The Ramsey Show - App - Avoiding Impending Financial Doom (Hour 1)

Episode Date: May 2, 2024

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. Best-selling author, Ramsey personality, Jade Walshaw, is my co-host today as we take your questions about your life and your money. 888-825-5225 is the number. Abdel is with us. I'm sorry.

Hey, Abdel, what's up? Yes. So I need your help, Ramsey. I have three different types of loans. I'm just going to break it down for you. My first loan is $20,525 in credit card debt. And the second one is $22,000 in student loans. And the third one is a car loan of $20,211. Those three loans are equaling the same amount as my income. So my income is $63,000. And my question in particular is for the credit card debt. I'm about to max out my credit card, and honestly, I'm paying $1,500, $2,000 a month,

and it's not getting anywhere because of the interest, and I'm just trying to weigh my options here and see, should I not pay and just settle it with the creditor, or should I find another option, especially for the credit card debt? Is it just one card card or is it several? No, just one card. What do you do?

So I work in the humanitarian sector. I help refugees. Okay. You work in the humanitarian sector and you help refugees? Yes, but I work in the finance sector and you help refugees. Yes, but I work in the finance department. I see. Okay. How old are you?

I'm 28 years old. It's just you? I have a wife and a son. Wife and a son. What's your wife make? My wife, she came from overseas, so she only has a high school education, so she's a stay-at-home mom. Okay. How old's the son? He's seven months old. Okay. So what's been the situation in your life where you can't live on $63,000? tell us more it's it's really you know stupid mistakes um i before you know

before i got married i had no debt besides the student loans and i had twenty thousand dollars in savings i think after i got married um especially you know the wedding in our in our country is very expensive the wedding cost me a loan thirty thousand dollars and then on top of that you know diapers and um you you know, gold for the wife. And just, you know, I brought the credit card down. I'm sorry, did you say gold? Yeah, I have to buy gold, yes. That's how you get married overseas.

The gold was a loan, like $10,000. Okay. So you got $40,000 that you didn't have to get married um and then you bought a twenty thousand dollar car you couldn't afford yes yeah and i don't think diapers is even on the list here yeah yeah so um okay well so the answer to your question Yeah. Yeah. So, okay. Well, so the answer to your question is that when we have financial problems, including when I had them, the problems are not the problem, they're the symptom. And what I'm hearing is you have a tremendous ability to, you really struggle with saying no to anyone.

That's correct. And so you're going to have to practice that word, no. No. No. We don't have the money. No. We're not in Congress. No.

I don't care what the culture says. No. I don't have the money. No. I can't do something that I don't have the money to do. No. We can't go over there. No.

I don't want to do this. No. I can't be here right now because I'm having to work extra jobs because I didn't say no before. Correct. So now you've got extra jobs coming and you're going to sell your car and that's where you can pay your credit card. So get rid of the car and get you a cheap car and take three extra jobs and work your brains out and by the way she can do something i agree and she needs to do something to create some income even with uh even if it's while the baby's napping she does something on ebay i don't care what she does but she needs to do something to create some income uh since we've invested forty thousand dollars into her you're not wrong that's pretty cold that was pretty cold but you're not wrong

that's true you know that's worth talking about stay at home mom um that you know if that's the choice you want to make that's true that's fine but there's something that you can do to earn money and there's so many great um if you don't want to pay the full cost of daycare there's great mom's day out programs where it can give you some time back seven months old sleep a lot yeah there's time back open up the computer and start doing something yeah while they're sleeping there's something you can do and earn some money and abdel you're going to be working more because you need more money and you're going to be on a really tight budget. You're not going out to eat. You're not going on vacation and you're selling a car that you shouldn't have bought. And then you can work through this and you can pay it. No,

you don't let your credit cards go and then not pay a bill that you promised to pay when you have the ability to do it. Now, the question is, are you willing to do those things? And that's going to be the $900 answer. That's so interesting to me. I mean, I come from the hillbilly culture, the noble hillbillies, by the way, which at no point in that culture would anyone have ever paid $10,000 for the opportunity to marry someone. You might have gotten paid $10,000 for the opportunity to marry someone? You might have gotten paid $10,000 to get someone out of their house, but you wouldn't

have paid for it. So it's so foreign to me. It's so, no pun intended. But I mean, it's obvious it's something that's a big deal in this culture. I'm not disrespecting that, but I just can't get my head around it because it's not where I come from. That's right. Yeah.

