Personal FinanceBeth Gwinn / Getty ImagesAaron WebberThis post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive
compensation for actions taken through them.When it comes to financial advice and helpful money tips, you can definitely do better than Dave Ramsey. We honestly doubt there is anybody who has become rich by following his advice, and how could they? Dave’s financial “tips and tricks” boil down to supporting big companies, handing over all your money to the existing monopolies, buying more index funds, and so on. Be a good capitalist cog and spend, spend, spend, consume, consume, consume.
Unless you proactively use your money, high inflation and corporate greed will quickly erase your purchasing power.
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However, in this case, when it comes to using your money, Dave is correct. This is one of the few times we will ever agree — broken clocks and all that. That being said, what are the details, the nitty-gritty, when it comes to telling your money what to do? How can you do that in an effective and intelligent way? Most importantly, how can you do it safely? Where will it go if you don’t?All that and more as we dive in together.Why Are We Talking About This?jd8 / Shutterstock.comA photo of some savings.Banks don’t exist to help you. As private companies, they are self-interested and will take any action to make more money off of you and your money. Because of this, many people don’t know that high-yield savings accounts exist, how to take advantage of them, or where they came from. We want to help with that in our own way.Background on the QuoteAnna Webber | Getty ImagesDave Ramsey.If you’ve spent any amount of time online, especially on LinkedIn, heaven forbid, then you’ve probably seen your fair share of Ramsey quotes. This is definitely among his most popular.The quote comes from a discussion surrounding budgets and how to manage your money effectively. While the entire discussion is helpful and can be useful for many people, especially for those who struggle making ends meet even with a high salary, we will focus only on this portion.Where Will Your Money Go?NanoStockk / iStock via Getty ImagesGiving away your money.The real inflation rate for 2024 was 2.53%, but since this is across all goods and industries and sectors, that doesn’t quite capture the increase in prices for everyday goods. If you feel like prices have risen far beyond this amoun