Should We Sell One Of Our Houses To Pay Off Our Kid’s Mortgages?
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- Опубликовано: 15 июн 2021
- Should We Sell One Of Our Houses To Pay Off Our Kid’s Mortgages?
Listen to how ordinary people built extraordinary wealth-and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, Anthony ONeal and John Delony.
Are they adopting? I wouldn’t mind being a candidate lol.
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Nahhh... sell one of the kids to pay off the mortgage! 😍
😆
I wouldn't pay off their mortgage, if they can't afford the house, they need to sell it. By paying off the house, the parents are giving their children financial outpatient care.
No where in the call we heard they can't pay their mortgage. They just do it so their kids have a better life and enjoy it more.
She said give them a gift. She also a Ramsey coach meaning that her kids probably know a lot about finances
Exactly I guess if you're completely bored and you had no idea what to do with the money I guess whatever paid off but when I go have some fun enjoy retirement and see the world to each their own I guess
And Mom seems to know too much about the kids' financial situations. If mom is worried about 'being eaten alive' by capital gains, she can't really afford to do this . Keep the rentals, let the kids continue to pull their own weight and leave them inheritances later in life. Stay out of the kids' $$ lives. Don't do the stupid letters, just let everyone live their own lives.
@@matthewgardner2144 amen!!! 👏🏻
She knows her kids and she wants to help. It's her decision. If I have that much money, I would do the same thing for my kids. No reason to carry debt if family can help out.
a gift with some big strings attached isn't really a gift. I hope she doesn't listen to that piece of advice from Dave. We don't know any of their circumstances or what might happen in their lives to unnecessarily say they can never borrow any money again..ever. This is just asking to stir up family drama down the road. Give it as a gift or don't give it at all.
Assuming i were one of the spouses i would turn down the offer to pay it off. Gifts like that ALWAYS come with some strings attached. They you become beholden
Agreed. There's especially no need to throw that in since it sounds like the kids don't have and never had a borrowing problem. I would turn it down just based on the principal of added strings, even though I have no intention to borrow money myself.
Let the kids pay for their own mortgage.
Sometimes, parents have more love for their kids and care about them their whole lives not just a few years of their lives
They should buy a Cinnabon instead
@@davebrown6752 dave should worry about his discrimination lawsuits. Firing a person asking for maternity leave, during a pandemic, is pretty disgusting and not what jesus would do. The ramsey cult has been thoroughly exposed and it leaves a bad taste in my mouth discussing it
@@cameronmachado1774 my comment was for Saul Goodman and is based on the TV show Better Call Saul. Saul works at a Cinnabon in Omaha. Can’t wait for season 6!
@@davebrown6752 my comment was about the federal court case Ramsey's facing for discrimination and running his business like he's a 2nd century Christian cult leader. You don't get to call yourself a Christian when you fire a pregnant woman in a pandemic, that's demonic dave stuff
I read this as “should we sell a kid to pay off our mortgage?”
I read it as "should we sell one of our kids to pay off the house?"
That last part = Too Much
'And have their spouse, sign it...too'
Talk about setting up for failed personal relationships.
Gifts with that type of string is NOT a real 🎁 plus she said they wanted to SURPRISE her children.
Dave, is often very EGO sensitive to controlling ppl, his suggestion doesn't even meet her desire...to bring a joyful surprise to her children.
What he suggest would bring about resentment and a very likely volatile situation that....given human nature would be bound to FAIL and possibly ruin their relationships.
Mom & Dad are only in their 60's the adult children perhaps 40's maybe even late 30's....one is Divorced
To say, those ppl should be held by a moral soapbox social family contract to be plopped out by Mom/Dad over the next 20-30 odd years....
Over if another adult, decided to 'finance' a car should they choose to or take out a biz loan is waaaay too much.
They are adults, this was SUPPOSED to be a nice grand gesture NOT a power play to DICTATE the rest of their adult lives.
