This Is Not Investing, It’s Gambling! - Dave Ramsey Rant
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- Опубліковано 28 кві 2024
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My Investment and dividend journey began when I realized that two particular expenses in my budget were always going to go up and never go down. The two expenses were taxes and insurance. I realized that the dramatic rise in both will need some added income. So, I started buying shares paying dividends. I can now see that this will be the path I need to take to make sure those two expenses will not overtake my future income.
As a beginner, educate yourself, Learn the basics of investing and the stock market. There are many resources available online, including books, articles, and online courses. It’s a good idea to diversify your portfolio across different stocks and sectors to minimize risk. I’ve heard of people accruing over $550k during recessions and inflation, its important to do your own research.
Yes, I've been in constant touch with a Financial Analyst for approximately 8 months. You know, these days it's really easy to buy into trending stocks, but the task is determining when to sell or keep. That's where my manager comes in, to help me with entry and exit points in the industries I'm engaged in. Can’t say I regret it, I’m 40% up in profits just in 5months with my initial capital of $160k.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Actually its a Lady. Yes my go to person is a ‘MICHELE KATHERINE SINGH '. So easy and compassionate Lady. You should take a look at her work.
Thank you for this amazing tip. I just looked the name up and wrote her
up, to schedule a call. many thanks
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
If you lack market knowledge, your best bet is to seek advice or support from a consultant or investing coach. Contacting a consultant may sound simple, but it's how I've managed to stay afloat in the market and increase my portfolio to roughly 60% early this year. It is, in my opinion, the best way to get started in the industry right now.
Impressive! I admit I'm scared about retirement as I turn 50 on my next birthday. I need to ensure I have enough money to survive on. How can I consult your advisor? My retirement account isn't performing well.
She goes by ‘’Rachel Sarah Parrish” I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
Having multiple streams of income is a game-changer for financial stability. Relying solely on a job may not provide enough financial security due to high rates of tax It is important to explore additional investment opportunities to surpass one's expectations. May you find success as you read, see you in 2025.
Investment is one of the major keys that you can secure your family's future. Anyone who is not investing now is missing a tremendous opportunity.
I'm favoured, $60K every week! I can give back to the locals in my community and also support God's work and the church. God bless America.
How..? Am a newbie in crypto investment, please can you guide me through on how you made profit?
"She's mostly on the telegrams with her ID name Below"
FXNORAH
👆
My thinking about money has drastically changed lately, especially since I understand how to make profits from the stock market. I just might be leaving my day job soon. It's not gambling when you master risk exposure.
I agree. I started investing in 2020 after COVID. It taught me a lot about thinking of the future. In retrospect, that was the best move I did, and it's the fact that I don't sweat the day-to-day analysis of which stocks to buy.
That's really nice. I'm in my 40's now and want to start investing. Why do you not have to stress? I'm tired of being too careful and not making any progress.
The market is a really gold mine. I find startup investing to be very lucrative too, but it just takes time before your investment mature.
Ah, I actually work with a financial advisor, Sharon Lynne Hart. I'm not an expert myself. You could also look up for other financial advisors online.
I'm having some issues resolving my 401(k) problems and I need a financial advisor too.
Let's talk about the risk involved with an 8% withdrawal rate
What is that.
lol
As long as you are making 11% its fine.
Add that to talking about just getting you one of those $1,000 cars, deliver pizzas stop and go in that $1,000 car, and with that pizza delivery money regardless of your debt kick up 10% to the church because it will no doubt come back to you in many ways. And it is always a good time to just pay cash for that real estate as it always just goes up up up. Oh and just pour your money into one of those easy to find 12% return growth stock mutual funds. He literally talks his book in finance terms.
@@kleindropperlol why not make 50% so you can withdraw 40%?
Actually.....
There is a risk associated with "low risk" investments. It is called "opportunity risk". Also, let's factor in "inflation risk" for good measure. And don't forget Daves rant about retirement withdrawal rates, which entirely ignored "sequence of returns risk".
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Charlotte Miller.
The very first time we tried, we invested $1000 and after a week, we received $7500. That really helped us a lot to pay up our bills.
I'm new at this, please how can I reach her?
After I raised up to 125k trading with her I bought a new House and a car here in the states also paid for my son's surgery
Glory to God shalom.
she's mostly on Instagrams, using the user name
FXMILLER18 💯.. that's it
Hallelujah!!
Thank you Ms. Chloe Linda Henderson!
