No more than 50% of annual income in depreciating assets
Ramsey's rule of thumb: never put more than half your annual income into things with wheels, motors, or batteries (cars, boats, etc.).
Snapshot · The Ramsey Show
A Bigger Paycheck Won't Fix Bad Money Habits
Explore episode
Jul 14, 2026
Where this was said
Boat Buying at 24 — Grant in Fort Lauderdale
At 34:58 · chapter starts 34:25
Grant in Fort Lauderdale is a financial outlier: 24 years old, zero debt, $40,000 in savings, maxing out his 401(k) and Roth IRA, earning around $150,000 a year. He lives at a marina and wants to buy a $16,000 Hurricane 188 saltwater boat — his first. Dave's verdict is yes, but with a full speech attached: wealthy people stay wealthy by keeping their spending on depreciating assets like cars, boats, and motorcycles below half their annual income. Grant's combined exposure ($16K boat plus a 4Runner worth under $15K) stays well within that 50% guideline on his $150K income. Dave's one genuine warning: do not ever do the math on cost-per-hour of boat usage. It's thousands of dollars per hour and will make you sick.
Life Estate vs. Will: What to Do With a Paid-Off House
A 74-year-old with no will, no kids, and a neighbor offering to buy his house for a 'life estate' deal is about to make a major mistake. Dave's answer: skip the life estate, get a will immediately, and give the neighbor a right of first refusal at market value upon death.
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