When I first heard Dave I thought he was nuts. Now 3yrs later my life is completely different. Was $11k in credit card debt Now zero and cut it up Was paying rent Now paid cash for my “mini mansion” Was broke Now $49,000 in savings and growing. Thx Dave.
1. Budget 2. Stop using debt 3. Get an emergency fund 4. Stay the course w/ investing 5. Find ways to spend less 6. If married, combined checking accounts. (Dave has a rant here) 7. Get on same page with spouse goals and fears 8. Stop comparing yourself to others 9. Focus on your behavior 80% results are based on behavior. Another rant here. 10. Live on less than you make.
Paid off my last Credit card Dec 30th 2021. It took 2.5 years to dig out of 49k! I worked a part time job and assigned a good chunk of my paychecks to those Credit cards. Now working on my student loans! Time to knock that out. It feels so good to get those credit cards off my back.
I thought Dave looked thinner lately, and now I hear him say it. Way to go Dave! You're an example of not only taking control of your money, but of your health too.
So true...just listen to their advice...its great not having c/c debt...no car note..just saving for retirement, living on less..seeing it every month and paying extra on the mortgage to go from 30 yr to be paid off in 5 yrs in 2026 before I turn 60!
I know this is off topic, but it is remarkable to see a father and his child working and laughing together. Those with healthy relationships with their parents forget just how rare this is.
To work towards the same goal as your children, whether it's joyfully painting a house, fixing the boat or at your company, is probably one of the must rewarding things in life.
Yep. All in, or not at all. I think one key reason why so marriages fail is because people want to have one foot in, one foot out, then realise it does not work that way.
Strive to build a healthy financial life in 2021- Love your life, not others - loss the need to please others - profound. Thank you! Happy New Year to you two! 🥂🎆🎉
Hi Rachel! I started following your dad this year because COVID destroyed my husbands industry. We took a $4000 a month pay cut. We are selling our house to pay down our debt & are just beginning the getting debt free process. So glad to begin this journey & I appreciate your family's guidance.
Thanks for your videos. I would love to see some of them in Spanish, at least the basics, like baby steps. I've learned a lot from you and I would love to share them with my boyfriend and our families but its juts not the same when I translate than when they can watch them from the source. Happy 2021.
Reinforce my change, stay the course we can do it. When I was in the military the old veterans would say most of the stuff you buy now you won't need, focus on your needs.
Thank you for you message of hope that will come with change. I've been following Dave Ramsey for 15+ years and have introduced my brother and sister in law and husband to these principles which we all practice. We saw Dave in Las Vegas 5 years ago. Thanks so much to Dave for sharing these principles in an affordable way and for Rachel's soft presence in sharing a feminine take on leveling up in financial fitness!
I will attest..!! It works .. I had 70k plus debt last yr and next to nothing saved. I now have no debt ..including my house.!! And close to 200k invested in the market. Went with a Dave Ramsey pro and got 30% on my money invested. It works !! Im 51 now and wish I had learned this sooner. But never to late!!
I just recently found Dave Ramsey and have to say his advice has helped me clear up 10000 by looking at my finances and deciding to sell my second car. Lowered bills by 450 after the snowball but still have a bit to go.
Mostly on board except #2. We've been using a rewards credit card for three years now, set to auto-pay the full statement balance every month. We haven't paid a single penny in interest, and we have over $1000 worth of rewards points. It is not our emergency fund (currently at 4 months of expenses), we're not using it to buy things we wouldn't otherwise buy or things we can't pay for right then, and it provides various types of protections that debit cards do not. Yes, the bank makes money from transaction fees, but the fact is, we're further ahead than we would be if we'd been using cash or a debit card. I'm kinda torn on the combined checking accounts. For financially wise couples, it's probably not necessary as long as there is some transparency. For anybody struggling with debt, combined checking accounts is not enough. You also need to be completely transparent with your debt as well. I know from personal experience that things aren't gonna work very well if one of you is attacking debt like crazy while the other is secretly running it up.
So, you're never going to get out of debt, because you keep getting back into debt for rewards points, even though you can afford to buy things with your real cash. Technically, you pay twice for things you buy on your credit card, for over $1000 of reward points, which, if I am not mistaken, is nowhere near how much you have repeatedly spent to gain them. Does that really make sense?
Me and my spouse have a joint account for all joint expenses as well as individual accounts. We both make the exact same amount. So far this works well for us. I would like more tips on having a joint account.
My thought is when you are married, every single expense is a joint expense. Even the "fun fund" my wife spends (I spend mine too) is both of our money.
just planned the best surprise party for my mom and gave the best speech i've ever given because of this video, thanks for your help sir! the best way to start progressing in life is by saving money, i promise nothing brings the confidence level up like a good finance believe me!! i'm taking her to hawaii afterwards will tell you how the trip went
@@donaldlocher2537 Never let anyone bother you, you can make your own decisions and 2) I use a Financial adviser who handles my savings. she's the best in the business
@@walter.dlawson2580 i can't actually leave details on here, you could do that yourself her name is Nancy Jane Gluck, she's quite known ,you can search and connect with her on her website..
I combined me and my spouses accounts and it ruined us financially. My spouse financial maturity is non existent. How are you supposed to combine with someone like that?
@@krizsz really? How silly. Different people have different strengths and weaknesses. My husband has no financial sense so I manage our accounts because I'm good at it. You know what I can't do? Cook. He on the other hand is a gourmet chef and baker. I never cook a thing. Dinner is always delicious and he does the dishes too!
