0:22 - Ramsey Show Reacts to Awkward Financial Moment on "Love Is Blind" 8:57 - Steve Harvey Said Debt Freedom Is Impossible? 16:20 - Dave Ramsey Loses His Mind Over This Advice On Instagram! 25:09 - Ramsey Show Reacts to HORRIBLE Credit Card Advice on TikTok! 34:23 - Ramsey Show Reacts To HORRIBLE Real Estate Advice on TikTok 42:26 - Ramsey Show Reacts To Horrible Wedding Financial Advice On TikTok 50:09 - Ramsey Show Reacts To HORRIBLE Budget Advice On TikTok
11:14 - also announcing the wrong winner for miss universe is how he makes money. Became instantaneously famous both in Philippines and Columbia for that, though not for the right reasons 😂
In rebuttal to Dave's comment on Steve Harvey. He only owed the IRS because his accountant stole the money he was paying to the IRS and he found out years later. Dave don't be ignorant to your own self righteousness.
"Dave wants you to have nice things but don't want the nice things to have you." This line has so much wisdom that the older I get, the more it rings true.
When I was a junior engineer who joined the company for less than a year, I bought a brand new Porsche on finance. That was the biggest mistake I've ever made
A guy asked if he should take a HELOC for a home renovation. I said, "I wouldn't," and suggested saving instead. He didn't reply. Many homeowners are surprised by the idea of saving money instead of using home equity for projects like a backyard deck. I chose to save and invest in the stock market instead, which has helped me build long-term financial stability without taking on additional debt.
I believe a healthy portfolio has 3 things, at the bare minimum: Exposure to ETFs for increased diversification, Exposure to assets that generate cash flow like dividend stocks, Exposure to market-leading tech.
I started at age 42 with about $18,800 which is now worth about $1.2M at age 50. Would be happy to share how, and it was definitely not index funds (pablum advice for the masses), but by partnering with a financial advisor. I've been with mine for the past 8 years and have seen why esteemed investors highly seek their expertise.
I'm cautious about giving specific recommendations since this is an online forum and everyone situation is unique, but I've worked with "Melissa Elise Robinson" for years and highly recommend her. Look her up to see if she meets your criteria.
Maybe I'm alone in this but I found Dave insufferable in some of those exchanges. He wouldn't let her complete a sentence. I simply wanted to hear her say her piece about the arbitrage clip, and Dave just kept talking over her. Maybe it makes for good entertainment, I dunno,but I find people who talk like that in real life highly annoying.
The thing I like about Dave’s advice is that he combines financial advice with psychology. He understands that psychology is what creates behaviors and those behaviors build wealth or they build debt. His systems aim to change the behavior and redirect effort to result in wealth.
I thought I was being really smart with my money… but I wasn’t going to be debt free for another 21 years with what I was doing. I’m now on schedule to be debt free in 2 years and it feels great.
It is so nice to not have any debt, no credit cards, no student loans, a little over $6,000 in the emergency fund and building up 3 month living expenses. Squeezing as much as I can and listening to this show pretty much every day, except Sunday, we are slowly building up closer to our dream to have land and house.
The credit card thing... there are people who can. I am one. I am 26. Got my first credit card at 18. In all 8 years I've been using a CC, I have NEVER carried a balance, ever, not even once. The key is using your credit card LIKE a debit card. Budget properly, have an emergency fund, and you'll never carry a balance. It really isn't complicated. I've had car issues come up that have cost me 3-4k and I put it on the card, get the cashback, take the money from my emergency fund, and immediately pay the card off. Most people probably shouldn't use them but for those that treat it LIKE a debit card, it genuinely is a benefit.
There are some special reasons you might want it for special things. For instance in south Europa you can only get your safety deposit back when renting cars if it was done through a credit card and not a debit card. Or at least that is what I heard, and there are some exceptions to it and so on, but to the story I heard there was someone who had to effectively pay triple price for car rental because they only had debit cards.
My dad passed in April of this year and watching Dave and Rachels interactions, especially with Love is Blind made me happy and miss those moments. Dave and the paper wall 😂
I was talking to a coworker about your show, Dave, because I really love how respect the way you save money and how careful you are. My coworker scoffed and said, ‘Dave wants you to save up for your kids and not for yourself.’ And my man is in his 20’s in thousands of dollars of credit card debit. I can’t.
What I learned from Dave and other financial experts is that it's important to budget. About 35% of take home pay to Housing, 15% Transportation, 25% on Other (what was called Life by one expert), 15% Debt, and 10% Savings. I tweaked these numbers for my specific needs and tweaked them again now that I've retired. This is what has worked for me. I have an 815 credit score.
@@RubyShelton-nf4mb 15 percent debt is way too much. I refuse to spend 15 percent of my income just on debt. Also, 35 percent on housing would be debt if you own your home. It’s just not a good idea to have any debt besides a home. That’s probably the best form of debt cause at least it’s an appreciating asset.
That's what I'm afraid, so I started teaching my son budgeting now when he's 8 and to my surprise he stopped buying ice cream all the time when he saw the money vanishing. He gets excited from money growing in his wallet. I hope it stays that way
Before I found Mr Ramsey about 6 months ago, my financial bible was the wealthy barber! It is a fantastic little read and I’m not a reader. I didn’t realize I was working the baby steps my whole life until I found Dave. We cook at home , I bring home brewed coffee and my lunch to work every day, and we live on less then we make! Paid our house off in 17 years my 2020 truck is paid my wife’s car has about 6 months left . And we have a nice retirement account and a full funded emergency fund with 1 years salary in it. I hear some older guys at work complaining about living pay check to pay check at 69 and don’t think they will ever retire wow ! Not for me! I love how Dave will just tell you the truth about your situation and won’t look down on you for it. We make mistakes,we all have but always look to the future
Rachel is sooo smart. She knew it would get her dad riled up as it goes against everything he stands for. It's great for business to take a popular show and look at all the financial flaws they make. We love you Rachel. He already hates the culture, he doesn't even like Chicago!!! I loved this 🤣🤣🤣
@@brianivey73 Studies show that truly Intelligent people watch dumb shows because they're brain is always on 10, while dumbed down shows allows them to give their brains a break.
