Gift A Friend $100,000 To Pay Off Debt?

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 27 November 2024

⏱️ 5 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	Brought to you by the Ramsey Network app. Download today to go further with Ramsey.
0:08.3	Today's question comes from Cameron in Arizona. My best friend has bounced around schools trying to
0:13.7	pursue his dream of being a sports team mascot. He has a math degree, $100,000 in student loan debt,
0:19.5	and a terrible living situation with his parents.
0:22.1	He can't manage to get any reasonable paying job for a person with his education.
0:26.2	He currently earns $17 an hour counting money at a casino.
0:29.8	Several years ago, I inherited $5.5 million, which I've safely invested and have since grown to over $7 million.
0:36.5	I've never touched that money
0:37.6	except for the house that I paid for in cash and I live off my real income of about 110 grand.
0:42.8	Can I gift or lend my friend $100,000 to pay off his loans? If not, why?
0:49.5	Wow.
0:50.5	A lot going on here, but we'll stick to the question at hand.
0:56.5	I'll go first because you're the... You go. I want to hear your take.
0:57.7	You're the money guy.
0:58.7	I feel like we're going to agree on this one.
1:00.9	The question is, can I gift or lend my friend?
1:05.5	You can give it.
1:07.7	You can lend it.
1:09.7	But I think the question is, is it okay? And the answer is, I'm going to go
1:16.5	50-50 split on this one. Okay? It's okay for you to gift the $100,000 to pay off the loan.
1:24.4	If it is truly that, a gift, and you don't expect anything out of the
1:28.8	friendship, you don't expect anything other than, I care for my friends so much that I want to
	...

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