It's unbelievable how many families do not discuss finances leading the next generation to go blindly into their lives. Talk to your kids at an early age ppl.
Every time I drove my grandchild somewhere, I talk finances while she was my hostage. She didn’t like it at first, but now she peppers me with questions and “what if” scenarios. I love it!
In my generation, it was not in good taste to talk about your income or expenses with anyone including your children. That’s how you raise kids who have no idea how much the electric bill is.
True, but a lot of parents have no clue what they're doing with money, let alone have the knowledge to teach their kids good money habits. But even if you are good with finances, the Boomer generation and some of us older Gen X'rs were taught that it is taboo to talk about money and your personal money situation with others, especially your kids. That's why I think it's imperative that it's taught in schools. I mean, it's way more important than learning to bake a cake or do algebra, IMHO.
I would always sit with my Mom when she would pay bills. We were very poor and I would see where every penny went. I used to tell myself I will never be poor and as a result I have been on a budget my entire life and have always lived beneath my means.
Thanks Rachel I just love your positive energy! I am financially well off by realizing that it's all about setting good daily habits and stick with them.I am also a high school business teacher. This year is a big year for me and my spouse. Our house will be paid off by the end of the year!! Whoop Whoop! Have a great New Year!
When people ask for advice or not, they learn to appreciate the info you give them because it usually comes to fruition later. I recently had someone thank for info I was giving to someone else. I didn't know they were listening
I just called my brother as he has worked in finance before and I asked him were his has his investments. He and his wide were in their appartment in Barcelona so when he comes home (to Sweden) he Will call so we can meet and he will give us his opinion on where to put our money. I would never have thought about asking him for advice, even though he worked at Goldman Sachs in London with investments of other peoples money. Thank You for excellent advice Rachel! 🙏
I love the tip about getting tips from people who are great with money and who you admire or can get help from. My dad was always a huge saver. From the time I had my first job, he told me to pay myself first and always have an emergency fund. He reminds me a lot of your dad, Rachel. Thanks for all the great advice and happy new year ❤️🎊
I love Tapple! I found it half price when Rite Aid was closing one of their stores. We had a blast at Christmas. I love your content. I’m just getting started with baby steps.
I never knew how to budget. Trial & error. Never knew about Emergency or Sinking Funds. Teaching my 5 kids all I have learned . I learned from UA-cam, not from family or teachers………
Hi Rachel. I remember you presenting at one of your dad's events when you were 16. You did a good job then, and you're still doing a good job. Blessings.
Zero based budgeting is impossible for a lot of people. It’s possible for me, I know how much money I’m earning every month for the next 5 months, but a lot of people have incomes that fluctuate monthly. Sales reps, people who work short term jobs (techs in the entertainment industry, self employed tradesmen like plumbers, people in retail/food service who are paid monthly bonuses or tips, and more), and more don’t have predictable incomes where they earn the same amount every month. For people whose incomes fluctuate, my advice is to start with a bigger emergency fund than $1,000 for those months where their expenses are higher than their income, pay their routine bills with the first money that they earn every month, and then use the rest for saving/investing and/or entertainment like going out for dinner.
Thanks Rachel for all you do to educate! I was given Total Money Makeover in 2016. Have taken you and your dad's classes too. I've learned much and at 59 I am always learning. I've found other resources through the years.. Bogleheads, JL Collins, The Money Guys etc. Your words mean much. Blessings and keep up the good work! Mary
This is a good one for the end of the year to set someone up with a new plan for the New Year. My December spending is sort of a bust, besides Christmas I also have a Birthday, and I find in the week leading up to my Birthday I do some frivolous spending. It’s sort of in my budget, and it’s just a bunch of little things. But December always ends up a higher than normal spend month. All ready to restart, readjust, in January.
@@noahdobmeier9391 It’s only one month, the rest of the 11months of the year were good. I kind of pad my budget for it every year. “December Happens”! Or, “What happens in December, stays in December”! Maybe January should be a ‘no spend’ month? I’m thinking about that.
My approach was not to spend more than I earn, minimize my expences. Single income family, one child, retired at 58. Being a Canadian (Quebec) truely helped. I started saving for retirement at 23. Single car and I cycled to work year round, a second car is a waste for single income homes.
