Podcast Summary
Live Like No One Else: Enjoying Life Without Financial Stress: Following financial principles like getting out of debt and building an emergency fund allows individuals to live generously and afford experiences, rather than missing out or being 'cheap'.
Living below your means and being financially responsible doesn't mean missing out on life or being "cheap." Instead, it's about winning financially so that you can live generously and enjoy experiences like a cruise to Turks and Caicos. Dave Ramsey encourages people to follow his steps, including getting out of debt and building an emergency fund, before indulging in vacations or upgrades. This approach allows individuals to live like no one else, both in their financial situation and in the experiences they can afford. The Live Like No One Else cruise, an upscale event offered by Ramsey Solutions, is a testament to this philosophy. While not for everyone, it's a reward for those who have followed the steps and are ready to live generously.
Live Like No One Else Cruise with Exceptional Talent: Join Ramsey Solutions for a first-class cruise with world-class talent including Grammy winner Steven Kurtis, Iron Chef Manit Shohan, country music star Dina Carter, and more. Tickets and cabins available now at RamseySolutions.com/Cruise.
Ramsey Solutions is hosting a "Live Like No One Else" cruise in March 2023, and it's going to be an exceptional experience. This first-class Holland America ship will be exclusively for Ramsey people, and it's packed with world-class talent. Steven Kurtis, a five-time Grammy winner and friend of Ramsey, will be there, along with Manit Shohan, a world-class chef and Iron Chef winner. Country music star Dina Carter and renowned songwriters will also be joining the cruise for songwriters nights. In addition to the regular crew's entertainment, there will be special guests like magician and comedian Nate Bargetzi and his father, comedian Carolyn Xavier. Tickets and cabins are available now at RamseySolutions.com/Cruise, and it's expected to sell out quickly. This event is sponsored by BetterHelp, an online therapy platform that can help individuals navigate energy levels, boundaries, and finding people to do life with.
Consider saving up and paying cash for new purchases instead of taking on debt: Wait until having a substantial net worth before buying a new car to avoid significant depreciation and prioritize saving, emergency funds, and retirement.
While it's understandable to want to reward oneself with a new purchase after making financial strides, it's generally advised to save up and pay cash for it instead of taking on new debt or slowing down debt repayment. For instance, buying a new car, even a modest one, can be a want rather than a need, and it may be wiser to wait until having a substantial net worth before buying a new one to avoid the significant depreciation that comes with new cars. Additionally, maintaining an emergency fund and investing in retirement are crucial financial priorities.
Losses from holding onto depreciating assets: Focus on debt repayment, emergency fund, and cash savings instead of holding onto depreciating assets to avoid significant financial losses.
Holding onto depreciating assets, such as a manufactured home or a brand new car, can lead to significant financial losses over time. The longer you hold onto these assets, the more value they lose. Instead, focus on paying off debt, building an emergency fund, and saving up cash for major purchases. In the case of a manufactured home, it may be better to sell it as soon as possible, even if there's no equity, to avoid the "stupid tax" of continuing to lose money every day. Instead, consider renting or finding more affordable housing options. By prioritizing these financial steps, you can put your finances on the path to growth and stability.
Empowering Individuals with Financial Literacy Tools: NetSuite and the Ramsey curriculum help individuals and nations master financial literacy, with NetSuite focusing on business growth and the Ramsey curriculum being adopted in schools to teach essential skills, potentially impacting thousands of students and offering opportunities for debt-free education and careers.
Financial literacy is crucial for individuals and nations, and NetSuite and the Ramsey curriculum are effective tools to help people master it. NetSuite aims to help businesses grow and succeed for the long term, while the Ramsey curriculum, which is fun, engaging, and effective, is being adopted in schools to teach financial literacy. The Air Force is one of the institutions sponsoring the Ramsey curriculum, reaching over 90 schools and potentially impacting thousands of students. Through this partnership, students not only learn essential financial skills but also discover opportunities to join the Air Force and attend college debt-free. Overall, these initiatives empower individuals to make informed financial decisions and secure a better future.
Partnerships between organizations and financial education providers impact students' lives: Organizational partnerships with financial education providers can set students up for success in education, jobs, and personal finance, with far-reaching effects on their families and communities. Businesses are encouraged to get involved.
