Just Because It Worked Once Doesn't Mean It's Smart - Dave Ramsey Rant
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- Опубліковано 15 лис 2020
- Just Because It Worked Once Doesn't Mean It's Smart - Dave Ramsey Rant
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We need to get Dave Ramsey on Joe Rogan.
That’d be really interesting!
Great idea!!!
I've been thinking the same thing. Do you think Dave would be willing to do his show?
I'd love to see Dave on DMT
@@thirdintegra I think he would.
"Stupid, worked once" never thought about it that way. It all makes sense.
Nothing like a Dave Ramsey rant in the morning with a cup of coffee ☕️
My new daily routine 🤣
I live for DR Rants
I like it
My first trip to a casino was a work trip. My boss gave everyone $20 for gambling. So I just bought whisky instead 😎
At least you got something with the money besides a few minutes of entertainment!!
Not a smart investment.
You have a big Brain 👍
My dad used to say "The worst thing that can happen when you do something stupid is to get away with it."
Not if you're smart enough to know you got lucky
"The man with the experience is not at the mercy of the man with the opinion"
That Dave quote is on my wall where I work and budget - its been there since I discovered him in November 2016!
@@RaesOfLight First time I heard of this quote. Love at first hearing. Dave quotes on a wall you look at often is a rock solid idea.
" a wise man learns from his mistakes,
a wiser man learns from the mistakes of others."
So many people say, " I'd rather learn from my own mistakes"
Names dropped, shots fired, diss track has been served. Even wifey wasn't safe. Definitely wasn't expecting any of that when I clicked on the video lol. "Real millionaire" diss tracks hit differently.
Lol 🤣
Shhheeeshh when he dropped those names, my Jaw Dropped! Lmboo
😂😂😂😂😂
My mouth dropped when Dave started taking shots at the "Rich Dad Poor Dad" author. I LOVE personal finance drama.
My grandfather used to always say "be careful not to outsmart yourself". I feel that is applicable here.
Dave's impersonation of his wife is hilarious! That slot machine analogy is spot on too,
Yessss 😂
I wonder if that's pre planned somehow because it works. So many gambling addicts have said they started because they won the first time and kept chasing it.
@@owenb8636 That's generally how they work. Machines are 'reset' after a certain amount of time so they payout on the first pull, and then never after that.
Wow I was smarter than Dave Ramsey on my first cruise. My wife and I had a half hour to kill on the ship so we stopped in the casino. We set our limit at $20. Got some quarters and my wife hit on one. We took our $20 back out of the winnings and played with what was left for about 10 more minutes then left. We didn't lose any money but we still weren't smart enough to leave when she won. I learned from that mistake so when the scratch off lottery tickets came out in the late 80's I bought two $1 tickets. I won $5 on the second ticket and never bought another one. I'm still $3 up on the state lottery commission. That's the sum total of my gambling experiences.
My dad once gave me 100$ and I won 500$ in a matter of minutes he told me keep going and I said nope I am done. It was in the first ten minutes of arriving at that casino. I followed him around for a few hours hold my 500$ in my pocket. He lost hundreds and gained hundreds lol
Wow, man with an experience is not at the mercy of a man with an opinion!!
Another gem from Dave. That's why I listen
"You can run through a dynamite factory with a lit match and survive, but your still an idiot" Joel Greenblatt
Heinrich Himmler - I think the word "survive" means he did not die.
If you run through a dynamite factory with a lit match and survive ... You aren't smart. You're just lucky. And don't expect to get that lucky twice.
@@katterrific8286 I ran back and forth several times; 'tis but a scrach! :)
I love when Dave goes full Hill Billy. Crying laughing at the Robert and Grant call out
"Semi-malformed baby step 3" ?? Well that's a first
Really baby step 2 but in denial.
Semi-malformed baby step 3B, actually lol
@@annalee5078 i mean... the loan is debt. So you aren’t wrong on about this.
However I had enough cash in the bank to pay off the loan in case of an emergency. But why drain my emergency fund if someone else is going to pay off that loan in a single year?
@@mikeschaffnit75 Baby step 3 is by definition having all your debt except house paid off. That's a very slippery slope my friend. I have seen that reasoning exactly put someone deeper and deeper into debt. To the point where their saving account couldn't cover it. This person had avoided debt for 40+ years then thought they could "outsmart debt" all of the sudden. Listen to Dave stay allergic to debt. It isn't worth it!!
