You've got to tell your money what to do or it will leave.
Interpretation
This quote emphasizes the importance of actively managing your finances to prevent losing control over your money.
Dave Ramsey's quote highlights the necessity of being proactive in financial management. It suggests that if individuals do not give their money a clear purpose or direction, they may find themselves unwittingly losing it through poor spending habits or lack of planning. This serves as a reminder of the importance of budgeting, investing, and being intentional with financial decisions to achieve financial stability and success.
In practice
In a personal finance seminar, to motivate attendees to adopt better money habits.
Debt is so ingrained into our culture that most Americans can't even envision a car without a payment ... a house without a mortgage ... a student without a loan ... and credit without a card. We've been sold debt with such repetition and with such fervor that most folks can't conceive of what it would be like to have NO payments.
The thing I have discovered about working with personal finance is that the good news is that it is not rocket science. Personal finance is about 80 percent behavior. It is only about 20 percent head knowledge.
Debt collectors like to play on your emotions because they think you'll give in and do something you can't really afford to do. Most of them don't care about you or your situation as long as they get some money.
Hitting bottom and hitting it hard was the worst thing that ever happened to me and the best thing that ever happened to me.
Your priorities, passions, goals, and fears are shown clearly in the flow of your money.
You have to teach children about money intentionally - create teachable moments.
Although it's easy to forget sometimes, a share is not a lottery ticket... it's part-ownership of a business.
If you make time each month to give your money some attention, you'll start the next year in fabulous financial shape.
I have a saying: There are no brave old people in finance. Because if you're brave, you mostly get destroyed in your 30s and 40s. If you make it to your 50s and 60s and you're still prospering, you have a very good sense of how to avoid problems and when to be conservative or aggressive with your investments.
Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.
Don’t ever average losers. Decrease your trading volume when you are trading poorly; increase your volume when you are trading well. Never trade in situations where you don’t have control. For example, I don’t risk significant amounts of money in front of key reports, since that is gambling, not trading.
When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him doesn't know what he means, and there is a good chance that the man who uses it doesn't know what it means.
Subscribe for the occasional hand-picked quote. No noise.