The Ramsey Show - App - My Wife Hid $70K in Debt (Hour 1)

Episode Date: July 18, 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. Ken Coleman, Ramsey personality, host of The Ken Coleman Show, number one bestselling author. He's my co-host today. Open phones here at 888-825-5225. That's 888-825- 5225. Gabriel is starting this hour in Atlanta, Georgia.

Hi, Gabriel. How are you? I'm great, sir. How are you guys? Better than we deserve. How can we help? Well, I just found out that my wife has $70,000 in debt from her previous marriage. I don't know what to do, sir.

She wants to file bankruptcy. And I'm freaking out. Okay. How long have you been married? Three months. Whoa! Yeah. So you guys didn't talk about money before you got married?

Yes. yeah so you guys didn't talk about money before you got married yes you're saying she hid this from you she did sir okay um what is the nature what kind of debt is it okay so i have all the information here uh she was in an abusive relationship and her ex-husband took everything for her and uh they together had a car repo that equals fifty thousand dollars she had a car loan that she got screwed that equals twelve thousand dollars what a car loan a car loan is 50 grand screwed that equals $12,000. Had a what? A car loan. A car loan is $50,000. I got that.

What was the second thing? It's a car loan that she needed to get a new car for her. Oh, another car loan. Yeah, another car loan. That's right, sir. And she got $60,000 in collection and $2,000 in credit cards. All right. I'm sorry. I thought you said it was $60,000 in collection and $2,000 in credit cards. All right. I'm sorry.

I thought you said it was $70,000. $70,000. That's right. Okay. $50,000 on a car repo? Yes, sir. Okay. And what's the other $20,000?

$12,000 in a car loan. Okay. Do you have the car? Yeah. She does have the car right now. Okay. Okay. She's driving a car around and you're engaged to her and you didn't know it had a car loan on it i do know that she had this 12 000 car loan oh okay so you didn't know part of this okay yeah and then the other 8 000 is what

uh 6 000 collections on what thousand and credit card collections on what medical bills okay medical good all right and uh and then what was the other what's the fourth one what medical bills and a dog a dog okay yes that's the $6,000. Okay, is there anything? I've got three things, car loan, car repo, $6,000 in medical bills. You got anything else? $2,000 in credit cards. Oh, okay. All right.

And what of this did you not know? Well, pretty much everything besides the $12,000 car loan that she had. That she's still having right now. Where's the dog? The dog died. Funny. Sounds like a country song. Yeah, it's a lot of stuff going on.

What do you do for a living, and what do you make? I'm a banker, and I make $23 an hour. Okay, all right. And what does she do, and what does she make? She's a receptionist, and she makes the same as me, $23 an hour. Okay, and you're both working. So I take home pay at $5,000 a month. Yeah, okay.

So you're making about 80 grand between the two of you, and you're getting home with about 60. Okay. Yes, sir. So I really don't know what to do. How old are you two? I'm 23, and she's 25. Okay.

How long was she married before? For eight years. Okay. Okay, there's two things here. First off, let's just go ahead and tell you, she's not bankrupt. Not even close. Okay. So bankruptcy is ridiculous. We're not even going to talk about that. There's two things to be addressed here. If I'm in your shoes. In our world, we call this financial inf infidelity where a wife or a husband hides and lies about money to their spouse okay it's a breach of trust and some people in marriage counseling say that this breach of trust is almost as bad and even some say worse i don't know how but

than sexual infidelity it's a breach of trust when you betray or you lie to your spouse about 50 freaking thousand dollars it touches the same nerves that infidelity touches do you follow me because it's a breach of trust. Because then you start to wonder, what else can I not trust? What else is going on? Right? Yeah, I'm very,

I really don't know what to do, sir. I try everything that I can, start in DoorDash and drive an Uber, but it's not enough to pay us $50,000. Just let me deal with the tactical in a minute. The first thing, are you guys in a good church? Yes, sir, we are. Okay, call the church and set up marriage counseling today because the two of you have to deal with this breach of trust.

