Stop With the Drama!
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“We borrowed our down payment”. That sounds like they weren’t ready for home ownership
That depends on how much they were paying for rent. It's not unusual where I live for people to claim paying a mortgage would cost them less each month than renting but because they are renting the don't have enough left over to save for the down payment.
If any of my children needed a hand up I wouldn't hesitate to help them, same as my parents helped me, and same as this lady's in laws have helped her and her husband.
Obviously. Maybe they hoped that his parents would forget about their loan. So why did she call in??
Dave cracked me up at the beginning. “Oh gosh. Oh Lord”😂😂😂
lol I was dying
Lecture loading
My grandparents gave us a $10k loan and we RUSHED to pay that sucker off ASAP. It just felt weird seeing them, and they were my favorite people in the world. They were worried about us paying it back so fast because they 'wanted us to still live', but we valued the relationship more and would never do it again(even though it's not an option now since they have passed).
They are earning 4.5%, if you pay them down then they will make less return on there money. Why is a two party agreement a bad thing Dave, what are you talking about?
👏🏽👏🏽👏🏽
'when you carry debt you are holding risk'
Sooooo well said.
They have another loan that's more risky than the family loan. It is called a mortgage!
It was a dumb argument...she said what if you loose your job and you have the debt...ask a million people on the street would they rather loose their job when they have 23k in debt, but 28k in cash, or when they are debt free and only have 3k in cash...99.999999999% of people would rather have the first one...
"Our in laws loaned us 40,000". Already knew this was going to be a nightmare.
And it wasn't.
Yea its a 2 party agreement, why is that a bad thing?
Was absolutely not a nightmare though. They lent the money to family that needed it at the time at a rate in-line with what any high yield savings account is producing right now. The terms were more favorable than the caller getting a personal loan which would have run them near 8-10% with the same three or four year term. AND the parents are getting paid back early. Sounds like a win-win for everyone.
If you have money and are able to assist your family responsibly and they have the means to pay it back there are no issues with interfamily lending. The issues arise when loans are given out as leverage for future power over someone in a relationship. Or as a means to control someone else. Which doesn't sound to be the case from the caller.
Did you NPC’s even watch the video?
@@brett4932 Dave cult followers think he is always right.
After that loan is paid, it won't take long to get back to that minimum of $10,000.
And if the baby needs emergency surgery in Thailand or something the in laws will of course be there to help again. Probably as a gift not a loan.
Just hope and pray nothing bad happens in the meantime.
@@ArsenicApplejuice And how is it any different if they do nothing now? Are you going to go through life worrying that something bad is always going to happen? Why not think good things are going to happen? It's a much lesser stressful life.
@@USMC6976 by that logic why even bother with the emergency fund?
@@ArsenicApplejuice Unexpected expenses. Another stress reducer. And it helps build the habit of not spending every dollar you get your hands on, helps you break the bad habit that got you into the debt hole in the first place.
This reminds me of the caller who loaned her kid student loan money and wants her money back asap.
Was that the one who agreed he would pay off $200 per month then got upset that he was only paying $200 per month lol
@@TonyCox1351yes lol
Inlaws don't want them to pay it off early because they are earning 4.5% interest off them
No. They could get 5 percent in a HYSA. They just want the control over them
That and it’s hard to say “don’t come over” when you’re indebted to them.
No. They could get 5% in a HYSA. They just want the control over them!
Idk. The 40,000 loan the inlaws could be making interest on it had they not loaned it. But pay it off quickly Iike any other loan.
Entitled much? Or, be an adult and don't put your family in that position because you're bad with money. 😂😂😂
Blaming the person you need money from is ultimate entitlement.
Jade and her confidence she’s a smart cookie
Maybe the caller should listen more than she speaks. Let's start there.
Right?! 🤦♀️
Listen for what? She was.
@@jimmymcgill6778 She was over talking and interrupting. It could have been a lag, but that is an annoying character trait.
@@JuniperMoonshine But you're OK when Dave does it?
Dave was assuming a lot about her and the family.
She was correcting him and telling him that he was wrong.
