These Are The Only Set Of Financial Principles That Work At Any Time!
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- Опубліковано 17 бер 2020
- These Are The Only Set Of Financial Principles That Work At Any Time!
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Because of the “Dave Ramsey Emergency Fund” If I have to stop working because of this coronavirus I’ll be able to pay my rent next month and my utility bills.
You would also be receiving unemployment and a check from the government. Everyone will be okay.
Me too! Me and my brother are the only ones with an emergency fund in my family. I also happened to be saving for a car before paying off my final debts when all this occurred. Now my dilemma is how to help my family since they're worried.
Lymari Santiago yes! Way to go!
Well done.
Stay strong and stay blessed.
Well done! And what a great American citizen you are - while everyone is waiting for the government you took personal responsibility!!!!
I'm so glad for these principles. Being out of debt (minus mortgage) having an emergency fund has clearly reduced the stress in my life.
I used to feel a little foolish to keep a two year emergency fund in savings. Well today I don’t feel so foolish
Jeremy Brown right , I lost my job in January and now because of this virus it will become very difficult to find work for the next few months but as crazy as things are at least I don’t have to panic financially speaking
The 1+ year fund is called a "run way fund". It sounds extreme but it gives you power for almost any situation life throws at you that can be fixed with money.
Not foolish at all! Goals! I hope to be where you are some day. Inspiring!
Never forget the Great Toilet Paper Crisis of Spring 2020!
At least we'll all know where we were when it all runs out... likely in a restroom.
Thank you Dave! I’m off work until April with NO pay and my husband is the only one working from home. Because we drank the kool aid, we have an emergency fund and surviving.
That sucks
Same here. I applied for unemployment due to public health natural disaster. We are fine. Drinking the Kool aid Cult.
Wish you guys well in this hard time. Glad to hear that you are prepared.
I have been trying to trade in my 2008 car for a low mileage 2015 car. I was test driving one and I really loved it a couple weeks ago. The dealship came down a bit but couldn't come down far enough to match my trade with my cash. The dealer asked "you don't have any debt, what would be the harm in financing $3000?" now we know. Thankfully I walked away and kept my older car.
Robert Parker yes! Your wisdom is being rewarded now!
Well done!!
@@clarifyingquestions I have more respect for a drug dealer than for a car salesmen.
Sales people are desperate right now to make quotas.
Yup! We’ve been looking at houses for 2 years. Sometimes more seriously, sometimes more casually. I’m SO thankful right now we didn’t buy one and have our itty bitty mortgage to rely on (would have doubled it if we bought a new house)
I'm 21, single, and I bought 3 months' worth of supplies for myself and my dog and didn't hurt my bank account at all. Glad I started to follow Dave!
3 months huh. So ur one of the idiots bindge buying. Do u not realize the supermarkets are not closing... WAKE UP!!!
@ sorry bud, all I need to survive for 3 months is 2 packs of toilet paper, 16lbs organic ground beef, 15lbs organic rice and 6 bags organic cereal and a can of powder milk. No need to buy all the bottled water since I drink from the sink. Plus, I'll keep doing this even after the pandemic, saves a lot of trips to the store! I still go weekly to buy my organic fruit and veggies. I know they aren't closing down, duhhh!
1 year emergency fund in place, continuing on with life.. still paying extra towards the mortgage. THANK YOU DAVE!! So glad I found you several years ago! I hate seeing my community crumble around me and seeing people lose their jobs. Feeling so incredibly grateful to be where we're at right now! I was supposed to be on your cruise 😢
You will be in a unique position to help those in your community that are truly in need.
Well done Becky.
Keep on keeping on.
Stay strong and stay blessed.
Just curious, is there a reason why you hold 1 year Emergency fund instead of the recommended 3-6months?
@@alexc5369 It wasnt really intended to always stay that full. We were planning on taking some of it to use towards some other things.. we sold a rental property a year ago which is why we have that much. But now I'm glad we do. I'll wait till all this passes before spending any of it now.
