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Yahoo
4 hours ago
- Business
- Yahoo
Philadelphia woman in ‘tricky situation' after her mom asked for $3,000 — from the grandkids' savings account
Andrea, a wife and mother from Philadelphia, recently found herself in a high-stakes financial and emotional crossroads, caught between family loyalty, cultural expectations and a commitment to financial stability. 'I am in a really tricky situation,' Andrea shared during a recent call to The Ramsey Show. 'My brother and my mom are asking me to [lend] my brother $3,000.' Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) The purpose of the request was to cover her brother's business expenses. But Andrea and her husband have been saving that money to try to pay down debt. Here's what Ramsey had to say to Andrea. Ramsey Show Co-host Jade Warshaw posed an alternative suggestion. 'Why doesn't she lend him the $3,000?' she asked the caller, referring to Andrea's mother. 'Because she doesn't have the money,' Andrea replied. Dave Ramsey's response? 'Neither do you. You're broke and in debt.' But the plot thickened when Andrea revealed her mother's solution: tapping into Andrea's children's savings. 'I talk to my mom sometimes, telling her we save money for the kids, right? So her idea was to take the money from the kid's savings account to give my brother the $3,000,' she said. 'She has a lot of ideas about what you should do with your money,' Warshaw noted, 'Do you feel like you have to listen to what she's asking you to do?' Andrea hesitated, noting her brother once helped her early in her marriage, but that support came in the form of small items for her kids. 'That was not $3,000. That was a hundred dollars,' Ramsey said. 'Because I got to tell you in my world, when grandma asked for the kids' money for the brother, that means grandma needs to be smacked.' Originally from Ecuador, Andrea noted that extended family support is a common expectation in her community. Ramsey responded, 'In your culture, it is more normal to share with extended family … but this is your household. And your household is separate.' Cultural norms can shape financial habits, but limits are limits. Even with that understanding, Andrea expressed hesitation. 'My brother is more … resentful. If you tell him something that he doesn't like … then he's not going to talk to me,' she told the hosts. She feared that saying no would lead to tension or silence. 'There's no consequence here other than adults choosing how they're going to behave next. If your brother gives you the cold shoulder, that's not something you can control,' Warshaw said. 'All you can control is your response.' Andrea admitted that her mom would likely try to persuade her. Ramsey's response was simply, 'No is a complete sentence.' He suggested that Andrea tell her mother, 'Mom, I love you. I love him. That's not in question. But this money is set aside for my children. And the answer is going to be no, no matter how long we talk.' Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it Financial experts emphasize the importance of setting clear boundaries in similar scenarios. According to a survey by Ipsos for BMO, 34% of partnered Americans report that money is a source of conflict in their relationships. Money issues with extended family can add to that stress. Here are some tips to navigate tricky situations like these: Start with an open conversation. Schedule time to sit down and talk about your concerns without placing blame. For instance, Andrea could say, "I understand your situation, but I need to prioritize my children's future savings." Establish firm boundaries. Don't be afraid to set your limits and let your family know that they need to respect them. Offer different types of support. Look for other ways to help, such as recommending resources or financial counseling services that may be useful. Finally, if the conversation doesn't seem to be progressing, consider involving a neutral third party, such as a financial advisor, to help facilitate. It can be tough, but by approaching the situation with firm boundaries, it's possible to maintain family relationships while also protecting your financial well-being. Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Yahoo
6 hours ago
- Business
- Yahoo
Virginia woman asks Dave Ramsey for help with daughter, 18, who's never had ‘a single boundary' around money
Heather, who lives in Fairfax, Virginia, called into The Ramsey Show and asked co-hosts Dave Ramsey and Dr. John Delony if there's any hope to get an 18-year-old to budget when she's always had easy access to and been surrounded by wealth. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) She said her daughter was homeschooled and taught good values about money, but then went to a high school where 'people will drive a different car to school every day just to show off their wealth.' Heather says she has little control over her daughter's spending habits since her husband insists on paying for everything, including college. Heather's in-laws will also give her daughter money whenever she asks. 'You don't have a daughter problem — you have a husband problem,' said Ramsey. He also said that no one with common sense would want to marry "princess girl" who has "never known a single boundary." Heather's daughter is acting like a typical 18-year-old, said Delony, and he 'wouldn't begrudge her a second' because the way she's acting is 'developmentally appropriate.' That's where parenting is supposed to come in. Heather, who says she grew up poor, has been asking her husband to limit the amount of money they give their daughter — or, at least put it into an account they have access to so they can see how she's spending it and discuss it with her. But he says it's their daughter's decision on how she spends that money and she needs to learn from her own mistakes. Only it's their money, not their daughter's money. Delony says a never-ending checking account for an 18-year-old is a 'recipe for a disaster.' He said, "Prep yourself. Be prepared to wake up at 2 a.m. with a phone call from a Dean of Students of some college, cause it's coming." Since 'your husband doesn't care what you think,' he says Heather should start carving out some mom-and-daughter time each week. He suggests a regular breakfast date outside of the home until she graduates and leaves for college. He thinks Heather should open up with her daughter about what life was like for her when she was 18 years old. These weekly chats are 'planting seeds' so when Heather's daughter is having trouble she'll remember that she can trust her mom. Ramsey says the answer lies in being proactive. Heather needs to insert herself into her daughter's life and into her marriage in a proactive way — rather than standing on the sidelines watching a car wreck about to happen. 