📈 Are you on track with the Baby Steps? Get a Free Personalized Plan 📱 Listen to the full episode for free in the Ramsey Network app. 🇺🇸 Watch United States of Anxiety exclusively on the free Ramsey Network app! While we're out for the Christmas break, we've compiled some of our favorite Dave and Rachel calls from the past couple of years. Enjoy your day and we'll be back with a live show in the new year! Merry Christmas! Dave Ramsey & Rachel Cruze answer your questions and discuss: ‘Father-in-law is selling us whole life insurance’ 'Brother isn't buying us out of an inherited home’ ‘Open a food truck or a brick and mortar?’ ‘My wife & I don't share the same views financially' ‘Am I hurting my family's financial future?’ 'Will I even be able to become debt free?' Support Our Sponsors: 🌱 Get 10% off your first month of BetterHelp ◎ Get 10% off Byrna product bundles and more! 🏥 Learn more about Christian Healthcare Ministries 🏡 Get started today with Churchill Mortgage 🔒 Get 20% off when you join DeleteMe 🏦 Go to FAIRWINDS Credit Union for an exclusive account bundle! 🥗 Save 15% on your first Field of Greens order with code RAMSEY 💤 Visit Helix Sleep for special offers! 🗂️ Use promo code RAMSEY for 18% off at The Nokbox 💵 Learn more about Timothy Plan 🏛 Get started with YRefy or call 844-2-RAMSEY 🔐 Visit Zander Insurance for your free instant quote today! Next Steps 📞 Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET or click here! 🏆 Take control of your money in 2025! Register for the free livestream. 🎟️ Get $100 Off Money & Marriage Getaway with code CHRISTMAS. 💵 Start your free budget today. Download the EveryDollar app! 📈 For help with investing, get connected with a SmartVestor Pro. Listen to more from Ramsey Network 🎙️ The Ramsey Show 🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💸 The Ramsey Show Highlights 💰 George Kamel 💼 The Ken Coleman Show 📈 EntreLeadership Ramsey Solutions is a paid, non-client promoter of SmartVestor Pros. Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices
Chapter 1: What is the main focus of this podcast episode?
Live from the headquarters of Ramsey Solutions, it's The Ramsey Show, where we help people build wealth, do work. that they love and create actual amazing relationships. Open phones this hour at 888-825-5225. Multiple number one bestselling author and Ramsey personality, Rachel Cruz, my daughter, is my co-host today. Open phones here. You jump in. We'll talk about your life and your money.
Victor is with us in Irvine, California. Hi, Victor. How are you?
I'm doing well, Dave. How are you?
Better than I deserve. What's up?
Hi. So three years ago, me and my wife was buying a life insurance policy from our father-in-law. We both make a pretty good income, but essentially we're like three years in now and I've just I know we've maxed out our 401k, our Roth IRA, but I was talking to my father-in-law and he essentially said it's like a good tax-free investment that we can do with our custom whole life policy.
Um, and since we already maxed out our 401k and our rock IRA, and, um, we even like bought a house recently. We're just not sure if that's like the best way moving forward to put our money in at least with our extra money. So that's our situation.
Um, Victor, you've been married three years, you said?
Yeah, we've been married for about three years. Yeah.
Okay. All right. So you're in your mid twenties, I assume.
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Chapter 2: How can I handle financial disagreements in my marriage?
Chapter 3: What to do when family members don’t agree on financial decisions?
It's nasty and it's wrong and it's unjust. And he says that to him in person to his face. Okay. And then if the brother goes, well, I'm not going to do that. You say, yes, you are. Because if you do not, I'm going to hire an attorney and I'm going to sue in circuit court to have this partnership disbanded. And the court is going to force the sale of the house to give me my half.
And it's going to cost me five or $10,000. And you're probably never going to speak to me again, but I'm at the point that I'm tired of you screwing me over. This is how you have to handle it. If you're going to handle it, otherwise you just got to accept it and go on. And then you have to hire an attorney and the judge will demand that you sell the house to liquidate the estate.
