When Is Dipping into Your Savings Justified?

[@jasminevasquez5518]

When the cat 🐈‍⬛ example came up …I thought George was gonna say something along : The cat won’t even remember your name” I was waiting for Rachel to bring the horse comment up 😂😂😂

[@stephaniesullivan8154]

That’s what I was thinking! The man that said to sell the horse is dipping into an emergency fund for kitty stones. No judgement because my cat spent the weekend in an oxygen chamber at UF and that wasn’t a cheap hotel stay 😅

[@JuliMariDreams]

😂😂😂

[@ericaterrones16]

lol!!!!

[@michelleparks4582]

Yes! It's not a horse though lol. My cat (1 of 4, but my baaabyyyyy) had TWO penile surgeries to keep him alive. The first vet said put him to sleep. I said, how about we put YOU to sleep? So rude!!! Anyhow, a different vet did surgery #1 for $575.a drastic cut from the 3k the original guy wanted. It lasted almost 2 yrs. The second one was a super emergency on the spot surgery bc the pee tract scarred COMPLETELY shut. They were draining urine through the belly with a giant syringe! Surprisingly, that old school vet only charged me $675 for walk in (new to the state & area) on the spot surgery, 2 days hospital stay & all meds! 2 yrs now and my kitty is great! On my lap as I type this. It's worth it if it's your kids or your beloved pets. ❤😻😻😻😻😻

[@5407wtbrown]

I’m in baby step 2. Got my $1,000 set aside. Next day, the garage door spring breaks and my wife hits a pothole that destroys my tire. That’s what I get for saving up $1,000. 😅 Back to baby step 1.

[@bookwormbon482]

If you hadn't saved up the 1k you'd be in debt right now, so it helped you a lot. If anything it can be motivation to keep going :)

[@Murphyyoutube1]

I think that pattern continues. I’m halfway through baby step 3, and our fridge died and killed all our food. We spent some emergency funds to replace everything. It feels like a constant two steps forward one step back. Well, back to saving.

[@stevenwhitley6286]

But you had the money to fix it! That's amazing. Don't stop going forward. Murphys law lol

[@alexpietsch7997]

And hey. In the time that you saved 1k your car loan and your student loans and a few others had a reduction in balance from minimum payments. You didn't need to add new debt over this issue! You made progress

[@patrickhassing120]

Check your states Department of Transportation - I’ve had tire and rim fixes paid for by South Carolina DOT because of hitting pot holes.

[@Flyterbut]

Crisis into inconvenience is on point. My father in law just recently passed away with no life insurance and we had to pay for the entire funeral arrangements by ourselves. Thousands of dollars later, it truly did let us handle the funeral and properly mourn instead of stressing how to ask others for help that clearly were fine with us shouldering it all financially. No one in that family even knows we had savings, everyone thought we put it all on credit and we're still more than happy to not offer a dime of assistance or even to offer to help with bringing refreshments to the viewing.

[@john-o1g9p]

with my partner for 29 years. seperate accounts. i paid 1785 for her cremation, no urn. her credit card company paid a 9855 bill for end of life care for a cat that died 3 weeks before she did. we were both orphans. ''families rarely do not dissapoint''.

[@elainebradley8213]

Condolences from us. Bless you for being able to provide.

[@Ara-ni5xc]

I would never pay money to a designer that stamps their big, ugly logos on their merchandise. That’s like I’m paying them to advertise their brand!? Not a good deal to me.

[@john-o1g9p]

their ROI, not mine...

[@sheilad6359]

I agree! ❤ I've been laughed at for this opinion, but to each their own. I refuse to be their free advertising or buy into the one-upmanship.

[@Lourd-Bab]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

[@Lourd-Bab]

@JacquelinePeters03 However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitment.

[@Lourd-Bab]

@JacquelinePeters03 Clementina Abate Russo is her name

[@Lourd-Bab]

Lookup with her name on the webpage.

[@Lourd-Bab]

@JacquelinePeters03 You are welcome .

[@stephaniesullivan8154]

The most expensive pair of shoes I’ve ever bought are my hiking boots. $180-ish because you don’t climb mountains in Walmart sneaks. I’ve had them for 7 years and they’re still going strong.

