Don't Take Financial Advice From Broke People | November 15, 2024

[@louisahernandez]

One of the hardest lessons I’ve learned is being careful about where I get my financial advice. I used to listen to friends and family who didn’t have solid financial footing themselves, and it cost me time and money. Now, I’m more cautious and focus on advice from experienced professionals

[@Johnwhite-c3n]

That’s so true. I used to rely on generic advice or tips from people who didn’t understand my specific situation. It’s easy to fall into that trap, but what works for one person might not work for another. I’ve been thinking about working with an advisor to get some real guidance

[@SergioRomano-nj8eb]

I’ve been burned before by following advice from well-meaning but uninformed friends. During the 2020 market crash, I lost a big chunk of my portfolio because I didn’t have a clear strategy. That’s when I realized I needed professional help to navigate these challenges

[@Franky-j6e]

I’m in my 40s and trying to make up for lost time with investing. I’ve saved over $220k but feel like I’m behind. I’m nervous about inflation and rising costs cutting into my retirement plans. Does anyone have advice for someone who wants to retire at 55 but still feels unprepared?

[@SergioRomano-nj8eb]

If you're looking for help, I’d recommend Joseph Nick Cahill. He’s a CFA with years of experience helping people grow their portfolios strategically. He’s guided clients through both long-term and short-term investments and offers free consultations to help you get started. His advice is tailored, not one-size-fits-all

[@Annie2229]

Thank you so much for the suggestion! I really needed it. I looked him up on Google and explored his website; he has an impressive background in investments. I've sent him an email, and I hope to hear back from him soon

[@Elizabeth_lowkeyluxuries]

Claire, pay the loan, Dad died and Mom is hurting. It was for you. Pay rent, she's hurting and you're young and have a better paying job than Mom. All the best to you❤

[@williamehlers5158]

If you are a brand new hairdresser fresh out of school, you don’t go rent a building. You go work at a salon that gives you walk-ins, pays you commission, or even one of those salons that pay you an hourly wage plus tips. Renting your own space is for when you’re established.

[@PrincessLolly1]

Yep, you rent a chair in someone else’s salon to start

[@myoldvhstapes]

Usually, yes. In this case, she was renting the entire building for only $450 a month and then renting out a chair for $300, so her total cost is only $150 per month.

[@williamehlers5158]

@ yes but she’s responsible for getting her own clientele from the ground up. Go work at an established salon that brings you clients.

[@rm26367]

“Retirement is about money and not about age.” That is so true.

[@cherylsoderstrom7391]

Kens a hoot. I like him and George together. Cruising along on the steps.

[@actuallyterry]

How do you put someone on the DEED TO YOUR HOUSE and say "somehow he got on there." These things have processes and documents that need to be provided, it's not like someone can just decide to be on the deed. 🤔

[@actuallyterry]

And now it sounds like she is gearing up to do the same thing with the new guy 😂😂😂

[@Trustbutverify2651]

Passing the blame for HER bad choices.

[@Lex.aubreyy]

@@actuallyterry yesss, I literally said this!!! Because why can’t you move on and why is it effecting your current relationship

[@Briely3]

It also sounds like the guy wants to be in the relationship still (it’s messed up how he’s doing this though) and he is grasping at straws hoping she will give in. Weird situation overall and I’m glad they told her to not do this with her new guy and hopefully she won’t.. I also feel bad for the kid, this sounds like a horrible way to live and the kid is in the middle.

[@brucefredrickson9677]

@@actuallyterry Yep...poor decisions at many points along the way. Why do some women settle for these loser guys? Remember, "pick wisely...treat kindly."

[@marypladsen5231]

Best Ramsey show EVER!!! Ken and George talking manicures!!!

[@millimobilehomes609]

I myself got a VA loan for my condo. I put a chuck down and my payment is very comfortable and I love it. No PMI and no fees.

[@PinVo-t9t]

you 2 are my fav in the show 😁George has a great sense of humor and Ken has the most sooting voice

[@shericole9540]

George and Ken, you two are so snarky today!!

[@TulsaDude]

We all get sick of the Idiocracy at times lol

[@SmileKT68]

Coleman/Kamel, my favorite duo!

[@Kenobimoose]

This whole session boils down to relationships.

[@dominiquejones6758]

Amber: 1. How do you not know he’s on the deed? Seems careless 2. That ex is BITTER. 3. Don’t combine finances until married

[@TulsaDude]

Her life was a mess and I think she wanted to believe it would go away. She 100% knew this would come back to haunt her, but she was hoping for a miracle. Glad she finally confronted a reality

[@richcreager7877]

Driving by Ramsey Solutions Building as we speak. Woo I bet the light bill is through the roof lol. This place lit up like Christmas Tree at night

[@ccjdis]

Appreciate George.