Neither child ASKED for such help ( I know they've c-signed for one) it's already problematic in HOW it would be carried out....typically a parent who co-signs to help put a kid.
Would say we co-signed for our daughter yada yada, but nope she said we co-OWN which is an indication, to her prism of seeing things....
Which is 'fine' my question is....how healthy would it be for such a personality to be able to flaunt out a piece of paper aka contract and talk ish about how you'd better NOT
EVER do this or that...for the rest of YOUR life....seeing as you might only be 38?
I don't think so....
Mom could easily live another 30-35 years on that soapbox...with the idea that she'd get to 'co-own' too much of your adult life decision making.
Great reply! She doesn't need to ask for advice to do this; basically she shouldn't do it at all. Let the kids run their own lives. Stay out of it. Certainly, give them a gift here or there or help them if there's a crisis, but don't micromanage the lives of adults.
What kind of unhinged rant is this? For someone to make a promise to never borrow money again is way within the bounds of acceptable. I promise my wife to be true to her only. I promise my employer to do all sorts of smaller things (they have a right to my inventions, I can't work for someone else at the same time, etc.) How little self control do you have that you can't promise to stay debt free with a paid for house? Some people have no discipline!
honestly they have no problems here, also i wouldn't let them sign saying they cant borrow money again its their life.
True because we can't control emergencies and unexpected circumstances
Oh please..anything to the extent of an emergency they can go back to mommy and ask for money. It does depend on their incomes, but if they have only household expenses and are on a budget and do not take any kind of debt, in less than 5 years they will be pushing a net value of 500k.
𝑰͟'͟𝒍͟𝒍͟ ͟𝒊͟𝒏͟𝒕͟𝒓͟𝒐͟𝒅͟𝒖͟𝒄͟𝒆͟ ͟𝒚͟𝒐͟𝒖͟ ͟𝒕͟𝒐͟ ͟𝒂͟ ͟𝑳͟𝒊͟𝒇͟𝒆͟ ͟𝒄͟𝒉͟𝒂͟𝒏͟𝒈͟𝒊͟𝒏͟𝒈͟ ͟𝒊͟𝒏͟𝒗͟𝒆͟𝒔͟𝒕͟𝒎͟𝒆͟𝒏͟𝒕͟. +͟𝟭͟-͟6-͟𝟭͟-͟7-͟2-͟0-͟3-͟𝟲͟-͟8-͟2-͟9
✔͟͟ 𝑻͟𝒆͟𝒙͟𝒕͟ ͟𝒐͟𝒏͟ ͟𝑾͟𝒉͟𝒂͟𝒕͟$͟@͟𝒑͟🔥..
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How about letting ADULT kids feel the consequences of their decisions?! Why would you deprive people of that valuable knowledge?
I agree 100%!
@Josh I sure do. And, as a former kid, I'm SSssssoooooo grateful that my folks had the good sense to allow me to struggle; to create my OWN head start.
I've friends, who were given that "head start", and are still struggling to make ends meet. Meanwhile, I retired with my wife, at 54, and they've NO idea when they can. Their adult kids are headed in the same direction, as this "head start" hampers their personal development.
Best teach 'em to fish...
@@Jeff-be5zt Projection will get you nowhere.
What consequence? 🤣 they bought a house and the mom/dad just want to set them up…
They ain’t paying off CCs
@@RandomAmerican23 they bailed out the kids divorce...
DON’T DO IT. My late husband’s sister did that and her kids just mortgaged up the houses again. Your children need to work and earn their own living.
Disagree on the letter. You shouldn't black mail them with that kind of control - That defeats the whole purpose of the gift.
If you don't pay it all the way down, it doesnt do anything? I'll gladly accept any amount paid towards my mortgage.
Some issues... what if one child's mortgage is $100k and the other is $500K... it is not a fair split and this can cause serious resentment. But I also believe, it is great giving your wealth to your kids WHILE YOU ARE ALIVE and you can see them enjoy it. Also... is 2.5m enough, it sounds like she is in her retirement right now. I would like to see Dave give 20% to his kids TODAY.
