I’ve seen clip of that financial advice show “The Ramsey show” on YouTube and the things that old man say are shocking to me. According to him I shouldn’t give a single cent to my parents… That’s so against my culture. I would be seen as downright evil if I do that.
Hell I’m unemployed for like a year by now and still sent 200 euro a few months ago to my father that still lives in my home country that I haven’t seen in 17 years.
Are you really Americans like that? Don’t get me wrong, I don’t see it as cold hearted but I see it as unnatural, and I’M a “socialess” cold person in essence.
I think one of his worst pieces of advice is to pay off debts before saving for an emergency fund (if I remember correctly)
Saving some kind of emergency fund first is more important than not having any debts. Having money on hand is worldly power in your hand basically. If you’re debt free but broke, then you can’t deal with an emergency that requires money.
Ah, he recommends saving 1000$, then tackling your debt, then building to 3-6 months expenses. Which is… fine, I agree with the principle of it, but that number is definitely one of those things I’d consider being more flexible with. The amount I think you should save before tackling your debts depends on a lot of factors.
I also don’t necessarily agree with saving that amount in two blocks, we personally saved 1000$, paid the most pressing card off, and then saved another 1000$. I think it makes sense to adjust that minimum emergency fund number as your situation evolves.
Just another case where I find he works fine as a starting point, but where most people shouldn’t follow his advice to the letter.