It's a lot of money. That's $10,000. $30,000 wedding. just can't get my head around it because it's not where i come from that's right yeah it's a lot of money uh that's ten thousand dollars thirty thousand dollar wedding you're looking at a broke guy who's going to bring your daughter to america and be his wife and the culture says you have to give ten thousand dollars in gold wow well you know part of it is it just goes to show that culturally no matter what culture there's things that if you really put some thought into it, you can say, well, that's a little bit backwards. Right. Like we've got that in our culture. There's I mean, we talk about it every day. Yeah. Our culture says, hey, if you need something going into debt to get it, we have you want to education, get a student loan. You want a car, get a car note. And it takes a moment to like you said, you have to look at that and go, does that really make sense for me or really for anybody? And it's a head scratcher. And then you say, no, I'm not going

to do that. Yeah. I'm not going to be normal. I'm not going to be normal. But this is a cautionary tale. I think of how, you know, what seems like a small amount of debt in quotes, $20,000. That's I can handle that. And then you do another $20,000. I can handle that in a car loan. And then $20,000 in student loans, that's not that bad. And then before you know it, like you said, it's the exact amount of your income. It's scary to me how fast he went from having some money and no debt all the way to having no money and a bunch of debt,

and it all centered around not saying no to something or not questioning the protocols that are put in front of you. So, and I don't know that you can. I'm not sure how this goes. That's true. I really don't know

what he's facing on that because I don't understand it. Yeah. But it still has to do with, no, can't do that. Yeah, you can afford

what you can afford. Yeah, don't have the money. This, what do you, I guess, no, this is The ramsey show jade washall ramsey personality is my co-host today dave is with us and dave is

in orlando hi dave how are you hi i'm good dave thank you so much for taking my call. Sure. What's up? Hi, so my wife and I, so we are foster parents, and we were taking care of a baby pretty much from a newborn until about eight months. The mom did great. She got her kids back after she went through some struggles. Long story short, her case has been closed. She has all her kids back and she is struggling again. So with pretty much all aspects of life, but financially, she made some poor decisions with a car, ended up breaking down and she had to junk it. And she contacted us just for some help financially. We haven't helped her with money before, but obviously we love her son very much. We want her to succeed.

We know that giving her money is not a long-term solution to anything. So we're really just trying to think about the best way to approach her, talk to her about what's going on, how her finances are, how she can get assistance, build a budget, et cetera. And she's a very, very shy, closed off type person. So we don't want to scare her off, but obviously still wanting to help her. We're just looking for the best way to maybe approach that. Well, I mean, all you can do that's reasonable is to coach her, and the only way you can coach her is to the extent she'll accept the coaching, right? Right.

Yeah, and I talked to her yesterday, and I asked her if she would be open to having a financial conversation. My wife and I are in good shape. We're very stable. And if she said she was open to having that conversation, she said she doesn't really understand debt and just finances in general. And on top of that, I mean, she has three kids now. She's not working, has a baby who's now a year,

and her other two kids are nine and 10 and she just has absolutely no idea what to do. She can't get daycare for her baby because in order to get assistance through the state, she has to have two paychecks before they'll provide daycare assistance. So she is just going crazy and we feel like she's close to getting back to a point where she may make some poor decisions or drugs or something like that. is, again, the symptom of all the things that have gone on in her life. Okay? But maybe you can coach some of the things in her life by using the financial door to go through. Having dealt with this a bunch of times over the years,

the warning I would give you is I would tell you to be very, very clear up front because when you said financial conversation, you meant coaching. She might have heard money. You're going to have a conversation about how much money you're going to give me. Yes, I'll be happy to have that conversation. It's very clear to her that you're not going to give her money because you're not going to give her money because you're not um that then uh because this

is a messed up toxic situation if you start that um then she may cut you loose so you need to be ready for that emotionally okay and so i think um you know what i would offer if i were in this situation with your wife present i would just say uh in in person over a cup of coffee um look we love the little boy and that means that we would love to help you and our help to you would be that as a as your older brother and older sister here that are successful in a lot of areas of life that you're not yet, we can show you a better path in a bunch of these areas and help her get plugged into a good church. They can help her with the daycare get started.

Let someone do that. But if she starts to see this baby as a ticket to get money out of you, this is going to get really ugly fast. Right, right, right, yeah. And so she did move two hours away from us when the case was finally closed. I guess that was about a month ago. And we did at that time give her $200 to help moving expenses and get a truck to go down there.

