Dave Ramsey's SECRET TO WEALTH & RICHES Will Leave You SPEECHLESS! | Jay Shetty

Last updated: May 31, 2023

The video is an interview with personal finance expert Dave Ramsey, discussing his new book and his journey to becoming debt-free and building wealth.

The video is an interview with Dave Ramsey, a personal finance expert and author, conducted by Jay Shetty. They discuss Ramsey's background and journey to becoming a financial expert, as well as his new book, Baby Steps Millionaires. Ramsey shares his belief in the free enterprise system and the importance of living a debt-free life. They also discuss common financial problems and challenges faced by people today.

  • People try to fix their finances with a math formula, but it doesn't work.
  • Dave Ramsey is a personal finance expert and author who has helped people regain control of their money, build wealth, and enhance their lives.
  • Dave Ramsey grew up in a household of entrepreneurs and started buying and selling real estate after college, but ended up losing everything after bankruptcy.
  • Dave Ramsey learned that borrowing money was a bad plan and that being debt-free is the key to building wealth.
  • Financial problems are symptoms of violated principles, and financial education is missing in schools.
  • Building a healthy relationship with money is crucial and can be achieved by following basic principles of common sense.
  • Dave Ramsey wrote his new book, "Baby Steps Millionaire," to combat the idea that it's impossible to become a millionaire.
  • The baby steps to becoming a millionaire include saving for an emergency fund, paying off debt, saving for retirement, and giving to charity.
  • Giving is an important part of building wealth and helps to develop a spirit of gratitude and contentment.

Dave Ramsey's SECRET TO WEALTH & RICHES Will Leave You SPEECHLESS! | Jay Shetty - YouTube

Dave Ramsey

Introduction

  • People try to fix their finances with a math formula, but it doesn't work.
  • The host introduces Dave Ramsey, a personal finance expert and author.
  • Dave Ramsey has helped people regain control of their money, build wealth, and enhance their lives.
Dave Ramsey

Dave Ramsey's Journey

  • Dave Ramsey grew up in a household of entrepreneurs who taught him that he could make something in this world.
  • He got his real estate license at 18 and started buying and selling real estate after college.
  • He ended up with about four million dollars worth of real estate and a little over a million dollar net worth.
  • The bank called their notes, and they spent the next two and a half years losing everything they owned.
  • After bankruptcy, they began a debt-free life at 28 years old.
Dave Ramsey

Lessons Learned

  • Dave Ramsey learned that borrowing money was a bad plan.
  • He realized that if you don't have any payments, you've got money, and you can build wealth.
  • He has since helped millions of people with this idea.
  • He believes that the free enterprise system is not broken, and you can make something in this world.
  • He believes that the idea of building wealth is tough, but you can do it.
Dave Ramsey

Dave Ramsey's SECRET TO WEALTH & RICHES Will Leave You SPEECHLESS! | Jay Shetty - YouTube

Current Financial Problems

  • Dave Ramsey has been talking to people about money for 30 years on the Ramsey Show.
  • He has helped many people over those decades.
  • He hears the same financial problems repeated over and over again.
  • He believes that people need to focus on getting out of debt and building wealth.
  • He believes that people need to have a plan and stick to it.
Dave Ramsey

The Root Cause of Financial Problems

  • Financial problems are symptoms of violated principles.
  • There have been various symptoms over the years, such as credit card debt, student loans, and failing mortgages.
  • Underlying all of these symptoms is the same root cause.
  • Principles have been violated, and when that happens, symptoms will arise.
  • Financial problems may have different colors and looks, but they all have the same root cause.
Dave Ramsey

The Mythology of Money

  • There is a level of mythology about money in our culture that was spread with an agenda.
  • Banks teach people that they need a credit score and that the way to get it is to borrow money from them and pay it back.
  • The FICO score is not a fact, but it has been accepted as one.
  • Financial literacy programs in schools teach people to build their FICO score, which is not the solution.
  • The antidote is to teach people to live on a budget, live on less than they make, be generous, and save and invest in the power of compound interest.
Dave Ramsey

The Need for Financial Education in Schools

  • Financial education is missing in schools.
  • Teachers have been indoctrinated by the culture that this is the way to live.
  • They bring this into the classroom because they have been taught this personally.
  • The basic premise of common sense needs to be taught instead of the agenda of the banking community.
  • 48% of high schools in America have included financial education in their curriculum.
  • The banks and financial industry are not happy about this because it teaches people not to borrow money.
Dave Ramsey

The Importance of Building a Healthy Relationship with Money

  • Building a healthy relationship with money is crucial.
  • Financial problems can be avoided by living on a budget, living on less than you make, being generous, and saving and investing in the power of compound interest.
  • Not having a credit score can be a problem, but it is not the solution.
  • Financial education is the solution to building a healthy relationship with money.
  • Financial problems can be avoided by following basic principles of common sense.
Dave Ramsey

Dave Ramsey's Crazy Stories

  • Dave Ramsey hasn't borrowed money in 30 years and doesn't have a credit score.
  • He can't rent an apartment that requires a FICO score even though he's a multi-millionaire.
  • People call in with crazy stories, such as having a million dollars in credit card debt or hundreds of thousands of dollars in student loan debt.
  • While the stories can be humorous, they're also sad because the callers are completely trapped.
  • Dave tries to create an open and welcoming space for people to feel heard and seen.
Dave Ramsey

Can Anyone Be A Millionaire?

