Okay I have a question are you investing 15% of income towards retirement yearly? And is that being invested into your Roth IRA? Also if your investing 100$ a month is that into your 401k ? Help me out somebody lol
Can someone please list the 7 steps
Im starting today!! Thank you
It's all true, twenty years ago I bought my house 80.000 dollars 100 % loan at 4.5% 15 years , my wife wanted to spread it over 25 years because the payment where lower and she almost convinced me until my neighbor, who had a financial brain maked it clear that at 15 years the intrest would be 3600 dollars a year or 54000 dollars in total so the total cost of the house would be 134.000 dollars At 25 years as where where planning to do the intrest ( that was 4% for 25 years) would cost us 3200 a year ( that seems to be a better deal , afterall your paying 400 dollars less a year , wrong!! 3200 dollars a year amount to 80000 dollars in interest so the total cost of my house would be 160.000 dollars a difference of 26000 dollars at the time that was 18 months of my income that I would have given to the bank. So my neighbor told me look go for the 15 year it will hurt but after that 15 year continue to pay the 3600 dollars only this time put it in a fund, and I did just six years later I bought a second house not for me but to rent out the income from that went straight in to my son's college fund today he is a dentist making 300 k a year no student debt. I sold my house for 185000 dollars invested the money and now I live free of rent in a house that I bought I rented out and that 185000 ? 401 k making money every year no more debt, I m free , I can do whatever I want no need to ask the bank for a loan.....
I like the radio show but this is kind of cringe
WOW! Thank you!
Money this money thst
Elvis is in the building
Lol..pay cash for college?
You take out a loan and pay it off during college by working part time since the time you’re in college is a grace period you could easily pay it off without any interest or if you do have debt after college it will be significantly less than if you didn’t pay any off
What year is this from? I saw Lehman Brothers on the stock ticker.
1 year left to finish college and im up and going man baby step 2 for now goodluck all
I have never owned a credit card. Unfortunately, I don't have a credit rating and can't rent an apartment now.
I’m 27. I have 5000 in savings. A 750 credit score and will be graduating from college next year with 40000 in student loans. This video has definitely got me motivated to jump start these student loans. Thank you Dave!
I didn’t get the 401k thing please help.
What’s your question? He teaches: Don’t invest in your 401k until you are debt free (except the house) and have 3-6 month emergency fund.
No government no person will borrow you a dime where I came from ( somewhere in Africa). Because of that I don’t know how to borrow, and so I paid for my school, it was hard but I didn’t know I can borrow so I didn’t, paid an affordable car cash...thought I was stupid but glad I have no debt. Thanks for helping my brothers and sisters Brother Dave. I am Christians too 😊.
I just want to say I cal bs on 40:45 “it was really god that did it, it wasn’t you” If you put all these into action and give back it was indeed you that did it. So what if you take credit or not, you still helped out.
@Mansur Felton totally serious. Any good thing I do is God's work through me, I don't take any credit for it. I was made in the image of God, when I do good, that image of His goodness is being reflected from me as though I'm a mirror. When I do evil that is a distortion of His image and not who I was created to be.
Meghan Rachelle Marks you can’t be serious
You have to follow the Christian logic that "Every good and perfect gift comes from above. Coming down from the Father of lights." If you have something that's good, it came from God. God paid her bill through you, by sending the money to you and moving your heart to give the money. It wasn't you who did it.
Great content.... I intend to listen to this over and over again until it sinks in my spirit. May God bless Dave Ramsey for me; He is a Gift in this Generation. I can't wait to manifest success through these great insights. Am forever blessed.
I found Dave not all that long ago and he really got the wheels turning in my head. I cash flowed 100k in tools for work over 6 years and I paid off 47k in debt in a little over 2 years, I got a bit off track due to a workplace injury. Now I am going to work towards saving to purchase a home and my next goal is to have a paid for home before my mid 30s. Dave and his team are a God send!
it isn't quick or easy, but it is worth it
How do I find one of these good growth mutual funds that average 12% return?
