What We Would Tell Kanye

What We Would Tell Kanye

I’m sure you’ve heard the buzz around one of Kanye West’s recent tweets that he has $53 million in personal debt, despite a reported annual income of $18 million a year and a net worth of $120 million. He’s received quite a bit of criticism, so here at Ramsey Solutions, we would like to offer Kanye some loving advice and HOPE for a better future!

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For more than 20 years, Dave Ramsey has been helping people get out of debt and build a legacy for their family. More than 2.5 million families have gone through Financial Peace University, where the average family attending pays off $5,300 in debt and saves $2,700 in the first 90 days. That’s an $8,000 turnaround! And over the last 20 years, that adds up to a lot of money! With all of Kanye’s income and assets, he could blow these 90-day numbers out of the water. We even have some classes in the L.A. area Kanye can attend!

In this class, along with other Ramsey Solutions products, you are taught how to give, save and spend by following the seven simple Baby Steps. Baby Step 2 addresses paying off all non-mortgage debt. Here are a few things Kanye could focus on to help him achieve this goal:

1. Work with your spouse. Sit down with Kim and create a plan for attacking this debt . . . together.

2. Create a zero-based budget. Give every dollar of your income a name so you know where it’s going. This will ensure you don’t spend more money than you are bringing in. Make cuts where you can, and attack the debt! The key is to stick to the budget! There are great budgeting resources out there like EveryDollar, which has more than one million users in less than 1 year from the launch date. And oh yeah, it’s FREE.

3. Sell some stuff. With a $120 million net worth, Kanye has to have some unused stuff sitting around the house. Get on the same page with Kim and see what you guys can sell, or even auction off!

4. Ask for help. If you’re afraid to ask Dave for help, find someone who has the heart of a teacher, who will show you how to take control of your finances. Dave has several Endorsed Local Providers in the L.A. area.

5. GET ANOTHER JOB. Remember, your biggest wealth-building tool is your income. How do you increase income? A job! The good news is there are thousands of companies out there hiring, including Ramsey Solutions.

If you missed Dave talking about his tips for Kanye, check out our video channel!

  • http://williamedmondson.com William Edmondson

    Ha…I can just see it. Yard sale with fur coats, diamonds, and rolex watches. Friday night pizza delivery rolling up in the benz. Singing telegrams for people’s birthdays and special occasions.

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