Latest news with #The Ramsey Show
Yahoo
2 days ago
- Business
- Yahoo
Montreal woman is worried about husband's gambling addiction — now he owes $1.1M. Ramsey Show hosts said to do this ASAP
It's common for spouses to combine finances — but sometimes, even when you keep your money separate, one partner's bad habits can impact the other's financial future. Such is the case for Sarah from Montreal, Quebec, who called into The Ramsey Show two weeks after learning that her husband has a gambling addiction. Don't miss 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 6 of the easiest ways you can catch up (and fast) 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 Despite having been together for 11 years, Sarah only recently discovered that her husband has racked up $1.1 million in debt over the past decade. Now, she's taken over his finances and wants to help him tackle his debts. "He had like maybe $1,000 left in his bank account and everything was maxed, so he needed help," said Sarah. The problem? She has no idea where to start. A tricky financial situation Sarah has long wanted to combine her finances with her husband, but he has always pushed back on the idea. On top of dealing with a gambling addiction that he had kept a secret, his debts have also made him fall behind on his taxes. Sarah's husband likely wanted to keep his finances separate so that he didn't drag her down into his mess, but as Sarah explained to hosts George Kamel and Jade Warshaw, her husband's actions have impacted them both. For one thing, the Canadian couple had plans to buy a home in Florida when Sarah thought they were doing well financially. Sarah herself has been saving well and thought her husband was doing the same. This gambling news came as a major blow, especially since it caught her off guard. "I was, like, totally, totally shocked," Sarah shared on the show. Now, the one saving grace is that Sarah's husband earns a high income from his business, which earns an annual revenue of about $1.3 million. And while that's not all profit, Sarah says her husband earns about $100,000 a month and they pay taxes on those earnings. However, he owes over $1 million, broken down as follows: $64,000 in back taxes from 2024 $550,000 in provisional taxes for the upcoming year (a requirement in Canada for high earners) $438,000 in a mortgage line of credit, or home equity line of credit (HELOC) $125,000 in a personal line of credit Sarah said that she and her husband are in couples therapy, while the two also see their own therapists individually. For Sarah, she hopes her therapy will help her cope with what's happened, while her husband's therapy will hopefully address his gambling addiction. Meanwhile, Kamel and Warshaw had advice for Sarah. Kamel told Sarah that she should take away her husband's remaining credit card and freeze his credit so that he can't take out another loan and spend more money on gambling. Warshaw, meanwhile, gave Sarah advice on how to tackle all of her husband's debt, which starts with paying off the taxes. "Do the old ones first, and then once you've cleared those, then start doing the prep for the next year," said Warshaw. Next, Warshaw recommended tackling the personal line of credit. "Do it in order like the debt snowball — personal loans first, smallest to largest," said Warshaw. After that, Warshaw suggested paying off the HELOC. Hopefully, if Sarah's husband continues to earn a good income and they stick to this plan, the two of them can dig their way out of this financial hole. Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Gambling addictions are on the rise Ever since the Supreme Court took steps to legalize sports betting, there's been an uptick in that activity, along with people seeking help with gambling addictions, according to a recent study by the University of California San Diego Qualcomm Institute and School of Medicine. The study's data found that internet searches for help with gambling addictions rose 23% on a national scale since 2018. Meanwhile, states that two million U.S. adults meet the criteria for a severe gambling addiction, while four to six million have a mild or moderate gambling addiction. Recent data from Gaming America also found that 10% of men 30 and under show signs of a gambling problem, compared to 3% of the general population. Part of the increase may be due to the growing popularity and availability of online sportsbooks, which have made it easier for people to bet on sports. But either way, a gambling addiction can be a costly problem to have. The National Council on Problem Gambling says the annual social cost of problematic gambling is an astounding $14 billion. According to the average man with a gambling addiction has anywhere from $55,000 to $90,000 of debt. Women with gambling addictions, meanwhile, have an average debt of $15,000. If you or someone you know has a gambling problem, you can click here to find resources in your state. You don't want a gambling addiction to wreck your finances, relationships or your life as a whole, so it's critical that you do what you can to get ahead of it. Meanwhile, if you're already in debt due to a gambling problem, it pays to get help dealing with the financial end of things. You may want to consider consulting a financial advisor or a debt relief company for assistance. In some extreme cases, filing for bankruptcy might also be an option. What to read next Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Here are 5 simple ways to grow rich with real estate if you don't want to play landlord. And you can even start with as little as $10 Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Yahoo
