HomeServe, a company that provides repair service plans and home emergency insurance, has been the subject of numerous complaints in recent years. The company has faced a record £34.5m fine for a catalogue of failings, including avoiding paying out for boiler repairs. The company has also been accused of using sophisticated fraud detection methods to identify suspicious claims.
HomeServe and its subsidiary, Home Emergency Insurance Solutions, sell contracts for various home repairs, promising to send a professional team to fix the issue. However, SoCal Gas has stated that it does not endorse or accept Home Emergency Insurance Solutions. Chris W., who reviewed Home Emergency Insurance Solutions, gave the company 1 star on 01/24/19.
HomeServe is not BBB accredited and is known for offering boiler, plumbing, and complete home emergency cover for homeowners. However, it has been revealed that it is facing a record £34.5m fine for a catalogue of failings. Financial businesses should be aware of the scam and avoid HomeServe at all costs.
Online reviews of HomeServe are mostly positive, but some individuals do not have personal experience with the company. HomeServe plans are underwritten by Wesco and Technology Insurance Companies, AmTrust Financial Services, and are rated “A” by AM Best.
📹 Home Emergency Insurance
Andy Talbot, Head of Sales at ARAG UK, talks about the company’s Home Emergency solutions for insurance brokers.
Is a cracked toilet covered by insurance?
A buildings accidental damage policy covers unexpected and accidental damage to property, including broken windows, doors, toilet facilities, split cables, blocked pipes, and broken locks. Contents accidental damage cover protects items inside a home during accidents, such as smashed plates, torn sofas, and water-damaged floors. However, pet damage is rarely covered by insurers, as many homeowners have pets in their homes. Pet-related damage, such as chewed furniture or a fouled mattress, is not covered on standard or accidental damage policies due to the high volume of pet-related inquiries.
Is a cracked toilet covered by home warranty?
Home warranties provide coverage for the repair of plumbing damage resulting from normal wear and tear, including instances of malfunctioning toilets and clogged drains. However, such coverage is not extended to instances of plumbing damage caused by negligence, improper installation, preexisting conditions, or natural disasters.
Can EECP remove heart blockage?
Enhanced External Counterpulsation (EECP) has shown promise in improving symptoms and cardiovascular function, but it doesn’t completely remove heart blockages like surgical interventions. Patients should consult with their healthcare professionals to determine the most appropriate treatment plan. EECP may be beneficial for some patients, but ongoing research is needed to understand its long-term benefits and limitations. Individual responses to EECP can vary, so patients should work closely with their healthcare team to make informed decisions about their heart health.
What is home emergency cover for?
Home emergency cover is an insurance policy that provides fast assistance in case of a home emergency. The insurer arranges for a registered tradesperson to fix the issue within 24 hours, but it doesn’t cover the damage caused by the emergency itself. The policy covers call-out fees and repairs, but not the damage itself. An emergency is defined by most insurers as something that requires immediate attention and repair.
How much does it cost to fix a cracked toilet?
The average cost of a toilet repair is $60 to $200, while a replacement cost between $400 and $800. Replacing a toilet incurs an additional fee of $25 to $100 for removing the old fixture. If the toilet is old, needs multiple repairs, or has many worn parts, it may be more cost-effective to replace the fixture. Repairing a toilet can be completed within two hours, while replacing it can take several hours.
However, repairing a part only extends its life, while replacing the whole unit includes all new parts and reduces future repair costs. Comparing prices from toilet repair services near you can help determine the best option for your needs.
Does home insurance cover a broken toilet?
A damaged toilet can cause issues like leaking water and waste escaping into the home. Home emergency insurance should cover if the toilet is smashed, blocked, or leaks. Power supply is crucial for lighting, heating, washing, and cooking. Home emergency cover should help if wires or gas pipes are accidentally damaged or if electricity supply is interrupted due to a fault within the home. It’s essential to have adequate home emergency insurance to protect against these potential issues.
Is emergency room covered by insurance India?