This is a major issue in your marriage. Okay? When you find out three months after you got married that your wife has lied to you about major stuff that's a problem in your marriage okay that's a big one it's a big old problem i'm more worried about that than i am the 70 grand dude you're a banker and you're a nerd so you're more worried about 70 grand so i'm trying to explain to you 70 grand ain't nothing we can take care of that the lying and the deception has got to end there's got to be repentance on that there's i don't know whether it was shame that kept her from telling you or because she's knew you were gonna freak

out or i don't know what it was and why she didn't tell you but that's a big deal yeah i understand and uh she don't want to get in touch with her ex-husband she was very very abused by i don't need to get in touch with him why would we need to get in touch with him to i don't know deal this car repo you're all the way back over on fixing it again without dealing with the marriage problem dude i'm telling you, 80% of this problem is her lying about this. 20% is cleaning up the mess. I can clean up the mess here in no time. But I've got to get you to understand.

Are you going to call the church and get you some counseling today? Yes, I will, sir. Okay, both of you go. Because you've got to explain to her what this did. Because you can't go here again. This is deal-ending stuff stuff it's an integrity breach and so now here's what we're going to do all right it's pretty simple the medical bills are in default they're in collections correct yes sir are the credit cards in collections as well good thing okay and they cut up. Is the car loan that she's driving current?

Let me just ask you something, sir. She got screwed up by these guys, sir. Her car, it's worth it $3,000. Is the car loan current? Yes. Okay. Pay it off or work your way out of it, depending on what you're going to do there. All the rest of these, Gabriel, can be negotiated with for probably $0.10 to $0.15 on the dollar.

So you've got $64,000 that can probably be settled for $6,000 or $8,000. But you're going to start calling them and offering them $0.10 on the dollar to settle. And every one of them will take it. You're just going to have to hardline negotiate with them and get it in writing before you give them money. You can work your way through this stuff. Hold on. We're going to put you through Financial Peace University. Hey, you guys.

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Download the EveryDollar app for free in the App Store or go to Google Play today. Dylan is in Denver. Hi, Dylan. Welcome to the Ramsey Show. Hey, how are you guys doing today? Better than we deserve. What's up? So, I guess my first question is, I have been in debt, self-inflicted several times, once before I have become debt-free, and I came into a situation where I had to move states, and the debt began again, and I fell back into everything. I'm climbing back out.

This time, it's quite a bit deeper than before. I ended up in an auto loan, and I owe $55,000 on a car that is worth about 40 private party sale. I also have two credit cards that are maxed out at $10,000 and $12,000. And then I have another small personal loan for $3,000. and I am not quite making enough to make ends meet at my eight to nine, or I'm sorry, eight to five job. So I've been doing side gig work, everything I can, just to get extra cash flow to try to help pay everything off. How old are you?

I'm 31. What are you making at your day job? I am at $25 an hour, so before taxes and everything. Is your credit bad? Credit's about $600. Bad. Yeah. You're single?

Yes, sir. Who's the car loan with? It's actually with Toyota Financial. Of course it is. Okay. Yep. My interest rate's at 14.59%. Tundra? Nope.

Actually, it was used at BMW. Oh. Yeah. 14.5 well you want this car bad didn't you i did i let i let that little demon inside of me say your want is more than your need right now i let it win i think this is pretty big demon personally i don't think it's a little i i do agree with that this guy's a monster yeah um wow if if i may um i was actually uh just this last saturday um i was going to a couple dealerships looking for to see what a trade-in would be on this what they would give me everything like that um the dealership i ended up with, just talking to, I've not done anything. A gentleman I spoke to immediately, I told him exactly what was going on.

The first thing he actually did was recommend that I start listening to your dad's show. So I'm appreciative of that. And it's already helped me out with throughout every dollar. I actually have my budget set and I have a meeting set next week with a personal one-on-one. Um, but he, uh, he recommended that I look into leasing the highest rebate vehicle at any dealership that gives me the highest trade-in value to help eat the negative equity because of the rebate um and he said he's an avid listener of you guys and so it's one of those things i'm trying to absolutely destroy everything i have dug myself into.

Like I said, I've done it before, and I couldn't stand it. Well, I appreciate his referral, but if he actually listens to this show, he knows I would never tell you to do what he told you to do. I apologize for that. Okay, that's okay. You didn't know. You walked into it. It's interesting that he sent you here because he knows I'm going to tell you to never lease a car under any circumstances

and certainly not a new car, especially as a fix for a mess you're in. Wow. Okay. It feels like a manipulative tactic to kind of go, hey, I listen to Dave all the time. Now let me tell you what I think you should do. What do you do for a living? I work on vehicles. I'm an auto tech.

