I have a rule about windfalls. Money is a tool, and it can be used for good or for ill. Don’t be a knucklehead—the money won’t last forever.
One of the common misconceptions about money is that you need a lot of it to be happy. But if your basic needs are met and you don’t have any debt or risk, you can live paycheck to paycheck and be perfectly content.
Things are pretty good right now. But I think most experienced market practitioners know that pain could be just around the corner.
Usually, when I rank on Dave Ramsey, I get back the following: “Well, he has helped a lot of people, hasn’t he?”
Common financial advice from Suze Orman and other “experts,” like avoiding daily coffee, is wrong. Focus on big financial decisions, not the little things that just don’t matter.