📈 Are you on track with the Baby Steps? Get a Free Personalized Plan 📱 Watch the full episode for free in the Ramsey Network app. Rachel Cruze and Jade Warshaw answer your questions and discuss: "How do I teach my daughter good money skills?" "My wife doesn't want us to invest in the stock market, how do I convince her to do this?" "My fiancée won a medical malpractice lawsuit and will get $1.3 million, how should we use this money?" "Would it be a financial mistake to move to an expensive area in order to train in a prestigious program?" "My fiancée is concerned about the terms in our prenup, how do we work through this?". Next Steps: ✅ Help us make the show better by taking this short survey! 📞 Have a question for the show? Call 888-825-5225 weekdays from 2–5 p.m. ET or send us an email. 💵 Start your free budget today. Download the EveryDollar app! ❤️🩹 Get trusted insurance coverage that fits your budget. 🏠 Get organized and prepared to buy or sell a home. 💰Hurry—Your chance to win $5k is almost over! Enter the Ramsey Cash Giveaway today! Connect with our Sponsors: 🛒 Stop paying more and start shopping smarter at Aldi 🌱 Get 10% off your first month of BetterHelp 📱Go to Boost Mobile to switch today! 🏥 Learn more about Christian Healthcare Ministries 🏡 Get started today with Churchill Mortgage 🔒 Get 20% off when you join DeleteMe 🏦 Go to FAIRWINDS Credit Union for an exclusive account bundle! 🥗 Save 15% on your first Field of Greens order with code RAMSEY ⛨ Find top Health Insurance Plans at Health Trust Financial 💸 To find out more about student loan refinancing, check out Laurel Road 💻 Visit NetSuite today to learn more 🗂️ Use promo code RAMSEY for 18% off at The Nokbox 💵 Learn more about Timothy Plan 🏛 Get started with YRefy or call 844-2-RAMSEY 🔐 Visit Zander Insurance for your free instant quote today! Explore more from Ramsey Network: 💸 The Ramsey Show Highlights 🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💰 George Kamel 🪑 Front Row Seat with Ken Coleman 📈 EntreLeadership Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices
Chapter 1: How can I teach my daughter good money skills?
Chapter 2: What should I do if my wife doesn't want to invest?
Chapter 3: How to wisely use a large settlement from a lawsuit?
So give us a call at 888-825-5225, and we'll be talking about your life, your money, relationships, career, anything and everything. All right, first up, starting us off, we have Joseph in Boston. Hey, Joseph, welcome to the show.
Thank you so much. Thanks for taking my call.
Absolutely. How can we help?
Well, so my wife and I, future Baby Step Millionaires, started on these about a couple months ago. And we also had our first daughter about five months ago.
Congratulations.
Thank you so much. Thanks be to God. It was waiting quite a while. Oh, that's great. So my question is, I kind of came to a revelation in the discussion with my sister the other day about how all of us siblings are kind of not very good with money, haven't been historically just disciplined with money. And it's weird because we both had very frugal TPA, CFO parents.
And so it kind of tells me that just being good with money isn't enough to kind of impart that. I love my parents. I'm not blaming them for everything. But just something about our childhood, we just didn't get that knowledge kind of instilled enough in that discipline, in that prudence with money. And I'm just kind of wondering, I kind of want to break the cycle.
And what's the best way when my daughter becomes of age, like how to kind of teach her that without being too strict?
Sure, sure. You know, I think you bring up such a good point because a lot of people assume that if you're like – I mean, I'm assuming they're both savers, probably very frugal people. Is that right, your parents?
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Chapter 4: Is moving to an expensive area a financial mistake?
Chapter 5: How to navigate concerns about a prenup?
So give us a call at 888-825-5225, and we'll be talking about your life, your money, relationships, career, anything and everything. All right, first up, starting us off, we have Joseph in Boston. Hey, Joseph, welcome to the show.
Thank you so much. Thanks for taking my call.
Absolutely. How can we help?
Well, so my wife and I, future Baby Step Millionaires, started on these about a couple months ago. And we also had our first daughter about five months ago.
Congratulations.
Thank you so much. Thanks be to God. It was waiting quite a while. Oh, that's great. So my question is, I kind of came to a revelation in the discussion with my sister the other day about how all of us siblings are kind of not very good with money, haven't been historically just disciplined with money. And it's weird because we both had very frugal TPA, CFO parents.
And so it kind of tells me that just being good with money isn't enough to kind of impart that. I love my parents. I'm not blaming them for everything. But just something about our childhood, we just didn't get that knowledge kind of instilled enough in that discipline, in that prudence with money. And I'm just kind of wondering, I kind of want to break the cycle.
And what's the best way when my daughter becomes of age, like how to kind of teach her that without being too strict?
Sure, sure. You know, I think you bring up such a good point because a lot of people assume that if you're like – I mean, I'm assuming they're both savers, probably very frugal people. Is that right, your parents?
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Chapter 6: What are the best practices for teaching kids about money?
Chapter 7: How to handle debt when expecting a baby?
Chapter 8: What are the risks of investing in the stock market?
Yeah, they were frugal. We weren't spoiled. We just never really – Suffered, I guess we were very comfortable, very comfortable childhood. And they were already, if we asked them about something, and especially this is true later in life, asking for financial advice, they're really open about it.
But there was never a really concerted effort to like teach us at like at the time when we were most, I guess. A little spongy.
Impressionable, yeah. Sure. And do you feel like they missed the mark from the tactical side, is what you're saying, on how to budget and that kind of thing? Or do you think the spirit around money? Because what I was hearing you kind of say is as CPAs and as people that are good with money, sometimes those people can lean on the end of...
being so frugal to the point where there's, like, not a level of hoarding, but they hold their money so closely that they almost can't enjoy it. And if you don't have this well-rounded spirit with money, it can kind of cut you, like, you know what I mean? You go the opposite direction. Yeah, yeah. You want to go the opposite direction.
Yeah, but they weren't like that either. I think it was a communication issue. Like, they didn't seem to be frugal. Like, we... I mean, they were smart with money. They seemed to handle money really well, and they weren't hoarding anything. We asked them for something like they paid for college. But we just, I guess there was just never a lack of communication about money.
Well, let me ask you this. What areas specifically do you feel like you were missing? And what are those areas that you want to pass along? Was it, like Rachel said, was it budgeting specifically? Was it the dangers of debt? What was it that you feel like, man, if only I'd known that, that would have really, really helped me. And that's the thing that I want to make sure I hone in on.
I would say, I guess, yeah, I mean, maybe the budget. I don't know. It's, it's kind of, it's kind of a little bit of everything, but, uh, I guess, yeah, the dangers of debt is huge, but, um, kind of just, I guess being disciplined, like, yeah, just being willing your money to go somewhere.
Like the best advice I got from my mom was when I was in college and she'd say when I embarrassingly ask her for more money. And that was another thing too. She gave me money when I asked for it in college.
Well, I think, I think the best thing you can do, I mean, I'm, I'll speak to it from one area. I'm sure Rachel will speak to it from another. So my kids are young, five and seven. And right now, the most important thing that I can teach them is like the value of a dollar, right? Money comes from hard work and there's a value on that. And the value is not unlimited.
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