31–14:59
5
What strategies can help in managing parents' financial affairs?
14:59–17:05
6
How does the conversation about finances with aging parents go?
17:05–19:58
7
What are the implications of the student loan payment pause?
19:58–22:53
8
How can I effectively help my child in recovery?
22:53–37:48