{"id":17340,"date":"2020-11-10T12:23:00","date_gmt":"2020-11-10T16:23:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=17340"},"modified":"2020-11-11T12:33:34","modified_gmt":"2020-11-11T16:33:34","slug":"dave-ramsey-method","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/dave-ramsey-method\/","title":{"rendered":"The Dave Ramsey Method: Rethink Money Now"},"content":{"rendered":"\n<p>What is the Dave Ramsey method? How does the Dave Ramsey method bust <a href=\"https:\/\/www.shortform.com\/blog\/myths-about-money\/\">myths about money<\/a>?<\/p>\n\n\n\n<p>The Dave Ramsey method, or <a href=\"https:\/\/www.shortform.com\/blog\/the-total-money-makeover\/\">the Total Money Makeover<\/a>, focuses on using effort and sacrifice for financial health. It requires first confronting money myths.<\/p>\n\n\n\n<p>Read on for the myths about money you have to overcome as part of the Dave Ramsey method.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Dave Ramsey Method: Confront Money Myths<\/h2>\n\n\n\n<p>Like <a href=\"https:\/\/www.shortform.com\/blog\/myths-about-debt\/\">myths about debt<\/a>, there are myths about getting and handling money. They run counter to the Dave Ramsey method and Total Money Makeover principle of effort and sacrifice, of living differently from everyone else now so you can live differently from everyone else in the future. Becoming financially fit has a cost and there aren\u2019t any shortcuts.&nbsp;<\/p>\n\n\n\n<p>Money myths stem from two basic mindsets:<\/p>\n\n\n\n<p><strong>1) Ignoring risks: <\/strong>People who are poor at managing money often ignore the risks of deals that seem attractive on the surface, or they ignore risks of failing to act when they should. There are several reasons:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>They may ignore risks out of laziness\u2014they don\u2019t want to put in the effort of investigating \u201cgreat deals\u201d for a downside\u2014it\u2019s easier to just believe the seller or lender\u2014or they do so out of greed.&nbsp;<\/li><li>They\u2019re overwhelmed and just settle for a bad solution.<\/li><\/ul>\n\n\n\n<p>Regardless of the reason, those who deny a so-called deal\u2019s risks end up disillusioned and worse off financially.<\/p>\n\n\n\n<p><strong>2) Looking for shortcuts:<\/strong> People facing money challenges often look for a shortcut or an easy solution, whether it\u2019s winning the lottery or falling for a TV offer to make quick money or fix debt problems. But shortcuts, like microwave dinners or instant coffee, produce disappointing results.<\/p>\n\n\n\n<p>These <a href=\"https:\/\/www.shortform.com\/blog\/two-mindsets\/\">two mindsets<\/a> help fuel the following myths:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Ignoring Risks<\/strong><\/h3>\n\n\n\n<p><strong>Myth #1: Things will work out if you don\u2019t plan for retirement.&nbsp;<\/strong><\/p>\n\n\n\n<p>No one&#8217;s going to come to your aid in your old age. You especially shouldn\u2019t expect the government, with its poor record of managing money, to effectively manage Social Security and Medicare. You need to plan and invest in your own future, starting now (a later chapter will explain how).<\/p>\n\n\n\n<p><strong>Myth #2: Gold is a good investment, especially in an economic crisis.&nbsp;<\/strong><\/p>\n\n\n\n<p>Gold has long been promoted by advertisements and TV advisors as a secure investment that won\u2019t lose value in a bad economy.<\/p>\n\n\n\n<p>But its track record over time is mediocre. Going back to Napoleon\u2019s era, gold has shown average gains of only about 2% a year. In the last 55 years, gains have averaged 4.4%, comparable to inflation and savings accounts. In contrast, you could get a 12% return over time with a growth-stock mutual fund. Gold has done well since 2001 due to predictions of doom about 9\/11 and the 2008-09 recession\u2014but that\u2019s been its only spike in history.<\/p>\n\n\n\n<p>As for gold being valuable in an economic crisis, history shows that people turn in such instances to trading useful items and skills, not buying with gold nuggets or coins.<\/p>\n\n\n\n<p><strong>Myth #4: Cash value life insurance or whole life insurance are good ways to save.&nbsp;<\/strong><\/p>\n\n\n\n<p>Cash value policies (including whole life, universal life, and various combinations) constitute more than two-thirds of the life insurance policies being sold today. This is unfortunate because these policies, which combine insurance with saving and supposedly grow in value, are terrible investments.