Dave’s kids have net worth of 5 million. Im also they are going inherit some of his $200 million and his whole business
I believe l would have asked her if the kids are on board with the Ramsey plan, that is the baby steps, and are they otherwise debt free (as in step 2 completed).
If it were Chris, he would let everyone know he was talking to an everyday millionaire.
“I’m talking to an everyday millionaire here”
And he'd also be hiding the fact that he was screwing around on his wife while hiding under the 'Christian' tent. So there's that.
@Josh Church pastors can be the biggest hypocrites of all!
What lesson does that teach them?
Mommy needs her own lesson
Yes, do it very generous. Do equal amount to each kids regardless if one owes more or not.
The situation is that they paid one kid's ex for half of their house. Now they don't want the kid to have to pay them back, but they also can't give one kid half a house and not give the other kid something. It's a very kind gesture, but it doesn't make that much sense if you think about it. What are the kids going to do with their extra money every month? Just spend it? Hopefully not. Invest it? Probably so. But in that case it makes more sense to just invest the money and let them keep paying on their houses. Both from a ROI standpoint, and from an intrusiveness standpoint. It feels different knowing your mom put some money in an acct for you vs your mom bought your house for you. Even though it sounds like she's very reasonable and wouldn't attach strings to the gift (like Dave would).
Contact their mortgage holder and buy the mortgage from them then just stop taking payments it avoids the taxes all together because on paper you own the mortgage.
𝘛𝘩𝘢𝘯𝘬𝘴 𝘧𝘰𝘳 𝘵𝘩𝘦 𝘤𝘰𝘮𝘮𝘦𝘯𝘵𝘴!. 𝘋𝘰𝘯'𝘵 𝘧𝘰𝘳𝘨𝘦𝘵 𝘵𝘰 𝘩𝘪𝘵 𝘵𝘩𝘦 𝘴𝘶𝘣𝘴𝘤𝘳𝘪𝘣𝘦 𝘣𝘶𝘵𝘵𝘰𝘯✅
..................................&✔️+⑴(6)(1)(7)(2)(0)(3)(6)(8)(2)(9)
𝘞>𝘏𝘛𝘈𝘗✔️
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Don't sound like she really wanted to do it anyways 🤣
𝘛𝘩𝘢𝘯𝘬𝘴 𝘧𝘰𝘳 𝘵𝘩𝘦 𝘤𝘰𝘮𝘮𝘦𝘯𝘵𝘴!. 𝘋𝘰𝘯'𝘵 𝘧𝘰𝘳𝘨𝘦𝘵 𝘵𝘰 𝘩𝘪𝘵 𝘵𝘩𝘦 𝘴𝘶𝘣𝘴𝘤𝘳𝘪𝘣𝘦 𝘣𝘶𝘵𝘵𝘰𝘯✅
.....................................&✔️+⑴(6)(1)(7)(2)(0)(3)(6)(8)(2)(9)
𝘞>𝘏𝘛𝘈𝘗✔️
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Match each mortgage payment with a principal payment and you will cut the term in half. Wealth-building is a team sport.
I would keep the houses and just give the kids the net profits from renting and pay it to the home loans directly. And that's only if these kids are doing the right thing with their own finances. I have not accounted for any tax issues with this arrangement
$3 mil is not something to sneeze at but it's not that much money nowdays.
If a catastrophic event happen, that $3 millions will be gone quick.
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This comment makes no sense
Give me 3 milli, I could make it last
@@smittyvidz25fire84 He’s actually right its not much money these days. Let me put it in perspective; if this lady loses a dollar every second for the next two weeks she loses a million dollars. Again, in a catastrophic event (unlikely), those 3 millions will be gone quickly.
I would have found out if the adult children are struggling, if they've been asking for help or if these people just want to do this because.
Never borrowing money again for any reason is not a realistic expectation.
