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Miami Herald
5 days ago
- Business
- Miami Herald
Dave Ramsey has blunt words on spending money to keep a dog alive
Few decisions carry as much weight as those involving conflicting stresses on how money should be spent in times of emotional crisis. Whether it's downsizing a family home, pausing a child's education fund, or walking away from a dream business, financial choices often intertwine with deeply personal values and identity. The pain of these moments isn't always about numbers - it's about what those numbers represent: security, love, legacy, and hope. In times of financial stress, people confront questions that challenge not only their budgets, but their sense of compassion and well-being. Don't miss the move: Subscribe to TheStreet's free daily newsletter One major example of this for many Americans is the heartrending dilemma involved with how much money one should spend on medical bills to keep a beloved family pet alive. Personal finance author and popular radio host Dave Ramsey recently confronted this difficult circumstance when an advice-seeker presented him with a painful question. Related: Dave Ramsey sends strong message to Americans on Medicare "My wife and I … have a household income of $127,000 a year. We have an older dog who has had some very expensive vet bills recently," wrote a man identifying himself as Jeff in an email sent by Ramsey Solutions to TheStreet. "It has us both wondering how far, financially speaking, we should be willing to go to keep him alive," he continued. "We both really love our dog, so we would appreciate your thoughts in the event we have to make a really hard decision somewhere down the road." Ramsey offered a thoughtful response. Ramsey began by expressing his own personal feelings. "Wow … You're really trying to get me into trouble, aren't you?" he wrote. "First of all, let me say this: I. Love. Dogs. I really do. I've had several during my life, and right now, I have one I like more than most people I know." The radio host then provided some emotionally poignant context. "That being said, this little animal that I love like crazy is still … a dog," Ramsey wrote. "It's not one of my grandchildren, and it's not one of my kids." "If you were to ask me how much money I'd spend to keep one of my kids or grandkids alive, the answer is simple - all the money I've got," he added. "Everything. I've started over from nothing before, and I could do it again. But there's your answer." More on personal finance: Dave Ramsey offers urgent thoughts about MedicareJean Chatzky shares major statement on Social SecurityTony Robbins has blunt words on IRAs,401(k)s Ramsey acknowledged the difficulty of facing a decision such as this. "Now, here's something that's going to be hard for a few folks to hear," he wrote. "With some people who love their animals as much as I do, what I've observed is that the whole relationship can become more about the human than the animal." "I've seen people spend tens of thousands of dollars to keep their pets alive, even though the animals were still suffering," he continued. "At that point, it's not fair to the animal. And unfortunately, that's what often ends up happening with this kind of situation." Related: Dave Ramsey warns Americans on Social Security Ramsey revealed his emotions when handling similar circumstances in his own life. "Listen, I understand this. I'm not bad-mouthing anyone, because I've experienced these kinds of feelings, too," Ramsey wrote. "I've had to have animals put to sleep, and I'll be 100% honest with you: I've sat there and cried - I mean flat-out sobbed - while it happened." "And in my mind, that's a better path to take sometimes, rather than selfishly letting the animal spend its last weeks or months in pain just because you don't want to go through something difficult," he advised. Ramsey also suggested that, in some situations, a happier result is possible. "Now, if you can fix the animal - if you can give it a more-or-less normal, pain-free life by spending some money and actually correcting the problem - then, sure. Do it," he wrote. "There's no rule of thumb or percentage on something like this. If you actually have the money, let's get them fixed up." "But if it takes going deep into debt, wrecking your finances or leaving your family scrambling to make ends meet as a result - then, no," Ramsey continued. "I'm sorry. You should honor and love that wonderful little animal well enough that you don't make them suffer for you." "I hope you understand this, Jeff, and that it makes sense to you. God bless you all, and God bless that old pup. I hope you'll have many more happy days together." Related: Dave Ramsey sends strong message to Americans on 401(k)s The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Miami Herald
6 days ago
- Business
- Miami Herald
Dave Ramsey has blunt words for US workers
Most U.S. workers understand that making more money at their jobs can significantly impact short-term expenses and be an important factor in securing a financially comfortable retirement. In addition to helping people afford day-to-day living costs and keeping up with inflation, higher wages boost Social Security benefits by increasing their average indexed earnings, which determine their monthly payout. With more income, Americans are also better positioned to consistently contribute to a 401(k), accelerating retirement savings. Don't miss the move: Subscribe to TheStreet's free daily newsletter Dave Ramsey, the popular radio host and bestselling personal finance author, recently discussed the best way to ask for a raise at work with an advice-seeker who inquired about his own efforts to increase his income at his current job. Related: Dave Ramsey sends strong message to Americans on Medicare "What's your advice on asking for a raise in a delicate workplace situation?" a man identifying himself as Jacob asked Ramsey in an email sent to TheStreet from Ramsey Solutions. "I've been with my company almost six years, and I make the same money as one of my co-workers, who has been with the company for an equal amount of time and holds the same title." The man explained his job situation and concerns in further detail. "I have no problem, all things being equal, but in my mind they're not equal," he wrote. "During our tenure with the company, I have consistently taken on more responsibility - asked for it, even - and produced bigger and better results than he has." "All things considered, at this point I feel I have the right to complain about the situation, because I think I should be making more money than he does," he continued. With everyday expenses in mind - and thinking ahead to the financial ramifications on future Social Security benefits and 401(k) income during retirement - an increase in salary can have an obvious positive effect on navigating through financial challenges. Ramsey responded to Jacob, first by expressing an awareness of the emotions involved in such a scenario, and then with some blunt words about the precarious dynamics involved with a request for a raise. More on retirement: Dave Ramsey offers urgent thoughts about MedicareJean Chatzky shares major statement on Social SecurityTony Robbins has blunt words on IRAs,401(k)s "Believe me, I understand how you feel right now. But no, you don't have the right to complain," Ramsey wrote. "You agreed on your pay when you took the job, and you should perform your duties with integrity and character." "What someone else does, or in this case doesn't do, has nothing to do with your title or personal compensation," he added. Related: Jean Chatzky sends strong message to Americans on Social Security Ramsey followed up with advice based on his experience running his own company. "Now, if you honestly feel like you deserve a raise because of your effort and performance on the job, that's fine," Ramsey wrote. "It sounds like it may even be understandable, given the situation." "So, if that's the case, sit down with your leader and make a logical, objective and reasonable argument for why you deserve more money," he continued. Ramsey explained his view on a mistake workers should not make. "I wouldn't mention your co-worker, and especially don't bad-mouth him, because it's not relevant," he wrote. "Taking that approach could also make it come off as just a case of sour grapes to your boss." "As a leader, I can tell you that's not an attractive look on anyone. What's relevant here is the value you bring to the company - period," Ramsey emphasized. The radio host drove home his point. "Do you hear what I'm saying, Jacob?" he asked. "If you think you deserve a raise, and you've got the results to prove it, sit down and have a respectful conversation with your leader. Make your case." "Show him or her the numbers in black and white, the value you bring to the company and explain why you feel you should get more money," he added. "I really think you'll have a better chance of getting your work recognized and rewarded if you'll approach things this way." "Good luck!" Related: Tony Robbins sends strong message to Americans on 401(k)s, IRAs The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
17-06-2025
- Business
- Yahoo
Dave Ramsey: Millennials and Gen Zers Want the Child Tax Credit To Be $5K — How This Would Impact Your Wallet
A new survey by Ramsey Solutions found that millennials and Gen Zers want the child tax credit (CTC) to be increased to $5,000. Some respondents claim this increase would have an impact on their decision to have children. For younger Americans facing high costs of living, student loan debt and stagnant wages, this kind of financial relief could help make parenthood feel more attainable. Discover More: Try This: However, a bigger tax credit doesn't just affect new or future parents; it could have ripple effects across generations. Here's why younger generations are rethinking parenthood, and how it could impact your wallet. Also find out how you can qualify for the child tax credit. According to the IRS, the (CTC) allows eligible taxpayers to reduce their federal income tax bill by up to $2,000 per qualifying child. Under the Tax Cuts and Jobs Act, the CTC is set to drop back to $1,000 after 2025 if Congress doesn't take any action. If passed, President Trump's 'One, Big, Beautiful Bill' would make the $2,000 credit permanent and raise the cap to $2,500 through 2028, after which the value would return to $2,000 and adjust for inflation. There are no plans to increase the amount beyond these figures, but Ramsey Solution's The State of Personal Finance report for the fourth quarter of 2024 found that 45% of millennial and Gen Z respondents say increasing the CTC from $2,000 to $5,000 per child would have a 'significant or moderate impact' on whether or not they decide to have children. Find Out: Millennials and Gen Zers have delayed parenthood due to financial pressures, including rising housing costs, childcare expenses and concerns about economic uncertainty. The most recent report from the U.S. Department of Agriculture, based on 2015 data, estimated it costs over $233,000 to raise a child through age 17, not including college. Given inflation and rising living costs, the actual figure today is likely even higher. According to a 2024 survey by Pew Research Center, six in 10 respondents said providing free child care would encourage more people to have children. Respondents also supported requiring employers to offer paid family leave, expanding tax credits and issuing monthly payments to parents of minor children. A larger child tax credit could