Interesting. And so you're making 25, I wrote down you're making 25 an hour. Did I get that right? That's correct, yes. Yeah, I think you've got to work yourself out of this, Dave. I mean, you've got a skill. You've got a legitimate skill that is, you can work on a lot of different things. And I think part of this equation is glad you got every dollar going glad you're starting to meet with the right people here and

get your life under control because you're out of control uh but you got to work yourself out of this and i think that's going to really help you uh walk through this you need to feel the pain of digging out of this so that you never do it again but you have a very marketable skill i'd be working since you're single i'd working 60, 70 hours a week fixing stuff. What certs have you got, certifications have you got in auto tech? Over the years that I have been doing it, I'm actually a hybrid transmission specialist. Do you not think you're being underpaid? I feel like you are.

That's another lovely conversation. My path in auto has changed, but in the path I'm in right now, yes, I am extremely underpaid. Why? Why don't you go move? I am actually in the process of finding other shops. I think you're probably a $40 an hour guy, aren't you? I would like to think so. I never want to assume something like that.

I always like to tell myself. It's not a lack of humility. It's just an observation of what you're worth. Absolutely. I appreciate that. I do like to tell myself I don't make as much, so that way, you know, I always plan for my paychecks to be less than what they are. Okay.

I want you to work as much overtime as you can, do as much repairs as you can. Your best side hustle is auto repair. Yep. Shade tree. Okay. Shade tree. You've got tools, right? Yes.

Okay. Yeah. You know, anything you can do to gather up shade tree and any work you can do and any overtime you can pick up and a job change. And let's get your income up to attack this. I'm with Ken on that. Then back to the car, I would run over to the credit union and see if you can borrow $15,000 or maybe better $17,000

because you need a $2,000 car when you get rid of this. If you can borrow the difference and sell it, that's going to be your best bet. Your only other option, because Toyota credit's not going to work with you. Yes. Okay, so what you can do then is just begin, if you can't get that done, then say, okay, I'm going to make an extra $2,000 a month, and in seven or eight months I'm going to pay the car down to where I can sell it. Okay.

And then I'm going to work my way through the rest of these debts doing the same thing. Okay, and that was going to be my next question. Now I've been listening to you guys every day since. Do not buy another car payment. Absolutely. Absolutely. So the gentleman at the other place who referred you to us, thank you for that, but he was recommending another car payment,

and you should be sick of car payments and sick of debt, and this should be your last go-round, dude. I agree with that. I agree with that. I mean, if you get drunk and you go to rehab three different times you should eventually quit drinking and that's kind of what's going on you keep falling off the wagon going right back in i was forced to i fell into none of those things are true you just stood up and pushed your right hand forward if you're right-handed and signed a paper on purpose like a grown person does.

Yeah. Nobody forced, nobody fell. There was no accidents here. You just straight up did stupid on purpose. This show is sponsored by BetterHelp. All right. So I was born and raised in Texas, and I love the myth of the lone cowboy. You know, the guy who doesn't need anyone or anything. It's a fun story and it's a lie. In our self-obsessed society, we're obsessed about our own diets, our own workout routines, our own jobs, our own social media feeds, everything. It's easy to forget that no one can do life alone. And I don't care if you're an introvert, an extrovert, or whatever you want to call yourself, we all have to have a community and a support system to do life with. It's time to shift the focus from doing it all by ourselves to knowing that we can only be well and whole when we ask for help. Therapy can be a great source of help

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Number one bestselling author Ken Coleman is my co-host today on The Ken Coleman Show. He talks to people about how your raise is effective when you are. You want to move up through your career, you've got to get better. That's right. You've got to grow. You've got to add tools to your belt. And sometimes those are coping mechanisms. But sometimes it's the ability to deal with people. And sometimes people are a struggle to deal with.

Yeah. How do you say it one of the best parts of leading is people one of the worst parts of leading is people absolutely business is easy till people get involved yeah all these theories and stuff you could just execute them if you didn't if you could use robots but no we get to do it with humans and uh stay tuned dave the robots may be on their way quicker than we know. Here we go. Here we go, Will Smith. Let's go. All right. Gina's with us. Gina's in San Antonio. Hi, Gina. How are you? Hi. So glad to be here. Thank you. How are you guys doing? Better than we deserve. How can we help? So right now I'm on baby step two trying to pay off some debt. I have my full-time job and I have a part-time job doing pizza delivery, as you say.

