meta_pixel
Tapesearch Logo
Log in
The Ramsey Show

Should I Let My Friend Borrow Money? (Hour 1)

The Ramsey Show

Ramsey Network

Education, Investing, Business, Self-improvement

4.538.5K Ratings

🗓️ 14 March 2023

⏱️ 40 minutes

🧾️ Download transcript

Summary

Dave Ramsey & Jade Warshaw answer your questions and discuss: "Should I go into business with my friend?" from the blog: The Dirt on Partnerships, What to do when friends ask for money, "Should I break up my brokerage fund into multiple accounts?" "We were gifted a deed" Support Our Sponsor: Christian Healthcare Ministries PODS Moving & Storage Zander Insurance Neighborly Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET Want a plan for your money? Take our FREE 3 minute assessment: https://bit.ly/3nInETX Listen to all The Ramsey Network podcasts: https://bit.ly/3GxiXm6 Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Transcript

Click on a timestamp to play from that location

0:00.0

Now!.

0:05.5

Live from the headquarters of Ramsey Solutions broadcasting from the pods of moving and storage

0:33.2

all

1:02.3

off this hour. Hey, Michael, how are you? Good, good, how are you doing better than

1:07.5

I deserve? What's up? Hey, so I've, I appreciate all the insight you've given me over

1:14.2

years. You've really helped me in my personal life and just to make more sound decisions.

1:20.1

So thank you. Thank you for that. Well, thank you. Hey, so I had some friends who they

1:27.2

reached out to me last year and they said, Hey, we've got this business and, you know,

1:32.5

we were kind of struggling. We bought it and it didn't really have the sales that we

1:37.6

thought it would. And they're always trying to get me to go and fell for them. And I

1:42.2

will say, Hey, you know, I've got a full-time gig. It's not something that I could really

1:45.1

fully commit to. You know, if you could, you know, send me your last year's P&L. I'll try

1:50.4

to see what I can do. But it, you know, it didn't, it didn't look too good. I mean, in their

1:54.9

first year, they, I think they'd netted only, you know, $10,000 and that was after paying

2:00.9

some employees. So it wasn't doing very good. And, you know, these were good friends of mine.

2:06.2

And, you know, they'd helped me out when I was in kind of a vinyl and times. So I said, Hey,

2:09.1

let me, let me see what I can do towards the end of this year. And I'll make some cold

2:12.8

calls around the area and see what I can do to help generate some sales. Well, now they're

2:17.6

starting to, they're starting to, you know, net roughly, you know, anywhere from $6,000

2:24.1

to $8,000 in a month. So they're doing a lot better now. And they're still asking me,

2:29.3

like, Hey, man, we'd really like to see if you could, you could come in and do this full

2:33.2

time for us. And, you know, I just don't really even know how to, how to structure a deal.

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from Ramsey Network, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Ramsey Network and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2026.