Also in this playlist...
This transcript is automatically generated
Around the corner it's time begins -- some credit because many money wise father spend a lot of their time.
Thinking about ways to save during the -- the top financial things to have been thinking about his personal finance expert Dave Ramsey.
Who's also you can.
Good morning Dave.
Good morning Gretchen so it's appropriate Father's Day coming up on -- let's take a look at some of our dads who wrote into us.
Concerned about financial questions Patrick from Texas I thought we had done a decent job teaching our kids about money but evidently we didn't.
I twenty year old daughter and 23 year old son are were -- of money.
I feel angry at them because they won't listen we are doing great financially but were afraid to need them anything in our will.
What should we do.
Well I'd say it's a hard thing to watch people that you love do stupid self destructive things.
And -- your kids is particularly hard my kids are grown now and you just can't control everything they do that's part of the program you can control what you do and they would not be a blessing to them to leave them money if they're misbehaving with money.
You should leave it to someone else and you should go ahead and tell them you're gonna do that.
Wow so just be up front and straight and honest about it maybe would change their behavior you never know.
A -- from Tennessee had this question my wife and I just had a baby.
How much money do we need to start saving for their college funds oh I -- three numbers and their future five to nine.
We'll 549 is a great way to go or three letters ES -- educational savings account.
Which is another way to save for college as well that's the Roth IRA of college and it's probably the first step you're allowed to save up to 2000 dollars per year per child.
And it grows the growth gross tax free -- a Roth IRA so if you were to do that that's a 166 dollars and 67 cents a month.
And if you start at age zero knew that eighteen years averaging 12%.
You would have about a 146000.
Dollars in your college account I think they'll be able to go to school.
Right here's Jonathan from Louisiana he's 31 married with kids and looking at getting life insurance what's the best had the policy.
And how much coverage should I get this is a great question date because.
There's different policies that you can get four home the entire lifetime or just a chunk of lifetime right.
Exactly there's cash value type insurance which is called whole life for universal are variable.
And then there's term life insurance and Jonathan thank you for asking that question you being -- responsible dad to make sure your fairways taking care of if something happens to you.
You need about ten to twelve times your income.
And the best way to buy -- is on fifteen or twenty year level term life insurance never invest money in -- life insurance policy.
Listed just buy term insurance it's very inexpensive these days.
Right created by stayed happy Father's Day if I don't see before I probably won't we'll see again next week they'll have a good one.
Thank you Gretchen.
Filter by section