The Ramsey Show
When You Have Debt Your Money Is Not Really Yours
Aug 28, 2024
Rachel Cruze, a financial expert known for her insights on budgeting, teams up with career guru Ken Coleman to tackle pressing money and career questions. They discuss how to navigate family trusts and the importance of clear agreements in shared property investments. The duo explores the dilemma of furthering education while dealing with debt and emphasizes the value of diversifying investments, especially in real estate. Their conversation is a treasure trove of practical strategies for financial stability and growth.
01:28:46
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Quick takeaways
- Establishing a clear budget that outlines essential expenses is fundamental for achieving financial stability, especially for single parents managing limited income.
- Creating an emergency fund, even a small one like $1,000, serves as a critical buffer against unexpected expenses and enhances overall financial resilience.
Deep dives
Navigating Financial Challenges as a Single Parent
Being a single parent at 24 with two children is no small feat, and many young mothers find themselves overwhelmed by financial burdens. It is essential to prioritize financial literacy and budgeting to create a secure foundation for both oneself and one's children. Starting with the basics, it is recommended to establish a clear budget that outlines regular expenses, including rent, utilities, food, and childcare. Taking the time to track these financial obligations can help identify areas for potential savings and inform future financial decisions.
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