8/15/2005

Advice from Nashville's leading Financial Aid Advisor Dave Ramsey

 
Dave Says
By Dave Ramsey
Author of:
Financial Peace and
The Total Money Makeover

"Is Dave obsessed with money?"

Dear Dave,



I wonder if you’re a bit obsessed with money. I hear you tell folks who have $80,000 to $90,000 saved up when they retire that it’s not enough. That’s all I’ve got, and it’s more than I’ll ever need. I hope I’m crazy and you’re not obsessed with money, but I don’t understand why you say we need to have a million or two saved up.

Tom in KY

Dear Tom,



Don’t misunderstand my message. Money is not the end-all or the key to happiness. Money is good for three things – personal security, helping and giving to others and it’s good for fun. And you need to do some of all three.

I’m all about changing my family tree. Not because money is the answer, but if with money we can leave behind the training to have good money in good people’s hands, we can have a huge positive impact on this culture. I want good people to have big piles of money in order to do good things.

Now, I want you to understand something. I don’t want to leave my kids where they have a lot of money and no sense of responsibility. I want to train them to bust loose with this big pile of cash that I’m leaving them, and not only have an impact three generations down the line in our own family tree, but to impact the whole community in a great way.

But you’re right about one thing. I don’t think $80,000 is enough to retire on and be insured of dignity. If you make 10 percent off that, it puts you at $8,000 a year and that leaves you with an amount to operate your life on that’s only half of the poverty level.

- Dave

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