A comprehensive health insurance plan, such as those offered by Care Health Insurance, provides coverage for emergency room visits, hospital expenses, diagnostics, and pre and post-hospitalization expenses. This plan allows you to invest for your whole family, as it covers all members under a single-family floater health plan. Additionally, a health insurance plan covering emergency room visits allows you to quickly seek medical assistance at a nearby hospital, ensuring quality and quick treatment is not hindered by medical costs. This ensures that you can focus on your well-being and not let financial constraints hinder your ability to seek quality care.
Is EECP covered by insurance in India?
Enhanced External Counterpulsation (EECP) treatment is a non-invasive procedure that improves blood flow to the heart by using inflatable cuffs wrapped around the patient’s legs. These cuffs inflate sequentially from the calves to the thighs and buttocks, creating a’milking’ effect that enhances blood flow to the heart, increasing coronary perfusion and reducing the heart’s workload. Insurance coverage may vary depending on the insurance provider and policy, but EECP treatment is often covered for patients with documented coronary artery disease and refractory angina. The effectiveness of EECP treatment is a topic of interest, with real-world outcomes and mechanisms of effectiveness being explored.
Is it worth claiming on home insurance?
If your home is damaged, consider covering the cost yourself instead of claiming on your home insurance to protect your no-claims discount and avoid unnecessary premium increases. If your browser makes you think you’re a bot, it could be due to factors like being a power user, disabled cookies, or a third-party browser plugin preventing JavaScript from running. To regain access, ensure cookies and JavaScript are enabled before reloading the page.
Are ambulance charges covered by insurance?
It is standard practice for health insurance policies to provide coverage for emergency services, including ambulance transportation, when such services are deemed medically necessary. Nevertheless, specific conditions must be satisfied for coverage to be applicable, and these services are typically included in the policy.
Can you get money for a broken TV?
Broken TVs can be repurposed for various purposes, such as LCD TV recycling programs, selling them locally at shops, or returning them to TV manufacturers for a new one or money. The parts of the old or broken TV are considered valuable and can be used on a new one. One way to turn an old broken TV into a DIY skylight is by using LED lights, liquid crystals, diffusers, light-guided plates, and prism plates. This DIY project allows you to create a functional and decorative skylight that can be used to enhance your TV’s aesthetics and functionality.
📹 WHY Dave Ramsey’s Emergency Fund DOESN’T WORK | Caleb Hammer
Epidemic Sound: https://share.epidemicsound.com/icedcoffeehoursep Video From ▻ “This Keeps 99% Of People Broke!” How To …
He is right about the snowball, that’s what I did. I few small wins helped me get going and motivated. I laid them out and laser focused on smallest, obsessed over it, everyday log onto website of debt holder and that number was in my mind. Took 10 years of poverty-like living but 3 weeks ago paid of 60 grand in debt! It can be done.
You start wherever you are. If all you have is $10 and can only add $25 a month do that. Anything beats having nothing. I’d rather have $1000 and have an $1500 emergency than have nothing saved. If you can save two or three months emergency before paying down debt, then you can pay down debt and tweak your emergency fund if need be. The objective is getting those debts down.
I think the $1,000 emergency fund is more of a habit forming achievement than it is a safety net. $1,000 can pay for quite a few emergencies that may come up, and there are dozens more that it can’t. What I think Dave’s intention behind it is, is to start working that saving/investing muscle and to reach an achievement quickly to build momentum for the race that’s ahead of you. Realistically, a month saved is far better, but I don’t know how that would effect the rate of success or follow through. Maybe that emergency fund size should also be dependent on the situation, like the snowball vs. avalanche method. Just my thoughts.
So its been stated the $1000 is just to give a buffer against needing to go back to using CCs if something small comes up. It was shown people who had to fall back on CCs when they first start the program get super discouraged. Once they get to the step for an actual emergency fund, its supposed to be the equivalent of 5-6 months expenses
Figuring out where to start when you have multiple debts is very overwhelming. I always paid over the minimum payment on credit cards and now only have one which I pay off monthly. When student loan interest went to 0% during covid and payments were deferred, you had better believe i went in and manually scheduled payments and my SL debt is gone. I also have not had cable TV in almost 4 decades. It kills me when I hear friends talk about being broke, but they have huge TVs and an expensive Cable/satellite/streaming service and go out drinking every weekend.
