Chris, Emergency Fund., Ryan discussed on The Dave Ramsey Show
Of it over to my parents wants I put my own investment portion into it. Are you a saint. They don't make people like you very often shan. Why are you willing to do this Ryan? So I'm the oldest out of five kids now. My parents didn't save up for our college and I'm in college right now for Cyber Security and I'm casually my way through that and it can it can be a little tough but I don't want that for my little baby brother I want him to be able to go to college that free and I wanNA help my parents out. By just getting started because. You know they have so much stuff going on in their own lives and I feel like if I can just get it started for them. It'll be so much easier for them to keep it going once they know that it's just there for them to start putting money into it. Well I I love your heart I agree with John I love the heart, the passion but I want to tell you this. You said right now you're in the process of saving up Your. Emergency Fund. and your cash flowing your way through college. Correct. Walk. Okay. So how much more do you have of college to go? Have about two to three years left. I would say the best gift you could give your younger brother is for you to continue to cash flow your way through college, and then build up an emergency fund. Okay. down the road. Yes. You can open up a five, twenty, nine You won't have the ink, the restrictions that you would have with a an ESL, an educational savings account and you can open it up for your brother. Here's what I would say to do you open it up for your brother when you get ready and you could also. Have your parents helped them to open one up, and then you are doing what you do. Right and your parents are doing what they do so that they're gonNA focus in, you know you're going to have some money to be able to help your little brother at some point. There's no reason to try to combine those right bill or turn it over to them. You can make sure that you're in control of that money and it will go to your younger brother for his education when the time comes however, you're not there yet. See following the baby steps you're going to make sure that you would either a get yourself out of debt build up an emergency fund. Then you would start to invest fifteen percent and then save for College. So you I love your heart and your passion I. think that's amazing. But what I want you to do is keep stepping and that means get through the baby steps put yourself in a position to be able to help down the road. So Chris my first impulse was this number one. I yet. Again, a hope the country's hearing the all is not lost every twenty, one year old and twenty, five, thirty year old isn't playing video games mom's basement. There's a group of about they're kicking butt working hard trying to change this country for the better. Chris, my first impulse was. Shying could best help her little brother if she pays off everything. She has no debt and she pays off a house and then when little brother decided, he was GonNa do if she's in a moment, she never own kids. She decides she grabbed a big fat check that she can cash flow. That's what opposite as well but. Right but she sounds like she's motivated I just wanted her to get through the steps for she starts trying to help someone else and so she's got options there Charlotte Char in love your heart and your passion listen I WanNa Thank Producers Zach Bennett. I want her to think associate producer Kelly Daniel. I WanNa take all of you for tuning in and listening.