The Ramsey Show - App - Dave Rant: This Was Unbelievably Stupid! (Hour 2)

Episode Date: July 10, 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. George Camel, Ramsey personality, number one best-selling author of the book Breaking Free from Broke. He is my co-host today. Open phones at 888-825-5225. James is in Salt Lake City. Hi, James. How are you?

Really good, Dave. How are you? Really good, Dave. How are you? Better than I deserve. What's up? Yeah, so we have a situation here. My wife and I got married about three months ago, and my father-in-law, I know you say there's always a little bit of crazy in the family, and I feel like he's been the crazy in our family so far. We learned a few months ago he drained his 401k to send to somebody in the Philippines because they promised him a 50% return on his investment. And he didn't tell anyone and he was so excited about it that he quit his job.

And then he just sold his house. I helped I helped him sell his house cause I was, I'm an agent and we also had a, he's planning on going back to the Philippines. He's wanting to move there cause he just reached the 62 and a half and wants to retire. And he's so excited about this investment that he feels like he can, but he has zero savings. He just sold the house and yesterday we closed and got the money. It's in my wife and I's account, but he wants to spend all of it in that investment in the Philippines. Um, cause he wants to get more of a return. So we do have that power of attorney that gives us the ability to, I guess, hold back on it.

I mean, it was originally intended to give us access to his accounts while he's gone and manage things. But we feel like this is some kind of Ponzi scheme again, and he doesn't have any savings, any income, and we're kind of worried about what to do especially because with the has anybody talked to him about the fact that he got scammed we've tried to but and he doesn't believe it kind of fuels him no he doesn't believe it and it's kind of fueled him even more he's like oh i'm going to prove to them that it's not a scam

by sending more and then every time he talks to the person he sends money to with some doubts, she's like, oh, I'll give you more. How is he communicating with this person? And how did he find them? It's been over calls. It's like a friend that he connected to some kind of friend he used to know. What's the investment supposedly in? He said it's some kind of government project.

Oh, boy. Yeah. Yeah, there's a Nigerian prince involved. And he hasn't actually seen the return on this money. There's no actual results. He got like $2,000 a couple weeks ago, and that kind of, and that was after he sent his whole 401k over there.

So it's definitely not anything that he sent over, and it's kind of made him even more excited. Well, that's part of their scam is they give you a little bit, and they go, oh, if you give us more, and then you give them even more, and then they disappear. It's a pretty standard scam. Okay, so this is your wife's dad. You're a whole three months on the scene.

Your wife has to tell him, Dad, I love you too much. I'm going to protect you from how dumb you are. He's not crazy. He's not crazy. He's just dumb. He's naive, right? I mean, that doesn't make him crazy. People get scammed all the time that are trusting, sweet, kind people.

Yeah, and I think his daughter has to look at him and say, Dad, I am almost positive you have gotten scammed. And you don't think you did. But because I love you, I'm going to sit on this money for you until this proves out. If you get all of the money from your 401k back, then we'll talk about doing more investing with the lady. But until you get all the money back and get a return, we're not putting any more in. $2,000 is just bait. But you can't do this.

She's got to do it. But you're telling me you have control of the account. So you don't, I mean, this is not a matter of persuasion you're just telling him what you're going to do he's going to be pissed yeah and that's what we're worried about too i mean well you can't you can't keep that you know you're either gonna he's either gonna be pissed or he's gonna be broke you get to choose which there's really not a middle ground because i mean the guy you're describing to me he's got a hook hanging out of his lip he's he's bit hook line and sinker buddy and he's about to be homeless which means he's going to be living homeless and penniless and stuck in the philipines worried

about yeah yeah with the with their culture it's like if the parents can't provide for themselves the kids take a man and that's what i'm is he filipino yeah he's filipino yeah so i'm worried like oh he's gonna lose all his money and then we're gonna be married and then we're gonna have to take her dad in and take care of him yep and she needs to tell him all that dad i see I see where this is going, and I don't like it. Yeah. And you're not Hispanic, right?

No, no, no. Yeah. You really got to stay out of this. The only chance you've got of him maintaining a relationship with his daughter is if his daughter handles this. It't be we it's me she needs to say dad i am not going to give you your money until this investment returns because i am almost positive you have gotten scammed i know you don't think that but i love you and i am going to protect you from this woman who is scamming you and i know you're going to be you from this woman who is scamming you. And I know you're going to be angry with me, but later on, we'll see how it works out.

