The Silver Was A Gift From His Grandparents, Meant To Be Kept. Now He Wants To Sell It To Escape Credit Card Debt. Is This The Right Thing To Do?

Jim from Phoenix is staring down a dilemma many people would find tricky: He was given a generous gift of silver by his grandparents, but now he’s considering selling it to help wipe out his credit card debt. The catch? The gift came with a not-so-subtle hope that he wouldn’t touch it.

“They really want us to hold on to it,” Jim told Jade Warshaw and Rachel Cruze during a recent episode of “The Ramsey Show.” 

A Gift With Strings Attached

Jim said the silver is worth about $8,000. He and his wife are throwing about $6,000 a month at their debt, so cashing it in would only shave off a month and a half. Still, it’s tempting.

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The silver wasn’t just handed over casually. Jim explained that the tone of the gift was more like, “we don’t want you to cash it in. We think it’s going to exponentially go up in value.” 

“Having a gift with strings attached is not fair to the person receiving it because it’s not really a gift at that point,” Cruze said. “It’s an expectation.”

She emphasized that Jim and his wife are adults and should feel empowered to make the decision that’s best for their financial stability. “You were given a gift, and I think you guys use it as best you see fit,” she said.

“If you’d like to basically revoke your gift back, knowing what we’ll do with it, we’ll be fine with that,” Warshaw suggested he could say. “But we wanted to be upfront that we’re going to sell it.”

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Cruze pointed out that if the gift is truly going to damage the relationship, then holding it a little longer may be the better choice. “For a month and a half of our sacrifice, we’ll sacrifice an extra month and a half to keep this thing,” she said.

She laughed as she acknowledged the irony that silver had just taken a hit in what appeared to be a historic collapse.

Thinking through decisions like this can get emotional. If you’re unsure how to handle a windfall or a sticky family money situation, WiserAdvisor’s free tool can help you find a vetted financial advisor who fits your needs without pressure to hire, just someone to talk to if your household income is over $100,000.

“Gifts should be given,” Warshaw said. “If you’re going to give a gift, give a gift.”

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