New Castle News

Money: Dave Ramsey

May 25, 2012

Dave Ramsey: Moving in with mom

(Continued)

NEW CASTLE — Dear Elizabeth: Why not completely pay off the student loan, and put $40,000 toward a big down payment on a house? I’m sorry, but your dad is just plain wrong on this one. You should be debt-free before you buy property, because if you aren’t, Murphy will move into your spare bedroom. Plus, he’ll bring his three cousins — Broke, Desperate and Stupid — with him. Now, part of the reason I’m saying your dad is wrong is based on the assumption that you guys are going to be responsible and live on a plan that’s logical and mature. If he knows better and has seen evidence that you’re irresponsible, he may have decided he’s not releasing the money in a way that would allow you to potentially blow it all. So really, a lot of it depends on where you and your husband are in the growth process as a young married couple. Are you going to budget and live on less than you make? Are you going to have a plan and clearly defined goals for your future and your money, perhaps use the remaining $40,000 as a methodology to build up an even bigger down payment? Or, are you going to use the fact that the student loan is gone to consume even more? In other words, how grown-up are you going to be? — Dave

(Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com.)

 

 

 

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Money: Dave Ramsey
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