During an episode of The Ramsey Show, a caller asked how she could support her husband while he earned a four-year degree in computer science.
Rachel, from Salt Lake City, Utah, explained that her husband wanted to learn programming, but her family, including the couple’s three children, paid a heavy price: living on food stamps and barely scraping by.
Financial professional Dave Ramsey is skeptical, saying his company employs many programmers and their programs take far less time.
He was also not shy about sharing his opinion, saying: “This is a terrible plan. There are so many things wrong with this plan that it’s unbelievable.” (1)
His response made Rachel cry, saying it was “the best thing” she’d heard in a long time.
That’s why Ramsey says you shouldn’t “use your family’s money” to pursue your dreams.
“You can’t put your three kids on food stamps to get a degree,” Ramsey fumed, calling the idea “extremely irresponsible.” He also described the entire situation as a “nightmare” rather than a dream.
“Your main focus on this planet is not self-actualization and feeling good. ‘Oh, I want to live my dreams, I want to live my passions.’ Get me an ambulance,” Ramsey snarled. “Seriously, you go get a job. You feed your damn kids first and then we’ll talk about your dreams. You work 16 hours a day and make sure everyone is taken care of.” (2)
Instead, Ramsay and co-host Dr. John Deloney said Rachel’s husband should be working full time and studying at night.
Families need to have a stable budget so that they can afford to support their husband’s dreams without having to live on the poverty line.
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Before pursuing a degree or other big financial goals, it’s crucial to stay on a solid foundation when it comes to money.
The couple needs to be honest about what they can afford and make sure their needs—to adequately provide for their family, pay off debt, and save for the future—are met before any needs are met, including pursuing higher education.
They should balance short-term savings goals (paying for their husband’s education) with long-term goals (such as a child’s education fund and their own retirement savings).
They should also figure out whether a shorter coding course might help the husband achieve the same goal. Moreover, this dream requires a cost-benefit analysis. Will he be able to make enough money after completing the coding course to justify their current tight budget?
Computer programming is no longer the gold mine it once was, The Washington Post reports (3) The industry has experienced its worst recession ever: More than a quarter of programming jobs have been eliminated in the past two years.
In order to put the family’s financial future at risk, Rachel’s husband should have known that there would eventually be a job waiting for him.
They need to discuss budgets and the family’s long-term financial goals.
Their budget process should include:
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Track their current or previous spending to understand their costs
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Pay off debt and build an emergency fund before saving for education expenses
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Determine if they can balance necessities and save money on education
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Understand the cost of education, including tuition, materials, and other fees
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Outline other financial goals, including retirement savings and emergency funds
Their long-term planning discussions should include:
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Discuss their money style, including whether they tend to save or spend money
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Understand each spouse’s risk tolerance and respect these differences
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Research their potential future income
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Adjust your family’s financial goals, including how to support your children as adults
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List short-term and long-term goals for which they should save
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Make talking about money a habit
Ultimately, this may be a selfish choice that the husband sees as something he does “for the family.”
As Ramsay said to Rachel, “You play this [recording] Come back to him. This won’t be pleasant. “
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The Ramsey Show (1), (2); The Washington Post (3).
This article provides information only and should not be considered advice. It is provided without any warranty of any kind.