Latest news with #RachelCruze
Yahoo
5 days ago
- Business
- Yahoo
Cincinnati mom tells Ramsey Show her husband won't let her access his account — why it's about more than money
When you get married, your hope is that you and your spouse will treat each other like equals. But that doesn't always end up being the case. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Recently, Nicole from Cincinnati called into The Ramsey Show to ask for advice about her marriage. She asked co-hosts Jade Warshaw and Rachel Cruze, "How do I get my husband to honor the financial commitment that we made together as newlyweds?" Nicole explained that her husband does not give her access to their bank accounts. 'He's CashApping me,' she complained, as a means of giving her money on an as-needed basis. Not surprisingly, Warshaw and Cruze were quick to point out how troubling that is. And they also had some strong words for Nicole to take to heart. When you're not treated as a financial partner Nicole and her husband have been married for 10 years. But after all this time, he won't combine finances. Worse yet, he won't even share the details of his finances. As a stay-at-home mom, that makes her uncomfortable. There's also a 25-year age difference between Nicole and her husband, who works in sales at what she assumes is a $100,000 annual salary. Since she doesn't see his pay stubs or direct deposits, she can't know for sure. Nicole has offered to go back to work, which her husband doesn't seem to want. Rather, he seems content being the one to work as long as he can control the money. Nicole explained that while they have a joint checking account, her husband has a savings account his checks get direct-deposited into. He then transfers money to Nicole on an as-needed basis, and she can't access that savings account. "There's just part of this that feels really controlling," said Warshaw. "He's the one that gets the control." "You don't have autonomy to make decisions," said Cruze. Nicole explained that her husband had two past marriages that he says didn't end well financially. That's what's driving his behavior, according to him. Cruze, however, insisted that Nicole and her spouse should have equal say on financial matters. She also said their issue goes beyond logistics — it's a matter of commitment. "My red flags go up for you," said Cruze. 'What if something does go south, you're the one that gets screwed Nicole.' Warshaw suggested that Nicole and her spouse go to counseling to try to work through their issues. But she also said that Nicole needs to demand to have their banking passwords at the very least so she can pay bills on her own and not have to be reliant on her husband for every little thing. Given their age gap, it's not inconceivable that Nicole might outlive her husband. If he doesn't share financial information with her, she won't be equipped to pay bills when he's gone, or to know what her financial reality will be during her own later years. Read more: Americans are 'revenge saving' to survive — but millions only get a measly 1% on their savings. The hidden costs of being financially locked out by a spouse Having your spouse control all of your finances isn't just demeaning. It could also put you in a seriously unfavorable situation, especially if you're a stay-at-home parent who doesn't earn an income and spends many years outside of the labor force. First, if something happens to your spouse and you can't access your accounts, you won't be able to pay your bills. That could mean losing your home, car, or other assets with a secured loan attached to them. Second, if you have joint bills but you can't get access to your money to pay them, your credit score could take a serious dive. From there, you might struggle to borrow money when you need to. Even if all of your bills are in your spouse's name, that's not great, either. Not having bills in your name could make it difficult to build a credit history, which could also hurt your chances of being able to borrow money when the need arises. In 2022, Experian reported that 28 million Americans are credit invisible, meaning they don't have a credit history. You don't want to be part of that statistic. Also, if you don't have access to your financial accounts like Nicole, you risk being left in the lurch in the event of a divorce. If you aren't aware of the assets you have, you can't claim a legal right to them if you and your spouse split and they try to hide them. Plus, if you don't have access to money in your name, you're going to have a difficult time paying for a divorce lawyer. When you turn 62, you may be able to claim spousal benefits from Social Security if you were married for 10 years or longer. With spousal benefits, you could get a monthly check from Social Security worth up to 50% of your ex-spouse's benefit. However, that probably won't be enough to pay your expenses. And if you don't have a work history, it means you're unlikely to have much in the way of personal retirement savings. Nicole is