@@annalee5078 agreed! My call was based on greed and being caught up on in coming out ahead unscathed. I appreciate Dave putting me back on track
That slot machine analogy is on point!!!!
Anthony sounds like puff daddy on a biggie track
pay off the loan and put all the roommates rent money toward your mortgage
Yep! That was always the plan. I can admit I was just getting a bit greedy since I am currently going through a refinance. But I can eliminate all of my risk and just paying down the balance and be in the same spot at the start of 2022.
@@mikeschaffnit75 are you the caller? lol
@@rleonekc07 i am. I said on the call that I was a follower of his for years. And apparently I hate myself enough to come read the comments associated to my call.
@@mikeschaffnit75 Noooooo dont hate yourself. Dude you're taking the advice. You got this. Keep making good choices. I just recently paid off 43k in student loans/my car and now i'm debt free except my mortgage
@@rleonekc07 haha thanks man! I think I more just meant that the internet USUALLY just has terrible things to say about people. So deliberately coming to read the comments is like walking into a boxing ring
Anthony is the best sidekick. Hilarious!
I agree with Dave on this one
Paying off the loan first is the right thing to do ✅
I would say the experience of Dave being broke taught him a good lesson that he used as a guiding path for his current success. His risk taking abilities are still there and you can see it in his radio demeanor.
🤣🤣 i love the slot machine story. It’s hilarious! I work at a video gambling place and everything dave just said is exactly how i feel watching the people throw money at the machines
A lot of people are like this caller, just smart enough to be dangerous.
At 6:00 mark. Haha; this is the first time I’ve heard Dave mention his detractors publicly.
There’s a saying that say “you just fell in sh*t and come up smellin like roses”. Seems apt for this caller.
There was a time where I thought I was smarter than a casino. Made thousands of dollars before losing that and more. Many lessons in life come with a cost.
I love the chemistry Dave has with Anthony
Dave always steers you toward the best most likely outcome.
I hit $35 on my first nickel slot in the casino in Niagara New York. I did not go for any more nickel wastage and simply reinvested it into the buffet for us both to have a delicious lunch that we would not have had otherwise. They had crab laigs! I have never been back to a casino and don't plan to go to another one any time soon. They are too smoky anyways.
Overpriced California Real Estate. Ouch.
He did get lucky though. But yea, pay that off now. And THEN you can reap what you sowed
Grant Cardone is NOT a good guy!
had to watch his videos for a sales position I had. I can't stand him.
I remember listening to this live
fool me once, shame on you; fool me twice, shame on me
epic DR rant lol putting the R.K vs D.R debate once and for all 😂😂
The gun analogy is great.
"This will be fun" LOL.
gee, how do casinos stay in business? also, there is no difference between credit card rewards and a casino "comping" rooms, meals, shows, etc...
Just wanted to say bravo to whoever decided to update the UA-cam Thumbnail format!
Dave with the new thumbnails!
Robert and Grant nice Combo. Leverage to build wealth.
OMG This story from Dave and his wife JUST ABOUT MADE ME CHOKE ON MY LUNCH!!!!!
OMG tgat would not happen to me.. Oh he'll no. Those quarters go into the room safe till we leave. PERIOD!!!
This is a mess. I’ve driven 100mph down the highway. It wasn’t right but it was fun.
lol that sounds horrible to me
Because when it goes wrong, it becomes a "Highways of Agony" traffic safety film case: "We'll never know why he invested all his money in solar-powered flashlights. But when he rounded that financial curve at nearly 3 times the debt ratio allowed, he hit that semi carrying 80,000lbs of highly-explosive Reality head-on so hard they couldn't find all the pieces to bury him. That's what it looks like, friend, when you disobey financial laws. Take a good look. Remember what it looks like."
I did the almost nothing down FHA loan in 2013 and it worked because of appreciation but I wouldn’t do it that way again. I have since turned it into conventional mortgage.
I'm loving the new thumbnails
I have friends that have taken out 100k of their 401k under the Corona relief bill. I tried to talk them out of it and even bought them Dave's books. And they are very close to retirement age
Maybe they are hurting so badly due to job losses or income disruption they had to take it?
Otherwise I agree that's crazy.
@@markh.6687 yeah, unless they were at foreclosure, that would be a no.
That’s such a sweet story I feel like reaching out and giving Sharon $500 right now
Mike is not factoring in risk. He got away with it once. Just pay pmi for another year.
Helluva lot cheaper than risking the 401(k) (which is already at risk because 401(k) stink anyway; see the Frontline documentary for more info.