[@buckybarnes3803]

The first chick had THREE lawyers and she got nowhere? You know there's another side to the story she ain't telling, they're always is. She's the punk and the bully. Ken you're not her white knight, trust me.

[@carynbecker2752]

I'm pretty sure all three of them told her the same thing and she didn't like it. I'm still on her side.

[@isidorolopez265]

Once again, Ken’s total unprofessional language attitude and forced language eight minutes 48 minutes in eight minutes, 48 seconds in

[@Trustbutverify2651]

@@carynbecker2752 The mistakes were HERS - time to pay for them. She's mostly worried about the impact on her "new relationship"

[@YouMissedBro]

Lmao "I was pregnant so I bought a house" 😂😂 WOMEN

[@PrincessLolly1]

@@YouMissedBro yes, but TWO MEN wanted to be either her, so what are they thinking with?

[@marypladsen5231]

BETTER BUSINESS BUREAU!!!!!! for the lady with the book.

[@rickfrohnert6991]

The response to Trey, the guy with the wife that wants to buy rental properties on Heloc was missing key points. You should have pointed out that her parents succeeded in using that strategy due to interest rates being near 0 for most of the last 15 years. Heloc rates have spiked and are no longer attractive.

[@Trustbutverify2651]

Holly, for sure a budget is the first step! Take advantage of the generosity of getting Every Dollar for free!

[@bundydata]

On the tax form if the Farm has a net loss, IRS won't let that be very long cause assume it's just done as a tax shelter.

[@FinancialGhost2025]

This feels like a George Kamel and Ken "This Marriage Needs Therapy" Coleman episode.

[@myoldvhstapes]

56:01- I like Ken's brown monk cowl.

[@yosabethalonso53]

You should do video calls segments.

[@TulsaDude]

Problem is they can't control what happens in the background

[@marionexley7355]

George is absolutely brilliant :-)))))

[@bundydata]

Didn't she sign a tax form what did look like w her husband and the farm.

[@2dodger2]

These two happy men are taking over

[@sergiorivas2581]

I'm already missing Dave

[@Trustbutverify2651]

Claire call about the Parent Plus Loan - It doesn't even matter who takes out the Parent Plus Loan - parents take them out for their kids because the KIDS are insisting on going to their "dream school." Claire should check if it was her mother who signed or her father. If it was the father, other options might be available. Usually it's the mothers who get talked into these bad decisions by their kids. Yes, Claire should pay the PPL for her mother and should also pay rent. PARENTS, DO NOT EVER TAKE OUT A PARENT PLUS LOAN. If your kids need a PPL or even for you to co-sign, they are going to a college that is not affordable for them or the family. There are plenty of cheaper options. NO PARENT OWES THEIR KIDS A COLLEGE EDUCATION! And Claire clearly chose a college and major that is out of line with future earnings. SO MUCH INFO OUT THERE - why do Seniors in high school keep making such bad decisions and why do parents keep putting themselves at risk? And, on my other soap box, in addition to having no life insurance, all women should have a toe in the market with at least a part-time job once the kids are in school to be sure they can be self-supporting if disability or death happens to the breadwinner (or any other unforeseen circumstance.)

[@PrincessLolly1]

Agree with you but why are parents allowing their kids to “insist” (your words) that they take out loans? 18 yr olds don’t get to direct their parents’ finances.

[@Trustbutverify2651]

True and I wish parents understood that. However, after teaching Advanced Placement classes with “gifted” students fir 35 years, I know how many parents cave in to their kids’ college choices “because they worked so hard and this is their dream school and they deserve it.” Parents also love the bragging rights about which colleges accepted their kids for admission. Most parents and kids lose all common sense when making college decisions and the ROI on college is terrible. Fewer than 50% of kids who start actually finish in fewer than six years.

[@bettedavis9261]

​@@PrincessLolly1how I wish that was true! I know sooooo many families who let their 18 year olds "direct" them as to college choice. But then, again, these same parents seem to defer to their kids with most things. In other words, the kids are running the show. Thank goodness my husband and I were (still are) the adults/parents in our home. Our oldest went to an in-state uni. This was pre-Dave, so student loans were involved, but no PPLs. The loans were paid off within two years of him graduating.

[@Trustbutverify2651]

Miles, why are your parents involved in your finances? Stop discussing your money with family members other than your wife!