If you get all your 401k money back and I'm wrong, I'll release this money to you. But I don't think you're going to get your money back. I think you've gotten completely taken in. And she just needs to tell him that. That's what I would do if it was my family. But she doesn't need to say, my husband and i have talked about this she's got to bear the emotional brunt of this because it's the only person he can hear it from and come back to later if you get saddled with the blame for this you're just going to be the evil evil son-in-law everything was okay till you came along yeah and you don't understand how it is in our family and all this crap right that's that's the that's the narrative that's going to come out of this so yeah the only chance you you she has

of doing this so you really have two options one is she handles it and tells him, because I love you, I think this is a scam, and I'm going to protect you from this woman by not releasing these funds. I don't need them. They're going to be sitting here. You don't have to worry about me taking the money. And if you get all your money back and you get a 50% return on your money, I will release the funds because I was wrong about you being scammed. But you're not going to get your money back, Dad.

She stole it from you. You got scammed, Dad. And this is your wife talking to her dad. And she doesn't need to say, do not bring your name into it and do not say we. Say me. Because I'm telling you, her dad is going to be pissed at you for decades if you get blamed for this move. She's got to carry the emotional weight of this for the good of her dad. And that's what I would do if it was in my house.

That's how we would handle it. Wow. I'm so sorry. That's awful. This is The Ramsey Show. George Campbell, Ramsey Personality, is my co-host. Keisha is with us in San Antonio. Hi, Keisha. How are you? Hi, Dave.

I'm great. Thanks for taking my call. Sure. What's up? I'm calling because I need guidance. I am a great saver. However, I haven't invested at all. I'm 50 years old. I have about $300,000 in cash and I haven't invested. So my money's just sitting in the bank, not earning any income. And I need your help. I opened a Roth IRA yesterday and I

put $8,000 in there because that's the max that you can put, but then I don't know where to go forward. What did you put it in? I put it in a Fidelity account. I just funded the account. I haven't invested yet. Okay.

What are you going to invest it in? I don't know. That's why I called you. Oh, okay. Okay. I don't know. That's why I called you. Oh, okay. Okay. I don't know. I don't know what to do next. I'm going to research, but I wanted your guidance as a blueprint before I started moving forward. Do you have a retirement plan as well through your employer? I do, but I haven't taken advantage of it. Do you have like a Roth 401k? Have you done some homework on that?

I haven't done anything i just i just started yesterday and that's why i'm calling today so i can get some guidance i have a little bit more money saved so in my checking account for myself i have three hundred thousand dollars saved i put the eight thousand in the roth ira yesterday my daughter i've saved for her college and a cd five percent and she has a hundred thousand dollars in there. And then I have a $25,000 that I operate. That's my operating budget out of my checking account. Okay. You are very good at saving. What do you make? Well, I'm a nurse and my income varies. So right now it can be from, depending on how much

overtime you want to do. So it can be from 150. Right now it's 76, 75. That's cool. Good for you. All right. So this is not a one-time, five-minute discussion, and you suddenly are an investor okay this is you begin the uh process of learning over the rest of your life about investing and the more you learn the more comfortable you'll be okay it it like when you went to get to become a nurse and you went to nursing school, you didn't go to one class and then you were a nurse.

You began a journey of learning, and that made you competent. Does that make sense? Yes, sir. And your confidence and your peace of mind will increase with your competence as you learn more. So what you're looking for is not just an answer from Dave on the radio or George for a few minutes here. We'll get you started, but you're going to start the process of learning. And the more you learn, the more comfortable you'll be investing and you'll be as good an investor in a year or two as you are a saver. And you need to be, and I'll tell

you why in a minute. Okay okay so what you're looking for is go to ramsey solutions.com and click on smart investor pro and find the pros in san antonio and talk to a couple of them and interview them and decide who you want to work with what you're looking for someone you're comfortable with and here's what's really important and we try to not have any smart investor pros that aren't this number one they're going to teach if you go to for someone you're comfortable with and here's what's really important and we try to not have any smart investor pros that aren't this number one they're going to teach if you go to our smart mr pros the people we recommend they're going to do stuff the way we teach so it's going to sound like we sound on the radio the advice is not going to be the opposite of what we teach okay

the second thing is is they're going to have the heart of a teacher they're more concerned about you learning a little bit before you invest because in a person who starts investing from where you are um you'll freak out the next day when the news media has something to say on the channel if you if you don't know what you're doing okay so or if you just did it because dave said do it or george said do it okay so i want you to have someone with dave said do it or george said do it okay so i want you to have someone with the heart of a teacher and that means when you meet with them every time you meet with them you should learn something okay and so that way you're making your investing decisions i'm not george isn't and the smart investor pro isn't you are making

the decisions because it's your money, and you need to have your hands around it. Now, having said all of that. Yeah, I started learning all of that. That's what I was saying. I just wanted a guidance. So if someone tells me something that's just too far off, then I'll say, no, this is my blueprint.

