“My Husband Wants To Get Rich Quick”

Brought to you by the Every Dollar app. Start budgeting for free today. >> I'm in the situation where I very much want to trust my husband's judgment on finances in our future, but we've hit like a rocky patch here where uh we just keep well, he just keeps kind of digging us into more and more debt in the in like the hopes that we'll get out of it one day with some just risky real estate world stuff. >> And I don't know how to dig ourselves out of that. like maintain respectful marital boundaries doing that. And I don't I just my opinion kind of gets thrown aside because I'm not as risky. I don't want to take risks. I'm not >> Well, it's not the risk. It's the get-rich quick, right? >> The get-rich quick. I'm not a fan of that strategy. >> Yeah. So, here's the deal. You're not called to respect your husband if every time he gets in a car, he drives it into a ditch. You go, you suck at driving. >> That's not disrespectful of your husband as a husband. It's disrespectful of his driving ability cuz he sucks at driving. So don't get this confused that somehow respect is I'm supposed to turn a blind eye to idiocy. That's not respect. That's just that's just enabling. Then when you give respect and and you give a compliment for something that he actually does right, we don't know if it's real cuz you also endorse stupid stuff by call and call it respect. >> No. No. He can't drive a car. He keeps running in the ditch. Honey, you need driving lessons and I'm not riding with your butt until you learn how to drive. You suck at driving. That's not really I mean some version of that nicer than that is not disrespectful. That's not disrespecting the position of that you love your man, you love your husband, you think he's a good guy. He sucks at driving. >> Telling him the truth and even a good friend would do that >> and he sucks at handling money. His his his uh his views of money are broken. So, uh, that's how you balance it. You don't balance it. You get you're getting confused about what respect means. It doesn't mean turning a blind eye to misbehavior or incompetence. That's not respect. >> So, tell us what he's what hole you're in and what he's thinking of doing next to get out. >> Yeah. I'm So, it's this week that this would be happening and my answer is like I I don't want to do this. And so, and he his opinion is we have to do this. And so, that's why I'm so glad you took my call. Um, our hole that we're in is that he has a very problematic property. It's always been a problem property and it always takes the cash flow of my small business and his other cash flowing property. But it's hit the point now where we have to max out credit cards, which is against my everything to basically use those as to pay for all of the construction, all the things. And now it hit a point where the threshold's so high we have to take out uh a bigger loan to just cover everything to try and get it to sell. >> How many properties how many properties do you have total? >> We now have three and we've been trying to get rid of this one for a while. >> It's just a troublesome property. >> What do you owe on it? >> Uh $6 million. >> This is an ad for Better Help. One of the most important things I've ever done in my life as a husband, as a dad, as a community member, as a neighbor, is to finally break down and go see a therapist. It's not just for major traumas. It's for anyone wanting better mental and emotional health and peace. If you're thinking about trying therapy, try my friends at BetterHelp. BetterHelp is 100% online, so it's affordable and it's convenient. Visit betterhelp.com/ramsey for 10% off your first month. What do you owe on it? >> Uh $6 million. >> And what's it worth? >> Uh it just got appraised at like like just over six. Not much though. >> Is it residential or is it uh >> it's an apartment complex residential? >> Yeah. And so um you you can't sell it for what you owe on it. >> We we can sell it. It's it just takes so long to sell them. Like it's always takes over a year to like get the packages put together. So So he says like again I I'm not in this world. I don't know what this all really means. Which is why I wanted to ask like if we just walked away from this mortgage and said here take it. Like we're not personally liable for it. It's business liability. >> Yeah. But that's >> No, I'm not doing that. Are you sure you're not personally liable for it? >> I am I'm I'm 90% sure. >> I'm not. Okay. Again, I This is why I need you guys. I don't know what I >> They make They make non-reourse loans, but seldom as small as $6 million. If it's a nonreourse loan and you can walk away from it, yeah, I just walk away from it because it's not worth what you owe on it. >> If it's a non-reourse loan, put the keys in a shoe box and tell them to come get them. >> Um, but I don't think it is. I I want you to be sure you're not personally liable. Just because it's in an LLC doesn't mean he didn't sign it personally. Yeah, I'm I think it's a non-reourse loan, but I can be sure before I did that. But if if if your if your numbers are correct, >> okay, if it's an $8 million property, it's going to take a little while to sell it, then let's sell it for 7 million or seven or 6 and a half and get a little bit out of it and sell it. But if your numbers are correct that it's worth what you owe on it and your only option to keep the thing running is to go deeper in debt again and this time personally in order to fix up this property. Um >> yeah, that's the option. >> No, I'm not doing that. Um it's good money after bad is what you're thinking and I am too. But I don't know that, you know, I want you to verify the numbers and >> um I'm not sure if you're just pissed off or if that's the real numbers. So >> those are the real numbers. I want you to get in there and Well, I want I want him to say it. >> Yeah. Because what if happens if you tell them, "Hey, I want to start the process of of selling this today. I don't want to do >> I'm not I'm not gonna borrow money on it." No, we're not. That Okay, that's off the table. Now, what are we going to do? We're either going to give it back or we're going to sell it as is. What are we going Which one are we going to do? Well, we can't give it back. I did sign personally. Oh, crap. Now, then you got to sell it, right? Because you're gonna get your butt sued. So, uh, but if you got if it's a non if it's a non-reourse and it truly is worth six before I put another million into this sinkhole. >> Yeah. And and this is a lower income property and it's a pain in the butt to manage. I can tell by the way you're talking about it. Um, you got a bunch of crummy renters and it's not it's not a it's not a fun property to own. And by the way, if you say your opinion on this and and do what Dave said and your husband says that that doesn't matter and he goes ahead and does what he wants to do, that's also your signal that you guys need help beyond this is no longer a a money problem at that point, right? >> Yeah. We don't do big deals. We don't do deals of size, whatever size is at the Ramsies without both being in agreement, period. and at the wash house as well. >> Fast, >> you know, I mean, we we don't give we don't give large sums to a charity or a ministry. We don't buy things of size uh without talking about it. And the things that we buy that aren't of size, we have talked about it in the form of it's a category and a budget, so it fits. And so, you know, um you can buy that beef tenderloin, it's in the food budget, but that's, you know, whatever. So, um but because yeah, that that that's the whole thing. So Nicole, the deal is this. You guys are running on two different tracks and you need to get on the same track. That's first and foremost as far as the particular property goes. Then that if you get on the same track, that'll better inform what to do with the property. >> And you'll feel better about if you decide to keep it and work it >> and you use some of the cash flow. But so far, it's not been a blessing, it's been a curse. But Dave, I liked how you set up the very beginning because we get that call a lot about a spouse feeling like it's being disrespectful to go to go in the opposite direction of what their spouse is saying. >> I don't know. Art we're we're hillbillies, so arguing is an art form. So I I don't know. Um, I mean, we I I do not think my wife is a bad Christian wife because sometimes she looks at me and goes, >> "No, I don't like that." >> Absolutely. >> That means like she's a full- grown woman with an opinion is all that means. Create your free every dollar budget today. The simplest way to budget for your