Don’t Overcomplicate Building Wealth, Keep It Simple
The Ramsey Show
Deep Dive
How should I budget with an inconsistent income?
Create a prioritized spending plan, focusing on essential expenses like food, utilities, housing, and transportation first. Track your income and expenses closely. During high-income months, save surplus funds in a separate account to cover leaner months.
How can I get my family on board with a budget?
Lead by example. Start budgeting yourself and share your positive experiences. Once they see its benefits, they may be more open to participating.
What's the best way to manage a 401k after job loss and a stage four cancer diagnosis, ensuring maximum benefit for my family?
Consolidate your 401k into a Rollover IRA using a service like SmartVester Pro. This avoids penalties and taxes. Designate your husband as the primary beneficiary to simplify inheritance and avoid the 10-year withdrawal rule for non-spouse beneficiaries. Ensure you have a will in place to outline your wishes.
Should I transfer my credit card balance to a HELOC?
Instead of transferring the balance, prioritize paying off the credit card debt completely and then closing the account. Avoid the cycle of debt transfer and focus on building an emergency fund.
How can I convince my family to adopt better financial habits like using cash and avoiding credit cards?
Lead by example. Show them the positive results of your own financial journey. Your actions will speak louder than words.
Should I drop out of college with a full-ride scholarship for a Bitcoin mining job?
No. A full-ride scholarship and a cybersecurity degree offer long-term stability and higher earning potential compared to a job with a volatile industry like Bitcoin mining. Finish your education and pursue the more secure path.
What are the financial habits of broke, average, and wealthy people?
Broke people rely on high-interest loans and lottery tickets. Average people chase credit card rewards, buy new cars, and use HELOCs. Wealthy people avoid paying interest, buy used cars, pay off their mortgages quickly, and invest for the future.
How do we get our money back from a friend who owes us a significant amount and only repays small sums infrequently?
Walk away. Consider the money lost and learn from the experience. Lending money to friends often strains relationships, and pursuing legal action may not be worth the cost and effort.
How can I protect myself from data breaches and identity theft?
Use services like DeleteMe to remove your personal information from data broker sites and the dark web. Get identity theft protection from a reputable provider like Zander Insurance to monitor your accounts and assist with recovery in case of theft.
- Prioritize essential expenses in your budget.
- Use a peaks and valleys fund to manage income fluctuations.
- Build a fully funded emergency fund.
- Download the EveryDollar app for budgeting assistance.
Shownotes Transcript