So I'm hoping that she doesn't think that that door is already open. She does. She does. She does. But the trick is can you make a trip down there, sit down, be very clear, we love you because we love this baby, we want to coach you and help you. But it's going to be we're going to show you how to get on your feet, not we're going to give you money to get on your feet and uh she may give you the middle finger um let me it's a better

than a 50 probability yeah based on my experience but uh but if she she may have been just dying it's sad but sometimes folk in these situation will use a baby as a method of manipulation well that's the thing i would probably caution um against with david just to be really careful because obviously they love this this little boy and so there's probably um a part in them that wants to try to control the situation because in their minds like we have the means like we understand money we understand how to take care of this kid and so i think that they have to really guard their hearts in this situation because, like you said. Yeah, so sad.

Yeah. But I think what she's got to have is she's got to have some mentors and some people in her life. That's why I said plug her into a good church. Let's get her started walking on a character path. I didn't let her get because obviously, based on what you said, she's been struggling with that. And you're afraid she's going to fall back off of that. And when she gets that character thing straightened out, then you can show her the mechanics of the money piece. But, um, but she's going to have to go to work and she's got to feed three kids

and we're going to have to figure out a way to cause her to be able to do that with some community support and that community will help her if she's heading in the right way. And you can probably line that up um and if and i think you're a wonderful person for investing into this but uh but but just be very careful that you're not being um manipulated because that sometimes is the only skill someone has um and they're very skillful in some cases i'm not saying that's true about her a hundred percent but it's just something i would personally be careful with if i was walking into this i'd want my eyes wide open open phones at 888-825-5225 royce is in dallas texas hi royce how are you

good how are you dave better than i deserve what's up um so i am a um finance or i guess you say graduate finance student. I'm getting my MBA, my undergrad, and finance. Cool. And so you know how all of them are. Yep, I do. They teach you to go out and leverage and so on and so forth, okay? The financial situation that I'm in is I'm completely debt-free.

I have $100,000-ish something dollars of invested money in Morgan Stanley, and then I have some other stuff. There's a 401ks. I have $30 or 30,000 in on hand cash. And I have an opportunity to buy a $50,000 house. Would you leverage some part of it? The renovations, would you buy it off cash?

Cause my whole thought pattern is if I leave that money working and do parts of it. So like finance 25 cash cash 25 cash on the restoration it allows some of my work and some of my money to still be working yeah well back when you had common sense before you got your MBA you would have never done that right and so I agree with you on that partly then so my thing is though, do you think that there's ever situations where that would come in? Because I know the situation you got in, right? No, I do not borrow money, and I do not tell people to borrow money, especially for investment real estate.

Pay cash for it or don't do it because you increase your risk, and what they don't teach you in the mba program is to mathematically factor in the risk they act like with the formulas they teach you their formulas the formulas that i learned same the same ones and getting a finance degree are fairly simplistic in that they do not address the risk issue and the more you borrow the more risk you have we know that okay and and nowhere in anything you learned in that mba program does it increase the does it decrease the returns based on increased risk because of debt there's not a formula that they have in that program that shows you that and yet that is reality so every time you borrow money

you increase risk the more money you borrow the more risk the less money you borrow, the more risk. The less money you borrow, the less risk. And risk does affect return over the scope of time. And so don't do it. Don't do it. The borrower is slave to the lender. God is smarter than your MBA professor. This is The Ramsey Show. Jade Walsh, all Ramsey personalities, my co-host. I'm Dave ramsey your host open phones here on the ramsey show phone number is 888-825-5225 emily is in washington dc hi emily how are you

hi dave thank you so much for taking my call today sure what's up um we just have a quick question my husband and i are wondering if we are being selfish with a family financial decision that we're making. I'm going to preface it by saying that we are in total agreement on this, and he would be the one to have a conversation with his family. So the overall situation is that he has many siblings, and we try to get together and go on vacations or just have family gatherings fairly often. However, his youngest sister does have a very different financial situation than the rest of us have, so we've covered her expenses anytime we get together, and particularly going on vacation, usually not a big deal. It's just a few hundred extra bucks. However, there has kind of been an expectation to pay and there is conversation around going overseas to where they are from originally, where the family is from originally