So I'm making pretty decent money with my full-time. I'm making about $64,000 before taxes, but I graduated with my MBA two years ago and I still haven't felt movement in that career path. Right now, I'm currently an admin for a retail company and it's not very fulfilling. I've been told to kind of stay in the lane right now for business needs and so not really practicing my creativity and I don't know really where to go next. I've tried applying to so many jobs, over a hundred probably every couple weeks and not really hearing anything back. What's the field you're trying to get into? So my bachelor's was in marketing so I really like that.

I enjoy consumer behavior, content creation, but I also really like the strategy. So I guess I kind of bounce back and forth just trying to get, I guess as a hungry person after school, trying to get whatever I can to get into that field. Yeah. So when you talk about 100 jobs you're applying for, give me a sense of the level, the type of position you're actually presenting yourself for. What is it? Yeah. So I've tried doing anything from a marketing assistant to a social media marketer, any of those entry level. I'm not applying for marketing directors or anything. All right. So tell me what the applying process

looks like real quick. Give me a 20 second description of all these applications. What's it look like? Okay. So normally it's going through Indeed because I feel like I get the best response there. Even if it's a denial, they're pretty responsive. I tailor my resume towards every position that I'm applying to by going off the description, and I'm not usually getting any interviews. The ones that I do get are kind of like the sales positions that you have to go door-to-door and kind of promote, like let's say a mental health company to doctors and stuff like that, but nothing that is really in the strategy or content creation side. Okay. All right. So here's the thing. I don't want to discourage you, but I want to encourage

you that what you're doing is essentially playing the lottery. It's the same deal as going and buying your scratch ticket and hope that you hit the lottery. We live in a day and age where it's become easier than ever to apply and you're evidence of it, but it's not more effective. And you're going to have to go old school. In the old school play, I wrote a book. I'm going to actually give it to you as a gift here when we're finished. It's called the proximity principle. And it basically is this simple formula. The right people plus the right places equals opportunity. That's the formula. In other words, if I keep meeting the right people, i.e. people that are in marketing, people who know people who run marketing agencies or work in marketing. So now we're going one

degree, could be two degree, three degrees of separation from everybody you know. This is how you get opportunities. It is the personal connection where somebody says, let me tell you about Gina. I've known her this long. She's this sharp. She's got an MBA. She's hungry, high character. She'll win in the workplace because she's good with people. It's that personal testimony that makes you stand out to where you get the interview and not only get the interview, but you have a very positive impression, which could be a competitive advantage. So you've got to change your strategy.

I know you think you've been putting in the right amount of effort, but I would tell you that all the effort has been wrong because you're playing the lottery. Gene, let me illustrate that for you. At Ramsey, we've got about 1,100 team members, okay, in this building with us. We hire about 25, 30, 40 people a month, something like that, okay? And so that adds up to be like 500 a year, 400 a year, 300 a year. Some of them are growth positions.

Some of them are replacing people that have left, okay? So we lose about 100 a year. Some of them are growth positions. Some of them are replacing people that have left. Okay? So we lose about 100 a year. We have about a 10% turnover ratio. By the way, people in our industry right now have about a 30% turnover ratio. So our turnover ratio is very low. But anyway, so just a few hundred folks actually get a job here. You got that? Mm-hmm.

15,000 applications come in that's what you're doing you're throwing your name in that stack there's no chance you get hired here in that not i mean almost none almost none it would have to be a very unique weird thing that happened what does happen from time to time is somebody that works here knows somebody and they say i listen i can vouch for their character and and we don't hire people because of that but we will talk to them because of that you get out of the stack of 15 000 and that's what the proximity principle is. That's what Ken's talking about. It's not the only way we hire people.

And I've never hired one because someone told me to, ever. But I have talked to people and considered hiring them because someone told me to. Lots of people over the years. And almost every month that happens. And so we do some stuff with indeed we do some stuff with internal recruiting we do some other stuff but by far our most successful stuff is internal referrals gina i want to do a follow-up question did i hear you say in your current company where you're a receptionist that they told you to stay in your lane did i hear you say that she did

yeah yeah it was an admin position so i I do reporting and travel and stuff like that. Was that said as a derogatory thing, or was it said, be patient, and maybe there's an opportunity here? That's what I'm trying to discern. Well, when I was brought on, it was told that it would happen, and then they kind of told me to be patient, I guess, in a way just for now. But I mean, business changes all the time. So. Well, how long ago was that? How long ago was that that you came on and they told you to be patient? About five months ago. Okay. Gina, listen, I struggle with patience. Okay. And I'm middle-aged. It's been five months, Gina. So they told you come in in this, and there might be an opportunity to move into a marketing role. Is that what I'm understanding?