unfortunately not alone. A Northwestern Mutual study found that only 43% of American women feel financially secure, compared to 59% of men. Just 44% believe they'll be ready for retirement, compared to 61% of men. If you're married and stay home with your kids, it's important to have control over your household finances in the same way that your spouse does. Not only should you know what your bills and income look like, but you should have access to bank accounts and investment accounts, too. Plus, if you own a home, your name should be on the deed and title. Similarly, the car you drive should be in your name, too. Allowing yourself to be kept in the dark only puts you at risk. It's important to have those conversations with your spouse so you're not left scrambling if something happens to them, or if your marriage goes awry. also warns women in long term relationships about financial abuse. They have a list of signs to look out for. They count a partner who makes you feel as though you don't have a right to know any details about money or household resources, puts you on an allowance even if you object, makes you account for all your spending, and prevents you from working as potentially abusive. What to read next This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Here are the 6 levels of wealth for retirement-age Americans — are you near the top or bottom of the pyramid? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Money doesn't have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
07-07-2025
- Business
- Yahoo
6 Things Dave Ramsey Says You Should Say ‘No' To — Does Rachel Cruze Agree?
Dave Ramsey is known for his straightforward financial advice that focuses on discipline and intentional money management. Trending Now: Check Out: In a recent YouTube video, Rachel Cruze, his daughter and a financial expert in her own right, reflects on six things Ramsey advises people to say 'no' to. She explains her take on each of these tips and whether she agrees. Lifestyle creep often happens when your income increases and your spending gradually increases to match. The danger is that without a plan, you may end up spending more as you earn more, meaning you continue to live paycheck to paycheck despite increased earnings. Cruze agrees with Ramsey that you should avoid lifestyle creep. However, she says that if you've managed to pay off your debt, build an emergency fund and save for retirement, it's reasonable to increase your spending in a controlled way. This intentional spending can enhance your quality of life without jeopardizing your financial goals. Read Next: Ramsey advises cutting out all non-essential purchases when you're struggling financially. Specifically, he discourages eating out while you are repaying debt. Cruze also encourages mindful spending and budgeting to avoid unnecessary purchases. However, she acknowledges that once your basic financial needs are met, occasional discretionary spending paid for with cash and within a budget can contribute to a balanced lifestyle. This is a clear-cut no from Ramsey: Don't buy what you can't afford. Cruze fully supports this since the debt and financial stress that result from overspending can undermine your long-term financial stability. This includes buying expensive phones you can't afford or purchasing big-ticket luxury items like boats if your finances aren't completely solid. Cruze points out that many luxury purchases depreciate over time and come with ongoing costs such as maintenance, storage and fuel that must be factored into your budget. When family members repeatedly make poor financial choices, Ramsey warns against enabling them by providing ongoing financial support. Cruze agrees and points out that while helping family is important, enabling ongoing irresponsible behavior by giving your family money does not solve the underlying problems and can harm both parties. Both Ramsey and Cruze also advise you not to take responsibility for others' lack of planning and not to feel obligated to let family move back in. Cruze acknowledges the emotional difficulty of this choice, but stresses the importance of setting boundaries, especially if you're not in a position to support parents or children without jeopardizing your own financial health. Ramsey recommends postponing vacations until you pay off debt fully, as travel expenses can divert funds from debt repayment. Cruze agrees that when aggressively paying down debt, it's best to avoid vacations that could slow your progress toward your financial goals. However, she also suggests celebrating small milestones along the way to maintain motivation, as long as these celebrations don't derail the overall goal. Trying to match other people's lifestyles, many of whom are also living paycheck to paycheck, is a financial trap that Ramsey warns against. Cruze emphasizes that comparison is exhausting and unproductive. Focusing on your own financial goals rather than trying to impress others will lead to healthier money habits, so say no to keeping up with the Joneses. Overall, Cruze agrees with most of her father's advice but adds nuance by recognizing that financial discipline doesn't mean deprivation forever. She highlights the importance of intentional spending once foundational financial goals are met and the need for balance to maintain long-term money habits. More From GOBankingRates 6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on 6 Things Dave Ramsey Says You Should Say 'No' To — Does Rachel Cruze Agree? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
