The theme this week on the Retirement Quick Tips Podcast is: Answering Dave Ramsey’s Most Popular Questions

Today, I’m talking about the 5 things that will make you wealthy.

Dave Ramsey asserts that if you do these 5 things, you will win with money 100% of the time. What are these 5 things he’s so confident about?:

  • Have a written plan…a budget (no one accidentally wins - at anything…you need a game plan or you’re gonna lose)
  • You gotta get outta debt. Dave: “When you don’t have any payments you know what you got? Money!”
  • Don’t spend everything you make. This is one of those good rant segments, because Dave really puts that knife in the wound and says if you’re not happy with your job or your income, then don’t be stagnant. Move on and move up. It’s a free country and you can work elsewhere if you need more income to pay your bills
  • Save money! Dave: ”You’re gonna be broke until you save and invest money” The problem with your investments is not your fees or your returns, is that you don’t have money. “100% of people that build wealth save money…on purpose, a lot!”
  • And the last thing to help you win with money is to be generous…but it takes doing the first 4 right to get to the point where you can be generous in a meaningful way.

I don’t really have much to add here, other than the higher your income is and the more conscientious you are about your spending, saving, and getting out of debt, the less you need a budget. But you still need a plan for you money. What are you working toward. What are you saving this money for? Having a purpose and making a long-term plan will help you stay on track and not lose sight of what matters most to you.

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

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