Rachel is soooo good. She is smart, charming and confident. She doesn’t let Dave throw her and stays on point. And even though Dave always annoyingly interrupts her and has to always one-up anyone cohosting with him - she makes it work.
Honestly I feel like she talked too much. Why give him something to react to if you’re going to talk over him the whole time. Almost like she really enjoyed whatever was in her head and wanted to essentially say his reaction for him so it aligned with her reaction.
@@intercine4986 Go easy JC…. I think she does a good job and Dave can be over-bearing to his co-hosts. Was not intended to cause you tears…. Dave will be ok.
The one with the girl whose dad let her get a car loan....Shame on that dad. She could have bought a great car for $7000 cash with no payment. He thinks he set her up for success, but he would have set her up for success by teaching her to buy with cash and not have debt.
Buying $7000 share in that AirBNB partnership could also be a learning experience , and -- if profitable -- generate some cash to save up for that car.
To be fair, I have $10k cash set aside and have been looking for months and haven’t yet found a solid car without any major issues. Used cars are hell right now. I still wouldn’t go into debt, but I can sympathize with the fact that it is no longer as easy as “buy a great reliable used car for $7k”
54:57 over the past 2 years, my wife and I have drastically changed our financial outlook. We stick to a budget and will be out of debt soon. We took our 2 year anniversary trip a month ago and only used the money we had saved up. I did some side work to save up for it. We kept a running budget through the trip to know exactly where we were at the entire time. It was so freeing to go on a trip, stick to our budget, do the things we wanted to do, and come home just as free as when we left. We both kept commenting to each other how much we were enjoying the trip because we had the money saved up and weren't going into more debt. It was freeing and that is an experience I will have on all my future trips. Once we are debt free, debt will never have us again.
The best part of arbitrage dad is that he’s so proud of his financial genius with arbitrage when he’s actually describing leverage. Nothing says you’ve got this all figured out quite like incorrectly naming your big brain strategy. Arbitrage is buying a selling similar assets on different markets to exploit pricing inefficiency and it largely doesn’t exist today the way it once did thanks to technology.
Me and my friends had a lot of fun using arbitrage to climb up in Diablo 2. We used the patience type of arbitrage, where you exploit that one side wants to get rid of their goods quickly and is willing to offer them for a bit lower price, while those who directly needs those goods may want to pay a bit higher price, so by putting in the effort to connect those who were selling from the source and those who had a need, there was an arbitrage to be scored. The classical real world equivalent type I have heard about is antiques, where a store would buy an antique at a lower price, and then use that they would have a store or better connections to find the kind of buying who would be willing to pay closer to the normal market price.
I just started watching your videos and enjoy them. I want to point out that Steve Harvey wrote checks and submitted them to his accountant; unfortunately, when his accountant passed away, uncashed checks addressed to the IRS were located. It was later discovered that the accountant had stolen the tax money. To eliminate the $25 million IRS debt, Steve Harvey paid $650K per month for seven years.
@@alanj9978 I'm a very boring person who genuinely gets excited at other people doing well for themselves. But I also get excited to check if I've successfully followed a budget I set for myself, so I'm not a good yardstick
@@2BG.23 I was going to say that, he owed that over 15 years ago he paid that off in two years. Seem like Dave need to do some research or maybe George.
Wow, so glad I heard the bit on 2% back and flight points on cards, I never thought of the fact the can afford throwing some freebies to certain clients because their other customers and making them 10fold from struggling in debt and poverty.
Dave needs to find the young man from Family Feud and bring him on the Ramsey show and then give him FPU to make sure he knows that getting out of debt is a very real possibility.
This is in reference to the clip at 26:50 When I was 22, I remember sitting in the kitchen with my mom as she was trying to convince me to get a credit card. She said if I didn't start paying payments on something, I wouldn't have any credit and therefore never be able to have a healthy credit score. I told her I didn't agree with credit cards because I didn't like debt and wanted to pay for everything in cash and live within my means. Mom became angry and said, "You NEED to build credit! That's how you build credit is by buying something on credit and paying it off" To which I then asked her, "Ok, so how's your credit score then?" "Not very good!" she said. "There ya go" I'm 35 years old. I've never had a car loan, I've never had a credit card, I'm nearly debt free except for a few medical bills and my house, and my credit score is in the high 700s. Thanks mom.
The fact that I automatically heard Dave’s voice in my head the first time I watched that Love is Blind episode 😂😂and now he has watched it in front of the camera… It really made it feel like coming full circle LOL. Natalie, ruuuuunnn!! Cheetah!!! Also, it would have been fun to tell Dave that Shayne was a realtor at that time… A realtor who didn’t believe in buying a house. Also, crop tops.
Rachel please keep appearing on these episodes! I can see you Love your dad but I also can see you like to keep him on edge with some of your comments! I do however agree with you dad on the electric car purchase!
I liked the 'budgeting' is like a diet comparison at the end. The similarities are definitely there. Budgeting is for taking control over your money what eating out of your fridge is for your diet. You go to the store, have a proper plan what you will buy: adding up the things you need, calculating the deficit you might have and then you can consider if there's an extra chocolate bar in your plan.
One comment Dave made years ago sticks with me because it spoke directly to me, "The budget is the whip and chair you use to make your money behave." Restrictive? Yes, it restricts the power money has over me!
