Dave Ramsey, financial educator and radio host, spoke about the high rate of Americans falling behind on their car payments. He believes this is due to a growing number of people taking out larger loans to purchase cars, which is a sign of a struggling economy.
He argues the problem is not the car itself, but the lack of financial planning and discipline. Ramsey suggests that investing in a long-term plan, like a 401K or IRA, can help people become millionaires instead of relying on car payments.
Ramsey believes there are two types of people:
those who make smart financial choices and those who do not.
He argues that making smart choices means avoiding car payments and instead investing in a long-term plan that can offer a high rate of return. He also says that many successful people don't whine and instead have a plan and stick to it.
Ramsey speaks from experience, having lost everything and having to file for bankruptcy in the past. However, he and his wife were able to turn things around by creating a plan and following through with it. He argues it's important to sacrifice in order to win and that adults should follow a plan while children do what feels good.
In conclusion, Dave Ramsey stresses the importance of avoiding car payments and instead investing in a long-term plan in order to become financially successful. He argues that the problem is not with the car, but with the lack of financial discipline and planning.