06-07-2025
- Business
- Yahoo
4 Moves That Can Make or Break Your Financial Security, According to Experts
If you were asked to imagine your personal finances as a house (go with it, like it's a meditation exercise), you'd probably want to picture a sturdy foundation. An inviting porch, where influential people, like bank representatives who offer credit, will want to sit for a while. Walkways that make it easy for your friends and family to find side rooms you've reserved for them. Certainly, you wouldn't want it to be a house of cards, capable of being brought down by a single financial shock. Read Next: Check Out: That's the goal of financial security: building something sturdy and lasting. And while it may seem complicated, it's easier than you imagine — especially when you strengthen your financial structure by following these four tried-and-true, expert-approved approaches. There's not a lot of love between Dave Ramsey and Tori Dunlap — these financial experts disagree about everything from the right time to start investing to how you should vote. So, when they align on a piece of advice, you know it's worth considering. Creating an emergency fund is the very first step in Ramsey's famous 'baby steps' toward financial stability. Writing for Ramsey Solutions, Rachel Cruze spells out the need for an emergency fund, and how it differs from your existing budget, quite clearly: 'A budget helps you plan for regular expenses each month — like groceries, gas, insurance, etc. But what about those big expenses you can't plan for? With an emergency fund, you're ready for just about anything that may come your way.' Likewise, Dunlap suggests making an emergency fund your number one priority, going even further in her advice to suggest that you set yours up in a high-yield savings account. Typically, Dunlap has recommended saving between three to six months of essential expenses — however, with the state of inflation and overall economic volatility, she now recommends bulking that amount up to nine months. For You: Investing may seem like the domain of people who have a more comprehensive financial education than you do, but it doesn't have to be. Not when experts like Vivian Tu, aka YourRichBFF, are here to demystify the process of learning to invest. Calling herself 'your favorite Wall Street girlie,' Tu's years of expertise in the market have helped her hone a relatively simple way of getting everyday people involved in investing. As reported by GOBankingRates, Tu recommends searching for the best robo-advisors in 2025 — as in, digital platforms that can help you understand your needs and risk tolerance while offering suggestions on potential investments. And you can always run the online advisor's advice by a flesh-and-blood financial planner, making tweaks as needed. Life insurance offers financial security in a pretty obvious way: It ensures that your family members will be able to maintain their standard of living if you were to pass away. With a robust policy, you can cover outstanding debts, like mortgages, credit card balances and car loans, sparing your family from having to take on that financial hardship while freshly grieving for you. However, experts like Suze Orman don't want you to assume that the basic life insurance you get through your company is going to be enough to cover you. Far from it. 'Workplace life insurance pays out a very small death benefit that is typically equal to one or maybe two years of your salary. That is not nearly enough,' she wrote. 'To fully protect your loved ones and make sure they never have financial hardship, my advice is to consider a term life insurance policy that is at least 20 times (25 times is even better) the annual income that you need to be replaced.' While Orman points out that whole life plans are typically more expensive than term policies, there are certain times when purchasing a whole life plan might make more sense for you and your family. As U.S. News & World Report explains: 'Unlike term life insurance, whole life has a cash value that builds over time on a tax-deferred basis. The cash value can be used as a savings vehicle for retirement, and you can borrow against or withdraw it.' Just be aware that any amount of the loan that isn't repaid in full upon your death will be deducted from the death benefit. At the end of the day, the best advisor to help you build the frame of your financial house is the one who can offer personalized advice suited to your goals and your needs. Searching for a financial advisor you can trust — and working with them to create and continuously review your plan — is one of the best ways to ensure long-term financial From GOBankingRates 5 Steps to Take if You Want To Create Generational Wealth 4 Things Your Neighbor Who Retired Early Won't Tell You About Their Financial Plan 4 Things You Should Do if You Want To Retire Early I'm a Certified Financial Planner: 3 Wealth-Transfer Tips I Tell My High-Income Clients This article originally appeared on 4 Moves That Can Make or Break Your Financial Security, According to Experts Sign in to access your portfolio