[@allisonmodaff5635]

I hiked the Rocky Mountains in Walmart trail shoes lol

[@stephaniesullivan8154]

@@allisonmodaff5635 😆 I love it. Hopefully your feet did too 😂

[@chaselesser3191]

@@stephaniesullivan8154Honestly with some $15 foam inserts, from Amazon. And his feet would be fine. Hopefully dry if he got some water resistant shoes. lol.

[@theChef1337]

I work for the government and I max out my 401k, 457, Roth IRA, and HSA every year. Its automatic so I dont even miss the money and at the end of the year I have a pile of cash. I will admit, it is tough making the remaining $10 of my salary stretch the rest of the year, but its a sacrifice I am willing to make to become a multi millionaire by the time I turn 28.

[@NotUrShadow]

LOL that last line absolutely tickled me. Praying for your sacrifice :)

[@saeligutierrez8025]

I agree my wife and I I finished our 6 month emergency and we feel so much pride

[@chad1755]

Wow good for you. Don't just keep it in cash though. Put it to work spread across cashable GICs, locked-in GICs, and a small amount in a good broad market ETF that pays dividends (SPY, SPLG, etc). That way the majority of it is safe and earning for you at the same time.

[@bryan_witha_whyy]

@@chad1755The emergency fund isn’t for making money. That’s what the rest of your portfolio is for.

[@chad1755]

@bryan_witha_whyy 6 months income is a lot of money sitting there inflating away. As long as the principle is safe, why WOULDN'T you want it making money?

[@bryan_witha_whyy]

@@chad1755 Because if the market takes a crap quickly and you lose your job you have yourself a mighty big problem. As you build your portfolio, the emergency fund will look smaller and smaller and the pain of not investing it will dwindle with time.

[@AndreaRuralMN]

At Easter my Dad's girlfriend tried a dig at me for having a 6mo emergency fund! I was saying I'm done going to work ill and trying to make appointments outside work hours because our sick time has a max on hours and we can't cash out when we retire or quit. She was like what if you get sick and need that time but its used up?! I said there's short term and long term disability and... She cut me off and said not ALL of us have a 6 month emergency fund!! She's the one that pointed out 10 things she recently bought and a couple things in the mail from Amazon for her adult children (19 &22) that day! I think she's jealous of what I've accomplished on low income (just like her) house with 25% down payment, emergency fund, home improvement fund, well stocked pantry ...

[@DifficultNerd]

Having saved up an emergency fund totally changed my relationship with money. I felt my gut relax in ways I didn't realise were tense. Going through the process has trained me to enjoy being deliberate and intentional with money - and now I want to increase my fund from 3 months of burn-rate to 6 months. I hope I never need to use it, but just having it is life changing.

[@Nettakatrina]

The most expensive pair of shoes I have are on clouds for 160 dollars, very functional. I am on baby step #2 and I have worked myself from $16,000 to $11,000 just from January. Yall keep motivated

[@mandymulvey694]

Rachel is right! I don’t know what brands of sneakers are expensive but I do know about the red bottom heels!

[@Missfoxtooyou]

I find it funny because Rachel has admitted spending $400 on her Golden Goose sneakers.

[@joecrum3712]

Rachel the sneaker game is absolutely HUGE. Michael Jordan is not a billionaire from actually playing basketball. In 2023 alone the Jordan brand had 6.59 BILLION in revenue. Lol

[@jackiem9460]

I've never binged a tv series, but I used to read a book start to finish 8hrs non-stop. Neither are healthy lol

[@_cully]

High-yield savings accounts are great, but the ones that have the bucket feature (so you can organize savings for different things within a single account rather than open a zillion separate accounts) are the cat's meow

[@alleykeosheyan4779]

Who offers such a thing if you don't mind my asking?

[@_cully]

​@@alleykeosheyan4779 I'm sure there are others, but I know it's a feature of savings accounts at Ally

[@MirMadeArt]

​@@alleykeosheyan4779 I know some of the Ramsey folks have said that Ally Bank and their high yield savings account is nice because they have the bucket feature. I went with them because that's what I wanted from a high yield savings account too. I don't know if Goldman Sachs has that feature, but they also recommended them as well.