On the one hand......"Listen to experts you trust" - sounds great, but what defines an expert? On the other hand, "understand your spending (personal money) tendencies" is excellent.....
Started the total money makeover journey close to 15 years ago. I found myself being better at paying off debts than I was at putting money in savings. In my mind, DEBT was a much EASIER TARGET TO AIM AT, but SAVINGS was for "UNKNOWN TARGETS." Does that make sense?
It does make sense. This is where I created goals for sinking funds and emergency funds to help me diligently save. Attacking debt is energizing but I needed a similar approach to saving.
A $1,000 emergency fund covers small emergencies, but it won't cover big emergencies. You need the three to six month emergency fund for big emergencies after all your debt except for your mortgage is paid.
I already use Every dollar, watch several UA-cam videos like yours and George Kammel, I also bought one of Dave Ramsey books and um even though my income is just SSI and SS I try to make money stretch for all I need as much as possible if anything
Love your advice and your pretty pink sweater. Our daughters are just starting their careers and establishing households. They were great with money during college and have learned to not misuse credit, to budget, and shop secondhand. I want to start teaching them about investing as they are starting to earn more. I have mentioned Ramsey Solutions as a resource for them as well as a few others. I want to help guide and teach them, but not be nosey and overstep my bounds as a parent of independent adult daughters.
On the subject of investment, the book that I wish I had read 30 years ago ( instead of 3) is " How to own the world" by Andrew Craig. It explains what investment actually is ( Tip : it is not the same as gambling ) and how to approach it ( the concept of 'owning the world' is rather exciting once you understand what thst means ) The writer is UK based but the principles are relevant anywhere.
its wild to me that its legal for interest on loans to be 15% plus. and how interest rate on a savings account is legit .01%. and we wonder why people are falling behind and not saving anything..?
Someone is lending the Money? I asked myself the same questions. I would also like to charge interest for borrowing my money to someone I don’t know. On top of that I have to wait 6 years to get paid back. I think we should see things this way
Do your research, yes, but mutual funds do well on the basis of the good old advice " don't put all your eggs in one basket" Fees can be mimimised by choosing fund and investment company carefully and not keeping moving stuff around in/out.
I always enjoy the tips but it would be useful if you would provide where the stats you're quoting come from. Some of us like to go back and read the entire article.
Done all the above; still watching your videos& reading your books on investing & real estate. But- my husband & i havent ever heard of a Health savings account, nor a Money Markey account-& he bought his truck w/ proceeds from his investments so, hes doin better than most people i know. We just opened our 1st High yield& our roth iras- hes curious what stocks Dave& the cruzes invest in specifially;& what to use a money market for
I have a question about your first tip, my income changes every month due to fluctuations in my overtime. My budget is based on regular time, how can I budget the overtime if it is variable week to week?
Summer camp? Valentine’s Day stuff? Subscriptions? There’s a lot of stuff you say I don’t need, but I’m listening to you talk about some really big money wasters.
It's sad how difficult things have become in general in the present generation. I was wondering how to utilise some money I had. I used some of it for e-commerce business, but that sank. I'm thinking of how to use what's left to invest, but I don't really know which way to go.
My son is 18 and in college and asked me if he should get a credit card in order to build his credit score. I gave him my thoughts on how dangerous credit cards can be some of my own personal challenges I've had over the years with it. Anyone have any links to any Ramsey videos on that? Please
Spreadsheets are easy to use and you don't have to pay for them. Zero based budgets aren't good for some people. They don't take into account special one off purchases or unexpected costs in a set budget area. I have always had a flex part of my budget that's at least 10% of my take home pay
It's just disgusting that there so many bad stats out there that prove that we need finances in the classes and we aren't teaching we are literally holding our kids back
Can I just ask, I've been seeing loads of suggestions for dividend investing lately, but is it actually legit? Just running some quick math, I have some funds I'm already invested in that seem to average 9-10% annual returns (some years even higher), while a lot of dividend funds seem to drop less than that. I know there's the idealized point that you can live off of dividend payouts, but that seems like you would need over 1.5mil minimum invested in dividend accounts to reach the point of them replacing your paycheck. Seems like my money would be put to work better with the funds I'm already using instead of getting into the dividend hype.