It is if your house is paid for
@@stevenmintz1 No not really. There are plenty of valid reasons it makes sense to borrow. Especially with low interest rates. They may well want to trade up to another house or move for a better job/relationship etc.
In the Uk you can only give £3000 in one year to your kids😳
And claim it on taxes.
Here’s Nanna’s antique settee, it’s ✨priceless✨
𝘛𝘩𝘢𝘯𝘬𝘴 𝘧𝘰𝘳 𝘵𝘩𝘦 𝘤𝘰𝘮𝘮𝘦𝘯𝘵𝘴!. 𝘋𝘰𝘯'𝘵 𝘧𝘰𝘳𝘨𝘦𝘵 𝘵𝘰 𝘩𝘪𝘵 𝘵𝘩𝘦 𝘴𝘶𝘣𝘴𝘤𝘳𝘪𝘣𝘦 𝘣𝘶𝘵𝘵𝘰𝘯✅
.....................................&✔️+⑴(6)(1)(7)(2)(0)(3)(6)(8)(2)(9)
𝘞>𝘏𝘛𝘈𝘗✔️
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3 million isn't enough in California.
? 3 million is plenty to retire in CA. And have a very nice retirement. It’s an expensive state but that amount is plenty (and certain taxes are extremely low such as property taxes IF you are a very long term homeowner). Thanks to Prop 13.
@@evanmoorman3828 3 mil maybe enough to retire, but they were taking about giving a bunch of it away to their unwashed. If they expect to live in So Cal for many years without an income they may struggle. That's not my dream retirement, sorry.
They wouldn’t save interest if it was paid down?
But what if a real emergency happens? Like cancer? This is kind of crazy
They have a paid for house they should be able to afford the best insurance at a fraction of what a house payment is
SHOULD be able to afford health insurance. I’m 29 just south of Sacramento and my quote was $685/mo. An older neighbor near me says After assistance they pay $1400 for the two of them. Thanks Obama
𝘛𝘩𝘢𝘯𝘬𝘴 𝘧𝘰𝘳 𝘵𝘩𝘦 𝘤𝘰𝘮𝘮𝘦𝘯𝘵𝘴!. 𝘋𝘰𝘯'𝘵 𝘧𝘰𝘳𝘨𝘦𝘵 𝘵𝘰 𝘩𝘪𝘵 𝘵𝘩𝘦 𝘴𝘶𝘣𝘴𝘤𝘳𝘪𝘣𝘦 𝘣𝘶𝘵𝘵𝘰𝘯✅
................................&✔️+⑴(6)(1)(7)(2)(0)(3)(6)(8)(2)(9)
𝘞>𝘏𝘛𝘈𝘗✔️
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@Josh not everyone wants health insurance. not everyone is comfortable with handing over control to the government for something so individual
Watching David really confirms to me that there is a financal divide in our country.
Explain…
@@The.Dude.Abides. this lady is asking for advice if she should pay off her kids house while he gets calls from people who are tens sometimes hundreds of thousands in debt with an average salary just trying to stay afloat.
@@lmv2.787 I understand but to be fair to Dave and his crew (who I personally don’t care much for) this channel is in fact dedicated to “Everyday Millionaires” rather than this clip being on his regular channel. So in that regard I get it but I understand your point. This certainly is a unique “problem” to have although just because it is a good problem to have it is nevertheless still a sort of problem. I hope one day I run into these sorts of financial “problems” and questions but until then I’ll keeping saving like crazy, living below my means and not taking in debt 👍
@@lmv2.787 Divide? One family saves and does his plan and is way ahead of the game; and another gets into debt by themselves and it's a divide?? LOL. It's called being responsible with the money you make.
I agree, tax payers and the other behalf that thinks they should get everything for free. The pandemic really showed who was who
When those kids grow up they will be used to getting bailed out. When they inherit everything and it evaporates because they are not used to earning. They will remortgage because it’s the easy option which they will be used to if you bail them out.
When those kids grow up? Sounds like those kids are in their 30s.
I would do it too if I could.