for a bigger trip in 2025, which would, if we covered her expenses, it would cost us thousands of dollars. That's just not in our budget. It's not something we can do. It would already be kind of at the top of our budget to begin with. But in kind of expressing this decision, not being able to cover her, her husband, her five kids, it's really ripping apart our family because we're being told we're being selfish by not helping her out wait sorry it's her husband and her five kids and yes and who's telling you you're selfish um the other siblings and how much of it were they

covering they were we've always kind of split things fairly equally. And so if we split it three ways, it would still be a few thousand dollars for all of us. Can I ask why? Can I ask why? What's the situation that everybody is floating them? Yeah, that's a great question. So some of it, I would say lifestyle choices, just in the fact that they live in a small town, her husband doesn't have this this expectation is and yeah there's no obligation anything that you've done before you kind of did set up maybe an expectation but you did that out of the kindness of your heart as

it sounds like the other siblings did but just because someone is kind and decide that they want to give one time doesn't mean that they're obligated to give every time and at whatever limit that other person decides. Right. If I were you, I would have no. When I tell you I would lose zero sleep over saying I'm not going to fund this. It's too expensive, period. And you don't have to give a bunch of reasons. Just, hey, it was fun for us to be able to do that before with this trip.

We're not going to be able to help out and by the way probably going forward you know we've decided that the faucet has turned off at this point especially with the way you folk have reacted yeah yeah no gratefulness yeah gratitude turned into entitlement and so um you know the the issues this what you're discovering, and it's sad, and I've run into this, everybody's run into this. Henry Cloud talks about this in his classic book, Boundaries, that when someone doesn't respect your boundaries, it means they feel entitled to walk in your yard, to take your money, they feel entitled to your money.

And then when you set a boundary with a boundaryless person, roughly 100% of the time it pisses them off. Almost every time, right? And so once you say you can't play in the yard, it's my yard, and you can't come over here, there's a fence here. You should stay on your side of the fence. You know, that's a boundary, in other words. Then the people who have gotten used to treating your yard like it's their yard,

they go, oh, but we like playing in your yard. And so, no, you can't play in my checkbook anymore. There's not room for both of us, and so I'm going to declare it mine and I'm going to close the gate. The gate was open and close the gate the gate was open and now the gate's closed and and since you're bitching about it i'm going to leave the gate closed forever that kind of goes there too so um that's that's the way i mean and as far as the other siblings uh whining about it it falls under the category of nunya nunya business go kick rocks

exactly and here's the thing i thought you were going to lay out some um hardship or something that was kind of outside the box but truly it's choices yeah choices and and so you chose not to be able to afford to go on this international vacation with your five children um which by the way most people you know i i never even saw the ocean till i was a teenager so i mean i grew up in tennessee so i mean come on i mean it's like that that's what that's what people that don't have money do you know so it's you don't get to do stuff that people with money get to do it's how that works and so yeah um gosh i'm sorry though i'm sorry it's bringing a pain to y'all. And I wish I had something other than smart aleck things to say that would actually make this go away because it won't.

But it won't go away. And so you're just going to have to smile and say, gosh, I'm so sorry y'all feel that way. I love y'all, but this is our decision. And you don't have to. I would not justify it. I wouldn't talk about you don't I would not justify it I wouldn't talk about the decisions they need to make different I wouldn't talk about enabling I wouldn't talk about entitlement or boundaries I would just say this is our decision we love y'all and gosh I hope it doesn't I hope you don't permanently cut us off but if you do then

that's what you'll have to do and gosh I sure I sure hope not. But we love y'all. And no. The good news is you and your spouse are on the same page about this. That's the only way. And you already prefaced it with he's going to handle his own family. Bless his heart. So, yeah, it's a thing, man. It's a thing.

Oh, wow. Yeah. I've had some of these conversations. I mean, when we went broke and lost everything. So Sharon has five brothers and sisters. And there's 13 grandkids. Yeah. I've had some of these conversations. I mean, when we went broke and lost everything. So Sharon has five brothers and sisters, and there's 13 grandkids, okay, of which Daniel is the youngest. Okay. So Rachel is one of the youngest, in other words.

And so that family, they've all done very well, and they're wonderful people. And everybody gave everybody something at Christmas. Well, I completely screwed that up because I went broke, and I didn't have the money to give everybody something. Yes. And so we were there at Thanksgiving, and they're talking about Christmas, and I said, guys, I'm sorry, I got bad news. We just can't do that. We just went bankrupt.