Yahoo
06-07-2025
- Business
- Yahoo
Nashville man, 22, makes up to $90K/month day trading — now he tells Ramsey Show he's ready to try real estate
After leaving college with a finance degree, Zack, from Nashville, Tennessee, started day trading professionally. He's excellent at his chosen profession, netting between $30,000 and $90,000 every month. But day trading doesn't take up all of his time and he wants to branch out into the world of real estate investing. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it 'I am trying to figure out when to make the jump into real estate because, that's kind of where I want to take my end goal,' Zack told Ramsey Show hosts, George Kamel and Rachel Cruze. But both Kamel and Cruze think there's a step in between that Zack should take before diving straight in. Although Zack wants to jump into real estate, the Ramsey hosts needed to gather more information about his current income. Zach explained that he had practiced for over three years before deciding to make an initial investment of $3,000 of his own money to start day trading. After doing well, he shared his results with several proprietary (prop) trading firms, which offered him a chance to work for them. Essentially, a prop trading firm allows him to trade using 'other people's money.' When he makes a profit, he can keep between 70% to 90% of the profits. But if he makes too many bad trades, the prop firm will boot him out of their system. 'I was able to pay my student loans off by doing it,' said Zack. 'If you're so good at this, why not use your own money?' asked Kamel. Although Zack is good at trading, he doesn't always have the large lump sums required to make it worthwhile. With that, he prefers to lean on the funds provided by prop trading firms and split part of the profits. 'I was raised a Ramsey kid, so the less risk and the more success, then that's kind of where I was going with it,' Zack told the hosts. As he's earned this money, he's put the Ramsey principles to work. He started by paying off his student loans, building up a substantial emergency fund and setting aside a large portion to cover his income taxes. Currently, he is debt-free and has around $50,000 in liquid cash. His end goal is to use the funds to invest in real estate. 'I've always wanted to get into real estate. And so, I'm trying to figure out when the best time would be to make that move and start investing in real estate as well,' said Zack. The Ramsey hosts urge caution, especially against taking out loans to purchase rental properties or flipping projects. Instead, they suggested he first get into real estate by purchasing his own home to live in. After that, he could consider purchasing rentals as he has the cash available. 'With real estate, we say, if you're going to go beyond your primary residence, you want to do it with cash,' Cruze told him. Since he just signed a year-long lease, the Ramsey hosts suggest he save up for a home during this upcoming year. From there, the time to branch into rental real estate is whenever he has the cash available, according to the Ramsey principles. Read more: No millions? No problem. With as little as $10, here's of diversified assets usually only available to major players So far, day trading is working out well for Zack. But he's only been doing this for a couple of months. The appeal of the type of day trading he's doing is undeniable. After all, who wouldn't like the possibility of quick profits without any major overnight market risks. 'A bad day would be me breaking even or only losing about a thousand or two,' Zack said. Plus, day traders enjoy a more flexible schedule with increased independence to do other things throughout the day. For example, Zack mentioned he only spends about three to four hours a day trading, leaving plenty of space in the day for other activities. Although enticing, day trading comes with some serious risks. For starters, there is a steep learning curve. It can take years of practice to become proficient in trading. Zack mentioned that he practiced for several years before trading with real dollars. Even with experience, traders can face a high risk of financial loss and must account for the high fees tied to every trade. Many think they can beat the odds. But the vast majority of day traders lose money. According to recent research by Tradeciety, only 1% of traders earn a profit after the fees are taken into account. If you're serious about day trading, consider learning with play money. You can find online simulators to practice day trading without running the risk of losing real money. Depending on how that goes, you may or may not want to jump into the market with your hard-earned savings. This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Money doesn't have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-07-2025
