Reading books has really skyrocket the way I think about investing. Indeed, no one has ever got rich by saving money. If you want to become financially free, You need to Invest. I've come to realize that the key to amassing wealth lies in making sound investments.
Yeah, You're Right! According to a book writer; ‘What everyone needs is to work with a financial advisor, who can help you get in and out of any investment at any time and you'd sure be in profit.
Whichever firm you select, make sure you get your insurance from a reputable financial adviser, such as *Jenny Pamogas Canaya,* who has dedicated her career to financial planning. Because they will assist you in escalating, navigating better, and completing the task in a safer manner.||
My wife and I took a financial peace university class this summer. went over all of these steps in detail. it was the best decision I have ever made. it didn't bump up our income, it didn't give us raises, it gave us the tools to see where we were putting money versus where the money was going. it's a very liberating feeling.
When I did the budget for the first time and went back 3 months to get an idea of expenses I saw that little by little we had spent about $180 each month on fast food! Not eating out felt like a raise!
This book changed my life!! I brought the audio book CDs for $20 and listened to them 5 times. It took about three years but I paid off my car and my wife's student loans. I tell everyone I know to follow Dave Ramsey's Financial advice.
I'm finally almost debt free, I have $1400 left from my original $43k worth of student debt. I have been going through massive debt fatigue these past 2.5 years but I kept soldering on. I've made a lot of sacrifices, I've put off buying a car and I've been taking public transit. I get fewer haircuts, I rarely eat out, I don't go on any holidays, I buy used clothes, take 4 minute showers and I've been working 2 jobs. Boy I can't wait til this is finished. I see the end in sight though. I have $2100 in my emergency savings, and I kinda just want to pay it off now using that money. When I do pay off my debt, I might save up 8k, for emergencies and then splurge a bit with a holiday. I already save 10% for retirement so i should be ok.
I'm debt free and now I can afford to eat beans with hot dogs! Financial freedom is a real thing. Work hard, live like no one else so you can live like no one else later.
That isn't the problem. People see the math but the masses are convinced to not actually do it. That borrowing is an okay thing. Get stuff now and pay for it over time. That is a sure way to be broke and desperate. It doesn't happen quickly either. For most people it is very gradual and slow coming. Then when something goes wrong (loss of job, illness, etc.) they finally see the real problem.
That's a great book to start with for anyone trying to get control of their finances. It's pretty short, easy to follow, and really interesting. Provides kind of a base understanding of wealth and spending, and then you can learn more with other books that are more focused on specific subjects like investing, etc. I read it cover to cover twice in about 3 months, really easy read.
I drive a 18 year old car and live in a paid for house so I am happy. My only landlord now is the government wanting property taxes every year. I drive the old car because I like it and I would rather invest the extra money instead of buying something newer.
As much as I love Goodwill for those things you can find for cheap. When I notice, and you can notice too, that they are selling clothes for $5-$8 per item even if there are stains or tears in the clothing (somewhat name brand clothes), you know something is up, especially when everything in that store was donated to them. The only thing I buy from them are books and movies and sometimes electronics when it is too good to pass up. I literally saw a bookcase there being sold for $70 when it was scratched to hell and was backed by particle board. That was someones trash and they are trying to make 70 in profit from it. Despicable.
This video was so much fun to watch!!!!! I have yet to pick up the book, but this really seems to have summed up all the principles he touches on during his radio show. Thank you for this helpful information!!!! Good luck to everyone on their financial journey!
I love the animation Approach! It’s engaging and fun to watch. I actually purchased this book sometime ago and I too would highly recommend. It’s tried and proven
Really enjoyed this video, many people are doing these videos now, but not many can keep my attention for more than a minute. Your narration and use of graphics were really well done.
At grade 10 now. I just started my part time job 2months ago. And have a $770 saving. $230 to go till $1,000. Turned 16th this month. In Japan you'll graduate at 18. So I hope I'll make enough to at least not be in debt. I need to have 20,000 by the time I graduate. I hope I'm at a good start. I'll buy Dave Ramsey's book when I have extra cash 😂
Gwen Nakagawa great job! You're definitely on the right track because you have the right attitude that early in your life. Keep up the great work, and best wishes! ☺️
Very nice video, it summarizes the book well. I only have one suggestion: at the end, you say that money can then be used for fun, to travel or to invest. I know you didn't list the possibilities exhaustively, but I felt that Giving should have been part of your short list, seeing as Dave is a big proponent of generosity. He often says "Live like no one else, so you can live and give like no one else". Anyway, your video is spot on, well done :)
This theory is great, to a point. Once you have paid off high interest debts and saved an emergency fund, do yourself a favor, take a vacation, buy a toy or two. Excessive saving for some fairy tale life at 60 or 70 years old doesn't make a ton of sense to me. I would like to live some of that fairy tale at 40!
