You may already have some; Ready to do the right thing?
You may already have some
I started listening to your radio show recently and heard you say that people should have 10 to 12 times their annual income in life insurance. I am single, I do not intend to get married. In addition, I have no children. Do I still need a big life insurance policy like this?
I recommend most people, if they work outside the home and are married, especially if they have children, to have 10 to 12 times their annual income in a good run. life insurance policy. All you need is life insurance to take care of the things you leave behind when you die. So, when it comes to this type of coverage, just think of anyone who could end up in a bad financial situation if you die. Your family could never replace you, but in most cases they should replace your income.
Someone in your place might not need a traditional life insurance policy, especially if you’ve been smart with your money and saved a bunch of money. A simple and inexpensive burial policy might work. There is also a good chance that you already have a small amount of life. insurance cover integrated into an existing health insurance policy or bank account.
Good question, Kris. I’m glad you are looking for answers!
Are you ready to do the right thing?
I owe $ 17,000 on my car, and it’s my biggest and only debt. I think I can pay it back in two years because I’m making about $ 2,800 a month and my monthly expenses are $ 2,100. I also just received a tax refund of $ 2,000. Should I pay as soon as possible or sell the car?
If you think the car can pay off in two years or less, this is what I would do. The question is, are you prepared to do whatever it takes to make this happen? It will take a lot of discipline and hard work on your part, in addition to living from a strict budget. But in return, you will have this car loan on your back for good.
You don’t want the debt on all of your vehicles to exceed half of your annual income. If so, it means you have too much money tied up in things that are losing value. If you bring home $ 2,800 per month, you are probably making about $ 40,000 per year. Technically, your car loan is less than half in this scenario, but it’s still quite expensive. I would get serious get out of debt, and pay for the thing!
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Dave ramsey is a seven-time national bestselling author, personal finance expert and host of The Ramsey Show, heard by over 16 million listeners every week. He has appeared on Good Morning America, CBS This Morning, Today Show, Fox News, CNN, Fox Business, and many more. Since 1992 Dave has been helping people take back control of their money, build wealth and improve their lives. He is also CEO of Ramsey Solutions.