&nbsp;<\/p>\n\n\n\n<p>They generate extremely low returns; while sellers have charts showing a growth trend, the policies seldom deliver as promised. For the first three years, the bulk of your monthly payment goes to commissions and expenses rather than to savings. After that, typical returns are: whole life\u20142.6%, universal life\u20144.2%, and variable life (including mutual funds)\u20147.4%. As noted before, you can do much better investing in growth-stock mutual funds.<\/p>\n\n\n\n<p>Further, when you die, your family receives just the face value of the policy\u2014not the savings you eventually accumulated.<\/p>\n\n\n\n<p><strong>Myth #5: Prepaying your funeral or your children\u2019s college tuition protects against inflation.&nbsp;<\/strong><\/p>\n\n\n\n<p>There are better ways to save for both.<\/p>\n\n\n\n<p>While it\u2019s smart to <em>plan<\/em> your funeral in advance, instead of prepaying the expense it\u2019s better to invest the amount in a mutual fund with a 12% average return. If you invest $3,500 at age 38, it would be worth $368,500 at age 78. Investing in a mutual fund is also a better way to <a href=\"https:\/\/www.shortform.com\/blog\/how-to-save-money-for-college\/\">save for college<\/a>.&nbsp;<\/p>\n\n\n\n<p><strong>Myth #6: Buying a mobile home is better than renting because it\u2019s an investment.<\/strong>&nbsp;<\/p>\n\n\n\n<p>In truth, mobile homes are a poor investment because they quickly lose value. For example, if you buy a mobile home for $25,000, in five years you\u2019ll still owe $22,000 on it, but it will be worth only $8,000.&nbsp; For comparison, if you put $25,000 into a mutual fund and it dropped in value to $8,000 in five years, that would be a terrible investment. The same is true for mobile homes.<\/p>\n\n\n\n<p>No matter how many improvements you make, it will still be worth little, should you decide to sell it\u2014rather than a step toward owning real estate that will increase in value, it\u2019s an impediment. The best way to save for a home is to undergo a Total Money Makeover, while living in a cheap rental unit.<\/p>\n\n\n\n<p><strong>Myth #7: When you\u2019re divorced, you\u2019re not liable for loans your ex agreed in the divorce decree to pay.<\/strong><\/p>\n\n\n\n<p>Regardless of what the divorce decree says, you\u2019re still liable if your name is on credit cards, car loans, or a mortgage, and your ex doesn\u2019t make the payments. Your credit will be damaged too. You can tell the judge if your ex doesn\u2019t pay, but you\u2019re still liable for payment and can be sued by the lender. Even if your ex is regularly paying on a vehicle or home, you could still have difficulty getting a loan due to having too much debt on your record.<\/p>\n\n\n\n<p>If you divorce, refinance all debts to exclude your name, or sell the items. If you don\u2019t, you\u2019re asking for trouble.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Looking for Shortcuts<\/strong> Is Not the Way in the Dave Ramsey Method<\/h3>\n\n\n\n<p><strong>Myth #8: It can\u2019t hurt to play the lottery\u2014you never know, you might get rich.<\/strong>&nbsp;<\/p>\n\n\n\n<p>If the lottery truly helped you <a href=\"https:\/\/www.shortform.com\/blog\/building-wealth\/\">build wealth<\/a>, rich people would stand in line for it\u2014but they aren\u2019t the ones who line up for lottery tickets. The lottery is a government-run scam that taxes the poor\u2014that\u2019s why it\u2019s most popular in the poorest ZIP codes.<\/p>\n\n\n\n<p><strong>Myth #9: Books and DVD sets touted on TV can tell you <a href=\"https:\/\/www.shortform.com\/blog\/how-to-get-wealthy\/\">how to become wealthy<\/a> by working only a few hours a week.&nbsp;<\/strong><\/p>\n\n\n\n<p>Anything that promises a huge return on a tiny investment is a scam. No one earns a six-figure income in a few hours a week. Don\u2019t believe get-rich schemes in real estate, work-at-home jobs stuffing envelopes (machines do this much faster), or online medical billing courses.<\/p>\n\n\n\n<p>Books and courses promising big incomes and investment \u201csecrets\u201d are deceptive, although they may sell better than <a href=\"https:\/\/www.shortform.com\/blog\/best-books-about-money\/\">money management books<\/a> that preach what really works: hard work, living on a budget, and getting out of debt.&nbsp;<\/p>\n\n\n\n<p><strong>Myth #10: No one has time to plan a monthly budget, or make a retirement or estate plan.