I have said this before, I feel like it should be $1000 emergency fund AND one credit card with a zero balance. It took me time to stop using credit cards. I had actually become dependent on those cards to act almost like and income. It happened, though. I have no more consumer debt!!! Now I am making payments to my ex-husband regarding a vehicle we purchased just prior to getting divorced. Then….I pay off my house. If nothing disastrous happens, I should be out of debt completely by next year at this time.
The comment around understanding what your relationship with money is, and where is going is a very insightful comment. This is so foundational to everything that they are all talking about. It’s not just taking a passive interest in what you money is doing, you need to interrogate your fears around money; your insecurities.. all of it.
Learning to budget and live within your means is a life skill most people don’t have and need to learn to get control of their life. This is why so many people get degrees that they will never be able to pay back their student loans and they’re not even sure where that can work and how much their earning potential actually is.
I started focusing on my finances 2 months ago because I was tired of living paycheck to paycheck…better late than never. The first thing I did was save up a $1k emergency fund, which was easier than I thought it would be…who knew budgeting actually helps? I’ve since increased that to a 3-month emergency fund, which I’m still working on. I’ve paid off my credit card and am working on paying off the last $9k owed on my car. My house and student loans are already paid off. The struggle is real, but progress is progress.
As a CFP professional what this guys talks about in regards to giving advice on debt repayment methods is 100% bang on. You have to cater your recommendations to the phycology of the individual. To his point on emergency funds, he is right. I go a step further and recommend to people 3 months emergency fund for the fact in my country it takes about 3 months for unemployment insurance to kick in. This guy has a good head on his shoulder but needs to get out in the field working to obtain more experience. The amount of financial strategies you also get from fellow industry people is also invaluable. I guess Caleb gets some of that from other means but not as consistent as being in the field. Be a different thing if he was in the field for 10-20 years before jumping to YouTube. Never tread the line of arrogance as experience and knowledge helps avoid that. Regardless of this non solicited advice, keep up the great work Caleb!
The size of your starter emergency fund is going to vary based on your situation. It should be an amount that would cover whatever an emergency would look like for you. Is it a transmission failure, an AC failure, a bad water heater? Whichever of those is the most likely and highest cost, that is what your emergency fund should be.
I also love Dave. I listen to him almost every day. However my biggest issue with his baby step 1 is not necessarily the $1000 amount, but that he applies it to literally everyone regardless of their situation. $1000 bucks will work for most people, but Caleb is right on this one. If you’re a family of 5 with a 15 year old car, or someone with a highly unstable income, you should be saving more than a 1000. The starter emergency fund should be based on your personal situation.
I think the part he’s missing is that the $1,000 emergency fund should push you to get out of debt faster. If you have a whole month saved I think that’s fine, but you’ll be more comfortable and less motivated. The baby emergency fund is not designed to make you comfortable and to say “save up $3,859 before paying off debt” is such a momentum killer because they won’t even actually get started paying off debt for months in most cases.
The $1,000 emergency fund not being enough is true, my husband and I (no kids, no pets) decided to always have AT LEAST $3,000 to $5,000 as our emergency fund (our rent alone is $2,000 we live in a 1bd/1b in South Florida). Two weeks ago our paid off 2008 Honda Civic SI needed the water pump and the timing chain replaced, amongst other things – that was $2,700 on the spot. Two years before that, I got into an accident with that same car and even though we had the recommended coverage by Ramsey’s program, we had to pay almost $4,000 (after the peanuts that our insurance gave us) so we could get the car fixed. Since it is an older car with over 100k miles, the insurance company deemed it total loss and they wanted to keep the car. So, no, $1,000 is not a one-size-fits-all, you gotta decide how much you’d really need as a minimum for your emergency fund.