[@MelissaArtis]

​@alleykeosheyan4779 I have Ally and they are known for their savings "buckets". Allows you to have 1 savings but distribute the money into various buckets for specific savings goals. It's a High Yield Savings as well so win-win!

[@hexa3737]

@@alleykeosheyan4779 Ally, Sofi (I think), and Capital One (not exactly buckets like Ally has though)

[@donnaallgaier-lamberti3933]

I found that the key is to have a series of accounts (like envelopes) for each thing we are saving for; car repairs, final arrangements, washer & dryer replacement fund, emergency fund, clothing & shoes, and so on. Set a goal and then save for it. four high-interest CD's for our eventual car replacement. IF I do not have the money saved, I do not spend it. My financial advisor tells me that my "discipline is amazing!"

[@Fire_Phix]

Always fun to catch this live!🎉

[@CalvinHillMusic]

The most expensive pair shoes I got were a pair of Jordan Bordeaux. Brand new for $200. I talked the seller down and only paid $120. Came in the box and everything. 🔥

[@shellygoncalves3056]

Binge watched in 1 weekend ---FPU UNIVERSITY -- during a snowstorm!

[@_JanetLouise]

Rachel, you're right

[@sharondube1101]

I'm debt free and used $1500 from my emergency fun to pay for diagnostic tests and treatment when my cat was diagnosed with pancreatic cancer last month. I wasn't willing to pay for any invasive surgery but was willing to try oral treatments to save my 21 year old cat. He was my baby. I ended up having to put him down which was an addition $500 but he was worth every penny. Thanks to my emergency fund I didn't have to worry about it.

[@janelleg597]

❤❤

[@kylieearley8150]

Wait! Is there a Sephora sale right now? And why am I hearing about it from George Kamel?!

[@Sarahhannahtx]

Rachel you’re right. My most expensive shoes are $30 Converse I bought at the outlet store.

[@JackiesKetoJourney]

My most expensive shoes are my Hokas. First pair of shoes I haven't regretted buying after 3 months, they are so comfortable!

[@erin5115]

I need to buy some!

[@zcheeze5578]

Sneaker culture in the US is the largest by a big margin. I bought Off-White Nike Blazers in 2018 for $600, they are now currently worth about $2,000 today. Not selling them though as I like them so much.

[@john-o1g9p]

bad back so i have worn asic nimbus for 30 years. everything else has been, ''walmart george foreman''. no regrets.

[@zonemaster23]

If you had put it in a growth stock mutual fund like VGT, it would have grown ~700%....

[@zcheeze5578]

coulda shoulda woulda, doesnt matter now. I'm happy with them and still in a very good spot financially debt free and everything.@@zonemaster23

[@firefalcoln]

Only get rich quick schemes can grow 700% in 6 years. And usually they don’t work. A growth stock more likely would grow around 20% a year at best and more likely somewhere around 15% per year. Even 25% growth per year would get you 381% growth over 6 years. Nowhere near 700%. Growth mutual funds and ETFs are great, but they aren’t 700% growth in 6 years great.

[@savannahmulvey3416]

I’m with Rachel on this one. I wouldn’t know the difference between a pair of $500 sneakers and a $25,000 pair. Most expensive shoes I own are Hokas and Birkenstocks.

[@CJ2023Incognito]

This show needs more subscribers, fantastic content.👌

[@danieljohnson4418]

I recently dipped into my savings to purchase parts for my project truck. I have no regrets. 🙂

[@RobertaOrchid1]

My spending habit is hobby related. I kayak, so after the kayak, its the latest accessory (paddle clip, special paddle, spray skirt….). I’m also an orchid grower, so pots, potting mix, latest hybrid…

[@elainebradley8213]

Canada is part of the commonwealth. We do have a savings account that is only touched for substantial purchases as in a new vehicle, new appliances etc

[@allisonjones-lo6795]

Rachel, you are right. I would never spend $25,000 on a pair of shoes even if I could wear them. My most expensive pair of shoes are a pair of sandals that I have worn for 7 years and they are still in great shape. I paid $100 for them and they were on sale.

