4 Uncomfortable Truths About Money You Should Know

4 Uncomfortable Truths About Money You Should Know

According to Rachel Cruze  GOBankingRates  Peter Burns  Thu, October 10, 2024

Getting your finances right isn’t a walk in the park. Sometimes it takes a long look in the mirror and admitting some uncomfortable truths about your money situation before you can make real progress.

Rachel Cruze, personal finance expert and co-host of “The Ramsey Show,” got candid about her financial journey in a recent YouTube video. In it, she shared some hard financial truths she’s learned over the years and broke them down so you can benefit from her knowledge.

Making More Money Doesn’t Guarantee Financial Success

As a finance expert for more than 15 years, Cruze has dealt with people with different levels of income. She’s met successful individuals who pull in $200,000 a year but still live paycheck to paycheck, and some who make $40,000 annually but have an emergency fund and no debt. The lesson she’s learned through these interactions is that having more money doesn’t guarantee that you’ll solve your financial issues.

A recent survey by Capital One found that 77% of Americans feel anxious about their finances, with 58% saying it controls their life. Cruze explained that the way to get your finances under control is more about your behaviors than the amount you make.

Practicing smart money habits, like developing a paycheck routine and budgeting, will benefit your long-term financial health more than a raise.

Investing Should Be a Goal You’re Working Toward

Another recent survey found that 41% of millennials aren’t investing, with nearly half of those individuals saying they don’t earn enough money to do so. Cruze believes this is a big mistake, because making a habit out of investing even small amounts can pay off in big ways.

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