There will be no school in Hopkins County on Thursday, March 5. Winter Storm Warning in effect until Thursday, 6:00 AM CST. Source: U.S. National Weather Service.
Davis Motor Sales banner ad
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 on social media.

Posted on 2/2/14
springhour
3/13 - 16
1 DOW 18,096.90
-106.47 (-0.58%)    
2 S&P 2,098.53
-9.25 (-0.44%)    
3 NASDAQ 4,967.14
-12.76 (-0.26%)    
3/13 - 16

Most Read This Week

March 02, 2015 9154

Madisonville Teen Faces Numerous Drug Charges

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Detention Center
February 25, 2015 8436

Multi-Agency Investigation Nets Large-Scale Meth…

in Top News For All Sites by Trooper Stu Recke
February 24, 2015 8236

Two Charged in Central City Meth Bust

in Local (Muhlenberg) Top News by Trooper Stu Recke
February 25, 2015 6338

New Asian Restaurant Coming to Madisonville

in Local (Hopkins) Top News by Gary Gates, SurfKY News
February 24, 2015 5499

School Board Holding Special Called Meeting

in Muhlenberg News by Sherri Miller
March 03, 2015 5147

Three Arrested during Traffic Stop

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Detention Center

Most Read This Month

February 12, 2015

UPDATE: Name of Pennyrile Fatality Officially…

in Top News For All Sites Touching Hopkins by Doreen Dennis, SurfKY News
February 09, 2015

Police Pursue Man after Fight at Taco Bell

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Detention Center

Stories Trending Today

March 03, 2015 5147

Three Arrested during Traffic Stop

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Detention Center
March 03, 2015 3214

Sacramento Man Charged with Rape, Sodomy

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
March 03, 2015 2251

Superintendent: Spring Break Won't be Touched…

in Hopkins News by Tammy Holloway, SurfKY News
March 03, 2015 2246

Madisonville Man Charged for Robbery in Greenville

in Top News For All Sites Touching Hopkins by Greenville Police Department
March 03, 2015 1394

Madisonville Police Arrest Reports - March 3, 2015

in Hopkins News by Madisonville Police Department
March 03, 2015 1282

Baptist Health Madisonville Now Offering…

in Hopkins News by Kristy Quinn
March 03, 2015 1266

SHMS Dance Team Places in State Championship

in Hopkins News by South Hopkins Middle School
March 03, 2015 1234

Militant Crazy Religion, Avoid the Damage

in General News For All Sites by Dr. Glenn Mollette
March 03, 2015 1210

Local Students Place in Stanley Lewis Cultural…

in Hopkins News by Joyce Riggs
March 03, 2015 1165

SurfKY News Exclusive: John Conlee Talks of 40…

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News