We Use My Dad As A Bank And Owe Him $71,000
The Ramsey Show Highlights
Ramsey Network
4.5 • 839 Ratings
🗓️ 13 December 2025
⏱️ 9 minutes
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| 0:00.0 | Brought to you by the Every Dollar app. |
| 0:04.3 | Start budgeting for free today. |
| 0:06.6 | Five years ago, my father gave me $60,000 for a down payment on a house, |
| 0:11.3 | and he wrote a gift letter so that I believe legally I don't have to pay back that $60,000. |
| 0:16.7 | But verbally, he asked me to either pay it back over the years or have it taken out of my |
| 0:21.4 | inheritance. And every year, my father gives a gift to his children, his four children, in cash, |
| 0:29.3 | and we can either take the cash or have it, you know, given back as part of loan repayments |
| 0:35.1 | because we all use my dad as a bank in some way or another. |
| 0:39.4 | And this year, my father very generously wants to give us $10,000, which is a huge amount. |
| 0:44.8 | And he wrote me an email saying, I could take the $10,000 in cash, but he really wants me to |
| 0:49.9 | start paying back the loan with interest. |
| 0:53.3 | It's now $71,000000 I didn't know there was interest |
| 0:56.8 | that's interesting I know so wait a short term he gives he gives 10,000 dollars every year |
| 1:05.2 | but that part is the gift it could be a thousand it's like his Christmas present got you he decides each year this this year it's a big. It's like his Christmas present. |
| 1:10.9 | Got you. But this year... |
| 1:11.6 | And he decides each year. This year it's a big one. It's 10,000. And he's saying he's going to withhold that because you haven't paid back his loan slash gift plus interest. |
| 1:21.6 | I could take the cash if I want, but he encourages me to start repaying the loan. |
| 1:28.2 | Did you know the loan had interest? |
| 1:31.0 | No. |
| 1:32.1 | Is this written anywhere? This was just a verbal, hey, you owe. |
| 1:36.9 | And he expects that to hold up? |
| 1:40.0 | Yes. |
... |
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