@@markh.6687 lol... my mutual funds are doing just fine, thanks.
You don't get wealthy by paying yourself interest. You get wealthy by someone else paying you interest. Dipping into the 401K early is also a bad habit to get into. Like Dave said, eventually it will bite back hard. So now is a good time to abandon the Maybe Steps and get with the Baby Steps!
Maybe Steps! 🤣🤣🤣
Funny, this video title describes the dave ramsey method perfectly
Wow... he charges his friend $1,250 a month to rent a room?
They are in cali. That might be a good deal relatively speaking
Yes that’s a normal rate in California for renting a room in a house!
Would you believe that I actually ended up saving this friend over $700/mo in rent and utilities?
Communistfornia is a socialist worker's paradise. :) Remember, you can escape to Free America! Conductors are taking trains out nightly. The espresso is in the Prius' cupholder....
Switched to .75 playback speed as the caller talks too fast. Then I realized Dave on .75 sounds like a Friday night round the campfire in Tennessee
"pandemic breath" xD
My loan takes PMI off automatically when it reaches 20%, no refinance needed
Same thing happened to me with a roulette wheel. Turned $20 into $500 when I had just turned 21. Most expensive money ever.
"You got to know when to hold 'em, know when to fold 'em, know when to walk away, and KNOW WHEN TO RUN!!" (Kenny Rogers "The Gambler")
Doesn't seem like he's a man of his word. He said he would pay the loan off from the money he got from the tenant in 1 year and didn't do so. 😕
Wow Anthony depends on money is sad...depend on God rather.
Dave and AO have like minds
4:00 Dave just basically explained why its better to go hard into investing early on rather than paying off your 3% mortgage asap, but any other time he says to pay off your mortgage rather than investing more than 15% of your income. time is money, and you cant convince me that investing 50k into the market for 3 years in a row in your 20's is worse than paying 50k a year for 3 years to get rid of a mortgage at 3%.
im not talking about taking from your 401k to pay off a mortgage btw. that is a terrible idea.
im saying you should max out your retirement funds and be investing like 50% or more if possible, and just pay down your mortgage over 15-30 years if you got a low fixed mortgage rate. if my investments average 7% for 30 years how is it mathematically better to have put all of my money towards my 3% interest mortgage instead and then start investing? in terms of safety and stress relief paying off the debt quicker is better, but thats the only argument for it.
missing out on 30 years of investing is massive and thats time you cant get back. you'd have to be investing like 10x more per year than what you would have at a young age to reach the same level of stock growth by a certain age.
His advice is less math based and more human nature based.
Nice to read a well thought out and written comment. Most comments on DR are from people that seem to do very little independent thinking.
Especially when you consider inflation, that same mortgage payment in thirty years is going to be less than it is now. You will end up only paying 1% interest for a reliable, albeit not guaranteed, 7% in returns. Max out retirement accounts, then put extra towards mortgage since taxes will mitigate those returns.
@@jacobg8640 yeah absolutely.
Amen AO 🙏🏼 agreed on depending on your 401k
I knew the Grant dig was coming eventually.
Same lol, grants been making comments about dave for years.
Grant is entertaining though lol 😆
The bank calling your loans is incredibly unfortunate, but how often does that happen?
I’m getting really hard Daedalus and Icarus vibes.
I’m getting the idea you can get rich of debt. I mean you did yourself. But there was an unfortunate circumstance. Wouldn’t it be better to try again but diversify?
March 2020 has entered the chat:
I dislike people like this caller. He thinks he is so smart and is calling in to get gratification and "show-off"
I grew up in the Silicon Valley area and I know so many people who sound like this caller. They've always got a scam of some kind going and they always think they're the smartest person in the room.
He's not as smart as he thinks he is. The second I heard 401K loan I knew he was an idiot.
Sorry you feel it came across that way. I definitely agree the cafence of my question comes off as a “look at my plan”. It was primarily due to nerves and having my entire question already written down so that I could make sure to communicate it quickly and clearly. My intention was not to “show off”, but was definitely riding the high of my slot machine win.
Honest Mike is honest!
Great to see.
@@jculver1674 Okay, so I'll take some 401(k) money, invest it in the stock market, then sell derivative time-share condo futures on the NASDAQ, then do FOREX trades with the profits from the NASDAQ sales until I convert Swedish Kroners to Deutschmarks on the Euro Bond Market enough to pay back my 401(k). Understand?? :)
You learn a lot from losses, and they help shape wiser and ultimately safer investment decisions in the future.
