The 3 Basic Money Skills You Need To Know

today's questions from Ricky in Washington he said David just can't gone through my second beater car tired of being on a first-name basis with the triple a tow truck driver I'm out of debt I have my emergency fund saved and I have the money to get a little nicer car having a hard time parting with it because it works so hard to save it can you talk a bit about the struggle people have with spending money even when they have it to spend yeah it's so hard to finally get some in savings it's hard to release it especially if you're wired as a saver now I'm wired as a spender my wife is wired as a saver you usually we fall in one of two categories I think you're wired as a saver she gets great comfort from having that pile of money more than she would get great comfort from having a reliable car me I'd rather have a reliable car past the emergency fund you're at them you know this is an emotional thing at this point it's not a financial thing it's a I have the money but I have trouble releasing it and so what that says is you're just getting some you know it's a normal thing and it's not a bad thing but it's it just says I get Security Act from that extra money beyond my emergency fund and I'll tell you this I I think it's something we all have to work at one of our money skills there's really three basic money skills that you have spending properly reasonably learning to enjoy money falls under spending learning to enjoy life with your money which is kind of what your questions about the second one's saving and learn to save money for emergencies for college for retirement to change your family tree to build wealth and learn to invest you learn to ride the investment waves like we've had in the stock market in the last couple weeks right and giving the power of generosity to completely change you when you learn to give as the natural rhythm of your life it changes everything so giving saving and spending everyone has at least one of those that they struggle with - saving I'm a spender no trouble for me to enjoy money it's also no trouble for me to give money a lot of spenders it's easy from them and be generous because the the release of money doesn't bother us as much as it does a safer and if and so but I'm weak at saving and that's why God makes me teach this every day I'm no longer weak at saving but it wasn't my natural default I had to intellectually decide to have an act of my will to save and invest and really what drove me to do that as a spender giver is that I would have more to spend and give if I built more wealth I can spend more and get more and that's my only reason for saving it's not because I just love saving money I still don't there's a day it's not that so you're on the other side of this Ricci is what we're saying you know you you don't enjoy spending we don't know about giving you didn't address that in your thing sometimes I can get spenders or savers like this to turn loose of their money first by increasing their giving and then that kind of gives them permission to also enjoy the money themselves but it would be a shame to save and work and not enjoy some of your money and one of the things you should enjoy is a reliable vehicle and you don't have a reliable vehicle you've been drink you know you've been doing beaters and so you you know you need to go buy the car you already knew that you weren't asking about that but you already knew that but maybe also take a little bit of that money and give it find someplace to be generous at your church or find a couple that's struggling or a single mom then like bill for a year or whatever but find something to do because there's something about giving that kind of then gives you permission down inside your spirit to also enjoy money as money's fun if you got some you ought to enjoy it you don't enjoy some nice things now if that's all you do and you don't save you know give then you're just a shallow tor right but you know to assume that just because someone has the ability to join and enjoy money means that they're greedy or shallow that's just bogus and the way you can tell is what percentage of their financial situation is going towards stuff of them and and if if all the money you make is going to buy you crap then then you're out of balance you know but if you're if you're giving a percentage of your income and you're investing a good percentage of your income and you're enjoying some of your income on lifestyle purchases travel cars clothes whatever it is then that's in balance once you're at baby step three and beyond and the end and that's where Ricky is but it's a really good question Ricky it's a good question for me to stop and just kind of rant on or vent on for a second here teach on for a second because sometimes people think well you know no one should ever have a car like that why would anyone need a house like that for now I've got a friend that's worth about three billion dollars now a billion is a thousand million he has three thousand million he has three thousand million he spent six million on his house and people sent him hate mail no I said I was like that his house as a percentage of his net worth and his income is like you going through the drive-through at chick-fil-a and buying a biscuit it didn't affect his life one I own I'd have spent six million dollars on a house as a matter of fact that's a very conservative house for someone who has three billion dollars

Channel: The Ramsey Show - Highlights

Views: 1,745,925

Rating: 4.8965425 out of 5

Keywords: The 3 Basic Money Skills You Need To Know, dave ramsey show, dave ramsey, build wealth, millennials buying a home, wealth, money, law of attraction, how to save money, debt free, how to build wealth with low income, millennials saving money, how to build wealth, investments, passive income, motivation, how to make money, personal finance, skills, ramsey, millennials investing, how to get wealthy

Id: 3m3-lMdIlJw

Length: 6min 50sec (410 seconds)

Published: Tue Feb 13 2018