offer relief to families raising kids, but that money has to come from somewhere. And the financial impact wouldn't be limited to parents alone. The Joint Committee on Taxation (JCT) estimates that a permanent expansion of the CTC with the added boost would cost $880 billion over the 10-year period. That kind of long-term spending raises questions about how the government would cover the cost, whether through higher taxes, increased borrowing or cuts to other federal programs. For older generations, including Baby Boomers and Gen Xers who are no longer raising young children, some could see their tax burden increase or face reduced investment in programs they rely on, such as Medicare or Social Security. Younger generations could also feel the impact. Since the expanded credit would not apply to them, they may still face higher taxes or reduced access to other federal services if offsets are needed to fund the program. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 5 Cities You Need To Consider If You're Retiring in 2025 10 Unreliable SUVs To Stay Away From Buying This article originally appeared on Dave Ramsey: Millennials and Gen Zers Want the Child Tax Credit To Be $5K — How This Would Impact Your Wallet 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
13-06-2025
- Business
- Yahoo
How this finance expert paid off $280K in student loan debt
Jade Warshaw, Ramsey Solutions personal finance expert and co-host of "The Ramsey Show," joins Wealth with Allie Canal to explain how she paid off $280,000 in student debt in about four years. To watch more expert insights and analysis on the latest market action, check out more Wealth here. 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
12-06-2025
- Business
- Yahoo
Rachel Cruze: 4 Things That Keep You Broke Regardless of Salary
The Northwestern Mutual 2025 Planning & Progress Study found that 52% of Americans had household incomes that weren't growing enough to keep up with inflation, which was also the top financial concern reported. Discover More: Consider This: But even if you earn a high enough salary to comfortably handle rising prices, that doesn't mean you'll make good decisions that build wealth. In a recent video, money expert Rachel Cruze discussed four habits that keep you broke regardless of what you make and gave tips on how to stop them. 'If you're continuing to live a lifestyle that your income cannot support, you're going to either be in the hole, or you're going to be draining your savings if you have it,' Cruze said. Sometimes, this happens if you experience an income reduction and refuse to downgrade your lifestyle accordingly. However, living beyond your means can also become a habit at any income level, especially when you're not sure how much money you're making and how you're using it. To stop making this mistake, look at your income and all expenses so you can create a realistic budget you'll stick to. While you're at it, see how you can make more money and where you can cut expenses. Any budgeting spreadsheet or app will work, though Cruze recommended the EveryDollar app. Find Out: Northwestern Mutual's study showed that the average American had $21,500 in non-mortgage personal debt in 2025, with credit cards, car loans and medical debt topping the list. Cruze explained that debt and monthly payments seem normal to many people, so they get used to regularly handing over their income to banks and lenders. This can leave you broke, especially if your debt payments are high. Plus, it leaves you with less money to invest and grow wealth. Cruze recommended prioritizing paying your debts off from the smallest to the largest balance with the debt snowball method. You can use the Ramsey Solutions debt snowball calculator to better understand how the debt is impacting your finances and see when you might become debt-free. Then, you can invest the money you're no longer paying and start getting a return. According to the Bureau of Economic Analysis, Americans were saving about 4.9% of their personal disposable income in April 2025. However, many people still lack basic emergency savings and are left borrowing money or facing difficult choices if something unexpected happens. Cruze suggested making saving a habit by starting with a $1,000 emergency fund and increasing that balance to three to six months of your usual expenses after you've paid off your debt. She also said to put 15% of your pay in a retirement account, which will make a big difference in building wealth. For example, if you're making $50,000 per year, you'd contribute $625 per month. If you keep up that habit for 30 years and get a 7% return, your retirement account balance would be over $700,000 — and that's not even accounting for your likely pay increases over those years. Whether you consider yourself poor or wealthy, you might fall into the trap of constantly wanting to buy fancy things, have amazing experiences and impress people. Depending on your financial situation, you might drain your savings to pay for these things or dig yourself into debt. According to Cruze, wanting to enjoy nice things and experiences isn't necessarily wrong. However, you should practice contentment, not obsess over comparison and save up for the things you want. 'But if your whole life's goal is to constantly be in this wheel of just buying the next greatest thing and just trying to be like everyone else, you are going to be a rat in a wheel for the rest of your life, so don't do that,' she added. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 Warren Buffett: 10 Things Poor People Waste Money On These 10 Used Cars Will Last Longer Than an Average New Vehicle This article originally appeared on Rachel Cruze: 4 Things That Keep You Broke Regardless of Salary 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