She is great please let her talk without being interrupted. Trust the Smart enough you grew in her let her share her joy and prove her point it always turns out well !😊Both you guys are wonderful ❤️
Their comments on the credit card one were interesting. My parents and I actually do what the woman was saying and I didn't think it was as weird as they seem to think. Every month or two when I buy gas I use the credit card, and autopay takes care of it. I keep my credit usage below 5% and don't care about points or cashback (it's a racket). I got the card at age 26 because I didn't have a credit score and wanted to buy a house. But you can buy a house without one, you just get a worse interest rate, and when you pay that monthly it helps your credit score. It sounds like the credit card trick worked out for me because I had a full emergency fund before I even got the card, and I avoid the "I'm earning cashback" trap.
I'm right there with you on the credit cards too even though I like the cashback offers haha. But you're totally right about keeping the credit usage low. I think that's the part that never gets talked about enough even though it's affects your credit score quite a bit
man, sorry to reply to you on something from six months ago, but i scrolled for a while looking for a comment like this. feel like they really missed the point in the vid. was told by my parents to get a cc early to starting building credit, never spend money i dont have in checking. and the example he used really frustrated me, he used a cc to pay to fix his car, and went into debt for it. what would the other option be? lose your job because you cant get to work?
The people who call the show are self selected to the poor credit card control skills. Most of the problems are a lack of budgeting and emergency funds.
This show is encouraging and enjoyable. I've made mistakes with cc, Dave's advice helped me write a plan to get out. Already little over a $1000 saved and maxing out my 401k where the company matches. Starting on baby step 2 to get this debt behind me.
I am not a religious man but I have to say a lot of the stuff on Ramsey is full of common sense. I am somewhere between 19 and 49 weeks paying off my mortgage (which will make me completely debt free). Why 19 to 49 weeks? Because I overpay every spare penny I can afford. Best ways it will be the first week of February 2023, worst ways the start of September 2023 but most likely around April 20th 2023.
@@barbara4329 Hi Barbara. For the record, I made my final payment against my mortgage on 30 December 2022. It took me 2 years, 6 months and 2 weeks to pay it off in full. Now it has been paid, I am saving 66% of every penny I earn for retirement. This is easy - because the discipline to save rather than spend came from paying off this mortgage,
All good advice, but when I was in college and looked for an apartment, there was only one who let me in without credit score. And of course it was not a very good apartment )))) In ALL other apartments they all wanted either a credit score or a co-signer (which I also did not have, I was an international student). And if you can believe I offered to all of these apartments to PRE-PAY for the WHOLE YEAR, and they still did not let me rent!!! It was ZERO risk for them - entire year pre-paid, and they were so stupid not to take my money. They wanted a credit score or a co-signer. So I was living in a terrible and loud apartment for 2 years and then rented out from a friend another year.
The only thing I can’t get with is the CC advice. I’m the one who says “I’ll pay it off every month” and I have ever since I opened one the moment I turned 18. I never borrow anywhere near what I currently own. There is a mental change you have to make where the money the bank pays out for your bill, isn’t the bank’s, it’s all yours (as obvious as it sounds, people still fall into debt all the time so it doesn’t work). You do miss out on the cash back advantages which is free money when you’re being absolutely responsible with it.
@@LindseyHarvell-vc4ez what I’m saying is that’s not true. I don’t spend more money simply because I have plastic. If anything, I’m more apt to spend more cash in my pocket than a card. I don’t purposely spend more money because of the small amount of cash back. And who says I won’t be able to pay it off one day. Having a six figure safety account says otherwise.
@@AdamC4you're in the exception category Adam, be happy about that. Most people can't handle that plastic, hence the statistics out there about credit card debt. That's why he gives the advice, for most people, not for the exceptions.
I got a similar experience about the love part. I never met my wife until after we engaged, I was in NZ and she's in US, the first time we actually met in person was in Hong Kong airport. Now we have been married over 15 years and our son is 12 years old. I feel like I am the lucky man that everything works out so far.
I have to comment on the budget one at the end. The guy sounds like one of my family members, who is currently not on a budget and is begging people for money to pay her bills. I was telling her about zero based budgeting and how it has helped me out tremendously. I used to not budget and now I cannot live without one.
Debt is money received in advance, interest is the price you pay for having access to it in advance, and your credit score is a measure of your trustworthiness.
39:16 My brother and sister-in-law did the real estate thing mentioned in the tiktok video, with one exception. They bought the properties with cash on hand. They also renovated the houses themselves. Furthermore, they did this right after the 2009 crash, which was an ideal buyers market. Finally, they did not leverage the houses to buy more property, instead they rented them and now they are spending time maintaining the rental properties. They are making it work, but it is far more difficult than most people think.
Renting out properties is a business and not just an investment (i.e. you can’t just relax and watch your money grow. You need to put in a significant amount of effort). So, the rental income may not be so passive, after all.
Far more involved than many likely believe it to be. And if you buy them cash you really don’t see your money grow for a long time when you’ve recollected rents to even break even which will take a long time. I imagine paid for real estate is a great legacy move but never really appeals to me. Lot of work and a major capital commitment. I could see it maybe if you had a lot of units to rent out I guess but not for me. Even if you borrowed and rent covered it you don’t seem to make any meaningful profit for a long time.
@@Matt-cr4vv Absolutely, it took years for my brother to renovate the houses, so they had to invest quite a bit of time and money before the properties started to generate any income.
I love how Rachel pulled the cord until her dad started and then set back and started drinking her coffee knowing she did what she needed to do to get a response out of Dave
The way George said “teach me how to budget” reminded me of teach me how to doofus. That would be a hilarious parody if the Ramsey team did it! (47:20)
I watched the first season for the pleasure of yelling at the screen and feed my sense of superiority but I couldn’t take additional seasons. It’s odd it has lasted so long.