Speculation is a great game when you win and a merciless one when you lose. I pallet flip, and it is a speculative game with a decent amount of known quantities.
Dave you hit everything right on the mark you're teaching me an accountant stuff that I never really thought of
No he didn’t lol. Not even close. His methods will keep you doing fine, but never wealthy.
@@TRC296 I am a senior citizen that made all my money flipping houses and holding rental property I can tell you that the headaches that I've had with that has shortened years off my life. But let me say again your statement is 100% correct
We had HYSAs 10 years ago, Dave. They just were called "e-savings accounts." Or online savings account. I had several of them. ING Direct, HSBC Direct, FNBO Direct, etc. There were dozens of them and most were called "(bank name) Direct." It's how I saved my 34% downpayment on my house. At one point during 2006-2008 they were paying 6% gauranteed for 6 months. With 3-day liquidity. They are slightly quicker now. Now you get 1-2 day liquidity, but the concept is the exact same.
I really needed this!! Thanks 🙏🏾
He says a risk pays more…. Well, more or nothing.
Excellent Dave Rant segment 🎉
You know I'm born to lose
And gambling's for fools
But that's the way I like it, baby
I don't want to live forever
Cool song Ace of ♤ ... "The ting goes skrrrahh (Ah)
Pap, pap, ka-ka-ka (Ka-ka)
Skidiki-pap-pap (Pap)
And a pu-pu-pudrrrr-boom (Boom)
Skya (Ah)
Du-du-ku-ku-dun-dun (Dun)
Poom, poom
You don' know"
Great advice from Dave!!
Hello Jim! (.) (.)
Those aren't eyes....
I learned so much about dollar cost averaging. I got out of debt. I learned about compound interest. I learned all of this because of bitcoin and I stopped the cycle of debt and I stopped the cycle of shopping! You can say bitcoin is awful all you want, but it taught me everything I know about money and for the first time in my life, I feel like there’s a little hope! Bitcoin isn’t just the technology it’s a frame of mind. Is it high risk - yes - and I’m so grateful for finally know what wealthy people know.
Bitcoin is only high risk if you can't handle the volatility. If you can hold through a downturn or "crypto winter" which is typically 4 years, you're unlikely to lose. If you want quick profits, it's possible, but not advisable. HODL is a meme at this point, but it's the truth for any asset or investment.
Actually the first thing they teach you in finance 101 is the risk free rate = 3 month T bill rate. That said, The Risk Free Rate (rf) is the theoretical rate of return received on zero-risk assets, which serves as the minimum return required on riskier investments. The risk-free rate should reflect the yield to maturity (YTM) on default-free government bonds of equivalent maturity as the duration of the projected cash flows. Investment company of America mutual funds are not risk free.
Once upon a time, I was an eager investor. With high hopes and dreams, I diligently built my investment portfolio over the years. But as the tides of the market turned against me, my once-promising investments began to crumble. Stock prices plummeted, bonds defaulted, and my hopes faded away. With each passing day, my portfolio dwindled, mirroring the sinking feeling in my heart. I watched helplessly as my hard-earned savings vanished, leaving behind a lingering sadness and a stark reminder of the unpredictability of the financial world. I'm here again because I want to get back on track.I need ideas to get on on a recovery process.
Losses can provide valuable lessons and insights into the intricacies of the financial market. They can highlight areas where improvements can be made in investment strategies, risk management, or research. By reflecting on the losses and learning from mistakes, one can enhance their knowledge and skills, which can contribute to future success. I don;t have much to give but my thoughts are with you.
You can get back on track by following this simple process: Take stock of your financial goals, risk tolerance, and investment timeline. Understand your investment losses and the factors that contributed to the decline. This self-assessment will help you communicate your needs effectively to a financial advisor. Remember to seek the help of a professional financial planner(CPF) as you start over, which is what you should've done from the get go.
I'm sure the idea of an investment-Adviser might sound controversial to a few, but a new study by Motley-fool found out that demand for Financial-Advisers sky-rocketed by over 42% since the pandemic and based on firsthand encounter I can say for certain their skillsets are topnotch. I've accrued north of 880k within 16-months from an initially stagnant Portfolio.
Trustworthiness is the issue: Entrusting someone with your finances requires a high level of trust. It can be difficult to determine if a financial advisor is reliable and has your best interests at heart. It's essential to find an advisor who operates with integrity and adheres to ethical standards. But you seem to have it all worked out good for you, so I’m by my screen waiting for your recommendation
Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I love me some Dave Ramsey he literally saved my life and really changed my perspective on things ❤
Disses Bitcoin, BUT FIAT is what keeps people in chains. Few understand. Accumulate while you still have time...