No, no, no, no, no. So there's no moving. This is a completely different department. It's like a support group. They were just saying I could take on creative projects to kind of practice my skills and to make sure that I keep them. I keep networking with marketing teams within the company, and I feel like I'm getting friends there. But I feel like I've also been told that if you leave a company, sometimes you end up getting a more raise and better

experience. Okay. All right. So hold on. Let me address that. So Gina, let me address that. I'm in that data every day. I'm on Fox business all the time. Fox talking about this stuff. I'm telling you, I just saw a report. What was happening during the great resignation is no longer happening. The 15, 20% bump for changing jobs, it's no longer a reality in our current marketplace. So you are getting old data. I got to tell you, I want you to do both and. All I want to encourage you on is to do what I've already told you to do and what Dave's told you to do. But I also want you to keep working in the company because that is an inside track for you. You're already in the building. Here's one other thing

I'd add to that. Why don't you go when taking lunch and coffee, as much as you can afford, people in the marketing department, your current company, why don't you say, hey, is there something that I could do that is just helping you? I will volunteer above and beyond my normal workload that I'm responsible for. Nights, weekends, is there a project? Can I jump in? I'll roll my sleeves up and I'll help you take some load off of your back, okay? Just because I want to help because I love this work.

And let me tell you something, that's very attractive. So I'd start to offer that. Keep connecting within your current company. Don't take your foot off that pedal. And also, don't miss the opportunity that sometimes we're five months in, Gina, five months, hang in there while you're hustling on the outside. Yeah. You're doing all the right stuff. We're going to send you a copy of this book. And I did not hear this from you, but in case you folks are out there and you might be saying this,

sometimes when you have a newly acquired degree, you think that is the magic bullet. Your degree is absolutely worthless. The knowledge that you got getting the degree is what gives you value. But the degree is not a silver bullet. It's not going to open doors and make this easy. You are the secret sauce go get it ken coleman ramsey personality career job personal growth expert is my co-host number one

best-selling author of several books yeah he's he's here to help you guys, including The Last Young Lady. She's a sharp young lady. Yeah. That was very cool. Good call. Good call. Open phones at 888-825-5225. We could use your help, and a bunch of you have been helping us.

Thank you for that. Apparently, in the world of the Internet, things like YouTube or Spotify or Apple podcasting world and broadcast world in that world, if you subscribe or you follow, it messes with their mathematics over there, their algorithm, and they causes them to tell people about us. And you're doing that because lots and lots and lots of new people are here like a bunch thank you thank you for that thanks for spreading the word in other words and share the show click the share button if you hear something funny or sad or inspiring click it and send it to somebody

informative click it and send it to somebody cut the link out if you're listening on talk radio thank you tell people where you're listening so share the show and leave a nice five-star review that helps a bunch too all this affects the mathematics guys and it helps us and by the way you're our only marketing plan so word of mouth if we suck you guys aren't going to tell anybody or you'll tell people we suck and we'll be out of business if we do good and we help you and you tell people then we we get more folk to help, and that's why we're here. So life is good. Katie's in Phoenix. Hi, Katie.

Welcome to the Ramsey Show. Hi. Thank you for taking my call. Sure. What's up? So my husband and I are currently on baby step two, and we're about to set up our well. We haven't done anything like that before. So we're doing that.

My question is, we do have a two year old son and another little one on the way. Yay. Do we need to set up a trust for them and then put that on our life insurance and in the will, or is that like a testamentary trust that's in the will enough? What I did when our kids were that age and what I recommend is a family trust is formed at your death. Okay.

And then you would, and you give that trust a name in the will. The instructions of the will are upon our, if both of you die. Okay. In other words, if you die, your husband's going to take care of things. If he dies, you're going to take care of things. Okay. So there's that part. But then if you both die, that's what we're worried about and we're going to name it uh you know the um the katie trust or whatever we call it okay

and um and you know your family name whatever it is children's trust and and you call it whatever you want it doesn't matter and then then you name the beneficiary the secondary beneficiary not the primary on the life insurance policy to be the trust. The primary beneficiary would be your husband for your life insurance would be you for his life insurance. The secondary, meaning if both of you died, it would go to this trust. And the trust is only formed upon your death. Okay. Okay.

