Two Questions That Separates Rich and the Poor According to Dave Ramsey

Dave Ramsey, the well-known financial advisor and host of a popular radio program, often discusses the mindset differences between the rich and the poor. One specific comparison he makes highlights how the questions people ask when considering purchases reveal their financial habits and attitudes.

When faced with a purchase, a rich person often asks, “How much?”—a straightforward inquiry that determines whether the item aligns with their financial goals and budget. On the other hand, a poor person may ask, “How much down payment?” This seemingly small difference reflects a broader financial behavior: the rich prioritize long-term affordability, while the poor often focus on the immediate feasibility of acquiring something, even if it means accumulating debt.

This mindset gap underscores a critical issue: overspending. Many individuals prioritize immediate gratification without considering the total cost of ownership, high-interest rates, or unexpected financial emergencies. This habit often results in overwhelming debt, creating a cycle that is difficult to escape.
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DISCLAIMER: I’m not a financial adviser. These videos are for educational purposes only. No official financial advice is being given. Please always check with a professional before making any investments or financial decisions. Your investments are your sole responsibility, these videos merely share my own opinions with no guarantee of gain or losses.

[xlerb]

Even when I was young and didn't have much money I never asked anything other than "do I have the money to buy this right now?", and "is this what I most want to spend those dollars on?". The answer to the first question was "no" way more often than I'd like, but even when the answer was yes the answer to the 2nd question was often "no". There were times it really hurt to walk away from something I truly wanted but couldn't afford. But the flip side is I never had much debt and have been debt free, including paying off the mortgage, for well over a decade.

[michellehebert]

Making smart choices is the key to financial security.

[jessestraube]

Another great video from Practical Wisdom!

[michaeljordan]

Usually If I see something none essential that I’d like to have I wait 7 days and if I don’t remember it after a week then I don’t really want it.

[AnnaMuller]

I hope we all know that it doesn't matter who is in the 'top job' because this is a systemic problem -- greed. We have allowed many of our economic sectors, to take advantage of the American people. It's disgusting and frightening for the future of our country. My husband and I will be retiring in the next two years n another country. We are absolutely worried that SS! will no longer be funded. we'll have to rely on his pension, a 403 (b) and a very prolific Investment account with Stephanie Janis Stiefel my FA. Our national debt is bloating and expanding every month. Our government needs to get spending under control and cut the federal budget.

[aloksrivastava]

Damn these bots. These bot "finance advisor" comments are on every finance related YT video. I am tired of reporting them. What is the point of these bogus comments?