4.6 • 682 Ratings
🗓️ 13 June 2025
⏱️ 9 minutes
🧾️ Download transcript
Click on a timestamp to play from that location
0:00.0 | Brought to you by the Every Dollar app. Start budgeting for free today. |
0:07.2 | So my wife and I are debt free other than our home, and recently my grandmother passed and left us a small inheritance. |
0:15.6 | It was about after taxes, roughly $70,000. |
0:18.7 | Her wish, her wishes were that she wanted to leave her legacy with |
0:23.7 | it going towards our children's education. I have a sixth grader and a third grader. We've been |
0:30.8 | funding their college funds since the beginning. My sixth grader has roughly $75,000 in his. my third grader. She has roughly $60,000 in hers. |
0:42.7 | Wow. Good job. And the question is, though, would we be better off, I mean, I want to honor my grandmother's wishes, but will we be better off paying down her house at the last debt we have? That's kind of where we're at in the baby steps trying to get the house paid off. |
0:56.2 | Yeah. |
0:56.6 | So did your grandmother, she clearly didn't know that you had college covered when she said this in the will is the guess, right? |
1:05.1 | Well, I don't know if I have college covered. |
1:07.2 | I guess that's the secondary question. |
1:09.1 | Like, when is it enough? |
1:10.3 | You know, like when do you have enough in their college funds? We're continuing to contribute to their |
1:14.3 | college fund every month as part of our budget. Have you played it out to see what it will be when they |
1:18.2 | reach 18? Um, yeah, uh, yeah, I can't remember exactly what it was, but just, I mean, on the rough |
1:25.9 | numbers right now, right? If it doubles every seven years, it's 150 and, you know, probably 150 for each of them, maybe potentially more, I think, but we'll continue to contribute. |
1:34.7 | But I, so if that's enough, then if we're already, if we're already in the good, and again, I know education costs could change. |
1:40.3 | I get all the other. |
1:41.2 | Well, there's charts out there where you can play it out |
1:44.6 | and see. So let's let's put some real meat on this skeleton. So let's pretend you said you're in Georgia. |
1:53.7 | So let's pretend that they go to a state school, which is what we would recommend here, going to an in-state |
1:59.6 | school, assuming you still live in the state of Georgia. |
... |
Transcript will be available on the free plan in 8 days. Upgrade to see the full transcript now.
Disclaimer: The podcast and artwork embedded on this page are from Ramsey Network, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Ramsey Network and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.