This was great guys! I just LOVE Rachel ❤️ She's so entertaining and funny to watch. She and Dave have so much fun toying with each other. Guess I wish my relationship with my father had been anywhere close to theirs.
The thing with the real estate investor is she was in Canada. Our real estate has increased in price like you wouldn't even believe (not least because of people like her bidding on everything available). We just need one good crash to clean them out, which, with this year's interest rate increases, is hopefully under way. Rents are still skyrocketing up though.
I cannot believe what some people say!! I loooove these types of videos! Everyone tries to debunk Dave and his principles and ends up looking like an idiot. Classic!!!🤜🤛😂🤣
The underlying message for all of these TikTok videos is FRIGHTENING! The mindset is instant gratification and living for now. We have a whole group of people age 18-45 who are living for the now and it's so much more than just a money issue.
If I didn't know them, I would know they are father and daughter. This is the funniest and most wholesome clip I've seen so far. I swear I've had the exact same conversation with my Dad. Swap a slightly posh English accent for a Southern drawl and their reactions and expressions are exactly the same 😆
@GeorgeKamel, That Steve Harvey segment was done in South Africa. That's an unfortunate "fact" that gets perpetuated here, OPM. I know the financial conditions are different in the states compared to South Africa, but the principles still stay the same. Financial Freedom = Baby Steps and consistency; the only currency that matters. Thanks for y'all wisdom.
![Lp. Сердце Вселенной #60 РОЖДЕНИЕ ЛОЛОЛОШКИ [Финал] • Майнкрафт](http://i.ytimg.com/vi/YoR0pAV9FVQ/mqdefault.jpg)
0:22 - Ramsey Show Reacts to Awkward Financial Moment on "Love Is Blind"
8:57 - Steve Harvey Said Debt Freedom Is Impossible?
16:20 - Dave Ramsey Loses His Mind Over This Advice On Instagram!
25:09 - Ramsey Show Reacts to HORRIBLE Credit Card Advice on TikTok!
34:23 - Ramsey Show Reacts To HORRIBLE Real Estate Advice on TikTok
42:26 - Ramsey Show Reacts To Horrible Wedding Financial Advice On TikTok
50:09 - Ramsey Show Reacts To HORRIBLE Budget Advice On TikTok
38:18 "Like... Peppy..."
Fast Forward 2023, Peppy is bankrupt...
11:14 - also announcing the wrong winner for miss universe is how he makes money. Became instantaneously famous both in Philippines and Columbia for that, though not for the right reasons 😂
P
In rebuttal to Dave's comment on Steve Harvey. He only owed the IRS because his accountant stole the money he was paying to the IRS and he found out years later. Dave don't be ignorant to your own self righteousness.
42:53 put all of your wedding on a credit card go deeply in debt sounds like the fast lane to a divorce
In my opinion, Rachel is really likable! Her personality, voice, poise, fun side is all charming. Well done fam 🎉
Absolutely! Her timing on pushing her dad's buttons is impeccable.
Rachel is awesome
Rachel I love the show as well, you are right the show is sooo entertaining ❤
"Dave wants you to have nice things but don't want the nice things to have you." This line has so much wisdom that the older I get, the more it rings true.
When I was a junior engineer who joined the company for less than a year, I bought a brand new Porsche on finance. That was the biggest mistake I've ever made
Change your username. You have three devils number in it.
Repent and Obey Acts 2:38 to be saved.
"I don't believe in 401ks".. LOL dave's right... I don't wanna know these people! 😱
A guy asked if he should take a HELOC for a home renovation. I said, "I wouldn't," and suggested saving instead. He didn't reply. Many homeowners are surprised by the idea of saving money instead of using home equity for projects like a backyard deck. I chose to save and invest in the stock market instead, which has helped me build long-term financial stability without taking on additional debt.
What advice would you give to someone new to investing with around $80,000 to begin with?
I believe a healthy portfolio has 3 things, at the bare minimum: Exposure to ETFs for increased diversification, Exposure to assets that generate cash flow like dividend stocks, Exposure to market-leading tech.
I started at age 42 with about $18,800 which is now worth about $1.2M at age 50. Would be happy to share how, and it was definitely not index funds (pablum advice for the masses), but by partnering with a financial advisor. I've been with mine for the past 8 years and have seen why esteemed investors highly seek their expertise.
Hello, I'm interested in trying this out. Who is your advisor, and how can I contact them?
I'm cautious about giving specific recommendations since this is an online forum and everyone situation is unique, but I've worked with "Melissa Elise Robinson" for years and highly recommend her. Look her up to see if she meets your criteria.
Rachel: You’re committed
Dave: they aught to be committed
Me: 🤣 🤣 🤣
Oh my
Love the excitement Rachel gets at getting her dad all riled up!
Hilarious. Reminds me of the big smile my daughter has on her face while she is getting me riled up!
A more mature relationship now. He's been honest about head clashing with her but Iike their rapport now.
lol the chemistry is great here
It’s definitely a thing that only family can do and get away with! 😂
Maybe I'm alone in this but I found Dave insufferable in some of those exchanges. He wouldn't let her complete a sentence. I simply wanted to hear her say her piece about the arbitrage clip, and Dave just kept talking over her. Maybe it makes for good entertainment, I dunno,but I find people who talk like that in real life highly annoying.
The thing I like about Dave’s advice is that he combines financial advice with psychology. He understands that psychology is what creates behaviors and those behaviors build wealth or they build debt. His systems aim to change the behavior and redirect effort to result in wealth.
I thought I was being really smart with my money… but I wasn’t going to be debt free for another 21 years with what I was doing. I’m now on schedule to be debt free in 2 years and it feels great.
wtf wow
@@madhurimate2608 I would have had a positive net worth, just also would have had a mortgage and student loans
"One definition of maturity is learning to delay pleasure"
Couldn't have said it better myself, 100% agree.
Love Rachel she just brings a balance to everything Dave is...
