Condemn All Forms Of Debt: Dave Ramsey

201 Words1 Page
bulb-icon

Recommended: Dave Ramsey Personal Finance Chapter 5

Dave Ramsey has a philosophy that when you consider taking on debt you need to weigh the risk in your life. He does not condemn all forms of debt. He actually encourages homeownership. However, he encourages it under the correct circumstances. He reccommends that you are debt free and that you have a heathly savings with several months income on reserve for emergencies. Dave Ramsey seems to desire that his students of finance become fiscally responsible so that they will have more peace in their financial life. I agree with this philosophy.

When I was younger, I had thousands of dollars in credit card debt that I had to overcome. My husband was shocked when he found out before we got married that he was going to be a proud new daddy

Show More
Related

  • Analysis Of Dave Ramsey And Suze Orman

    1348 Words  | 3 Pages

    One thing is for sure, they both think debt is a bad thing! Owing money to somebody will never get you ahead when trying to be fiscally responsible. Make sure you are only spending money that you physically have, and not what the credit card says your limit is. Dave asserts that this goes beyond just what you can do for yourself. This is not just about setting yourself up for success, but also setting your children, and even your children’s children up for the responsibilities of being penny wise. Orman concludes that every little bit counts. In fact, by adding a “13th” mortgage payment per year, you can knock off five years. On a $250,000 mortgage, that could save you upwards of $61,000 in

    Read More

  • To Create A Debt Repayment Plan (And Include The Interest)

    726 Words  | 2 Pages

    I 'm warning you that this will require a change in your behavior. Using this method is powerful, but it means that you won 't be able to buy new clothes, tools, or toys whenever you want. It also means that you will be moving quickly towards a debt-free life where you don 't have to feel guilty and stressed about how much money you owe.

    Read More

  • Analysis Of Total Money Makeover By Dave Ramsey

    520 Words  | 2 Pages

    Total Money Makeover is Dave Ramsey’s is a book on using some of his financial fairly simple principles of money management. The process is summarized like this: first save a $1000 emergency fund, second eliminate all debt except for house payment using the debt snowball, third finish the emergency fund 3–6 months of expenses, fourth invest 15% into retirement and start a college fund, fifth pay off your home mortgage, and finally build wealth without going into debt. The idea of this “debt snowball” strategy has been written a...

    Read More

  • Statement Of A Career In Physical Therapy

    773 Words  | 2 Pages

    One of the biggest influences that I had when coming to this decision was my family. When I was younger I never realized how much we struggled financially. I always had new clothes, enough to eat, a roof over my head, etc. It wasn’t

    Read More

  • Financial Literacy In With The Three R's Analysis

    716 Words  | 2 Pages

    Taking a financial literacy class would help students learn how to stay out of debt. According to the article, “Finance Course Prompts Debate” by Gina Davis, the class would “cover concepts such as money management, consumer rights, and responsibilities,

    Read More

  • Becoming A Mom Essay

    923 Words  | 2 Pages

    financially, due to my father falling ill and as a kid I didn’t understand finances or the struggles

    Read More

  • The Total Money Makeover By Dave Ramsey

    880 Words  | 2 Pages

    Dave’s second step is to pay off all of your debt. His method for this is called the debt snowball effect. You list every debt you have in order from smallest to largest, leaving out your mortgage. And you pay off the smallest debt first, once that is paid you take what you were paying towards that debt, and apply it to the next debt, and so on. This is exactly what the church advises us to do in the One for the Money Guide to Family Finance written by Elder Marvin J. Aston, in the debt elimination calendar. I believe that is probably one of the fastest ways to get out of debt

    Read More

  • Personal Narrative: Having a Baby Changed My Life

    1197 Words  | 3 Pages

    ...child. I had no choice but to shape up and make a way for the both of us. Having a child made me realize that life is not all fun and games as my mother would say. I learned that in life there are responsibilities. I truly believe that had I not had a child at an early age, I would still be a wild absentminded party girl and who knows what else may have happened.