Everything keeps people in chains dude.
Exactly right!! Keep stacking and HODLING!!
Nope. What is the mutual fund that earns average 12.2%? S&P 500 only got 10.80%. If *ONE* fund earned that, it was just luck. Look up survivorship bias.
Some people think the fund he mentions is AIVSX. According to portfoliovisualizer, since Jan 1985, AIVSX and the S&P 500 have the exact same return. BUT, AIVSX has a 5.75% front end load. That means to invest $10,000 you have to give them $10,575. From 1985 to present, AIVSX grew to $713K whereas the S&P500 grew to $758K.
I rarely agree with Dave but here he is giving good info.
I actually entered vegas with 5$ and left with 40$ and haven’t gambled since 😎
I entered Vegas with $20,000. Bought a 3 bedroom for 90k, rented it, paid it off. Value is now 350k renting for $1800.
First time I hear Dave say Bitcoin is less risk than anything. 🤣🤣
He's warming up to it, we'll get him there.
In 2022, the global net assets of US-based mutual funds were approximately $22.1 trillion. This is more than triple the $5.53 trillion in assets under management in 1998. It appears people are still putting money in Mutual Funds for those that say no one does
Good point. Mid-2021 it was USD 59.5 trillion globally. So, the US held only one-third of _global_ mutual fund assets. There was another USD 9 trillion in ETFs globally. Add in sovereign wealth funds, UITs, etc., and there was another USD 15 trillion in funds globally, for a total of over USD 80 trillion in global managed funds. And that was three years ago.
There are classes beyond 101. I have sold premium for years with high probability of success trades. Short options placed at about 45 DTE, managed at about 21 DTE. Very capital efficient.
Dave's niche is to repeat the basics to people who need them.
His intended audience aren't savvy about even using credit cards properly (having a nice rewards card and paying it in full each month and never paying interest). He steers them away from using them at all.
He has to write down, and they have to read and listen to, things like : Write down all your debts, pay all your minimum payments and pay a little extra on the smallest bill so it's gone soon and you feel the win...' It's not even 'pay extra on the highest interest rate debt'...he's not helping logical people. He's helping people with impulse control issues, and people who can't reason out how bad being in debt with high interest is for them.
I've seen someone about 20 years old, who had to be told to write down his debts, the interest rates, and minimum payments, and to pay them all plus extra on (in this case, his mother said to pay more on the highest interest rate one...the logical choice) one. He actually asked 'Who would think to do this?' and his father said 'Your mother...' as if it were some special knowledge. I was thinking 'what else would you do? why was your debt so nebulous and disorganized in your head?' He has a great job in trades and makes good money, but is still in lots of debt because he wants lots of things and doesn't care about being in debt and paying interest.
My boy Dave knows the difference between speculating and investing !
He’s talking about The Investment Company of America from American Funds.
I looked it up. Fund ticker is AIVSX. I downloaded returns 1934 to 2023, from Yahoo! Finance. I think 1934 was only a partial year. I found average return 13.57% per annum. The returns are based on changes in NAV (i.e., net asset value). So, I think they are after expenses. Current expense ratio of AIVSX is 58 bps (i.e., 0.58%).
Average return on S&P500 1934 to 2023 is 12.35% including dividends (using Damodaran's free Excel data files at his NYU web site).
AIVSX beat the S&P500 (SPX) in 46 out of 90 years. AIVSX underperformed in 44 out of 90 years. In 46 years of out-performance, the average out-performance (AIVSX over SPX) was 5.78%. In 44 years of under-performance, the average under-performance (AIVSX under SPX) was 3.54%. So, it was roughly a coin toss over whether AIVSX beat the SPX, but when it did, it did so by more than the magnitude of its underperformance in underperforming years.
A more accurate explanation could be that if you are investing, you are providing Capital to contribute to Goods and Services being produced and delivered in some way. In speculation, the production part is left out of the equation to some degree. For example if you speculate in Roulette and win, you have more money than before but there's no new production or product in existence at the end of the transaction.
I feel like before I ever invested a dollar I understood this instinctively
Nah day trading and scalping is goldennnnnn when you learn how to read charts and have correct entries and exits
Mental calories! Never heard this, love it.
