My general rule of thumb is I want 50% of my yearly income in available cash which is split up with 75% of that split between two banks, the balance in my hand. On top of that I keep some precious metals around as an insurance policy, I usually keep that in gold eagles and silver eagles.
The only things I will borrow money for is a house to live in and a vehicle to get to work. Other than that, if I can't pay cash for it, I don't buy it.
I agree with Dave Ramsey on some things but not others. Where I disagree is with credit cards and FICO score. I travel quite a bit so credit cards help keep my from carrying so much cash, but the credit cards are paid in full every month. FICO scores affect more than a persons ability to borrow money. What you pay for insurance, among other things, is affected by your score.
And I am very lucky, my wife and I agree on how to handle finances.
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Today's Featured Article - Magic Moments - by Tyler J. Woods. Magic moments don’t just happen. You have to help them along. This morning, I got up early. It is my day off from my regular workweek and I had a lot of things to do. It’s fall, and with winter coming on, there is a lot of work to do before weather closes in.
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