We all make financial missteps. Self-made millionaire David Ramsey says that mistakes are understandable—just don’t let the same thing happen again.
Ramsey should know. He was a millionaire when he lost everything in his twenties. He made his next million in his forties by imposing spending limits, eliminating debt, and saving as much as possible.
It’s easy to fall into debt, and much harder to dig yourself out. Many of us have been raised to believe that debt is a necessary tool to acquire the things we need, such as a college education, a car, and a home. But it’s far better to save up for financial goals. Bad borrowing decisions are often what gets people into major long-term debt.
Once Ramsey got himself out of debt, he never made the same mistake again. For more financial advice, check out our Instaread on The Total Money Makeover.