Something seems off about Jade. I hope she’s OK.
Dave probably harasses her
I honestly thought a spec house was made to "specifications". As in a non custom, plain jane home.
It is. Dave is completely wrong.
Dave is right about a spec house being one the contractor built on speculation. I suppose someone could use the term differently, but I've worked in banking for a long time. "Spec" homes are speculation.
That's what I thought too. "Specification." I.e. not custom
@@debbieholoquist2059 no it literally stands for specification. Homebuilders will pick a floorplan and predetermined features and put it on the market. Has nothing to do with speculation. Idk what Dave was talking about there
@@PepeToTheMooon3:40 "When a home builder builds a home that does not have a buyer, that is speculating."
Dave Ramsey is 100% correct and THIS is what HE means when he refers to this type of house building as a "spec house".
YOUR inference (that a "spec house" means a house built to custom specifications) may also be correct but that has never been the meaning of "spec house" that I understood.
Does anybody know what is the name of this mutual fund Dave always talks about that gets him 12.2% average since 1934??
@AlonsoalvarezMr If you listen carefully, you never hear him say that HE invested in this mutual fund. He just looked at the thousands of mutual funds that exist and found the one that hit the jackpot.
You have to pay one of his pros to find out. It's a secret.
No and nobody has verified his study of millionaires either
Good advice....
You cannot compare a mutual fund today from one that was created 85 years ago.
In the last 10-20 years, it have not made that much.
S&P beats mutual funds like 90% of the time.
100 percent. FXAIX all the way baby.
Who does mutual funds anymore? My dad? In 1985? Lol dino
I'm not a big mutual fund fan, but you can't compare the last 10-20 years to the next 10-20 years. The last 20 years was a golden era for investing and everything went up every year. We've moved on to the next regime and we don't know where it's going to go from here, it's just not likely to be the same as the last one.
The only index fund available in my 401k is VINIX but it's always near the top of the performance list among my options, with a 0.04% operating expense instead of the 0.3% or 0.8% that most of the mutual funds have.
Looks like a lot. "In 2022, the global net assets of US-based mutual funds were approximately $22.1 trillion. This is more than triple the $5.53 trillion in assets under management in 1998,@@brendond747
I make 5.2% and 5.3% on my money market. That is where itsat. Fully fdic insured
which brokerage? I use fidelity and i get 4.9 i think
@@Run4Ever77they are. Maybe do some research before you comment incorrectly.
@@Ascendsean35 Vanguard's VMFXX money market fund is paying around 5.3% now. Schwab's Treasury money market fund is similar. You can probably buy them in your Fidelity account.
You are probably in a sweep account and not a real money market, money markets are never insured, sweep accounts are FDIC insured, move your money into multiple banks potentially and have similar gains to a mm, they are at most big brokerage firms, fidelity money manage, vanguard cash+ etc
@Ascendsean35 it's a bank. Republic Bank of Chicago and Vio Bank
I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life
Thanks for the advice! I'm new to financial planning and wasn't sure where to start. Any tips on finding a reliable financial adviser or resource to guide beginners?
As a beginner, it's essential for you to have a mentor that is verified by finra and SEC to keep you accountable. I'm guided by a widely known financial consultant Stacey Macken
Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 12 grand weekly and this has improved my financial life
YES! that's exactly her name (Stacey Macken) I watched her interview on CNN News and so many people recommended her trading skills, she's an expert and I'm just starting with her....From Brisbane Australia
This Woman has really change the life of many people from different countries and am a testimony of her trading platform .
Dave will be proven WRONG once again about Bitcoin and cryptocurrencies 😂
Any time Dave makes a statement about bitcoin it’s massively bullish and I should be buying more 😂
I invest in spec houses. I don’t consider it anything close to gambling. I still own a tangible asset if it doesn’t sell. You can’t say that with a stock.
One of the very first things The Intelligent Investor by Benjamin Graham talks about is speculation vs investing. Very nice rant.
Graham talks about the difference and ultimately understanding what you’re getting into. NOT that you should never speculate. This was a dumb rant. He’s equating wheat commodities to bitcoin. I don’t play commodities cause I don’t follow/understand them but to say it’s the same as gambling is dumb as sh!t
@@richthepup Dave never said not to speculate only that it was inherently riskier than investing. My opinion is that it was a great rant if you think it sucked so be it, we disagree.
I love companies with a great yield in return. And also dividends stocks 😊
I don't buy individual stocks. There is nothing that appealing about it. Feels much more like gambling at that point.