23-07-2025
- Automotive
- Yahoo
Tampa woman turns to Ramsey Show hosts after her brother refused to repay a car loan she took out to help him
Four years ago, Carmen from Tampa, FL, did her brother a solid by letting him move into her home when he was low on cash. She didn't charge him rent and she even took out a car loan for him — in her name. Fast forward to now, and their fortunes are reversed. Carmen needs the money, but her brother doesn't want to repay the car loan. During an episode of The Ramsey Show, Carmen said her brother has 'fully recovered' from his financial woes. He works on commission, has stocks, CDs and retirement savings, and 'is living a good life,' she said. Yet, when it comes to the car loan, he told his sister he wasn't going to 'take that upon my credit.' As Carmen pondered whether she should pay off the remaining loan herself — which is around $11,000 — co-host Ken Coleman told her: 'You know what you're supposed to do.' Don't miss 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 6 of the easiest ways you can catch up (and fast) Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it What happened? Carmen's husband made a career switch that she says will eventually pay off, but in the meantime, they're bringing in less money. And to get a mortgage, they were told by their lender that they need to get rid of the car loan debt first. Carmen didn't just co-sign the loan; she put it under her name. So her brother is making monthly payments to Carmen on a car that's not in his name and that 'he's never going to own,' said co-host Jade Warshaw. If he's not willing to pay back the full amount of the loan, then Carmen has every right to repossess the vehicle. 'That is not mean, Carmen. That is not a bad sister,' said Warshaw. 'That is just you doing something that is very normal and fair by saying, 'if I'm paying for a car that's in my name, I'm going to be the one owning it and driving it.'' If her brother wants to keep making monthly payments, 'then he needs to go rent a car,' said Warshaw. Carmen said a private seller would pay $19,000 for the vehicle. 'I would go get that car from your brother today and sell it instantaneously,' said Coleman. At that point, her brother can decide whether he wants to buy the car from her, in which case he can pay back his sister for the full amount of the loan and she can transfer the title over to him. If he's not interested in buying it, she can find another buyer and pay back the loan from the proceeds. Still, Carmen is hesitant because she doesn't want to cause a rift in the family. 'It already has,' said Warshaw. 'The damage you're worried about being done has already been done.' Warshaw said she wants Carmen to be respected. 'It's a disrespectful transaction and if you let it continue, he's not just disrespecting you — you're disrespecting yourself at that point.' Read more: Americans are 'revenge saving' to survive — but millions only get a measly 1% on their savings. Should you loan a family member money? While you may want to help out a family member in need, a 'friends and family' loan should still be treated as any other loan. Otherwise, you could consider the money a gift (particularly if you don't think you'll ever see that money again). About one-third of U.S. adults have provided financial support to friends or family, according to the Consumer Financial Protection Bureau (CFPB). It could make sense in some circumstances — for example, parents may loan their adult child some money when they're just starting out in their career or don't yet have a credit history to qualify for a loan. Whatever the case, if you're thinking about lending money to a friend or family member, first consider your own financial situation — for example, it's probably not a good idea to drain your own emergency fund to pay for a family member's emergency. And, if you do have some extra cash, how much of it can you afford to part with and for how long? If you do lend money to a friend or family member, put it in writing (you can find several options for templates online by searching under loan agreements). This contract should outline the terms of the loan, such as when you expect it to be repaid (either in a lump sum or a series of payments over a specified period of time). You should also specify whether you'll be charging interest on the loan (perhaps the rate you'd be getting if that money was sitting in your high-interest savings account) and what the consequences will be if they can't pay you back. For example, in Carmen's case, if she had made her brother sign a contract before getting a car loan, she could have specified that she'd take back possession of the vehicle if he didn't pay back the loan in full by a certain period of time. Another option is co-signing a loan, but only do so if you trust this person — not because you're feeling pressured by your family to do so. A co-signer is a person 'who agrees to be legally responsible for someone else's debt,' according to Equifax, one of the three major credit reporting agencies in the U.S., along with Experian and TransUnion. This provides a safety net to lenders, but it also means the co-signer is legally responsible for that debt if the borrower is unable to pay it back. Plus, if you're the co-signer, that debt will show up on your credit report and could influence your credit score and/or debt-to-income ratio. If the borrower fails to make payments, that will harm your credit rating — and it will likely put a strain on your relationship. If you're already in that situation, like Carmen, there's no easy way out. 