<\/strong><\/p>\n\n\n\n<p>Many people fail to plan because it\u2019s human nature to focus on things that are urgent and put off thinking about the rest. You pay the electricity because your service will be cut off if you don\u2019t; however, there\u2019s no immediate result if you don\u2019t draw up a budget or retirement plan.<\/p>\n\n\n\n<p>Successfully managing money includes thinking about how you want to use it from now through the end of your life. Everyone needs to plan a monthly budget and save for retirement.<\/p>\n\n\n\n<p>The only way to control your money is by creating a written plan allocating it. As motivational speaker John Maxwell noted, if you don\u2019t have a budget directing where your money is to go, you\u2019ll later wonder where it went.<\/p>\n\n\n\n<p><strong>Myth #11: Debt management companies advertising on TV can help you pay off your debts.<\/strong><\/p>\n\n\n\n<p>These companies may get you out of debt, but you\u2019ll end up with ruined credit. Companies like Consumer Credit Services and AmeriDebt (which was forced by the government to shut down) get a single monthly payment from you and allocate it among your creditors after working out lower payments and interest with them. This differs from debt consolidation in that you\u2019re not getting a loan. If you later try to get an FHA or VA loan, you\u2019ll be treated like you filed a Chapter 13 bankruptcy and have ruined credit.&nbsp;<\/p>\n\n\n\n<p>Further, in letting someone else fix your problems, you don\u2019t learn and change your spending habits.<\/p>\n\n\n\n<p><strong>Myth #12: A credit repair service can \u201cclean up\u201d your credit, erasing past problems.<\/strong>&nbsp;<\/p>\n\n\n\n<p>These services, or \u201ckits\u201d they sell, are mostly scams. You can only remove something from your credit record if it\u2019s wrong; this requires writing a letter to the credit bureau requesting the error be removed.<\/p>\n\n\n\n<p>These companies often tell you to contest all bad credit. But if you try to get something removed (by lying) so you can get a loan, you\u2019re committing fraud. Some kits or services also advise you to get a new Social Security number\u2014a second identity\u2014so you can start a fresh credit report, but this is also fraud. Rather than lying to clean up your credit, pay cash instead of credit\u2014and in seven years, bad credit will drop from your record.<\/p>\n\n\n\n<p><strong>Myth #13: It\u2019s easy to file for bankruptcy and start over.&nbsp;<\/strong><\/p>\n\n\n\n<p>On the contrary, bankruptcy is painful\u2014it\u2019s one of the top five life-changing events, along with divorce, serious illness, disability, and <a href=\"https:\/\/www.shortform.com\/blog\/death-of-a-loved-one\/\">loss of a loved one<\/a>. It permanently damages your credit.<\/p>\n\n\n\n<p>Chapter 7 bankruptcy remains on your record for 10 years and Chapter 13 for seven years. However, <strong>a bankruptcy will continue to follow you for a lifetime<\/strong>. Applications for loans and jobs may ask if you\u2019ve ever filed for bankruptcy and if you lie, no matter how old the bankruptcy, it\u2019s fraud.<\/p>\n\n\n\n<p>Most bankruptcies can be avoided with a Total Money Makeover, which is painful, but less so than a bankruptcy. It\u2019s better to fix your problems than suffer a bankruptcy, lawsuits, and foreclosure.<\/p>\n\n\n\n<p><strong>Myth #14: You can get away with skipping insurance.&nbsp;<\/strong><\/p>\n\n\n\n<p>Going without certain insurance is a risk no one should take. The types of insurance recommended as part of your Total Money Makeover are:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Homeowner and auto: Save on premiums by going with higher deductibles.<\/li><li>Life insurance: Get 20-year term life insurance equivalent to about 10 times your salary.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Long-term disability insurance: You need it because you\u2019re far more likely to become disabled than to die before age 65. Get coverage through your job for 50-70% of your income if you can.<\/li><li>Health insurance: The No. 1 cause of bankruptcy is medical bills, so don\u2019t go without health coverage. Lower your premium by choosing a larger deductible and use an HSA (Health Savings Account) to save money tax-free.<\/li><li>Long-term care insurance: If you\u2019re over 60, you should have long-term care insurance for in-home or nursing home care. The average cost of nursing home care is $40,000 a year (Shortform update: this cost is now about $90,000 a year).<\/li><\/ul>\n\n\n\n<p><strong>Myth #15: It\u2019s not important to have a will if you\u2019re young.