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The Ramsey Show Highlights

This Sounds Like an Emergency to Me

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 19 May 2024

⏱️ 6 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

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0:06.5

We bought a property three years ago, and the property owners committed fraud. They withheld the

0:13.2

fact that the well runs dry about half of the year. Oh gosh. It's like a problem. It will cost

0:19.3

$24,000 to drill a new well or $30,000 to bring in city water.

0:26.5

My husband wants to spend our emergency fund on the well, but I don't think it's an emergency

0:32.1

because we've lived with it for three years.

0:35.4

We spend about $80 a month on laundry and we're debt-free besides

0:40.7

the mortgage. My husband works full-time and makes $16,000 a year. The other option is we could

0:48.9

buy an old well-drilling rig for $4,800, but we don't know if there's any major issues with it.

0:57.9

And then we could buy a brand new well drilling rig for 22,000.

1:05.6

We have 11,000 in our emergency fund, but once it's fully funded, it will be 18,000.

1:16.0

So you don't have the money to cover this anyways, even with the emergency fund, if you did the

1:20.1

24K or 30K option? That's right. And nothing in the, was there a lawsuits because of the fraud, anything legally that they had to pay you guys because they didn't disclose it?

1:33.1

We are still in the process, but we do not believe that we will probably win the case. We don't believe we will get the money to cover it.

1:43.5

Why?

1:52.2

Because we believe that she doesn't have the money to pay us back for it.

1:52.5

Okay.

2:06.2

Okay, so how long, Elise, would it take you guys to save up the extra $13,000 to make this a possibility for a $24,000 fix?

2:13.8

We have saved about $11,000 in the last four or five months.

2:15.0

Okay.

2:19.8

So it'll take us another six months probably. Okay, to do that. And you don't want to do that. That's not because you're good with how you guys are functioning now. Because I mean,

2:25.0

I guess if the well runs dried, you guys have water. I mean, like what does what does life look like on

...

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