A 70-year-old retiree from Cleveland wants to sell her paid-off $425,000 condo to buy a house for her 19-year-old grandson. She called into a recent “The Ramsey Show” to ask if that was the right move.
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Chris adopted Jacob when he was a child due to a difficult family situation. Now 19, Jacob is enrolled in a heating, ventilation and air conditioning program and starting to talk about moving out with his girlfriend.
Chris, who lives on about $3,500 per month from Social Security and other sources, said the condo is becoming a lot to manage, and she's unsure whether to give it to Jacob, rent it to him, or sell it and buy him something else.
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“I want to make sure he’s taken care of,” she said, adding that at her age, she's thinking more seriously about the future and her time left.
Co-host John Delony quickly cut to the heart of the matter. “Are you asking if you should sell your home so that you can buy him a house?” he asked.
Chris admitted that's exactly what she was wondering. But the co-hosts strongly advised her not to make that move.
“You adopted him and saved him. He is where he is because of you,” Delony told her. “A half-million-dollar condo is not going to keep him from living with his girlfriend.”
“You gave him a safe place and showed him what love looked like,” co-host George Kamel added. “That is worth far more than you handing him a condo at 19, which no 19-year-old needs handed to them.”
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When Chris expressed concern about Jacob only being able to afford $800 a month for rent, Delony reminded her that growing up means figuring things out. “This is a violation of your values,” he said about the idea of her buying a house for Jacob just because he wants to move out.
Chris also mentioned wanting to move into a senior living facility, something she could afford. Delony supported the idea and told her to go ahead and sell the condo if that’s what she wants, but to meet with a trusted financial advisor first to make sure the money is handled wisely.
When she asked what she should do with Jacob in this case, Kamel replied, “He’s turning into a grown man and he’s in the HVAC world. He’s going to make great money and he gets to figure that out for himself.”
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For Kamel, the bigger fear is that her stepping in will actually harm him more than it helps him. “You hand any 19-year-old any large asset or any large amount of money, they're going to squander it and screw it up. He'll sell it within the month,” he said.
Instead, they advised Chris to protect her own future first. “The greatest gift you can give him is him not having to come pay your rent the last 10 years of your life,” Delony said.
In the end, both hosts praised Chris for her selflessness and dedication to her grandson. But they emphasized that her job is done. Now it’s Jacob's turn to take the next steps on his own.
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