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10+ Clueless Rich People Financial Advice
Dave Ramsey, Looking at You!
Once again, Dave Ramsey doesn’t know what’s happening in the real world. A couple called in complaining about daycare costs- to the tune of $80,000.
“There’s cheaper routes,” Warshaw says. “It’s time to take the kids off filet mignon.”
“That’s dumber than crap,” Ramsey says.
“Find you a free summer camp,” Warshaw says, making the heads of all of the parents who are listening explode.
As one might guess, there was a very big response to Dave’s response to completely balking at $25,000 a year for daycare. And many were from parents who are in the financial trenches right now trying to get any safe care for their kids so that they can go to their jobs.
First, rich people need to return to the real world. Where are these free summer camps? Where are these free summer camps during the spring, fall, and winter?
Child-care payments have surged 32% since pre-pandemic levels, reports the Bank of America Institute.
As of September 2023, the average household spent over $700 a month on child care, but this figure can vary widely depending on where the family lives. In New York City, for instance, sending an infant to daycare full-time could cost as much as $2,854, according to child-care platform Care.com.
To keep up with the rising costs, some parents are taking up additional jobs and side hustles, while others have left the workforce entirely. A 2023 report by ReadyNation even says the country’s child care “crisis” costs the economy $122 billion in lost earnings, productivity and revenue every year.
One of my biggest pet peeves is clueless rich people.
