Dave Ramsey: What is a "Good" Income (My Reaction) (#162)

Financial Advisors Say The Darndest Things

Episode Summary:

In this episode of "Financial Advisors Say the Darnedest Things," host A.B. Ridgeway addresses the question of what constitutes a good income, using a listener's inquiry as a springboard for discussion. Through the lens of financial wisdom intertwined with Christian values, Ridgeway offers insights into financial stewardship and the pursuit of a life rich in spirit and righteous in action.

Key Takeaways:

1. Income Perspective and Financial Discipline: Ridgeway commends the listener, Kelly, for her financial discipline and ability to save despite earning $36,000 annually. He emphasizes the importance of living below one's means and the value of prudent financial habits regardless of income level.
2. Relative Nature of Good Income: While $36,000 may be considered a modest income compared to the national average, Ridgeway highlights the relative nature of what constitutes a "good" income. He stresses that good income is not a moral judgment but rather a comparison to prevailing standards.
3. Career Path and Ministry: Ridgeway delves into the significance of aligning one's career with personal values and calling, especially for individuals with ministry aspirations. He encourages Kelly to explore career paths that resonate with her spiritual convictions and passion for spreading the gospel.
4. Long-Term Financial Planning: The episode underscores the importance of long-term financial planning and the role of disciplined saving in building financial security and freedom over time. Ridgeway encourages Kelly to share her financial principles with loved ones and seek professional guidance for comprehensive financial planning.
5. Faith-Based Financial Guidance: Throughout the discussion, Ridgeway emphasizes the integration of faith and finances, advocating for financial stewardship guided by Christian principles. He underscores the importance of seeking God-centered financial advice and aligning financial decisions with spiritual values.

Quotes:

1. "Good income is not a moral statement. It's relative to the average household income in America, which is $78,000 right now."
2. "The principles she's building upon are great. These are wonderful. And I don't think that she needs to chastise herself for the fact that she has a $36,000 income."
3. "If she takes that margin, she saves it, it compounds, she's going to increase her financial freedom."

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