Dave Ramsey is America’s trusted voice on money and business. He’s authored seven national best-selling books: Financial Peace, More Than Enough, The Total Money Makeover, EntreLeadership, Dave Ramsey’s Complete Guide to Money, Smart Money Smart Kids, and The Legacy Journey. The Dave Ramsey Show is heard by more than 12 million listeners each week on more than 575 radio stations and digital outlets.
As a seasoned communicator and Ramsey Personality, Rachel Cruze has been speaking to groups as large as 10,000 for more than a decade. The daughter of Dave Ramsey, she joined Ramsey Solutions in 2010 and uses the knowledge and experiences from growing up in the Ramsey household to educate others on the proper way to handle their money wisely and stay out of debt. Rachel co-authored the #1 national best-selling book Smart Money Smart Kids with her dad. Her new book, Love Your Life, Not Theirs, releases October 2016.
A popular and dynamic speaker on the topics of personal finance, retirement and leadership, Chris Hogan helps people across the country develop successful strategies to manage their money in both their personal lives and businesses. He is the host of the Retire Inspired Podcast and the author of Retire Inspired: It's Not an Age; It's a Financial Number, a #1 national best seller. For more than a decade, Chris has served at Ramsey Solutions as a trusted financial coach and Ramsey Personality.
Chris Brown is a nationally syndicated radio talk show host, pastor and dynamic speaker carrying the message of stewardship and intentional living nationwide as a Ramsey Personality. Available on radio stations across the country, Chris Brown's True Stewardship provides biblical solutions and sound advice for questions on life and money. Prior to joining Ramsey Solutions in 2014, Chris spent seven years leading many to Christ while growing churches in North Carolina and Florida. Chris and his wife, Holly, live in Franklin, Tennessee, with their three children.
An inspiring and enthusiastic presenter, Christy Wright has spoken to groups of thousands at corporate events, women's conferences and some of the country's top universities. Christy is also a certified business coach whose direct and genuine presentations cover a range of topics from business and money management to personal development and goal setting.
At age 19, Anthony ONeal was deep in debt and short on hope with no direction of where his life was headed. But after hitting rock bottom, he turned his life around and committed to helping students find and pursue their passions. Since 2003, Anthony ONeal has helped thousands of students succeed with money in their work and personal lives. Now Anthony has joined Ramsey Solutions to spread this encouraging message to students nationwide as a Ramsey Personality.
Renting is not a bad thing. Here are three things you should consider renting.
Wedding decorations! So much better than buying.
I’d be careful about telling people they should have no debt before buying a house. Your income should certainly be high enough to make payments on your debt, including a mortgage. But you need not be completely out of debt before applying for a mortgage. I would be much worse off financially if I had waited to pay off my students loans before I bought a house. 🙂
Great words. Before you buy a house be out of debt and have a fully funded emergency fund. Love it and living it.
Oh so true. #learnedthehardway #helpfromWellsFargo
Plus save up for a down payment! So many people think they can buy a home with little to nothing down. It costs you a lot in the end with PMI.
I am a renter…..feels like a recovery group opening. Yes I am a renter. Also I am a senior citizen, single…not an invite just a fact. Continuing to work full-time. With only monthly bills currently very little emergency funds. Paying off some dollars oopses. Would love to own but also aware of physical and financial limitations. So as I rebuild my emergency fund and take time to enjoy my families I will consider or fantasize on a purchase,but remember can I maintain it? Yeah, one day at a time.
More things to rent: Water softeners! You can blow thru those so fast–let someone else have the liability. Maternity professional and occasion wear. Car instead of a cab–some cities have cars you can rent dirt cheap by the half hour or hour.
You only blow through those if you buy a crappy one. Buy a Kinetico and you’ll probably have it for 30 to 40 years or longer
as long as you change the filters on it when you are supposed to. We just bought our second Kinetico system and only because we moved into a new home. A Kinetico will also be a selling point should you ever sell your home which is why we left ours with our old home. I love, love, love my kinetico – best softener and drinking water filtration system you can buy. http://www.kinetico.com/water-softener/
Any debt makes you “slave to the lender”. Whoever said there is good debt is LYING!! Despite having a high salary and being “able” to make monthly mortgage payments on a good size house, I have decided to take the high road and follow Dave’s teachings. I am getting married in August, and we have no problem with renting until we pay off my high student loans, car, and cash flow my fiancé’s bachelors degree he is working on. Being responsible won’t make you “worse off financially”. That makes no sense. My fiancé and I say to let’s be weird and responsibly purchase a house one day with cash!! Won’t you join us?!