A simple internet search would give you a list of HYSA with good interest rates. As of December 2023, there are several that have interest rates above 4.3%. So long as it's FDIC insured & doesn't have fees you don't want (i.e. transaction fees or minimum balances or minimum deposit) you should be fine.
First I love that your earrings match your shirt. Second, question, I'm a teacher and I get paid extra for extra programs I work at the end of the month, CNA you tell me how to work tha t into my budget and how to spend it? Thank you
Random nobody on the internet suggestion here. Don't count the extra income into your baseline budgeting. Instead, when you do get the extra bump, put that into paying off any high interest debt you have (i.e. credit cards, although you should always be paying off your credit cards in full & never carrying a balance), bump up your emergency fund, or invest the rest.
how about showing me where are the 100k a yr job or more are at. I can't be working at KFC 7 days a week and uber on the side to pay off my debt and build my retirement
In case you didn't know this Rachel but of the more than 330 million Americans in the United States their are still millions of people who don't have knowledge because they are poor , no internet or negative influences in their lives
Even the poorest Americans still have phones, cars, electricity… if there’s a will then there’s a way. My dad grew up in the projects of Stockton CA. He joined the military at 17. Worked really hard, put my mom through nursing school and created a very comfortable life for his family. It doesn’t matter who you are. It can be done
This year the market increased by 25%. So, if you had almost everything in Index funds, then took out 8% at the end of year, you’d still have made 17%. So an 8% withdrawal is very reasonable this year.
hmmmm....and how many people have you led out of debt? and how much debt to you have? and what is YOUR net worth? If you are disputing a professional, such as Dave Ramsey, better have some credentials and experience that contradicts. Else this means nothing. and shows ignorance. Math doesnt lie.
@@lisa5335 Which person do you ask? Me=Zero debt. Net Worth= Extremely Comfortable. Dave Ramsey= 600 Million plus, and I don’t doubt he knows what he’s talking about
To his point, the idea of the withdrawal rate is based on a consistent rate of withdrawal, not based on performance. So the 8% would in theory work this year, but the hope would be in retirement you can have a consistent amount annually that you can spend versus timing the market
mmhh so she mentioned that the video she watched claims that "40% of the world..." ... considering that based on an income of less than $6.85/day is considered living in poverty , the global poverty rate is 46.9 %.....
Hi Rachel, Good video but that background noise/'music' really put me off! Hope it won't be a regular feature! I couldn't concentrate on what you were saying.
Im sorry, but there is no way that 60% of people do this? Smarter than 40%? I'd say Smarter than 95% of the people looking at most people finances? Read up on world economics and finance? I think not?
I just put $580K down on an $850K house, but have $155K left in my high interest savings account at 4.25%. I already have $95K in a Roth IRA where I'm already maxing that out. Where do I put my excess $155K savings? Is it okay to invest the majority that in an Index Fund? I'm 37 currently. I feel like I'm saving too much money, and not investing enough.
@@davidbrooks8809haha you’re right…I’m lying that I feel like I’m saving too much (I’m a cash saver and it never feels like enough). I just don’t think I’m investing enough.
Not true. I grew up extremely poor with a single Mom and a POS father who never paid child support. I am very wealthy and debt free now after living on a budget and living beneath my means.
I prefer the 1/3rd rule. 1/3 for bills, 1/3 for spending and 1/3 for saving. Or whatever is left after bills is split between spending and saving. Can't invest if you can't save. The video is too vague and you spend too much time explaining the obvious.
It's unbelievable how many families do not discuss finances leading the next generation to go blindly into their lives. Talk to your kids at an early age ppl.
Every time I drove my grandchild somewhere, I talk finances while she was my hostage. She didn’t like it at first, but now she peppers me with questions and “what if” scenarios. I love it!
In my generation, it was not in good taste to talk about your income or expenses with anyone including your children. That’s how you raise kids who have no idea how much the electric bill is.
True, but a lot of parents have no clue what they're doing with money, let alone have the knowledge to teach their kids good money habits. But even if you are good with finances, the Boomer generation and some of us older Gen X'rs were taught that it is taboo to talk about money and your personal money situation with others, especially your kids. That's why I think it's imperative that it's taught in schools. I mean, it's way more important than learning to bake a cake or do algebra, IMHO.