@@jimmymcgill6778 He never said they weren’t good people nor was he implying it. Lastly, you’re a hypocrite for saying Dave makes assumptions when you assumed I think it’s ok if Dave does it. Get your head out of your behind and actually think before you type.
Borrowed money from family several times. Never missed a payment back until they were paid back in full. Their willingness to lend me money, in my time of need, helped me to eventually prosper. I know families are all different, but it has never been an issue with our family.
My father loaned my wife and I $25k to buy a house...no mortgage. We already had 75 percent of the money and the mortgage we would have got was outrageous in our view. My father had they money, and did loan it to us.
3 months later, after we settled in, Dad got a nice check in back with that money owed. He was surprised we paid him off that quick. He was expecting it back in 5 years. He accepted it.
The only reason we did this was a cash flow situation. Needed to let a CD mature properly to get that last bit of cash. We got it addressed quickly.
Every family is different. FYI, my father did talk clearly before we did this.
@@rahuliyer7456 My father wouldn't have gave me a dime but instead said "good luck to you"..
Some callers need to remember they called to hear the hosts not themselves
They really didn't, though.
Right I wouldn't call if I didn't want to hear the solution.
Some people just want to hear themselves in the radio
“We know where every penny goes…………usually.” 😂
Banks are sneaky like that.
I heard that.
Who would ‘lend’ their children a loan with interest?
Amazing people
That much? I think it is entirely reasonable to have an a written agreement with interest.
The parents are people who could be making interest on that $40,000. They are simply paying the lost amount of interest.
You're right . I just wouldnt loan you money at all if you were my kid
I would and I did. Worked out fine, no problems.
"The rich rule over the poor, and the borrower is slave to the lender."- Proverbs 22:7
And once again, just ANOTHER example of the best advice and common sense the Bible offers......people should read it MORE often AND practice it's wisdom and teachings...
when family asked us for money, our response was go to bank because they have more money and are way more cheaper, not to mention we are NOT a bank or loan instituion
I passed on a new Aston Martin today, Saving a fortune 😂
"we are kind of following the baby steps" Not following any of the steps
I love Jade. Of all the personalities, I resonate with her experience most.
If her husband won't let go of his emergency fund, and his raise and promotion are forthcoming, make incremental payments of an additional $1,000 each month more than the previous payment. $1k + $2k + $3k + $4k = $10k in just 4 months.
Peak Ramsay. Absolutely spot on, direct, honest advice on every aspect of this issue.
Love this channel, I have learned so much from you. Wish I knew about you when I was in my 20.
Family shouldn't charge interest.
I agree with Dave. Give them back the money and be free.
Why not charge interest? Money is not free.
@@sarikagoode1505why would you want to profit off your own children?? Anything above 0 just go to a bank
@@droid2D2C3P0 No that’s not profit. It’s cost of money. You can get 4.5% by depositing it in a HYSA. If you lend it for free you are paying your in-laws to take your money.
@@sarikagoode1505 it disgusts me that you think of charging family interest because the banks do it too. Are you going to send your kids an invoice at 18 with a list of all the childcare expenses and a payment plan? I hope you don’t have kids so that idea ends with you.
@@ganymedehedgehog371 When you have kids, until the age of 18 the parents are fully responsible for their care, physically, emotionally and financially. There’s no invoice handed out, that’s absurd. Having kids is a choice, so you better have the money to pay for that choice. However when the kids turn 18, they become adults with adult responsibilities. Buying a home is an adult responsibility. The in-laws did these people a tremendous favor by essentially lending them money at below cost. True inflation is way above 4.5%, so even by charging that interest the in-laws are losing money. Not everyone is meant to be a homeowner, but because of generational wealth this couple was able to do it, and have the ability for the wife to stay home with the children as well. The least they can do is compensate the lender the minimal amount they are charging.
If it were me I would’ve declined their offer and simply gone to the bank. The potential drama and risks just aren’t worth it.
I agree, but this was for the down payment. They probably wouldn't be able to get a bank loan for that, since they were already taking on a bank loan for the house. This is where they otherwise needed to save for their down payment, per the baby steps.