And even if you do live to retirement, will your body be able to keep up with the experiences? Will you be able to go on the ATV, go sky diving, whatever? Your body may betray you. A coworker of mine ended up with bone cancer that ate through her spine.
My sister died of brain cancer at 45. Less than a week before she was diagnosed, she had run a 1/2-marathon. A year before that, we had done a triathlon together. YOLO. I understand that having high-interest unsecured debt on depreciating liabilities is bad. Leveraging low-interest debt for appreciating assets, as a corporation, often is not as bad to recover from in a recession. Do you think that somebody like Grant Cardone going bankrupt is going to make him live in a '92 Corolla or a tent for several years now? It's possible, but not likely. He's a salesman. He can start making money with almost no other assets.
I was a late starter with work (was studying for years), and when I came across Dave Ramsey I thankfully had no outstanding debts other than my deferred student loans (in Australia, they're interest free, automatically deducted through tax over a certain threshold, and only increase annually by re-indexation to reflect true value, CPI, etc). Having always loathed borrowing money, I found myself fortunate enough to be able to skip the debt snowball phase of the process, and in 6 months, saved up enough to cover another 6 months'-worth of living costs. By default, in Australia and New Zealand, wages are structured for some percentage to be contributed towards superannuation (retirement fund), so I need only save a bit more, top it up, and save towards home-ownership (renting currently). No kids yet at this stage, so their university fees are at least 18-19 years away from the moment they come into existence. It's relieving to have the whole process broken down so simply.
@@sechmascmYou could mentor young bright people and donate them private scholarships to further their studies or start a business you believe in. Giving to the community is always a good thing and brings prosperity to it, which will create a better environment for younger generations, i.e. your children or grandchildren.
watching this i feel good about myself because I have 2000$ saved up and recently spent 600$ on the dentist good thing I had money saved up and im on the right track to success before I even finished this video :)
While having money saved for expenses like that is great. That is not the purpose of this video. The purpose is to show how debt can negatively impact your life. So unless you have no debt, you really are missing the point. Think of it like this: John is a single 36 year old man making about $60,000 per year thanks to his degree ($49,000 student loan debt). He has been great about saving because his parents taught him the value of it early on. John has $43,000 saved up already in his 401k. Then another $3,750 in a savings account at his bank. He has been doing great right? Not exactly. John was feeling so good about himself and where he was that he decided to go buy a new truck ($34,000) and boat ($7,000) to have fun during his time off. Then there was vacation to Greece last year on his credit card ($3,400) which already had a nice balance on it from the year before totaling up to a whopping $5,100. Then there is the $175,000 dollar house he bought way back and a Helock he took out on it 5 years later for $17,000 to redo the Kitchen and living areas. The point here is that John's debt, not counting his Mortgage is a grand total of $112,100. He has only about $46,750 in assets. The man has a NEGATIVE net worth of $65,350. That is more than he makes in an entire year. He certainly looks good on the outside but his choices and decisions have run him Massively into debt. Then there is the fact that most people in this situation think there is nothing wrong. That is a lie you are telling yourself and that is what this book is truly about.
Hi - I'm British but whether it's Dollars, Pounds, Euros or anything else, a currency unit is a currency unit. I snowballed to pay off all of my credit debts (the only thing I have left is the mortgage - and I will halve the term for sure). I still do have credit cards - but only on the basis that I use them to buy something (because we have what's known as "section 77 protection" where basically if I buy, for example, a washing machine and it breaks after three months but the people who sold it either won't accept responsibility to fix it or have simply gone out of business, I can claim the money back from the credit card). I always pay my balances off in full every month. I have paid nothing in interest to a credit card company for 8 years.... But I also do something else: I "borrow" money from myself - I will give an example ... let's say that my washing machine breaks and isn't repairable. I need to buy another one and that it will cost me £500. This is what I do. Firstly, I go and buy a washing machine using a credit card. A couple of days before the "pay in full by this day or we charge interest date" I withdraw the money from my savings account and pay off the credit card in full. The discipline is to pay off the loan I've made to myself WITH INTEREST TOO Banks in the UK are typically charging 30% on a credit card. I only charge myself 12.2%... Once your laughter has stopped, ask yourself the question *Who gets and keeps the interest?* When I don't have any self-financed 'loans' outstanding, I save just 1.75% to my savings accounts. I always do have money for a rainy day. I always pay my own self borrowings back. If I am late with any particular payment, I don't slag myself off at the credit reference agencies! What do I do with the money I'm not paying in interest on the credit cards? Overpay the mortgage. Banks want you to leave £500 on a credit card so that they can charge you £30 a month for the next 5 years or more. Get a calculator and PAY THEM ALL OFF!!! In the table below, I give a notional example for the washing machine and how I'd pay it off. The numbers in parentheses are fractions of a penny which helps explain the occasional difference between any two days' interest. I have tried multiple times to leave a spreadsheet with all the figures but google / youtube won't allow it no matter how I've tried.... I conclude that Google is part of the conspiracy to keep you ignorant! There is nothing like looking at a spreadsheet and seeing how you get stuffed every day by the banks with their interest on interest compounding!!!
working shlub in the UK I use my credit card for big ticket items . This way I have more consumer protection. I pay off the item come end of the month. would only be buying this item if I had cash .