You have an adult talk with her and together come up with a solution. If you're good with money and she's not, maybe you're in charge of the money for the betterment of your family?
It sounds like there's a reason for that lack of maturity, and your tone 'someone like that' may suggest that you don't want to solve the problem. You think she (?) is a lost cause. Is that a productive attitude for marriage?
Love Love....all of them...in 2020 following the baby steps my wife and I paid off 29k....were still paying debt yet we are definitely in a much better place financially working together
I was married 22 years (now divorced) with a joint checking and my ex would constantly withdraw money and write checks without notifying me and we constantly had financial issues. And to add to this, he opened a secret checking account and was stashing much cash and buying himself expensive toys when we were struggling financially. One of the reasons I filed for divorce
"One of the reasons I filed for divorce" Sorry but divorce was a necessity. If you and your partner are not on the same page financially, this creates terrible stress. Its unhealthy. Thats no way to live.
Plus, for those scared of their spouses spending habits (which indicates a bigger problem unconnected to combining finances), you can more easily hold each other accountable with combined finances than with separate accounts.
We're doing better than many couples we know who combine their accounts. We have a third account that we throw the same amount of money into and all our bills come out of there (including the mortgage, council rates, etc). We have a float in that account for things to do for the house, and it's a great buffer. But then our remainder money is ours in our own accounts. It's a hybrid model and I rate it as much better than a full combination of all money.
If you use a credit card that gives cash back rewards, and pay it off every single month in full, then that can increase your cash flow, and as long as you can be disciplined and responsible with it. then you CAN make some gains with it. However, it absolutely requires you to be focused and use it properly.
no bc if you use a credit card you always end up buying more stuff! Your brain thinks you have more money than what you really have. And 1% or 5% cash back is not going recoup the extra spending you just did! Whether you pay it off or not every single month.
@@nohandlebravo, you are absolutely right. I used to have a credit card. I never carried a balance and I claimed points. I tried life without a card (figuring I could always get one back if I wish) and I spend SO much less now. It more than makes up for the points. It really does help focus the mind. I bet it would be the same again to move to cash only. But I’m not quite ready for that leap lol.
@@mstringham Because it's debt, and while you remain in debt, you are beholden to someone else. PLus he also knows how credit card companies entice to you to spend more, thus acquiring more debt.
She belongs to her audience and show; he belongs to his mission in life: telling ppl the truth no matter how that makes them feel. You can tell the difference in communication.
My question I ask my kids when they’re wanting to buy the next big thing or say something about how many gifts or activities their friends go do or have is “ do you want to BE rich or LOOK rich”? No one gets rich through comparison and appearing wealthy. Plus, I know for a fact that those families rack up credit cards to appease the Christmas wishlists and constantly go on adventures.
My View on Money is that it ISN'T MINE, All I receive is from THE LORD, it belongs Ultimately to HIM and I Always Tithe 1st, I give BACK to HIM a Very Small portion compared to what HE gives to ME! The BIBLE Says " If you SOW Sparingly, you will Reap Sparingly, if you Sow Generously, you will Reap Generously ".. TRUTH!!! My Security is NOT in Money, which is easily LOST, it is in JESUS CHRIST and He RICHLY Provides for me, Period!!! PRAISE GOD!!
My wife and I are good in other areas however, she refuses to combine our checking accounts. She justifies it with examples of friends and family who also have separate accounts and they have good marriages. They even brag about how they are good with their separate accounts. There’s also her investments, were she pulls money out, gets penalized and has no problem with it. 😑
My husband doesn’t feel like we should combine accounts. We file taxes separately as he’s a 1099 employee who doesn’t pay quarterly taxes 🙄. It drive me bonkers 😠
The scripture about the virtuous women ? She owns her own business and land. Her Husband sits at the gate of the City (important). Just a thought I have found it is good for a women to know how to make it on her own. People change and people die. Interdependence is bliss. Both depending on Holy Spirit is seeking first His Kingdom on Earth .
I don't really see the difference. You can have your own business and combine finances. The whole point of the virtuous woman is that she fears God. Her enterprising nature is just an example.
When my wife and I were married we combined our finances in a joint checking account. After she bounced several checks, I separated our accounts to save paying the bank penalties. She learned to do better. Now, after 50 years of marriage, I am quite certain that having two people write checks from the same account is an insane idea.
Rachael and Dave. Do you still do the cash envelopes in budgeting with the world wanting to go cashless. I am in Australia and it took ages for me to find someone who makes cash envelopes which I have now.
✨✨This may sound silly but it's actually what I'm struggling with right now...so the baby steps DO work! I've worked my way through 1-3. My life has changed dramatically. But...even though the cash envelope works really well, I HATE walking out of the bank with that much cash every month. It really scares me so I stopped doing it. But using my debit card makes it easier for me to spend over my budget. Anyone have any ideas?✨✨
I have cash envelopes but no cash in them. A piece of paper with the budgeted amount at the top then track what I spend (using my debit card), works the same.
Some of my financial goals for 2021: 1. Expand emergency fund from 6 to 12 months 2. Baby step 6 - put an additional 7% down on mortgage 3. Maintain a monthly 40% savings rate What about you?
Dave, your daughter is a mini you! She’s fabulous! Love her! But, I really want a video with Dave’s wife! I want to hear from the woman behind this brilliant man? Because all of us women out here know, that this woman, made this brilliant man!!! 😆
Many of these points I would agree with.... EXCEPT combining a checking account with the person you are married to. Yes marriage is a partnership, however with the divorce rate so high, it makes absolutely no sense to not have your finances separate. Especially if one partner is making considerably more than the other. Yes both people should learn how to spend money, and save money. But combining checking accounts is realistically a recipe for disaster for most people. In most situations, there should be a shared account that the person who is making the most is controlling how much goes in. Their main account in which their income is deposited into should not be that account.