'We didn't say this was going to be fun but… it's already not fun,' said Coleman, 'so let's go ahead and rip the band-aid off and take possession of the car.' What to read next Robert Kiyosaki warns of 'massive unemployment' in the US due to the 'biggest change' in history — and says this 1 group of 'smart' Americans will get hit extra hard. Are you one of them? How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you'll need a substantial stash of savings in retirement Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. 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
19-07-2025
- Business
- Yahoo
New Orleans dad says his wife blows $5K/month on ‘things' — but The Ramsey Show says credit is the accomplice
It's tough enough to balance a family budget when incomes are unpredictable. But when one spouse leans toward saving and the other splurges on luxury items, even couples with healthy take‑home pay can find themselves at odds. That was the dilemma faced by Taylor, a New Orleans dad of three, who called into The Ramsey Show. He claimed his wife racks up roughly $5,000 in credit card charges each month. Don't miss 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 6 of the easiest ways you can catch up (and fast) Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Taylor's household runs most expenses on credit cards and pays the balance in full every month, but that hasn't quelled his anxiety. He typically spends $2,500 to $3,000 on his card each month for bills and necessities, while his wife's charges push past $5,000 on things like children's clothes and 'fun' purchases. Their sole recurring non‑credit debt is the mortgage, which drafts automatically from their joint checking account. Because Taylor works on commission, his take‑home pay can swing dramatically, from as low as $6,500 in down months to over $20,000 when sales spike. Here's what the hosts had to say about their situation. Cutting the credit cards The Ramsey Show co-hosts Ken Coleman and Jade Warshaw advised that credit cards remove natural spending boundaries. With cash, when it's gone, it's gone — plastic tempts consumers to push past what they can genuinely afford. ' I'm always gonna tell people to cut up their credit cards, but for you guys, it's like a no-brainer. I feel like in many ways it's just creating more chaos around the subject of money, and it's creating a free-for-all because I don't know what the limit is on these credit cards,' Warshaw told Taylor. Beyond the emotional stress it triggers in households like Taylor's, relying heavily on credit cards carries real financial risk. Revolving balances often come with APRs north of 20%, meaning routine purchases can quickly morph into long‑term debt burdens. Hidden fees — such as late‑payment charges or over‑limit penalties — can accumulate even when cardholders pay off their balances most months. And when utilization rates climb, credit score volatility becomes a serious concern, potentially driving up borrowing costs on mortgages, auto loans and other forms of credit. Read more: Americans are 'revenge saving' to survive — but millions only get a measly 1% on their savings. Crafting a family budget from scratch According to a 2023 survey, 27% of Americans don't think a budget is necessary. Meanwhile, a recent Laurel Road survey found that just 46% of couples discuss their budgets with each other at least weekly. At its core, crafting a family budget from scratch means assigning every dollar a purpose before the month begins. It's about transparency, shared responsibility and agreeing on financial priorities. Taylor and his wife could start mapping out a detailed budgeting plan by: Determining true income: Average the lowest three months of take‑home pay to set a conservative baseline. Listing fixed and necessary expenses: Include mortgage, utilities, childcare and insurance — then pad each by 5% to 10% for unexpected costs. Allocating 'fun money': Give each spouse a cash‑only allowance for discretionary spending to prevent surprise credit card charges. Prioritizing savings goals: Treat emergency‑fund contributions and retirement deposits like nonnegotiable bills. Taylor could redirect at least $2,000 of his wife's typical credit card spend toward savings or investments. Reviewing together weekly: A quick five minute check‑in helps spot overages early and keeps both partners aligned. Beyond these steps, automating transfers into savings accounts the day after payday also reduces the temptation to spend 'what's left.' Taylor's call underscored the need for shared values around money. As the hosts noted, budgeting isn't merely about tracking dollars; it's a conversation about what matters most. By agreeing on clear spending limits, this New Orleans family can move from financial friction to teamwork — and finally hit that 'happy medium.' What to read next Robert Kiyosaki warns of 'massive unemployment' in the US due to the 'biggest change' in history — and says this 1 group of 'smart' Americans will get hit extra hard. Are you one of them? How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you'll need a substantial stash of savings in retirement Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. 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Yahoo
