Category Archives: savings
Okay okay…maybe I’m not completely debt free, but I am darn near close after adopting the teachings of my favorite financial advisor. For those of you that have read my post on building an emergency savings fund, you saw my plug on Dave Ramsey. There are a lot of financial gurus out there like Clark Howard and Suze Orman, but Dave Ramsey’s personal testimony and straightforward approach really resonate with me. Dave was a young hot shot! At the age of 26 he amassed a net worth of over $1 million and was making $250K a year. For those of you that don’t know…that’s roughly $20K a month POST-TAX income. However, his empire was built on short-term real estate debt and eventually it all caught up with him and he lost it all. After this event, he really learned how to deal with money and vowed to never be in …
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A mall shopping spree? VIP at the club? A cruise to Puerto Rico? These are things that you should spend your emergency savings on. After all, we are young and we can make more money in the future and save all the money back in no time…. NOT!!Why Have an Emergency Savings? While you can save for a shopping spree, partying, or a vacation (actually it’s preferred to save for things you want instead of using credit) that is not what your emergency savings is for. Your emergency savings is well….for emergencies. A major car repair, health care expenses, loss of a job, major home expense, death in the family, ALL of these are situations where you would want to tap into your emergency fund. Having cash on hand is a much better alternative than using a credit card, because you will ultimately have to pay interest on that credit …
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Also posted in Dave Ramsey, finance
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