It is so nice to not have any debt, no credit cards, no student loans, a little over $6,000 in the emergency fund and building up 3 month living expenses. Squeezing as much as I can and listening to this show pretty much every day, except Sunday, we are slowly building up closer to our dream to have land and house.
You and I or the same..😊 Love it !!
I hope to be at this point in a year
Same here don't give up
The credit card thing... there are people who can. I am one. I am 26. Got my first credit card at 18. In all 8 years I've been using a CC, I have NEVER carried a balance, ever, not even once. The key is using your credit card LIKE a debit card. Budget properly, have an emergency fund, and you'll never carry a balance. It really isn't complicated. I've had car issues come up that have cost me 3-4k and I put it on the card, get the cashback, take the money from my emergency fund, and immediately pay the card off. Most people probably shouldn't use them but for those that treat it LIKE a debit card, it genuinely is a benefit.
Ditto. I've never paid interest on my credit card in 27 years of having a credit card. I also get on average $500 of cash back each year.
There are some special reasons you might want it for special things. For instance in south Europa you can only get your safety deposit back when renting cars if it was done through a credit card and not a debit card. Or at least that is what I heard, and there are some exceptions to it and so on, but to the story I heard there was someone who had to effectively pay triple price for car rental because they only had debit cards.
I have made over 5k in cash back in my lifetime and I'm only 30.
I get a 5% discount on everything I buy on amazon and 3 everywhere else.
@@Glanzernis that the Amazon card?
My dad passed in April of this year and watching Dave and Rachels interactions, especially with Love is Blind made me happy and miss those moments. Dave and the paper wall 😂
I felt the same way watching. My dad passed a year ago today and he would’ve had the same reaction as Dave.
rest in peace to ur father ❤
🙏🏾🙏🏾🙏🏾🙏🏾🙏🏾💪🏾 Stay strong pops is most definitely proud of you 🥺
Dave is just like my dad, who’s been gone 20+ years, so it warms my heart to hear his rants!
My condolences to you 💕
“Dave, I want to punch something and you are the closest thing to me so I’m going to refrain” 💀⚰️🤣🤣🤣🤣🤣🤣
I was talking to a coworker about your show, Dave, because I really love how respect the way you save money and how careful you are. My coworker scoffed and said, ‘Dave wants you to save up for your kids and not for yourself.’ And my man is in his 20’s in thousands of dollars of credit card debit. I can’t.
What I learned from Dave and other financial experts is that it's important to budget. About 35% of take home pay to Housing, 15% Transportation, 25% on Other (what was called Life by one expert), 15% Debt, and 10% Savings. I tweaked these numbers for my specific needs and tweaked them again now that I've retired. This is what has worked for me. I have an 815 credit score.
@@RubyShelton-nf4mb 15 percent debt is way too much. I refuse to spend 15 percent of my income just on debt. Also, 35 percent on housing would be debt if you own your home. It’s just not a good idea to have any debt besides a home. That’s probably the best form of debt cause at least it’s an appreciating asset.
That's what I'm afraid, so I started teaching my son budgeting now when he's 8 and to my surprise he stopped buying ice cream all the time when he saw the money vanishing. He gets excited from money growing in his wallet. I hope it stays that way
@@niebieskimotyl3308 that’s so awesome! I wanna do that when I have kids one day. Being responsible with money is lifelong skill
Before I found Mr Ramsey about 6 months ago, my financial bible was the wealthy barber! It is a fantastic little read and I’m not a reader. I didn’t realize I was working the baby steps my whole life until I found Dave. We cook at home , I bring home brewed coffee and my lunch to work every day, and we live on less then we make! Paid our house off in 17 years my 2020 truck is paid my wife’s car has about 6 months left . And we have a nice retirement account and a full funded emergency fund with 1 years salary in it. I hear some older guys at work complaining about living pay check to pay check at 69 and don’t think they will ever retire wow ! Not for me! I love how Dave will just tell you the truth about your situation and won’t look down on you for it. We make mistakes,we all have but always look to the future
Rachel get a kick out of pressing her dad’s buttons 😂.
Dave’s face when Rachel explained how the show works!!!! That was the best!
Rachel is sooo smart. She knew it would get her dad riled up as it goes against everything he stands for. It's great for business to take a popular show and look at all the financial flaws they make. We love you Rachel. He already hates the culture, he doesn't even like Chicago!!! I loved this 🤣🤣🤣
Wow I didn’t know Rachael is the daughter of Ramsey. Is one of them Rachael’s husband? I’m not sure of the relation with the other co-hosts.
Smart? Ok I guess 🙄
She's good at poking the bear! 😆
Sooo smart that she's watching that bullcrap show.
@@brianivey73 Studies show that truly Intelligent people watch dumb shows because they're brain is always on 10, while dumbed down shows allows them to give their brains a break.
Dave..."These are not people I would want to know"!! 🤣🤣🤣🤣🤣
The only financial advice I ever give nowadays is: Don't go into debt and learn Dave Ramsey's lessons! It has kept me out of trouble for years.
Rachel is soooo good. She is smart, charming and confident. She doesn’t let Dave throw her and stays on point. And even though Dave always annoyingly interrupts her and has to always one-up anyone cohosting with him - she makes it work.
She's had years of practice. 😂
Honestly I feel like she talked too much. Why give him something to react to if you’re going to talk over him the whole time. Almost like she really enjoyed whatever was in her head and wanted to essentially say his reaction for him so it aligned with her reaction.
You can stop simping now todd and just enjoy the show. Jesus Christ
@@intercine4986 Go easy JC…. I think she does a good job and Dave can be over-bearing to his co-hosts. Was not intended to cause you tears…. Dave will be ok.