I would always sit with my Mom when she would pay bills. We were very poor and I would see where every penny went. I used to tell myself I will never be poor and as a result I have been on a budget my entire life and have always lived beneath my means.
The problem is some don’t listen. They know more than you! But, I listened more to my grand father.
Thanks Rachel I just love your positive energy! I am financially well off by realizing that it's all about setting good daily habits and stick with them.I am also a high school business teacher. This year is a big year for me and my spouse. Our house will be paid off by the end of the year!! Whoop Whoop! Have a great New Year!
When people ask for advice or not, they learn to appreciate the info you give them because it usually comes to fruition later.
I recently had someone thank for info I was giving to someone else. I didn't know they were listening
I just called my brother as he has worked in finance before and I asked him were his has his investments. He and his wide were in their appartment in Barcelona so when he comes home (to Sweden) he Will call so we can meet and he will give us his opinion on where to put our money. I would never have thought about asking him for advice, even though he worked at Goldman Sachs in London with investments of other peoples money. Thank You for excellent advice Rachel! 🙏
I love the tip about getting tips from people who are great with money and who you admire or can get help from. My dad was always a huge saver. From the time I had my first job, he told me to pay myself first and always have an emergency fund. He reminds me a lot of your dad, Rachel. Thanks for all the great advice and happy new year ❤️🎊
Savers are not a good model, investors on the other hand are
I love Tapple! I found it half price when Rite Aid was closing one of their stores. We had a blast at Christmas.
I love your content. I’m just getting started with baby steps.
cheers to those that are sick of being sick and tired!
Thank you Rachel. Good info.
I never knew how to budget. Trial & error. Never knew about Emergency or Sinking Funds. Teaching my 5 kids all I have learned . I learned from UA-cam, not from family or teachers………
🙌🏻🙌🏻
Hi Rachel. I remember you presenting at one of your dad's events when you were 16. You did a good job then, and you're still doing a good job. Blessings.
Zero based budgeting is impossible for a lot of people. It’s possible for me, I know how much money I’m earning every month for the next 5 months, but a lot of people have incomes that fluctuate monthly. Sales reps, people who work short term jobs (techs in the entertainment industry, self employed tradesmen like plumbers, people in retail/food service who are paid monthly bonuses or tips, and more), and more don’t have predictable incomes where they earn the same amount every month.
For people whose incomes fluctuate, my advice is to start with a bigger emergency fund than $1,000 for those months where their expenses are higher than their income, pay their routine bills with the first money that they earn every month, and then use the rest for saving/investing and/or entertainment like going out for dinner.
Thanks Rachel for all you do to educate! I was given Total Money Makeover in 2016. Have taken you and your dad's classes too. I've learned much and at 59 I am always learning. I've found other resources through the years.. Bogleheads, JL Collins, The Money Guys etc. Your words mean much. Blessings and keep up the good work! Mary
Very good advice!
It's a whole heck of lot higher than 40%
Try 90%. She's being kind
I was thinking the same thing. If it was only 40%, most would not be drowning in cc debt and student loans.
@@KittyKat-vb1nd in her defense she was quoting another article ... I don't think it's 90, but it's definitely higher than 40
i would up it to 80%
Good. Society needs poor people to remain stable.
She’s literally iJustine but for finances, the exact vibe I need!! Always so well explained for anyone to understand.
This is a good one for the end of the year to set someone up with a new plan for the New Year. My December spending is sort of a bust, besides Christmas I also have a Birthday, and I find in the week leading up to my Birthday I do some frivolous spending. It’s sort of in my budget, and it’s just a bunch of little things. But December always ends up a higher than normal spend month. All ready to restart, readjust, in January.
This is an excellent attitude. Sometimes a month won’t go as planned, but it’s great to acknowledge it happened then create a plan for the next month!
@@noahdobmeier9391 It’s only one month, the rest of the 11months of the year were good. I kind of pad my budget for it every year. “December Happens”! Or, “What happens in December, stays in December”! Maybe January should be a ‘no spend’ month? I’m thinking about that.