- Business
- Yahoo
3 Ways Money Could Be Ruining Your Life, According to Rachel Cruze
In our modern capitalist society, everybody wants more money, even the people who have the most money. The old saying 'Money can't buy happiness' hasn't aged well, either, as more research shows that money can and does buy happiness. One 2010 study published by Princeton University's Daniel Kahneman and Angus Deaton found that day-to-day happiness rose as annual income increased up to $75,000 ($109,611 in 2025). Another study published in 2021 by the University of Pennsylvania's Matthew Killingsworth found that happiness rose steadily with income way above $75,000. Find Out: Read Next: But just as money can create contentment and pleasure, it can create chaos and misery. In a recent video posted to her YouTube channel, financial expert Rachel Cruze discussed three ways money can 'ruin your life.' What are they and how can you get your life back from money-induced agony? In the U.S., we often equate success with wealth. And we don't often think of ourselves as being successful until we've built our or are well on our way to building a hefty net worth. In this way, money — having it or not having it — influences our self-perception and identity. It can turn into a pretty toxic situation if we begin to associate our net worth with our self-worth. 'What's so hard is to separate those two things — to say, 'Who am I without all my stuff, without all the success, without all the money?'' Cruze said. 'If you start to feel like, 'Oh my gosh. If I'm not producing and I'm not creating value all the time, then I feel like I'm worthless.'' Earning money is a part of who you are — as is having the ability to save, invest and possibly help support a family — but it is not all of who you are. Combat this pernicious intermingling of net worth and self-worth by doing the following, per Cruze's recommendation. See money as a tool that's neither good nor bad and doesn't reflect anything onto you. Practice contentment daily. 'Contentment will bring peace,' Cruze said. To practice contentment, write down things you're grateful for each and every day and do mindfulness exercises. Have an identity associated with things that can't be taken away. Money can be taken away. Explore More: We've all heard about how money is a leading cause of divorce, but we may not have paused to think about all the ways in which money can harm not only our romantic relationships, but just about every other kind of relationship. Cruze delved into a very specific possible side effect of wealth, where, once you get to a certain level, you start to cut yourself off from the real world and live in a kind of upper-class bubble. 'You start to become out of touch,' Cruze said. 'And in a sense, you can start to lack empathy and compassion for others.' Getting wealthy, especially quickly, can be an alienating experience (you make more than your friends now, or you may have a lot more power and privilege than your spouse) and one that potentially brings out the worst in you. You can easily start to disconnect with the things or people that really matter. To prevent wealth from damaging your relationships, Cruze recommended the following. Look for and act on opportunities to help other people. Use your money to build a life you love that centers on the people you love. Set your kids up for success and confidence by encouraging things that build dignity, like working and doing chores. Intentionally avoid raising spoiled kids. This is one that may not be relatable to all. Cruze is deeply religious (Christian) and talks often about the principles of Jesus and her family's dedication to God. She believes that money can be detrimental to your relationship with God by 'making it harder for you to see your need for Him,' she said, and argued that when you have the ability to pay your way out of crises (a good thing), you may not turn to a higher power much for help (a not good thing, in Cruze's opinion). 'Make sure that your money doesn't replace your view of God,' Cruze said. Combat the risk of losing your spirituality by believing that your higher power is the reason you have the ability to earn money and to ask for guidance with humility about the best ways to use your wealth to make a difference in the world. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 7 Things You'll Be Happy You Downsized in Retirement Are You Rich or Middle Class? 8 Ways To Tell That Go Beyond Your Paycheck This article originally appeared on 3 Ways Money Could Be Ruining Your Life, According to Rachel Cruze