It’s wild how someone can question his qualifications. I guarantee he only makes people’s lives better. And he doesn’t need a certification he’s literally just giving run of the mill dad advice to people who just never got it or he telling people how to get out of debt which is really just common sense people just don’t want to give up their lifestyles to pay it off and need to head someone say it
Dave tells you to keep $1k as an emergency fund until you’ve paid off all consumer debt besides your mortgage. This can take years. Additionally – the logic behind the $1k starter emergency fund was the same when Dave began his program 30 years ago but he has refused to adjust it for inflation. This makes no sense. $1k today has far less buying power than it did 30 years ago
I’m no DR here! But my gosh! How many times does DR have to say “The $1,000 emergency fund is a starter fund! YOU CAN ADD TO THAT $1,000 EF!” But people STILL do not listen! We know and DR does too! That in this economy $1,000 EF will not totally take care of your emergencies. That is why you can add to it!🤦
I get what he is trying to say but the truth is they were living check to check before right? Last time i checked $1000 is a way more than $0. The problem with the 1 month method us the length of time to accumulate it. If you make 3k a month and your left with $100 after all your bills. You start taking action 30 months from now. I think if you can save a months salary in 1-3 months, your not that bad off finacially and can fix the problem easily.
Everyone keeps saying the $1,000 is meant to be short term. The problem is this is all you have while you pay off all debt besides your mortgage which could take a decade. This might work if you’re 22 and owe $5k on a credit card but they give the same advice to 40 year olds with kids and $500k student loans who are going to spend years in this spot.
While avalanche does technically save you more, the small victories help you stay on track. I discovered Caleb and prior to I was in and out of debt constantly. Going through periods where I was penny pinching because I didn’t utilize CC responsibly to being out of debt. I never had a period where I was financially disciplined enough to just use credit as it should be. After Caleb’s articles, I’m on track to actually maintaining a debt free lifestyle and at the very least one where the debt is easily manageable.
$1000 takes care of lots of emergencies, but it’s not supposed to take care of everything. If it takes you any longer than a month to save a $1000 baby emergency fund, it’s going to take months and months and months to save up 3 months of expenses for a full emergency fund. That’s 3 extra months that your debt is increasing because you’re diverting money away from it for the emergency fund. Dave advice is good.
Having a 1K cash is not a bad thing for the first step but you eventually need to have 3-6 months money saved away that you can get easily in an emergency. Dave preaches having emergency funds to cover 3-6 months, so I’m lost why saying his method doesn’t work when it has helped millions around the world with their debt issues
Every guest Caleb has had on had never changed, the first girl he had back. She came back significantly worst. There was guest that said they’ve been perusal Caleb for months and made no real changes till there on his show. One guy that went on the show and was in huge debt, but was buying Caleb merch. I mean I’m a huge fan of Caleb but no way of thinking is 100% solid proof, Dave/ice coffee/ Caleb. Sometime is finding the happy medium that make sense
One thing that Dave doesn’t touch on a lot with the Emergency funds and getting out of debt is the time it takes because everyone’s finance is different. But it is important to know that his program is not meant to take couple of years. His method takes time. A lot of ppl hear, 3-6 month emergency fund and say its impossible or doesn’t seem feasible to save that much. The reality is that Dave expects you to get to this part within your timeframe which can be 2 years, 6 years, 8 years, etc based on your income. There are too many callers on his show calling and saying they are debt free in about 1-2 years from starting Dave’s baby steps, but the reality is that most folks will take longer. So people do the math and realize it wont take them 1-2 years like his callers, but more like 5-8 years just to get out of debt and save a 3-6 month emergency fund. It seems discouraging but IT TAKES TIME to get your finance together.
People will be contrarians no matter what the number is. Most of the people using Ramsey or Caleb have a decent amount of debt. It’s alot harder to save up a month’s worth of funds if you have a bunch of minimum monthly payments. If you’re in the beginning stages of either program, you’re very vulnerable. 1k is for the random medical bill or minor car repair. It doesn’t matter if your starter emergency fund is 1k or 3k if you’re central air unit takes a dump or your furnace blows out. You’re going to end up financing.