Partnerships between organizations, such as the Air Force and financial education providers like Ramsey Solutions, can have a significant impact on the lives of students and their communities. By providing access to financial literacy education, these partnerships can help set students up for success in various aspects of their lives, from education and job opportunities to personal financial management. The ripple effect of these efforts can be far-reaching, with students going on to make a difference in their own families and communities. The Air Force's sponsorship of financial literacy education is just one example of how businesses can make a difference, and Ramsey Solutions encourages others to get involved as well. Additionally, as a token of appreciation for educators, Ramsey Solutions is offering a teacher appreciation giveaway with prizes including vacations for three lucky teachers.
Protecting Families with Life Insurance: Life insurance is essential for financial security, term plans are affordable and easy, and prioritizing budget, debt reduction, and goals can lead to financial success.
Having life insurance is crucial for protecting families from financial hardship in case of a spouse's death. The affordability and ease of obtaining term life insurance plans make it an essential priority. Additionally, engaging with the Ramsey Show through subscribing, following, and leaving positive reviews helps spread financial education and support the show's mission. A listener named Wendy shared her concern about her husband's growing student loan debt, totaling $320,000, despite his good income as a foot and ankle surgeon. The conversation emphasized the importance of creating a budget, reducing debt, and focusing on financial goals.
Working together on a budget for major financial decisions: Couples should prioritize expenses, increase income, and regain control of their finances by creating a detailed budget before making major financial decisions like selling a home.
Before making a major financial decision like selling a home, it's important for couples to work together on a detailed budget to prioritize expenses and increase income. This can help alleviate feelings of chaos and hopelessness, and provide a clear path towards paying off debt and building financial stability. The process may involve cutting back on discretionary spending, seeking additional income sources, and re-evaluating long-term financial goals. By working together and staying committed to the plan, couples can regain control of their finances and achieve greater peace of mind.
Assessing Major Decisions: Selling a House or Going Back to School?: Consider expenses, income, and personal goals before making major financial decisions. Open communication and careful planning are key to improving financial situation.
It's important to carefully consider your financial situation and personal goals before making major decisions, such as going back to school or selling a house. The speakers on the Ramsey Show advised a listener, Kristen, to assess her family's expenses related to her children and determine if selling their house is the best option. They also encouraged her to think about her career aspirations and whether going back to nursing school is a financial necessity or a personal desire. In the case of Kristen, her husband's low earnings and reliance on her parents for financial support were identified as issues that needed to be addressed. The speakers emphasized the importance of both partners contributing to the household income and taking responsibility for their financial situation. Overall, the conversation underscores the importance of open communication, careful planning, and taking action to improve one's financial situation.
Ensure financial independence before making major life decisions: Focus on building a strong foundation for your future before considering further education or relying on external support for financial stability.
Before considering going back to school or making any major life decisions, it's essential to ensure you have independent success and are not reliant on others financially. A nursing degree offers flexibility in terms of work hours, but it's crucial to address any career issues and become self-sufficient before relying on external support. Going to school isn't always the answer to life's problems, and not all degrees lead to financial success. Instead, focus on building a strong foundation for your future, and only consider furthering your education when you're already successful or making a career change that requires specific certifications. Remember, taking control of your financial destiny and having the dignity of running your own lane is crucial for long-term success.
Consider hiring to generate more revenue: Evaluate hiring decisions based on revenue generated vs cost, and consider alternative methods for providing transportation to employees
Self-employed individuals, even with significant debt and limited savings, can benefit from hiring employees if the additional income generated justifies the cost. The entrepreneur in the discussion was advised to consider hiring someone to help with work that would generate more revenue than the cost of the employee's salary and benefits. Additionally, the entrepreneur was encouraged to reconsider purchasing a new truck for an employee and instead consider paying for their use of their own vehicle. The entrepreneur's situation highlighted the importance of evaluating the financial impact of hiring decisions and considering long-term business growth.
Calculated Risks and Learning from Failures: Successful entrepreneurship requires taking calculated risks, learning from failures, and taking immediate action against abusive situations to ensure personal safety and financial success.