Does Anthony have to say “yes, yup or uh huh” after every pause in Dave’s sentences?
You should refinance your house for a lower rate and more cash flow. Pay back the 401k and go from there.
This sounds really complicated.
Needlessly so. PMI? 401K loans? To pretend too game the mortgage industry? Nothing adds up.
That’s why I don’t play the lottery
If I played the lottery, I'd buy the winning ticket, and die the next day. Isn't it ironic, dontya think?
(Sheryl Crowe song paraphased).
Twist plot: he just made that up so he can tell his success story ....
what would've happened if ramsey wasn't so overly leveraged? like if the bank called his notes and he only needed to sell 1-2 of the 10 houses he flipped to pay it off
Then he might not be the man he is today
@@PabloSanLucayeah he may not be THE "dave ramsey" but i'd argue that he prob wouldn't have gone bankrupt and would prob be very successful even with debt
@Josh So you're claiming he made it all up? That the bank didn't call his loans and he's been lying to everyone that listens to him for years. Can I borrow your tin foil hat when you're done posting about faking the moon landing
I wonder if Dave and Hickok45 know and hang out with each other lol I've been curious about that forever lol
When he said 401k loan you could feel Dave's blood starting to boil!
You also get taxed twice when you borrow against your 401k. The money you use to pay back the loan is after-tax money. When you withdraw the money, you get taxed again. Why would you want the government to take two bites of your money?
The loan was tax free, so it's not really a good arugment. It's no different than if you borrow from a bank you're paying them back with after tax money. Just think of yourself has two people and the borrower and the lender and you will realize that you can't expect perks on both ends of the deal.
You don't get taxed twice. I know it seems like you do but you really don't.
The money you use to pay the loan back is after-tax money. That is the first time you are taxed. That money is now in your 401k. When you withdraw the same money from your 401k, it is taxed again. That is the second time the same money is taxed by the govt.
@@Hosz688 The original money you took out as a loan is tax free so whatever you purchased with that money you purchased w tax free money. So the repayment back into your 401k loan w after tax money makes that a wash. Then when you withdraw later in life it is taxed so you are only taxed once.
@@Hosz688 you're paying back what you initially borrowed tax-free, of course you pay it back with after-tax 💰. When you borrow from a bank don't you pay it back with after-tax 💰, why would a 401k "loan" be any different?
And me that came here thinking he'd talk about picking actively managed mutual funds instead of low cost index funds...
Cmon Anthony...you have more to offer than as a Dave hype man
I almost feel like the personalities chime in once in a while just to prove they're still there. Can't get paid if you're silent on the mic I guess. Lol
The personalities are likes the game broadcast "color commentators"
Dave is officially the crazy old guy
He's a RICH crazy old guy; it makes life easier.
Leveraging other people's money can be smart if you are experienced and know what you are doing, understand how the investment will make money, and don't leverage too much like Dave did. But leveraging your 401k is literally leveraging your own money at an insane interest rate.
Omg can the co host shut up saying yes yes huh yep tell em Dave! Like omg am I the only one annoyed to hell by that? Just shut up and let Dave talk lmfao
Geez I want to borrow from my TSP for a second Rolex. 😂 but I won’t. 🥺
You need a second Rolex like you need the first one.
@@markh.6687 that’s true but once you get that first one...that’s it. Like I have other watches (Versace & Movodo) & it’s just not the same. There’s no comparison. Now that I want to have an “other option “ it’s almost like it has to be another Rolex. Once you get use that that quality on your wrist it’s hard to downgrade. That sounds really bad to say but I know anyone with a Rolex would understand where I’m coming from.
@@TheePrettyGirlSwag I guess my 14.95 Casio digital isn't in the same league......nor is my budget. :(
@@markh.6687 that’s what I need to be buying. I paid less for my car than my watch.
I do not Much invest anymore because i just received money from Bloomberg company that means the have offered me a job that I have been looking for all my life
@Lucy Jack yes my friend
@banking HSBC that is Grace my friend it's her Grace
@@dorisclark6997 you are right not just that. she is lucky too Bloomberg company it's one of the biggest company which everyone will love to work with its an insurance company paid monthly and do Increase payment too
@@dorisclark1980 not just that one of the best things about Bloomberg company
One of Bloomberg's best features is its derivatives capabilities. Not only can clients find real-time values for securities, such as exchange traded options, and futures contracts, such as the active contract for WTI, but Bloomberg also allows users to value hard-to-price derivatives.