I wish I had learned about Dave's baby steps before I got into not 1 but 2 car subprime car loans at 18%!!!! I used them so much to drive Uber that I'm waaaay upside down, my credit is trash so I can't refinance or borrow the difference to sell them. I'm stuck with paying them off as soon as a I can, they are not over 50% of my income so Dave wouldn't be terribly mad at me tho lol. I did cut up my credit cards last month and it gives such a sense of relief knowing that I can't go further into debt. Moving towards freedom!
Depends on how disciplined you are. I save 5% on gas each time I use mine and I never pay any interest because I never carry a balance. Free 5% discount every time... I spend about $200/month on gas due to my commute so that's $10 that would have been spent. Doesn't sound like much but it adds up.
I did the first one and figured no one would've watched it! Then I found out people did so I made another. I love making them. Thanks for the kind words. I hope it helps people +Optimize Your Journey
Problem is the entire financial system is rigged for debt in global scale... some individuals get out of the debt trap, but the society at large is hopelessly in debt, always.
Jake Koontz Sure do! Smh been paying ridiculous amount of money for it for the past 8 months, than I realized. "What the hell am I doing throwing my money away on this stupid crap?" So I called and canceled my services I'll still keep internet, but that's it and will now have an extra $120 a month to put into meaningful things such as.... paying off a small medical expense bill I have. After that it'll go toward paying off my vehicle. I cant believe I suckered myself into flushing out that money for that long! 🤦♀️
Lots of people say, "money is not important to me" or " I don't care about money" or "I don't wanna be like the rich" ... Stay away from these people! Because when they say it's not important they mean it! They have no problem taking or expecting yours! You will never have money if you don't care about it or it doesn't matter to you! It's a nice thing to say, I suppose, but these type of people don't respect anyones money! Live n learn!
*FARCE: You will **_NEVER_** own your home outright! You can only ever hope to reduce your monthly mortgage to just an annual property tax payment... **_FOREVER!_* 9:46
Love how every financial video i watch has the commercial before showing some cocky real estate investor ranting how easy it is with no money as he gets in his chopper.
What if I want to have a great lifestyle NOW or at least SOON? I would rather figure out a way to increase my income versus “budget” and penny pinch. How “free” will I be when I’m 70? I do agree with the steps, but as a mindset, I am more “growth” mindset oriented versus “fixed” mindset oriented. I think the whole Dave Ramsey plan is more geared toward a “fixed” mindset. I think it’s great starting out however, to get out of consumer debt.
Start enjoying Life when you're 60 people! You should be Set to retire and start LIVING when you're 60! Idk, I listen to Dave Ramsey, but I'm not so sure about the retirement plan. I knew a lady who followed all his steps, good coworker friend of mine. Just a few months before she was set to retire young in her 50s- house paid off, kids grown and off supporting themselves, husband ready to join her on a life where they can start Enjoying the money they saved up- taking dream vacations and yearly cruises and such.... And she had a damn stroke, and died two days later.
basically, build your foundation first. my one quibble is that whatever one's debt/savings situation, i don't see how it's ever wise to NOT take advantage of an opportunity to have their employer match their retirement contribution. that's free money that will turn into big money over time. waiting months/years of debt payoff then savings build up is leaving money on the table
My rule, Save 40% of salary in a cardless, non net banking savings account.. keep 10% for medical emergency and use the rest 50 for paying bills.(I'll be left with some money after paying bills that i can either save or spend for something i like to)
Not sure why you eliminated car insurance. You buy a cheaper car in cash for cheaper insurance and no car payment. You don't have to start riding a bike or taking the buss unless you want to.
I really like Dave Ramsey and his steps are right on point up until investing. When it comes to investing he is not the best. There are much wealthier people than him who have much better-investing advice than he does.
I DO Love Dave Ramsey's Principles and Road Map To Success. However, this is the mentality of "The Millionaire Next Door". There NOTHING wrong with this mentality... it beat being broke 100% of the time! But, This mentality ISNT for those who are trying to Really Get RICH within 5-10 years! There are other books for that. Dave Ramsey is smart, funny, and logical! I recommend that everyone read this book at least once. No matter what your destination is, this book can HELP you get going in the right direction! And to the ppl who made this page and these videos, THANK YOU! This is how I like to learn!
