I Feel So Guilty
Should Erin attack her debt or invest in her kids?
QUESTION: Erin is a single mother who is about to start receiving child support. Should she attack her debt with that or invest it for her kids? Dave takes her through the process of using the money to support her kids.
ANSWER: You are using this money to support children. If you pay for the electricity to keep the lights on or to put gas in the car, you are supporting them. This guilt trip you’re on is not necessary. You are being a good mom, you’re not embezzling this money. Put this as an income item on your budget and treat it as money you earned so you can support them. Later on, if you want to invest and make them wealthy, then go ahead. But don’t feel guilty.