Rachel Cruze on what she learned from having a money-savvy parent

Rachel Cruze is a personal finance expert and the author of Know Yourself, Know Your Money. She’s also the host of “The Rachel Cruze Show,” where she shares practical tips for saving more money, getting out of debt fast, and making progress toward your financial goals.

I had the opportunity to chat with Cruze – recognized by GOBankingRates as one of Money’s most influential people – about what it was like growing up with famed financial expert Dave Ramsey as a father.

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Many of us learn our spending and saving habits from our parents – for better or for worse. So you might think that for author and financial expert Rachel Cruze, growing up with Dave Ramsey as a parent meant she learned healthy money habits from the start.

“I think a lot of people thought we grew up having Roth IRA themed birthday parties and it was all about saving money, but it wasn’t like that,” he said. she declared. “Mom and Dad filed for bankruptcy the year I was born, so a lot of what they taught us was through their own experiences. From the start, my parents left me a legacy of how to live debt-free, and it’s one of the best gifts a parent can give their child.

Along with learning the importance of living debt-free, Cruze said she learned the value of hard work from a young age.

“My dad is the hardest working person I know,” she said. “He instilled in us the simple fact that if you work, you get paid. And if you don’t work, you don’t get paid. Since the age of 5, I worked on commission! I think learning about the relationship between work and money from an early age really helped shape us.

However, Cruze admits that she disagrees with her father on all financial matters. For one thing, she’s a big fan of electric cars, while Ramsey doesn’t think they’re worth it.

“Dad says you should drive to the moon and back to make it worth having a hybrid car,” she said. “Meanwhile, I just got a Tesla!

Now that Cruze is a mother herself, she hopes to instill sound financial habits in her own children.

“We teach our children the basics like working, giving, saving and spending,” she said. “I am also convinced that we catch more than we teach. The strongest impact on our children is what they regularly see and hear from their parents.

Gabrielle Olya contributed reporting for this article.

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About the Author

With eight years of personal finance experience at GOBankingRates, Jaime Catmull has built an extensive network of influencers and financial experts. Now she’s tapping into that network to get the real scoop on how you can live your best financial life and grow your wealth.