@visibletoallusersonyoutube5928 what is up with your username lol the most ridiculous thing I've ever seen
I loved watching Dave completely shut down by the end of that Love is Blind story 😂😂😂
PS I think having a paid off house is VERY exciting
I knew somebody like that - his excuse was lifes too short,
Rachel trying to be nice to these people and Dave not having it!😂
The one with the girl whose dad let her get a car loan....Shame on that dad. She could have bought a great car for $7000 cash with no payment. He thinks he set her up for success, but he would have set her up for success by teaching her to buy with cash and not have debt.
Buying $7000 share in that AirBNB partnership could also be a learning experience , and -- if profitable -- generate some cash to save up for that car.
To be fair, I have $10k cash set aside and have been looking for months and haven’t yet found a solid car without any major issues. Used cars are hell right now. I still wouldn’t go into debt, but I can sympathize with the fact that it is no longer as easy as “buy a great reliable used car for $7k”
Love how Rachel is like dad it's my job to set you up so give me time to set the targets up before you start firing.
God i love rachel :D shes adding so much to this show
Easy there 😅
"We're not laughing *at* him."
"Oh, I am."
Dave rules.
This is like my wife explaining a show she watches to me 😂😂😂
Same here ! My girlfriend is talking about her show and I’m just grumbling on live Dave about how much nonsense it is lol
Right💀😂
Lol facts brotha
To all at Ramsey, thank you so much for been so clearcut and saying what needs to be said in a crazy world!
54:57 over the past 2 years, my wife and I have drastically changed our financial outlook. We stick to a budget and will be out of debt soon. We took our 2 year anniversary trip a month ago and only used the money we had saved up. I did some side work to save up for it. We kept a running budget through the trip to know exactly where we were at the entire time. It was so freeing to go on a trip, stick to our budget, do the things we wanted to do, and come home just as free as when we left. We both kept commenting to each other how much we were enjoying the trip because we had the money saved up and weren't going into more debt. It was freeing and that is an experience I will have on all my future trips. Once we are debt free, debt will never have us again.
I would PAY to watch Dave watch a full episode 😂
Put it into your budget and go for it! 😂
The best part of arbitrage dad is that he’s so proud of his financial genius with arbitrage when he’s actually describing leverage. Nothing says you’ve got this all figured out quite like incorrectly naming your big brain strategy. Arbitrage is buying a selling similar assets on different markets to exploit pricing inefficiency and it largely doesn’t exist today the way it once did thanks to technology.
Me and my friends had a lot of fun using arbitrage to climb up in Diablo 2. We used the patience type of arbitrage, where you exploit that one side wants to get rid of their goods quickly and is willing to offer them for a bit lower price, while those who directly needs those goods may want to pay a bit higher price, so by putting in the effort to connect those who were selling from the source and those who had a need, there was an arbitrage to be scored. The classical real world equivalent type I have heard about is antiques, where a store would buy an antique at a lower price, and then use that they would have a store or better connections to find the kind of buying who would be willing to pay closer to the normal market price.
The car loan would have to be a 20+ year term for 14% of $7k to cover the monthly payments. She has to pay back the principal too.
Dave is America’s dad 🤣
This is exactly how my dad sees the show 😭😭😭😭
I just started watching your videos and enjoy them. I want to point out that Steve Harvey wrote checks and submitted them to his accountant; unfortunately, when his accountant passed away, uncashed checks addressed to the IRS were located. It was later discovered that the accountant had stolen the tax money. To eliminate the $25 million IRS debt, Steve Harvey paid $650K per month for seven years.
The 401K and paid for house sounds exciting to me!
It's definitely not exciting. But it sure feels good.
@@alanj9978 I'm a very boring person who genuinely gets excited at other people doing well for themselves.
But I also get excited to check if I've successfully followed a budget I set for myself, so I'm not a good yardstick
I have one (401k), working towards the other
“Chicago is not good” 😂😂 Hey Dave, I was raised there! 😅😅😅
I lived there 20 years. It's not good in a lot of ways
Dave Ramsey v.s. Steve Harvey was something I was not expecting 😂😂😂😂
true! I love how he called him out though and husband 25mil owed to irs
Love them both for very different reasons.
Well he didn’t really chew him out too bad he was more mad at his advice and that he went against what they stand for not him personally.
Harvey paid that off and is worth over 4x what dave is 🤷♂️
@@2BG.23 I was going to say that, he owed that over 15 years ago he paid that off in two years. Seem like Dave need to do some research or maybe George.
Wow, so glad I heard the bit on 2% back and flight points on cards, I never thought of the fact the can afford throwing some freebies to certain clients because their other customers and making them 10fold from struggling in debt and poverty.
Dave needs to find the young man from Family Feud and bring him on the Ramsey show and then give him FPU to make sure he knows that getting out of debt is a very real possibility.
Absolutely!
Yes!
The BRRRR method sounds more like I'm going to be homeless in the winter than actually a smart financial decision
This is in reference to the clip at 26:50
When I was 22, I remember sitting in the kitchen with my mom as she was trying to convince me to get a credit card. She said if I didn't start paying payments on something, I wouldn't have any credit and therefore never be able to have a healthy credit score. I told her I didn't agree with credit cards because I didn't like debt and wanted to pay for everything in cash and live within my means. Mom became angry and said, "You NEED to build credit! That's how you build credit is by buying something on credit and paying it off"
To which I then asked her, "Ok, so how's your credit score then?"
"Not very good!" she said.
"There ya go"
I'm 35 years old. I've never had a car loan, I've never had a credit card, I'm nearly debt free except for a few medical bills and my house, and my credit score is in the high 700s.
Thanks mom.
Your mother did not want to Bury you. She just didn't know. Hope you're well.
I love Dave and Rachel together on these podcasts. Amazingly funny and very sweet!!
