Dave Ramsey Thinks There’s ‘a Lot for Americans to Worry About When It Comes to Their Money.’ Is He Right?

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Should you be concerned about your finances? 

Worrying about personal finance issues is not very fun. Unfortunately, many Americans are concerned about a wide variety of money matters right now. And finance guru Dave Ramsey thinks they’re right to feel this way.

In fact, Ramsey recently indicated that “there’s a lot for Americans to worry about when it comes to their money,” listing factors such as high prices due to surging inflation as well as low rates of savings among many people across the country.

The big question, though, is whether Ramsey is right and you should be worried about the future of your financial stability now.

Is financial anxiety justified?

Unfortunately, Ramsey is right — there are very valid reasons for concern when it comes to your financial situation now.

For one thing, many experts indicate the country is in a recession already, or will soon be in one. Recessions create an increased risk of unemployment as the economy slows down and company’s cut corners.

Americans are also saving less this year. In fact, after adjusting for inflation, the personal savings rate is down 61% compared with pre-pandemic levels and down 88% from the 2022 peak when many people were saving a fortune.

High inflation has also caused the price of goods and services to go up — and it’s not clear exactly when or if costs will come back down to a more manageable level. And, Ramsey also pointed out that there’s reason to be concerned about the housing market as well. “With the real estate market’s surging prices and mortgage interest rates rising, there is also a lot of uncertainty,” he explained.

With items costing more, less money in savings, uncertainty in the housing market, and the possibility of the economy — and your finances — worsening, Ramsey is absolutely justified in warning that Americans have a lot on their plates right now.

How can you stop worrying about your finances?

With so many valid fears, worrying about money may seem like something you can’t get away from. But, the reality is, if you can put some safeguards in place to protect your finances, you may not have to be as concerned about the issues causing so much concern.

First and foremost, you’ll want to make sure you have an emergency fund that can cover several months of living expenses. This can help you avoid fears about how you’d pay for essentials if your income is cut — and can help protect you from disaster by ensuring you don’t face foreclosure or other dire outcomes in this situation.

You’ll also want to make sure you have solid investments you’re confident in so you won’t need to be concerned about a downturn in the stock market. You’ll know that while you may temporarily lose money, you should recoup your losses during an inevitable recovery that always follows a downturn.

You should also avoid buying a house you can’t afford, and make sure to live within your budget and make adjustments as necessary to deal with inflation. If you can do these things, then while your peers may continue to feel the worries Ramsey describes, you can have the peace of mind that comes with knowing you’re prepared.

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