Give Our Kids An Early Inheritance?

[Music] brought to you by y refi refinance your defaulted private student loans today at y rei.com Ramsey okay up next we have which is one of my favorite calls to take is actually two people on the line I'm assuming there are a couple and this is Valerie and Bill I couldn't be more excited that we have a couple on with us call yeah they're calling from St Louis hey you guys welcome to the show hi good afternoon thank you for having us absolutely and you're both here right yes ma'am yes ma'am so fun okay so great all right how can we help what's going on yes ma'am so I inherited inherited a large amount of money um from my dad how much um like million plus wow and it's in in the sell of his house um is where it initially comes from there's actually an addition to that inheritance that's in IA and and um things of that and it just like 2.5 in locked up in that but 2.5 wait hold on real quick 2.5 in the Investments and the million from the house or is that is 2.5 Al together no it's separate yes ma'am okay so 3.5 okay yes ma'am um so my question is um I would like to um give some of a little bit of this money not not a lot just a little bit to our four children um right now my dad didn't leave him anything I was the only child and so he pretty much just left everything to me but I would like to um give them some and the the dilemma I'm having is that I have four different four kids in four different Financial um situations um my oldest one is married with three kids a wife that works has a house he's financially okay um my second son is married has a wife two children with one on the way um could use a financial bump if you will owns a house my my daughter um who is also older she owns a house but is living with her boyfriend who they own the house together I know that's a real Dave Ramsey no no but um but anyway um and so she's financially well she's graduated nursing school and she's got a good head on her shoulders financially she's the sa and then I have a daughter um who is currently in college and still lives at home um who needs to get hit heavily in the head with the DAV the financial piece seriously um so you can see I'm kind of all over the map with um if I give them some money how how do I gift it to him I don't want one I don't want to enable one I don't want one to just blow it I don't want to you know potentially give them money and put it on thep of the house let me let me jump in for a second so how much are you planning to give each child the same amount or different amounts same dollar amount across the board it's not it's not huge I'm just thinking like do think maybe just 10,000 just like 10,000 just something just to kind of help them ease them their financial life right now so where's bill at on this deal Bill yes sir personally think I I personally think they wait until something happens and we pass on to the other side and they get the whole shebang that's in our okay this is a okay this is a yes this is an interesting discussion okay um because I read a book which you guys should read just for this discussion because I don't agree with the entire book but it's part I love that you're coming with a book record it's called die with zero have you heard this I know this book and it's on my list to read it is it is interesting because part of this discussion is what you guys are talking about and it's his philosophy basically is give your kids your their inheritance now what now so that because the most time according to the book that people need money so to your point Valerie is really between 24 and 34 you're paying off student loan debt you're getting your first home usually transitions with a marriage and kids like the most happens usually within that time frame and they could get a head start quote unquote financially if they had help with a down payment or they whatever it is and then they get to build above that and they get to start earlier versus them getting money this is not kind of against you Bill a little bit but versus the older kids now being in their 60s when Bill and Valerie passed to the other side well when your 60s you're pretty much all set up you don't really need it or you shouldn't and then what do you do with that right so it's just kind of like all right so let's stay there for so before we get them so if that's the case and and you're not necessarily saying they do that here no it's just a it's just a take they don't valer and Bill to my knowledge you two you all speak up here you don't have already a set amount that you were going to give outside of this conversation of give them all 10 grand out of this inheritance but Bill if I'm hearing you right you're going we don't know what chunk it'll be but whatever we have left when we die that's what they get there's not a certain amount of money that you would be in favor of giving them now this this idea that Rachel put out there with the two of you go all right if we gave them a larger chunk now would you be okay with that well my thing is so we're going to be paying off our house and a few other things that we have I just don't want to I I would rather that money continue to grow because now we will be financially set Y and then in hopes if the market is the way it should be we would have multi-millions in there for them whenever we die all right but that's contingent on you guys stewarding it as you would and it grows over time so I appreciate the book idea but that's I feels like that's only applicable to people who have a large chunk of money now that is true yes that's fair which is them in a sense they have 3.5 million yeah so in this case uh you two you guys are you're calling us to weigh in the middle of this deal I want to know Bill from you I mean it's 40 Grand which granted it's nothing to sneeze at but 40 grand out of 3.5 million it's not a ton that's where I'm at so is it what's bothering you about it bill is it is it it's less about the dollar amount probably maybe the principal of it is it is it truly equal to all four because there's four different situations yes I'm going to tell you as a father of three Rachel's a mother of three my vote is yes each one of them gets the same amount you create a whole I don't like giving them all different amounts based on their realities and you could wait with like the one in college and say we're going to hold it until you're 25 you know I mean there could be an age but D where are you at on the 10 grand each forget the number amount is it an equal equal yeah I think I think it needs to be equal I feel like it real messy real quick yes even though certain kids obviously maybe need more right now um but I also want this whenever you give a gift of money you want it to be a blessing right you want this not to continue to harm so if you do see situation where this could be actually not good for them and leads them in more of an unhealthy path that would be more of a pause for me just to Think Through that's why the age limit may be something to think about like when you're 25 you get it I don't know yeah just throwing it out there but no I'm in favor sorry Bill I'm on valer and it's such a small percentage compared to what what what you guys will leave them anyways so why refi refinances delinquent private student loans for struggling borrowers learn more at yy.com Ramsey