Love Rachel - she’s such a great flavor to the show
She is definitely some real nice flavor
The fact that I automatically heard Dave’s voice in my head the first time I watched that Love is Blind episode 😂😂and now he has watched it in front of the camera… It really made it feel like coming full circle LOL. Natalie, ruuuuunnn!! Cheetah!!!
Also, it would have been fun to tell Dave that Shayne was a realtor at that time… A realtor who didn’t believe in buying a house. Also, crop tops.
Rachel please keep appearing on these episodes! I can see you Love your dad but I also can see you like to keep him on edge with some of your comments! I do however agree with you dad on the electric car purchase!
To be fair to Steve, we should all stop paying taxes. The government gives us nothing but debt and hardship.
bad news they just hired 80K armed IRS agents
Bad news for who?
I liked the 'budgeting' is like a diet comparison at the end. The similarities are definitely there.
Budgeting is for taking control over your money what eating out of your fridge is for your diet.
You go to the store, have a proper plan what you will buy: adding up the things you need, calculating the deficit you might have and then you can consider if there's an extra chocolate bar in your plan.
One comment Dave made years ago sticks with me because it spoke directly to me, "The budget is the whip and chair you use to make your money behave." Restrictive? Yes, it restricts the power money has over me!
Rachel my favorite thing is also to shock my dad with pop culture and see him go nutso 😂
“They aught to be committed” - I straight up howled 😂
She is great please let her talk without being interrupted. Trust the Smart enough you grew in her let her share her joy and prove her point it always turns out well !😊Both you guys are wonderful ❤️
This is why you need to have these conversations BEFORE proposing and marrying someone.
Dave: “Chicago’s not good”👁️👃🏻👁️
Me: *in Chicago * 😂😂😂😂😂 He ain’t lying
Their comments on the credit card one were interesting. My parents and I actually do what the woman was saying and I didn't think it was as weird as they seem to think. Every month or two when I buy gas I use the credit card, and autopay takes care of it. I keep my credit usage below 5% and don't care about points or cashback (it's a racket). I got the card at age 26 because I didn't have a credit score and wanted to buy a house. But you can buy a house without one, you just get a worse interest rate, and when you pay that monthly it helps your credit score. It sounds like the credit card trick worked out for me because I had a full emergency fund before I even got the card, and I avoid the "I'm earning cashback" trap.
I'm right there with you on the credit cards too even though I like the cashback offers haha. But you're totally right about keeping the credit usage low. I think that's the part that never gets talked about enough even though it's affects your credit score quite a bit
same
man, sorry to reply to you on something from six months ago, but i scrolled for a while looking for a comment like this. feel like they really missed the point in the vid. was told by my parents to get a cc early to starting building credit, never spend money i dont have in checking. and the example he used really frustrated me, he used a cc to pay to fix his car, and went into debt for it. what would the other option be? lose your job because you cant get to work?
The people who call the show are self selected to the poor credit card control skills. Most of the problems are a lack of budgeting and emergency funds.
This show is encouraging and enjoyable. I've made mistakes with cc, Dave's advice helped me write a plan to get out. Already little over a $1000 saved and maxing out my 401k where the company matches. Starting on baby step 2 to get this debt behind me.
Her face when he says I don't believe in 401ks told me to stay my course 🙂
"Dave, I wanna puch something, and you're the closest thing next to me, and so im gonna refrain" 😂😂😂
I am not a religious man but I have to say a lot of the stuff on Ramsey is full of common sense. I am somewhere between 19 and 49 weeks paying off my mortgage (which will make me completely debt free). Why 19 to 49 weeks? Because I overpay every spare penny I can afford. Best ways it will be the first week of February 2023, worst ways the start of September 2023 but most likely around April 20th 2023.
Congrats!
@@barbara4329 Hi Barbara. For the record, I made my final payment against my mortgage on 30 December 2022. It took me 2 years, 6 months and 2 weeks to pay it off in full.
Now it has been paid, I am saving 66% of every penny I earn for retirement. This is easy - because the discipline to save rather than spend came from paying off this mortgage,
Good for you!!
All good advice, but when I was in college and looked for an apartment, there was only one who let me in without credit score. And of course it was not a very good apartment )))) In ALL other apartments they all wanted either a credit score or a co-signer (which I also did not have, I was an international student). And if you can believe I offered to all of these apartments to PRE-PAY for the WHOLE YEAR, and they still did not let me rent!!! It was ZERO risk for them - entire year pre-paid, and they were so stupid not to take my money. They wanted a credit score or a co-signer.
So I was living in a terrible and loud apartment for 2 years and then rented out from a friend another year.
The only thing I can’t get with is the CC advice. I’m the one who says “I’ll pay it off every month” and I have ever since I opened one the moment I turned 18. I never borrow anywhere near what I currently own. There is a mental change you have to make where the money the bank pays out for your bill, isn’t the bank’s, it’s all yours (as obvious as it sounds, people still fall into debt all the time so it doesn’t work).
You do miss out on the cash back advantages which is free money when you’re being absolutely responsible with it.
But one day you won’t be able to. And you’re also spending more by using a credit card other than your own money. You’re just robbing yourself.
@@LindseyHarvell-vc4ez what I’m saying is that’s not true. I don’t spend more money simply because I have plastic. If anything, I’m more apt to spend more cash in my pocket than a card. I don’t purposely spend more money because of the small amount of cash back.
And who says I won’t be able to pay it off one day. Having a six figure safety account says otherwise.
@@AdamC4you're in the exception category Adam, be happy about that. Most people can't handle that plastic, hence the statistics out there about credit card debt. That's why he gives the advice, for most people, not for the exceptions.
If there's something you can learn from Steve Harvey about finacial success. It's you don't play with the IRS.
I got a similar experience about the love part. I never met my wife until after we engaged, I was in NZ and she's in US, the first time we actually met in person was in Hong Kong airport. Now we have been married over 15 years and our son is 12 years old. I feel like I am the lucky man that everything works out so far.
