How Does a Sinking Fund Work?

Ramsey Everyday Millionaires

Ramsey Network

Investing, Careers, Business

4.6 • 3.6K Ratings

🗓️ 16 September 2022

⏱️ 5 minutes

🔗️ Recording | iTunes | RSS

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Summary

Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Rachel Cruze, John Delony, and George Kamel.

Transcript

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0:00.0	you're listening to Ramsey every day millionaires where we talk retirement building wealth and outrageous generosity.
0:12.2	Lois is it Lois joins us in San Jose did I get that right?
0:17.7	Yes you did George and it's a Lois that you met before thank you for taking my call.
0:22.7	Oh wonderful how are you doing today?
0:24.6	I was really doing great as they are doing 10 for my debt free cream.
0:30.2	Yes so my question yes so I am just about to complete baby set three and I am saving for a new car.
0:39.0	As you know the craziness in California we are going to stop all the gas part cars.
0:44.8	I want to get a reliable electric car.
0:50.8	So I am trying to save for that and I wanted to know how the thinking comes work.
0:56.8	That's my question today.
0:58.8	I have talked about it but I am not very familiar with how it works.
1:04.2	How close are you to finishing baby step three with the fully funded emergency fund?
1:08.6	So I'm hoping by end of September and I wanted to save for another three months or four months for my car.
1:17.2	Great.
1:18.2	I want to spend 20,000.
1:28.2	20,000.
1:29.2	Okay what's your income?
1:30.2	My income and I just got a pay raise thanks to God I have luck with you guys.
1:37.2	So it's going to be 230,000.
1:40.2	Wow that's awesome are you married?
1:43.2	Yes I'm married.
1:44.2	Fantastic.
	...

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