![]() auto loan debt has increased steadily over the years, and now equals $1.3 trillion - more than the nation’s cumulative credit card debt. Most Americans have come to see debt as a way of life. Buying a new car for $36,000 with little to no money down and high monthly payments is normal. “If you will live like no one else, later you can live like no one else.” Just like buying as much house as you can qualify for is normal.īut just because these things are normal doesn’t mean they’re smart. While I certainly wish it were different, this is a pretty accurate statement when it comes to how you need to think about managing your money. ![]() The social pressure to keep up with the Jones’ is real, but you have to fight it if you want to properly allocate your income to build long-term wealth. The power of Dave Ramsey’s baby steps and the debt snowball method is that they help you focus on one step at a time.įocusing on one goal is often the best thing to do, as typically there’s one clear objective that has the highest potential payoff.įocusing also allows you to create momentum.
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