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And if that process involves sacrifice, he says so.
Its a relatable scenario these days, as its estimated that more than three-quarters ofU.S.
You already spent it, he said.
You just hadnt admitted it yet.
If your goal is financial freedom, memorize that quote.
Youve spent even more if interest is involved.
If you buy a $30,000 car, youve spent $30,000.
You cant unspend it unless you sell the vehicle, which Ramsey told his caller to do.
Dont Buy What You Cant Afford
Ramsey is famous for his hard-line attitude about debt.
He says that if you cant buy something with cash, dont buy it.
Ramsey has shared this hard-to-hear advice on his radio show, website and social media pages.
Ramsey says payments are how people end up on a financial treadmill.
The more of them you could avoid, the better.
For most of us, that means cutting back on the standard of living weve adopted as adults.
It reminds you that you didnt always have expensive car payments or spend hundreds of dollars at trendy bars.
Lifestyle creep is partially self-inflicted and partially peer-driven.
Your friends also earn and spend more, so you feel the need to keep up.
If youre strong enough to break that cycle, you could lower your spending and pay off your debt.
It requires discipline, but you dont need to nickel-and-dime yourself.
you gotta remember what its like not to have a high income and readopt that lifestyle.
Here are some ways:
The most important ingredient is your mindset.
Free is best, cheap is next best, and debt is dangerous.
The student lifestyle is a means to that end.
The less you spend, the faster it’s possible for you to save and rebuild your finances.
Look forfree and cheap waysto enjoy life as you did when you were younger.
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