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The Ramsey Show Highlights

My Dad Retired At 49 and Now Asks Me To Borrow Money

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 16 June 2025

⏱️ 10 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

Brought to you by the Every Dollar app. Start budgeting for free today.

0:06.7

I have a question. In front of see if you can guys can help me navigate these, both financially and relationally.

0:14.4

My dad is in quite a little bit of debt. He is retired about 65 years old now.

0:24.1

And I'll go to give you some numbers to uh to give you a decent picture of all this yeah so he has about 85 000 in um personal loans another five in

0:33.1

credit card and then he makes about 4 000 net a a month, about $48 a year, I would say.

0:40.8

He's still working or that's what he's drawing?

0:44.3

No, he has a pension.

0:46.5

That's why he gets from his pension.

0:48.6

Gotcha.

0:50.5

He also gets some bonuses at the end of the year.

0:54.9

So between October and December, about, I'll say, sent $7 to $12,000 in bonuses on top of

1:01.7

that.

1:02.7

How much?

1:03.7

Seven to $12,000.

1:04.7

I won't have the exact number, but roughly around that.

1:09.1

And that's between October to December?

1:12.1

Correct.

1:12.5

Okay.

1:13.3

Gotcha.

1:20.2

So the situation that he's seen, his monthly payment for the loans, it's about $2,500 a month.

1:21.9

Okay.

1:22.8

And you can see how I'm making $4,000 that can be an issue.

...

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