[@bettedavis9261]

It seems so many people do that nowadays. I don't get it! Why would you blab about personal things (and money is VERY personal) to family members other than your spouse? Why should your family know your income, your mortgage payment, anything to do with finances?

[@notgivingmyemail3381]

Why would parents be involved in their children’s finances? A possible answer - I hate (but not really) answering a question with a question, but who else is he supposed to ask about financial matters? There’s no guarantee that the information will be correct, or the wisest thing to do (even from “professionals” like some financial planners), but seeking out opinions from those more experienced before taking action is intelligent. Once you have those opinions, and the reasons for them (lacking in this call), then make your own decision. Why should your family know anything about your personal finances? There’s no requirement for them to know anything, so perhaps a better question is why shouldn’t they know anything about them? Yes, it’s personal information, and maybe even a taboo subject, but is it best to keep it a secret? If we could normalize talking about finances, especially with family, I think it could help improve the financial situation of those that may not be the wisest with money. How many times have we heard “more is caught than taught”? Perhaps a better way to prepare the next generations is to provide a good example for them to follow. If we never talk about it (it can be almost any topic) because it’s personal, we greatly reduce the quality/quantity of related knowledge we pass on.

[@Trustbutverify2651]

George, that is NOT always true about separate accounts. It's secrets, not the separate accounts that cause problems.

[@bettedavis9261]

Absolutely! My sister and her husband have been married for 31 years. They have separate accounts, as well as a joint account. It works for them. Like you said, it's the secrets that are the issue, NOT separate accounts.

[@Trustbutverify2651]

@@bettedavis9261 We have been married for 52 years with a household joint account and two separate accounts. We spend money very differently - I spend largely on the grandkids and my husband has lots of hobbies. We both have access to all the accounts. What I find crazy here is the wives who call in who have no idea what their husbands are spending or what they owe on loans or cards and don't even know if they are on the deed to the house!

[@SWillis023]

Her first mistake was renting the building before she had a customer base built up

[@Briely3]

Exactly

[@carynbecker2752]

Sorry Amber. He's not going to have to pay your attorney fees, He gets half of your equity as well. No evidence is going to help. 5050 rules are pretty cut and dry. It stinks but it's the reality.

[@svtcarlos]

Wheres david!

[@Trustbutverify2651]

Ken, Amber's boyfriend might be a "low-life" (as you called him), but remember SHE CHOSE HIM and she also decided to make a bad decision to put him on the deed. And, you're only hearing one side of the story. SHE wants to move on. How do you know, Ken, that all the blame belongs on him? George, there is NOTHING that says she will pay for all the attorney fees. Do not understand why RS people always take the woman's side. She is already talking about moving in the next boyfriend - and perhaps putting him on the deed again. She didn't say anything about marrying #2 - just that she was in a "New relationship" and this housing situation is affecting it.

[@FLANNELSHIRT]

She said they planned to get engaged, so that’s a future plan. But I wouldn’t be discussing living arrangements or real estate deed changes before the question has been asked and answered. I would hope she and her new boyfriend are getting wise counsel.

[@Briely3]

They take her side for the call because SHE called in. That should be obvious but here we are. If the guy calls in, they will take his side. Yes, they can only work with the information they are given. She also had a kid with the guy but is more worried about her past and new relationships- THAT is the biggest red flag to me. That poor kid..

[@Trustbutverify2651]

@@Briely3 How often have you heard them take the guy's side, even if he calls in?

[@Briely3]

@ just now on the one I’m listening too 😂

[@Briely3]

@ scorched earth episode around 30 minutes in.

[@lawandahilaire5057]

If Ken has a white rope around his waist he’s giving Catholic Priest vibes….”Hail Mary full of Grace” 😂🙏🏾

[@essbenita]

Claire comes across as spoiled. Can't you see your mother is struggling. You're grown, help mum out.

[@danieljohnson4418]

Regarding the first caller, the ex-boyfriend is absolutely entitled to 50% of the equity. Demanding that which he is legally and morally entitled to does not make him a "turd."

[@eirikshackelford195]

Legally, maybe. Morally, he’s absolutely a “turd.” Sure he should get his equity back plus the appreciation, but he did not make the down payment, he only paid 2 years. He’s mooching off his ex, and holding it over her head, hence he’s a “turd”

[@TulsaDude]

You're wrong, sorry to tell you that. Legally, he won't get half of she can prove he didn't pay that share, they weren't married. And he is most certainly a turd for threatening her

[@danieljohnson4418]

@TulsaDude : You're confused. He is a co-owner of the property. Therefore, he is entitled to half the equity less any amounts she paid on his behalf for the mortgage, taxes, maintenance, etc.

