Dear Dave,With Covid-19 and all the resulting economic problems, do you have any advice for what a young person can do to prepare for the future?­— KyleDear Kyle,Regardless of the coronavirus or any economic situation that might arise, there are always a few smart, simple things people can do to protect themselves financially. The number one thing is to live on a written, monthly budget. When you give every dollar a name, and write it down on paper, you’re telling your money what to do, instead of scratching your head and wondering where it went.Staying out of debt and saving as much money as possible are two other great ideas. Remember, your income is your biggest wealth-building tool. If you’re saddled with a bunch of debt, your money goes to creditors — not into your pocket. Saving prepares you for the future and all the unexpected things, both good and bad, life will throw at you.Even though you’re young, investing is a key component in creating a stable financial outlook for yourself. In your twenties, just $100 a month invested properly in good growth stock mutual funds can make you a millionaire by the time you’re ready to retire. Like I said, these are all simple things. But they’ll make a huge difference in your financial situation now and in the years to come!— Dave***Dear Dave,My only debt right now is a car payment. I still owe $12,000 on the vehicle, and currently I have $25,000 in savings. I’m in a very stable line of work, but my income can vary somewhat from month to month. Should I hang on to my savings, or pay off the car? — ErikDear Erik,Debt is a bad thing to have in your life, especially when your income can vary from paycheque to paycheque. You’re in good shape, except for the car note, though. It’s like a ball and chain around your neck. You’d still have $13,000 left if you paid off the car. And with the money you would free up, you could rebuild your savings in no time. Pay off the car, dude!— Dave• Dave Ramsey is a seven-time #1 national bestselling author, personal finance expert, and host of The Dave Ramsey Show, heard by more than 16 million listeners each week. He has appeared on Good Morning America, CBS This Morning, Today Show, Fox News, CNN, Fox Business, and many more. Since 1992, Dave has helped people regain control of their money, build wealth and enhance their lives. He also serves as CEO for Ramsey Solutions.