How Can I Help a Family Member Clean Up Bad Financial Decisions?

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 7 April 2021

⏱️ 5 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Ramsey Call of the Day is a quick, daily dose of advice on life and money in under ten minutes. Hear from experts like Dave Ramsey, Ken Coleman, Rachel Cruze, Chris Hogan, Christy Wright, Anthony ONeal, and Dr. John Delony. Part of the Ramsey Network. Delivered to you five days a week. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It's Wednesday, and this is the Ramsey Call of the Day.
0:03.7	Part of the Ramsey Network.
0:06.6	Joining me today is Ramsey Personality, Ken Coleman.
0:10.7	David is in Lexington, Kentucky.
0:13.5	Hi, David.
0:14.2	Welcome to the Ramsey show.
0:16.4	Hi, Dave.
0:17.2	How are you doing?
0:17.9	Good.
0:18.3	How can Ken and I help?
0:19.8	Okay.
0:20.5	I'm going to try to make this as clear as I possibly can so I don't use a lot of time.
0:26.5	The situation is we have a family member that owns their own home, but due to some bad business choices, when she had a previous business, she got into about $100,000 worth of debt with the IRS and about $25,000 in back property taxes.
0:48.5	So we're just trying to see if this ship can even keep from being sunk due to this if we were to try to help.
0:57.7	What is the house worth?
1:00.1	The house is estimated at around $190,000.
1:04.3	Okay.
1:05.1	And so what does this person do for a living now that their business has failed?
1:09.0	She works for a towel and marble company.
1:11.9	I mean, what kind of money she make?
1:14.6	Roughly around $50,000 a year.
1:16.8	Okay.
	...

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