[@michelleeigsti8859]

I bought that shelf a few weeks ago! My daughter with special needs is in the bathroom for an hour or so everyday so she uses the Alexa for her timer & music. I didn’t want my dot on the counter so I ordered that to have it on. I love it!😊

[@smith12885]

I think it’s important to realize that Murphy is alive and well. The Ramsey personalities talk about planning on car repairs, home repairs, and including those in your monthly budget. Inspiration matters too. We paused and invested a few years ago because it felt right. Most of our debts were paid except the biggest one. Last month we had to replace an engine which that fund covered. We’re solidly paying off that last debt and have a paid for new engine

[@CJ2023Incognito]

Maybe it’s because I live in Montana, but the shoe thing is absolutely bonkers. It’s impossible to keep those things clean out here! One more thing to worry about. 🙄

[@alleykeosheyan4779]

Ditto for Wyoming, as I wipe mud and crap off my New Balances...

[@jackijohnson3778]

Farmer in Iowa, my daily shoes are $30. My insulated mudd boots are $80, my 3 pairs of dress shoes ive had for years, roughly $65 each. My hiking boots, $150. ​@alleykeosheyan4779

[@Missfoxtooyou]

My most expensive shoes I own are Chloe Susanna boots. I saved for five years and bought them, I love them and no guilt.

[@suzboeh633]

Great episode as usual! I think the shoes need to go into a hobby (for a shoe collection) category. If that is saved for, I guess it is ok, but of no interest to me.

[@tjtay02]

The most I ever spent on shoes was £80. I've had them 6 years, wear them nearly every day and they would look almost as good as new with a good clean. They are also the most I've ever spent on a single item of clothing. I typically thrift clothes or buy good quality stuff on sale then wear it till it breaks or no longer fits. The idea of spending your life's savings on shoes you're not even gonna wear is beyond me.

I have a pair of Louboutins from before I found Ramsey. They cost me $750.

[@obliviouspirate]

I lived the "enjoy life, what I have extra I'll save" for a long time. But I never had extra because I had already given myself permission to spend my whole paycheck. I never had more than $500 at a time until I put saving first instead of last

[@michellew.5081]

George, I cannot believe that you have not watched Severance!! One of the best, most interesting and bingeable shows ever!

[@safedriver1979]

I'M GOING TO Thailand!!!!! Yes Rachel ❤

[@ElizabethW-nz6oz]

In 2008, I bought $69 shoes for a friend's wedding. They seemed so expensive back then. They are probably still the most I've spent on my shoes considering I buy my shoes on sale. I know I spend about $65-70 on my kids tennis shoes today.

[@jameshunt4611]

8 years ago I spent $500aud on a pair of hand made leather dress shoes. They are still going strong 💪

[@OneBusyLady]

I have my emergency savings for one year of monthly expenses and then I have other accounts savings for certain things such as vacation, home improvement, and a newer car. This may not work for all but works for me.

[@WestchesterVentures-qu5gr]

A lot of people don't even make it out of step 1, so keep going with the content and you'll change lives!

[@annlink8265]

When I spent $125 on shoes (athletic, for my walking) I wanted to be sick. But as I grow older, I need to protect my feet more and more.

[@kellyfine6855]

Sneaker head here, but we r debt free, including mortgage. We also have 6 month emergency fund saved. Im past the point of having guilt when i buy a pair! We've been incredibly diligent, smart about debt and nows the time to start enjoying without going back into debt.

[@CandaceKoch-ty4li]

Rachel my son is 12 and is a sneaker head we live in small town, no mall, I think you would be surprised how many sneaker heads there are

[@Flockko342]

Happy Hour should do a live stream!

[@PinkStarGazerLily]

Most expensive pair of shoes I've ever owned was a pair of HiTechs Mountain boots that lasted me 15 years. They were $120 when I bought them. I wore them 5 days a week for those entire 15 years and they were WORTH IT.

[@anniealexander9616]

Get mom a gun, report to the landlord, call the police, put up cameras. Then she can move when the lease is up.