Yeah, okay. Well, your blueprint is that you have to understand it or you don't do it. Okay. That's number one. We teach people, and George and I both personally invest, in four types of mutual funds evenly, 25% each. So $75,000 each out of the $300,000. And we would say growth, growth in income, aggressive growth, and international. Mutual funds that have at least, if you're buying from a smart investor pro,

have at least a 10-year track record. Don't buy brand new funds. Now, inside your 401k, you can do exactly the same thing and max it out. As George pointed out, do a Roth 401 over there, and maybe they've even got a match, and that'll help. And you make enough, plenty, to load that 401k up and do a Roth with Fidelity. And you may choose to move that Fidelity with the SmartVest or that Roth to the SmartVest Pro from Fidelity. Or they may help you do it with Fidelity.

I don't care. It doesn't matter to me. Fidelity's not bad. There's nothing wrong with them. All these mutual fund companies have good funds and not so good funds. And so you're going to look at the track record on the mutual fund and say for the last 10 years or 20 years or 30 years, it's averaged X percent. It's had so many down years, so many up years. And here's what the stock market has looked like. And we're going to measure that and look at that. And you're

going to learn about all that. So four types of funds, growth, growth in income, aggressive growth, and here's why this matters. Okay? The $300,000 has been sitting there for how long? Well, actually, it's gone down quite a bit. I had $500,000 in there, but it's probably been in there for five to seven years why has it gone down i had a major expense that i had to pay fifty thousand dollars for that and um i paid for a funeral and just over the years i had a major expense and that made me

look back at my finances to see what i was doing and then i was just do you have an emergency fund separate from this money yeah she said she had 25k okay you're dipping you've been dipping into this over time i would get into uh over time yeah yeah okay so let's just pretend from an investment viewpoint that you had 300 000 sitting there for seven years it made nothing okay if it was invested at a 10% rate of return, over seven years it would have doubled. Exactly. It would have become $600,000. So the fact that you've not learned about investing

and not therefore done investing has so far cost you $300,000. Correct. That's how important this is. Because here's the deal, you're 50. When you're 57, if you invest it well, this will be $600,000. And when you're 64, that $600,000 will be $1.2 million. And that's if you never add a dime to it. And when you're 70, when you're, yeah, when you're 71, that $1.2 million would be $2.4 million. If you quit dipping into it and you start investing it well. That's pretty cool. Yes.

I'm going to double my income this year. I don't need your income. I just put your money to work instead of it sitting on its butt. Okay. That's all I did. And it made you worth a couple million bucks at 71 years old. That's how important this conversation is so congratulations thank you thank you for asking these questions oh thank you so starting from day zero today if i put invest this 300 by the time i'm 71 i could have potentially

two million yep okay just think every if it's invested at ten percent it'll double a lump sum will double every seven years okay and by the way that number doesn't come out of thin air that's the actual track record of the s&p 500 the 500 largest companies on the stock market 11.3 percent is what it's averaged since the stock market began that's the average annual and so if you if you only make 10 if you don't even do as good as the market every seven years your money will double so get online right now and get a smart mr pro in your corner go have a meeting or two interview a couple of them find somebody you like and begin the process of learning and get this money to work get it up off its butt it's

sitting there and it's dwindling away because you haven't unplugged it from your emotions. You need to set it over there somewhere and forget it. I'm more scared of losing all that money than scared of the stock market, which has a great track record. So get on it. You'll be doing just fine. Good stuff. This is The Ramsey Show.