We don't have any money. And so we're going to have to draw names. just can't do that. We just went bankrupt. We don't have any money. And so we're going to have to draw names. And my suggestion also is the children under 12 get gifts from other people, but everybody else is treated as an adult and gets one gift from another adult, and we all just draw names.

And no, to their credit, I'm bragging on my wife's family. They all said, that's a really good idea, because I think this other one sucked. It was getting out of control. And I'm bragging on my wife's family they all said that's a really good idea because I think this other one sucked it was getting out of control and I'm glad you brought it up but I was kind of sharing Sharon's like they're not gonna like that and I said I know they're generous sweet people they're not gonna like it but we don't have any money oh man we can't play anymore we don't have the we can't pay the ticket to play in this yeah we can't get into this place

anymore we can't pay the ticket and so this is the only thing we can do and so we love y'all but and they were instead they were all like well thank god somebody else said you know and so that that family that was uh 30 years ago we've drawn names ever since for 30 years now that's great so sometimes it's a good result but but it wasn't someone that felt entitled that's right in that conversation instead of mature good solid people who respected the pain that we were in at the time and how embarrassing it was for us to have to say that out loud and all of that at that means you imagine sitting at your in-laws Thanksgiving dinner and announcing. I have been there. And my story didn't go as well, Dave. Oh, no. Oh, no.

You know. You caused trouble with the in-laws, did you, Jade? You know, I said maybe we give names. Who knew, Sam? Maybe we draw names. I didn't know she was that way. I wouldn't have known it. All right, you know.

There you go. Well, here's the thing. We're still drawing names to this day. Oh, even though. There was some kicking and screaming to begin with, but. It's okay. It's a good thing. It's all good now. all right you know you go well here's the thing we're still drawing names to this day so oh even though there was some kicking and screaming to begin with but it's okay it's all good now it's a good thing well you know how i feel adults don't need to buy other adults gifts i heard you talk i heard rachel and george talking about you the other day on their show saying that i like that so there we go get your own blender learn to get your own blender aunt gertie this is the ramsey

show go get your own blender learn to get your own blender aunt gertie this is the ramsey show well the ramsey cash giveaway is here look at this that's three thousand dollars right there this yesterday and dr john deloney thought he's getting a bonus i when i saw it there i thought i wondered if it was for me as well but it it's not. It's not. Not for you. It's for some lucky person. We're going to give away $500 a week and the grand prize of $3,000. How would you spend $3,000 if you wanted? I hope you'd work your baby steps.

You might just have to buy some groceries. It could happen that way. These days, it wouldn't last that long at the grocery store. But anyway, hey, it takes 15 seconds to enter the Ramsey Cash Giveaway. It's completely free. You can enter every day to increase your chances to win at ramseysolutions.com slash giveaway. No purchase is necessary.

You've got to be 18. That's the law and stuff. So for a limited time, you can get 20% off in our store on all of our bestsellers, like Dr. John Deloney's latest bestseller, Building a Non-Anxious Life, on sale for the very first time. The Questions for Human Conversation cards are on sale. My number one bestseller, the latest one, is the Baby Steps Millionaires book, which includes the white paper in the back, all the study, the research done on the millionaires,

the real millionaires in there. So pretty cool stuff. All of that's on sale. So whether you're ready to kick debt to the curb or you want to live a less anxious life check it out you can get 20 off and shop the sale at ramsey solutions.com store joshua's in san antonio texas hi joshua how are you hey dave how are you doing better than i deserve what's up up? So my wife and I, a few months back, were presented an offer or deal from my parents to buy their house from them.

So through them and not a mortgage company, so pretty much like a rent to own, we had about $60,000 in debt. So we decided to sell our first home and take their deal. So we used that money to pay off about $30,000 in debt, the equity from the sale of the house. So my question is, after we pay off a little bit more debt, which we have about $30,000 left. Is it smart for us to continue to pay the house through my parents or get a mortgage loan? So you simply just took over the payment. There was no paperwork? No, there's no payment. The house is paid for and you're paying them payments. No. So my parents have a mortgage and we're paying. We've agreed on a price to buy the house. The house, the price that they're selling it to us, quote unquote, is below market value.

They're selling it to us at the county appraised. Which is what? $340,000. And market value is like $380 like 380 and what do you guys make um right now i make about 75 000 a year um my wife is with my two kids okay and we were we did have a house we were paying, that one was about $240,000. We outgrew that house. That's why this house was a bigger house for us,

and we just outgrew it with the family. Yeah, so your take-home pay is what? About $72,000. Oh, that's your take-home pay, $72,000? Yes. Okay, all right. And so we're dealing with like $6,000 a month, and your payment on this mortgage is how much? $2,000.