Why does this guy think he's got it worked out then called Dave?
4:04 in ..... Here is why I’m not altogether trusting of Dave Ramsay
“ you unplug a good mutual fund that would have been making 10 or 12 %” ....... Well - which ones do this ?
Max Flight - Which mutual funds? I have 4 in my portfolio that have averaged 13% the past 10 years. You can research these or have an independent money manager run the numbers. This really isn't rocket science.
@@ddfamf88 well I find that an extremely good performance. I’m in (slow growth Europe ! With the shocking EU regulation!)! So that’s perhaps why it’s hard for me to grasp.
Surely the problem is; that you don’t know when you choose one whether it will be in your category (best 10 year!)
What is the average 10 year mutual fund ? Surely that’s a better expectation?
@@maxflight777 Ahhh, Max. My condolences. Yeah - Europe is stagnant. But I'm sure a few tens of millions of unskilled refugees will help your economy no end... ;-)
@@maxflight777 LOL. I guess you have to say that in public, or your "security services" will be visiting... ;-)
But robert k says that dave's way is dumb
@ihategooglespooks Maybe it was "sarcasm"?
I've read Kiyosaki book and listened to Dave. Love Kiyosaki but I don't agree with his rigid OPM principle mainly because it clashes with my religious views (which is, to avoid debts at all costs unless you're in an extremely dire situation).
Hence Dave's ideas make so much more sense to me than Kiyosaki. They're grounded, fair enough, more real than Kiyosaki's which sounds so much like a greedy fantasy with a risk of getting burnt at some point..
Anyway, doesn't matter what Kiyosaki or whoever says about Dave or whoever. We listen to everyone and then we choose what's best for us. For me, I choose Dave.
Wrong!!
😂😂😂
This is kinda cultish - it’s like the “ gods “ way or the “ idiot “ way...
I came too early
That’s what he said.
Have you invested in NIO?
I'm very sorry to hear that. I tried to take it nice and slow for you.... :)
I hate when the Co-host mindlessly agrees and keep on ''Yes''-manning Dave.
Anthony felt very fake to me and lacks genuine approval.
It's every time. I can't stand watching episodes with a co-host. So cringy. You can agree with Dave without having to repeat his old sayings word for word.
They all do this I've noticed. And once they realize they're disagreeing with Dave they quickly take their statement back or switch it around smh
I just got anxiety hearing this guy speak
Good God. This dude is over complicating everything to the extreme. Trying to play games
1st?
Thanks for calling out Kiyosaki. More people encourage reading his stupid "Rich Dad Poor Dad" books that are such garbage.
1st! JK I'm never first :(
😁✌🖖👌👍😎
Im'ma say right now I'm not digging the new thumbnail style, please switch back to the normal ones
Dave loves to talk about the consistency of principles (ie gravity). But he misses the principle that almost every successful company in the world operates with debt (and they’re not dumb with it). So maybe the only lesson that Dave should have learned during his early years was that he was the dumb one. 😂
But those are successful multimillion dollar companies that know how to use debt. Middle class people with a low net worth who ARE dumb with debt shouldn’t be playing with debt when they are struggling to pay it back.
@@spaceshiptomoon those companies didn't start off as successful multimillionaire companies. They had to take a chance, just like people have to take a chance to get ahead. Dave's advice is great for the masses, but people also need to think for themselves, at some point.
Top Comment - you are missing the point. People, without financial training of any kind are NOT companies...nor should they operate with debt of any kind.
Lol is that not what happened in the build up to 2008 when everyone and their cat was taking out a mortgage and then... 👀😅 mehh but this time will be different 🤷🏽♂️ F*** it, Roll the dice!
@@rorisxng
If you think having the mental acuity to pay your bills is a “roll of the dice” then you should definitely stay away from a mortgage. Leave grown up things to the grown ups.
Dave got rid of him quick! Can't let a divergent opinion get in the way of his product.
A man with experience is not at the mercy of a man with an opinion.
While I did feel like my question was quickly dismissed before getting into to much of the details, I'm not sure what else there was to say on the topic. I asked if I should pay off my loan, Dave said yes.
@@jdredman "Wolves do not care about the opinion of sheep."
"Just Because It Worked Once Doesn't Mean It's Smart"
Says the guy who believes in actively managed mutual funds. Confirmation bias much?
What kind of laugh was that? Is this guy just the hype man? Brings nothing to the show put dr. John on