Dave I read this library book around when it came out! What year did you publish it. The biblical aspects of finance lead all the way up to the money changers... (Lehman Brothers)
Yeah if you are serious about getting out of debt , you got to really give some stuff up. I had to give up shopping. Wi fi. Eating out on pay days. And hanging with people that love to shop. I feel so broke. But then again I'm .
This is not the point. by paying smallest first, it helps people stick to the goal physiologically. It feels good to see your list of debt gets smaller.
It does feel good paying the smallest first - but their is still more than 1 way to pay off debt. You can't deny that paying the highest interest off first is better - it simply is if you have discipline. That being said, I'm doing the snowball method anyways because mine are still interest free for 6 months. And it just happens my smallest is also the highest rate too so it's a win-win. Dave Ramsey's plan is great but so are others.
![Lp. Сердце Вселенной #60 РОЖДЕНИЕ ЛОЛОЛОШКИ [Финал] • Майнкрафт](http://i.ytimg.com/vi/YoR0pAV9FVQ/mqdefault.jpg)
Reading books has really skyrocket the way I think about investing. Indeed, no one has ever got rich by saving money. If you want to become financially free, You need to Invest. I've come to realize that the key to amassing wealth lies in making sound investments.
Yeah, You're Right! According to a book writer; ‘What everyone needs is to work with a financial advisor, who can help you get in and out of any investment at any time and you'd sure be in profit.
Whichever firm you select, make sure you get your insurance from a reputable financial adviser, such as *Jenny Pamogas Canaya,* who has dedicated her career to financial planning. Because they will assist you in escalating, navigating better, and completing the task in a safer manner.||
I've come across several positive endorsements of Jenny Pamogas Canaya on various platforms, including UA-cam channels, seminars, and more._
Thanks to these recommendations, I successfully located her online profile and have already reached out to her with a message
My wife and I took a financial peace university class this summer. went over all of these steps in detail. it was the best decision I have ever made. it didn't bump up our income, it didn't give us raises, it gave us the tools to see where we were putting money versus where the money was going. it's a very liberating feeling.
When I did the budget for the first time and went back 3 months to get an idea of expenses I saw that little by little we had spent about $180 each month on fast food! Not eating out felt like a raise!
Gajog TaeKwonDo - I wish they taught this course in Australia
Rule #1 - Discipline. Insanely hard but incredibly rewarding.
This book changed my life!! I brought the audio book CDs for $20 and listened to them 5 times. It took about three years but I paid off my car and my wife's student loans. I tell everyone I know to follow Dave Ramsey's Financial advice.
"Live like no one else; so that later you can live and GIVE like no one else" - Dave Ramsey
I'm finally almost debt free, I have $1400 left from my original $43k worth of student debt. I have been going through massive debt fatigue these past 2.5 years but I kept soldering on. I've made a lot of sacrifices, I've put off buying a car and I've been taking public transit. I get fewer haircuts, I rarely eat out, I don't go on any holidays, I buy used clothes, take 4 minute showers and I've been working 2 jobs. Boy I can't wait til this is finished. I see the end in sight though. I have $2100 in my emergency savings, and I kinda just want to pay it off now using that money. When I do pay off my debt, I might save up 8k, for emergencies and then splurge a bit with a holiday. I already save 10% for retirement so i should be ok.
how is it going?
Fare play to you man! You feel free now i bet 😎 only up from here
Violett Tipit I PRAY TO GOD I can fallow on your footsteps.
What's the update?
Could we be updated on how you are getting on?
I'm debt free and now I can afford to eat beans with hot dogs! Financial freedom is a real thing. Work hard, live like no one else so you can live like no one else later.
You really are LIVING LIKE NO ONE ELSE
I'm debt free and now I can afford to eat beans and frogs.
Stan Johnston one of my favorite quotes
Stan Johnstonjgcthgyhkf
I save money as a young adult so i can travel the world with athritis and dementia later on my life
I listen to Dave all the time. This is a pretty good summary.
That isn't the problem. People see the math but the masses are convinced to not actually do it. That borrowing is an okay thing. Get stuff now and pay for it over time. That is a sure way to be broke and desperate. It doesn't happen quickly either. For most people it is very gradual and slow coming. Then when something goes wrong (loss of job, illness, etc.) they finally see the real problem.
the millionaire next door is also a great book. a doctor I used to work for gave me a copy 20 years ago and it has improve my life
Dave actually refers to this book and the study conducted in it regularly.
Russ Cherry oh yes great great book. I actually came across that before the total money makeover
That's a great book to start with for anyone trying to get control of their finances. It's pretty short, easy to follow, and really interesting. Provides kind of a base understanding of wealth and spending, and then you can learn more with other books that are more focused on specific subjects like investing, etc. I read it cover to cover twice in about 3 months, really easy read.
I drive a 18 year old car and live in a paid for house so I am happy. My only landlord now is the government wanting property taxes every year. I drive the old car because I like it and I would rather invest the extra money instead of buying something newer.
it really becomes an addiction.
