The Ramsey Show You Can’t Win with Money if You Keep Borrowing It
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May 12, 2025 This episode dives into the emotional rollercoaster of inheriting debt after losing a parent. Listeners ask tough questions about divorce and managing shared finances during crises. Budgeting gets a spotlight, with tips on balancing detail and simplicity. The critical role of life insurance is explored, highlighting strategies for financial protection. Inspiring stories of young people achieving financial independence and quick mortgage payoffs remind everyone that financial freedom is possible!
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Inheriting Father's Debts
- Amanda inherited $520K in high-interest mortgages her deceased father took out in her name legally using power of attorney.
- She is underwater on properties and faces a complex financial and legal situation requiring attorney help.
Divorce and Debt Management
- In divorce with shared large debt, start separating finances immediately and plan to pay off debts.
- Live on less than income, increase income, and prepare for split of debt and assets fairly.
Making Your Budget Work
- Budgets should be detailed, realistic, and flexible for effectiveness.
- Break large categories like groceries or household into subcategories to identify spending patterns and control costs.