Sounds like you see marriage and combined finances through the lens of other people's failure, rather than seeing the benefits both can bring. If you see something as doomed to fail, it may well fail.
Good information as always expected from the source. I wish for chronological sake, it would have been done later. It was definitely not recorded on January One
Survivorship bias. There are millions of married couples who have shared accounts and the next day one of them run away with all the money, divorce then, and leave the other one for dead.
I agree from life experience with your hint. My aunt and uncle have had separate accounts for almost 50 years. They have a good relationship. But everyone has their own money. They plan and work together not splitting their quality of life but both financially stable on their own. Good job.
I have a budget book & money envelopes. Problem is my husband doesn’t want to work with me on it. He does his own thing and I have no idea what’s happening with our money. I am at my wits end....
In our 14 year marriage, we never combined accounts. I paid all of the daycare, the mortgage, the food. His obligation was the utilities. He made more than me in the end, but he ended up declaring bankruptcy. I still don’t know how he amassed $45,000 in credit card debt, and I don’t think I want to know!
No! He declared bankruptcy after the divorce. We always had separate accounts, nothing held jointly except the house. He had his own accounts which he kept secret. Secret charges for secret things. No transparency. He never admitted to doing anything specifically wrong.
@@samanthahardy9903 it's not used correctly in this sentence. You wouldn't say "If YOU ARE friends making fun of you...." In this situation, "your" is correct.
@@kerriseals7063 After reading it again. You are correct. "Your" is correct and not "You're". I tend to tend spread read and sometimes jump the gun. My bad!
Interesting. Isn’t sharing expenses 50/50 acting like roommates? Shouldn’t the man provide financially and cover the bills, while the wife’s income is her own to spend/save? There is conflicting “advice” out there on this approach to finances in marriage. Any insight would be appreciated.
@@minimalassembly7893 sharing expenses 50/50 in as much as each person puts in 100% of their income, and both people have equal say in what happens with the money. There is no hard and fast rule that a man has to be the sole provider, or that a woman should be given "spending money". These are outdated stereotypes, but the decision of what to do with the money is made unanimously by both spouses when they sit down together and make a budget. Making sure future goals line up is key - if an *agreement* is made that so much money needs to be set aside for retirement, so much toward bills, so much toward fun spending, etc, then that is a good budget. Agreeing on what the goals are & what to do with the money is KEY.
@@minimalassembly7893 advice. When you are married, the pastor says you are now one. Yes, you are two people who have become one in everything. This is especially in the realm of finance. When you work together, you can tackle debt, or whatever money issues that may arise.
@@TienHuynh5312 It's a lot about habits, attitude and perspective; not necessarily dollar and cent. Eastern Europe here, I tell everyone about Dave. Have a constructive day.
For those scared to combine finances with their spouse, heres my story: Hubby came into marriage understanding investing but no self-discipline, so had consumer debt and no extra to actually invest. I came in with super self-discipline but my money sat in dead-end bank accounts and in the "sock drawer" not growing. Now after working through our differences and talking through our plan, creating budget etc etc we now have a net worth of almost a million dollars. (and we are in not highly paid careers) No chance either of us would be here if we managed money apart! Together we are winning!
@@keishakei7872 I explain it fully on my channel. But layman's terms I put pretty much everything I had on the car and side hustled. There's months where I could only do the minimum payment one month I went high as $1673. I also had family support for other bills.
1:33 1. Budget 3:00 2. Stop using debt 4:40 3. Get serious about saving (have an emergency fund) 6:03 4. Stay the course w/ investing 7:15 5. Find ways to spend less 8:00 6. If married, combined checking accounts. (Dave has a rant here) 10:56 7. Get on same page with spouse goals and fears 12:30 8. Stop comparing yourself to others 14:55 9. Focus on your behavior 80% results are based on behavior. Another rant here. 17:40 10. Live on less than you make.
I am so thankful that I found you guys, I wish I could express how much financial peace university has help me and my family to be debt free. It is the best feeling in the world. Than you so so so much. Best wishes for 2021.
The simplest advice I can take ATM is to keep investing, but invest smartly. I've been going a bit more aggressive for a few months now and my 1 year old portfolio has smashed $450k in value from an initial allocation of $180k. Learn to diversify and DIY or get a professional help. However investing has no one way to it
@@jakethompson8737 Nothing out of the ordinary. I would say i was lucky to have the guidance of a successful and highly knowledgeable wealth advisor - (Freda Lynn Johnson) That was a smart move since my portfolio has grown at a tremendous pace. unlike i can say for my IRA which has just been trudging along. i even had to roll most of it over to Freda's strategies. my account just mirrors what she trades and not just on some particular industries of my choosing
@@mrmoore2485 I am going to follow your steps,so I looked up Ms Freda in google and researched her accreditation with FINRA. She seem very proficient and pretty genuine to me. I will contact her through her webpage and I expect to hear what she has to say about my situation and see how far i go in 4-8 months time. Thanks
Yes! My husband when we were dating, he bought me jewelry, perfume, we ate out, clothing. I thought all of that would end once we were married and we would both buckle down and save for our things we needed. Never happened. Once credit cards were paid off, they were charged back up again. Very frustrating!
