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I know there are a lot of strong feelings when it comes to the financial advice that Dave Ramsey gives, but even if you don't like his overall advice, what is some of the money advice he gives that you think is good?
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Pay off debt as soon as possible. -
Have an emergency fund.
Limit your spending and focus on paying off debt.
Save 15% of your income for retirement.
Save for kids' college.
Pay off your mortgage early.Steve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.Comment
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Write down your budget before you spend the money.Comment
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Manage the family finances AS a family... Both parents should be involved as a team, and teach the kids about money as they grow up.
I believe the phrase he uses is "Live like nobody else so that you can live like nobody else." In other words, Save your money while you're young, and when you retire, you can live comfortably.Comment
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Yes! I love that he preaches that married couples should manage their finances jointly. The two shall live as one.Originally posted by kork13 View Post
I also agree with his advice that non-married couples should not merge their finances. Don't pay off each others debts. Don't buy real estate together. Keep everything separate until you are married.Steve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.Comment
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He was going on about this yesterday. A woman called in and said that her newlywed husband didn't want to combine finances. He went off on a rant about it.Originally posted by disneysteve View PostBrianComment
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I think that's my favorite Ramsey-ism.Originally posted by kork13 View Post
I think 90% of his advice is awesome, by the way.
Though I would agree that there is no one-size-fits-all financial plan, I think his "no debt" philosophy is great for those starting out. It's how I was raised, and the whole point is to not just have debt as the go-to option - to always consider other options. Because I think this is a lot of the problem. Raised in a household where "we don't do debt" I always looked at things differently and found other options. That kind of thinking is also a great long-term financial skill. Heck, it's a great life skill in general (to always seek out multiple options - which is also a lot of what Dave talks about).Comment
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no debt, manage finances jointly. Big one is change how you view debt.Comment
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