In rural Kentucky, first-generation ranchers Cody and Erika Archie made waves when they disclosed that they were charging their post-high school graduate daughter rent to stay in their home. Erika emphasized to FOX Business’ Stuart Varney on his show that they were instilling vital financial lessons in their daughter by charging her monthly rent. This decision was met with a mix of support and criticism from the public, with some questioning the necessity of charging rent to their own child.
The Archies defended their choice, explaining that they wanted to teach their daughter the value of money and the importance of saving for the future. Despite facing backlash, they remained firm in their beliefs that nothing in life comes for free, and young adults must learn the responsibilities of paying for their living expenses. They were committed to equipping their daughter with the necessary skills to navigate the financial realities of the world.
Renowned financial expert Dave Ramsey commended the Archies’ approach, noting that their daughter is now well-prepared for life thanks to the lessons she learned through paying rent. The couple revealed that their daughter briefly moved out to experience independence but eventually returned to live with them. They further explained how their daughter now has additional responsibilities to earn her keep at home.
Varney, a host on FOX Business, reflected on his upbringing in England, where it was customary for children to leave their parents’ home at 18 or pay rent if they stayed. He questioned the Archies about whether this practice is prevalent in America today. Erika expressed her belief that while it may not be common, it is a practice they instill in their children to prevent them from becoming reliant on their parents for financial support indefinitely.
The Archies emphasized that they are raising their children to understand the value of hard work and financial independence, refusing to enable dependency on their parents’ resources. They want their children to learn important life lessons early on and be prepared to navigate the challenges of adulthood responsibly. Through their unconventional approach to parenting, the Archies are setting a precedent for financial literacy and independence in their household.