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The Ramsey Show Highlights

Can I Ask My Employee For A Breakdown Of Their Finances?

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 26 June 2025

⏱️ 9 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

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0:06.0

Is it appropriate for me to ask an employee about their personal finances, try and dig into it to understand what to pay them in the situation that I did buy this person's book of business in exchange for them having a job, steady income.

0:23.1

All right. Before we dive into that, and I'll defer to George on this one, but I'm curious,

0:28.9

is there not a market value range of salary that you already aware of? And then are you asking

0:35.7

this question in the context of that? In other words,

0:38.5

you know the range of what the market says you should pay somebody with his or his or her

0:44.0

experience and skill, or are you just sticking your thumb in the air?

0:48.8

So I have a general idea, and it's a lot less than what they're getting paid right now.

0:55.0

Um, but I also know that they're, have a lot of personal debt from their business line that we purchased.

1:03.0

Um, I know the person has a friend, you know, now we're just work colleagues, you know,

1:07.0

or there's not really too much friendship, But the answer is I do know. Okay.

1:11.4

It's kind of a struggle to keep a good workplace and make sure that they are in a sense

1:17.9

taken care of also because I'm, you know, I'm weaning them off right now. I'm weaning them off

1:21.6

being used to be able to live frivolously. When you said you bought the book of business,

1:27.1

did you write them a check?

1:29.8

How did that go down?

1:30.5

No, so I actually acquired it for free.

1:32.3

So it's actually we had a document drafted that pretty much gave us the book of business

1:37.8

in exchange for their employment guaranteed for six months.

1:42.1

What do they get out of this?

1:44.2

So they get a job, essentially.

1:46.2

They get a job.

...

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