Love the idea of a zero based budget! Will do so this month
My approach was not to spend more than I earn, minimize my expences. Single income family, one child, retired at 58. Being a Canadian (Quebec) truely helped. I started saving for retirement at 23. Single car and I cycled to work year round, a second car is a waste for single income homes.
Insightful and inspiring conversation 🎉
I’m getting sick of the board game promotions TBH, other than that great video 😊
Thank you I'm going to look into a better saving as well as an emergency fund this Tues... Thanks again 👍
On the one hand......"Listen to experts you trust" - sounds great, but what defines an expert?
On the other hand, "understand your spending (personal money) tendencies" is excellent.....
Thank you Rachel for the inspiring work you do :)
Started the total money makeover journey close to 15 years ago. I found myself being better at paying off debts than I was at putting money in savings. In my mind, DEBT was a much EASIER TARGET TO AIM AT, but SAVINGS was for "UNKNOWN TARGETS." Does that make sense?
It does make sense. This is where I created goals for sinking funds and emergency funds to help me diligently save. Attacking debt is energizing but I needed a similar approach to saving.
A $1,000 emergency fund covers small emergencies, but it won't cover big emergencies. You need the three to six month emergency fund for big emergencies after all your debt except for your mortgage is paid.
Such a great video - great on you for helping educate others.
I already use Every dollar, watch several UA-cam videos like yours and George Kammel, I also bought one of Dave Ramsey books and um even though my income is just SSI and SS I try to make money stretch for all I need as much as possible if anything
40% seems low. I would have thought closer to 70%.
Love your advice and your pretty pink sweater. Our daughters are just starting their careers and establishing households. They were great with money during college and have learned to not misuse credit, to budget, and shop secondhand. I want to start teaching them about investing as they are starting to earn more. I have mentioned Ramsey Solutions as a resource for them as well as a few others. I want to help guide and teach them, but not be nosey and overstep my bounds as a parent of independent adult daughters.
I wish the every dollar app was available in the UK. We can’t download it here
And canada too
Also Australia 🇦🇺
Going to try tip 5. My money market account is lack luster so I am going to research some high yield savings account options.
4.35% is what I have seen lately. Aim for that or higher.
Fidelity pays 5% for all cash sitting in your investment account
5:42. I love them to Rachel and I'm reading George's new book right now, but are their ones you like outside of the Ramsey family?
On the subject of investment, the book that I wish I had read 30 years ago ( instead of 3) is " How to own the world" by Andrew Craig. It explains what investment actually is ( Tip : it is not the same as gambling ) and how to approach it ( the concept of 'owning the world' is rather exciting once you understand what thst means ) The writer is UK based but the principles are relevant anywhere.
Do you have recommendations where I should consume news? It’s overwhelming how much information out there.
I did a ten page research paper on finances for one of my college classes and I got a ton of good info from investopidia. Hope that helps
Will Every Dollar ever be available in Canada?
its wild to me that its legal for interest on loans to be 15% plus. and how interest rate on a savings account is legit .01%.
and we wonder why people are falling behind and not saving anything..?
Someone is lending the
Money? I asked myself the same questions. I would also like to charge interest for borrowing my money to someone I don’t know. On top of that I have to wait 6 years to get paid back. I think we should see things this way
mutual funds is not good advice. A lot of people don't know about the fees the fund charges. People please do your research!
Do your research, yes, but mutual funds do well on the basis of the good old advice " don't put all your eggs in one basket" Fees can be mimimised by choosing fund and investment company carefully and not keeping moving stuff around in/out.
This is “The Dave Ramsey Show”!
I always enjoy the tips but it would be useful if you would provide where the stats you're quoting come from. Some of us like to go back and read the entire article.
Rachel can you put a link to your cute sweater?
Done all the above; still watching your videos& reading your books on investing & real estate. But- my husband & i havent ever heard of a Health savings account, nor a Money Markey account-& he bought his truck w/ proceeds from his investments so, hes doin better than most people i know. We just opened our 1st High yield& our roth iras- hes curious what stocks Dave& the cruzes invest in specifially;& what to use a money market for
Rachel - do you have finanical outlets/newspapers you follow?