    Read More

  • Financial Aid in Education

    1291 Words  | 3 Pages

    A guy in $50,000 of debt has got to be irresponsible with his money right? Actually, it is more likely that he is a college student. Hundreds of thousands of college students around the country are in a financial predicament because of the government?s impersonal financial aid policies. The federal government?s current system has too many quirks which end up hurting the people that financial aid is supposed to help. The federal government should change its financial aid policies to take several more factors, such as the percentage of educational expenses paid by the student, into account.

    Read More

  • Financial Literacy In Public Schools

    1375 Words  | 3 Pages

    One might say there is a strong argument for the requirement of financial literacy for students in America. Americans continue to have increased balances on their credit cards as well as show a continued increase in bankruptcy filings according to statistics. Even the “baby boomer” generation is no longer exempt from financial hardships, as their generation has recently taken the title of “Fastest Growing Bankruptcy Demographic” from the 25 – 34 year olds (Linfield, 2011). Would it not make sense to say that Americans need to learn how to budget and borrow more wisely? Would not the best place to start be in schools? Well, the answer to that question is not a simple one.

    Read More

  • Nursing Graduation Speech

    828 Words  | 2 Pages

    I accepted returning to school as a challenge and promptly organized my life into what I thought would be a simplified, manageable existence. Like all of you, I restructured my home budget and explained to my husband that life as we knew it was over ... my roles as wife, nurse, employee, friend, student, cook, housekeeper, daughter, daughter-in-law, sister, sister-in-law, aunt, cousin, niece and granddaughter -- all at once -- became impossible. For once in my life, I was glad to NOT be a parent!

    Read More

  • My Debt Analysis Paper

    1067 Words  | 3 Pages

    The appropriate use of debt, is that unless it is building wealth, there is none. Tim Clue focuses on using debt to live a life of want and make the kids pay for it. This isn’t just an issue of debt, but it highlights the larger social issues facing this nation as well.

    Read More

  • Role Of Economics In Personal Finance

    735 Words  | 2 Pages

    Credit plays a significant role when it comes to consumer spending, but can have a significant impact if misused. It doesn’t take much for consumers to get in over their head with the overuse of credit, credit debt can quickly mount if left unchecked. According to Stinson (2016), “The road to a credit card debt pileup is often paved with spending that seemed like a good idea at the time. But too many well-intended moves can lead you into a financial ditch and ruin your credit” (Stinson,

    Read More

  • Principles Of Financial Freedom

    1207 Words  | 3 Pages

    In order for one to be successful with finances, one must have a budget plan. Dave Ramsey shares steps to achieve financial goals. It requires determination and consistency. This paper will discuss the principles that one must follow in order to achieve financial freedom. What is financial freedom? Different people may differ in opinions on the definition. According to Dave Ramsey, financial freedom is becoming debt free in order to be able to bless others with one’s resources. One starts the budgeting process by setting financial goals.

    Read More

  • My Financial Experience

    785 Words  | 2 Pages

    We do live in a bigger home than usual for people with my parent’s income together, but it was something they could afford at the time they bought it. My parents are great people and I love them so much, my mother just has bad credit so all of my loans right now are in my name. I see that I am incurring a debt and interest everyday because of school loans. But I do not have a credit card and that is something I know if I had, I would get in trouble with. I took personal finance in high school and that is when I learned the difference between a debit card and a credit card. That opened my eyes so much more in what financial maturity looks like. I was able to figure out how to write a check and keep up with a checkbook, I learned about how babies are expensive, and about debt. I have learned that like my mother if I have a credit card I am going to get in trouble. This why I only have a debit card and both of them are closed cards (I believe there might be another term for this). It is when I run out of money; I cannot overdraft my account and occur an extra debt over the amount owed. That is so my card will automatically decline when I run out of money. This is good so I don’t get myself into trouble, and so it shows me that I need watch my

    Read More

More about Condemn All Forms Of Debt: Dave Ramsey

Open Document