1. Not educating yourself about money 2. Not budgeting 3. Not adjusting tax withholdings if needed 4. Thinking that you don’t need an emergency fund 5. Paying off your debt from highest interest rate to lowest interest rate 6. Only paying the minimum payments on your debt 7. Buying more house than you can afford 8. Allowing lifestyle inflation to happen 9. Waiting to save for retirement 10. Buying a brand new car 11. Putting all of your eggs in one basket when it comes to investments 12. Not being on the same page as your spouse if you are married
Number 5 is not a mistake, though. I get the whole Ramsey take on the emotional side of finance, but logic doesn’t care about your feelings. Just because people can’t stick to a plan doesn’t mean the plan isn’t good. Just like the Ramsey plan. It’s good, not the best, but if you can stick to the Ramsey plan that makes it way better for you than any other plan that you can’t stick to.
Rachel, I have to admit, your ability to talk about the exact same things with no new information, but with a different video title is very impressive. I now see why you're paid the big bucks
This video is super valuable to all wanting to learn about taking control over finances. We are completely debt free except for the mortgage and it feels AMAZING! 😊
I got a raise recently and so excited. I finally got rid of cable and only paying for internet and I’m saving more money and those extra funds can go to my goals
Permanently against combining spouses money together. If relation ship ends, one person will have absolutely nothing to live off of and become homeless. BUT... If you want to combine money, put aside amount of cash you earned aside just in case you get kicked out, most common women is the one who loses everything, including money. I would keep all my money in my own account. Then when needing to combine money, divide the total payment in half and then put the money together and pay bills in one. This is budgeting with your spouse along with money budgeting in itself, without involving spouse. I'd rather be safe with my money instead of stranded without any money.
It was said like this to me when I started out. Anyone can plant a seed. Some water, light and soil…boom you got a plant. Anyone can make money. Get up apply yourself and boom you can work. You will get something and it will work, sorta. Or you can learn from a professional and you can grow a garden. There is a lot more detail needed to grow a garden but the reward is worth it.
Build up your emergency fund while paying off your bills even if it’s 20-50 bucks whatever you can spare. don’t wait until you have paid off your bills.
With number 9, I am thankful I am a public employee. With my failed youth saving money at least my PERS were growing. Hoping to retire in 16 years if I want to and will be 100% debt free in 1.5 months, I be unloading the cash into my 457! Thanks for your videos, I have been getting my act together and with 5 other channels.
Nothing wrong with buying a new car (if you can afford it obviously) but why people get rid of their cars after 2-3 years I will never understand. The whole "I can't be seen driving a 5yr.old car" attitude that everyone has is insane....SMH
I used to trade in my cars in a lot and since I have a far commute I couldn't risk breaking down in the middle of nowhere as a woman. Prior to the virus, I was doing at least 25k miles a year...the hours spent behind the windshield! I got to go hybrid now though, so
If you live in my area you would have to make lot of money for a house, If you earn $2000O0. and take home pay of $120000 25% of take home is $2500 a month. You couldn’t afford any house . A $400000 mortgage at 30 years is about $2500.
It seems to happen at the wrong time. I have started my commute to work and all of a sudden, the check engine light comes on. I am thankful for the leave time at work and the savings to avoid using credit for these emergencies.
What do you do when you're at the end of step 2 over and over again and a medical bill happens? I feel discouraged as I keep being slung back into step 2
I LOVE YOU RACHEL!! I love your calm voice as well. Thank you so much for be one of the main reasons I was able to get out of debt and try to stay out of it! You are amazing. :)
@@jvyeknom If it is “take home pay,” it is the amount you take home. That means it is after everything is deducted. Whatever you end up with is your take home pay. It’s not what I make minus taxes but then you add back in all the other deductions like retirement and healthcare. You can’t consider retirement in your take home pay.
@@dawnt5587 Your retirement is most definitely take home pay. There are multiple times Ramsey has told people stop there retirement savings to pay down their debt.
@@jvyeknom Not in my world. I was in law enforcement and your pension contributions are automatic. You don’t have the option to stop them. $1000 a month whether you like it or not.
If you pay cash for a car it doesn't matter if you buy a new car, losing that "value" is only affecting you if you owe money to the bank or if you plan to sell the car in a year.
1. Not educating yourself about money
2. Not budgeting
3. Not adjusting tax withholdings if needed
4. Thinking that you don’t need an emergency fund
5. Paying off your debt from highest interest rate to lowest interest rate
6. Only paying the minimum payments on your debt
7. Buying more house than you can afford
8. Allowing lifestyle inflation to happen
9. Waiting to save for retirement
10. Buying a brand new car
11. Putting all of your eggs in one basket when it comes to investments
12. Not being on the same page as your spouse if you are married
Number 5 is not a mistake, though. I get the whole Ramsey take on the emotional side of finance, but logic doesn’t care about your feelings. Just because people can’t stick to a plan doesn’t mean the plan isn’t good. Just like the Ramsey plan. It’s good, not the best, but if you can stick to the Ramsey plan that makes it way better for you than any other plan that you can’t stick to.
Surprised 401k loans didn’t make the list!
Thank you!!