@@jamisojoit’s not gambling if you know what you’re doing.
@@jamisojo you’re missing out on dividends then. If you’re in the stock market at all, it’s a gamble.
@@PepeToTheMooon big facts.. you need a return on your investments
I want to go to the investing event but I don't want to pay for the same thing I can get free on UA-cam. I want to make sure I am getting some new information that is going to change my situation.
There is nothing life changing in investing information.
Dave's advice won't change. Save money and invest it in very simple mutual/index funds.
Or do a lot more work and get into real estate, which should pay you more to justify the harder work and more time and risk involved.
You shouldn't go unless you can easily afford it and it sounds like fun.
@@jamisojo Making $ is always fun and I can afford it but still asking.
I wholesale properties as a side hustle work a full time job and opened 4 high interest savings. FDIC insured at 5.41%. Might open more in the future those will be my retirement accounts let’s gooo!!!
Where are you getting 5.4%? A vanguard govt money market fund?
@@mattesser5027 Flagstar bank savings
I had a money market account with BA. They got rid of it several years ago.
I just opened a high yield with capital one
@@JakeStewart1343 nice
This is a very very superficial explanation of these issues. I used to think that Dave was just dumbing things down for the audience but I’m increasingly convinced that he doesn’t have a deep understanding of what he is talking about. That doesn’t mean his advice isn’t valid, it’s just not valid for the reason he says it is. Take for example his trope about how Vegas is paid for by losers. Well in some sense, everything is paid for with money that people lost. Your church is paid for with money that people brought there and now don’t have anymore. So is your local grocery. It’s pretty naïve to go to Las Vegas and expect to net a positive return off of gambling games. But contrary to what Dave says, that does happen for many people and it’s not even rare. It’s just that the overall mathematics make it a long-term, losing proposition. In other words, if you play an infinite number of roulette spins, you’ll always lose. But no one plays an infinite number of roulette spins. In fact, the vast majority of people who gamble in Vegas only play a few dozen, or most a few hundred spins. If you look at the mathematics of this, that’s not even remotely close to a random sample. You could very well win. You could also very well lose a lot more than the expected long-term loss of 6%. The exact same mathematics applies to mutual funds, except that the infinite time horizon gain is (probably) a positive number rather than a negative number. You are almost certainly not going to get the historic average of your mutual fund. You might actually get more. Or you might actually get less. This deviation could be substantial. That doesn’t mean that you shouldn’t invest in mutual funds. I do and you probably should too. But I think that even people who talk about finance all day tend to have a poor understanding of the variance mathematics involved in these investments. There is a lot of luck in mutual fund investing, just as there is in spinning a roulette wheel. The mathematical “long term” is much much longer than you think and quite likely much longer than your life. You will never reach the “long term”, you will get returns based on a much higher variance subset of that long term. It also doesn’t make any sense to say.” higher risk should equal higher return.” Risk specifically refers to the fact that your actual result may deviate from the expected result. The risk literally is the possibility that you will not get the higher return. If higher risk always equaled higher return, you should invest in the highest risk investment you could possibly find. Obviously you don’t do that.
Wow not reading that book.
Need cliff notes for a comment wow
@stt5v2002 Dave has good advice for people digging out from a mountain of debt. On investing he is clueless.
just some a harmless suggestion the laptop with all the decals doesnt look very proffessional.
Oh my god Dave! Are you saying that trading CFD's is not investing but gambling?? Oh my god I've been gambling since Covid hit in 2020!!
99% of gamblers quit before they win lol
100% of gamblers are losers.
For those wondering, Dave is referring to AIVSX.
Good information
What is the mutual fund Dave mentioned that has an12.2% average returns since 1934?
I'd like to know as well.
Interesting. I made 112% in 4 years on bitcoin and other crypto. And I'm a boomer.
I lost 100k in crypto and boy it was brutal now 3 years later im starting from ground 0. Yea it hurts but thanks to Dave hes gave me some hope
You lost 100K cause you sold.
@@CryptoStone483 If they held to today they would be up 100k. Hell I made 150% in the last 24 hours speculating on a token called Shark Cat lmao...
Dave what’s that ticker symbol
Bitcoin has no track record? how much was it 12 years ago dave?
It's only been around for 15 years. Until it's been around for 25 years it doesn't have a long term track record. It's only existed for the short term.
@@amireallythatgrumpy6508 Yeah but from a buck to 60k it's outperformed every other investment. Ever.
