Should I Use My Kid's Savings To Pay Off Debt?

Should I Use My Kid's Savings To Pay Off Debt?

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[ransom]

More high income people who are terrible at managing money.

[DH-uwus]

They can easily pay that off in no time without touching the children's money. That belongs to the kids, not her. I could see if they were struggling financially and had no other choice, but this is just plain selfishness. A family of 4 should be able to live comfortably on $150k a year.

[thelogicaldanger]

There has to be ALOT more that the caller isn't disclosing. $30, 000 car loan with $150, 000 income is nothing. I'm sure she forgot to mention her mcmansion mortgage, her husband's car loan, their multiple maxed out $15, 000 car loans, and probably the money they owe their favorite payday lender. The caller probably already has spent the kids money, got yelled at by the grandparents who gave it to the kids, and is calling Dave after the fact hoping he will back her up.

[keny]

My parents did that. My great Grandmother left me 5, 000. Our relationship is strained since I learned that.

[austinpatrick]

Single most confusing video I've watched.

[yashthakar]

a good mutual fund investment shall pay for the Kids college in future if the amount is compounding at 10% PA

[ahmadsarwar]

I remember as a child I would get birthday money and then next thing you know POOF all gone because my mom would always take my cash to use for groceries.

[johnmoore]

Sounds more like they’re overspending their income to show off to/keep up with their friends and family. No reason earning $150, 000 with 2 kids that you can’t pay off a $30, 000 car loan over YEARS unless you’re buying everything and/or overextended yourself on a home.

[NickPeitsch]

$30, 000 for kids birthday presents?


The math doesn't add up...

[CarolBennettGA]

Nope. Put their money towards their education.

You make $150k!! Budget, stop spending like crazy, and live on (max) $120k and pay off the $30k in a year. Better yet, live on less than $100k. pay it off in six months, make an emergency fund of $30k during the other six months, and also invest/retirement.
you'll have no debt, you'll have an emergency fund, money towards retirement and the kids keep their money that'll go towards their education.

Next?

[ASimoneau]

My takeaway from this is, I need better friends.

[logicbarbarian]

She gonna take that kids money guaranteed

[dr.bradshaw]

First time I’ve ever heard Dave saying he wasn’t better than he deserves when being asked

[Hello-qvbj]

I love his reaction when he heard her “brilliant plan”

[VBYTP]

This video only needed to be 0:01 long: *"NO."*

[PassportBrosBusinessClass]

If you have birthday parties and you’re able to keep down the cost of the parties you’d be surprised how much money you can earn.

[ripvanwinkle]

If I was making 150000 I don’t imagine having any debt especially something so small. Costs of the boat, RV, vacation home, private school, piano lessons, ballet, motorcycle, exotic vacations, etc. can really add up.

[DSanchez]

Sometimes I feel people call to show off their money or situation.

[NickPeitsch]

If you do, pay them back WITH interest!


They deserve to start off their lives well.

[derrickmichael-simpleautom]

It’s not your money. What makes them think they are entitled to it 🤷‍♂️.