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The Ramsey Show Highlights

I Loaned My Dad $40,000 (I Was 19)

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 18 July 2024

⏱️ 8 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

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0:04.3

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0:06.4

Back in 2017, my mom passed away when I was 19 and left me an inheritance that included a portion of my father's 401K that she received in the divorce two years prior to her passing.

0:26.0

Um, of that amount, um, my father, um, asked me or requested a $40,000 loan two years ago to assist in his completion of his retirement home,

0:42.3

which is now wife.

0:44.8

Um, and the terms of said loan, um, or a bit ambiguous and, um, I suppose over time,

0:53.5

it's something that, you you know hasn't really been discussed

0:57.1

and I'm just looking for a little bit of guidance on how to you know pose the conversation

1:03.5

and in a way that that doesn't seem you know greedy or or pushing you know I am conscious of the fact that, you know,

1:12.2

at one time it was his money.

1:14.1

So that is something that, you know, I guess.

1:18.4

When it came to you, Matthew, it was not his money.

1:20.6

It was your mom's.

1:22.5

You got to get that out of your head.

1:24.5

How did he ask you for the loan?

1:29.3

He kind of had a do-it-himself-style attitude.

1:33.1

So instead of going the traditional route of, I suppose, construction financing.

1:38.8

No, no, no, no. How did he, by the way, he doesn't have a do-it-yourself because he had to call

1:43.4

his son to borrow money.

1:44.8

So he likes to do it when he's in control.

1:47.4

That's two different things.

1:48.7

How did he ask you for the money?

...

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