📱Watch the full episode for free in the Ramsey Network app. George Kamel & Jade Warshaw answer your questions and discuss: "Should I co-sign a mortgage for my sister?" "Is it okay to rent when I first move out?" "Should I put extra income towards my wife's debt?" Tips for paying less in taxes next year, "Should I pay for my son's second degree?" Support Our Sponsors: 🌱 Get 10% off your first month of BetterHelp 🏥 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 💤 Visit Helix Sleep for special offers! 💻 Visit NetSuite today to learn more 🗂️ Use promo code RAMSEY for18% off at The Nokbox 🏛Get started with YRefy or call 844-2-RAMSEY 🔐 Visit Zander Insurance for your free instant quote today! Next Steps 📞 Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET or click here! 📈 Are you on track with the Baby Steps? Get a Free Personalized Plan 🛒 24 Hours Only! Grab life-changing gifts for just $11 🏡 Find a Ramsey Trusted Real Estate Agent 💵 Start your free budget today. Download the EveryDollar app! Listen to more from Ramsey Network 🎙️ The Ramsey Show 🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💸 The Ramsey Show Highlights 💰 George Kamel 💼 The Ken Coleman Show 📈 EntreLeadership Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices
Chapter 1: Should I co-sign a mortgage for my sister?
Hi there. Hi everyone. What's going on? Well, um, I would love to be able to help my sister obtain a mortgage. Um, since the death of my mom and August, um, he finds herself in a position of, um, needing a place to live. I want her to move very close to me in the same town, hopefully. And unfortunately, because she was my mother's caretaker for the last six years, she did not have an income.
My husband does not want to co-sign on a mortgage for her. Why not? I'm having a hard time with that.
When he told you that, what did he tell you?
He told me I'm 62 years old. We just paid off our own home. I do not want my name on another mortgage for the rest of my life. I'm having a hard time with that as a reason because it most likely would be a temporary situation.
What do you mean temporary?
Well, I would assume that once my sister is settled and with a job that she would be able to take over the mortgage. I guess refinancing and I guess getting his name off of that mortgage. How old is your sister?
You're 62. How old is she?
I am actually 60. She is going to be 62 in February.
Does she have income now?
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Chapter 2: Is it okay to rent when I first move out?
Awesome.
$65,000?
Okay.
Yeah, I mean, that's a great income, but for New York City, that's tough. It's an ultra-high cost of living area, and so I would try to up your income. That would be my goal, to get that core income up over these next five years while I aggressively try to save as much of my income as possible. All right. That's the goal, man. That's the goal. I hope that helps. Not easy in New York City, Jade.
I mean, people call from California or New York and they go, hey, your housing parameters don't work. And we go, the math isn't broken. The math of your reality is broken where you want to buy a $600,000 home, but you make 60K. Yeah.
I'm hoping he lives outside the city and somewhere, you know, in the suburbs.
100%.
And yeah, especially making sure that that payment is no more than 25%. That's a key, key piece of this.
Because if you make four grand a month and your payment is $2,500 a month, you're not going to be able to survive and pay for anything else. Tom is in Seattle up next. What's going on, Tom?
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Chapter 3: How can I help my son pay for his second degree?
Chapter 4: What are the benefits of a high-yield savings account?
And, um, I have also agreed because I'm not in the, can I clarify is the 90,000 one seventh or is that the 97, 90,000 split seven ways?
I'm sorry. No, it's, um, it's 90,000 would be one, one seventh. All of us would probably collect. Okay. Got it. Possibly. Yes. Okay. Um, so we're, we're trying to sell the home now. So in other words, her, her, Obtaining a home close to me would be contingent upon the sale of my mom's house. Sure. I have also agreed because I'm in a position where I don't work. I don't have to. We're well set.
Can I ask a question?
sure if you want your sister to live very closely to you because that's that's in one hand and then you've got your husband who gets a vote saying I do not want to sign and co-sign for a house which by the way I agree with I'm pretty sure George 100% agrees with too what would it look like if she could she stay with you guys for a while until she could you guys set a limit of time and say hey we want you to live here
or we want you to live on this side of town or on this side of the country, whatever it is. What if you stayed with us for four months or whatever you guys decide, talk to your husband and until you get a job on this side of town. And then when you get a job, the house sales, you'll move into your own place. What would something like that look like?
