I’m 15 & My Parents Are Charging Me Rent! Is This Legal? (Hour 3)
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What is the main topic discussed in this episode?
Live from the headquarters of Ramsey Solutions, broadcasting from the Pods Moving and Storage Studio, it's The Ramsey Show, where we help people build wealth, do work they love, and create amazing relationships. I'm here with my good friend, Dr. John Deloney, and we're taking your calls at 888-825-5225. Let's kick off this hour with our friend Matthew Cross. Across the line there over in Canada yonder ways. Matthew Cross? Across the line. Across the line. Across the country. There's no pond there, so I had to say line. I didn't know how to say it.
Is it legal for parents to charge their 15-year-old rent?
Matthew, welcome to the show. I'm sorry that I exist.
Hi, how are you guys?
We're doing well. How can we help today?
Okay. So before I ask my question, there's a bit of context that I got to give. So I'm 16 years old. I work full-time and I do that on a part-time schedule. So I'm doing 12 to 13 hours a day, three to four days a week because I'm still in school full-time.
Oh, so by part-time, you just mean you're not doing this five days a week?
Yeah. Yeah, exactly.
I was like, what kind of life hack is this? So you're working full-time, part-time?
But anyway, I pay for most of my own stuff. I bought my own car. I pay for my insurance, my gas, my phone plan, a lot of my own food, even especially on the days where I'm working. And on top of this, my parents have decided that it's fair to charge 15% of my income as a rent or tax or whatever you want to call it. Now, you guys are smarter than me.
What are the implications of charging rent to minors?
You don't have anything in this, so I'd like to know whether or not you think that's fair or I'm just overreacting and thinking that it isn't.
So how much do they want to charge you?
It's 15% of my income, so this month it'll be close to $500. And you're 16?
16.
I don't know what the laws are in Canada, but I don't think in America you would have legal standing to charge a minor rent.
I don't think it is legal, but, you know.
What's the motive behind it? Have you just had a conversation with them and say, hey, what's going on here? Why all of a sudden do you want rent money? Like, are they broke? Do they need money?
No, it's kind of interesting because for my dad, he says it is about the money. He says it's not fair that he should be the only person to, like, provide for the family when he has working children, right?
He made you. Hold on. You're here because of him. You didn't ask to be here. He brought you into the world. Yeah.
That's his job. You should tell him. You should say, well, well, well, if it isn't the consequences of your actions, Dad.
So that's my dad's side. And the reason he thinks that's fair is because when he was a kid, he had to pay 50% of his income.
Oh, right. And he probably had to walk up and down uphill nude in the snow to school both ways. Like, whatever. Like, good grief.
Okay.
How can teenagers effectively save for a car?
And then there's my mother. She has a slightly different side. She doesn't think that it's about the money. It's about, well, according to her, Real life, there's rent, there's expenses and whatnot, and this is real life, so this is what we're teaching you.
All right, so let me push back on that for our general audience. um there was a great camp right camp was a name for a mixed martial arts school um called shoot a box out of brazil and they had some of the greatest fighters in the world um vandal like silva was out of there shogun who was that i mean it was just the who's who and they were known for having practices where they just beat the tar out of each other they would do really intense workouts they do really intense um physical training but they would just fight every day and And they were known for being the most intense fighters in the ring. Maniacal. They would win fights before they even got in there. And I never missed a Shogun fight.
I never missed a Vandalize Silva fight. I never missed Shoebox fights because they were so entertaining to watch. They were just insane. And those guys' career was significantly curtailed. Because the idea was you're going to get hit in the ring, so what we're going to do is we're going to hit you a bunch before you get in the ring, and that's going to make you better in the ring.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:29–1:06
2
Is it legal for parents to charge their 15-year-old rent?
1:06–2:04
3
What are the implications of charging rent to minors?
2:04–3:36
4
How can teenagers effectively save for a car?
3:36–6:09
5
What should you consider when deciding to sell your vehicle?
6:09–7:31
6
Should I pay off my car loan or keep it?
7:31–9:12
7
What are the pros and cons of getting a credit card from your employer?
9:12–10:36
8
How can young adults manage their finances while living at home?
10:36–38:03