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Managing your money can feel overwhelming at times.
Hearing buzzwords about saving and investing could even compel you to tune it all out.
Unfortunately, ignoring your finances could cost you greatly in the long run.
He doesnt have time for financial jargon.
His first piece of advice?
Youmusthave awritten game planfor your money and if you dont, youll lose out.
Number one, you should probably have a written plan, a budget, he told podcast listeners.
You have to do a written game plan with money, or youre going to lose.
The answer, of course, is more of your own money.
Your most powerful wealth-building tool is your income, Ramsey explained.
I want you to win, he added.
I want you to have a great life.
Ramsey warns against trying to keep up with the Joneses and urges people to start living within their means.
Live on less than you make, he said.
If you spend everything you make, youre a fool.
Essentially, if your wages are stagnant, its because youve allowed them to get that way.
Not making enough money?
He emphasized that rich people get rich because theyre willing to save money.
However, saving money isnt just about hoarding cash under a mattress or in arandom savings account.
Its about finding ways to grow money specifically, through investments.
Maybe splurge on afancy new car.
Ramsey urged listeners to resist that urge.
Rich people dont go spend a bunch of money, he said.
And that includes living within your means, even as your financial situation improves.
Dave Ramseys advice is clear: To win financially, you must start with a plan.
Without a written budget, youre destined to lose.
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