Building Wealth with Dave Ramsey: 5 Key Steps
Key Takeaway #1: Mindset Matters
- Money won’t solve your problems, but it will make them bigger or smaller depending on your current state of mind.
- Money can amplify your personality, whether it’s generosity or greed, but it won’t change it.
- It’s important to cultivate a positive attitude towards money, recognizing it as a tool to achieve your goals, not an end in itself.
Key Takeaway #2: Get on a Budget
- Create a written plan for your finances, budgeting on paper before the month begins.
- Manage your money for yourself as if you were working for a company called “You Inc.”
- Change starts with a decision, so choose to start managing your finances well today.
Key Takeaway #3: Get Out of Debt
- The borrower is slave to the lender, so it’s important to get out of debt as soon as possible.
- Your income is your most powerful wealth-building tool, so don’t give it away through high-interest debt payments.
- Be mindful of the cost of debt, as making payments to lenders means you’re sacrificing your own financial future.