I love all the good, down to earth advice that really works. I just saved $37 by calling my auto policy and cell phone companies to complain about their rising fees and they both lowered their rates to keep me as a paying customer. I would add: Check your bills and accounts often for errors and hikes in auto pays! I love Dave and Rachel. Thank you so much!
My financial goal this year is to max out on 401k and IRA, change job and get to a six figure salary finally. Hoping to raise my net worth to 200k. Let's go!!
If you're investing 15 percent of a 200 k income, your gonna need to find more places to invest the remainder after you max your other accounts. Great problem to have! Good luck!
I can't believe how much money I've saved by ordering my groceries online and going to the pickup. I don't spend extra on those impulse buys. I make a grocery list according to what we need in our home and then only buy those items. I used to spend anywhere from $200-$300 per week on groceries and consumables. And my budget has always been $125.00 - no more than $150.00. Ha! That never happened! Now, just today.... I only spent $140.00! $10.00 under my max budget! That's a win for me!!!
I love that dad of yours. He was one of many that saved my life-in the financial disaster I was in. In his gentle, honest, firm mannerism he swooped in like a knight in shining armor. Dave Ramsey well the word respect comes to mind.
THIS. I was so frustrated that a particular brand of notebook was only available on Amazon, until I found an A5 version with the same number of pages in a local pound store.
When I first heard Dave I thought he was nuts.
Now 3yrs later my life is completely different.
Was $11k in credit card debt
Now zero and cut it up
Was paying rent
Now paid cash for my “mini mansion”
Was broke
Now $49,000 in savings and growing.
Thx Dave.
Congrats
Awesome!!!!!!!
I am so proud of you. You have work so hard. I hope you take a moment to be proud of yourself.
@@Bast16711 I love it when people win!
@@Bast16711 yes, I’m amazed at what I’ve done and blessed too
1. Budget
2. Stop using debt
3. Get an emergency fund
4. Stay the course w/ investing
5. Find ways to spend less
6. If married, combined checking accounts. (Dave has a rant here)
7. Get on same page with spouse goals and fears
8. Stop comparing yourself to others
9. Focus on your behavior 80% results are based on behavior. Another rant here.
10. Live on less than you make.
Ur a star!
And a tip for people who look for these summaries - don’t skip the rants! They’re the best part!
11. Learn to become independent as much as you can.
Thank you
The way Dave explains it makes the info so much more valuable
Paid off my last Credit card Dec 30th 2021. It took 2.5 years to dig out of 49k! I worked a part time job and assigned a good chunk of my paychecks to those Credit cards. Now working on my student loans! Time to knock that out. It feels so good to get those credit cards off my back.
I thought Dave looked thinner lately, and now I hear him say it. Way to go Dave! You're an example of not only taking control of your money, but of your health too.
I noticed too.
@Mr Bellamy I noticed she is very thin also. I can't help but wonder if it is genetics or if she simply doesn't eat much.
@Mr Bellamy I was thinking the same. It could be just genetic but it struck me because I never noticed it before.
“It’s not going to be easy. Ever.”
It gets easier as you “do it” more and more!
So true!
So true...just listen to their advice...its great not having c/c debt...no car note..just saving for retirement, living on less..seeing it every month and paying extra on the mortgage to go from 30 yr to be paid off in 5 yrs in 2026 before I turn 60!
Thank you💖
Such a great team! Dave helps us see the stupidity of our selfish decisions and Rachel helps us have compassion!
I know this is off topic, but it is remarkable to see a father and his child working and laughing together. Those with healthy relationships with their parents forget just how rare this is.
If my father gave me a six-figure job and was the heir to the kingdom, Id be giggling like a madman every day.
I wish he was my dad
To work towards the same goal as your children, whether it's joyfully painting a house, fixing the boat or at your company, is probably one of the must rewarding things in life.
@@RichV20 tell that to my kids 🤦♀️
@@RichV20 ..
When I made a financial commitment to myself...I felt stronger and I didn't care how others felt.
Dave, you are so right, Marriage is a combined life, not just roommates.
Yep. All in, or not at all. I think one key reason why so marriages fail is because people want to have one foot in, one foot out, then realise it does not work that way.
Rachel and Dave Ramsay Thank you for this New Year video. Yes, I will continue challenge myself to stay focused. New year and New plans.
Strive to build a healthy financial life in 2021- Love your life, not others - loss the need to please others - profound. Thank you! Happy New Year to you two! 🥂🎆🎉
Hi Rachel! I started following your dad this year because COVID destroyed my husbands industry. We took a $4000 a month pay cut. We are selling our house to pay down our debt & are just beginning the getting debt free process. So glad to begin this journey & I appreciate your family's guidance.
Thanks for your videos. I would love to see some of them in Spanish, at least the basics, like baby steps. I've learned a lot from you and I would love to share them with my boyfriend and our families but its juts not the same when I translate than when they can watch them from the source. Happy 2021.
He should definitely add a sister channel for the Spanish-speaking market
Reinforce my change, stay the course we can do it. When I was in the military the old veterans would say most of the stuff you buy now you won't need, focus on your needs.
It's always endearing to see how compounding works even in family upbringing.
Thank you for you message of hope that will come with change. I've been following Dave Ramsey for 15+ years and have introduced my brother and sister in law and husband to these principles which we all practice. We saw Dave in Las Vegas 5 years ago. Thanks so much to Dave for sharing these principles in an affordable way and for Rachel's soft presence in sharing a feminine take on leveling up in financial fitness!