If the car still runs well why change it.
@@MrNanah38 Since I posted that comment I still have that car but bought a newer one with cash so now driving an 11 year old van.
the 55 thumbs down are from credit card executives
Lol
@@junyavelliniccolo3531 :D :D :D :D
So true
😂😂
Not really I just don't like the background music.
The audio book is also here on you tube and is read by Dave ramsey himself.
This was an **awesome** summary! I love Dave Ramsey, the baby steps are hard but worth it.
Simple tips. Make sure your money is older then u. If u can't pay for a car in cash u can't afford it. Rules I have always followed
wisdom wiz if you can't pay for a house, you can't afford it.
I can pay cash for a car, but then i'll be broke, whats the point?
2Awesome You don't understand. Then you cannot afford it.
I want a porsche and I want it now.Trump going to blow the world to hell
anyway
2Awesome if you spend your very last dollar on buying a car, the car is too expensive
I got my book at goodwill for $1.50 :) best 1.50 I ever spent in my life lol.
Gamer Wife that's where I found out about Dave Ramsey it has changed my life I have hope for a financial secure future
not TMM, but I was given FPU as a wedding gift a few years ago. Best gift ever.
Oklahoma Girl I’m Jealous! I’ve been looking for this book at Goodwill or Salvation Army forever. I read this book at my library
I got mine for $1.94 and those $1.94 have changed my life and and others life through me. Dave Ramsey is the man! May God continue to bless him!
As much as I love Goodwill for those things you can find for cheap. When I notice, and you can notice too, that they are selling clothes for $5-$8 per item even if there are stains or tears in the clothing (somewhat name brand clothes), you know something is up, especially when everything in that store was donated to them. The only thing I buy from them are books and movies and sometimes electronics when it is too good to pass up. I literally saw a bookcase there being sold for $70 when it was scratched to hell and was backed by particle board. That was someones trash and they are trying to make 70 in profit from it. Despicable.
This video was so much fun to watch!!!!! I have yet to pick up the book, but this really seems to have summed up all the principles he touches on during his radio show. Thank you for this helpful information!!!! Good luck to everyone on their financial journey!
I love the animation Approach! It’s engaging and fun to watch. I actually purchased this book sometime ago and I too would highly recommend. It’s tried and proven
Really enjoyed this video, many people are doing these videos now, but not many can keep my attention for more than a minute. Your narration and use of graphics were really well done.
Why don't others hold your attention?
They all just seem to be copying +FightMediocrity
At grade 10 now. I just started my part time job 2months ago. And have a $770 saving. $230 to go till $1,000. Turned 16th this month. In Japan you'll graduate at 18. So I hope I'll make enough to at least not be in debt. I need to have 20,000 by the time I graduate. I hope I'm at a good start. I'll buy Dave Ramsey's book when I have extra cash 😂
Gwen Nakagawa great job! You're definitely on the right track because you have the right attitude that early in your life. Keep up the great work, and best wishes! ☺️
Good book and thanks for the summary. I've read the book and pretty much followed that same formula - i was $40k in debt!!!!
Very nice video, it summarizes the book well. I only have one suggestion: at the end, you say that money can then be used for fun, to travel or to invest. I know you didn't list the possibilities exhaustively, but I felt that Giving should have been part of your short list, seeing as Dave is a big proponent of generosity. He often says "Live like no one else, so you can live and give like no one else". Anyway, your video is spot on, well done :)
This theory is great, to a point. Once you have paid off high interest debts and saved an emergency fund, do yourself a favor, take a vacation, buy a toy or two. Excessive saving for some fairy tale life at 60 or 70 years old doesn't make a ton of sense to me. I would like to live some of that fairy tale at 40!
True, and what if you die before that?? Shit happens.
Thank you! Nobody seems to think about that. What's the point of saving every penny & never enjoying life if you won't even live to see the money
The fact is you are betting on your morbidity.
And even if you do live to retirement, will your body be able to keep up with the experiences? Will you be able to go on the ATV, go sky diving, whatever? Your body may betray you. A coworker of mine ended up with bone cancer that ate through her spine.
My sister died of brain cancer at 45. Less than a week before she was diagnosed, she had run a 1/2-marathon. A year before that, we had done a triathlon together. YOLO.
I understand that having high-interest unsecured debt on depreciating liabilities is bad. Leveraging low-interest debt for appreciating assets, as a corporation, often is not as bad to recover from in a recession.
Do you think that somebody like Grant Cardone going bankrupt is going to make him live in a '92 Corolla or a tent for several years now? It's possible, but not likely. He's a salesman. He can start making money with almost no other assets.
I was a late starter with work (was studying for years), and when I came across Dave Ramsey I thankfully had no outstanding debts other than my deferred student loans (in Australia, they're interest free, automatically deducted through tax over a certain threshold, and only increase annually by re-indexation to reflect true value, CPI, etc).