Dave is an elderly man who probably has trouble using Excel Spreadsheets. 😂😂😂 He is terrified by technology so he rejects Bitcoin.
Bitcoin is a high tech ponzi scheme
@@bigdaddynuts 99% of Americans have trouble with Excel spreadsheets
Does anyone have the ticker for Dave's 12.2% fund?
no i don't think so. i love dave but with his 12% there is something strange.. why are so many people investing in inedx expecting 7% growth per year if its that easy and risk free to have 12%?
Wall Street is just a giant casino.
No, casinos pay out a negative overall return, Stock markets always go up over time. The odds on the stock market statistically a lot better. Casinos are designed so you go broke.
@@quixomega it's a pump and dump. We're in the pump, waiting on the elites to decide when to dump. Nothing goes up forever, and regular people will be the ones left holding the bag. I will not play their game only to lose everything.
Ignorant comment.
ewfish doesn't know anything about investing.
If you try day trading against multi-billion dollar hedge funds that have AI algos that can act within milliseconds, you will lose most of the time. Investing in a swathe of good companies through funds consistently and over a long term is an almost guaranteed win.
@@kleindropper funds are Ponzi/Pyramid Schemes. They get their value from more and more people putting their money in. In order to make money on them, you need more people to put in more money.
So if you buy Bitcoin only cash you don’t need and hold it for a minimum of 10 years. That would be investing;) Not speculative. In 15 years Bitcoin has seen the greatest return, more than any other investment vehicle in the history of investing.
That only shows that no investment has performed well in the last 15 years at all.
You are so right! We all wish we bought,AAPL,AMZN,Microsoft And any company early on we would be filthy rich but sadly most people didn’t and now they call bitcoin not an investment because it has only been around 15 years! Bitcoin has been gobbling up all asset classes and it will continue to do so despite what Dave and his cronies think!! I will continue to buy dollar cost average and HODL! Bitcoin is outperformed all my other assets!! No more talk !!
What a load of crap
@@truthseeker4807user name checks out
@@zaraustralook up the logarithmic all time chart of bitcoin
The FDIC is just a few more bank failures away from insolvency. Meanwhile, inflation is outpacing your savings account. Gold is up 400% in 5 years.
No way!!
@@astroboy5137 I erred. Gold is up 500% in 30 years. Still beats inflation.
that is nowhere near correct!!
@@johnkitchens310 Gold price in 1994 $281. In 2024 $2400. I like to remind my friends that a silver quarter would buy a gallon of gas in 1969, and a silver quarter will buy a gallon of gas today.
So you mean 50 years, not 5
4:35 Ramsay is spot on about crypto in that it is nothing BUT speculative but did he really just lump that in with gold? Gold will yield positive returns every single time because money will eventually be backed by it again...in a BIG way too. Gold is the only currency that is both universal AND regulated.
😂😂😂 you have no clue about crypto. When the biggest investments firm came into the space it became an investment not speculative.
As Dave talked, I thought of the political situation. We voters decided to take a chance, that is, to speculate, on the outsider businessman as president. We got Donald Trump. Sometimes you win, sometimes you lose--or as we said among Marines, "You pays your money and you takes your chances."
So was it a win or a lose?
Dave ,,, if you invested in a mutual fund or a stock fund you are speculating that the fund in your 401k will be a good investment in retirement,,, “ Not all funds “”” make money… example
Cromwell fund , arkk fund,,, lost money,,, so you are gambling with your money,,,
I feel like Dave just bumped Bitcoin from gambling to speculating
So one is long term gambling and the other is short term?
As someone who appreciates old school money, Dave is a dinosaur. They were smart. survived for a billions yrs and the died. I have tons on conservative investments as he suggests. Very safe and takes care of my financial needs. While "speculating" is higher risk, in the age of information you CAN in fact do very well in short term trading.
Let’s talk about the risk involved putting your family in a $5000 car you buy off of FB marketplace
Fantastic guys! We made our wealth with the S&P 500 index fund. We understand it, we consistently put money in it, and that's how we've won. Not credit card points, not flipping house (we don't understand that business). Keep it simple, understandable, and virtually risk free. Boom wealth!
Same here...I have a lot invested in the S&P (Vanguard) and we've done well...and I have my son doing the same.