@@Fishouta yeah good point. I would’ve just saved up to avoid family still haha.
“They’re amazing people!” Lol!!!
We have 3 adult children never helped them to buy a home, now all have bought there own without us.
OMG, your own inlaws are charging you interest?!
That’s a big loan from relatives. And they are probably good with money which is why they have it to loan.
Yea, that was a shocker.
Yeah, they're losing money from interest by loaning the money out
@@janise01You beat me to it. They are charging the interest they could have made.
My own parents charge me interest on a loan but again I never had a good relationship with them.
jade looking so beautiful love her hair also
I was thinking the same thing. 😊
Reminds me a lot of Vanessa from The Cosby Show
Simp
SHE"S MARRIED.
What about Dave's hair?! 😂😂😂
nope i would rather borrow from the bank then my in laws
In-laws likely won’t take your house from You if you need a break or run Into trouble.
Did 5 year interest only balloon loan with an extension option at 1% with ours to help us relocate for a much better job opportunity during the COVID housing bubble so we could lock in a 2.875% mortgage with the bank for a house we can grow into as our family grows.
We have 10k left to pay off. If we didn’t do this we would need to move this year and incur closing costs and relocation expenses again and get a worse mortgage rate. That would be more than 50k..
It was a cash flow timing issue. And they helped us through it.
Just a personal experience
Not everyone has terrible in laws.
I doubt a bank would give money to a kid.
Doesn't matter if the in-laws are literally saints - a bank takes the guilt and potential emotional blackmail out of the equation. Besides, doubtful if you are going to sit next to the loan officer at holidays.
I agree, but I'm sure they couldn't get 40k from a bank whilst also taking on a new mortgage.
1) Your saying he would rather pay interest than get debt free. Not a good idea.
2) Once you pay it off rebuilding you saving will happen quick once you do not owe money.
3) Not being in debt makes you feel so much better.
Jade is an awesome addition to the Ramsey team!
Big mistake borrowing money from in-laws. Never, EVER, borrow money from family. Just don't do it...EVER.
Color me Brazilian, but I never heard of family loaning money to family and charging interest rates… 😳🤔😳
Usually the ONLY reason to borrow from family is to avoid interest rates that would prevent paying it off sooner rather than later…
We dating for real.
We didn't lend our children or their spouses or children, but we don't mind giving gifts! I'll bet the in-laws will say that too and make it a gift if they know your feelings about it.
People still haven’t learn. You never borrow from friends or family. 😂.
And for the family members that want to lend. You either give it to them or don’t.
Such wonderful in laws! Giving them a loan at the same rate they could get from any bank with a new grandchild! How generous!!
IF you are going to loan your children money don’t charge them interest….disgusting.
Entitled much? Or, be an adult and don't put your family in that position because you're bad with money. 😂😂😂
Blaming the person you need money from is ultimate entitlement.
@@Mr.Boring_Man family is different compared to getting a loan from the bank. Family money should be gift not loan. But people, mostly Americans are selfish AF.
@@TonyStark-wr7ob - Someone else's money should be a gift. The entitlement is baked into American culture.
Or... OR... live below your means. IJS!! This mindset is insane to me. Mistakes with no consequences.
We just don't view the world the same is all.
Some cheap ass in laws...
Personal loan through a Bank would be a lot higher than 4.5%
“They’re amazing people… they freaked out when we paid a lot”
Who cares? Pay the freakin’ loan and be done with it.
Dave. essentially "loaned" his daughter a personality chair at Ramsey Solution. Dave loaned his daughter access to ghost writers and a publishing house so she could be a best seller. Dave dictates her salary. Thanksgiving Dinner turkey must be pretty awful when your dad is your boss who controls every aspect of your life including what public message you must convey, how to worship, how to invest and what to sell.
I believe her husband works for him, too.
Yeah, interesting dichotomy.
Never thought of it like this 😂
Did Dave hurt your feelings?
Apples and oranges
Don't loan more than you would give. So when they don't pay it back, consider it a gift.
man my parents and in laws gave me 80k to buy a house and all i have to do is be a loving son. Sad how some parents are like this.
