📈 Are you on track with the Baby Steps? Get a Free Personalized Plan Dave Ramsey and Jade Warshaw answer your questions and discuss: "Should I be going further into debt to hire lawyers to fight a custody battle with my ex-wife?" "How do we come up with a down payment to buy a Canadian fishing lodge?" "My financial planner doesn’t want me to sell my whole life insurance policies." "My dad took out Parent PLUS loans for me and my sisters. He says it's our fault that he's broke and that we owe him." Next Steps: ✅ Help us make the show better by taking this short survey! 📞 Have a question for the show? Call 888-825-5225 weekdays from 2–5 p.m. ET or send us an email. 📱 Watch the full episode for free in the Ramsey Network app. 💵 Start your free budget today. Download the EveryDollar app! 📈 For help with investing, get connected with a SmartVestor Pro. 💰 Hurry—Your chance to win $5k is almost over! Enter the Ramsey Cash Giveaway today! ❤️🩹 Get trusted insurance coverage that fits your budget. Connect with our Sponsors: Stop paying more and start shopping smarter at Aldi Get 10% off your first month of BetterHelp Go to Boost Mobile to switch today! Learn more about Christian Healthcare Ministries Get started today with Churchill Mortgage Get 20% off when you join DeleteMe Go to FAIRWINDS Credit Union for an exclusive account bundle! Save 15% on your first Field of Greens order with code RAMSEY Find top Health Insurance Plans at Health Trust Financial To find out more about student loan refinancing, check out Laurel Road Visit NetSuite today to learn more Use promo code RAMSEY for 18% off at The Nokbox Learn more about Timothy Plan Get started with YRefy or call 844-2-RAMSEY Visit Zander Insurance for your free instant quote today! Explore more from Ramsey Network: 💸 The Ramsey Show Highlights 🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💰 George Kamel 🪑 Front Row Seat with Ken Coleman 📈 EntreLeadership Ramsey Solutions is a paid, non-client promoter of SmartVestor Pros. Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices
Chapter 1: Should I go further into debt for a custody battle?
Brought to you by the EveryDollar app. Start budgeting for free today. 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. Jade Walsh, our number one best-selling author, Ramsey Personality, is my co-host today as we take your calls about your life and your money.
The phone number is 888-825-5225. Hugh is in Las Vegas. Hi, Hugh. What's up?
Hello. Thank you for taking my call. Sure. How can I help? Uh... I'm debating on getting in a situation where I may be going further into debt to pay for attorneys to try to protect my kids further. It's kind of been a big struggle.
How long has it been going on, and what's the danger now?
It's been going on about six years. My ex-wife is a very abusive person. She's psychologically, emotionally, and it's affected all of our kids. The divorce was finalized. About a year ago. Took five years to do a divorce? Yeah. Why? Because she wouldn't agree to anything, wanted to litigate everything, had agreements at different points, and then she refused to sign the papers.
She's lied about stuff. She's hidden money, just all kinds of stuff.
Who has the kids now? What's the agreement now?
But right now, just recently, the kids were taken away, and our oldest son was granted guardianship of them.
Taken away from you or taken away from her?
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Chapter 2: How can I afford a down payment for a fishing lodge?
Like run it for a year and see the numbers and see what is wrong with this. Because the only impression you have is all positive. And there are three rules of business, Caleb. It's going to take twice as long as you think. It's going to cost twice as much as you think. And you're not the exception. Those are the three rules of business.
And the way you're painting this is you are using fantasy language, not reality language, and it scares me for you. I'm afraid you're going to turn this dream into a nightmare if you're not real careful.
I'm afraid of that, too.
I really want you to get some reality on you in this thing and get under the rainbows and the skittles and find out what the flip is really going on up there. And why is it that there seems to be a lot of these for sale? Yeah. And, you know, there's a problem here. OK, so I really want to go work up there. I want you to take your family up there on vacation for three weeks.
Find an old couple that wants to sell a two hundred fifty thousand one. Write down a contract that says I'm going to work for you for a year. At the end of that, I'm going to close on this. If I find out things to be the right thing, be the way that you say they are. And if I can get financing or if you provide me financing.
And what's it mean for you to be doing business in another country?
You're in Chicago going to Canada. Now you are an immigrant. I don't know what it means for an America to immigrate permanently and buy a business in Canada. I have no idea how to do that. I do know it's probably more difficult than it was 12 months ago.
Oh. Uh-huh, uh-huh, uh-huh.
And if the answer is I don't know what the flip I'm doing, no, I wouldn't hire me to do that, then that tells me not to go into that space until I learn some more about it. And I am 100% sure you don't know what the flip you're doing on this.
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Chapter 3: Should I cash out my whole life insurance policy?
Not.
statistics show that half of americans don't have enough life insurance or they don't have any at all i don't understand this john why don't people want to take care of their family they think they're going to die or something well i used to be one of those guys i didn't even think about it and one of my buddies said hey the only reason to not have life insurance is if you hate your wife and kids and i immediately went and got term life insurance
That's a gut punch. And you're telling me and for decades, Dave, I've sat across people who've lost a spouse. They've lost somebody important to them. Me too. They don't know what to do next.
Me too. I mean, you're going to have a crisis here. And, you know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up. Or she's concerned how she's going to eat tomorrow. That's exactly right.
These are the two options. Take care of your dadgum family, man. Term life insurance can replace income, pay off debts, cover funeral expenses, so your family can actually have the opportunity to just be sad. Yeah. To just miss you.
That's exactly what it's supposed to be. It's saying I love you to your family. Term life insurance. Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282.
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. Thanks for hanging out with us, America. Jade Walshaw, Ramsey personality, number one best-selling author. She's my co-host today. The phone number is 888-825-5225. Sam is in Buffalo, New York. Hi, Sam. How are you?
Hi, Mr. Ramsey. Thanks so much for taking my call. Good afternoon. How are you, sir? Better than I deserve. What's up?
So, Mr. Ramsey, I am looking for your permission to be able to spend money and live well while I'm young. Let me provide some context. My wife and I are both physicians. We collectively make a little under half a million dollars over the last five years. We've been living only off my paycheck and using her paycheck entirely towards her student loans.
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Chapter 4: What to do if your parent took out loans for you?
What is wrong inside of you that's causing this? Because something's wrong, honey. Because this is straight up stupid.
It's your family's emergency fund.
You're putting your family stuff at risk here to do something that 97% of the people fail at. And you think you found the silver bullet. I'm sorry. Pride comes right before the fall. That ain't happening.
And even if you played it out, even if you're a person listening to this and you're like, well, it's not my emergency fund. I've got some money to play with and I've paid off my debt.
If you like burning money, this is a good way to do it. You can just completely set it on fire in the middle of the floor. I'd rather buy a car that goes down in value to nothing. At least I get some fun out of it.
I'd rather go to Las Vegas. At least that's more fun.
It's not that fun. Losing money is just not fun. There's nothing hilarious about it.
Really? Like when the table's hot, Dave? Come on. You get a drink?
Dave, don't come on. You and Rachel can go play craps, all right? Dave don't play craps. So I just work too hard for my money because I notice that the furniture and the chandelier right above that craps table is really nice. Oh, it is. And I know who paid for that. Losers! Losers! That's who paid for that.
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