I will attest..!! It works .. I had 70k plus debt last yr and next to nothing saved. I now have no debt ..including my house.!! And close to 200k invested in the market. Went with a Dave Ramsey pro and got 30% on my money invested. It works !! Im 51 now and wish I had learned this sooner. But never to late!!
Well done!
2021 is defiantly my year to change... I’ve started great and will be debt free by 45
I just recently found Dave Ramsey and have to say his advice has helped me clear up 10000 by looking at my finances and deciding to sell my second car. Lowered bills by 450 after the snowball but still have a bit to go.
Mostly on board except #2. We've been using a rewards credit card for three years now, set to auto-pay the full statement balance every month. We haven't paid a single penny in interest, and we have over $1000 worth of rewards points. It is not our emergency fund (currently at 4 months of expenses), we're not using it to buy things we wouldn't otherwise buy or things we can't pay for right then, and it provides various types of protections that debit cards do not. Yes, the bank makes money from transaction fees, but the fact is, we're further ahead than we would be if we'd been using cash or a debit card.
I'm kinda torn on the combined checking accounts. For financially wise couples, it's probably not necessary as long as there is some transparency. For anybody struggling with debt, combined checking accounts is not enough. You also need to be completely transparent with your debt as well. I know from personal experience that things aren't gonna work very well if one of you is attacking debt like crazy while the other is secretly running it up.
So, you're never going to get out of debt, because you keep getting back into debt for rewards points, even though you can afford to buy things with your real cash. Technically, you pay twice for things you buy on your credit card, for over $1000 of reward points, which, if I am not mistaken, is nowhere near how much you have repeatedly spent to gain them. Does that really make sense?
Me and my spouse have a joint account for all joint expenses as well as individual accounts. We both make the exact same amount. So far this works well for us. I would like more tips on having a joint account.
Great job!
My thought is when you are married, every single expense is a joint expense. Even the "fun fund" my wife spends (I spend mine too) is both of our money.
You know, even though I am doing all of these things and am on a good path, I need these reminders.
just planned the best surprise party for my mom and gave the best speech i've ever given because of this video, thanks for your help sir! the best way to start progressing in life is by saving money, i promise nothing brings the confidence level up like a good finance believe me!! i'm taking her to hawaii afterwards will tell you how the trip went
how did you get to this level of success if you don't mind giving a few pointers?
@@donaldlocher2537 Never let anyone bother you, you can make your own decisions and 2) I use a Financial adviser who handles my savings. she's the best in the business
how do i get to this advisor pls i would like to build my dividend portfolio long term.
@@walter.dlawson2580 i can't actually leave details on here, you could do that yourself her name is Nancy Jane Gluck, she's quite known ,you can search and connect with her on her website..
Help
I combined me and my spouses accounts and it ruined us financially. My spouse financial maturity is non existent. How are you supposed to combine with someone like that?
ur not supposed to be married to someone like that....
@@krizsz really? How silly. Different people have different strengths and weaknesses. My husband has no financial sense so I manage our accounts because I'm good at it. You know what I can't do? Cook. He on the other hand is a gourmet chef and baker. I never cook a thing. Dinner is always delicious and he does the dishes too!
You have an adult talk with her and together come up with a solution. If you're good with money and she's not, maybe you're in charge of the money for the betterment of your family?
@@mattschmitt9924 i agree with you. She can manage the money but still on joint account.
It sounds like there's a reason for that lack of maturity, and your tone 'someone like that' may suggest that you don't want to solve the problem. You think she (?) is a lost cause. Is that a productive attitude for marriage?
Love this..... bringing such awareness to my spending habits and what drives my spending... and now, what inspires my saving.
Love Love....all of them...in 2020 following the baby steps my wife and I paid off 29k....were still paying debt yet we are definitely in a much better place financially working together
Well these are so good. Changing habits regarding money this 2021!
I was married 22 years (now divorced) with a joint checking and my ex would constantly withdraw money and write checks without notifying me and we constantly had financial issues. And to add to this, he opened a secret checking account and was stashing much cash and buying himself expensive toys when we were struggling financially. One of the reasons I filed for divorce
"One of the reasons I filed for divorce"
Sorry but divorce was a necessity. If you and your partner are not on the same page financially, this creates terrible stress. Its unhealthy. Thats no way to live.
What that proves is you had a dishonest husband. It doesn't mean combining an account is bad.
@@Musicienne-DAB1995 you know what he told me a couple of times ? That he lies so much he has no clue whether his lies are truth - habitual liar -
I feel love for Dave like he's my own dad! 😄
Makes me a little scared seeing him getting older, like my own loving dad. Wow.
.%+➊➎➍➊➐⓿➋⓿➌➒➒ % @
Thank you to both of you.
Power in numbers. For #6, WHY would you even have two separate checking accounts??? Married = combining two souls into one. Money included.
Plus, for those scared of their spouses spending habits (which indicates a bigger problem unconnected to combining finances), you can more easily hold each other accountable with combined finances than with separate accounts.
We're doing better than many couples we know who combine their accounts. We have a third account that we throw the same amount of money into and all our bills come out of there (including the mortgage, council rates, etc). We have a float in that account for things to do for the house, and it's a great buffer. But then our remainder money is ours in our own accounts. It's a hybrid model and I rate it as much better than a full combination of all money.
Fair enough. I'd go for combining the main account and havng a separate savings account.
If you use a credit card that gives cash back rewards, and pay it off every single month in full, then that can increase your cash flow, and as long as you can be disciplined and responsible with it. then you CAN make some gains with it. However, it absolutely requires you to be focused and use it properly.