Probably not doable simply because of the pet situation. There are two dogs and a cat that one being my mom's pet and, and June, her, her, my sister's dog as well. Can she afford to take care of these pets? She can. I mean, are you asking me if she would give them up?
I'm not asking that. I'm saying it sounds like she's broke and then these pets are adding an extra expense and now she's going to jump into home ownership. I'm wondering if she can rent somewhere instead. Why does it have to be she needs to buy her own house or else?
Well, um, um, unfortunately, from what I understand about having to meet so much criteria, of having a job for the past six months or that.
Well, there's way more. Let me tell you this. There's way more criteria needed to buy a home than to rent a home. To rent a home, I want to make sure basically that you can afford the rent. And that way, if you have debt to pay off or other things to get in place, you have the time to do that. Whereas if you're going to buy, there's really quite a bit that needs to be in line first.
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Chapter 5: How much should I save for a down payment?
Oh, I love the video.
It's the course I wish I had before I bought my first home.
I love a video. It's different when you hear somebody saying it versus trying to read it. I don't know why when it comes to things that have that many details.
Oh, yeah. And our team did a great job making it visual, making it clear, helping you understand all the, what the heck is escrow? What's going on there? We break it down for you. Go to ramseysolutions.com slash real estate to get access to all of those resources.
You probably made it funny too.
We tried. There was a Men in Black reference that I'm very proud of in that, including VHS tapes. So, you know, I've got to make it fun. If I'm involved, I want to pigeonhole myself as a guy who cannot be boring. Good job. That's what I try to do. All right. Let's go to the phones. Matt is in Baltimore. How can we help, Matt?
Hi, guys. Big fan. Great to be on with you.
You as well.
So, I'm currently debt-free myself. And I'm working on paying off about $41,000 of my wife's debt.
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Chapter 6: What should I do if my partner has hidden debt?
Got you. And so what'd you guys do? You went to counseling? No.
I took the consolidation loan out to pay everything off to make her solvent. And then splitting that, it's about 400 change a month, cuts her half down to about 200 a month. Okay. So she's paying that off about 200 a month.
So she's putting extra, but you're not?
Listen, that's great. If you notice, I have veered completely away from your monetary questions because I care mostly about your marriage. And it bothers me that what this is telling me is you still don't trust her because this thing happened, which is a big deal, by the way. I'm not minimizing that at all. But it's caused you to say, oh, my gosh, you did this without me knowing.
You're not good with your finances. I don't really trust you. So we're going to keep it separate. I'm going to control my half. You control your half. And I'll also chip in, right? So there's this... This is not a good way going forward. And my encouragement to you is don't let it go on like this.
You guys need to get with a counselor and figure out how to mend this so that you can be back on the same page again, because it's very hard to accomplish a singular goal when you're on two different paths. And I want you guys on the same path so that you can combine, you can support each other. There's no kind of like animosity. There's no resentment. There's no on her end.
There's no guilt because once she said, hey, I did this. I'm sorry. Please forgive me. She's not going to be you guys aren't going to be able to move forward until she knows, OK, this guy, we're back on the same page. There's trust there again. And I'm not saying that that's going to happen overnight, but I want you to work towards that.
Marriages are either growing together or they're growing apart. And I want to see more unity. I want to see you make progress with your marriage and your money. And that's going to take unity. That's going to take one bank account, one budget. We're getting out of our debt. This is we, not us and you and me.
That's how to do it right.
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Chapter 7: How can I manage my debts after a health crisis?
Chapter 8: What is the best strategy for paying off debt?
And then you'd be able to cover all your bills with about $600 left over.
Right. What's your out-of-pocket max every year for your insurance?
Well, starting on January 1st, I'm going to be on Medicare. Okay. So I have a very, that'll help. And I, it's only, it'll be 255 a month. Um, and they cover a lot. I mean, I'm going to still have some co-pays and things, but.
That'll be life-changing for you.
That is part of that $2,500.
Okay, good. So, Linda, if I was in your shoes, truthfully, I would get rid of this debt.
Today.
Today, using your savings. I know it's going to knock it down. I know it's your life savings. But that's also going to free up $600 you could put in a savings account to add to that. to start to cover some of these expenses.
That's what I was wondering.
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