It’s behavior. Running a mile a day is an arbitrary distance but it sets an achievable task for someone to get into shape. You’re looking at it through the lens of people better with money, not people drowning in consumer debt and student loans. If you make it arbitrary to expenses or inflation people will end up saving less or not at all. You know how to use a calculator but you don’t understand people.
I disagree on this I think Dave is correct. Asking people to go all the way to 2 months emergency fund before starting the snowball is just bad advice for those who’s income is really close to their expenses. And lets be honest if someone is dead broke that’s highly likely. There is no better tool in debt recovery than creating positive cashflow and that’s what the snowball is all about and you can’t wait “forever” getting that large emergency fund before that starts at all. Tackling the largest interest rate first sounds logical too but not making the cash flow more positive as soon as possible is far more important than that little difference in interest rates. This is whole article is simply bad advice, period.
I completely understand why Dave says $1000 for an emergency fund and he is right because it’s not meant to be long term. But i kind of see where Caleb is coming from when he says get a months worth of money just to ensure you won’t fall back into debt in the case of an emergency. When you think about it, when Dave first started all of this $1,000 was probably enough money to survive off of for a month.
I saved $2,000 and then used $500 of it to pay off my credit card and a few days later, I had a medical emergency and missed 2 weeks of work and the same day, someone drained my checking account because they got a hold of my debit card information. The bank restored my account and replaced my debit card and I had enough saved, it didn’t matter it was impossible for me to work and that made it a lot easier to recover not worrying about money. I had 40+ hours of PTO saved, but I recently had COVID and then I had it just about to 40 hours and I had a medical emergency that required 80 hours of PTO, so that would have been a week without pay. Now, I want to have enough saved where if I had another emergency in the next few months, I’m okay. Sometimes, multiple events happen close together. I need to save and then pay off more debt, but saving needs to come first or I’ll just end up with more debt because that’s what happened last time I got debt-free and the time before.
I don’t think I’ve ever seen a Caleb success story. I think his audits are great for come to Jesus moments, but his follow-ups are always failures. He never addresses the actual issues. He does a budget that anyone can do with an app that none of his clients will stick to and he yells at everyone. It’s definitely entertaining, but he doesn’t offer any solutions. Starting with a two month emergency fund for someone that can’t get through a month without taking out a payday loan is NEVER going to work.
If you are living paycheck to paycheck or only have a few hundred dollars left each month it will take a long time to get 1 month Emerg fund. During that time interest will still accrue on the debt so it would make since for only 1k Emerg fund. However, if you have a lot left over and just blowing it on junk than it would make sense to save a month Emerg fund instead of 1k
I think the issue with Dave Ramsey’s $1000 emergency fund in relation to the baby steps is he says “Save $1k, then pay off ALL DEBTS, then save 3-6 months.” If that were me, I would literally not have an emergency fund over 1k for about 8 years. By that time, unless I kept my $1k in a HYS, it’s no longer worth it. I like Caleb’s 1-2 month emergency fund method, then pay off debts, then emergency fund again. Because at that point, most people are either at or over $1k for their emergency fund, and aren’t super set back by a sudden emergency.
I love Dave Ramsey but what he will never explain over the air on his show is that back in 1992 when he first originally wrote financial peace. The starter emergency fund was $1000 which was worth $2,188.53 in today’s is buying power due to inflation. And all he needs to do is say “hey guys inflation is a real thing and because I teach finances, Our thousand dollar emergency fund is going to be $2000 because everything has doubled. And the reason they don’t wanna change it is because he would have to rewrite 30 years worth of curriculum, articles, podcast, audio, radio, DVDs, you name it.