[@chrishuff6254]

I haven’t watched the whole episode yet, just started, but this threw me for a loop and I look forward to getting to the story 😂

[@gailhoover9263]

I just bought my most expensive, by far, pair of sneakers. They were $150 Hokas. I didn't know about the red bottoms of the shoes. I agree with going to Thailand too.

[@anniealexander9616]

My most expensive shoes are $100, paid for by my employer.

[@kaieastty8948]

26:09 my record is during college break starting game of thrones season 1 at about 10pm on Sunday and finishing season 5 episode 6 on Thursday afternoon. I had summer classes on Tuesday and Thursday

[@christiej9557]

Rachel you are right! That is a crazy amount of money for shoes and I would NEVER know. I have spent $400 on Jordans for my 17 yr old son though. However, he takes really good care of them and it's all he wanted for his birthday. Justify I a little ...

[@May-qb3vx]

Yes, us Kentuckians live in a Commonwealth. So is Virginia, Massachusetts, and Pennsylvania :) Also, I feel that workout clothes one. I did go cheap initially, but now I’ve found my favorite more quality exercise pieces but it’s hard not to get the FOMO when they are always sold out and they’re finally restocked

[@blandlinda]

My most expensive pair of shoes is a pair of Hoka tennis shoes. I would not know if someone spent $25,000 on shoes. I did not know that Louis Vuitton shoes were red on the bottom. Not in my budget. :)

[@candy2325]

Louis Vuitton doesn’t have red bottoms. Christian Louboutin has it. The way she pronounced it, it sounded like Vuitton 😅

[@francesmelendez1303]

Not a Disneyland person either. I dislike it sooo much 👎. The cost to me is outrageous compared to other destinations in South America or even Europe.

[@ss-tx-rx2860]

Most expensive pair of shoes I own is probably a pair of Lucchese boots. Right around $1000, but they're damn good boots and I wear the hell out of them. They're on their 3rd resole, so this may be their last, but for a decade of wear I'm not too mad about it. Luxury purchase? Absolutely. Did I need them? Absolutely not. Did I want them? Yes. Could I afford them? Also yes.

[@KH-vp4ni]

Ally bank has high interest and buckets! Love it

[@geovanrich4916]

I dont follow dave ramesy at all but just wanted to say that y'all's banter and chemistry is getting good.

[@meleenabradley3017]

Sorry Rachel, I will buy something that is really $$$ and will try to find it with no logo cause its for Me! and not for others...

[@EricWegener-h6m]

Rachel, you’re right.

[@patrickgoss4729]

So, in the past the emergency fund was to be funded without worrying about interest rate and quick access. Now, it is suggested to place in high yield savings in a non local bank that may take a day or two for a transfer. Why the change, is it just to chase the interest?

[@tammycobaugh276]

Shoes that are the cost of a car !? Shoes at 25k probably won’t hold their value; resale means there is a need of someone to buy it from you

[@tabsinnervoice3839]

I’m not a sneaker head, but I played on the pro women’s ultimate frisbee team in Nashville (nightshade) and paid $200 for a pair of puma cleats. I was really disappointed they blew out within one season. 😢

[@USNsis]

Rachel, you’re right. I wouldn’t know a $150 sneaker from a $25,000 sneaker. George - $500 for a pair of embroidered Old Gringo cowboy boots.

[@staceysangillo808]

When are you going to recommend a $2000 emergency fund? I had unexpected car repairs and pet illness last year and my emergency fund disappeared quickly.

[@chrishuff6254]

I believe they say 1000 is not enough, but it’s a tangible goal for people who are just starting on baby step one, and covers most emergencies. I think it’s baby step 3 that has you build up a 3-6 month emergency fund.

[@jwarnstarsmile]

My most expensive shoes are my birkenstocks. I binged The Trust & The Mole on netflix recently - fantastic.

[@maddy-zzz]

The ultimate cancellation: George calling Selena forgettable :P

[@abigailsmith8690]

We are in 4,5,6 and just had a surprise $6k sewer pipe repair, after we'd JUST paid $5k for a long-awaited renovation this month...into the emergency fund we went 😅 I guess we're in baby step 3 now for a month or two!

