"Every person in recovery understands that the first step they made was the biggest and possibly the hardest: recognizing they had a problem. Financial guru Dave Ramsey says by making that one acknowledgment in regard to finances, you have virtually accomplished 90% of the task at hand, even if what comes next is difficult. Understanding you have a problem and committing to make the changes necessary will allow you to succeed."
"As a person who works overnight shifts at Walmart ( NYSE:WMT) for $20 an hour, the viewer spends a large percentage of his money eating out and he finds his "bank account always is a race to zero." He finds he needs to use cash advance apps like Dave ( NASDAQ:DAVE) (not affiliated with Dave Ramsey) that charge him anywhere from $1.99-$9.99 (depending on advance amount) to get access to his next paycheck."
A recovery-first-step analogy equates financial acknowledgment with achieving roughly 90% of the needed progress. Recognizing a financial problem and committing to change forms the foundation for difficult subsequent actions. One example involves an overnight retail worker earning $20 per hour who spends heavily on eating out, leaving the bank account perpetually near zero. Reliance on cash advance apps charging $1.99–$9.99 per advance creates recurring costs and contributes to mounting credit card debt, including a reported $3,000 balance. An update clarifies fees associated with cash advance apps and identifies a recited verse about discipline as a Bible verse.
Read at 24/7 Wall St.
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