I'd like to send my kids to a private Christian school, and they would begin classes the same month we'll finally be out of debt. We would have to pay this out over the course of the school year, so would you consider this to be an investment or more debt?
I don't borrow money whether it's an investment or not. But lots of private schools have tuition plans where you don't have to borrow money, and you just make two or three payments during the academic year.
I don't know if I would really call that a debt, because you can always take the child out of the school if you see you can't make the payment. Just make sure you carefully look over any contract involved and know what you're getting into before you sign up for the ride.
You don't want to obligate yourself to money you don't have, especially when you've worked so hard to get out of debt. Just save up, and have a place in your budget for tuition.
Dave Ramsey is America's trusted voice on money and business. He has authored five New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover, EntreLeadership and Smart Money Smart Kids. The Dave Ramsey Show is heard by more than 6 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com.