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The Ramsey Show Highlights

My Parents Asked Me For A $50,000 Loan (I'm 25)

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 2 March 2025

⏱️ 8 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. So my parents asked me for

0:07.9

40 to 50K for a down payment for a second home. Oh God, no, don't do that. Okay. Can I finish

0:15.6

this question? Okay, go ahead. So they currently live about 10 hours away from the rest of us siblings, and they don't have the down payment for that home. The reason for them not being able to move and be closer to us is my father is waiting to finish five more years at his job to collect a pension, and they're wanting to have the flexibility to be closer, but to have their own place.

0:40.4

I'm 25 years old, just got out of my own debt.

0:41.8

I'm really unsure what to do.

0:44.0

Yeah, I would say no.

0:47.6

Why are they coming to you, Michael, and not another sibling?

0:51.7

I'm the most financially secure right now. My other three siblings are living in paycheck or just

0:56.0

getting out of their own student loans. Okay. So what they're asking you is a couple of things.

1:01.2

They've created a set of principles for their life. We're going to stay here for five more years.

1:07.9

We don't want to be uncomfortable when we travel. We want to have our own place.

1:13.7

Problem is they're grown adults, but they can't afford these principles they've put into

1:18.3

motion. So they come to their 25-year-old child and said, you make our dreams that we can't

1:23.8

afford. You make our principles concrete because we can't.

1:28.4

Right.

1:30.7

And you, it's not your job.

1:33.8

And by the way, this will mess up your relationship.

1:39.1

I would tell you, there's a financial reason to not do this, but the main thing is, dude, it will mess up your relationship with your dad.

1:41.3

Worried about.

1:41.9

Yeah.

1:45.0

So I don't, do you have $25,000 in cash? You can just hand them? Yeah. Yeah. So do you have $25,000 in cash?

1:45.6

You can just hand them?

...

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