Dear Dave, My wife and I are in our 20s, and together we make about $80,000 a year. Our first baby is due in early 2022, so being debt-free has become a top priority in my mind. Right now, we have two cars. The one I drive is paid off and has a lot of…
Don’t Most People Already Know?
Dear Dave, You talk a lot about budgeting, and how important it is in getting control of your money. But don’t most people already have a good idea of what they’re spending, and how much they have in the bank, without going through all the time and trouble of developing an actual budget? Carter Dear…
What Farmers Can Teach Us About Finances
April 7, 2021
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Dear Readers: In the fast-paced financial world we live in, with its focus on trading trends, online platforms, and market movements, it’s easy to get lost in the weeds and lose sight of the grounding principles of managing money that are essential to long-term success. So with spring in the air and buds on the…
You May Already Have Some
Dear Dave, I started listening to your radio show recently, and I heard you say people should have 10 to 12 times their yearly income in life insurance. I’m single, with no plans to get married. Plus, I don’t have any children. Do I still need a big life insurance policy like that? Kris …
Mortgages and Baby Steps
Dear Dave, We’d like to own a home someday, but we know we’re not ready for that kind of financial commitment yet. Where does buying a house fit in your Baby Steps plan? Heather Dear Heather, Buying a home when you’re broke is the easiest way I know to become a foreclosure statistic. I’m…
How to Have Meaningful Conversations About Money With Your Spouse
My dad, Dave Ramsey, filed for bankruptcy the year I was born. My older sister was about three. So, with a brand-new baby, a toddler, and as dad says all the time, “a marriage hanging by a thread,” things hit rock bottom. Hard. It took them a good five years to climb out of that hole—right around…
Put 2021 on the Fast Track With a Financial Fartlek
Dear Readers: Want to try something different in the new year? How about fartlek training? It’s a pretty funny word for a serious way runners can train for a marathon. Don’t get me wrong; I’m not suggesting we all become long-distance runners. In fact, I tried running for about a year and can say it’s…
Starting Over: 5 Ways to Reset Your Money Goals in 2021
One time, Mama Hogan looked at me and said, “Christopher”—she had my attention when she said my full name—“I don’t ever want you to be a ‘been’ brother.” I said, “Huh?” She explained: “A coulda been, shoulda been, woulda been kind of person. You have an opportunity to change some things and make progress.” Listen…
The Real Secret to Reaching Your Financial Goals in 2021
January is here, and we all have high hopes for this year—especially after 2020. But here’s the thing about a new year: It’s still the same you. When midnight came on New Year’s Eve, there was no magic wand that transformed you and took all your problems away. The only way anything is going to change…
Don’t Let Budgeting Myths Sabotage Your Finances
Dear Dave, I made a resolution to start following your plan in 2021. I talked to my parents about this, and while they like some parts of your teaching, they don’t think living on a budget is necessary if you make good money. They also said budgeting is extremely difficult. Are they right? Jensen Dear…
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