Even if you’ve only taken that baby step of having $1K in emergency savings and haven’t yet taken the further steps of having several months of living expenses in savings you’re still going to be $1K ahead of where you would be in an emergency if you didn’t have that small emergency fund. You’ll have a little less money you need to scrounge up, you’ll be a little less further in debt, and you’ll recover a bit earlier. Early on we had a emergencies that wiped out our savings a couple of times but I’m glad we had what we did. It gave us a more options and we were able to make decisions that cost a bit more but were better in the long term.
Idk if thua guy read daves books lol 😅. I know he says he does but how you gonna save up for bigger emergencies when you cant save 1k? The saving 1k is more than a STARTER emergency fund. Yiure building habits and discipline to get there. Not to mention, step 3 is literally save 3-6 months of living expenses. He also teaches the avalanche method with debt. Debt is the biggest portion of where money goes. Its smart to pay it off.
Anyone can have an opinion on anything. What matters is the result. Dave Ramsey’s methods have worked for many people, which has earned him a lot of credibility. Therefore, I would rather listen to him than to some kid who has not even learnt as much about personal finance as Dave Ramsey has forgotten.
I had $6,000 in savings, and it was going up and I was miserable, because I knew that as long as I wanted to continue doing that I had no choice but to work with other people every week. At some point a man who has worked too hard and sacrificed too much in vein will snap and stop believing in moving forward, when the only freedom in life is independence from your family and all the authoritarian people that exploited them. I don’t accept reality, I reject it because ever since childhood most people have only ever impressed me with how gradually and willfully they completely collapse and become everything they ever feared and hated.
You’re missing the point of the emergency fund – it’s use is actually not fiscal, per say. As Dave has said himself, when combated with the question it cost of living rises and inflation, ‘it’s not meant to be enough’, meaning, of course $1k isn’t comfortable. The real emergency fund is 3-6 months of expenses. The initial baby step is meant to be a psychological step forward, because getting out of debt is a mindset struggle more than anything else. It’s to actually take a step and complete something, to propagate going forward with more zeal. It’s important, but it’s not meant to be ‘enough’. You should be uncomfortable as hell after saving your first grand, but crucially, ready to rock and roll on forward because you did it. That’s it’s use. Remember, you guys and people who watch these pods are exceptions not the overall rule.. the general public out there don’t have financial restraint or handle debt properly. So Ramsey’s advice works there – just avoid it completely, outside of a mortgage, and once you get a mortgage, pay that fucker off ASAP. Most people want to be net worth millionaires (their home will be the main proportion of their worth) – not hyper-wealthy. It’s the best route to get there with the most normalcy, efficacy and safety.
I have supported Dave and defended him for over 30 years. He is a veteran, almost as old as the 3 of you guys put together. But where I split with Dave, I mean all subs, threw away all his materials and walked away was when he went on a tirade against one of his best co-hosts George Kamel over a minor point. Dave actually swore on air, made some derogatory statements and acted like a narcissistic spoiled brat dictator about the whole thing. I posted this on one of his articles immediately before unsubscribing to anything to do with him (Dave), his organization or co-host content published under Ramsey. I don’t disagree with philosophies for the more part but cannot tolerate someone who tells other bosses how to behave throwing a tantrum about a simple issue that could be worked out. I am outta here with Dave and will pray, read my Bible and follow Bible principals on how to manage money. Jesus is better at than Dave, though outside of this incident I will grant Dave was good at it. He ain’t GOD however and the article in question confirms it.
Dave Ramseys advice is easier to stomach when you already live debt free. Its seems impossible to people drowning in debt but with a little patience and consistency will pay off. Ive never been in debt, ive stayed away from it like the plague. I can skip daves baby step #2( getting out if debt) and just focus on building my 3 to 6 mos emergency fund. Which is where i am now. I only make 35k a year but im able to save $1000 a month being debt free and keeping my expenses low. Being in debt is the biggest financial block in alot of peoples lives. Once you get out its going to be like living a brand new life.
