Should I Use My Young Kids' Cash Gifts to Pay Off Debt?

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 29 December 2020

⏱️ 3 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Ramsey Call of the Day is a quick, daily dose of advice on life and money in under ten minutes. Hear from experts like Dave Ramsey, Ken Coleman, Rachel Cruze, Chris Hogan, Christy Wright, Anthony ONeal, and Dr. John Delony. Part of the Ramsey Network. Delivered to you five days a week. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It's Tuesday, and this is the Ramsey Call of the Day.
0:03.9	Part of the Ramsey Network.
0:06.6	Joining me today is Ramsey Personality, Chris Hogan.
0:09.7	What's up, Chris?
0:10.4	All right, I can't wait to hear Dave's reply to this.
0:13.0	We may disagree.
0:14.1	Today's question comes from Georgia and Pennsylvania.
0:16.6	Says my children are six and seven and have accumulated about $ 5,000 in cash in gifts since they were born.
0:23.1	My thought is to use the money towards Baby Step 2,
0:26.1	with the intention of investing heavily in their 529s once we get to Baby Steps 4, 5 and 6,
0:32.0	which we anticipate reaching by the end of the year.
0:34.8	My wife, on the other hand, feels guilty about using that money
0:38.6	to pay off consumer debt. Please advise. Okay, I'm going first. Absolutely, you don't use
0:45.0	the kid's money. You get this for the children. You don't crack that piggy bank open. You
0:50.2	leave that money alone. You put it in the bank and let it grow.
0:56.3	What are you going to do?
0:57.5	What are you going to say?
0:58.5	I'm curious.
0:59.7	I agree with you. Do you really?
1:00.2	Okay.
1:00.4	I actually do, yeah.
1:01.2	Okay.
	...

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