Dave Ramsey: My Advice for Chasing Your Dreams

Kaleb in Florida is calling in because he is in a bit of trouble. He is 21, with a 1-year-old with his girlfriend, renting an apartment, unemployed. Furthermore, to make matters worse, he is currently $20,000 in debt. He is managing to make by with side jobs now, but his monthly expenses are more than he makes with them. Ken asks Kaleb whats to do as a career to point him in the right direction. Kaleb replies that he wants to be a PRofessional Stock Trader.

Ken breaks it down to Kaleb like this: You are in a sinking boat with a cup to bail water out. Now you add the girlfriend, the baby, and the debt. It’s just going to keep sinking. Ken also lays out the list of things against him. He needs to focus on them, not on the side stuff he is doing to become a Stock Trader. Kaleb needs to get his head above the water by going out and getting 2-3 jobs if he has to. Once then he needs to, he can then enroll in courses that help with his dream.

5 Things You Can Do Right Now To Ensure Financial Success

• Make Your Plan

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  Have a written plan and budget. He quotes a passage from the Bible where Jesus said don't build a tower without knowing the cost or you'll get halfway up and run out of material. Dave further States that no one accidentally wins. You need the plan or you will lose.

• Clear All Your Debt

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  Clear Your Debt. Your most powerful wealth-building tool is your income. If you are spending most of it clearing out your debt you are walking backward trying to win a race. You are paying for banks who have nicer things than you that is just stupid. Clear your Debt, when do that you have money. He wants you to win.

• Live Below Your Means

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  Live on Less Then You Make. If you spend everything you make you are a fool. Dave knows that everyone's situation is different but that's no excuse. The most common excuse is that wages are stagnant, and Dave doesn't buy that. If you accept this it is because you stagnant and you can't blame anyone
• Start Saving Right Now

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  Save Some Money. You know how rich people get rich and stay rich. They Save money. You may not agree with Dave and quite frankly he doesn't give a crap but these are cold hard facts. You'll always be broke unless you save and that's all there is to it. Invest and save. 100% of people who don't save money don't have money.

• Live Like the Rich, Not the Ultra- Rich

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  It's not run out and buy a Ferrari that's the ultra-rich. No, Rich people save invest, and get a return. Rich people are not scamming the middle class out of their money they live below their means and save so they can spend their money on investments that provide returns.