I agree with this but listening to Dave Ramsey he is anti-credit cards no matter if you pay them off monthly.
no bc if you use a credit card you always end up buying more stuff! Your brain thinks you have more money than what you really have. And 1% or 5% cash back is not going recoup the extra spending you just did! Whether you pay it off or not every single month.
@@nohandlebravo, you are absolutely right. I used to have a credit card. I never carried a balance and I claimed points. I tried life without a card (figuring I could always get one back if I wish) and I spend SO much less now. It more than makes up for the points. It really does help focus the mind. I bet it would be the same again to move to cash only. But I’m not quite ready for that leap lol.
@@mstringham Because it's debt, and while you remain in debt, you are beholden to someone else. PLus he also knows how credit card companies entice to you to spend more, thus acquiring more debt.
Some gains... but are they sufficient enough to keep getting back into debt every month?
I love that Dave says “freakin”. I say it all the time and feel absolutely NOT GUILTY.
He's a great mentor to help men to build better providers we need it and it helps men grow up better that's
I’m glad I came across this video; Mr Ramsey you literally preached the words I needed to hear sir.God bless
She belongs to her audience and show; he belongs to his mission in life: telling ppl the truth no matter how that makes them feel. You can tell the difference in communication.
My question I ask my kids when they’re wanting to buy the next big thing or say something about how many gifts or activities their friends go do or have is “ do you want to BE rich or LOOK rich”? No one gets rich through comparison and appearing wealthy. Plus, I know for a fact that those families rack up credit cards to appease the Christmas wishlists and constantly go on adventures.
My View on Money is that it ISN'T MINE, All I receive is from THE LORD, it belongs Ultimately to HIM and I Always Tithe 1st, I give BACK to HIM a Very Small portion compared to what HE gives to ME! The BIBLE Says " If you SOW Sparingly, you will Reap Sparingly, if you Sow Generously, you will Reap Generously ".. TRUTH!!! My Security is NOT in Money, which is easily LOST, it is in JESUS CHRIST and He RICHLY Provides for me, Period!!! PRAISE GOD!!
Why would anyone compare themselves to other people? Love who you are! I agree, love your life, not theirs.
Shared life exactly !! Most people keep their money separate . And that’s why people divorce . Money 💰 and greed
My wife and I are good in other areas however, she refuses to combine our checking accounts. She justifies it with examples of friends and family who also have separate accounts and they have good marriages. They even brag about how they are good with their separate accounts. There’s also her investments, were she pulls money out, gets penalized and has no problem with it. 😑
My husband doesn’t feel like we should combine accounts. We file taxes separately as he’s a 1099 employee who doesn’t pay quarterly taxes 🙄. It drive me bonkers 😠
The scripture about the virtuous women ? She owns her own business and land. Her Husband sits at the gate of the City (important). Just a thought I have found it is good for a women to know how to make it on her own. People change and people die.
Interdependence is bliss. Both depending on Holy Spirit is seeking first His Kingdom on Earth .
I don't really see the difference. You can have your own business and combine finances. The whole point of the virtuous woman is that she fears God. Her enterprising nature is just an example.
Hey Dave, you look great. Happy new year.
Dave: What’s your household income?
Ha ha....
Great information! Words to live happily by.
When my wife and I were married we combined our finances in a joint checking account. After she bounced several checks, I separated our accounts to save paying the bank penalties. She learned to do better. Now, after 50 years of marriage, I am quite certain that having two people write checks from the same account is an insane idea.
Just based on your experience, though.
Susie Ormond says it's best to have separate checking accounts.
Thank you both
I disagree that all couples sharing everything, because I know too many women that when the marriage was over, they had nothing.
I finally cut up and froze my “emergency “ credit card! Plan in place
I just stumbled upon this channel. I'm hooked!
Rachael and Dave. Do you still do the cash envelopes in budgeting with the world wanting to go cashless. I am in Australia and it took ages for me to find someone who makes cash envelopes which I have now.
Great topic!
Awesome 👏🏻 👏🏻👏🏻👏🏻👏🏻 welcome 2021 !
✨✨This may sound silly but it's actually what I'm struggling with right now...so the baby steps DO work! I've worked my way through 1-3. My life has changed dramatically. But...even though the cash envelope works really well, I HATE walking out of the bank with that much cash every month. It really scares me so I stopped doing it. But using my debit card makes it easier for me to spend over my budget. Anyone have any ideas?✨✨
I have cash envelopes but no cash in them. A piece of paper with the budgeted amount at the top then track what I spend (using my debit card), works the same.
Helen, that's a wonderful idea..thank you! I'll try that this year
Great video!! Thanks for the tips!!
I was about to live in my car & this system saved
Some of my financial goals for 2021:
1. Expand emergency fund from 6 to 12 months
2. Baby step 6 - put an additional 7% down on mortgage
3. Maintain a monthly 40% savings rate
What about you?
Build wealth by continuing to live frugally.
@@luisasterioquerubin6829 yes 🙌🏼
And not keeping up with the Joneses.
Love Dave's rants!
Dave, your daughter is a mini you! She’s fabulous! Love her! But, I really want a video with Dave’s wife! I want to hear from the woman behind this brilliant man? Because all of us women out here know, that this woman, made this brilliant man!!! 😆
Many of these points I would agree with.... EXCEPT combining a checking account with the person you are married to. Yes marriage is a partnership, however with the divorce rate so high, it makes absolutely no sense to not have your finances separate. Especially if one partner is making considerably more than the other. Yes both people should learn how to spend money, and save money. But combining checking accounts is realistically a recipe for disaster for most people. In most situations, there should be a shared account that the person who is making the most is controlling how much goes in. Their main account in which their income is deposited into should not be that account.