"you actually spent your time watching this?" Dave is literally me lmao
The first 5mins kills me😅.. I'm laughing the whole time and then realized, we need Dave's voice in this generation
No we dont
Right about that @Geraldine B.
I love Dave and Rachel’s banter. 🤣
I have to comment on the budget one at the end. The guy sounds like one of my family members, who is currently not on a budget and is begging people for money to pay her bills. I was telling her about zero based budgeting and how it has helped me out tremendously. I used to not budget and now I cannot live without one.
Omg the reaction to the description of “Love is Blind” was the best
The man didn't say he wanted to get rich .He says he wants no debts
Harvey said debt is okay, but he went bankrupt. 🤦🏻♂️
"Chicago is not good"
I'm dead lol 😆 🤣
“They ought to be committed” had me dying 🤣
32:40
Credit score is not money management, it's debt management
Wow, never looked at it like this🤯
Debt is money received in advance, interest is the price you pay for having access to it in advance, and your credit score is a measure of your trustworthiness.
39:16 My brother and sister-in-law did the real estate thing mentioned in the tiktok video, with one exception. They bought the properties with cash on hand. They also renovated the houses themselves. Furthermore, they did this right after the 2009 crash, which was an ideal buyers market. Finally, they did not leverage the houses to buy more property, instead they rented them and now they are spending time maintaining the rental properties. They are making it work, but it is far more difficult than most people think.
Renting out properties is a business and not just an investment (i.e. you can’t just relax and watch your money grow. You need to put in a significant amount of effort). So, the rental income may not be so passive, after all.
Far more involved than many likely believe it to be. And if you buy them cash you really don’t see your money grow for a long time when you’ve recollected rents to even break even which will take a long time. I imagine paid for real estate is a great legacy move but never really appeals to me. Lot of work and a major capital commitment. I could see it maybe if you had a lot of units to rent out I guess but not for me. Even if you borrowed and rent covered it you don’t seem to make any meaningful profit for a long time.
@@Matt-cr4vv Absolutely, it took years for my brother to renovate the houses, so they had to invest quite a bit of time and money before the properties started to generate any income.
I love how Rachel pulled the cord until her dad started and then set back and started drinking her coffee knowing she did what she needed to do to get a response out of Dave
The way George said “teach me how to budget” reminded me of teach me how to doofus. That would be a hilarious parody if the Ramsey team did it! (47:20)
I love Rachel. She's so great..
Great to look at
😅@@timetowakeup6302
I love Dave’s comment after Rachel says it’s so good…. And he says no one of this is good. A true man of God
I’m with you Rachel the show is sooo addicting!
I don't know if it just me but I'm laughing hard over here 🤣.
I actually laughed out loud with some of those TikToks..so good that these guys here are busting the lies and stupidity! Thank you for this show!
The Netflix clip was great! Love it! Love that Rachel brings a different perspective!
I couldn't watch a show like Love is Blind because I'd be yelling, "You're an idiot", at the TV constantly!!
I watched the first season for the pleasure of yelling at the screen and feed my sense of superiority but I couldn’t take additional seasons. It’s odd it has lasted so long.
Dave's expansion after watching The Clip, i felt that. 😂😂😂
Dave is right, these archetype dude-bro men just never grow up.
Honestly, love is blind live episode reactions with Dave and Rachel would be fun
This was great guys! I just LOVE Rachel ❤️ She's so entertaining and funny to watch. She and Dave have so much fun toying with each other. Guess I wish my relationship with my father had been anywhere close to theirs.
I wish these people well, what a scary situation to be in
Put on the whole armor of God that ye may be able to stand against the wiles of the devil praise God praying for everyone everyday God bless you all
🤣🤣🤣
Fake Christians worshipping money left and right up in here. Soooo fake.
There isn't any reason to believe in any god at all. Drop that silliness and level up to adulthood.
God bless you to Steve!
“These are not people I *want* to know!” You and me Dave.
The thing with the real estate investor is she was in Canada. Our real estate has increased in price like you wouldn't even believe (not least because of people like her bidding on everything available). We just need one good crash to clean them out, which, with this year's interest rate increases, is hopefully under way. Rents are still skyrocketing up though.
Rachel is so so right! it is an addictive show that you just have to binge!
Right, we love it so we can yell at it! Much like w the callers of this show, except Dave and friends are there to correct bad habits lol.
George: “you can’t spend your way into a meaningful life.” 👌🏻❤️
I cannot believe what some people say!! I loooove these types of videos! Everyone tries to debunk Dave and his principles and ends up looking like an idiot. Classic!!!🤜🤛😂🤣
The underlying message for all of these TikTok videos is FRIGHTENING! The mindset is instant gratification and living for now. We have a whole group of people age 18-45 who are living for the now and it's so much more than just a money issue.
I fell for the credit card scam I ended up $3,000 in debt before I found you guys and now all my credit cards are cut up. Never to be used again.
I love budgeting, bc there is zero guilt-you tell the money where to go!!!
Dave’s soul left his body and Rachel knew exactly what she was doing 😂 I love watching this father daughter duo
If I didn't know them, I would know they are father and daughter. This is the funniest and most wholesome clip I've seen so far. I swear I've had the exact same conversation with my Dad. Swap a slightly posh English accent for a Southern drawl and their reactions and expressions are exactly the same 😆
@GeorgeKamel, That Steve Harvey segment was done in South Africa. That's an unfortunate "fact" that gets perpetuated here, OPM. I know the financial conditions are different in the states compared to South Africa, but the principles still stay the same. Financial Freedom = Baby Steps and consistency; the only currency that matters. Thanks for y'all wisdom.
Last guy for sure looks like he can’t say no to a cookie 😂😂😂 whether you think you can or you can’t, you’re right