Spy is up 22% this year. Where you been
Just get $SPY or anything thing that tracks the SP500 or NASDAQ
Don’t get caught up in the number. It’s the average of the S&P 500 over 83 years. But the point is action. From the man himself: tvclip.biz/video/mHkXjEOQ7aU/video.html
Thank you so much for this wonderful video! I need some advice... I'm on baby step 2 now. And I have $2K credit card debt at 17% APR. I have $2,000 in savings, can somebody give me an input if I pay off my credit card debt in full using my savings? Thank you so much for any advice...
Anna Casanovas yes
I really appreciate your prompt reply and advice. I will follow that! God bless❤
Anna Casanovas Use half! Cash flow the rest. Baby Step 0.5 is really get a written budget so you can maximize your effectiveness. Check out the EveryDollar app.
I have used these steps and I am debt-free and building my assets on my balance sheet.
I found him in my mid 30s and in 4 years my husband and I are from step 1 to step 6 and will be totally free paid off house in 10 to 13 years with retirement funding each year now. Thank you Dave Ramsey!!!
Day 0, I feel like am being punched in the face.
And the codsak
Step 1. $1,000 Step 2. Debt snowball. Pay all debt except your home. (Run from debt) Step 3. 3-6 months worth of expenses. It's Insurance, an expense to protect your money. (Not an investment). (Steps 4,5,& 6 are all done at same time) Step 4. 15% into retirement (Roth & 401k. Tax Free) Step 5. Kids college fund (education IRA. Tax Free) First rule of college "Pay Cash" Step 6. Pay off the mortgage on the house. Step 7. Build lots of wealth & give it away. Most powerful wealth building tool is your income. "Fun, Investing, & Giving" I guess this puts me on step 3.
I’m almost 19 and I’m glad I found this now. I can avoid mistakes those before me made
A little bit of Sam Kinison going on here with the gazelle reference!
P.s millionaire by 65 or less. Promise
This is an awesome video, i swear it really just opened my eyes. Omg, i wish i had found this years ago. Never to late though.
Amen I like the advice in regards to counseling. Awe this whole video was a blessing. I'm glad that my cousin shared this with me.
So true! God please help me to follow his advice in Jesus name.
How is any of this relevant? You will never get 12% returns. Ever.
This should have 100 million views. Shame.
Can I do an ESA to pay off college loans which I have accrued already? lol
Should have payed better attention to the book when I was in high school hey I'm 28 time to start is now
Education system, please watch this video.
Not that is much, but i am not able to stop investing in my retirement. 6% automatically comes out of my salary, its involuntary, i don't have a choice. But after im done with #2, then #3, i will only need to put 9% more into an IRA, or my case, a 457
I'm so amazed he's unashamed to speak about God and the Bible and if anyone says something against him can't go against his attained wisdom from the Bible and from the fruit of his lifestyle.
Black man under 25, taking this advice and turning my life around not today, but YESTERDAY lol
Accountability buddy checking in, did you finish BS1 $1000 emergency fund since your a month in?
FANTASTIC STRONG BLACK MAN! YOU CAN DO IT!!!!! YOUR BORN TO!!!
I wish this had been a required class in highschool. I'm 21, don't have any debt yet and I'm working the family cattle ranch beside my father. I'm saving to buy my own place since our ranch doesn't have room for me to grow my herd anymore. I would have gone and put myself in major debt if it had not been for Dave Ramsey and my dad hadn't cautioned me so much against it. I still need to take out a loan for the land, but I'm not doing that until I can pay at least a third to half in cash while maintaining my emergency fund. We've never had much money and I grew up I knowing how to pinch pennies to make the groceries last. I'm so glad I found this man that lays it out plain and simple. The app he designed for budgeting, every dollar, is absolutely amazing.
I want to thank you Dave. My wife and I were in deep financial trouble in the early 1990'S. We bought Financial Peace shortly after it was released and it truly changed our lives. Today due to that book and 7 steps we have been debt free for close to 12 years. And believe me when I say it was NOT easy for us to start the process. NOW No debt, buy our pre-owned cars with cash, use credit cards as cash and can do what we want when we want to do it. What saddens me is that not enough people follow your advise. I have 3 people, 2 family members, i've given your books to over the years that were in deep financial trouble and not one took the advise. They continue to do the wrong things financially. Again, thank you Dave Ramsey.