George Campbell, Ramsey Personality, is my co-host today. Thank you for joining us. Our question of the day comes from Steve in Mississippi. Steve says, last year, my wife and I bought a home from a family member and have been living in it ever since. However, we didn't transfer the deed or title, refinance, or switch the mortgage to our names. Technically, the house still belongs to him and his wife because we wanted to keep their 3% mortgage rate instead of the 6% to 7% rate we were quoted. We paid $150,000 up front when we made the deal, and we've been making the monthly mortgage payments since last year. Recently, we've reconsidered the deal and want

to legally transfer the house to our names. The bank says they can't consider the $150,000 as a down payment because there's no contract. They suggested changing the sale price to $150,000 instead. Is this a bad idea for us? If we sell in the future, will potential buyers be confused about the low purchase price compared to the house's value? There's a lot going on here. A lot of mistakes have been made already. Yeah. Steve, what you did was unbelievably stupid. This is dangerous, really dumb and dangerous. Okay. Let's just pretend. Let's pretend the couple you're buying this from had a car wreck and it was an accident but they get sued

for a half million or five hundred thousand dollars and they lose the lawsuit there's now a lien on the house that they own for five hundred thousand dollars you just lost your 150k in that scenario oh if the bank discovers you've done this, that the mortgage is with, they're going to call the loan 100%. You have to pay the whole stinking thing off, and 30 days or they're going to start foreclosure. There's a due on sale clause in paragraph 17 in the deed of trust that your relative signed, and he sold the house without the bank's knowledge under the table and when they discover

that they'll call the whole mortgage and foreclose on him and take your house that you put 150,000 dollars down on dumb oh if the house burns you got no insurance doofus because you don't own the house and their homeowner's insurance doesn't cover you as a renter they had to transfer that to fire and ec and they didn't do that either a landlord policy so you guys have just lined up stupidity in a row and knocked it over like dominoes dangerous all so you could get a three percent mortgage that any mirrors you're killing me dude you're killing me here wow you just rented very expensively yeah and you gave the landlord what you can do is

write up a contract that says i'm gonna put down 150 000 bucks and put down 150 000 bucks and go to the closing table and get a mortgage and do a normal house transaction where you now own the house and you now have a six percent mortgage which is what you should have done from the very first moment and if you don't and you want to just transfer that and just take over and you can't take over the mortgage get a new mortgage in the amount of the mortgage what the bank is suggesting to you that's fine too i don't care get this house in your name now and shut up about your interest rate. You've got a whole lot more at risk than 3% here with the level of dumbness that y'all have engaged in here.

Gee, man, just unbelievable. Question, Dave. You can't just make up crap like this. You have no idea what the implications are. So obviously. He put in $150K. Would he have to get that back and then put it back in to make it official? You can show it on a closing statement as a down payment.

You just show it on the closing statement because it's already been transferred to the owner. Reduce what the owner is going to receive. It can show. But you have to have a contract that says this. And you can't have two contracts. It's called dual contracts. That's fraud. You can't have one you show the bank and one, that's the real deal. You show them what you

doing. We'll put down 150. The money's already been transferred to them. Like it's like it was a earnest money deposit. Okay. And you can do this properly and above board, or you can just not show it. Now, if you buy it and you record the deed at the lower price to your other question it has no it does not affect the value of the property whatsoever if you buy a half a million dollar house for 350 000 it does not make the half million dollar house worth 350 it makes it worth 500 because it was already worth 500 the house is not appraisals aren't done based on what you pay for it appraisals are done based on what other properties in the area sold that are similar. That's how appraisals are done.

Unless everyone in the neighborhood sold for $150,000 less. Exactly. It's not going to affect it. Exactly. And so, no, I mean, let's say you bought the house at a foreclosure or something at a bargain. Does that make it worth less? No. It's still worth what it's worth.

You just got a deal. And so the last part of your question is not a problem at all. So if the bank, whoever the flip the bank is on this deal, uh, wants to just give you a mortgage and put the property in your name at 150 off the price, and you guys go get a mortgage, that's fine. If you want to do a contract showing the total price and $150,000 credit, you can do that to get with a title company. They can show you how to do a contract showing the total price and $150,000 credit, you can do that too. Get with a title company. They can show you how to do that.

It's not rocket science. But people do not do these deals. Backwoods, Mississippi deals going on here. God, man. It works like this is a land contract or a contract for deed. People do those as well. It's the same mess, same exact mess. And when you've got increasing interest rates or when people try to do this

because they think they're taking advantage somehow, but the risk that you're taking is unbelievable here. Unbelievable. The juice ain't worth the squeeze. That's what they say. Yeah. And oh, by the way, if you do change the insurance into your name

as if you're an owner you have to notify the mortgage company because they want proof of insurance and when you notify them that that happened that's going to indicate that there's been a transfer and the due on sale clause is going to be activated and they're going to call the mortgage so that's how i know you didn't do the insurance because they would have already started a foreclosure on your butt. So I know you don't have insurance. You're screwed, man. Go get this fixed this week as fast as you can before this thing goes sideways on you. This is a disaster. Last year they did this deal. And so this has been a long time, a lot of risk you've been sitting on. Let's drive the car out on the thin ice and hope it doesn't fall into the pond.

