this is the ramsie call of the day part of the ramsay network

joining me today is ramsay personality dr john deloney

ellie's with us in kansas city hi ellie welcome to the ramsie show

all right thanks for having me. Good. How can we help?

Okay, so we have, my husband and I have a stream of income that I'm not really sure how to handle.

We have two foster kids that we foster outside of the foster care system. It was a kinship foster,

and their grandparents essentially pay us to do so, which isn't why we are doing it, but so we

have this flow of money coming in, and I just am not really sure how to handle it.

It's part of your income.

Okay, so should I...

When you do your budget, you have your income at the top of the page and you give

every dollar of your income a name.

Okay.

It's as if you had a part-time job.

Okay, that's what I was going to ask.

So I should, uh, so it'd be like I'm self-employed, so I would want to like pay taxes

on it, like quarterly and stuff?

Uh, yeah.

Yeah, yeah, if you're, you're going to claim it as income, they're going to claim it as an expense,

then yeah, you would need to set aside a fourth of it as taxes. And then you put the rest of it in your budget and you work at period.

It's not different money because it's for the kids because you're going to pay for the kids stuff anyway.

And what you do to feed the kids or clothe the kids or whatever expenses you have associated with the kids during the time you're fostering them is you're going to do regardless of the money.

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