Now, once you've done that, so let's say that between the two of you had a million bucks and you left a million bucks in the trust, you got a couple of babies. Well, then you say, okay, who's the guardian of the children? You need to put that in the will. And that can be the same person that manages the trust, or it can be a separate person. It's ideal for it to be two people. One manages the kids, one manages the money for the good of the kids. That way nobody gets confused.

Okay. Yeah, I hadn't thought about that okay and then this then in the trust i'll tell you some of the stuff we put in ours at the time our kids are grown so all that went away it only worked we only used it while they were minors okay so now it's just left to them okay today so it's there because they're grown people and so but and it's much more complicated because we've got a bunch of crap but uh anyway the uh but but the inside of a children's trust like that you can name uh we had stuff like i want the million dollars and put into four mutual funds i want you to contact this person our smart investor pro to help you put pick the four mutual funds i want the four mutual funds. I want you to contact this person, our SmartVestor Pro, to help you pick the four mutual funds.

I want the four mutual funds to have 10-year track records, one growth, one growth in income, one aggressive growth, and one international, or two of each category. And then the income off of that is to be used at X number of dollars to be sent to the person who's taking care of the children to give them monthly support. Okay, so we're going to send them $5,000 a month off of this account or whatever it is for monthly support.

And then when they turn 16, some of the money can be used to pay half of their car. They need to save the other half and work for it. Then if they have a major medical event, some of the money could be used to cover a major medical event of a child. When they go to college, some of the money could be used to pay for college. And whatever money is left after they graduate from college, we left it to them. Okay.

Whatever it wasn't used up to care for them as they grew, went to college, got a a car had a medical whatever okay and that's how ours was set up again all of that evaporated and is gone because we outlived the need for that yes but that's how we structured every bit of that you can do that with an attorney you can do it with mama bear legal forms either one but it gives you a lot of peace to know and you talk through okay it makes you stop and think who do you want raising your kids oh yeah it's a big deal yeah that's why you need a will and i would add katie once the kids are old enough to understand the concept of all this i

think it's really wise to sit down and explain it to them uh what a wild lesson for them to really get the the responsibility that you've taken on their behalf. And I believe that will be transferred on. I think it's a wonderful life lesson. Once they grasp it to explain what you've done for them, I believe they'll pass it on and really appreciate it. And so we obviously sat down with the people that were identified to take care of the children, the guardians, and said, okay, there's going to be this number of millions of dollars over here, and here's the terms on it. It's going to send you money to take care of them so they're not a financial burden for you to take on. As a matter of fact, they're going to be a blessing,

but it's not going to be $50,000 a month. It's going to be enough to take care of them and not cost you money as a result of having the kids. And if they have a problem, they'll be able to cover the medical, and you don't have to worry about a car. So it's going to cost you guys nothing yep you're you know you probably actually might pocket a little bit out of this it might might be but it's not you're not going to make you rich to raise these kids but it's not going to cost you anything to raise these kids and so then they know that's going on and then the trustee

knows what your intentions are and you've talked that through the trustee so you don't die and then everybody has to figure out this is what you're trying to do you cover all of it while you're alive yeah we did the same and and it's it is there's a great piece it's a great sobering too what it is it's heavy no question yeah wow leslie's with us in uh yuma ari Hi, Leslie. How are you? Hello, Dave. Thank you for taking my call. Sure. What's up? I have a question about owner financing and balloon payment. My elder parents are asking me for advice. They've been trying to sell a house that they own in another state for months, and finally they received an offer for owner financing. The house was originally listed for $179,000,

and the offer is a purchase price of $200,000, with $15,000 down, financing five-year balloon payment of $513 a month. Run away quickly. Okay. This is somebody who went to some weekend Get Rich Quick seminar. They're overpaying for the house. They're not putting enough down to where they lose anything.

And when they hand the keys back to your elderly parents they will have stripped the house out okay no run run and and you know what the the realtor she said oh this looks like a good idea and i said yeah looks like a good idea to fire your realtor yeah i think i'm getting a different realtor it's not a good idea no no no no no no no no because they'd be better off to rent it because then they still own it and then i have to foreclose to take it back later when this goober runs off to wherever no no no no i'm gonna pay you 200 000 for 179 000 um that30,000 more than it's worth, or $21,000 more than it's worth. But I'm going to put down $15,000, which means we're still not even into the value.

Okay, if you're that desperate to buy a house, there's something wrong with you. Hello? Yeah. Run. Run. I have a friend that says, when in doubt, don't. This is The Ramsey Show. We'll see you next time.