Personal finance expert Dave Ramsey delivered tough love to a 30-year-old caller considering buying a home with her parents, warning the move could trap her in lifelong financial dependence.
Caller Weighs Home Purchase With Parents Lacking Retirement Savings
On Thursday, The Ramsey Show, a caller named Karina explained she had taken a second job to save for a home she planned to purchase with her parents, immigrants from Ukraine with no retirement savings.
She also considered gifting her father money to start retirement investments.
Ramsey Pushes Back, Citing Language Barrier And Financial Risks
Ramsey pushed back, calling the arrangement not sustainable and criticizing her parents' lack of financial preparation. "You're broke… and you're asking how to take care of your parents who don't even make a good enough living to save for themselves," he said.
He also addressed the language barrier, noting her parents had been in the U.S. for more than 25 years. "When you've been here 25 years, it's no longer an excuse," Ramsey said, urging them to learn English to improve job prospects.
Co-host Jade Warshaw warned that buying a house with them could lead to "more codependence, more enabling, more entitlement," leaving Karina's parents with no incentive to become self-sufficient.
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Ramsey's Formula For Building Lasting Wealth
In March, Ramsey told followers on X that failing to retire a millionaire if you're under 40 is "no one's fault but yours," urging older Americans to "get serious" if they're behind.
Emphasizing discipline over quick wins, he said investing just $100 a month from age 25 to 65 could yield about $1.17 million, while investing 15% of the average U.S. household income could grow to roughly $11.6 million.
In 2024, he explained that avoiding debt isn't just about money management but about securing control over one's future.
Ramsey stresses that income is the most powerful wealth-building tool, and by keeping it free from loan payments, people can invest and build lasting wealth through financial discipline.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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