My general rule of thumb is I want 50% of my yearly income in available cash which is split up with 75% of that split between two banks, the balance in my hand. On top of that I keep some precious metals around as an insurance policy, I usually keep that in gold eagles and silver eagles.
The only things I will borrow money for is a house to live in and a vehicle to get to work. Other than that, if I can't pay cash for it, I don't buy it.
I agree with Dave Ramsey on some things but not others. Where I disagree is with credit cards and FICO score. I travel quite a bit so credit cards help keep my from carrying so much cash, but the credit cards are paid in full every month. FICO scores affect more than a persons ability to borrow money. What you pay for insurance, among other things, is affected by your score.
And I am very lucky, my wife and I agree on how to handle finances.
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Today's Featured Article - Timing Your Magneto Ignition Tractor - by Chris Pratt. If you have done major engine work or restored your tractor, chances are you removed the magneto and spark plug wires and eventually reached the point where you had to put it all back together and make it run. On our first cosmetic restoration, not having a manual, we carefully marked the wires, taped the magneto in the position it came off, and were careful not to turn the engine over while we had these components off. We thought we could get by with this since the engine ran perfectly and would not need any internal work. After the cleanup and painting was done, we began reassembly and finally came to t
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