[@eirikshackelford195]

@@danieljohnson4418 you’re a scumbag and a dumbass

[@eirikshackelford195]

@@danieljohnson4418 yes he’s legally he in the right, but laws are often incorrect, morally he’s incorrect, and you supporting his behavior shows how much of a scum bag you are

[@zerepatoc]

Why does Ken always interrupts George does anyone else notice it 😂

[@TulsaDude]

They're a good duo and joke around with each other. And Ken is technically the host today. If George doesn't care, why do you

[@Joce123]

Promise me son not To Do things I've done.

[@SquirrellyShenanigans]

Beverly is 79 years old and owes 60k on cc. getting scammed over and over. Just file BK and be done with it. Really.

[@cremedelaclutchexotics7770]

You guys really messed up that call about the guy wirh successful in-laws. He said they had a couple dozen properties almost paid off. That could be an 8 figure net worth. You guys don't have that combined. She's going to listen to her successful parents, especially since the husband has proven he can make anything happen.

[@billdiehl8463]

Lol, hey Amber. You picked him. And followed that up with more stupid decisions. You made this mess. Now you get to deal with the mess you've made.

[@bluebelle9572]

And the lawyers get the money.

[@TulsaDude]

Yeah that's why she called Sherlock

[@dk.2260]

Amber should buy him out then

[@Trustbutverify2651]

Why are wives calling in - get the husbands to call in. Grace's call again - blaming the husbands with one side of the story. Does Grace work? Why is she complaining about drinks and a hobby? By her own admission, it's small things. Why aren't women getting these things straight in advance? And how much are the women spending? A lot of women are big spenders and that's why their husbands don't trust them with their credit cards. I just do not understand why the RS people always take the side of the wives.

[@YouMissedBro]

Women be spending, then complain if men every buy anything

[@Briely3]

I do think more couples should call in! That would be interesting - but that’s more on Dr. John’s podcast

[@TulsaDude]

Always take the side of the HUSBAND???? lol you haven't listened much to the last 10 years

[@Trustbutverify2651]

@@TulsaDude Totally my mistake! I meant to say WIVES. I have edited my post - thanks for the catch! They almost always take the side of the wives and beat up on the husbands w/o hearing their side of the story.

[@marypladsen5231]

Wow, now they're talking about farming. Just, wow.

[@TulsaDude]

They didn't bring it up

[@TheGeckoIsKing]

Bro you have a kid. The kid is a tie to your past

[@bettedavis9261]

13:03 so only (or especially) "Christians" have clients pop up on the schedule you didn't know about in advance to add to income? That's good to know.😂😂

[@2dodger2]

Why do these guys not let the clients speak? The both jump in with lots of talk, laughter, jokes, and then advice that may not be connected at all to what the client needed to know, because they never let her talk. Then ken comes in with a lot of compensatory sympathy. Let the people talk!

[@Briely3]

They let the cosmetologist lady talk a lot.

[@TulsaDude]

It's their show, it's not your living room. It's entertainment

[@2dodger2]

@ 😕

[@Joce123]

Is Ken freezing cold?

[@pandafox12]

Little too glib with Trey

[@jaj3238]

Rooting for ambers ex boyfriend

[@Briely3]

😂

[@brianyang4265]

I just came on here to say that after the 11/14 show, I haven’t been listening. They humiliated the first caller, as they do to a lot of men on, or talked about in , this show. I understand when they attack dead beat dads and abusive husbands. When the tables are turned, they ignore it 9 times out of ten which shows their double standards. I saw a Short where Dave actually told someone they are a sugar daddy and that person made only the same as this kid from 11/14 (this was a good thing). I’m saying, no more. Besides, Dave is leaving the show anyways. Even Dave was belittling men but I put up with it cause of his old fashioned attitude. Moving forward, I’ll only listen if Dave is on the show. At least then, I’ll get the reasonable slap across the face advice.

[@bundydata]

Where is the money he has for the student loan if he takes it out of his 401k or IRA then a big tax bill about 30percent y'all kinda stupid ask where that money is.

[@Zee-zj2uh]

So many dumb callers today!

[@Briely3]

Wouldn’t say dumb - mostly emotionally blocked thinking which can derail you from being rational.

[@Zee-zj2uh]

@BriEly3 I stand corrected and receive your message in good faith.

[@Davefitz04]

Beverly is the typical boomer getting scammed. Just an elaborate one.

[@mellowbirddreamer77]

Kennedy is laughing because she didn't tell y'all she's got a sugar daddy