Entrepreneurship involves taking calculated risks and learning from failures. Dave Ramsey, a successful businessman, shared his experience of having only 10% of his ideas succeed but making significant money and impact from them. He advised against taking on unnecessary debt and encouraged paying off debts as quickly as possible. For Sarah, a caller facing financial challenges due to a restraining order, Ramsey emphasized the importance of taking action against abusive situations and not making empty threats. He urged her to call the police immediately if her abuser violated the restraining order. Ramsey also emphasized the importance of believing in one's ability to succeed without an abusive partner and not giving in to their manipulation. Overall, the key takeaway is that taking calculated risks, learning from failures, and taking action against abusive situations are crucial for entrepreneurial success and personal safety.
Helping a woman regain control of her life: A strong, intelligent woman overcomes financial and emotional hardships with the help of a supportive team, addressing debt and learning to claim innocent spouse status.
The woman in question is going through a difficult time, both emotionally and financially, due to an abusive partner. She is a strong, intelligent person who deserves better and is not trapped in her current situation. The team is there to help her get back on her feet by providing resources such as financial coaches, legal assistance, and support. Her debt issues, including a large tax debt, will be addressed, and she will learn how to claim innocent spouse status to ensure her ex-husband pays off the debt. With the right people in her corner, she will be able to regain control of her life and find stability after the mess. It's important for her to remember that she is not alone and to take action when necessary, such as calling the cops if her ex-husband tries to re-enter her life. The team is there to support her every step of the way.
The most expensive way to finance a car is through leasing: Leasing a car may seem affordable with low monthly payments, but it's actually the most expensive option due to depreciation, and buying a 2-3 year old car with cash is the best deal
While leasing a car may seem like an affordable option with low monthly payments, it's actually the most expensive way to finance a car due to the depreciation hit that the consumer takes. Dealerships profit greatly from car leases, and it's essential to consider the long-term financial implications. The best deal in the car world is purchasing a two to three-year-old car with cash. Building wealth is crucial to mitigate the financial loss that comes with owning a depreciating asset like a car. The American obsession with what we drive, especially the largest purchase we make that goes down in value, can lead to financial pitfalls. It's essential to be aware of the hidden costs and make informed decisions.
Average car leases have an effective interest rate of 14.2%: Consider all financial aspects, including job opportunities and cost of living, before moving to a new city for debt freedom. Secure employment and ensure affordability before making the move.
While leasing a car may not require disclosure of interest rates due to it not being technically considered debt by the Federal Trade Commission, the average lease still comes with an effective interest rate of around 14.2%. Therefore, it's essential to consider all financial aspects, including cost of living and employment opportunities, before deciding to move to a new city to become debt-free. If moving results in a better overall quality of life, including debt freedom, it's worth considering. However, it's crucial to secure a job and ensure the cost of living is affordable before making the move. Additionally, having a support system in the new location can make the transition smoother. Overall, making deliberate financial decisions based on your unique situation can lead to financial freedom and a fulfilling life.
Being a Millionaire is about Net Worth, not Income or Opinions: Focus on building and preserving net worth through careful management of resources and assets, saving and investing, even during lean financial years, and avoiding unnecessary debt.
Being a millionaire is not about income or opinions, but rather about net worth. Net worth is calculated by subtracting liabilities from assets, and if that number is over a million, then one is considered a millionaire. Real millionaires have built their wealth through careful management of their resources and assets, and it is not determined by inheritance or current income level. Kathleen from Minneapolis, a millionaire herself, shared her net worth of $2.7 million, which included retirement accounts, real estate, and cars. She emphasized the importance of saving and investing, even during lean financial years, and avoiding unnecessary debt. Contrary to popular belief, millionaires do not necessarily drive luxury cars or live extravagant lifestyles, but rather focus on building and preserving their wealth for the future.
Working towards becoming a millionaire: Saving early, good health, and a profitable career: Determination and smart financial decisions, such as saving early, prioritizing good health, and pursuing a profitable career, can help anyone work towards building wealth.
Saving early and often, taking care of one's health, and pursuing a career with earning potential are key factors in becoming a millionaire. Kathleen and her husband, both millionaires, shared their experiences of working in different industries and attaining their degrees later in life. Kathleen emphasized the importance of saving more in the early years, while her husband highlighted the potential of learning a trade. They both agreed that being in good health is crucial for a long and productive career. Kathleen also encouraged younger listeners to speak to their older selves for advice, specifically emphasizing the importance of saving more, flossing, and using sunscreen. Overall, their stories underscored the idea that with determination and smart financial decisions, anyone can work towards building wealth.