Sounds like you see marriage and combined finances through the lens of other people's failure, rather than seeing the benefits both can bring. If you see something as doomed to fail, it may well fail.
Omg I love them. Best of both worlds lol
.%+➊➎➍➊➐⓿➋⓿➌➒➒ %
Dave's head always looks so skinny without the headset 🤣
I would neverrrrrrr have a joint bank account!!
Good information as always expected from the source. I wish for chronological sake, it would have been done later. It was definitely not recorded on January One
I have never personally met anyone who has had a new year resolution that consisted of financial responsibilities.
Survivorship bias. There are millions of married couples who have shared accounts and the next day one of them run away with all the money, divorce then, and leave the other one for dead.
I agree from life experience with your hint. My aunt and uncle have had separate accounts for almost 50 years. They have a good relationship. But everyone has their own money. They plan and work together not splitting their quality of life but both financially stable on their own. Good job.
I have a budget book & money envelopes. Problem is my husband doesn’t want to work with me on it. He does his own thing and I have no idea what’s happening with our money. I am at my wits end....
Congratulations on losing the weight dave! I totally noticed! I thought it was wearing black but you definitely look thinner!
What’s up with them hosting together and not social distancing???
Dave looks so difirent with out his big headset.
I hope 2021 will be better than 2020
In our 14 year marriage, we never combined accounts. I paid all of the daycare, the mortgage, the food. His obligation was the utilities. He made more than me in the end, but he ended up declaring bankruptcy. I still don’t know how he amassed $45,000 in credit card debt, and I don’t think I want to know!
No! He declared bankruptcy after the divorce. We always had separate accounts, nothing held jointly except the house. He had his own accounts which he kept secret. Secret charges for secret things. No transparency. He never admitted to doing anything specifically wrong.
Havent spoken to my parents in decades...
Budgeting is really hard
I payed off my last credit card debt in Dec 2020. It felt good.. It took me 2 years to pay off $13k, but it's done and I'm not going back.
Way to go Jen!
Congratulations! That's awesome.
way to go !!
Congrats!
That is awesome!!! Congratulations!!! I would love to know how you did it? I have around the same amount and wonderful to hear how people do this!!
Such a dynamic duo! "If you're broke friends are making fun of your financial plan... you're on the right track!" Great quote.
**your.
YES! YES! YES! Can't agree more
@@silbarret4684" You're" is correct in English. It's a combination of the words you and are. Hence the word you're.
@@samanthahardy9903 it's not used correctly in this sentence. You wouldn't say "If YOU ARE friends making fun of you...." In this situation, "your" is correct.
@@kerriseals7063 After reading it again. You are correct. "Your" is correct and not "You're". I tend to tend spread read and sometimes jump the gun. My bad!
"Quit trying to be roommates when you are married." Tell it, Dave.
Also for those who arent married living like their married
Interesting. Isn’t sharing expenses 50/50 acting like roommates? Shouldn’t the man provide financially and cover the bills, while the wife’s income is her own to spend/save? There is conflicting “advice” out there on this approach to finances in marriage. Any insight would be appreciated.
@@minimalassembly7893 sharing expenses 50/50 in as much as each person puts in 100% of their income, and both people have equal say in what happens with the money.
There is no hard and fast rule that a man has to be the sole provider, or that a woman should be given "spending money". These are outdated stereotypes, but the decision of what to do with the money is made unanimously by both spouses when they sit down together and make a budget.
Making sure future goals line up is key - if an *agreement* is made that so much money needs to be set aside for retirement, so much toward bills, so much toward fun spending, etc, then that is a good budget. Agreeing on what the goals are & what to do with the money is KEY.
Thanks for the explanation.
@@minimalassembly7893 advice. When you are married, the pastor says you are now one. Yes, you are two people who have become one in everything. This is especially in the realm of finance. When you work together, you can tackle debt, or whatever money issues that may arise.
I got serious when I found Dave Ramsey and he opened my eyes to the mess I and only I was creating. He changed my life forever. Thank you, Sir!
Mine too Craig!
Same. I feel like such an idiot lol
@@heatherstacy2976 So do I. But that's the first step: admitting that we are idiots and that we have a responsibility to fix this mess.
"if you wanted to be independent and stand on your own, you shouldn't have freaking got married." wow that hit differently. awesome video Rachel!!
Yeah, it was pretty deep right!
The quality of this content is incredible. Every human on earth should watch this.
Agree. Genuine and valuable.
Nah wrong. Only apply in the US. Not everyone on Earth spends money like Americans
I wish my ex could watch this!
@@TienHuynh5312 It's a lot about habits, attitude and perspective; not necessarily dollar and cent. Eastern Europe here, I tell everyone about Dave. Have a constructive day.
@@TienHuynh5312 it still applies
For those scared to combine finances with their spouse, heres my story:
Hubby came into marriage understanding investing but no self-discipline, so had consumer debt and no extra to actually invest. I came in with super self-discipline but my money sat in dead-end bank accounts and in the "sock drawer" not growing. Now after working through our differences and talking through our plan, creating budget etc etc we now have a net worth of almost a million dollars. (and we are in not highly paid careers) No chance either of us would be here if we managed money apart! Together we are winning!
I think combining accounts can increase accountability, because neither spouse can hide anything from the other.
This the last month I will have a car note. Ty Jesus.
Way to go, proud of you!
@@johnstown2451 ty.
I forgot to brag on God it will be 21 months early.