'If I'm you, I'm in a marriage counselor's office real soon because your husband is a twerp and what he's doing to you is unconscionable,' said Ramsey. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it Only 28 states require high school students to take a personal finance course to graduate. That means parents may be a child's only source of financial education, learning the basics of earning, borrowing, lending and investing. A Quicken survey of 2,000 adults in the U.S. found a 'clear correlation' between early education in money and financial success as adults. Those who learned about money in their formative years were three times as likely (45% vs 14%) to have an annual income of $75K or higher than those who didn't. The survey suggests that teaching your kids healthy financial habits isn't a 'one-time conversation.' Rather, 'parents who talk with their kids once a week about the issue are significantly more likely to have kids who say they are smart about money.' Ramsey Solutions recommends that instead of giving kids an allowance, give them a commission for work done instead. 'When they do their chores, they'll earn a commission,' says the website. 'And when they don't, they'll realize they've made what they earned — nothing.' If they're old enough for a job, they'll also quickly learn that lesson. If your teen wants to make a larger purchase, like a laptop or used car, consider loaning them money and 'charging nominal interest so they get used to the concept,' says Daniel Hunt at Morgan Stanley Wealth Management. 'This can be as simple as lowering their ongoing allowance by a small amount until any advance has been repaid, with the amount of the decrease not counted against the amount owed,' he said in a blog post. 'Such an approach mimics a 'minimum payment' option on revolving debt.' Most importantly, they should 'understand that their debt is their responsibility and that there are serious consequences if they don't keep it under control,' he said. Teaching teens about money management also means modeling the behavior you want them to learn — after all, kids learn by example. 'If you buy everything you want for yourself with no limits on spending, then your kids will see that as normal behavior and do the same,' according to John Boitnott at But if you show your kids how and why you save money, 'then your kids may be more inclined to be financially responsible in the future.' This can be a challenge if both parents aren't on the same page, like in Heather's case. When it comes to teaching kids about money management and financial responsibility, parents should be in alignment on how they model financial boundaries — including the consequences of spending more than they earn. As Ramsey tells Heather, her husband won't 'participate with you in parenting,' so that may require marital counseling along with maintaining an open dialogue with her daughter. And, at least according to Ramsey, there may be no hope for their daughter until their 'marriage crisis' is addressed. Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Sign in to access your portfolio
Yahoo
7 hours ago
- Business
- Yahoo
Is Dave Ramsey's Home Buying Advice Realistic For The Average Homeowner?
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Dave Ramsey is known for his no-nonsense approach to personal finance, including bold guidelines about how — and when — to buy a home. His long-standing advice is clear: never take out more than a 15-year mortgage, and never let your mortgage payment exceed 25% of your take-home pay. But as housing prices and interest rates climb, can the average person still afford a home if they follow Ramsey's rules? Don't Miss: Hasbro, MGM, and Skechers trust this AI marketing firm — Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – TikTok user @simemedia recently laid out what Ramsey's home-buying rule looks like in today's market. Using national housing averages and ideal borrowing scenarios, he walked viewers through the numbers — and the outcome raised eyebrows. As @simemedia explains, the average U.S. home now costs around $350,000. A 15-year mortgage on that amount, assuming excellent credit – a 780+ score – would come out to just under $3,000 per month — before factoring in insurance, utilities, or maintenance. Now factor in Ramsey's second rule: the mortgage payment should be no more than 25% of take-home pay. Take-home pay is what's left after taxes, so to comfortably afford a $3,000 mortgage by Ramsey's standard, a buyer would need to take home $12,000 per month. That equates to an annual gross income of about $190,000 — putting the buyer in the top 6% of earners nationwide. Trending: This Jeff Bezos-backed startup will allow you to . To test the advice further, @simemedia ran the same scenario using Mississippi, the state with the lowest average home prices — around $180,000. That would bring the 15-year monthly mortgage payment down to roughly $1,600. Following the 25% rule, a buyer would need to take home $6,400 a month, or earn about $95,000 per year before taxes. That's still well above the national median household income of $80,610, according to the Census Bureau. In other words, even in the cheapest state in the U.S., the average household would fall short of affording a home under Ramsey's advice is rooted in avoiding financial risk. A 15-year loan saves thousands in interest compared to a 30-year one, and the 25% rule ensures homeowners don't stretch their budgets too thin. But critics like @simemedia argue