Having always loathed borrowing money, I found myself fortunate enough to be able to skip the debt snowball phase of the process, and in 6 months, saved up enough to cover another 6 months'-worth of living costs. By default, in Australia and New Zealand, wages are structured for some percentage to be contributed towards superannuation (retirement fund), so I need only save a bit more, top it up, and save towards home-ownership (renting currently). No kids yet at this stage, so their university fees are at least 18-19 years away from the moment they come into existence.
It's relieving to have the whole process broken down so simply.
If you ignore the "Bridge Collapsed" sign, you won't have to worry about retirement!
True. lol
🤣
Oh, but you will. You will not die but will be severely injured for the rest of your life.
@@liviaclaire I think his point was that you won't have to worry about retirement because you will never retire.
This video changed my life years ago and i just recommended it to a friend. I hope it helps..
You forgot the last step #7 which is to Build wealth and GIVE BACK!!!
Lol do you think it's deliberate? Not everyone is a giver
To give back I have to be given first. To my parents? Sure. To anyone else? Fuck them up their asses for all I care.
@@sechmascmYou could mentor young bright people and donate them private scholarships to further their studies or start a business you believe in. Giving to the community is always a good thing and brings prosperity to it, which will create a better environment for younger generations, i.e. your children or grandchildren.
@@sechmascm dont fuck them, "lend" them, to get more profitssssssss
@@sechmascm YES YES to parents!!
I absolutely agree! Your video has done a strong public service. Thank you.
Just bought it yesterday at a thrift store for $3. Can't wait to read it. Already read IWTYTR
Awesome illustration!!! ☺☺👍👍 great job
watching this i feel good about myself because I have 2000$ saved up and recently spent 600$ on the dentist good thing I had money saved up and im on the right track to success before I even finished this video :)
While having money saved for expenses like that is great. That is not the purpose of this video. The purpose is to show how debt can negatively impact your life. So unless you have no debt, you really are missing the point.
Think of it like this:
John is a single 36 year old man making about $60,000 per year thanks to his degree ($49,000 student loan debt). He has been great about saving because his parents taught him the value of it early on.
John has $43,000 saved up already in his 401k. Then another $3,750 in a savings account at his bank.
He has been doing great right? Not exactly. John was feeling so good about himself and where he was that he decided to go buy a new truck ($34,000) and boat ($7,000) to have fun during his time off. Then there was vacation to Greece last year on his credit card ($3,400) which already had a nice balance on it from the year before totaling up to a whopping $5,100.
Then there is the $175,000 dollar house he bought way back and a Helock he took out on it 5 years later for $17,000 to redo the Kitchen and living areas.
The point here is that John's debt, not counting his Mortgage is a grand total of $112,100. He has only about $46,750 in assets. The man has a NEGATIVE net worth of $65,350. That is more than he makes in an entire year. He certainly looks good on the outside but his choices and decisions have run him Massively into debt. Then there is the fact that most people in this situation think there is nothing wrong. That is a lie you are telling yourself and that is what this book is truly about.
I just finished reading the total money makeover and Dave’s complete guide to money. The only thing I regret is not having read them years ago.
I almost never comment on videos, but you diserve it, keep going dude, your channel seems awesome.
Hi - I'm British but whether it's Dollars, Pounds, Euros or anything else, a currency unit is a currency unit.
I snowballed to pay off all of my credit debts (the only thing I have left is the mortgage - and I will halve the term for sure). I still do have credit cards - but only on the basis that I use them to buy something (because we have what's known as "section 77 protection" where basically if I buy, for example, a washing machine and it breaks after three months but the people who sold it either won't accept responsibility to fix it or have simply gone out of business, I can claim the money back from the credit card). I always pay my balances off in full every month. I have paid nothing in interest to a credit card company for 8 years.... But I also do something else:
I "borrow" money from myself - I will give an example ... let's say that my washing machine breaks and isn't repairable. I need to buy another one and that it will cost me £500. This is what I do. Firstly, I go and buy a washing machine using a credit card. A couple of days before the "pay in full by this day or we charge interest date" I withdraw the money from my savings account and pay off the credit card in full. The discipline is to pay off the loan I've made to myself WITH INTEREST TOO
Banks in the UK are typically charging 30% on a credit card. I only charge myself 12.2%... Once your laughter has stopped, ask yourself the question *Who gets and keeps the interest?* When I don't have any self-financed 'loans' outstanding, I save just 1.75% to my savings accounts. I always do have money for a rainy day. I always pay my own self borrowings back. If I am late with any particular payment, I don't slag myself off at the credit reference agencies! What do I do with the money I'm not paying in interest on the credit cards? Overpay the mortgage. Banks want you to leave £500 on a credit card so that they can charge you £30 a month for the next 5 years or more. Get a calculator and PAY THEM ALL OFF!!! In the table below, I give a notional example for the washing machine and how I'd pay it off. The numbers in parentheses are fractions of a penny which helps explain the occasional difference between any two days' interest.
