Dave Ramsey's Daughter Has 3 Lessons for Your Kids

(USA-Reiseblogger/Pixabay/Public Domain)

A 2015 study reported 80 percent of Americans are trapped in debt. For younger Americans, the number gets worse. In PragerU's latest video, "How to Raise Kids Who Are Smart About Money," Rachel Cruze, daughter of Dave Ramsey and regular guest contributor on the Dave Ramsey Show, says the solution to America's debt problem begins with starting financial literacy at a young age.

Growing up in the home of financial expert Dave Ramsey, Cruze was familiar with the topics of debt and wealth and shares three childhood lessons which prepared her for financial responsibility as an adult.

First, says Cruze, put your kids to work. According to Cruze, it's important for kids to understand the connection between work and money from a young age and encourages parents to pay kids for age-appropriate jobs like mowing the lawn or cleaning their room. This practice teaches them that money comes from work and not a parent's wallet. In turn, kids can buy the things they want with the money they earn. "When children work for the things they want to buy, the purchase feels like an accomplishment, not an entitlement," says Cruze.

The second lesson Cruze shares is to let your kids make mistakes with their money in order to prevent expensive mistakes in the future. As an example, Cruze tells a childhood story of wasting her money during the first game at Opryland Theme Park in Nashville. She quickly ran back to her parents and asked them for money, promising to pay them back. What her father, Dave Ramsey, told her next has stayed with her for her entire life: "Rachel, when the money's gone, it's gone." 

Cruze's third and final lesson is to teach your kids to make saving a habit. Saving is a difficult discipline even for many adults, so start training the saving muscle as soon as possible. Even kids must learn the fundamental truth that if they do not save money, they will not have money.

Childhood is the easiest time to learn saving habits because they are still financially supported by their parents. Children should begin by saving money immediately after getting paid, not from what is left over after buying what they want.

Cruze concludes that it's less about the amount saved and more to do with developing consistency. "So start today: Help your kids to become fluent in the language of money and how to handle it. Because if you don't, well, all I can say is—get the basement ready."

To contact us or to submit an article, click here.

Get Charisma's best content delivered right to your inbox! Never miss a big news story again. Click here to subscribe to the Charisma News newsletter.

It's a NEW YEAR! Get ready for a NEW YOU!

  • New Year Discounts On Book Bundles & Gifts: Click Here to view all our bundles and save up to 72%! Prayer, Holy Spirit, Anointing, the Supernatural and more.
  • Go Deeper with God in a FREE eCourse: Click Here to view all eight of our free courses. Topics include Fear, Forgiveness, Holy Spirit, Supernatural, and How to Hear God.
  • Anointed Woman Of God: Rise up and enter the anointing of Deborah, Anna, Esther, Ruth and Hannah. You were called to go higher. Click Here to learn more.
  • Never Stop Praying - Prayer Changes Everything! John Eckhardt's prayer bundle gives you six powerful books to help you pray and change any situation. Click Here.
  • New Year - New You - Bible Sale!: Click Here to save up to 50% off a great selection of Bibles. Plus, get a free gift with each order!

Subscription Special: Subscribe to Charisma for two years for Only $29.97 and get two free gifts. Gift #1 The Harbinger. Gift #2 The Harbinger II. Both books are by New York Times Best-Selling author Jonathan Cahn. View Offer

Charisma News - Informing believers with news from a Spirit-filled perspective