I need to find a guru like this who is this intense about weight loss! My finances have never looked better after reading Total Money Makeover!
I worked enough overtime last week to cover step 1. Tonight I created a nifty pay off "calendar" to post in my bedroom so it's the first thing I see when I wake up. it's 9 pages (9 different debts) in order from lowest to highest. Each page has the name of one debt in large bold font and in small font at the bottom has the remaining debts. So each time I pay off the debt and go to the next page I have a clear reminder of what I'm attacking while also seeing the debt list get smaller and smaller. We <3 you, Dave!
Great advice Thank God. I found I'm in Chapter 13 Bankruptcy what is the best way to be on top of the Ladder when I come out of Bankruptcy?
Alex Gayer, thank you for posting this video. Dave is so passionate about getting out of debt. My dream is not to have that liability, and I am determined to get rid of debt.
He has motivated me soo much !!
Thank you so much Dave Ramsey. I started your baby steps about 3 months ago, I found $1,000 so much more easily than I ever thought (I sold some things and worked extra, it happens fast!), I've paid off FIVE of my small revolving credit accounts (stuff like Kohl's, Victoria Secret, Macy's, Maurice's, etc.) Now I'm working on knocking down the big dogs; Chase, Capital One and Bank of America credit cards, worth $14,000 total. I am in the process of selling my car to get rid of that payment ($320/mo). I come back and listen to this video for more motivation. I cry sometimes when I hear the gazelle intensity part. I feel the pain you've been through, the pain I'm in, and the pain that millions of others are feeling right now. If you've never been severely in debt, you don't know. You don't know that feeling, you might not pick up on the experience in Dave's voice, but I heard it. I know it. Thank you for shining the light so that others may find their way to freedom. I'll see you in 2020 to do my debt free scream. All the best to you and your family. Thank you for blessing so many others.
11:30: Dave Ramsey Trying To Go Super Saiyan!
Guys I have $10 in credit card debt what am I gonna do 😥
1234 attack it with a vengeance, start a garage sale anything you can do to destroy that debt lmao
37:34 if you are considering getting a mortgage.
As brilliant as his guidance is, I am concerned that the emergency fund of $1000 can't be this magical number to reach in order to progress debt free because it's different for each individual. A person who earns $40k versus another who gets $60k a year the emergency fund is skew. My question is, why is this emergency fund not a percentage figure like the 15% retirement or the 10% monthly savings Dave suggests too?
@Erica I've listened to his presentation and understand the process. But I feel the emergency fund starter should a percentage figure too because it's very difficult for those who earn very little a year whereas top income earners in debt will see $1000 as nothing.
It is. You need to listen to the presentation. The $1,000 is your *starter* emergency fund. After you're out of debt, then you return your focus to the emergency fund and grow it to 3-6 months of expenses for your family.
When you become 100% dissatisfied... you will change 100%! Thanks Dave Ramsey 💯🙏🏿
Follow these rules and you might have money in your 70s. Wouldn't you rather have it in your 40s and 50s? Invest in real estate
The figures he uses as average in terms of home prices, payments, and general loan terms are a little nostalgic lol. If you get a home on a fixed rate 15yr note and the payment is supposed to stay under 1/4 of your monthly take home.. for me that would be a payment of $600.00, and that would be carried from a loan as follows: 15yr Fixed rate at 3.64% Interest $20,000 Down $80,000 Home Payment $602.00 per month LOL I WOULD HAVE TO FIND A 80,000 DOLLAR HOUSE AND PUT 25% DOWN TO GET ME TO A MORTGAGE PAYMENT OF 1/4 OF MY MONTHLY TAKE HOME. REDICULOUS! Realistically speaking it would be more like... $200,000 $40,000 down (way too much) 3.64% APR 15 YR FIXED = $1,419.00 30 YR FIXED = $ 996.00 I would do a FDA loan with $6,000 Down on a 30yr fixed for a payment of $1,151.00 per month.
This guys great but I could do without the religious undertone. But damn, hes gonna have a heart attack if he keeps that up lol. He sounds just like Sam Kinison! I swear it!