It's going to fall, people. It's going to fall. You're going in. You're going to get wet. Oh, this just gives me a headache. You pushed David Woods. So scary. So scary. Well, I've watched people do, and, you know, the problem is these dumb butt TikTok real estate scam artists, people,

how to go buy a house, and really you don't have to take title to it. That's just stupid butt stuff, man, because you don't have control of the asset. And, you know, the other party goes and gets an IRS lien. Boom, the title's clouded. You're screwed. The other party gets sued, a half-million-dollar lien, car wreck. But can you tell this has happened to people I know know and i've worked in these situations trying to clean up these messes after they've happened so yeah get this thing fixed and guys you can't just make up

real estate law while you and your buddy are drinking beer that's not how this works you can't you don't get to change the way things go down man you got you know i got a deal let's just transfer yeah what does that look you're killing me here come on man wow that does sound like how that deal came i'll guarantee you all right man i'll just title it i'll forget the title just give me some money and we'll make yours i'm telling you is it happy hour or over a serious bag of pot one of the two something was going down here it's just oh this is not wise this is the ramsey show wow oh so what is the right way to do this let's go back to do it is to contract to buy the house keep your 150 in your pocket and go get you a six percent

mortgage and is this something you'd bring in an agent if you don't have to have an agent you just gotta have a contract and you gotta go get a mortgage company to get a mortgage you know get a title company to close the deal right and so your title company can close the real estate and you can get you get title insurance and then you can get proper homeowner's insurance and uh the things you need to do when you buy a house and and this was all for the three percent spread oh a hundred percent and the guy selling it is just a he thinks he did him a favor and he said he said his relative or his friend up for a complete fall there's risk on that guy's part too he's got i guess these weird with this rental situation the biggest risk is he could get

foreclosed on if he can't come. Let's say the mortgage is 300 grand. And he doesn't have the money. And they call the loan, and he can't get the house sold before they, to somebody really sold to pay out, because he's got to pay off 300 grand. They call that loan. If they activate that due on sale clause, and they will. This is 360 degrees of stupid.

Completely watched them do it. This is The Ramsey Show. Thank you for joining us, America. We're so glad you're with us. Open phones at 888-825-5225. Well, with undeniable research and data, George Campbell's new book, Breaking Free from Broke, exposes the most common money lies and excuses head on, like credit card schemes, investing traps, and mortgage mythology. It's all the stuff you wish you had been taught somewhere in school but weren't.

And he shares a story of how he went from a negative net worth to a millionaire in less than 10 years. And it's a number one bestseller. Cool, George. It's been fun. I love, I've been getting dms now as people have been reading it and they got the every dollar budget going and they're saying i cut up my cards thank you for exposing the system especially young people and that now they're saying i'm gifting it to the young people in my life to help them avoid the mistakes that i

made so this is preventive medicine now because dave you've been doing the emergency surgery for about 30 years plus now and i'm trying to help the next generation avoid all of the broke mistakes well there's two things in this book that are exceptional number one the level of snark is fabulous that's in there the george quality brand snark is all through here and the other thing is the depth of research and the detail you go into on why these things suck. I mean, it's not just you ranting. We have, I think, 140 sources in the book, and they're all in there. Because I wanted people to know this is not my opinion anymore. This is all data-backed. Yeah, there we go. Just like that. Breaking Free from Broke, the ultimate guide to more money and less stress.

RamseySolutions.com slash store. Place to go. There you go. You can always get it at the store. Lisa's in Waco. Hi, Lisa. How are you? Hi, I'm fine.

How are you, Dave? Better than I deserve. What's up? Okay, I'll give you my question first so you'll know the direction I'm going. I want to know if we are going to have to live on beans and rice through retirement. How old are you? I am 53, and my husband is 59. And how much money do you have in your retirement accounts?

Okay, we just talked to a retirement specialist because my husband is getting close to retirement. And I've looked at him. He is a postman and a pastor so in his postal retire he has a tsp for 50 000 but then he gets up he will get a pension it's not very much because we just went back to work nine years ago and so but the total pension social security and tsp that he's going to be receiving as of today if he retires at 63 is 2068 dollars okay that's all the money you all have that's okay so that is what he would be getting per month you have any other nest egg um right now i'm i've been working the baby steps since last year. We have eight children, and I stayed home to be a stay-at-home mom for their whole lives. And then my last one is 14, and I went to work whenever my husband did.

