Money Guy Show Master Your Finances In 35 Minutes
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Sep 12, 2025 Debt can be a double-edged sword; it's crucial to distinguish between good and bad debt. Learn practical strategies for managing expenses like education and major purchases. Explore the essentials of navigating mortgages and maintaining budget discipline for homeownership. Emphasizing early investing, the importance of compounding interest, and perseverance during market fluctuations encourages a long-term view of financial goals. Discover how adapting your cash flow management can lead to financial independence and a more fulfilled life.
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Prioritize Emergency Reserves
- Build an emergency fund of 3–6 months of living expenses to avoid using debt as a crutch.
- Maintain proper insurance so unknown shocks don’t force you onto high-interest debt.
Safe Car Purchase Rules
- Follow the 23-8 rule: 20% down, max 3-year finance, and payments ≤8% of gross income for car purchases.
- Avoid luxury or oversized cars and keep car payments below your monthly investments.
Cap Student Loans To First-Year Pay
- Limit student loan debt to no more than your expected first-year starting salary for typical college tracks.
- Adjust that rule for extended training or high-earning professional paths like medicine.