I have a question about your first tip, my income changes every month due to fluctuations in my overtime. My budget is based on regular time, how can I budget the overtime if it is variable week to week?
Overtime money goes into savings or investments
Set aside for a large appliance or furniture purchase to pay cash
My ex when we brought stuff to the table was like I brought the food and she brought the plate and took the leftovers lol
Summer camp? Valentine’s Day stuff? Subscriptions?
There’s a lot of stuff you say I don’t need, but I’m listening to you talk about some really big money wasters.
It's sad how difficult things have become in general in the present generation. I was wondering how to utilise some money I had. I used some of it for e-commerce business, but that sank. I'm thinking of how to use what's left to invest, but I don't really know which way to go.
My son is 18 and in college and asked me if he should get a credit card in order to build his credit score. I gave him my thoughts on how dangerous credit cards can be some of my own personal challenges I've had over the years with it. Anyone have any links to any Ramsey videos on that? Please
Spreadsheets are easy to use and you don't have to pay for them. Zero based budgets aren't good for some people. They don't take into account special one off purchases or unexpected costs in a set budget area. I have always had a flex part of my budget that's at least 10% of my take home pay
that's why you can have a monthly miscellaneous envelope fund or a mini $200 emergency fund for those random things or one off unexpected costs
@@Californiagirl96 but is it miscellaneous? No. It isn't usually. It usually fits into a category
good info! but Can you please not have the annoying music bed? cant watch the whole thing do to the music bed :(
It's just disgusting that there so many bad stats out there that prove that we need finances in the classes and we aren't teaching we are literally holding our kids back
#4 down pat. That’s an easy one.
Can I just ask, I've been seeing loads of suggestions for dividend investing lately, but is it actually legit? Just running some quick math, I have some funds I'm already invested in that seem to average 9-10% annual returns (some years even higher), while a lot of dividend funds seem to drop less than that. I know there's the idealized point that you can live off of dividend payouts, but that seems like you would need over 1.5mil minimum invested in dividend accounts to reach the point of them replacing your paycheck. Seems like my money would be put to work better with the funds I'm already using instead of getting into the dividend hype.
I love Rachel and all the content she is in, but her voice is always so much louder than everyone else in recordings.
she has the typical shrieking rich girl voice
lol why are you even here@@rabidgoon
I asked her to speak up because I like her more.
That's only because Jade doesn't have her own show. You'd have to wear noise cancelling headphones to listen to her and her shrieky voice.
What HYSAs should we use? You always say to get a high yield savings account but never recommend specific ones. Thanks!
A simple internet search would give you a list of HYSA with good interest rates. As of December 2023, there are several that have interest rates above 4.3%. So long as it's FDIC insured & doesn't have fees you don't want (i.e. transaction fees or minimum balances or minimum deposit) you should be fine.
Wealthfront is a solid one I’ve used. Just under 5% and no hidden fees
Ally Bank is great
I use Marcus by Goldman Sachs. Currently getting 4.5%
Come on don't be lazy. If you want the info go look for it.
EVERY DOLLAR APP DOES NOT WORK IN CANADA 😢😢😢
Rachel, how bout a dif game dat doesn't need batteries 🙄
I might look into better accounts.
First I love that your earrings match your shirt. Second, question, I'm a teacher and I get paid extra for extra programs I work at the end of the month, CNA you tell me how to work tha t into my budget and how to spend it? Thank you
Random nobody on the internet suggestion here. Don't count the extra income into your baseline budgeting. Instead, when you do get the extra bump, put that into paying off any high interest debt you have (i.e. credit cards, although you should always be paying off your credit cards in full & never carrying a balance), bump up your emergency fund, or invest the rest.
Rachel is smart and beautiful
how about showing me where are the 100k a yr job or more are at.
I can't be working at KFC 7 days a week and uber on the side to pay off my debt and build my retirement
I'm going to do a money personality quiz
the fact that educated people that spend 60 plus thousand on a education and you know nothing about your money..... what did you go to school for???