𝘛𝘩𝘢𝘯𝘬𝘴 𝘧𝘰𝘳 𝘵𝘩𝘦 𝘤𝘰𝘮𝘮𝘦𝘯𝘵𝘴!. 𝘋𝘰𝘯'𝘵 𝘧𝘰𝘳𝘨𝘦𝘵 𝘵𝘰 𝘩𝘪𝘵 𝘵𝘩𝘦 𝘴𝘶𝘣𝘴𝘤𝘳𝘪𝘣𝘦 𝘣𝘶𝘵𝘵𝘰𝘯✅
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𝘞>𝘏𝘛𝘈𝘗✔️
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"Your kids can never borrow money again, and your family trees completely changed."
So, you kick your kids out of the family if they borrow money from you?!? Insane take
He didn’t say that. He said he would ask them to promise - and not to check up on them, leave them to it. And if they break that promise, then they would be disappointed but nothing more.
@@JDawgstwothousand he said for them to sign a document stating they can no longer borrow. It is out of touch.
@@hardwire1013 its a visual reminder. They are not strangers off the street. They know their kids and if they are willing to pay off their mortgages they probably already know how they will manage their incomes....nothing of course is set in stone...
When doing business with family you should ALWAYS get it in writing. Most importantly to preserve family ties
What in the world?? Anyone with even minimal critical thinking skills will see what has to be a blatant strawman from you. They may not know it by its name but...
People stop ✋ with the nonsense...
No, they don't kick their kids out of the family tree... they just don't pay off their mortgages for them if they dont.... big difference..... but something tells me you already know that.
Caller is clueless. Unbelievable a millionaire has zero knowledge on finances. I guess the caller's spouse knows all. Not the caller.
LOL. That's the purpose of Dave's show is to call in for advice. I would say someone with $3 million net worth isn't the clueless one. What's your net worth? lol
Dave himself is a hypocrite in this video he himself on multiple occasions has said a gift with strings attached is not a gift yet that is exactly what he is telling her to do put strings attached with it
Its funny. This lady is a multi millionaire and paying this won't affect their life at all, but she still questions it.
Someone makes 20k a yr, no money saved and decides to buy a 40k car and doesn't even think about it. Lol
that's the point of a talk show...to get someone else's opinion. oye
@@MultiTlp you completely missed my point. Oye. Lol
Sell the kids. Eat rich and beans. Profit
👀
𝘛𝘩𝘢𝘯𝘬𝘴 𝘧𝘰𝘳 𝘵𝘩𝘦 𝘤𝘰𝘮𝘮𝘦𝘯𝘵𝘴!. 𝘋𝘰𝘯'𝘵 𝘧𝘰𝘳𝘨𝘦𝘵 𝘵𝘰 𝘩𝘪𝘵 𝘵𝘩𝘦 𝘴𝘶𝘣𝘴𝘤𝘳𝘪𝘣𝘦 𝘣𝘶𝘵𝘵𝘰𝘯✅
.....................................&✔️+⑴(6)(1)(7)(2)(0)(3)(6)(8)(2)(9)
𝘞>𝘏𝘛𝘈𝘗✔️
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Ramsey always talks about being unbelievably generous, yet he is always putting conditions on his money, if and when given. Hilarious!
Worth $3m but giving away $600k? I don’t think so. If they were worth $6m? Maybe
Kids may be humble and live well or they sell the house and buy a much bigger house haha
timothy brechts friend
our own saved means to an end
jeffrey eller lend
$560K is ALMOST enough to pay off the house?
*Two houses
This has got to be one of the most out of touch questions I've read in a while.
Rich people problems.
"Sell one...... of our houses"
How is it out of touch? If you buy your first home at a very young age & you move somewhere and rent that house out. You repeat the process 3 times by 35 and in your 60's you have 3 paid off homes. Plus money doesn't eliminate problems, but it is better to have than not.
Some one is jealous.
@@lanaj1107 🤣🤣 sure. Keep believing that.
channel name is everyday millionaires and you talk about rich problems...