  • Dave Ramsey wrote his new book, "Baby Steps Millionaire," to combat the idea that it's impossible to become a millionaire.
  • He calls people who spread this idea "hope stealers."
  • Dave has met many millionaires who started with nothing and did not inherit their money.
  • He believes that if you think you can't become a millionaire, you won't take the steps to do the hard work to be successful in that area of your life.
  • Money is particularly weird in the spiritual area of belief because it will run from you if you don't believe.
Dave Ramsey

The Baby Steps to Becoming a Millionaire

  • The first step is to save $1,000 for an emergency fund.
  • The second step is to pay off all debt except for your mortgage.
  • The third step is to save 3-6 months of expenses for a fully-funded emergency fund.
  • The fourth step is to invest 15% of your household income into retirement accounts.
  • The fifth step is to save for your children's college education.
  • The sixth step is to pay off your mortgage early.
Dave Ramsey

The Importance of Giving

  • Dave Ramsey believes that giving is an important part of building wealth.
  • He recommends giving 10-15% of your income to charity.
  • Giving helps you to focus on others and not just yourself.
  • It also helps you to develop a spirit of gratitude and contentment.
  • Finally, giving helps you to build a legacy and leave a positive impact on the world.
Dave Ramsey

The Importance of Believing in Yourself

  • Believing in yourself is the first step to building wealth.
  • Emotional behavior, data, and math can help you believe that you can do it.
  • You need to be convinced that you can do it before moving into tactical steps.
  • You need to have a community of people who are achievers and believe it can be done.
  • Who you hang around with affects your income, physical condition, and even your accent.
Dave Ramsey

The Mindsets and Traps that Keep People Broke

  • The people you hang around with can keep you broke.
  • People who declare themselves stuck are less likely to prosper.
  • You need to be around people who declare that it's possible to be free and prosper.
  • You need to have people in your corner who encourage you when you're having a hard time.
  • It's possible to make a choice to become a victor instead of a victim.
Dave Ramsey

The Role of Belief and Spirituality in Building Wealth

  • The book is not a Christian manual on finance, but it includes Bible verses that can enlighten readers.
  • The books of wisdom, particularly the Proverbs, can be applied regardless of your faith or belief system.
  • Wisdom is wisdom, whether it comes from the Bible or Ben Franklin.
  • Personal finance is not just about numbers, but also about behavior and beliefs.
  • Believing in yourself and having faith can help you build wealth.
Dave Ramsey

The Importance of Wisdom in Personal Finance

  • Personal finance is not just about numbers, but also about wisdom.
  • Wisdom can be found in the Bible, as well as in other sources.
  • Personal finance is about behavior and beliefs, as well as numbers.
  • Personal finance is about making wise choices and living within your means.
  • Personal finance is about being intentional with your money and your life.
Dave Ramsey

Personal finance is 80% behavior

  • Filing for bankruptcy made Dave Ramsey realize that personal finance is not just about math.
  • Personal finance is 80% behavior and only 20% head knowledge.
  • Behavior is a spiritual thing that influences your outcome.
  • The Bible has 2500 scriptures dealing with money, which can be used as a spiritual instruction.
  • Your behavior creates your outcome.
Dave Ramsey

The difference between a millionaire and a baby steps millionaire

  • A millionaire is defined as having a net worth of one million dollars or greater.
  • A baby steps millionaire is someone who has followed Dave Ramsey's seven baby steps to become a millionaire.
  • Personal finance has been taught for decades using a math formula: assets minus liabilities equals net worth.
  • A millionaire is not a feeling, it is a math formula.
  • 79% of America's millionaires inherited precisely zero, according to a study.
Dave Ramsey

How to become a baby steps millionaire

  • Follow Dave Ramsey's seven baby steps, which include saving $1000 for an emergency fund, paying off all debt except for your mortgage, and investing 15% of your household income into retirement.
  • Live on a budget and avoid debt.
  • Be intentional with your money and make it work for you.
  • Invest in mutual funds with a long-term perspective.
  • Be patient and consistent in your financial journey.
Dave Ramsey

The importance of giving

  • Giving is a key component of Dave Ramsey's financial philosophy.
  • He believes that giving is a spiritual act that helps you become less selfish and more generous.
  • Giving also helps you put money in its proper place and avoid becoming obsessed with it.
  • Generosity is a habit that can be developed over time.
  • Give generously and cheerfully, without expecting anything in return.
Dave Ramsey

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Dave Ramsey's SECRET TO WEALTH & RICHES Will Leave You SPEECHLESS! | Jay Shetty - YouTube

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