You should be earning your own money for a house.
That'd make me feel uncomfortable as they might eventually decide they want their money back. Hopefully that doesn't happen.
@@Dreamer-by4nk you're just jealous of his situation. Parents are supposed to make your lives easier. If you dont do that for your kids, you're on the bad parent fence
@wevibin375-lol I raised my kids alone and they grew up supporting them selves and building successful careers. I wouldn’t say that’s bad parenting. And no, clearly no jealousy here.😂
@@Dreamer-by4nk you didn't have the resources to give them but chose not to. So obviously you dont fall in that category...comprehension is a good skill to have
6:29-6:37 Amen Dave.
Jade is such a wonderful addition to the team!
It's called integrity
It sounds bad, but we don't know the backstory. It could be that those parents know their son (or this couple) to be irresponsible with their money and want to foster good financial discipline while shielding them from the serious consequences of defaulting on formal debt.
I borrowed $40 for food from my wife's yoga instructor. They both laugh at me.
As they should
Why would they laugh at you for that.
@@Heavens-Humanaterian-Army because that’s pathetic. Why else.
cancel yoga class. That's an extra. You're choosing between food and yoga? No...
My husband and I have taken the mortgage for both of my kid’s homes. Great interest rate for everyone concerned. I have responsible children and they appreciate the help. Helping our children is our goal and they will be left a very nice legacy when we die.
They aren't building their credit when they pay a mortgage in your name. They shouldn't be buying homes if they don't have the credit and/or finances to do so in their own names.
@@jgjg3848: Cool opinion.
Dave just hates family.
@@silentnot4812Congratulations. It seems like you’re a millionaire.
Come to a comprise. People, its not that hard. Drop $12,000 of your $20,000+ on the debt, so still have a good chunk of money left, and continue from there
"But that's not what Dave Ramsey would recommend." Many of the people watching/listening to this channel are mindless sheep who can't think for themselves. No different than the current political landscape: you're either team blue or team red. Very few true independent thinkers out there.
This is exactly the comment I was gonna make!
I can’t disagree more with this, especially when buying a home. As long as it’s done professionally my brother and I borrowed from our parents and paid them back at a lower rate than the bank would. The lawyers write the stipulations in the will, it was great.
I don't understand why she's calling about it if she isn't going to pay it back.
what kind family charges interest to each other?
with family like that, who needs the bank?
I’d still rather go to a bank. Dave is right, when you owe people money, or if they owe you money, it makes things awkward, until it’s paid in full.
Yeah the only way I'd accept a loan from family would be to get 0%, anything above 0 and I'm going to a bank lol
It’s legally required over 16/17k per year
But theyre amazing people…
So many people are commenting you shouldn't charge your family an interest rate on a loan. I thought there was some law (associated with the IRS ?) that had to do with charging interest similar to the market rate. The interest income and the $ from the paid back loan would need an explanation if audited/noticed. Money can go out of your bank account w/o much caring by the IRS but if checks (?) keep being deposited/cashed they'd be interested. Also, can't the borrowers claim mortgage interest on their taxes (for which they'd need back-up)? Sorry, out of touch with these laws now but my memory makes me curious.
Not aware of any law that dictates how much, if any, interest should be charged between family members. However, if the family member is getting interest, by law, that is reportable taxable income. As to the last question, since it is a personal loan, no there is no allowance to claim interest paid on personal loans.
Correct. It's called imputed interest. You must charge a a certain rate of interest & pay taxes on it. Poeple have no idea about IRS rules.
Owing relitives $, ugh. Every time an argument comes up, they will throw that unpaid loan in your face. Pay it off NOW!
People really get on these calls and want to just flap their gums. When you call a radio show or something of the like you can’t tell the story to the hosts like you would your friend you’re sitting down having a coffee with.
How people get married and have kids when they are already thousands of debt is beyond me
I ride the lightning daily on account minimums. The rest is earning me interest daily at a massive clip. Low balances are not the end of the world.
