Chapter 1: What financial advice do Dave Ramsey and Dr. John Delony offer for guiding a daughter to make better choices?
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I'm Dave Ramsey, your host, Dr. John Deloney, host of The Dr. John Deloney Show, one of our most popular properties on the Ramsey Network, number one best-selling author and Ramsey personality. Ph.D. in counseling, by the way, and after Thanksgiving, some of you probably need a little of that. Yeah, open phones here at 888-825-5225. I'm not saying your family's crazy.
I'm just saying somebody in your family's crazy. Yeah, that's our standing joke around here. If you think there's crazy in every family, and if you think there's not in yours, that means it's you. So, yeah, welcome to Thanksgiving, and here we go to Christmas, baby. Yeah, just keep it rolling. The hits, they keep on coming. Bonnie's in Las Vegas. Hey, Bonnie, welcome to The Ramsey Show.
Hi, Dave. How are you?
Better than I deserve. What's up?
Amen. Well, we've been longstanding huge fans of yours, and we just appreciate everything you do. And we have our 19-year-old. We adopted her when she was 16, and so we did the best that we could for the few years that we had where she was living under our roof, just teaching her how to how to save money, just be wise with financial decisions. And ultimately, it just was not...
you know, received well. And, you know, so I, my husband and I think are at odds because, you know, one thing led to another and she just wasn't really making wise choices in any area. And it just kind of was a better situation for her to leave the home, you know, because we have five little ones at our house as well that, you know, she was ultimately an example to as well.
Um, but she's, you know, living with another family member is safe and, and, and good, but she's in a situation now where, you know, she doesn't have car insurance because she can't afford it. And so she's, um, because she's not working and now she's not working because she doesn't have a car to get to work.
Um, and so my mama heart wants to come in and, you know, kind of save her and help her out. Um, You know, I don't necessarily know what that looks like. But, you know, my husband kind of says, well, she's kind of got to, you know, maybe hit rock bottom, hit, you know, a low so that, you know, she can kind of wake up a little bit. And, you know, she wants help. She can come and ask us.
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Chapter 2: How can parents help an adult child struggling financially without enabling bad habits?
Go to Zander.com or call 800-356-4282. Gary is in Riverside, California. Hey, Gary, what's up?
Hey, good morning, Dave and John. Thank you for taking my call. I'm calling on behalf of my mother-in-law. She's 85 years old. She's on a fixed income through Social Security and she's a widow. We just recently learned that she's racked up $38,000 in debt on credit cards through QVC, JTV, things like that. She's gone into a debt consolidation company without our knowledge.
And then she's still spending using her ATM card through QVC, JTV, HSN. And every purchase is the five easy payments. So she's got money coming out of her ATM now daily that's drawing her into the negative. And on top of that, she was just starting to find out she's trying to refinance her home. that would take her mortgage up to about 55% of her income.
So we're looking for suggestions, one, with the debt that's in collections, and two, how to stop the ongoing money that's coming out of her account literally on a daily basis. Doesn't matter if she goes back and does it again next week. We think we finally got her to the point where she realizes that she's got a problem and she can't do it.
she sign it over to you because right now you don't have a legal claim to tell her to stop so she does have a living trust and i am her financial power of attorney there but she has not been declared incompetent or anything like that we don't that's not what i'm talking about whether or not i want her to shut down all of her checking accounts and she has no spending available to her except what you give her and you operate her account as if she's incompetent
That was one of the things that my wife and I were discussing was whether we should shut down that account.
For her own good, not because you need her money, but I mean, she ain't got anything to start with. But the bottom line is, is I don't believe her.
This is a lonely lady that is getting someone on the phone who's talking to her on the shopping channel, and she's figured out a way to have a conversation when she's sitting there by herself, and she's going to do it again and again and again and again and again until you take all manner of payment out of her control.
And the only way to do that right now since she's not deemed incompetent is voluntarily. She has to give that to you.
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Chapter 3: What are the implications of enabling versus empowering a young adult?
Do this, this, and this. You got it? Yeah. Okay. You know what they did? Nothing. Not that. Nothing. It was freaking Dave Ramsey that said it, okay? I mean, this isn't like the other brother-in-law. This is me, you know? Yeah. God Almighty. Nothing. So, yeah, John's right. Sometimes it's the blood that's got to – the blood kin that's got to make the message go through.
It doesn't matter who it is. So you sound very credible, Gary. I like what you're saying, and I think you're going to have to – a partial – is going to create a partial door open to Facebook scams, to shopping channel scams, and she's going to sign up for all of them. And refinancing the house obviously is ridiculous. No, don't do that.
I would rather just put all these other bills in collections. Just let them go to collections and ruin her credit. That would be awesome. Yeah, so she can't get any more.
Dave, so I hear this only because I'm on this show, but if I read the headlines, all the headlines say is there's this bajillions of trillions of dollars of wealth in aging populations.
But I have to believe that's concentrated because the more I'm on this show, I'm hearing more and more of what I would call the other untold story of aging populations that are increasingly falling for Internet scams, letting princes over in somewhere in Africa borrow money. The Nigerian prince has a Bitcoin. Yeah, all kinds. But it's becoming... like really significant.
And I don't know if there's a broader conversation needs to happen, but people need to sit down with their aging parents, especially the ones that are not the ones that have millions of dollars at the disposal as much as these folks who are on social security, they got nothing and they're mortgaging their souls for this stuff.
Well, I've been hearing the shopping channel thing with aging for 30 years.
