A 19-year-old college student from Oregon called into “The Ramsey Show” with a troubling story: While working in high school, his parents borrowed around $3,000 of his hard-earned money and never paid him back.
Financial Abuse?
John, now in his sophomore year of college, explained he had made between $5,000 and $8,000 per year during high school through part-time work and summer jobs. Before he could open his own bank account, his parents took control of his income and used about $3,000 of it.
“They just didn’t pay it back,” John said. He added that now the same thing is happening to his younger siblings, who are 16 and 17.
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“What’s wrong with your parents? That’s so weird,” personal finance personality Dave Ramsey said directly.
John tried to explain the situation, saying his mother had been injured and the family had gone through hard times, but Ramsey wasn't buying it.
“Grown-ups don’t take kids’ money. That’s just not okay for any reason, to borrow or otherwise,” he said. “If this were another kind of abuse, it would be against the law, and social services would come in, but this is just financial abuse.”
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No Budget, No Boundaries
John said his parents don't use a budget and have a strange relationship with money overall.
“There’s kind of a weirdness around money,” he said. “I was the first one to start making money, and once things were tight, it was like, ‘Oh, it’s right there.’ It was just easy to transfer some over.”
Ramsey called it a lack of integrity. “You spoke to them about it. They justified it. That’s absolutely ludicrous,” he said. “That’s what some kind of weirdo like this will do.”
Co-host Ken Coleman added that if he were in John's younger siblings’ shoes, he might have left the house. “I think that’s such a breach of trust. It’s just so nuts.”
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What Can He Do?
Ramsey offered two options: Make peace with it and move on, or help his siblings open separate bank accounts outside of parental access. “You can do that at 19,” Ramsey said. “Mom and Dad, you stole all my money. I’m trying to keep you from stealing theirs.”
However, both hosts acknowledged that any action John takes could result in serious family tension. “You’re not going to fix them,” Ramsey said. “But denial doesn’t fix them either.”
In closing, Ramsey advised John to seek advice from a local pastor or counselor before confronting his parents or stepping in further.
“Just know from us that we’re verifying that this is cray cray,” he said.
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