Top 10 Lessons I Learned From Dave Ramsey. Why Dave Ramsey Hates Reverse Mortgages (But He's Wrong)
Top 10 Lessons I Learned From Dave Ramsey video duration 9 Minute(s) 41 Second(s), published by Jeff Leighton on 24 06 2019 - 15:26:28.
Dave Ramsey Advice A little background on Dave Ramsey
When he was in his mid to late twenties he actually went bankrupt flipping houses
He had to rebuild Our good buddy Dave Ramsey(who actually isn't licensed as any sort of a financial advisor-or mortgage loan originator) really hates reverse mortgages He .
. Ridonna and her husband have a $800 a month car payment and are three months behind on their mortgage
She calls Dave asking for help on what she Our good buddy Dave Ramsey(who actually isn't licensed as any sort of a financial advisor-or mortgage loan originator) really hates reverse mortgages He .
Dave Ramsey Advice
A little background on Dave Ramsey. When he was in his mid to late twenties he actually went bankrupt flipping houses. He had to rebuild his entire life and had to learn everything there is to know about personal finance. The pain of going bankrupt forced him to learn quickly the ins and outs of how money works and how to build wealth. This is one of the main reasons why he is so against any type of debt.
1. The Debt Snowball. This is Dave Ramsey’s most famous principle and it works by going after your smallest debts and paying those down and then building up momentum and going after larger and larger debts. These baby steps will help you clear up your finances and help you get out of debt fast. It’s also very rewarding to see a debt completely paid off.
2. Have a 3-6 month emergency fund. After you pay off all your debt you should start saving money for an emergency or rainy day fund of at least 3-6 months of income. Dave Ramsey is known to go on a rant about this principle since you never know what could happen in the future. You always need to be prepared. I have seen this principle first hand from being in the real estate business and I can assure you that Dave Ramsey is 100% correct with this principle.
3. Save at least 15% of your income towards retirement. Dave Ramsey is big on saving money and paying off debt. I completely agree that you should save a good chunk of your money towards either retirement accounts or cash flowing assets such as real estate rental property. This will add up quickly if you are diligent with your savings and will give you financial peace.
4. Buying things to make you look rich can destroy your finances. Instead of spending your money to look rich and keep up with the jones, you should be investing your money and saving your money. That is how to become rich. The people that drive the nicest cars and houses are often times stretching themselves financially. Instead you should live below your means.
5. Give generously. Dave Ramsey is big on giving to charity. When you give to charity, even if you don’t have much money you will instantly feel amazing and get an abundance mentality. There is something behind this principle that really does work. It does not matter how much you make or what charity but just do some research and find a good charity.
6. Don’t buy new cars. Dave Ramsey will rant about the mistake of buying new cars. These are liabilities that instantly depreciate the moment you drive them off the lot. In terms of wealth management and budgeting, a new car is not a good idea.
7. Take out a 15 year mortgage instead of a 30 year mortgage. Dave Ramsey does like to invest in real estate however by taking out a 15 year mortgage it will be a forced savings plan and will give you financial peace much sooner. He is big on getting out of debt and if you can save 15 years of mortgage payments he says that that is a great idea.
8. Increase your income. This is going to be the biggest factor in building wealth. You should read books, attend seminars, get mentors, and implement strategies that they teach you. This is how to become rich, learn from those that have already become successful.
9. Celebrate all wins. Dave Ramsey is all about being public about paying off debt. His Instagram is full of photos of his clients who have paid off debt and now have financial peace. Even if its just a small debt you should be happy and celebrate.
If you purchase anything through a link anywhere in this video or in the description or comments, you should assume that we have an affiliate relationship with the company providing the product or service that you purchase, and that we may be paid in some way. We recommend that you do your own independent research before purchasing anything.
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Other Video about Top 10 Lessons I Learned From Dave Ramsey:
$800 Car Payment And 3 Months Behind On Our Mortgage!
Ridonna and her husband have a $800 a month car payment and are three months behind on their mortgageShe calls Dave asking for help on what she .
Why Dave Ramsey Hates Reverse Mortgages (But He's Wrong)
Our good buddy Dave Ramsey(who actually isn't licensed as any sort of a financial advisor-or mortgage loan originator) really hates reverse mortgages He .
Why Dave Ramsey Hates Reverse Mortgages (But He's Wrong)
Our good buddy Dave Ramsey(who actually isn't licensed as any sort of a financial advisor-or mortgage loan originator) really hates reverse mortgages He .
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