This going after debt by interest rate is silly. With a goal of being debt free in X number of months or years, playing high roller savings a pennies on interest is how people get into debt in the first place. Paying off smallest first is not just a “win”, it frees up money and takes some pressure off. Ramsey has said the thousand dollars does not need to be increased due to inflation. It is intended to be there for unforeseen events that will cause a set back. If you think it should be 1500, then you have delayed 500 dollars toward killing a debt. That is more important. The thousand is for a bad tire, kid expense or something minor, relatively speaking.
We had several thousand in an emergency fund and it it still wasn’t enough. If you’re lucky enough to only have a single hit every few years then you’ll be fine. But we had hit after hit with our house and cars that took tons of money to fix and we still have some pretty serious house repairs that need to be done. And that’s with my husband being able to do a lot of those repairs himself.
Most of the people on Calebs website mostly have mental issues….. Most of them really need just basic advice, or they have issues that need to be solved at some other level. That’s one of the biggest takeaways from Calebs website IMO. Most people just make really bad decisions because of some weird mental loop, or some weird reasoning for decision making, I mean I do it too, I think we all do, so finances really isn’t the numbers it’s the mental game. Can you control yourself? Can you consistently show up to work? Can you live within your means? Can you cook for yourself? Most people have SUCH a desire to appear successful to either get women, or impress their families that they go into extreme debt. An emergency fund isn’t the problem lol, it’s people’s mentality. Having $1k in the bank, having 3-6 months in the bank, for most people what they need is just a reality check. Most of his guests either struggle with work, they buy WAY too expensive cars, they eat out every meal of their life, or they went to school and got a bad degree with lots of debt and no job prospects. People need to have a PLAN in life in general, most of these people don’t know what the hell is going on at all.
Shhh…. don’t tell anyone but i made it to baby step 3 with $1,000 STARTER emergency fund and contrary to what people are trying to tell you, my whole world didnt cave in around me 😧🤯 I cash flowed many things during my debt repayment because of the margin i had between monthly expenses and monthly bills (new glasses, brakes (twice) two sets of tires, house insurance, car repairs, house repairs, even a few vacations) all while doing double payments on my debts. I get both of you are trying to build your own brands in the finance world and have different advice, but the GOAT of financial advice covered everything there is to possibly cover. You obviously excel in teaching younger people about money who dont want to listen to Dave because Dave is old and reminds them of their parents or grandparents. But ive always found that my grandparents were always right about money ( and net worth millionaires before i knew what that meant)
How would you be able to save 1 month emergency when you are living paycheck to paycheck? The reason $1000 works is because it’s easier to accomplish it! The 1000 isn’t supposed to make you feel safe! It’s supposed to literally a fire under your ASS because your BROKE!! The snowball works man! Once you pay off the first card or the first debt and you get the feeling of hi I did something plus I have this extra 100 or 150 now I can put this on the next debt now I have 260. The guy giving the interview asked why don’t you just go and become a licensed professional. Answer given is it’s not worth my time! Dave’s answer would be Stop asking your broke friends for their advice!
So much respect for Caleb because he understands how much financial ignorance is out there. It’s not necessarily stupidity but just ignorance about how credit, debt, and overall machinations of the system work and it’s designed to keep most Americans in the dark to keep charging 20-30% interest and constantly in that debt spiral. The reasons he cites for the emergency fund not working aren’t because it’s bad, it’s just not adequate anymore. Does it create good saving habits? Sure, but is that the only way to create a habit you can rely on in today’s dollars.
Dave suggests $1k starter. Its not enough, and its not intended to be enough; but is better than nothing. You want more? Save more… But the main goal is get rid of debt and not pile cash until you are debt free. Caleb is not qualified to give ANY financial advice. He’s just a YouTuber who insults people who are incapable of handling money due to mental problems. I even thjnk he’s exploiting their mental struggles for clocks. But follow his financial advice? Again… he’s totally unqualified.
Dave Ramsey can help people that are absolute morons and have no concept of budgeting and saving money. Someone with a little bit of structure and intelligence should be utilizing and leveraging debt to make more money. Having a credit card that you use for a free cash back percentage that you pay off before incurred interest.