Thank you
Rachel, I have to admit, your ability to talk about the exact same things with no new information, but with a different video title is very impressive. I now see why you're paid the big bucks
That's all of Ramsey Solutions lol
Facts! I feel like I’ve seen this so many times, but I guess this is for people who are new subscribers
That's all TH-camrs
This video is super valuable to all wanting to learn about taking control over finances. We are completely debt free except for the mortgage and it feels AMAZING! 😊
started budgeting around 4 years ago and am really encouraged by this--love that it is boundaries and guardrails!
I got a raise recently and so excited. I finally got rid of cable and only paying for internet and I’m saving more money and those extra funds can go to my goals
Permanently against combining spouses money together. If relation ship ends, one person will have absolutely nothing to live off of and become homeless. BUT... If you want to combine money, put aside amount of cash you earned aside just in case you get kicked out, most common women is the one who loses everything, including money.
I would keep all my money in my own account. Then when needing to combine money, divide the total payment in half and then put the money together and pay bills in one. This is budgeting with your spouse along with money budgeting in itself, without involving spouse. I'd rather be safe with my money instead of stranded without any money.
YES
Rachel, your hair looks so pretty color and shiny healthy
Not super relevant but Rachel, your hair here looks so good, looks lovely and natural 🙂
The way you talk about saving for retirement and investing in mutual funds makes them seem like different things. Where can I learn more about both ?
This really does help!!
It was said like this to me when I started out. Anyone can plant a seed. Some water, light and soil…boom you got a plant. Anyone can make money. Get up apply yourself and boom you can work. You will get something and it will work, sorta. Or you can learn from a professional and you can grow a garden. There is a lot more detail needed to grow a garden but the reward is worth it.
Build up your emergency fund while paying off your bills even if it’s 20-50 bucks whatever you can spare.
don’t wait until you have paid off your bills.
" Thinking that you don’t need an emergency fund" My pet peeve!!!
We have major marriage problems and we do separate finances as he is not trustworthy.
Another money mistake - not giving at least 10% of your gross income to your Church. Malachi 3 : 8 - 11.
With number 9, I am thankful I am a public employee. With my failed youth saving money at least my PERS were growing. Hoping to retire in 16 years if I want to and will be 100% debt free in 1.5 months, I be unloading the cash into my 457! Thanks for your videos, I have been getting my act together and with 5 other channels.
And... stay out of debt in the first place. Love your videos Rachel... ❤❤❤
If my tax with holding makes or break the system then it's not a good system. The average tax refund is what 4000 bucks ....
I know is wise to follow these 7 baby steps but I did number 2 and 4. Now has no debt and paying down my mortgage. Almost there ..
I wish we could adjust our taxes but we're having a problem with the HR department :-(
Nothing wrong with buying a new car (if you can afford it obviously) but why people get rid of their cars after 2-3 years I will never understand. The whole "I can't be seen driving a 5yr.old car" attitude that everyone has is insane....SMH
Yea I don’t get it either. My car is almost seven years old and I’m driving it for as long as possible
I used to trade in my cars in a lot and since I have a far commute I couldn't risk breaking down in the middle of nowhere as a woman. Prior to the virus, I was doing at least 25k miles a year...the hours spent behind the windshield! I got to go hybrid now though, so
Please do a first ride video with Pappa Dave once you get your tesla! Please!
If you live in my area you would have to make lot of money for a house, If you earn $2000O0.
and take home pay of $120000 25% of take home is $2500 a month. You couldn’t afford any house .
A $400000 mortgage at 30 years is about $2500.
It seems to happen at the wrong time. I have started my commute to work and all of a sudden, the check engine light comes on. I am thankful for the leave time at work and the savings to avoid using credit for these emergencies.
Hope you’re doing better now 😊
What do you do when you're at the end of step 2 over and over again and a medical bill happens? I feel discouraged as I keep being slung back into step 2
Medical sinking fund or FSA.
What is FSA?
@@johnlisapepper3440 Flexible Savings Account
My husband and I are in the season of win, capital W capital H capital EN! Hoping for season change soon😂
I LOVE YOU RACHEL!! I love your calm voice as well. Thank you so much for be one of the main reasons I was able to get out of debt and try to stay out of it! You are amazing. :)
What exactly is “take home pay”? Just after taxes? Does this include 401k deductions?
It's after taxes. Your 401k that you pay is part of your take home pay.
@@jvyeknom If it is “take home pay,” it is the amount you take home. That means it is after everything is deducted. Whatever you end up with is your take home pay. It’s not what I make minus taxes but then you add back in all the other deductions like retirement and healthcare. You can’t consider retirement in your take home pay.
@@dawnt5587 Your retirement is most definitely take home pay. There are multiple times Ramsey has told people stop there retirement savings to pay down their debt.
@@jvyeknom Not in my world. I was in law enforcement and your pension contributions are automatic. You don’t have the option to stop them. $1000 a month whether you like it or not.
@@dawnt5587 That's definitely a different situation. In your case that wouldn't be part of your take home.
You have a great voice, Rachel, have you thought of voice acting? Maybe an audible bible
If you pay cash for a car it doesn't matter if you buy a new car, losing that "value" is only affecting you if you owe money to the bank or if you plan to sell the car in a year.
How doesn't it matter? If I pay 20k cash for a new car and my networth is 20k, I'd lose 1/4 of my networth as soon as I drive out of the dealership..
Man, these money channels act like everybody is 30.
I’m 30 🤷🏻♀️
I'm confused 🤔 is she telling me to buy a new car?
Buy a Tesla - Rachel Cruz.
Mom don’t have income ✋🏻