Forever.
That's been going on forever. Okay. What I will tell you has increased is two things. Buy now, pay later. The four easy payments for a freaking T-shirt. A $9 T-shirt. You get four payments on it. Okay. It's a problem here, people. And then the other thing is just technology has... you know, increase the size, the scale, the speed at which people get screwed. Yeah.
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Chapter 4: What strategies can families use to support a young adult in crisis?
And so these are frustrated life insurance agents is what they are. They're not real. And so sometimes I see these things. OK, the whales jumping on the Pacific life. Yeah. And we'll help you. And you got people walking in there holding hands in a rose garden and they're retiring and all this bull crap. It's stupid, but life insurance stuff.
My daughter, you're not going to believe me. My daughter yesterday and I. I wouldn't watch one of Bluey or whatever she wanted to watch. I wanted to watch a football game, so she curled up on the couch next to me. And they had a commercial, and she said, what does that have to do with whatever it is they're selling? She's nine. And I was like, not a lot, Josephine, not a lot.
It's called branding. It's called branding. Yeah, and so if the name of the company you're doing your investment in air quotes with has insurance in the name, you're about to get screwed. That's a good way to remember it. Okay. Done. So, I mean, you don't get your muffler fixed at the transmission store. You don't do investments with insurance. Okay. It's that simple.
We go, you know, we go to qualified people who have securities licenses, not insurance licenses to help you do real investing.
I just can't believe a penalty on anything would be 13% of the total of your portfolio.
And how about this? 20 day or 26 days with a 20 day cutoff. Oh, no, ma'am. We can't do that now. What business does that? Home Depot will take your lawnmower back two years after you bought it and give you a full refund. But not these bozos.
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Chapter 5: What tools can help with budgeting and financial planning?
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Chapter 6: How should I approach buying another Airbnb property?
Many people find thousands of dollars on average in just the first 15 minutes. Every dollar still has the same great budgeting features, but it's also going to help you work the Ramsey plan now, new and improved. Don't go into the year feeling broken, stressed. Start every dollar for free in the App Store or Google Play right now. James is in Rhode Island. Hi, James. How are you? Good, Dave.
How are you guys doing? Better than I deserve.
Chapter 7: What are the risks of investing in Airbnb properties?
What's up? all right so i'm a 40 year old guy i got a fiance and a baby who turned two in july and my fiance and i we have three airbnbs that are doing really well uh four years into it um last year we grossed about 102 000 uh this year we're go we're forecasting to do about 127 000 gross on the three airbnbs with a 62 profit margin Day job is hospitality sales.
I make about $100,000, $120,000 a year. She is a psychologist. She makes about $110,000. So our issue is there are these micro-loss. And another one is available, but it's in a super historic old building. And I'm thinking about getting a fourth Airbnb. But the banks are telling me that I've got to put 40% down. They're going for about $2.25. So...
I want to hear your take if I should get another profitable Airbnb and have it under the same roof as all my other ones. Or is that considered maybe too high risk? Okay.
Chapter 8: How can I effectively communicate my worth to my employer?
Well, I... not sure you called the right show. I'm not sure you know what we do, but, um, the, uh, um, so I own several hundred million dollars in real estate. Okay. I love real estate as an investment. Um, I went broke in the real estate business in my twenties, if you haven't heard the story and the way I did that was I borrowed too much money.
And the banks called our notes because we were in a high-risk scenario. The Airbnb business is basically the hotel business. It's a very high labor-intense, you know, a lot of hassle. So the money that you're earning on those Airbnbs, you're working your hiney off to get that money. And you're probably working some other people's hiney off because it's a lot of hassle. I'm the maintenance man.
I'm the housekeeper. I'm the guy checking them in. And you have a two-year-old. Yeah. Why don't you pick up golf, too? Oh, my God. You know, I mean, you ain't got time to do nothing. So I don't know that you have the bandwidth to add another one on your personal, number one.
Number two, the risk with Airbnbs is, as you probably know, and I don't know where it stands in Providence and Rhode Island, but many – HOAs, many neighborhoods, many entire municipalities are passing zoning to stop it because they're disruptive to the neighborhood. And so I know a lot of people that have lost the ability to run an Airbnb on a property they bought for an Airbnb.
And in a historic setting, that's very possible. Right. It's in a unique building. It's the oldest mall in America where there's retail on the first floor, and the second and third floor was repurposed to Airbnb. So it is in a commercial zone. Okay. So that means the risk of them rezoning it and keeping you from doing it is less?
To my understanding, yes. Or it's going to take one new tenant downstairs that's a big tenant that says, I don't want people living upstairs.
Well, we're all on the board. No, they're already got residential in there. It's just a matter of whether it's nightly rental residential because it's a hotel in a sense. So I don't know. You're doing some things I don't want to do, and I don't recommend people do things I don't want to do. So number one thing you're doing is you're buying property with someone you're not married to.
Very dangerous. Number two, you're going in debt to do it. Very dangerous. Number three, you have a high risk business model that's dependent upon someone else called Airbnb. Very dangerous. Number four, you have to do all the freaking work and you're getting ready to add 25% of the workload going from three to four. And you have a two-year-old. Very dangerous.
So that's what I meant by I don't know if you've been around as much. And I'm not trying to be mean to you. I just think that all you have seen in this is the upside. You've not considered any of the downsides. And that's the way I was in my 20s. And it's what caused me to go broke. And so now I'm always looking. I'm not a negative thinker. I buy.
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