Financial expert Dave Ramsey doesn’t sweeten things up; he is very direct about America’s junk problem.
For example, he recently pointed out that many Americans live paycheck to paycheck, burdened not only by their financial obligations but also by piles of unnecessary belongings that fill their garages, attics, and storage spaces “from floor to ceiling.” Ramsey claims that one of the main reasons why so many people are “broke” is their fixation on buying and storing goods.
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The argument is simple: excessive consumerism harms people’s financial well-being. Instead of investing in experiences, savings or assets that grow in value, countless Americans invest their money in things they don’t use.
Ramsey describes clutter as wasted money and missed opportunities – both for financial growth and a simpler, stress-free life. As one of his followers on
Self-storage facilities have become a booming industry as more and more people need extra space to store excess belongings that can’t fit in their home. According to Consumer Affairs, the average monthly cost ranges from $90 to $290. While they solve the immediate problem of flooding, they also create long-term financial burdens.
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If you haven’t used an item in more than a year, it may be time to sell it. As Ramsey says, “One or two good garage sales and some online sales can clear up the clutter AND get you out of debt.” Selling unwanted goods can raise money to pay off debt, reduce storage costs, and encourage more conscious spending.
But isn’t consumerism, as another commentator asked, essential to a strong economy? Shouldn’t we keep buying things to make sure people have jobs? Ramsey and other personal finance experts would argue that healthy spending should be focused on essentials and valuable possessions, rather than incessantly consuming disposable products.
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Instead of renting a storage unit, you can respond to people’s need for storage space and invest in self-storage units. According to a report from IBISWorld, these investments can make you money, with a potential return of up to 41% (much higher than the 22% average across all sectors).
You can invest by purchasing shares in a Real Estate Investment Trust (REIT) that owns self-storage facilities or by joining a real estate crowdfunding platform. This high margin is largely due to the low costs of running and maintaining self-storage facilities.
These properties are also easy to manage because costs are usually predictable and there are few unexpected repairs. It is a good option because they remain rented, which means a steady income.
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This article Most Americans have garages and attics filled from floor to ceiling with trash they don’t need, says Dave Ramsey. That’s why “They’re Broke” originally appeared on Benzinga.com
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