Dear Dave,

I was recently offered an opportunity to participate in a hands-on stock trading class. The problem is we don’t have the $6,500 registration fee just lying around. My husband and I are on Baby Step 4 of your plan, so what would you think about us borrowing that amount from our emergency fund? We would still have three months of expenses set aside after paying for the class.

— Camille

Dear Camille,

I don’t know the exact course you’re talking about, but I do know something about the concept of buying and selling stocks, or day trading, if you want to call it that. I can tell you all the research shows 78 to 84 per cent of day traders lose money. And 100 per cent think they won’t be the ones losing out. That includes people who take courses like the one you mentioned.

I have found no data points which show, on a consistent level across a broad population, that people who take a course like that become wealthy as a result. Buying and selling single stocks is an ultra-high-risk proposition. That’s why I don’t buy any single stocks. Now, I know some people who buy and sell single stocks as a very small percentage of their financial world. It’s almost like a hobby for them. A couple might actually make a little money from time to time, but it’s not the main focus of their investment strategy. To hear them, it’s like listening to fishing stories. They’re always talking about the one that got away.

I wouldn’t waste my money on the course, Camille — especially my emergency fund money. Your emergency fund is for, say it with me, emergencies only!

— Dave

Dear Dave,

I’ve got a couple of friends who were advised by their financial planners not to open college savings accounts for their children. Their planners told them this would count against their children’s ability to receive financial aid and assistance when it’s time for college. Apparently, these planners told them to put the money into their own retirement accounts. It’s my understanding, however, that both the child’s and the parent’s financial situations are looked into when determining financial aid. Can you please shed some light on this?

— Jeanette

Dear Jeanette,

So, if a financial planner told you not to get a job because then you can apply for welfare, are you going to listen to that person? What kind of moron gives financial advice like this? You don’t tell people not to save money for something, just so they can pretend they’re poor!

Save whatever money you can, and send your child to school. Why is that such a difficult concept to grasp? People need to stop looking for tricks and shortcuts, because there aren’t any that will be beneficial in the long run. I’m not going to pose as broke — fraudulently — to get financial aid for my kid. That’s ridiculous!

I hope I wasn’t unclear.

— Dave

• Dave Ramsey is CEO of Ramsey Solutions. He has authored seven bestselling books, including The Total Money Makeover. The Dave Ramsey Show is heard by more than 16 million listeners each week on 600 radio stations and multiple digital platforms. Follow Dave on the web at daveramsey.com and on Twitter at @DaveRamsey