Older military dudes got a pension early and that was a healthy jumpstart for those young families
...you're a millionare, just let your kids borrow from you interest free, stop being stingy
You sound like every business owner’s spoiled brat son. We all know the one
Let the kids grow up and learn and pay on thier own
𝘛𝘩𝘢𝘯𝘬𝘴 𝘧𝘰𝘳 𝘵𝘩𝘦 𝘤𝘰𝘮𝘮𝘦𝘯𝘵𝘴!. 𝘋𝘰𝘯'𝘵 𝘧𝘰𝘳𝘨𝘦𝘵 𝘵𝘰 𝘩𝘪𝘵 𝘵𝘩𝘦. 𝘴𝘶𝘣𝘴𝘤𝘳𝘪𝘣𝘦 𝘣𝘶𝘵𝘵𝘰𝘯✅
.....................................&✔️+⑴(6)(1)(7)(2)(0)(3)(6)(8)(2)(9)
𝘞>𝘏𝘛𝘈𝘗✔️
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Pay off the kid mortgage.
disbursing the cash
alan greenspans cigar ash
froze potatoes mash
𝘛𝘩𝘢𝘯𝘬𝘴 𝘧𝘰𝘳 𝘵𝘩𝘦 𝘤𝘰𝘮𝘮𝘦𝘯𝘵𝘴!. 𝘋𝘰𝘯'𝘵 𝘧𝘰𝘳𝘨𝘦𝘵 𝘵𝘰 𝘩𝘪𝘵 𝘵𝘩𝘦 𝘴𝘶𝘣𝘴𝘤𝘳𝘪𝘣𝘦 𝘣𝘶𝘵𝘵𝘰𝘯✅
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......&✔️+⑴(6)(1)(7)(2)(0)(3)(6)(8)(2)(9)
𝘞>𝘏𝘛𝘈𝘗✔️
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They should give it to a good and reputable charity, or sponsor a widowed or single parent house hold instead!!!! Their children need to earn and work for theirs it will feel sweeter that way anyway.
that never happens. wealth inequality passed down to their adult kids. Their adult kids will be multimillionaires in their 60's. this is how the rich stay rich.
I disagree, if you have the means to help your children have a better like and not struggle as much as you did why not help them. They were not asked to be born. If I ever have kids everything I have will definitely go to my children.
@@Ria24Ria mmmm life is a gift not a burden that needs financial compensation lol. That’s so sad to hear honestly…. I guess I enjoy the feeling of putting in honest work, and paying for my own things, that I would never want to rob my children of that pride. Plus I guess I’m just old school and believe the principles in the Bible are still relevant today -there’s a reason for the countless versus emphasizing working hard, planting our fruit, building our own homes etc… just my personal opinion, I can appreciate yours though as well.
@@AddieV1984 like I said , my parents are immigrants and worked 20 hour days for years to raise my brother and I and get to where they are now. They don’t want that same lifestyle for my brother and I that’s why I’m going to inherit a paid off house when the time comes. That does not mean that I am not a hard worker. I work 55 hours a week to be honest. I just won’t have a burden about a mortgage or rent. Plus my parents payed for my schooling and my first car. If I ever have kids I will do the same. That’s actually the norm in my culture mind you .
No of course I rather give it to my kids , I don’t care what people say, I am old and I am not going to take my money to the tumba
Your a multi- millionaire so Sell one of your houses and donate the money 💰 to charity just like Mackenzie Scott did.
Why?
There’s a lot more a person can do for charity than sign a check. Positive interactions can change a person’s life
thanks for watching and commenting on my RUclips channel.
inbox me on whatsapp..
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Imagine if they paid of their kids houses, then ALL FOUR OF THEM could donate, instead of just the parents...
wealth inequality passed down to their adult kids. Their adult kids will be multimillionaires in their 60's. this is how the rich stay rich.
If you have loads then yes ...help your child. Then let them invest their own money.
Don t give them a dime