I had poor parents and due to their ignorance I wasn't taught about money management. I had to learn on my own through my adulthood and now at 54 I am trying to learn what I can and teach my adult children. Better late than never. Thanks Dave for your guidance and filling in the gaps. I am truly grateful.
My parents were the best also. They taught me by example. When I went on a trip as a child I was given spending money. Any money I didn't spend I could keep. When my kids were born my dad gave me money to open a savings account for them in their name. He said that kids need to learn to handle money. Today my kids are both very careful with saving and spending. When my oldest daughter first went out on her own she opted for a cash card rather than a credit card. She made sure that she didn't overspend. She has a credit card today that she pays off in full. I feel blessed.
Sorry to be so offtopic but does anyone know of a trick to get back into an instagram account? I stupidly lost the login password. I love any assistance you can give me.
We learned how to work without expecting to get paid. So much so that i actually felt guilty for charging what i was worth for my work for many years in my teens and early twenties.
For me growing up in the Deep South in a country town. I cut a lot of free grass. Over 900 yards so now if I decide to start a grass cutting business I’m like you I’ll feel guilty for charging what I’m worth we just have to break out of that mindset and do what we know we should do
Personal Finance should be taught in schools. starting saving early is the key to big wealth. I am from India. People started investing in MFs now pretty actively. Still very long way to go. Parents take care of children's education up till graduation for sure and kids also take care of parents both emotionally and financially too if required. Family system is quite strong in India.
Thanks for all the detailed information you have provided in this video. I like your way of explaining every point. Keep sharing such great videos in the future also.
We follow Dave's plan for us as a family & for our 3 kids, it works so nicely. The kids follow the envelope system for Tithe, Save & Spend. Its about 5 years since we started. Its never too late to start. Our oldest is 19. Bangalore, India
We started, when our son was 3, to have him earn money for doing certain chores etc. When we first started we would also take money back for bad behavior or what not. We had been givin some advice from a friend that we shouldn't try to modify behavior with money, and in earning a dollar for doing good, and taking a dollar for being bad(especially for the bad part). It made sense to me that we should refrain from taking money from our son just because he didn't act right at dinner or so forth, and we have since stopped that practice. I feel this is sound advice but I am wondering Dave's thoughts on this subject. I know that by teaching kids working earns you money is a good thing, but should there be not just a withholding of money when they are bad/not cooperative but taking it back. Thanks in advance
I think you should do but let them understand its about value for effort. They need to process that themselves and understand the value of what they are being paid for. It's not just the exchange of money but of value.
Amazing video, A friend of mine referred merto a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
My only concern is creating the “how much are you going to pay me mentality” as they grow up. There are some people who can’t do anything nice for people if there is nothing in it for them. They can’t even help an elderly person pack their groceries without sticking their hand out for money.
Question. I have no problem with my kids “blowing” their money, i am not okay with continue buying toys that become a problem with more that just becomes strewn around and yes they are responsable for cleaning their room but we just got to the point of them narrowing down their favorite toys so its less burdensome to organize. How should we handle that? And o e toy in and one toy out just seems so wasteful
Lamentablemente no tenemos este video en Español, pero quiza usted pueda encontrar informacion en Español en este sitio: www.daveramsey.com/pr/dave-ramsey-introduces-andres-gutierrez