It isn't a religious undertone, it's a biblical foundation. His entire paradigm comes from the Proverbs, in the Bible. Why get out of debt and save money? Then you die and it amounts to nothing. The reason be responsible with money is so you can live into who you were created to be and spend God's resources wisely. Then on judgment day you'll be handed new responsibility, "if you have not been trustworthy in handling worldly wealth, who will trust you with true riches?" Luke 16:11
I'm 27 debt free 35k saved up credit score at 700 and planning on buying a home. And I just heard from dave Ramsey and motivated me to go harder=]
He did say buy the home Cash !!
I'm 19 and have 6,000 in debt but luckily I'm already tired of being in debt and I still live free with my parents I plan on spending every penny I earn to clearing my debt
Keyword: pre-tax investment (24:45)
I hate how this people get rich, then tell the secret how they did it .
Amazon stock for $77 now over $1800. Dave you should’ve told us to buy Amazon
Started investing with Robinhood in early 2015. I remember seeing Amazon below or around $350 and telling to myself nah that's to much, i can't afford it, how many shares can i possibly buy, 20, 30? So I decided to buy penny stocks instead get them in hundreds or thousands. More is better, right? Well I'm here 4 years, and 20k down the drain, later. Going back to baby steps, dreaming of Amazon at 350 :-) and ready to climb the ladder at 46!
I got them dave Chappelle vibes watching this. Telling it how it is.
25:10 - If this were true, parents could put $8000 into a fund when their kids are age 18. The kids would have a completed retirement fund, as long as they leave it alone. I've seen this chart before, but I don't get it. In 10 years you double your money (I'm going with 10% here). That happens 4 times in this scenario. 16 becomes 32, becomes 64, becomes 128, becomes $256,000. It's probably a little more than this but still, it's not $5 million.
Love this video!!!!! Currently in baby step 3, and this keeps me inspired!
I’m 20 I think I’ve found this in the perfect timing
Trouble Some nope because you have to be in the rain before u realize u don’t like the storm, live learn, no one watches a video when there young and actually listens
Thoroughly enjoyed this👏
I still get emotional when I hear Dave tell us to Run, Run, RUNNNN!!!!! " Deliver yourself like a gazelle from the hand of the hunter" ...and you will be free! I love this intensity, God Bless you Dave!
So I’m not the only one? 😭😂
Dave ramsey is the dad i never had! Teaching my kids about financial responsibility one day and will play this video
23:30 Thought he said 30 years, and I'm sitting here scratching my head, wondering how the hell he's assuming 17% interest. Still, at 40 years, he's assuming 12% interest, which is plausible but not exactly a conservative projection.
Michael Robison Aim for the moon. Even if you miss, you’ll still land among the stars. If this is the number people need to hear to do take action, it’s better than than giving low ball numbers and not encouraging action. That would be tragic.
Thanks for posting this!!
As grant cardone once said "Dave Ramseys not even worth as much as my plane" if you want to only be worth 1 of 2 million avoid debt at all cost and listen to dave ramseys advice, btw 1-8 million is chump change in today's day..if you want to be f you rich like Grant Cardon. You better start using that debt as good debt :)
Lance G lol you realize that Dave has his own jet paid for in cash right
First 2 years: Went from -$30,000 to $0 net worth. Next year and half: From $0 net worth to $30,000 net worth. Current net worth: $40,000 and climbing. Following this advice...at a MINIMUM will retire with $300,000 in the bank, assuming I never get a raise, my wife never gets a raise, and a crisis occurs now and then. I tell people buy the book. At a MINIMUM Total Money Makeover will make you THOUSANDS of dollars.
@Andy That's what I'm doing. But I'm a pessimist not an optimist. I'm not sure of those magical 12% returns.
Put it in index funds. You will have $1 million!
I need pizza Dave!
dave will never suffer from low blood pressure...with that gazelle intesity....i love this guy and the biblical values he shares
Its really really obvious how often Dave goes to church. This isnt a seminar, its a sermon.
Ladders have rungs but ok
Dave was a lot thinner here!