Mmm then they blame everyone else for their student debt for a useless degree they'll never use
In case you didn't know this Rachel but of the more than 330 million Americans in the United States their are still millions of people who don't have knowledge because they are poor , no internet or negative influences in their lives
Even the poorest Americans still have phones, cars, electricity… if there’s a will then there’s a way. My dad grew up in the projects of Stockton CA. He joined the military at 17. Worked really hard, put my mom through nursing school and created a very comfortable life for his family. It doesn’t matter who you are. It can be done
I know how, don't listen to Dave Ramsay and his claim on 8% safe withdraw rate, claims of 10-12% market returns
This year the market increased by 25%. So, if you had almost everything in Index funds, then took out 8% at the end of year, you’d still have made 17%. So an 8% withdrawal is very reasonable this year.
@@sallyprzybil2404it may be reasonable this year, but not every year
hmmmm....and how many people have you led out of debt? and how much debt to you have? and what is YOUR net worth? If you are disputing a professional, such as Dave Ramsey, better have some credentials and experience that contradicts. Else this means nothing. and shows ignorance. Math doesnt lie.
@@lisa5335 Which person do you ask? Me=Zero debt. Net Worth= Extremely Comfortable. Dave Ramsey= 600 Million plus, and I don’t doubt he knows what he’s talking about
To his point, the idea of the withdrawal rate is based on a consistent rate of withdrawal, not based on performance. So the 8% would in theory work this year, but the hope would be in retirement you can have a consistent amount annually that you can spend versus timing the market
Buy her book 😂
mmhh so she mentioned that the video she watched claims that "40% of the world..." ... considering that based on an income of less than $6.85/day is considered living in poverty , the global poverty rate is 46.9 %.....
Much of the world lives in poverty and doesn't have clean water.
'Changes in the economy constantly'.....Ramsey plan hasn't changed since 1991
The plan is about fundamentals and provides a framework to be successful. It rides the change wave perfectly well.
40%? So that means 60% still know more? What the heck 😂
Reality is we dont make enough to afford high cost of living, inflation and pay off debts! Just survivng! 😢
Hi Rachel, Good video but that background noise/'music' really put me off! Hope it won't be a regular feature! I couldn't concentrate on what you were saying.
While I appreciate this video, it's important to have poor people in society.
Why?
That's evil.
Im sorry, but there is no way that 60% of people do this? Smarter than 40%? I'd say Smarter than 95% of the people looking at most people finances? Read up on world economics and finance? I think not?
I am here only because she is so cute.
I say higher than 40 percents.
I just put $580K down on an $850K house, but have $155K left in my high interest savings account at 4.25%. I already have $95K in a Roth IRA where I'm already maxing that out. Where do I put my excess $155K savings? Is it okay to invest the majority that in an Index Fund? I'm 37 currently. I feel like I'm saving too much money, and not investing enough.
Why are you lying..lol😂
@@davidbrooks8809haha you’re right…I’m lying that I feel like I’m saving too much (I’m a cash saver and it never feels like enough). I just don’t think I’m investing enough.
Put it on your house and get it paid off duh
40%? Talking about setting a low bar
Better then 40%
Still below average
I think 40% is closer to 90%.
40% is financially illiterate? How can it possibly be that low?
21% of the country is functionally illiterate.
This is definitely not okay for the wealthiest country in the world
Smarter than 40% wow way to set a high bar 😂
Why only 40% of people?? Does that mean the other 60% are more literate?EDIT: just joking
How can you be Dave's daughter? You are too beautiful =)
Just have a rich father like Rachel and you're set
😂
Not true. I grew up extremely poor with a single Mom and a POS father who never paid child support. I am very wealthy and debt free now after living on a budget and living beneath my means.
She grew up with a bankrupt father so you're wrong dude
That’s funny, but a lot of people call in making tons of money and they still in debt
@@deborahmeek6529
True but I dont see the value in taking advice from a nepo woman that has never struggled in her life
Taking investing from Ramsey's can be make you more financially illiterate than average American. ELP cough..cough
I prefer the 1/3rd rule. 1/3 for bills, 1/3 for spending and 1/3 for saving. Or whatever is left after bills is split between spending and saving. Can't invest if you can't save.
The video is too vague and you spend too much time explaining the obvious.
To become financially smarter than 40% of people means you are less financially smart than 60% of the population. Is this really the goal?