Interesting. We took a large mortgage, and the property has doubled in value since. However, we have no student loans, and paid cash for school. We don’t have $1,200/mo tied up in a liberal arts degree.
So now it’s cost us $140K in interest on an asset that has gained $500K. Haven’t made 360K in the stock market in the last 8 years.
I rented textbooks while in school, and my fiance and I are going to rent for two years until we pay off all his debts! My parents think we’re crazy, and keep pushing us to buy, but we are sticking to our guns, and will save, save, save and pay everything off, so by our second anniversary, we will be able to purchase our first home!
If you aren’t going to be there forever or don’t know what your plans are renting is a great option. No shame in it at all. Buying is a whole lot of money. And hard to get rid of if you need to quickly.
I’ve rented a house and an apartment. I love letting someone else pay for home repairs!
Truly . Owning a home is not as easy as people think.
Realizing your rent likely has a contingency built in for repairs, maintenance, property tax and other items. You are paying, just not directly.
My local camera store has a great plan where you can rent gear, and if you decide you really do need to buy that rented item, you can apply the cost of the rental to buying that same item new from them.
I would also add storage. If you’re not planning on being in your home long enough to make building a garage worthwhile, or if you’re thinking about getting a bigger apartment just to store stuff, check out the storage rental options around you. Depending on the rental market in your area it might be a lot cheaper to rent extra storage than to upgrade your apartment. We also rented a c-can shipping container with my SIL who moved in with us to store a bunch of extra stuff (hers and ours), and as a bonus we used that same c-can to move her out later…they pick it up, drop it on your driveway, you can take your time loading it, they move it when you’re ready and you can take your time unloading it at the destination. No driving around clunky U-haul trucks, no worrying about having said truck back to the dropoff place on time, AND they’re very secure. I’m never renting a truck again to move!
Yes. When my now husband and I moved in together we knew we would eventually buy a house. And he had so much furniture that wouldn’t fit in my apt. So we paid for storage for a year or so. Short term not forever. I wouldn’t have it forever.
I’m 37 and have never owned a house. I’ve lived in the same apartment for around 14 years, it’s all inclusive, so my only extra payments are for cable, phone & internet which I’ve found a great price for, and I really only want to own a home when I’m married one day. I have no desire to be married to a home right now and all the extra expenses that come with it that I as a single person am not prepared for or desiring to deal with. My rent price is almost unbeatable for an apartment this size in my city, so it’s allowed me to have a nice space for myself, and for company, and to be able to save up an emergency fund, and take vacations. 🙂
I’m renting a violin since I’m starting out and don’t know what to look/listen for when buying one for myself. It’s great because ALL of my rental fee can go towards purchasing an outfit in the future. Renting also gives me the option to try the instrument before plunking hundreds of dollars for something that I might not like. Great video, Rachel!
I’ve been renting since college and up to now. In this way I was able to build my contingency fund (emergency fund), travel fund and I’ve been travelling twice a year. I just need a decent, clean minimal apartment to rest, sleep, shower since I’m always on the go for work or freelance jobs. I’m also renting long gowns for formal gathering. No need to spend lots of money for clothes as long as you feel comfortable, happy and beautiful. It’s a matter of discipline and managing what’s truly important and lessen the unecesaary expenses.
I would add renting a car to that list. I currently don’t own a car. I pay a total of $64/mo for a bus pass for my daily commute to work. That’s as much as I was paying just in Auto Insurance per month to own a car. When you add in gas & maintenance that amount doubles. If I need to get somewhere in a hurry I call Uber or Lyft. If I want to go on a long trip or vacation I save up to rent a car. Plus I get a lot more exercise walking. I’m in no hurry to buy a car.
I really don’t have that option, but I agree it makes sense if you do.
If it flies or floats, it’s cheaper to rent.
Along the same lines as the clothes, if you buy designer handbags, you can rent from http://www.bagborroworsteal.com.