Dave Ramsey was stunned after a caller refused to help her dad with $400… after he sold his $1.3M house to his kids for just $450K.
The dad transferred the house to his daughter and son for $50K cash plus the remaining mortgage.
Dave quickly realized the father basically gave away nearly a million dollars in equity… then later ended up broke and asking them for help.
Dave Ramsey:
“He gave you a million-dollar house for half a million.”
The caller tried explaining that her dad was a single father and didn’t save enough for retirement, but Dave completely shut that down.
Dave Ramsey:
“That’s bullcrap.”
He said if the father had simply sold the house normally, he would’ve had hundreds of thousands sitting in the bank instead of struggling for money later.
Dave’s point was simple:
You don’t give away your biggest asset before your own retirement and bills are secure.