Pay off your debts! It's such a liberating feeling when it's all cleared.
heck.. got 25k pay 15k towards the loan. leaves the 10k safety net hubby says he wants. then only takes 10 months at $700 a month to pay off remaining 7k. 7k is a lot easier to come up with than the 22k if something changes.
Under the Dave plan, some people are pushed to take on unreasonable levels of risk in otherwise stable situations.
For some situations it makes a lot of sense. Others not so much
It is hard to mess up a relationship with a bank. They only care that you pay your debt.
I'm going to pretty much agree with Dave here.. especially with 700 a month, they can add back. It would be about a year to get to 10k. Just get it paid.
Pay Them People 💯✔️
They took a loan from the in laws at 4.5%. But they could have getting it for 3.1% from the bank.
SO then why did they not got with the bank? It would have been cheaper.
They could NOT have gotten 3% from the bank. Those days are long gone.
@@droid2D2C3P0 She said it herself, that the bank loan assumption was 3.1%
There’s no way they get money out of a bank for 3.1%. Many banks are paying depositors 4%. That would be the dumbest business move ever for the bank. Cheapest money I see right now is 9% if you put your house up for collateral (HELOC). The in-laws are taking a loss on the money right now as it is, as real inflation is way above 4.5%.
Oh, I get it now. They assumed a mortgage loan, which was already at 3.1%. However, to get this loan assumption, they needed a 40k down payment, which they borrowed from his parents at 4.3%.
@@Fishouta So the mortgage they took over was 3.1?
I never heard of a loan assumption before.
I don't understand the problem.
They have a debt with terms, just obey the terms and pay interest and the loan back according to the terms.
Who pays his debt doesn't get poorer.
Every disagreement is teetering on…you remember when you needed money???
You're correct. It is literally that simple. A mountain is being made out of a mole hill. They could likely even pay a majority now and rest later so they don't dip below $10K.
@@cyoohoos: Not everyone has in-laws that act like adolescents. 😉
The lender loses opportunity cost. They don’t get poorer in absolute terms, they just end up with less than they could have. But I don’t think that should be the impetus to pay it back early - they should pay it back early because it’s family
@@danieljohnson4418It is a loan. In this context the fact they are in-laws are irrelevant.
I get it, sometimes you have to loan money to your own child. I don't get the interest part.
Please listen! Pay off that debt! The mental freedom you will have is priceless :-)
Just never borrow money from anyone that way you can buy whatever you want without that person saying anything and Thanksgiving dinner won't be awkward.
Obviously parents are doing well if they have this kind of money to loan...with that said it's your kids...give them the money with no strings if they pay it back great if not no big deal...Dave's right if you loan it and it's not paid back tension will be high at Thanksgiving dinner !!lol
*Me nervously looking at the open box (used for 2 days by someone else then returned to best buy) m3 14 inch macbook pro 12cpu, 16gpu, 16 neural with 18gb ram and 1 tb storage that i bought for $2068 instead of $2644.90*
Dave always says to be on the same page and agree on everything. I would just keep $10k and bring the amount they owe down to $7,000. It wouldn't take long to save the rest anyway or convince him to close that chapter later
Dave calling this move dumb is stupid. They were able to assume the interest rate on a FHA or VA loan which will save them thousands of dollars in interest. Getting that $40k loan was a great and very smart financial decision and being able to pull it from family with low interest is a great opportunity. They are in a great position mostly because of this loan and their being smart with money.
Needing a loan at all is proof they are not smart with money.
@@amireallythatgrumpy6508 They had an opportunity to assume a very low interest rate on the house they were buying. They didn’t have the cash on hand to have been able to assume the loan but clearly were and still are in a very good financial position. The loan was needed to assume the loan, not buy the house. They had plenty for that already.
So what if they owe their in laws? They are still paying it back. There was nothing wrong with borrowing money from them.
How was it bad that they loaned them money?
So what if they don't want to go under 10k EF?
They can go and pay it all back now. And then he loses his job. Now they have no money.
I guess you've never done it yourself. It creates stress for the relationship.
Their anti debt stance is too extreme. They have paid back so much so fast that it's ok.
@@Fishouta It's all in your heads.
