Smart Money Happy Hour with Rachel Cruze and George Kamel
Putting Our Financial Knowledge to the Test (With Special Guests!)
Thu, 17 Apr 2025
📈 Are you on track with the Baby Steps? Get a free personalized plan. Today’s special guests may not be old enough to drive a car, but they’ve got some serious money chops. In this episode, test your knowledge as Rachel and George quiz each other (and the Cruze kids!) on personal finance. Next Steps: 🎥 Watch our video Surprising Money Facts Everyone Should Know. 👩🏫 Enter for a chance to win the Ramsey Teacher Appreciation Giveaway! 👦 Get the Financial Peace Kids toolkit. 📘 Get Smart Money Smart Kids by Dave Ramsey and Rachel Cruze. 🍸 Follow Smart Money Happy Hour on TikTok: @smartmoneyhappyhour 📱 Submit a Guilty As Charged question for Rachel and George! Send a DM to @rachelcruze or @georgekamel on Instagram! Be sure to type “GUILTY?” at the top of your message so we don’t miss it. 💵 Start your free budget today. Download the EveryDollar app! Connect With Our Sponsors: 🔒 Get 20% off when you join DeleteMe. 🌿 Get up to 40% off with code SMARTMONEY at Cozy Earth. Today’s Happy Hour Special: 🍋 Lavender Lemonade Recipe: @theenikj 1 1/2 cup sugar 1 cup water 1 tablespoon dried lavender buds 1 1/2 ounces butterfly pea flower tea 3 ounces lemonade Instructions: Lavender simple syrup: Place sugar, water and lavender buds in a small, covered saucepan on medium heat. Once it’s at a boil, reduce heat and let simmer for 10 minutes. Strain into an airtight container and store in the fridge. Mocktail: Brew the butterfly pea flower tea. Then, add lavender simple syrup to the bottom of a highball glass. Add ice and pour in lemonade. Garnish with fresh lemon slices before adding more ice and topping with butterfly pea flower tea. Explore More From Ramsey Network: 💡 The Rachel Cruze Show 💰 George Kamel 🎙️ The Ramsey Show 💸 The Ramsey Show Highlights 🧠 The Dr. John Delony Show 🪑 Front Row Seat with Ken Coleman 📈 EntreLeadership Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices
Chapter 1: Who are the special guests in this episode?
Today we're testing our money knowledge with some very special guests. If your mom could buy anything in the world right now, what would she buy?
A coffee mug or a book.
Wow. So she doesn't have enough coffee mugs.
I think we have plenty.
What if there was a new chore I could give you and pay you $10? Would you pick up dog poop in the yard?
Sure.
Hey guys, I'm Rachel Cruz.
I'm George Camel.
And this is Smart Money Happy Hour. Well, this is the show where two friends who happen to be money experts talk about what you're talking about. Everything from pop culture, current events, and money.
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Chapter 2: What is a bank and how does it work?
Caroline, on the other hand.
Not so much. Not a fan. Not a fan of the dishwasher. And then there is where you can kind of pay them weekly. So this is the age that my kids are in. And I'll just say, it is hard. It's hard to keep up with everything. And I've just noticed for me on my phone app, I will put like, if they've done something and I don't have the cash, I'll just like, I'll put a note. Yes.
And then it's like, okay, now here's, you've done a couple of chores together. Here's some money that I can pay you.
And this is where you can start to introduce the idea of commission. You do this, you get paid.
And yeah, yeah, you work, you get paid. And this is an age I would split up the money into giving, saving, and spending because you want them to do all three.
Understand, this is the only three things you can do with money and it's good to do all three.
All right, ages 12 through 18. So at this point, they can do things like babysit younger siblings, mow the lawn, wash your detailed cars, work at Chick-fil-A or Target. referee sports games. So there's some things they can be doing. Once they kind of get in the mid range of that, like 15, 16, you can get their own checking account, like a student checking account under yours.
So they can learn about having a debit card, an account, all of those things. But they really start becoming more and more independent with money, which is great. You want to like loosen the rope a little bit. Yes. So when they're out on their own, they've been doing it.
And that's the key, is by the time they're 12 to 18, they already have the foundation, the principles down. Now they're living it out. They're kind of becoming a little more independent. And it's becoming more real. I mean, they're actually getting paid.
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Chapter 3: Why is it important to give to those in need?
You know what I thought? I thought I could be a sweater guy. And so I bought some like nice sweaters.
Okay.
And I never pull them out and go, I'd love to put on a sweater today. I'd love to be hot indoors and then regret it and then not be able to take this off. Okay. That's fun. But hey, I'm glad that you have no regrets in life so far.
I've had different like, I don't know, like different things that I've regretted. Not like by buying something.
Not stuff you've bought.
She's a saver. And Amelia, she waits a little bit to buy something. I would say, yeah, you're not as impulsive.
How much are you looking to save? Like what would be a crazy amount if I could save this much?
$500?
I don't know.
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