Personal finance giant Dave Ramsey wasn’t messing around when he raised his three kids. There 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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