that the rules, while ideal, are increasingly out of reach for many buyers, especially younger or first-time homeowners. Some financial experts recommend treating Ramsey's rules as goals rather than rigid requirements. Choosing a longer-term mortgage or targeting a more affordable home could make homeownership more achievable, while still maintaining reasonable financial safety. Ramsey's advice aims to help people build wealth responsibly, but strict adherence might not be realistic for the average homeowner in today's economy. As always, the best approach is one that reflects your personal financial situation, and if needed, includes input from a financial advisor. Read Next: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – , which provides access to a pool of short-term loans backed by residential real estate with just a $100 minimum. Image: Shutterstock Send To MSN: 0 This article Is Dave Ramsey's Home Buying Advice Realistic For The Average Homeowner? originally appeared on Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
Yahoo
10 hours ago
- Business
- Yahoo
Virginia woman asks Dave Ramsey for help with daughter, 18, who's never had ‘a single boundary' around money
Heather, who lives in Fairfax, Virginia, called into The Ramsey Show and asked co-hosts Dave Ramsey and Dr. John Delony if there's any hope to get an 18-year-old to budget when she's always had easy access to and been surrounded by wealth. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) She said her daughter was homeschooled and taught good values about money, but then went to a high school where 'people will drive a different car to school every day just to show off their wealth.' Heather says she has little control over her daughter's spending habits since her husband insists on paying for everything, including college. Heather's in-laws will also give her daughter money whenever she asks. 'You don't have a daughter problem — you have a husband problem,' said Ramsey. He also said that no one with common sense would want to marry "princess girl" who has "never known a single boundary." Heather's daughter is acting like a typical 18-year-old, said Delony, and he 'wouldn't begrudge her a second' because the way she's acting is 'developmentally appropriate.' That's where parenting is supposed to come in. Heather, who says she grew up poor, has been asking her husband to limit the amount of money they give their daughter — or, at least put it into an account they have access to so they can see how she's spending it and discuss it with her. But he says it's their daughter's decision on how she spends that money and she needs to learn from her own mistakes. Only it's their money, not their daughter's money. Delony says a never-ending checking account for an 18-year-old is a 'recipe for a disaster.' He said, "Prep yourself. Be prepared to wake up at 2 a.m. with a phone call from a Dean of Students of some college, cause it's coming." Since 'your husband doesn't care what you think,' he says Heather should start carving out some mom-and-daughter time each week. He suggests a regular breakfast date outside of the home until she graduates and leaves for college. He thinks Heather should open up with her daughter about what life was like for her when she was 18 years old. These weekly chats are 'planting seeds' so when Heather's daughter is having trouble she'll remember that she can trust her mom. Ramsey says the answer lies in being proactive. Heather needs to insert herself into her daughter's life and into her marriage in a proactive way — rather than standing on the sidelines watching a car wreck about to happen. 'If I'm you, I'm in a marriage counselor's office real soon because your husband is a twerp and what he's doing to you is unconscionable,' said Ramsey. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it Only 28 states require high school students to take a personal finance course to graduate. That means parents may be a child's only source of financial education, learning the basics of earning, borrowing, lending and investing. A Quicken survey of 2,000 adults in the U.S. found a 'clear correlation' between early education in money and financial success as adults. Those who learned about money in their formative years were three times as likely (45% vs 14%) to have an annual income of $75K or higher than those who didn't. The survey suggests that teaching your kids healthy financial habits isn't a 'one-time conversation.' Rather, 'parents who talk with their kids once a week about the issue are significantly more likely to have kids who say they are smart about money.' Ramsey Solutions recommends that instead of giving kids an allowance, give them a commission for work done instead. 'When they do their chores, they'll earn a commission,' says the website. 'And when they don't, they'll realize they've made what they earned — nothing.' If they're old enough for a job, they'll also quickly learn that lesson. If your teen wants to make a larger purchase, like a laptop or used car, consider loaning them money and 'charging nominal interest so they get used to the concept,' says Daniel Hunt at Morgan Stanley Wealth Management. 'This can be as simple as lowering their ongoing allowance by a small amount until any advance has been repaid, with the amount of the decrease not counted against the amount owed,' he said in a blog post. 'Such an approach mimics a 'minimum payment' option on revolving debt.' Most importantly, they should 'understand that their debt is their responsibility and that there are serious consequences if they don't keep it under control,' he said. Teaching teens about money management also means modeling the behavior you want them to learn — after all, kids learn by example. 'If you buy everything you want for yourself with no limits on spending, then your kids will see that as normal behavior and do the same,' according to John Boitnott at But if you show your kids how and why you save money, 'then your kids may be more inclined to be financially responsible in the future.' This can be a challenge if both parents aren't on the same page, like in Heather's case. When it comes to teaching kids about money management and financial responsibility, parents should be in alignment on how they model financial boundaries — including the consequences of spending more than they earn. As Ramsey tells Heather, her husband won't 'participate with you in parenting,' so that may require marital counseling along with maintaining an open dialogue with her daughter. And, at least according to Ramsey, there may be no hope for their daughter until their 'marriage crisis' is addressed. Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10 hours ago