I have tried multiple times to leave a spreadsheet with all the figures but google / youtube won't allow it no matter how I've tried.... I conclude that Google is part of the conspiracy to keep you ignorant! There is nothing like looking at a spreadsheet and seeing how you get stuffed every day by the banks with their interest on interest compounding!!!
This video did a great job. He made it interesting and pumped me up! lol
Wow you make awesome videos. I hope you will continue.
Thanks for the review!! This is going to help me out on my research, in becoming financially independent!
Fun video! Well done! This book really changed my life too.
Great job!! Please keep making more videos!
100% right...avoid credit cards and car loans at all costs.
working shlub
in the UK I use my credit card for big ticket items . This way I have more consumer protection. I pay off the item come end of the month. would only be buying this item if I had cash .
Adrian Mc Dave states that most people spend 20-30% more because they “think” they’ve beat the system that has been succeeding for years!
I wish I had learned about Dave's baby steps before I got into not 1 but 2 car subprime car loans at 18%!!!! I used them so much to drive Uber that I'm waaaay upside down, my credit is trash so I can't refinance or borrow the difference to sell them. I'm stuck with paying them off as soon as a I can, they are not over 50% of my income so Dave wouldn't be terribly mad at me tho lol. I did cut up my credit cards last month and it gives such a sense of relief knowing that I can't go further into debt. Moving towards freedom!
Depends on how disciplined you are. I save 5% on gas each time I use mine and I never pay any interest because I never carry a balance. Free 5% discount every time... I spend about $200/month on gas due to my commute so that's $10 that would have been spent. Doesn't sound like much but it adds up.
Not true, get a rewards credit card. Use it to pay your bills. Pay it off by the end of the month. Bam, you just got easy reward points at no cost
Dave Ramsey is the best. I started out with sod all - now if I lost my job tomorrow, meh - can go for a while without it being a panic
Awesome vid! Entertaining with good drawing. And right on the mark. Best financial book in the world, changed our life.
If you give respect you get respect. If you respect money now, it will respect you later. Spend it wisely!
Look forward for more good stuff!!
One of the best books - highly recommend
Great summary. Thank you so much!
Don't be normal, BE WEIRD!!
-Dave Ramsey
love your animation! inspiring
Baked beans poured over toast with a couple slices of cheese underneath. Dang that's good.
I’m on step 2😃. One step at a time:-). Love the animation and summary of the book👏🏾👍🏾😃!
4:10 I guess we dont need a car or car insurance anymore LOL
he's back haha :) you have to do more videos , i think you're great at doing this .
I did the first one and figured no one would've watched it! Then I found out people did so I made another. I love making them. Thanks for the kind words. I hope it helps people +Optimize Your Journey
+AchievingConcepts I just subscribed... 👌
MORE!
+AchievingConcepts make more dammit.
yes you are very talented
Problem is the entire financial system is rigged for debt in global scale... some individuals get out of the debt trap, but the society at large is hopelessly in debt, always.
Very casual of you to forget about your first video haha! I enjoyed this one too! Thanks for making them!
excellent book. i give away one book every month to one of my adult students. I gave many family members first.
people still pay for cable?
Jake Koontz Ikr? My cable is included in my rent, otherwise I'd stick with good ol' rabbit ears.
Jake Koontz Sure do! Smh been paying ridiculous amount of money for it for the past 8 months, than I realized. "What the hell am I doing throwing my money away on this stupid crap?" So I called and canceled my services I'll still keep internet, but that's it and will now have an extra $120 a month to put into meaningful things such as.... paying off a small medical expense bill I have. After that it'll go toward paying off my vehicle. I cant believe I suckered myself into flushing out that money for that long! 🤦♀️
Willie Turner I would ask my landlord if they dropped the cable would that lower your rent. I bet they would
+BryceJohnson88 Probably has a group rate with every one in a multifamily building...
I haven't paid for cable for at least 5 years. So, no. At least not with me.
I just love all of these positive REAL comments
I’m not in any debt!
Wow! Sooooo well done! Thank you! Sharing! God bless!
This book is a life changer
A book full of important advices!
Live like no one else Now so you can Live like no one else Later 💪
baked beans as a main course are awesome.
all beans as a main course are awesome.
Thank you for the education!
Lots of people say, "money is not important to me" or " I don't care about money" or "I don't wanna be like the rich" ... Stay away from these people! Because when they say it's not important they mean it! They have no problem taking or expecting yours! You will never have money if you don't care about it or it doesn't matter to you! It's a nice thing to say, I suppose, but these type of people don't respect anyones money! Live n learn!
