6B • DEC. 22, 2023
YOUR MONEY
bransonglobe.com
Dave Says...For starters, have a plan
BY DAVE RAMSEY, CEO, Ramsey Solutions, and an eight-time No. 1 national best-selling author, and host of The Ramsey Show
D
ear Dave, My mom and dad always told me to live within my means. As an adult, I’ve made some mistakes with
money, including falling right back into debt after paying off everything. I’m tired of this rollercoaster, and I want to get control of my finances for good. Can you give me some advice on where to start? Melissa Dear Melissa, It’s frustrating, isn’t it? But making mistakes with money means just one thing. It means you’re human. We’ve all done it. Think about this, though. We’re approaching a traditional time of the year for changes. On top of that, you’re smart
enough to have realized what you’ve done in the past hasn’t worked. Believe it or not, I was once in the exact same spot you are now. When it happened to me, there were three pieces to the puzzle that helped me break the cycle. One was fear. Specifically, I was scared to death that I wouldn’t be able to take care of my family, and that I’d retire broke. Now, don’t misunderstand me. No one should live their lives in fear. But a healthy, reasonable level of fear can provide needed motivation.
Another was disgust. I realized what I was doing was stupid. I was tired of living that way, and I made a conscious, purposeful decision that things were going to be different. The third piece, and maybe the most important because it’s connected to our spiritual walk, was contentment. We live in a society that’s constantly having the idea that we’ll be happier, or more successful, or more admired, if we’ll only buy this or that product. We’re constantly marketed to, and when we have this
stuff in our faces day after day, we can become unsatisfied with just about every aspect of our lives. Don’t let it drag you down. It’s all just an illusion. One of the things I did to combat this, was to start living on a strict, written, monthly budget. Also, I stopped going places where I was tempted to spend money. You shouldn’t give a drunk a drink, right? So, don’t put yourself in a bad situation when it comes to your behavior with money. If you go wandering through the mall without
a specific plan, you’ll lose every single time. When you go to the store make a list of only the things you need. On top of that, take only enough cash with you to buy what you need. If you can walk in and back out without buying a bunch of stuff that wasn’t on your list, it’s a win. Every time you do this, it’s another win and another step away from your old habits and in the right direction. You can do this, Melissa. God bless you. —Dave
Stock Market Insights: The unexpected market kiss
DR. RICHARD BAKER, AIF®, is the founder of and an executive wealth advisor at Fervent Wealth Management. https://www. facebook.com/Dr.RichardBaker
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reached out to shake her hand, and to my shock, the older lady kissed me
• STRESS
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the gym). Exercise helps your body process and release stress hormones, and nature is important for our emotional and physical health. Here are some ways you can stay active during the holidays:
hard on the lips. It was years ago in Belarus after giving a speech and using the example of harvesting potatoes with my grandpa as a boy. I was so shocked that I thought I would die. Similarly, the market was looking for a firm handshake from Chairman Powell and unexpectedly got a big kiss on the lips. The Federal Reserve held interest rates steady on Wednesday, but the after-speech press conference is what caught the markets off guard. The Fed signaled
its rate hiking campaign was finished by forecasting three rate cuts next year. The Fed released some projection numbers, but what shocked the market more than the numbers was that the Fed felt confident enough to put them in writing for the world to see. Before the meeting, many guessed that Powell would speak negatively to rein in markets already rallying on anticipated rate cuts. Instead of being negative, he confirmed the market’s expectations and threw fuel on a
hot fire. Wednesday’s speech was a complete U-turn in tone from as recent as two weeks ago when Powell spoke at Spelman College in Georgia. This not only marked the end of the most aggressive rate hike cycle in forty years but set up a potential first rate cut as early as March 2024. That’s as close to an unexpected market kiss as you can get. All this came about because inflation has declined much faster than the Fed expected and will soon hit
its 2% target. If this happens, the Fed will shift its focus on lowering rates fast enough to avoid a recession. The U.S. economy could still have a recession in the next few months, especially as interest-sensitive parts of the economy continue to struggle with high-interest rates, such as the housing market and manufacturing, which might already be in recession. The good news is that unemployment rates are still low, as are claims for unemployment insurance, and
the stock market is rallying. All of which doesn’t usually happen when the economy is about to go into recession. The germaphobe in me wanted to melt into the floor when the old gal gave me the Belarusian cultural greeting. I guess she really connected with the potato story. I made a major life decision at that moment; I would never again use a potato story in a Belarusian speech; it’s just not worth the risk of that kiss. But I will stand in line every day for an unexpected market kiss. Have a blessed week!
• Bundle up and go on a walk to see Christmas lights in the neighborhood. • Get an epic snowball fight going with the neighbors (play is exercise too). • Walk through a Christmas tree farm. • Go ice-skating. • Build a snowman in the
front yard. • Go for a hike or nature walk. • Go sledding. Nobody wants to be sick at Christmastime— and exercising, getting outside, and resting are all natural immune-boosting activities that will help you feel strong, peaceful and healthy.
11. Take some quiet time for yourself. Keep your sanity by scheduling some quiet time to do things you enjoy. Read a book. Do a Christmas devotional. Sit down for five or 10 minutes with a meditation app. Give yourself some breathing room between parties, travel schedules, work deadlines and shopping. Another key is to try to stick to your normal routine. If a normal day starts with pouring yourself a cup of coffee and reading the newspaper, don’t skip it. If you exercise every day, keep exercising. Routines help you stay calm
and focused—plus, it’s a great way to stay sane, especially when you’re sharing a bathroom with your in-laws. 12. Ask good questions. I’m willing to bet you don’t see your extended family all that often—so when you do, why not take time to get to know them on a deeper level? Instead of making awkward small talk, really dig in and see if you can learn something about them you didn’t know before. Be curious, not judgmental. Ask your grandparents for their best piece of marriage advice. Ask your 5-year-old nephew
which superhero he’d want to be and why. 13. Connect with the people around you. Christmastime is meant to be filled with joy, gratitude, belly laughs and lingering conversations over the dinner table. But connection doesn’t happen by accident. Don’t get so caught up in the mania that you forget to enjoy the people you’re doing all this for. And do your best to respond well to holiday stress this year. Yeah, the holidays can be crazy— but we can choose to be gracious and generous with ourselves and our loved ones.