<\/strong>&nbsp;<\/p>\n\n\n\n<p>Everyone should have a will. If, like 70% of Americans, you die without a will, your state will decide what to do with your assets. Get a will for your family\u2019s sake: a will makes it much easier for your loved ones to manage your estate. <\/p>\n\n\n\n<p>So, for the Dave Ramsey method, you have to push past these common myths.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is the Dave Ramsey method? How does the Dave Ramsey method bust myths about money? The Dave Ramsey method, or the Total Money Makeover, focuses on using effort and sacrifice for financial health. It requires first confronting money myths. Read on for the myths about money you have to overcome as part of the Dave Ramsey method.<\/p>\n","protected":false},"author":6,"featured_media":9829,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,43],"tags":[147],"class_list":["post-17340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money","category-self-improvement","tag-the-total-money-makeover","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Dave Ramsey Method: Rethink Money Now - Shortform Books<\/title>\n<meta name=\"description\" content=\"Take control of your money with the Dave Ramsey method. First, overcome money myths and learn not to fall into their traps. Here&#039;s how.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.shortform.com\/blog\/dave-ramsey-method\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Dave Ramsey Method: Rethink Money Now\" \/>\n<meta property=\"og:description\" content=\"Take control of your money with the Dave Ramsey method. First, overcome money myths and learn not to fall into their traps. Here&#039;s how.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.shortform.com\/blog\/dave-ramsey-method\/\" \/>\n<meta property=\"og:site_name\" content=\"Shortform Books\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-10T16:23:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-11-11T16:33:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/s3.amazonaws.com\/wordpress.shortform.com\/blog\/wp-content\/uploads\/2020\/06\/getting-things-done-method-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1273\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Rina Shah\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rina Shah\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.shortform.com\/blog\/dave-ramsey-method\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/dave-ramsey-method\/\"},\"author\":{\"name\":\"Rina Shah\",\"@id\":\"https:\/\/www.shortform.com\/blog\/#\/schema\/person\/d07435826f13a8f422d5d333dceac287\"},\"headline\":\"The Dave Ramsey Method: Rethink Money Now\",\"datePublished\":\"2020-11-10T16:23:00+00:00\",\"dateModified\":\"2020-11-11T16:33:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/dave-ramsey-method\/\"},\"wordCount\":1962,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/dave-ramsey-method\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2020\/06\/getting-things-done-method-scaled.jpg\",\"keywords\":[\"The Total Money Makeover\"],\"articleSection\":[\"Money\",\"Self-Improvement\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.shortform.com\/blog\/dave-ramsey-method\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.shortform.com\/blog\/dave-ramsey-method\/\",\"url\":\"https:\/\/www.shortform.com\/blog\/dave-ramsey-method\/\",\"name\":\"The Dave Ramsey Method: Rethink Money Now - Shortform Books\",\"isPartOf\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/dave-ramsey-method\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/dave-ramsey-method\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2020\/06\/getting-things-done-method-scaled.jpg\",\"datePublished\":\"2020-11-10T16:23:00+00:00\",\"dateModified\":\"2020-11-11T16:33:34+00:00\",\"description\":\"Take control of your money with the Dave Ramsey method. 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Her penchant for always having a book nearby has never faded, though her reading tastes have since evolved. Rina reads around 100 books every year, with a fairly even split between fiction and non-fiction. Her favorite genres are memoirs, public health, and locked room mysteries. As an attorney, Rina can\u2019t help analyzing and deconstructing arguments in any book she reads.\",\"url\":\"https:\/\/www.shortform.com\/blog\/author\/rina\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"The Dave Ramsey Method: Rethink Money Now - Shortform Books","description":"Take control of your money with the Dave Ramsey method. First, overcome money myths and learn not to fall into their traps. 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