*FARCE: You will **_NEVER_** own your home outright! You can only ever hope to reduce your monthly mortgage to just an annual property tax payment... **_FOREVER!_* 9:46
Great video. What tool do you use to create videos like this?
thank you for doing this! great job! :-)
Great video, great explanation, background music is not good
I came up with debt snowball. I was so proud of myself.
Thanks for that summary. This is a book I'm not going to read. (Too similar to other books I've read.) So the summary comes in handy.
Love how every financial video i watch has the commercial before showing some cocky real estate investor ranting how easy it is with no money as he gets in his chopper.
Cayce Crews exactly. i saw that too
Mine showed a horror movie trailer... Lots of death and gore... I'm almost jealous of your commercial...
This is great! Thank you!
What if I want to have a great lifestyle NOW or at least SOON? I would rather figure out a way to increase my income versus “budget” and penny pinch. How “free” will I be when I’m 70? I do agree with the steps, but as a mindset, I am more “growth” mindset oriented versus “fixed” mindset oriented. I think the whole Dave Ramsey plan is more geared toward a “fixed” mindset. I think it’s great starting out however, to get out of consumer debt.
Start enjoying Life when you're 60 people!
You should be Set to retire and start LIVING when you're 60!
Idk, I listen to Dave Ramsey, but I'm not so sure about the retirement plan. I knew a lady who followed all his steps, good coworker friend of mine. Just a few months before she was set to retire young in her 50s- house paid off, kids grown and off supporting themselves, husband ready to join her on a life where they can start Enjoying the money they saved up- taking dream vacations and yearly cruises and such....
And she had a damn stroke, and died two days later.
basically, build your foundation first. my one quibble is that whatever one's debt/savings situation, i don't see how it's ever wise to NOT take advantage of an opportunity to have their employer match their retirement contribution. that's free money that will turn into big money over time. waiting months/years of debt payoff then savings build up is leaving money on the table
love this video. Made me laugh and smile.
Good work mate, keep it up
Wow, the violin sounds really cool when you listen to this thing at 2x.
Keep em coming!!
My rule, Save 40% of salary in a cardless, non net banking savings account.. keep 10% for medical emergency and use the rest 50 for paying bills.(I'll be left with some money after paying bills that i can either save or spend for something i like to)
My girlfriend and I are on this journey. Coupled with a house hack strategy.
Thanks! Great video. I say it with love, the music didn't seem to accompany... was very loud, too... blessings!
Thats amazing.. thankyou🤗🤗
This is good stuff!
Not sure why you eliminated car insurance. You buy a cheaper car in cash for cheaper insurance and no car payment. You don't have to start riding a bike or taking the buss unless you want to.
That was pretty amazing
I saw a payday loan ad preceding this video
The 1st & 2nd goal have always been easy for me.
That violin music...
thanks so much for the video
great video. I'm doing the TMMO now
I really like Dave Ramsey and his steps are right on point up until investing. When it comes to investing he is not the best. There are much wealthier people than him who have much better-investing advice than he does.
I DO Love Dave Ramsey's Principles and Road Map To Success.
However, this is the mentality of "The Millionaire Next Door".
There NOTHING wrong with this mentality... it beat being broke 100% of the time! But, This mentality ISNT for those who are trying to Really Get RICH within 5-10 years! There are other books for that.
Dave Ramsey is smart, funny, and logical! I recommend that everyone read this book at least once. No matter what your destination is, this book can HELP you get going in the right direction!
And to the ppl who made this page and these videos, THANK YOU! This is how I like to learn!
Richard Massengale who would you recommend listening to or reading material for a faster way to wealth still following these basic principles.
Dave I read this library book around when it came out! What year did you publish it. The biblical aspects of finance lead all the way up to the money changers... (Lehman Brothers)
This video changed my life in 2019
1:31 how do you draw a circle so round just by hand?
Yeah if you are serious about getting out of debt , you got to really give some stuff up. I had to give up shopping. Wi fi. Eating out on pay days. And hanging with people that love to shop. I feel so broke. But then again I'm .
Angela Stewart Dude, yes. I used to 'treat myself ' every payday by getting takeout, and now I just put that money away. Feels good.
Loved it...wanna more plz.....
Do you know where i could get a pdf for thus book
I vote for paying off highest interest first instead of lowest amount. Math rules!
Math:
$2200 income
-$2400 minimum payments
= uh oh
This is not the point. by paying smallest first, it helps people stick to the goal physiologically. It feels good to see your list of debt gets smaller.
It does feel good paying the smallest first - but their is still more than 1 way to pay off debt. You can't deny that paying the highest interest off first is better - it simply is if you have discipline. That being said, I'm doing the snowball method anyways because mine are still interest free for 6 months. And it just happens my smallest is also the highest rate too so it's a win-win. Dave Ramsey's plan is great but so are others.
If math ruled your life you wouldn't be racking up debt.
personal finance is about behavior not math