And they'll sell the house and the brother will get half the money and you'll get half the money. Do what?
I said liquidating the estate is selling the house, correct? Yeah, you sell the house.
Okay. Sell the house and you get your half. Now, or we can have the house appraised and at 80%, 80 cents on the dollar of the appraisal, I'll take my half. I'll give you a 20% discount if you want to buy me out.
How much is the house worth, Linda?
From what we can tell, it's probably right around $400,000.
Yeah. This is just wrong. And your brother-in-law's a leech. He's a parasite. And you're tired of it. That's why you called. Is your husband as tired of it as you are, or is he just going to let this go on?
Oh, no, he's as tired of it as I am.
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Chapter 4: What should I consider when starting a food business?
Chapter 5: Is whole life insurance a good investment?
And a sister.
Okay, was the property retitled at that time? Did Pennsylvania probate require you all to retitle it and put everybody's name on it?
The house is in Colorado, and at the time of probate, It was retitled to all three siblings.
Okay, so you each own a third, undivided interest it's called, okay? Right? Uh-huh. Okay, is sister still alive?
No, she lost her battle with depression in 2017.
I'm sorry, I'm sorry. Yes. And did she have heirs?
No, she did not.
Okay, so I would suppose that your husband and his brother are now equal owners then. You would have to seek an attorney's advice to be 100% sure, but let's play this through. That's what it sounds like. It sounds like they're now equal owners, okay? And he doesn't have to do anything to acquire it. It already has his name on it.
The death of his sister left half of hers to him and half of it to his brother, and so now the two of them are 50-50. Okay. His name's on the title. If the property were sold, he would get 50%.
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Chapter 7: What steps to take if my spouse and I have different financial views?
And on the other hand, then she's acting like a princess and stomping her foot with her little red face out until I get what I want. And if you don't let me have what I want, then you're wrong. This is a marriage problem. You guys desperately need to sit down with someone because here's the problem. Okay.
The probability that you have a high quality marriage going forward using this system is close to zero. You may or may not get divorced later, but you're definitely not having fun in your relationship. And the probability that you build wealth with both of you pulling at each other the whole time instead of pulling the wagon? No, almost zero.
One of the things we found when we studied wealthy people is the data tells us that they work together with their spouse. They're unified in their goals. They're aiming at the same target and pulling the trigger together. That's what we're doing. You can't drag along a princess.
She can't drag along someone who overanalyzes everything and has no fun left anywhere in life because you squeeze every dollar until George Washington screams. And, no, you've got to have something in here. We've got to have some flow to this, some relationship to this that's not in here. And so, yeah, this desperately screams of a need for marriage counseling to me.
For sure.
Open phones at 888-825-5225. Bo's with us in Las Vegas. Hi, Bo. How are you?
I'm doing good. Can you hear me?
Absolutely. What's up?
So I wanted to know if I can keep using my credit card. And I know you're probably going to say no, but I'm going to try anyway. You're right.
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Chapter 8: Should we have joint or separate bank accounts for finances?
Do your convincing, Bo. Give it your best shot, Bo. Mm-hmm. All right, so this is a unique situation. I've never heard it on your show, and I've been only listening for like five months. Okay. So I have one credit card. I have a medical condition, and my medication is insanely expensive, and I can't afford it until I hit my deductible, which my insurance will cover, but my deductible is $13,000.
And so the pharmaceutical company that makes it will reimburse me for it and i've been doing this for two years and so i use the credit card and i get cash back for the and then they reimburse me in a few days so is that something that i would keep it for why don't you just pay cash what was that why don't you pay cash i can i have but it's really expensive oh good we'll pay cash
And then you still get reimbursed.
It's really expensive either way, dude. You're out the money either way, right?
Yeah, but I get the money back from the pharmaceutical company.
Okay, and so you use your cash, and then you get your cash right back.
I can do that, but I get another $300. Oh, whoop-dee-doop-dee. Okay.
You're going to sell your financial soul for $300? Well, it's... I never met a millionaire who said, you know, Dave, I made all my money on my airline miles.
It's not airline miles. I know. It's $300.
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