Save for major expenses rather than taking out loans from "summary" of The Total Money Makeover by Dave Ramsey
When it comes to major expenses, many people automatically think of taking out a loan as the solution. Whether it's buying a new car, remodeling the kitchen, or paying for a child's education, the idea of borrowing money to cover these costs has become ingrained in our society. However, this mindset is actually setting us up for financial disaster in the long run.
Instead of immediately turning to loans to fund major expenses, it's important to shift our perspective and start saving for these costs in advance. By setting aside money each month in a dedicated savings account, we can gradually accumulate the funds needed to cover these expenses without going into debt. This not only eliminates the burden of monthly loan payments but also saves us from paying hefty interest fees over time.
Saving for major ex...
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