Friday, March 27, 2009

Dave Ramsey: How to deal with setbacks

by Dave Ramsey

(You can catch Dave Ramsey on a radio near you - or go to the FoxBusiness Network to watch his show)

Failure? I never encountered it. All I ever met were temporary setbacks. —Dottie Walters

We’ve all encountered setbacks. They’re just a part of life. But one thing makes the difference between a setback and a failure—your attitude. If you don’t believe that, hello! This is your wake-up call! members Carl and Tricia in Indiana are an amazing example to us all. For several months, they and their three youngest children have been surviving on as much as a 60% pay cut, all while maintaining a fully funded emergency fund and learning how to live on $60-a-week grocery budget. How have they done it?

According to Tricia, the biggest help has been simply having a plan and a six-month emergency fund socked away. They have made substantial sacrifices to maintain their long-term financial goals. Eating out has become a rare, almost celebratory occasion. Tricia cooks nearly all of their meals from scratch. She’s a true home economist who not only hunts for bargains but also home schools her three youngest children. They have avoided Murphy a couple of times thanks to a tax refund and squeezing extra dollars out of their monthly budget.

In addition to day-to-day family obligations, Tricia and Carl have been proactive in their community by helping their neighbors who are financially hurting and losing their jobs. They have hosted a money workshop and Financial Peace University, and they have also been mentoring four families in their hometown. They invite other couples over for dinner, discuss the Baby Steps, and show them how to apply the proven principles to their lives.

While most people would have interpreted Carl’s income drop as a devastating blow, Tricia and Carl have seen it as an opportunity to pass on the knowledge they’ve gained and continue to live on less than they make. Because of their dedication to planning and saving, their family is taking a vacation this year to the Grand Canyon!

See, there’s nothing flashy to it. Your attitude and decisions make a world of difference every day, despite everything going on around you. It takes discipline, creativity and sacrifice to win in all areas of your life. No one ever said it was easy, but most things in life that are worth it are not easy.

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