- Business
- Yahoo
Virginia woman asks Dave Ramsey for help with daughter, 18, who's never had ‘a single boundary' around money
Heather, who lives in Fairfax, Virginia, called into The Ramsey Show and asked co-hosts Dave Ramsey and Dr. John Delony if there's any hope to get an 18-year-old to budget when she's always had easy access to and been surrounded by wealth. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) She said her daughter was homeschooled and taught good values about money, but then went to a high school where 'people will drive a different car to school every day just to show off their wealth.' Heather says she has little control over her daughter's spending habits since her husband insists on paying for everything, including college. Heather's in-laws will also give her daughter money whenever she asks. 'You don't have a daughter problem — you have a husband problem,' said Ramsey. He also said that no one with common sense would want to marry "princess girl" who has "never known a single boundary." Heather's daughter is acting like a typical 18-year-old, said Delony, and he 'wouldn't begrudge her a second' because the way she's acting is 'developmentally appropriate.' That's where parenting is supposed to come in. Heather, who says she grew up poor, has been asking her husband to limit the amount of money they give their daughter — or, at least put it into an account they have access to so they can see how she's spending it and discuss it with her. But he says it's their daughter's decision on how she spends that money and she needs to learn from her own mistakes. Only it's their money, not their daughter's money. Delony says a never-ending checking account for an 18-year-old is a 'recipe for a disaster.' He said, "Prep yourself. Be prepared to wake up at 2 a.m. with a phone call from a Dean of Students of some college, cause it's coming." Since 'your husband doesn't care what you think,' he says Heather should start carving out some mom-and-daughter time each week. He suggests a regular breakfast date outside of the home until she graduates and leaves for college. He thinks Heather should open up with her daughter about what life was like for her when she was 18 years old. These weekly chats are 'planting seeds' so when Heather's daughter is having trouble she'll remember that she can trust her mom. Ramsey says the answer lies in being proactive. Heather needs to insert herself into her daughter's life and into her marriage in a proactive way — rather than standing on the sidelines watching a car wreck about to happen. 'If I'm you, I'm in a marriage counselor's office real soon because your husband is a twerp and what he's doing to you is unconscionable,' said Ramsey. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it Only 28 states require high school students to take a personal finance course to graduate. That means parents may be a child's only source of financial education, learning the basics of earning, borrowing, lending and investing. A Quicken survey of 2,000 adults in the U.S. found a 'clear correlation' between early education in money and financial success as adults. Those who learned about money in their formative years were three times as likely (45% vs 14%) to have an annual income of $75K or higher than those who didn't. The survey suggests that teaching your kids healthy financial habits isn't a 'one-time conversation.' Rather, 'parents who talk with their kids once a week about the issue are significantly more likely to have kids who say they are smart about money.' Ramsey Solutions recommends that instead of giving kids an allowance, give them a commission for work done instead. 'When they do their chores, they'll earn a commission,' says the website. 'And when they don't, they'll realize they've made what they earned — nothing.' If they're old enough for a job, they'll also quickly learn that lesson. If your teen wants to make a larger purchase, like a laptop or used car, consider loaning them money and 'charging nominal interest so they get used to the concept,' says Daniel Hunt at Morgan Stanley Wealth Management. 'This can be as simple as lowering their ongoing allowance by a small amount until any advance has been repaid, with the amount of the decrease not counted against the amount owed,' he said in a blog post. 'Such an approach mimics a 'minimum payment' option on revolving debt.' Most importantly, they should 'understand that their debt is their responsibility and that there are serious consequences if they don't keep it under control,' he said. Teaching teens about money management also means modeling the behavior you want them to learn — after all, kids learn by example. 'If you buy everything you want for yourself with no limits on spending, then your kids will see that as normal behavior and do the same,' according to John Boitnott at But if you show your kids how and why you save money, 'then your kids may be more inclined to be financially responsible in the future.' This can be a challenge if both parents aren't on the same page, like in Heather's case. When it comes to teaching kids about money management and financial responsibility, parents should be in alignment on how they model financial boundaries — including the consequences of spending more than they earn. As Ramsey tells Heather, her husband won't 'participate with you in parenting,' so that may require marital counseling along with maintaining an open dialogue with her daughter. And, at least according to Ramsey, there may be no hope for their daughter until their 'marriage crisis' is addressed. Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