[@shelleybuccilli1520]

I wouldn’t know what tennis shoes they are, however I also wouldn’t be able to point out a pair of Louis Vuitton (had to look up even how to spell it).

[@nicholepatrick7857]

$30 shoes.... never any more. Not worth it

[@emmaociee]

My most expensive shoes are my professional tap shoes - $300 and totally worth it 😂 All my other shoes are generic and simple. LOL

[@aaronfisher4579]

Great show yet again! The drink may only be $2.82 per glass, but a bottle of smoked chili bitters will set you back ~$20 if you don’t already have it…..

[@meleenabradley3017]

For the neighbors situation I'm Sorry I've had horrible neighbors for 6 yrs! If I was renting I would have broken my lease because everything was tried and nothing was done.

[@bethanymcbride9935]

My most expensive pair of shoes…are cowgirl boots. 🤠

[@anjelajones1992]

Rachel, you’re right

[@michelleparks4582]

Rachel, watch Dead To Me!!!!!❤❤❤❤❤ I'm so sad that Christina Applegate had to wrap up the show due to her illness. She made a fantastic series. 🎉

[@tracyfleck3793]

Most expensive shoes I've bought were $60. I only half agree with Rachel, very few would know the value of the Jordans, but also dont think many know the "red bottoms" either(no clue here). Designer anything is a waste of money in my opinion!

[@stevenporter863]

20:55 Newsflash George: everyone doesn't automatically want a house. Why is that your go to for everyone reguardness of living situation or liftstyle? Based on Rachel's reaction think she understands that.

[@chemquests]

As a chemist I’m with you on political science being a generous term!

[@tubenachos]

Paying off debt ASAP. As long as the savings is >6 months emergency funds

[@ChooseJoywithTisa]

I would know the Jordan’s 🙋🏽‍♀️ and the definitely would not be on anyone’s foot. Most expensive shoe purchase 🤔 $250 riding boots 👢

[@robbyvang]

Idk how big the sneakerhead community is, but Im sure the sneaker resale community is 100s of millions of dollars if not close to billions. Here's the thing with the sneaker question.. only do it if you're already flipping sneakers full-time or on the side and making passive income. Otherwise, if you're contemplating it because of "a good deal" you probably don't have enough experience researching and flipping for it to be a justified investment.

[@AlainaInBlue]

Rachel you are right😂 Also Uggs probably the most expensive

[@akamarista]

100% NO CLUE!!! Rachel you are right 🤣🤣🤣

[@joshnisly4426]

Rachel, you are right!

[@LaurenBriggs-cc7lb]

You’re right Rachel. I have no idea about sneakers 🤷🏻‍♀️

[@WritingFearlessly]

Puerto Rico!! 🇵🇷

[@joaniedozier8089]

I agree with Rachel, I would have no idea if somebody was walking with expensive shoes like that.

[@danielafurlan322]

Massachusets is a commomthwealth, Kentucky, Pennsylvania and Virginia aalso.

[@RJthing]

Loved it, no one was judgy

[@candy2325]

I had to increase my emergency savings to more than $1k because my last debt I’m paying down on is quite high and will take me several years to pay it off and I don’t feel comfortable having only $1k for savings for 3+ years. So my savings is a priority. I also have a slush fund for small fun outings to at least have something to look forward to.

[@JoshuaEdwards-p4c]

Interesting that they said emergencies was only valid use and didn't include or explain paying off debt (which was last option on the stat they read). Since they tell callers dump all but 1000 dollar starter at the debt.

[@sevenreviews]

We know the shoes. Most expensive one I own is a what the Paul’s dunks

[@annetawney2408]

The most expensive pair of shoes I ever bought were $50 for my wedding and it almost broke me (my soul, not my bank account). It hurts me paying $30 for boots.

[@anniealexander9616]

Rachel is so funny! Thailand 😂😂

[@mmmw0824]

Most expensive shoe in my closet was $260 but I bought 2 pairs of the exact same shoe. One to wear and one to never wear

[@JackieDrake-r5q]

Re Mom's living situation...too many variables that we don't know. How old is she? Is she a widow or disabled, etc?