$2,000. That's a lot. It is a lot. And so we went from $13,000 at our... You went from being able to afford your mortgage to not being able to afford your mortgage is what you did. Yeah. We did get to pay off, like you said, $30,000. Yeah, but you still have $30,000 in debt left, right? Yes. And you gave your parents $30,000 already? No, we have not paid them.

That paid off your other debt. That paid off the other $30,000 of debt you had. Yes, that paid off $30,000. I thought you got $60,000 out of the house when you sold it. No, we got $30,000 out of the house when we sold it. I had $60,000 in debt. Oh, okay. So you got no money now. I have a little bit in my savings and then what we have, what i make obviously what's in your savings how much savings do you have right now we have three thousand and saving okay so three thousand

in savings you've got a mortgage that you're paying that's a third of your take home dude you guys have made such a big mess i don't even know where to start um this is a disaster here's the problem okay uh you're a renter you do not own the house and you're not on the mortgage and you do not have the money to purchase the house because the purchase of the house to get a mortgage will require a uh a down payment mortgage companies don't just give 100% loans. And so you don't have the money to purchase the house, and you can't put the house in your name with that other mortgage on there because that mortgage has what's called a due on sale clause in it that if they transfer the title to your name at the courthouse the mortgage company is going to call that mortgage due in full and foreclose on your butt and so um you guys have made a huge mess because you didn't

know what the flippy were doing all of you just thought you could just slop around and this would work out just because you wanted a bigger house this is awful um so i i think the only way that i can see out of this is for you guys to take six jobs and quickly put together some money for a down payment how much is the balance on the mortgage um 90,000 okay and you're buying the house for 300 yes we're um they're you know they're selling it to us that's the agreed amount okay yes all right um yeah you're going to have to sit with a mortgage company and figure out how you can either your parents gift you another 30 000 out of this remaining equity and they show that as a down payment on this house,

and you get a mortgage and get the house into your name, for God's sakes. Because if your parents have some kind of a problem that even they didn't mean to have, they are in a car wreck and get sued for $500,000, and the insurance doesn't cover it, the $500,000 lien will be against this house because it's in their name. It's not in your name. So everything that they do ends up on this house because it's in their name, not in your name.

So every day that you sit there acting like this is your house when it's not your house, you are in dire risk. And so that's why this is such a bad deal. My question is, why can't you just agree to be renters why did why why do we need to jump the gun to buy it why why not say okay because there's nothing that points to any form of ownership the parents own the house they're on the mortgage they're on the title so you can just sit there and be a renter just be a renter you can do that get in a better position to where you can buy you went and rented a house you can't afford. Yeah, they did.

You went and rented, I mean, it's. Yeah. Well. How do you have a $2,000 payment? Is that what he said? He said $2,000. On 90 grand. On 90,000.

So they are, they're making profit off of them. They're not, it's not, it's. Yeah. Yeah. Okay. So this is, you know, there's. This was a bad plan, top to bottom. And I'm not real sure how you're going to get out of it other than quickly to come up with a down payment and try to qualify for the mortgage and get it. Get the house and the mortgage into your name.

That's the only thing I can come up with. The sooner you do that, the better off you're going to be because in the meantime, you're just paying off somebody else's mortgage. You went from being a homeowner to being a renter. And if something happens with one of them and there ends up liens on this property, you're never going to get the property. And believe me, in 35 years of doing what I do, I run into that a lot because people who do bad deals have a tendency to do other bad deals.

Sure. Yeah, that's a good point. Bad deal meaning don't know what the flip you guys were doing. You just wandered backward into this and thought you could pull this off. And so, yeah, you really need to sit down and start talking about how you can get a mortgage, how quickly you can save with the down payment to do that, and if you can get any credit from the equity reduction, from the price reduction towards a down payment as far as the way the mortgage company looks at it. In other words, if they're willing to sell it to you for $340,000,

do we instead show it at $360,000, and the mortgage company shows that $20,000 as a gift from your parents? There's a possibility they can do that. So I would look into that. But this is a classic case of I want a bigger house. I can't afford it, and I did it anyway. And that's what you got yourself into, Joshua. I'm sorry.

Wow. I hope you get out of this with your skin. This is The Ramsey Show. Thank you.