@@Rashaadthegr8 Congrats, that is awesome!! Question: What method did you use to pay it off that early? I'm trying to do the same.
@@keishakei7872 I explain it fully on my channel. But layman's terms I put pretty much everything I had on the car and side hustled. There's months where I could only do the minimum payment one month I went high as $1673. I also had family support for other bills.
"If your broke friends are making fun of your financial plans, you're on track" only Dave Ramsey. Love it!!!
1:33 1. Budget
3:00 2. Stop using debt
4:40 3. Get serious about saving (have an emergency fund)
6:03 4. Stay the course w/ investing
7:15 5. Find ways to spend less
8:00 6. If married, combined checking accounts. (Dave has a rant here)
10:56 7. Get on same page with spouse goals and fears
12:30 8. Stop comparing yourself to others
14:55 9. Focus on your behavior 80% results are based on behavior. Another rant here.
17:40 10. Live on less than you make.
I am so thankful that I found you guys, I wish I could express how much financial peace university has help me and my family to be debt free. It is the best feeling in the world. Than you so so so much. Best wishes for 2021.
The simplest advice I can take ATM is to keep investing, but invest smartly. I've been going a bit more aggressive for a few months now and my 1 year old portfolio has smashed $450k in value from an initial allocation of $180k. Learn to diversify and DIY or get a professional help. However investing has no one way to it
this is what I am talking about. how did you manage this make all that swiftly?
@@jakethompson8737 Nothing out of the ordinary. I would say i was lucky to have the guidance of a successful and highly knowledgeable wealth advisor - (Freda Lynn Johnson) That was a smart move since my portfolio has grown at a tremendous pace. unlike i can say for my IRA which has just been trudging along. i even had to roll most of it over to Freda's strategies. my account just mirrors what she trades and not just on some particular industries of my choosing
@@mrmoore2485 I am going to follow your steps,so I looked up Ms Freda in google and researched her accreditation with FINRA. She seem very proficient and pretty genuine to me. I will contact her through her webpage and I expect to hear what she has to say about my situation and see how far i go in 4-8 months time. Thanks
Started budgeting in Dec 2020. I does help me to spend less money and think about what I need to pay. God help me to keep it up! Happy New Year 2021!
If you're married to a spender - you find yourself in a perpetual financial hole because of his or her $ habits
Yes! My husband when we were dating, he bought me jewelry, perfume, we ate out, clothing. I thought all of that would end once we were married and we would both buckle down and save for our things we needed. Never happened. Once credit cards were paid off, they were charged back up again. Very frustrating!
as a spender you have to train your mind to be disciplined and think about the big picture.
@@annoravetz6697 yall need plastic surgery
@@annoravetz6697 and a budget
I love all the good, down to earth advice that really works. I just saved $37 by calling my auto policy and cell phone companies to complain about their rising fees and they both lowered their rates to keep me as a paying customer. I would add: Check your bills and accounts often for errors and hikes in auto pays! I love Dave and Rachel. Thank you so much!
Love seeing Dad Ramsey. His tone changes a little bit with his daughter.
Absolutely. I love seeing the pride he has towards his daughter.
I like that he is humble enough to recognize that this is his daughter's show and he lets her lead, as he should.
Daughters are the best! I have two of them and they are making me a better man.
She is a nobody with out DR as daddy
She did a bum commerce degree. She is nothing without him.
My financial goal this year is to max out on 401k and IRA, change job and get to a six figure salary finally. Hoping to raise my net worth to 200k. Let's go!!
If you're investing 15 percent of a 200 k income, your gonna need to find more places to invest the remainder after you max your other accounts. Great problem to have! Good luck!
Best of luck!
No cable for tv ..saving 140 month
I can't believe how much money I've saved by ordering my groceries online and going to the pickup. I don't spend extra on those impulse buys. I make a grocery list according to what we need in our home and then only buy those items. I used to spend anywhere from $200-$300 per week on groceries and consumables. And my budget has always been $125.00 - no more than $150.00. Ha! That never happened! Now, just today.... I only spent $140.00! $10.00 under my max budget! That's a win for me!!!
Watching the growth of stocks and financial assets in few years. Everyone should start investing pronto
Yeah everyone should start to invest, I can remember just a few years when Tesla stock was just $20bucks
I would have prolly been richer right now. If I had listened to random advice on UA-cam and started investing earlier
How much is the Tesla stock right now??
@@emilyjennifer215 Tesla is $881 right now. Assets are rapidly growing! B. T. C was at $9k earlier in March now it's $37k and still growing!!
@@maxdmitry1912 you can buy opportunities and make good profits
When I THINK I'm on a budget Rachel says, "Get on a BUDGET!" Then I'm like, "Ohhhhhhhhhh you meant budget, budget." 🤔
Now that was funny! Yes Butler a budget budget🤣🤜🏽
😂😂😂
Financial advice = marriage advice! Amen! The 2 become 1. If you can't trust each other with $, you can't trust each other period
I love that dad of yours. He was one of many that saved my life-in the financial disaster I was in. In his gentle, honest, firm mannerism he swooped in like a knight in shining armor. Dave Ramsey well the word respect comes to mind.
My favorites here: 1. Live on less than you make. 2. Develop your savings muscle 3. Stop comparing yourself to others. Shared video.👌💟
What if... you stopped using Amazon all together and supported your local stores. Better for your community and if done right, better for your wallet.
THIS. I was so frustrated that a particular brand of notebook was only available on Amazon, until I found an A5 version with the same number of pages in a local pound store.