Should I Use Gift Money to Pay Off Debt?

Should I Use Gift Money to Pay Off Debt?

Starting off this hour is brianna in austin texas hi brianna welcome to the show how can we help hi dave first of all you’re my idol my hero and i love you dearly and i’m so excited to talk to you you’re very sweet i’m about to let you down how can i help no no you will not i know you won’t so um my husband and i are in baby step two um we’ve been on your program

For a year it’s our year anniversary since we took your uh financial peace university at celebration church shout out pastors joe lemore champion who are amazing they’re good friends they’re wonderful people yes they are so here’s the thing so i just celebrated my birthday and we went back home to california and one of my closest friends since high school has

Become extremely wealthy he works at zoom and has built quite a quite a wealthy empire through them and my husband and i have been struggling to get pregnant um for the last three years and we saw fertility doctor and they basically said that at this point um doing ibs is our only shot but we never did it because we’re trying to pay off debt and i’m not going

To go into debt as much as i want a baby to do this so i’ve left it in god’s hands and my best friend gifted me twenty thousand dollars for my birthday to get ivf that the the stated gift was for ivf well he wrote us a check i know but did he say he said the check is for your birthday or your check is for ivf and your birthday it’s to you it’s all of the about

To use towards ivf because they know you know that we couldn’t afford it so they wanted to bless us with that okay so what’s your question my question is we’re in baby step two um and i just i i part of me wants to put it towards our debt but this is a huge blessing and our time is of a of a concern with with my my situation so i kind of just want your thoughts

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On using that towards ivf and continuing to pay off debt on the fight um okay let’s change the let’s change the scenario and see how our critical thinking skills work on this and i’ll go with you because i’m trying to figure out a way to think through this okay let’s say that uh this friend gave you 20 000 paid for car okay and he said because i think you need

A nice car and you were saying my car is a hooptie uh my car sucks and so he just gave you a car for twenty that’s worth twenty thousand dollars um the person giving the gift said this is what the gift is they didn’t say now take the car go home and if you want to sell it and pay it on your debt you can do that they just said no i want to buy you a car you

Probably wouldn’t sell that car while you’re in baby step two you probably just fight on through baby step two right absolutely because the giver of the gift said this is the definition of the gift that’s what i’m basing that on does that make sense it makes perfect sense now if it was bizarre and they said here’s a hundred thousand dollar car i would go whoa

Dude i need to get out of debt would it be okay with you if we did something different i would call time out right but if they just this is not a how much debt have you got left in your baby step two 38 000 what’s your household income uh after taxes we bring home about 85 000 and how much have you paid off so far uh about 30. way to go so proud of you yes sir

How quick did you do 30. in a year i mean it’s it’s so you got a year you got 14 months left yep exactly and this is just an unfound blessing that just dropped from the sky god yes god blessed us i think the giver of the gift told you what to do with the gift and i think we have to honor that okay and i’m do i’m not doing that because of the emotion around this


Or because your clock’s ticking or all of those things because i figure you know 15 months is probably not going to decide whether you have a baby or not right so your clock ticking is not yeah that probably doesn’t cut it because you’re probably going to be about the same ivf results 15 months from now as you have today i’m not a medical doctor but that’s just

Kind of common sense okay yeah so uh but i’m with you i want to have a baby babies are the best thing on the planet most of the time they’re actually the best thing on the planet if they’re grandkids because you can hand them back when they stink yeah there you go i don’t know how great grandkids are going to be i’ve been nicer to their parents okay but um yeah

So yeah yeah i get yeah i um do this and now i will challenge you just to do one thing and that is to be very careful in the ivf world uh like anything else that is extremely important and noble which the having of children would be those things um we the there’s extreme amounts of emotion around this and around adoption consequently people get um a wide variety

Of pricing in the adoption world and a wide variety of pricing in the ivf world so you are now uh tasked with studying that world and the pricing structures and models from various places not just one and comparing them to give you the best possible outcome for the money that you have to spend okay because there are all kinds of deals that are not priced properly

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And you’re going to come out of it really poor and not have had the number of attempts that you possibly could have had okay i only know this because this has come up a lot in financial coaching over the years and so i’ve seen this price for adoption and that price for adoption and i’m going you paid 50 grand and you paid 20. and both of you adopted a baby or

You had unlimited attempts for seventeen thousand five hundred dollars uh or you got one attempt for seven thousand five hundred exactly and that’s what’s in your world that you’re getting ready to find out if you get into this i just observed it from the outside i know nothing about it at all except just looking at it it’s i think it’s one of those things that

People don’t ask they just go because it’s so emotional and i’m challenging you to ask gather data gather options and make a wiser decision let’s make this twenty thousand dollars do what it’s supposed to do god willing and so i think it’s incredible it’s an interesting and a great discussion i get the exact same question about adoption you know do i do i stop

Everything into adoption uh you know well you know if somebody gives you the money specifically for that yeah you you’re not stopping anything you’re just going to continue forward on it but most of the time we’re going to go the other 14 months and be out of debt save up and pay cash for the ivf or for the adoption and in every case it’s probably the best thing

You could ever spend money on in your entire life i can’t think of anything that gave you greater return on investment high quality of life than babies for those that want babies and it’s a it’s a pretty fun stuff so we’ll be praying for you brianna that’s good it’s good times

Transcribed from video
Should I Use Gift Money to Pay Off Debt? By The Ramsey Show – Highlights