She also offers money-saving advice for new mothers.
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Cruze has talked about college finances – ways to plan for college, how to create a college budget and ways to handle your money after graduation. Her first book dealt with teaching kids about money. However she differs from her father by speaking specifically to young professionals. She talks extensively about staying out of debt and living within your means. Financial Focus and PhilosophyĪs the daughter of Dave Ramsey, Rachel Cruze largely echoes her dad’s philosophy. In 2014, she started a video blog and published her second book in 2016. Her first book, which she co-wrote with her father, was published when she was in her mid-20s.
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She has traveled the country for talks and live events and has appeared on TV and radio shows. Since then, Cruze has continued to help at her father’s media company. She began speaking onstage with her father when she was 15 years old.
The debt led to his bankruptcy and Cruze was able to see him regrow his wealth firsthand. Her father had a multi-million dollar real estate portfolio, but he also had a lot of debt. When Cruze was 6 months old, her parents filed for bankruptcy. As we mentioned previously, her father is financial expert Dave Ramsey, so she heard a lot about money growing up. It is possible to use credit cards responsibly and to reap the rewards attached to them. However, it is worth noting that there is nothing inherently wrong with credit cards and not all financial experts take this hard-line stance. She says that’ll help to keep you aware of what your spending versus how much you have. With a debit card you are drawing money directly from your checking account. If don’t want to use cash, Cruze suggests a debit card. They believe people are too likely to misuse credit cards and instead advocate for using cash for all your purchases. Both Cruze and Ramsey advise people to cancel their credit cards, cut them up and throw them out. One area where Cruze echoes her father is on credit cards. The key is to spend on things that are important to you and to always live within your means. Cruze and her husband always makes sure to budget money for fun things like eating out with friends. If your morning cappuccino is important to you, then include money for cappuccinos in your budget. Money will tell you, a budget is only as restrictive as you make it. Some people dislike budgets because they seem restrictive. They sit down and together come up with a budget that covers everything from eating out to home repairs. You may also want to create a budget with your significant other, should you have one. So help yourself by writing down your budget. Studies show that people are more likely to stick to a goal if they write it down. She recommends creating a budget to keep yourself from overspending. Don’t buy something if you can’t afford it. If you’re just looking for ideas on where to store your emergency fund, read this article.Ĭruze also explains in her book, “Love Your Life Not Theirs: 7 Money Habits for Living the Life You Want,” how it’s vital to live within your means. Cruze goes into further detail on maintaining an emergency fund in her video blog, which you can find on her website. As you get your debt under control, she advises increasing your emergency fund so it has enough to cover three to six months of expenses. This will provide just enough cushion for you to focus on paying your debt. Cruze recommends starting with an emergency fund of $1,000. It’ll provide you with a sense of security and will soften the impact of unexpected expenses or challenges, like losing your job. We’re all in different places financially and personally.īefore you even start paying your debt, Cruze urges people to create an emergency fund. It’s great to have nice things but Cruze emphasizes in her book, “Love Your Life Not Theirs: 7 Money Habits for Living the Life You Want,” that you can’t compare your life to the lives of others. We see the nice things that other people have and then we want those things too. Debt is also stressful and she warns it could strain your relationships with family or friends.Ĭruze believes that many of us get into debt because we compare ourselves to others. She says that debt will make it more difficult for you to meet your goals and live the life you want. If you already have debt, Cruze recommends working to get out of it as quickly as possible. The biggest piece of advice from Rachel Cruze is to avoid debt.
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