Speculation is gambling? Tell that to Laszlo Hanyecz who bought two pizzas for 10,000 BTC back in 2010. If he would have maintained a long term perspective and held his Bitcoin, he would have today over $600 million. Bottom line, the higher the risk, the higher the reward, you just need to maintain a forward looking perspective.
🤪🤪🤪 well that’s what happens when life deals you a bad hand. You’ve got to play it
Gold speculation is only speculating if you buy paper markets. Buying and taking physical ownership is called wealth generation.
Bitcoin, gold and silver into self custody. 🔥🔥🔥
Thats not called wealth generation its called wealth preservation
There is nothing wrong with gold ETFs unless you think you'll be playing Fallout IRL
@@thedopplereffect00 If you own a gold ETF share, you own 0 gold. You own a claim on gold. You own a promise that someone else won’t steal your gold. Plus any government can just freeze your silly piece of paper in case of a financial crisis …. which we’re in the middle of right now.
@@bigdaddynuts that's not how the securities markets work but you do you.
BTW, the government will have no problem doing a 5am visit to divest one of their precious metals. Good luck!
Mutual funds low gains medium risk. At least with an individual stock I can place a stop loss. Mutual funds only buy
Dave on meme coins:
(Go)
Gold is not a short term play. It’s actually the ultimate long term play……
How? Humans do not live long term.
Only disagreement is your take on day trading, day trading for many people is an employable profession that banks and financial institutions employee people to do. Yes some people have no clue what they are doing and it can be akin to gambling but that isn’t a blanket rule
What’s the name of the mutual fund
I'm guessing Dave is saying crypto currency has no track record because 99% of the customers didn't get into it until 2017 or later.
Anybody else have Vic Fontaine singing "Here's To The Losers" come to mind when Dave talked about Vegas?
Nothing wrong with cd’s or high yield..
Where is Kristina???
Haven't seen her for a minute 🤔
She quit a year ago...
All investing is gambling and timing is important. Ask everyone around 2008 when they were retiring if they invested well with their 401k and IRAs when they were half of what they were compared to 1998
If you were about to retire, hopefully you were not 100% equities like Dave recommends. Talk about risk
So glad that the chick stayed quiet throughout Dave's talk.
She wasn’t trying to get fired for disagreeing lol
Still waiting for Dave to explain why a 20 year old and a 70 year old should operate with the same risk tolerance. It’s been 30 years
Young person has so much more time for compound interest. Someone 70 should enjoy the rest of their life spending their nest egg. Someone 70 shouldn’t spend as much. No need for a new corvette and dry cleaned suits. Exercise. Enjoy family. Walk the local muni golf courses.
I bought like 300 of bitcoin in mid 2016. At one point in like 2021 it got up to 40k. I withdrew half and left half in and now that 20k is like 27k. I dont know of any better investment.
I started investing in stocks at 18, grew portfolio to $600k by 33. Recently, lost over 30% and want to mitigate risks. Also, planning to buy a home soon and want portfolio to grow. What should I do?
Single stocks are investing if you plan to hold for growth or dividend payouts. But diversification is the most important factor in investing
I disagree with Gold. Gold prices have been rising since long time, infact Gold has given consistently positive returns those that beat the annual market return rate.
When you say "gold price is rising" what you mean is fiat currency is falling. The gold and the demand for it never changed.
Invest $1000 in gold today and $1000 in an IRA. Let's meet back in 30 years and we'll compare the two accounts. Gold will be worth about $3,000 and the IRA will be worth upwards of $100,000. You tell me which is a better investment...
Gold prices have fallen since 1980
@@jdtreharne not really. There was one spike around 1980 yes, but look at the moving averages.
@@thedopplereffect00 "one spike" means it's lost 20% of it's value over the last quarter century.
Real estate isn’t the win you think it is either. I had 3 properties. A home shouldn’t be an investment, it’s a home. And also if you’re renting out a property, LOL that isn’t ever easy. Try having bad tenants who don’t pay on time. Or destroy your house. Or when property taxes and homeowners insurance suddenly raise. Dave pretends like real estate isn’t a gamble when it’s the biggest gamble of all.
Dave lost a lot by leveraging in real estate. He should know it's not perfectly safe.
I'm tired of people thinking of homes as 'investments'... they cost you every day.
Correct. Personal residence is not an asset, it’s a liability. When it’s paid off basically all it saves you is the cost of a comparable rent (which is still offset by cost of maintenance/taxes etc)
It's a gamble but so is everything else and there are bigger gambles.
By definition, investing is just gambling when the odds are in your favour.
