Should We Borrow Money From Family at 0% Interest? (Hour 2)

The Ramsey Show

Ramsey Network

Education, Investing, Business, Self-improvement

4.5 • 38.5K Ratings

🗓️ 27 January 2023

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

Dr. John Delony & Rachel Cruze discuss: "Should we borrow money from family at 0% interest?" How to use money from a settlement, "Should we pay off debt or wait to see what we owe on taxes?" Piling up cash when expecting a baby, Which to pay off first: student loans or mortgage, John & Rachel react to Sebastian Ghiorghiu's viral video. Support Our Sponsor: PODS Moving & Storage Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET Want a plan for your money? Find out where to start: 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

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0:00.0	...
0:27.4	La
0:29.7	Live from the headquarters of Ramsay Solutions, broadcasting from the pods, moving in storage
0:35.0	studio, it's the Ramsay show where America hangs out to have a conversation about your
0:39.9	money and your marriage and your work and your life.
0:43.9	I'm Dr. John Deloney, joined here by Rachel Cruz, bestselling author and great human being
0:48.6	and we're taking your call to really just about anything.
0:51.8	The call is toll free and that's about what the advice is worth but we're here for you.
0:56.8	825-225-8825-225-225.
1:03.8	All right, let's go to the question of the day, Rachel.
1:06.8	Today's question comes from Samuel in Georgia.
1:10.7	Yes, so Samuel says we just bought a $330,000 house knowing it needed some updating.
1:16.9	We got quotes for a $200,000 remodel if we did an addition and updated every inch of the
1:23.1	house inside and out.
1:24.9	We have $180,000 in the bank currently but have a family member willing to give us a $50,000
1:30.4	loan interest free.
1:31.7	Our income is roughly $6,800 a month.
1:34.9	If we budget and don't spend money on anything outside of bills and groceries our expenses
1:40.1	would be around $5,000 a month.
1:42.1	I don't feel good about spending that much but just curious what you guys think about
1:45.9	an interest free loan helping make it a dream home.
1:49.9	What a nice little spin there at the end.
	...

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