Dave Ramsey beat these financial lessons into his kids so you can be a better mom

 

Personal finance giant Dave Ramsey wasn’t messing around when he raised his three kids. dave ramsey single momThere were chores, “commission” en lieu of allowance, and mandated entrepreneurship. Want a car on your 16th birthday? You earned and saved half (even though, of course, Dave and his wife are loaded). Want to have fun at the amusement park? Budget your money at the gate.

These and other priceless lessons were learned by Rachel Cruze, now a 25-year-old financial expert in her own right and co-author of Smart Money Smart Kids: Raising the Next Generation to Win With Money, which is out this week. I admit that I was expecting a standard-issue, predictable lesson on how to raise financially responsible kids. But the pages are full of funny family anecdotes and practical — though ambitious — advice from both Rachel and Cruze. Plus, I found her tons of fun to talk to.

What do YOU want to ask the Ramsey progeny? What is your No. 1 toughest problem when it comes to teaching kids about money?

 I interviewed Rachel for RetailMeNot here. She shares about saving for a Tiffany bracelet as a teen and teaching kids to give to charity.

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8 thoughts on “Dave Ramsey beat these financial lessons into his kids so you can be a better mom

  1. I saw her on a talk show yesterday and LOVED her. I’m a big fan of her dad and his philosophy on money. Can’t wait to crack open the book, and I’m sure, recommend it to a few hundred thousand people! :)

  2. what a great interview and she is young but she has wise advice. We have similar ethics in terms of finance and ethics. Great personality too.

  3. I’ve learned a lot from Dave Ramsey. I’m sure she has a lot to offer as well.

    While my parents weren’t the financial wizards, with four kids they didn’t put themselves in debt to raise us either. If we wanted a car, we were expected to save and pay for every bit of it ourselves (but also maintain our grades.) When it came to college, three of the four of us worked full time, and paid our own way through where we didn’t get scholarships (one sibling didn’t go to college) – no student loans. I learned a lot in those “lessons”, and I think too many kids today, including my nieces and nephews, have been spoiled way beyond reason with parents trying to keep up with the Joneses.

    No parents, single or married, should feel bad that they can’t get their kids everything all the other kids seem to have – or even some of the things other kids have. There is something to be said for learning to do without when everyone around you is spoiled. In my life I learned a lot about work ethic, and many of the spoiled teens I graduated with were left behind when it came time to work hard in life.

    1. I totally agree with 100% of what you said, though I am starting to see myself going down the guilt rabbit hole. Like I wish I could send my kids to a really fabulous summer camp with all the other NYC kids, but I just can’t swing it. Will my kids suffer? No. But I still wish I could give them that. #firstworldproblems

  4. Wow, I love the idea of not giving kids allowances and instead paying them for work to build those entrepreneurial skills. I’ve seen the argument against paying kids for chores, but framing it as entrepreneurship illustrates how valuable this could be!

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