You may recognize Rachel Cruze as Dave Ramsey’s daughter and part of Dave Ramsey Solutions. But did you know that she refers to herself as a “natural spender?” Yep, in Love Your Life, Not Theirs, she talks about her own struggles with budgeting and spending.
And while she is Dave Ramsey’s daughter and teaches his plan, Rachel has a less confrontational, in-your-face approach which might make her more palatable to those who shy away from Dave. She comes across as very authentic and understanding, like she’s right there with you, trying to spend her own money in the best way.
However, Rachel's book isn't about the Dave Ramsey method. It’s about stopping the comparison trap and learning to love your own life and not covet someone else’s.
In Love Your Life, Not Theirs Rachel identifies 7 Habits that will help you live the life you want.
1. Habit 1—Quit the comparisons.
Keeping up with the Jones’ has always been a thing, but social media has increased the problem tenfold.
2. Habit 2—Steer Clear of Debt.
Debt is bad. Period.
3. Habit 3—Make a plan for your money.
This is one of my favorite habits because this is where I need the most help. And this section is filled with good stuff. Including my favorite quote from the book:
“You can accidentally lose a lot of money, but you don’t keep, build, and multiply dollars by drifting into it.”
Now, I don’t know about you, but that sentence gets me every time. You (I’m talking to myself here) have to have a plan for your money!
4. Habit 4—Talk About Money (Even When It’s Hard)
There are many important conversations that need to take place concerning money. So this is an important chapter. Talking about money can be difficult but we have to do so to be financially successful. You need to talk to your spouse or partner. Managing your money and reaching your goals is going to be very difficult if you aren’t in agreement and headed in the same direction.
If you are single, she recommends finding someone you trust and are comfortable with helping to keep you accountable. This needs to be someone who will be straight with you and who values what you value.
Parents are children’s first teachers about money. Parents need to teach their children about money.
“Many parents are hesitant to talk with their kids about money because they feel guilt or shame from their own past mistakes. If you’re a parent, you need to talk to your kids about money, even when it’s hard.”
And then adult children need to talk to their parents about money. “These can be awkward conversations, but they will help you eliminate a great deal of stress…”
5. Habit 5—Save Like You Mean It
This is the area where she discusses saving for those life events you know are coming. Retirement, a new car, college, weddings, babies, homeownership. These things are not emergencies and we need to be saving (and planning) for them.
6. Habit 6—Think Before You Spend
My key takeaway from this chapter—Don’t $25 yourself to death. This is my personal battle, especially with books. $10 here, $15 there, $20 more, and before I know it, I’ve spent $100 on books. $100 that I didn’t intend to spend. You can’t do that. Be intentional about your purchases and think before you spend.
7. Habit 7—Give a Little… Until You Can Give a Lot
It’s not about how much you can give. It’s about the giving itself. When you focus on the needs of others you change. “You learn what it means to be truly happy.”
If you want to get your financial life back on track and stop the comparison trap, you can order Love Your Life, Not Theirs today.