Anyone have a guess as the fund Dave is talking about that's been around since 1934 with an average 12% return and 10 total down years? I wouldn't mind owning some of that.
@Colbycrab Read my other comment. Buy a S&P 500 index fund.
It doesn’t exist. He’s lying
I believe I answered my own question. It's likely AIVSX.
Ramsey is the same man who says you should give away your wealth to charity, but the man won’t even bother to give his own employees a raise.
You need to explain that one. You appear to have no knowledge on what you are talking about. Can you elaborate or were you talking out your poo hole?
and he pulls guns on them!
What's this all about? I haven't heard
@@timothyjohnson679 It's a gift tax write off. I believe that's what members of a church does when they "give" to their churches.
Dave is the same guy who says to work 80 hours a week, work 3-4 jobs. You'll never be successful without taking some risks.
Any reason why Dave can’t or won’t disclose the name of this awesome growth stock mutual fund he’s always telling his listeners to go out and find to invest in themselves?
Because like everything else it will go to zero when everyone else invests in it.
I could have bought bitcoin back in 2010 but im smart like based Dave and understand that it:s simply a foolish gamble and it could go from $70k down to $0 in a day which is why it's much smarter to put that money in 0.5% savings account
Hahahah.
Bitcoin is terrible when looking at the short term. It's way too volatile. On a 5+ year horizon however it's always looked pretty good but it does have a relatively short track record compared to something like the S&P 500 so nobody knows for sure where it will be 20 years from now.
@SteveCox1 Yes we do know. In 20 years from now we'll look back on bitcoin the same way we look at pet rocks and beany babies. Just a fad that took a lot of people in.
@@Fred2-123if that were true, then why isn't it dead already? It has it managed to bounce back from multiple crashes over the past decade. Pet rocks and beanie babies didn't do that.
@@SteveCox1 Because there are a lot of fools out there. The only thing backing up crypto is new people buying it. It has no intrinsic value. It is vaporware. It's not a lot different than any other ponzi scheme.
What happens to your investment in, say, AT&T if nobody buys AT&T stock? Not much bad happens, the business stays in business and pays you a dividend.
What happens to an investment in bitcoin if nobody buys bitcoins? There is no business and no dividends, the only return you get is when other people buy it.
Sorry to rain on your parade. The early buyers made out great--just like every other ponzi scheme and MLM scheme. When the music stops, people still holding it lose everything.
@@Fred2-123in 20 years you'll be working for 10sats/hr
True
Index fund > mutual fund.
Also why is Dave bringing up bitcoin? He has Bitcoin derangement syndrome.
It defeats his business model of helping poor people. That’s the only thing I can think of. Otherwise you’re right, it’s bizarre he always brings it up.
probably because its a pyramid scheme and nothing else.
Bitcoin is Mary Kay for men
He doesn't want poor people who have scraped together $60K in savings to see their investment go to $16K in less than 12 months.
@@kleindropperand if they held, they’d be at 65k today. So what’s your point?
Wow… I’d expect a lot better from Dave Ramsey. He said Gold is a short term play/quick money speculative move… very disappointing to see such lack of knowledge/understanding. And his track record since 1934 is a small fraction of Gold’s historic value. Also, the “spec” in spec houses stands for “specifications”. I would have never imagined such erroneous arguments from him. And he called it Finance 101🙂🙃🥴.
Always lying about bitcoin! Dave hasn’t got a clue! Stick to your mutual funds ! Bitcoin has been around 15years and has outperformed every asset! We don’t jump in and out of bitcoin! It’s called HODLING !!
15 years isn't a long time in financial terms. Companies have been selling stock shares since the 1600s. Real estate has existed since pretty much the beginning of history. I don't know what will happen to Bitcoin in the long term, but 15 years is not much of a track record when you compare to other asset classes.
Follow the money. The rich and countries are buying BTC. Keep listening to this man if you want, it'll be your loss. Fiat will disappear, and BTC will take over.
Madoff's pyramid scheme lasted at least 17 years, and outperformed. Just sayin'...
Bitcoin went from 65K to 16K in less than a year and could easily do so again since there is nothing to drive its value other than the pyramid scheme. This is why Bitcoiners so desperately try to gather new bitcoin investors and why nearly every other crypto has failed miserably. Cryptos are the most easily manipulated entities in the world.
@@deniseyisrael6275 It's more likely that countries will coordinate to ban bitcoin. They don't like losing the tracking of money movement.