‘Please don’t do this’: Dave Ramsey says to ditch this one household expense keeping Americans from becoming wealthy Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.
When it comes to the relationship one has with their car, you come first; The car comes second
That’s the advice financial guru Dave Ramsey offered Carl from New York when the 29-year-old father called into The Ramsey Show (1). Must Read – – JPMorgan sees gold hitting $5,000/oz by Q4 — and savvy investors are protecting their wealth with a tax-advantaged Gold IRA. Get your free guide from Priority Gold – “Love yourself enough not to go into car debt,” Ramsey told him. “If you want to be middle class, stay in car debt.
You will never build wealth because it will suck the bone marrow out of your money.” Carl added that he recently got a pay bump from $85,000 to a possible $95,000 after six months and his current Honda isn’t worth fixing. He has $20,000 in savings for a new car, but the one he wants costs $25,000. “Don’t celebrate your new job with a car payment. That’s kind of dumb,” Ramsey said. “You have $20,000 and an $85,000 job in New York City.