Thanks Dave I am doing step#6
Bro, lay off the coffee
First rule of college “pay cash!!!!” 👌🏿🙌🏾
Thank you Mr. Ramsey for these wealth building tools and advices. It feel good to doing baby steps 4 &5 . I cannot wait to pay off my mortgage! I am very happy I found you wish I found you at age 18😢 20 yrs Iater time is ticking against me I must get Gazelle Intense right now!....😊
I’m 25 and im going to try this.
People with no credit card, how do you pay online?
yup...debit card all the way
Debit cards work the same and usually have MasterCard or VISA logos on them.
i love Dave he is the man
Would it be smart to pay off the home right after the snowball?
James Wilson Not usually. While having a paid off home in retirement is advantageous, so is having a fully funded emergency fund and retirement savings. Best not to skip step 3. Do that first and that alone. Then do Steps 4, 5, 6 at the same time. You want the power of compound interest working in your favor! :)
Why do you pay off your house after the college fund and after putting 15% in? Doesn't he want you to pay everything off first? I don't even save in taxes by not paying off the home because we already have a standard deduction
Interest takes time to work its magic.
This video is not politically correct in 2019, calling out all the men to stand up. Would be eaten alive today.
that passion and scream is powerful this man is here to do nothing but help
I don't appreciate his political rants though!
This has really helped me. I'm absolutely fed up with being in debt!
WHAT IF YOU'RE 50 AND TRY TO START SOMETHING LIKE THIS!!??? I have done something i should've done .......... YEARS & YEARS AGO ..... I've manage to save $1,500 (plus as I'm catching more hours a work) , ive NEVER saved from this day going BACK!!!! So this is HUGE for me to have $1,500.
It's sad that guys like this assume the average person makes 60k a year. Not all of us went to college bud. Or can afford it.
I make over 80k a year doing industrial construction, no college degree just physical labor. You can get an education or you can learn a trade. If you want to make over minimum wage you're going to have to give more than the minimum effort. Nothing is handed to you in life.
I loved his book. So many great things in it. amzn.to/2lcLysH in case anyone is interested. He also has a great budgeting tool at everydollar.com I use it as the app, but site works great too.
18:45 to 18:55. I'm sorry to say Dave, but no...females ..women are NOT smarter than men on the subject of financial security given it's a FACT that literally MOST of all student loan debt in the USA are contracted by females and LITERALLY....MOST of the degrees or programs that females go into involving college student loan debt is in BULLSHIT such as sociology. psychology, and even worst often is liberal arts ...gender studies and feminism ( facepalm). Now, the actual REAL.women...the smart ones..go for medical field education programs involving nursing or xray technicians, doctrines & phd's to become doctors and surgeons. Even NURSES are FAR more job market valuable ( in EVERY CONTEXT btw) than some assclown pretending she can cater to your feelings while pushing her feminazism agenda. Most men, and I'm not talking about these feminine acting soyboy cucks and idiot simps ( simp stands for SExually Immature, Male Prostitute btw), get degrees in USEFUL fields of job market-connected education such as welding, engineering, medical field to become doctor's and surgeons, autotechnicians, or any other REAL trade career that will always be in demand regardless of what technology dictates from one decade to the next. So..NO..Dave...women are NOT smarter NOR wiser in the context of financial security ...by in ..large..when you look at the historical facts for the past 20 years across the nation.
@Mike Jackson don't be naive and stupid kid. I'm not your therapist. Move on .ya lost this argument before it even began.
Don't be salty lmao....yes they are🤣
I'm very grateful to have grown up with parents that listened to Dave Ramsey's radio show. In a week, I will be 21 with a car that I bought in cash and no personal debt. I have $3,500 in the bank, but am working on getting that $1000 cash emergency fund.
If you have 3500 in the bank, you already have Baby Step 1 completed..Just do with that 1 grand how you wish involving having quick access to it be it leaving it in that bank account, putting it in a different one, or just yank out the cash and stuff that grand into an envelope labeled emergency fund, and hide it somewhere only you know about That leaves 2500 to go towards baby step 3 ( full 6 months of living expenses). Congrats gal. You're kicking ass
I found Dave Ramsey last year. Which i was 37. Im struggling thought this life. I have been wanting to call in talk to him. But im trying my hardest fix what i mess up.