"My fear for you going forward, if you don't choose to change and learn more, is debt. It doesn't matter how much money you make, you can't outearn financial illiteracy and you can't outearn stupid choices with money."
"Research on lottery winners and large windfall recipients consistently shows this pattern: Without changed habits, large sums disappear at roughly the same rate the recipient was already burning through money."
"You have got to decide today, I don't borrow money. You have to stop borrowing money for any reason. That is going to keep your income yours."
A couple with an annual income of $31,000 and $55,000 in debt anticipates a lawsuit settlement of $250,000 to $5 million. Jade Warshaw warns that without financial literacy and behavior change, the couple may squander the money. The caller admits to a lack of financial knowledge and plans to follow Ramsey's Baby Steps. Warshaw emphasizes that simply receiving a large sum won't solve their financial issues unless they change their spending habits and stop borrowing money.
Read at 24/7 Wall St.
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