And she was three when she went to school. And the teachers told me I needed to go back to college, so I did. So for five years, I did college, school full-time and mom full-time and you got fifty thousand dollars is that your total nest egg my total nest egg that's what it looks like okay and you're 53 and he's 57 59 59 and your household income is what is um 7700 a month. Okay. So. Okay. He does not get to retire next year. You don't have any money.

Or in four years. He's 59. Right. Yeah, you're going to be working a while. Okay. And you need to work the baby steps. How much debt do you guys have left? Okay. I paid off 16 credit cards in 13 months, $47,000. Good for you.

So when I went back to school... Do you have any debt now? Yes, I do. How much debt do you have now? $17,000 in a car, $21,000 in my house, house and thirty two thousand in my school loans. OK, we need to clean up the car and the school loans as soon as possible in baby step two. And then you need to start setting aside 15 percent of your household income into retirement accounts in baby step four until you get the house paid off. And when it's paid off, you load

up everything. And you guys need to get get with this it's time to clean it up right fast really really fast i've been trying you're by yourself where's he we've been living um he works as a post i know you told me that why is he not helping you he is helping me how come i've been trying how come we aren't trying oh well well i take that back okay we are trying we're working on this good both of you roll up your sleeves and gazelle intense get these debts cleaned up and then go from there yeah we've said for years now dave retirement is not an age it's a financial number you don't get to declare retirement just because you turn 62 you got to have money and we see too many sad stories where people go i'm going to rely on social

security and a pension to get me by, and you realize we're living in poverty. You've got $7,700 coming in now, and that's $2,000 coming in. And your expenses are $6,000, and in retirement you're going to have $2,000. That's a problem. It's an issue. So, yeah, we need to get the $32,000 cleaned up on the student loan, get the car paid off, and then there's only $21,000 left on the house.

That's good news. We can get that knocked out as we go along later at maybe step seven or six and but then start immediately if you start saving 15 20 000 a year and you do that for the next five to ten years you can build a pretty substantial nest egg and get with a good mutual or get with a good smart investor pro to help you do that not a retirement specialist yeah i don't know what that was it worried me well it's somebody paid a fee to to help them analyze the postal pension which is not you know you can analyze it all day it's going to be what it is so what we've got is 50k which is not nearly enough so we need to be adding to that as soon as we get the debt cleaned up and get the emergency fund in place as fast as we possibly can that's the idea benjamin's in los angeles hi benjamin welcome to the ramsey show thank you so much how are you

today better than i deserve how can i help so i i have kind of a doozy for you um I am working on breaking the family curse of poverty. And me and my wife are through Baby Step 2, working on Baby Step 3. And I have an eye on my father and just kind of watching him live paycheck to paycheck. And he's working kind of as a handyman installing toilets and in Michigan. Um, I live in California. And so in looking at baby step three, after four, baby step five, four, five, and six, the kids, I have two kids, all of that. I also am wondering if it's wise for me in looking ahead to his future, trying to be a good son, and putting an addition on my house or trying to save to put an addition on my house for when he can finally stop working or when he can't work anymore,

I can have a place for him to land. Be cheaper to rent him an apartment in Michigan. What would this addition cost? I looked at it, and it was about $60,000, $70,000 between. I got a couple bids, and so looking at it yeah about 60 to 70 what's your household income paid off 91 okay you got an awful lot of stuff to do before you start providing housing to your parents indeed i don't know how you're going to get to all of it right you know your obligation is to your children before it is to your dad yeah

i just i just feel worried he'll you know be called on called on the street one day what's one day is that 12 years from now or tomorrow tomorrow he's 55 and he's able by he's 55 he's not 85 yeah good lord we're worried about something that's a decade and a half away man go go run your life go build i would not worry about the next 15 years go become a millionaire what if you're gonna take care of your dad? You don't need to be getting bids on an addition to your house for a 55-year-old. Why did you even spend the calories? No. No, no, no, no, no. I doubt you're even in this house by the time he needs a place.

You'll probably move by then. Your whole life is going to be completely different 15 years from now, 20 years from now. It has nothing. No. No. no. Wow. That's thinking ahead. Hey, man, go back to work in the baby steps, and the best way you can serve your dad is to take really good care of your family

and your kids and build wealth, and then you'll have the money to write a check. And if you want to have an addition and you've got a couple million dollars, 15 years from now, it won't be a big deal at all you can do it but you don't worry about today good lord she thought the guy was 80 or 75. this is the ramsey show We'll see you next time.