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Townhall Finance...
Dave Says Make Him
Earn It
By Dave Ramsey
Dear Dave,
I recently received a beneficiary IRA when my mother passed away. I
also received a small part of her estate. I’d like to share some of
this with my 24-year-old son. He’s a good boy, but he’s pretty
impulsive and not good with money. Do you have any suggestions?
Kimberly
Dear Kimberly,
I’m sorry to hear about your loss. It’s tough enough losing your mom
without having to worry about a grown son with money issues.
I’m sure he’s a good kid, but I don’t like the idea of just giving him
money when you already know he’s impulsive. Over the years, I’ve
learned that handing money to someone who’s financially irresponsible
is not a good plan. Lots of people think they’d be fine if they just
had more money, and that’s generally not the case. You have to ask
yourself if you’d really be helping this young man by giving him a
bunch of money. More than likely, the answer is no.
You’ve got several options. But, at his age, it might be a good idea to
attach a few strings to him getting any of the money. Set up some
guidelines designed to improve his behaviors in a few areas, and you
could give him the money if he meets the requirements. Don’t make him
jump through a bunch of hoops for no reason. I’m talking about things
that will train and educate him to live a more productive and
responsible life in the future—both financially and as a mature,
responsible adult in general.
I think this is fair to you both, and it’s also a way you can help him
help himself. And hey, if he refuses to cooperate or cops an attitude,
you can always just keep the money until he finally grows up a little!
-Dave
Dear Dave,
What should I do with any money I have left from various categories in
my monthly budget?
Chris
Dear Chris,
Some things you’ll carry over from month to month. A good example might
be clothing. A lot of people, especially men, don’t buy new clothes
every month. We’re usually not as style-conscious as the ladies, so we
generally don’t get around to buying new clothes until something is
just completely worn out.
If you’re consistently over-budgeting in a category like food, you need
to simply cut back on the amount you’re designating for groceries. When
it comes to miscellaneous items, and if it’s just a few dollars here
and there, you’ve got a few options. You might carry it over like with
the food money, or you could combine the amounts into an overflow fund.
You could even put it toward paying off debt, if you have any, or stash
it in your blow money category and have a little bit more to spend on
fun stuff.
Good question, Chris!
—Dave
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