Owing family tens of thousands of dollars changes the vibe of the relationship especially if there’s interest charges. The parents are scum for charging such high interest and the caller is stupid for taking the loan.
I've never asked family for money but I would feel horrible if they charged interest with it
The caller really likes to talk....god help her husband.
He’s probably a quiet worker type which balances the talkative wife.
@@1jw298facts 😅
Ive aleays understood that family should nit requirr intetest on loans. Thats just ne and how I was raised.
Everyone is an amazing person……..until you add money to the situation
No way I’d add interest to a loan given to my son/daughter-in-law . I would’ve declined their offer and would’ve just given it to them if I had it to spare
You don't know the reason why they added the interest:
- maybe it is from their retirement fund that pays a higher percentage
- maybe they are offering a rate that's below the amount they would have been on the hook for, if they got a personal loan
- maybe they wanted to put interest on it to discourage the tendency not to pay the loan back in a reasonable time.
- ETC
Without knowing the context, you can't talk down on the reasons for others taking specific actions.
Yea, he's questioning their character by saying it was dumb. It wasnt dumb.
I think it sounds the caller is all of the baby steps; but husband isn’t on board. Especially because he’s not worried about owing his parents
She made it so complicated to avoid the obvious right step. Just pay the $ back, never do it again.
Haha we are all in the dumb butt club
Totally silly. Sounds like they’ve had no problem knocking this debt down pretty fast, it would be easy to keep making extra payments and then knock out the rest whenever you feel comfortable.
This was a smart idea, getting in on that old lower rate loan
Some of the most annoying calls are made by "i stay-at-home-with-kids-now", and "i-had-to-get-a-new-car" types...i wonder why??
What’s the problem with staying home with kids? You’d rather they pay somebody else to care for their own kids and both of them work like dogs to pay someone else to raise their children?
30 seconds in an Dave was already seeing red flags lol
Jade is 🔥
I would never ever wipe out my savings if I didn’t have to after the emergencies we have had no way!!!
I get it if some of you have never had any emergencies happen.
Specially like bad vehicle accidents & surprise bad health things that can lay you up for many months.
But I would also never borrow from family either lol 😂
Dave loves drama,it’s all about him .
I disagree with Dave.
If the in-laws are not requesting the money back, pay the loan back slowly. Pay as you always did before the baby came.
Keep your savings intact. Your husband is correct. A little nest egg is important.
You may be right here. We don’t know how long it took them to pay off They did pay off, but having no emergency fund when there’s only one income in the household is a little scary.
Stop being lazy!! My wife and I both worked and we had two kids. We don't owe anything to anyone. Get working and get rid of the debt, or write a check and pay it off now.
Some unique in-laws.
Callers husband isn't taking into consideration there's an interest rate attached to that loan.
The female host is beautiful.
It sounds like they are following a plan and they did not agree to wipe out the savings .
That’s why when they asked if she’s following the baby steos she got wishy washy .
If y’all wanna agree to follow the baby steps that’s fine. But it doesn’t sound like he’s reneging on the plan . They didn’t save 25k while paying down that loan since December .
She did not get the answer she was looking for, she wanted her in laws to say don’t pay us back…
Never understand parents that want to help you with money but loan it out to you with interest. Like sir , you are a bank lol. You’re not helping out your family.
Jades pretty ❤❤❤
She IS ❤
Why can't people get their thoughts in order when they call in instead of ands and ooms and eyes and then backpedaling...it drives me nuts.
I sincerely hope callers really follow the advice from the show, the steps really work. Don’t hold on to your current way of life if it isn’t working.
He didn't call her dumb. Smh. Listening to respond.
Just accept the information, be thankful and make the call on your personal time with your spouse.
She wasn't even upset by it grow up, you're just crawling through these comments posting incorrect shit. Shut up.
I have never heard any good story about borrowing money from family or inlaws. I'm sure it worked out for someone, somewhere, though.
I loaned $50K to my sister for a week,
The home they bought ($230K foreclosure) on the Courthouse steps cost $36K CASH only.
In less than a week to pay me back.