Tuesday, January 27, 2015
Davis Motor Sales banner ad
Posted on 2/2/14
dave says1KENTUCKY (12/15/13) – This week Dave discusses 'humility, gratitude and contentment' and 'not quite ready for a house.'

Dear Dave,
Do you have any advice for teaching responsibility and generosity to adult children and grandkids when it comes to money?
—Justin

Dear Justin,
I think there are three key factors when it comes to teaching children of any age about these concepts—humility, gratitude and contentment. In my mind, humility is where gratitude comes from, and gratitude leads to contentment.

I’m generous to my adult children, but they have no sense of entitlement. That’s due to their personal humility. They don’t feel that I owe them anything, and they already know that anyone who cops an entitlement attitude gets cut off. You’re no longer qualified for my generosity when you lose your gratitude.

You’ve got to spend time talking to kids about these things. Otherwise, you run the risk of them counting on the income. Here’s an example. We coach some family businesses at my company, and the best family businesses are the ones that teach non-employee family members who receive money from the business—dividends from the profits—never to live on those dividends. I’ve seen lots of cases where someone will start living on the business they don’t work in, and they immediately start feeling entitled to the money.

The same principle applies in your situation. If someone starts saying, “Well, since mom and dad are paying for our daycare, we can use that money we would have spent to buy a car.” That means they’ve started counting on mom and dad’s generosity to live, and that’s a form of entitlement mentality.

None of our kids receive any kind of financial help from us at all, unless they’re already carrying their weight in their own lives. That’s not being cold. It’s teaching responsibility and self-reliance. Now it would be different if one of them developed a serious medical issue or something like that. But the whole idea that mommy and daddy have lots of money, and I can just get some from them? That doesn’t fly in our family.

You have to teach them character and giving in order for them to be valid recipients. Plus, it’s all about the kids’ attitude. But you’ve got to talk about it often and communicate the value system out loud. The gifting and generosity are contingent upon the humility that leads to gratitude that leads to contentment.
—Dave

Dear Dave,
My wife and I just bought a business with cash. We had been living with my brother and sister-in-law while we saved up, and things are starting to get a bit cramped. My brother has offered to co-sign on a house for us, but rent is pretty cheap in this area. What do you think we should do?
—Peter

Dear Peter,
You need to forget about a house and plan on renting for a while. You just bought a business, and at this point you don’t even know if it’s going to be successful. Plus, if you need a co-signer to buy a house, car or anything else, it means you’re not financially ready for that purchase.
Take some time, maybe two or three years, to get your business up and running. Go find a decent, inexpensive place to rent then pay off any debt you have while saving up as much money as possible. I want you to have a nice house one day, Peter. But you’re just not ready now. A house should be a blessing, not a burden.
—Dave

Dave Ramsey is America’s trusted voice on money and business. He’s authored four New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. The Dave Ramsey Show is heard by more than 6 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com.

Disclaimer: The content supplied by columnists and letters to the Editor on this site does not in any way, shape or form, implied or otherwise, necessarily express or suggest endorsement or support of any of such content, statement, or opinions therein. SurfKY News does not necessarily adhere to or endorse content provided by outside non-staff sources.

© Copyright 2015 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story by using one of the social media links below.

2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013
1 DOW 17,678.70
+6.10 (0.03%)    
2 S&P 2,057.09
+5.27 (0.26%)    
3 NASDAQ 4,771.76
+13.88 (0.29%)    
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013

Most Read This Week

January 23, 2015 8577

Local Church's Faith Restored; 71 Souls Saved…

in Video by Gary Gates, SurfKY News
January 22, 2015 7132

Nortonville Man Accused of Selling Drugs near…

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Jail
January 21, 2015 6003

KYDOT Pre-Treating Roads Thursday in Antipation…

in Top News For All Sites by Keith Todd
January 23, 2015 5675

Parents Face Charges after Marijuana Joint Falls…

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Jail
January 22, 2015 5589

MCEA Head: Further School Mergers Might Ease…

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News
January 21, 2015 4872

Man Arrested after Allegedly Nodding off on Baby…

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Jail
January 23, 2015 4496

Nortonville Woman Charged for Meth Possession

in Local (Hopkins) Top News by Hopkins County Sheriff's Office/Hopkins County Detention Center
January 25, 2015 4385

Dean’s List Announced

in Top News For All Sites Touching Hopkins by Joyce Riggs

Most Read This Month

January 08, 2015 20569

Woman Claiming to be 'Lady Gaga' Tours Town in…

in Top News For All Sites by Madisonville Police Department
January 15, 2015 20319

UPDATE: Fatality Victim's Name Officially Released

in Top News For All Sites by Doreen Dennis, SurfKY News

Stories Trending Today

January 26, 2015 2926

Man Goes to Jail after Allegedly Attacking Family

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Jail
January 26, 2015 2794

KSP Arrests Two on Child Porn Charges; MPD…

in Top News For All Sites Touching Hopkins by Trooper Stu Recke
January 25, 2015 2388

Juvenile Hit by Vehicle at McDonald's

in Local (Muhlenberg) Top News by GPD Officer Wes Miller
January 26, 2015 1500

Madisonville Post Welcomes New Troopers

in Top News For All Sites Touching Hopkins by Trooper S. C. Recke
January 26, 2015 1360

Hopkins County Sheriff's Reports Released

in General News For All Sites by Hopkins County Sheriff's Office
January 26, 2015 1284

Hopkins District Court Fines Handed Down

in Local (Hopkins) Top News by Circuit Clerk's Office
January 26, 2015 1229

Madisonville Police Arrest Reports - Jan. 26, 2015

in Hopkins News by Madisonville Police Department
January 26, 2015 1207

School Board Votes 3-2 for Utility Tax

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
January 26, 2015 1188

Kentucky Highway Crews Prepared for Snow into the…

in Top News For All Sites by Keith Todd
January 26, 2015 896

McClearn Remains Optimistic I-69 Signs up Between…

in Top News For All Sites Touching Hopkins by Keith Todd
January 26, 2015 779

Raffle for Custom Motorcycle to Benefit Trooper…

in General News For All Sites by Sherry H. Bray
January 26, 2015 778

Dawson Springs Police Reports Released

in Hopkins News by Melissa Heflin