19-07-2025
- Business
- Yahoo
New Orleans dad says his wife blows $5K/month on ‘things' — but The Ramsey Show says credit is the accomplice
It's tough enough to balance a family budget when incomes are unpredictable. But when one spouse leans toward saving and the other splurges on luxury items, even couples with healthy take‑home pay can find themselves at odds. That was the dilemma faced by Taylor, a New Orleans dad of three, who called into The Ramsey Show. He claimed his wife racks up roughly $5,000 in credit card charges each month. Don't miss 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 6 of the easiest ways you can catch up (and fast) Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Taylor's household runs most expenses on credit cards and pays the balance in full every month, but that hasn't quelled his anxiety. He typically spends $2,500 to $3,000 on his card each month for bills and necessities, while his wife's charges push past $5,000 on things like children's clothes and 'fun' purchases. Their sole recurring non‑credit debt is the mortgage, which drafts automatically from their joint checking account. Because Taylor works on commission, his take‑home pay can swing dramatically, from as low as $6,500 in down months to over $20,000 when sales spike. Here's what the hosts had to say about their situation. Cutting the credit cards The Ramsey Show co-hosts Ken Coleman and Jade Warshaw advised that credit cards remove natural spending boundaries. With cash, when it's gone, it's gone — plastic tempts consumers to push past what they can genuinely afford. ' I'm always gonna tell people to cut up their credit cards, but for you guys, it's like a no-brainer. I feel like in many ways it's just creating more chaos around the subject of money, and it's creating a free-for-all because I don't know what the limit is on these credit cards,' Warshaw told Taylor. Beyond the emotional stress it triggers in households like Taylor's, relying heavily on credit cards carries real financial risk. Revolving balances often come with APRs north of 20%, meaning routine purchases can quickly morph into long‑term debt burdens. Hidden fees — such as late‑payment charges or over‑limit penalties — can accumulate even when cardholders pay off their balances most months. And when utilization rates climb, credit score volatility becomes a serious concern, potentially driving up borrowing costs on mortgages, auto loans and other forms of credit. Read more: Americans are 'revenge saving' to survive — but millions only get a measly 1% on their savings. Crafting a family budget from scratch According to a 2023 survey, 27% of Americans don't think a budget is necessary. Meanwhile, a recent Laurel Road survey found that just 46% of couples discuss their budgets with each other at least weekly. At its core, crafting a family budget from scratch means assigning every dollar a purpose before the month begins. It's about transparency, shared responsibility and agreeing on financial priorities. Taylor and his wife could start mapping out a detailed budgeting plan by: Determining true income: Average the lowest three months of take‑home pay to set a conservative baseline. Listing fixed and necessary expenses: Include mortgage, utilities, childcare and insurance — then pad each by 5% to 10% for unexpected costs. Allocating 'fun money': Give each spouse a cash‑only allowance for discretionary spending to prevent surprise credit card charges. Prioritizing savings goals: Treat emergency‑fund contributions and retirement deposits like nonnegotiable bills. Taylor could redirect at least $2,000 of his wife's typical credit card spend toward savings or investments. Reviewing together weekly: A quick five minute check‑in helps spot overages early and keeps both partners aligned. Beyond these steps, automating transfers into savings accounts the day after payday also reduces the temptation to spend 'what's left.' Taylor's call underscored the need for shared values around money. As the hosts noted, budgeting isn't merely about tracking dollars; it's a conversation about what matters most. By agreeing on clear spending limits, this New Orleans family can move from financial friction to teamwork — and finally hit that 'happy medium.' What to read next Robert Kiyosaki warns of 'massive unemployment' in the US due to the 'biggest change' in history — and says this 1 group of 'smart' Americans will get hit extra hard. Are you one of them? How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you'll need a substantial stash of savings in retirement Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. 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