Dave Ramsey and Suzie Orman. These are two names many young families hear over the course of time when dealing with their finances. Both are very well-known financial personalities who have their own shows and books. They also appear across the country numerous times a year to promote their financial strategies to get rid of debt and build wealth. Listen to them on a regular basis and their advice is straightforward without any gimmicks. In fact, many of the things we mention on this blog line up with what these and other public financial advisors say.
Still, there are those who are starting young families who tend to ignore the advice of Ramsey, Orman, and, sadly, us. They feel what they’re doing is right and will continue to be right until they go bankrupt, lose their home, lose their family, or all three at once. This refusal to listen to solid ways to stop utilizing credit, pay down debt, and build up a proper emergency fund is a mix of stubbornness, past family history and, in many cases, a general lack of education on proper handling of money.
The third reason mentioned is actually a build-up from decades of comments saying credit was good, no down payment mortgages were fine, and taking out student loans would help people in the end. Of course, all three statements were terribly wrong. Yet, the voices who spoke these overpowered those of Ramsey and Orman on a regular basis. It’s only been recently, since the tragedy of the Great Recession, that folks have shaken the dust out of their heads and began to understand the consequences of their lifestyle.
None of these financial advisors, including us, ask you to drink the Kool-Aid of what we say and follow us by rote. There are plenty of people who read this blog or listen to Dave Ramsey’s or a local personality’s radio show and disagree with what they’re saying. However, at some point in time, there tends to be an ingot of detail in what they or a caller speaks about which may help in the end. Perhaps it even starts you on the path toward a healthier financial lifestyle.
In the end, with a young family, it doesn’t come down to just you. You’re now part of a team which is intricately tied together in both good and bad times. You may think Ramsey, Orman, or we say stuff which feels bogus to the way you live. However, instead of letting your pre-conceived notions of how finances are run cloud your decision-making process, listen with an open mind and think of your young family. There may be some good points which can make the next generations of savers and spenders wiser and wealthier.
Financial Advice: Why You Should Listen to the Experts is a post from: Young Family Finance
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