From Penny-Pinching to Millionaire: Start young, save aggressively, find a profitable niche, and persist through challenges to accumulate wealth.
Consistent hard work, smart financial decisions, and a clear goal can lead to significant wealth accumulation. The speaker shares his story of starting young, saving every penny, and working tirelessly to become a millionaire by 32, and later amassing a net worth of 2.8 million by 41. He emphasizes the importance of finding a niche and improving upon it, as well as avoiding costly mistakes like buying a new truck for a tax write-off. While some success can be attributed to inheritance, the majority of his wealth was earned through dedication and determination. For those aspiring to build wealth, the speaker advises focusing on learning a trade, finding a problem to solve, and persisting despite setbacks.
Living below your means and focusing on long-term goals are keys to becoming a millionaire: Millionaires live frugally, save and invest for the future, and celebrate financial milestones. Faith and community support can also play a role in achieving financial success.
Becoming a millionaire involves living like no one else and making sacrifices. This was exemplified by a man who drove 30 miles each way to work for three months without pay, all while sharing his faith and inspiring his employer to seek spiritual growth. This dedication to living below one's means and focusing on long-term financial goals is a common trait among millionaires. Another key takeaway is the importance of celebrating financial milestones. Dave Ramsey and his team are inviting baby step four through seven followers on a seven-day cruise as a reward for their hard work and dedication to the Ramsey plan. The cruise, featuring special guests and exciting destinations, serves as a reminder to live like no one else and enjoy the fruits of one's labor. Additionally, the live like no one else Ramsey Cruise, which sold out quickly during the previous announcement, demonstrates the popularity and effectiveness of the Ramsey plan. The combination of financial discipline, faith, and community support can lead to financial success and the ability to live and give generously.
From zero to millionaires: Focus on income, live below means, and work together: Becoming a millionaire is possible through income growth, budgeting, and teamwork. Trust and commitment are essential in financial success.
Being a millionaire is not an unattainable goal, even if you didn't inherit the wealth. The couple in this conversation, who started their financial journey in their late 30s, became millionaires by focusing on their income, living below their means, and working together as a team. They emphasized the importance of trust and teamwork in their relationship and encouraged young people not to believe the myth that it's impossible to become a millionaire in America. The story of the college dropout who started a small business and is now worth over a million dollars serves as a reminder that everyone's path to financial success is unique, and it's never too late to start. The key is to be trustworthy with small amounts of money and to stay committed to your financial goals.
Most Millionaires Didn't Inherit Their Wealth: Only 11% of millionaires inherited their wealth, debunking the common myth that most millionaires are inheritors.
Contrary to popular belief, the vast majority of America's millionaires did not inherit their wealth. According to airtight research, 89% of millionaires are not millionaires because of an inheritance. This misconception can be harmful as it steals people's hope and is based on ignorance or lies. The study also debunked other myths such as millionaires being crooks, famous, or requiring high income or intelligence to become one. The author encourages those who want to learn more about this topic to read his book, "Baby Steps Millionaire," which includes the study white paper. Overall, the research emphasizes that becoming a millionaire is possible in America despite the challenges.
Recognizing and Challenging Discrimination and Building Financial Security: Recognize and challenge biases to promote equality, work hard and make smart financial decisions to build wealth, and use tools like the Every Dollar app to effectively budget.
There are various forms of discrimination, or "isms," that exist in society, such as bald ism and regional ism. These biases can impact people's opportunities and perceptions, causing unnecessary pain and misunderstandings. For instance, someone might be excluded from a show because of their baldness, or someone might be judged based on their regional accent. It's essential to recognize and challenge these biases to promote equality and understanding. Furthermore, during the discussion, we learned about Rachel's financial situation. She is a stay-at-home homeschool mom, and her husband works in logistics for the Department of Defense. They have a net worth of 1.1 million, with various categories of savings and investments. Rachel did not inherit any wealth and has worked hard to build her financial security. Additionally, the topic of the Lotto came up, and it was mentioned that playing the Lotto is statistically less likely to result in a win than being struck by lightning. Therefore, focusing on building wealth through hard work and smart financial decisions is a more reliable path to financial peace. Lastly, Dave Ramsey encouraged listeners to use the Every Dollar app to make budgeting less boring and more effective. By staying committed to a budget and following the principles of financial peace, anyone can take control of their money and build a secure future.
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