Retirement is nothing more than a lifetime "emergency" fund. As you get older, you will be able to layer a part-time job, many years worth of cash, an untouched dividend portfolio, and more.
There is an endless number of so-called financial experts. I am not one of them. So I decided a decade ago to pick one person and follow their advice (saving, investing, preparing, long-term investing, etc.). I picked Dave and it has worked out so far.
He's da man!
There are many good and truthful financial advisors. Like Dave says in this video: You get to choose. Certainly, Dave is one of them.
Ditto in spades!
This is the American talk everyone needs to hear.
Emergency funds should be everyone's goal.
Because I have followed Dave Ramsey's plan, I just paid off my debt 2 months ago and have 2 months worth of Bills saved up... I am so thankful. It doesn't look like I will lose my job through this, but if I did I still have faith God will provide and in wisdom I finally decided to listen. I hope other do too.
Lived like this all of my life. It works well. As a kid, I knew a lot of older people who could remember the depression. I learned from them. Debt gives me insomnia. Cash only. " Save your money for a rainy day."
PREACH BOB.
Stay strong and stay blessed.
I remember when my grandmother wouldn't let them put plumbing in her house when she didn't have cash to pay for it. Debt was a fear word to her.
Yes, all true. Also, give some money away to help others. It is ridiculously true that what you send out comes back many times over. However, don't give to receive, or you will fail. Charity has to be a natural gesture within the unfolding of your life.
Hey Dave, sometimes it's morning, the work day is getting started and I take a short 10 minute break to watch one of these videos and it just lifts me up. I feel renewed and inspired.
Thanks for all you do.
Same. 😁😁😁
I thank GOD for finding Uncle Dave.. I am not stressed financially. THANK YOU FOR YOUR SERVICE DAVE!
We're really appreciating the 6 month emergency fund right now.
Tamara Wilhite same here
Me too! I feel we can now handle whatever this pandemic will throw at us.
I have always done 1 year emergency fund. Scrap 3-6 month. 1 year emergency funds gets you really relaxed.
*It's a great time to get back to the basics.* 😉
Thank you!!!!!! Since I discovered your channel I have paid off ALL my debt in 1 YEAR 🙏🙏🙏🙏🙏🙏🙏
Liz Vega yes!!!
I’m allergic to peanuts. Very. My new saying for life is: I would rather eat a Peanut butter sandwich than enter into debt again.
Do that you may end up in debt to the hospital...just sayin
Dave I want to say thank you for being a teacher, and more importantly MY teacher. In these troubling times I feel safe and like the provider I have been called to be for my family. If you are scared, I was there once too. Listen to Dave, follow the baby steps. You CAN do it.
Still have a job for now but life is so much easier knowing I have a years worth emergency fund (yeah I know I'm conservative).
Kevin B good man, well done you.
Way to go! Must feel so good you can handle anything that is about to come at you.
@@Speechiegirl1 Thanks guys yeah its nice to take a breath and not freak out.
Smart! VERY Smart!!
Inflation is coming, might want to put some of that into growth assets that'll outperform inflation with the expansionary monetary policy the Federal Reserve is signalling. None of my business, though! Glad youre better off than 99% of folks out there rn
Thank you Dave for all that you do. I discovered you in 2014. Thanks to your teachings, I paid off my student loans, paid off my dad's line of credit, saved for a downpayment on a home, bought a home just before the prices went up and saved up a fully-funded 9 month emergency fund while making an average household salary. If I were to lose my job, it would be tough but we will be okay as a family.
Thank you Dave for taking the time to teach us the biblical principles of money and how to save. I'm ok during a crisis for the first time in my life. Not only am I ok, but I'm able to help those that aren't right now. It feels great.
I’ve wanted to call you so bad just to say THANK YOU!! I’m still in BS2 but thanks to many various blessings and the common sense you taught me I am 100% at peace right now. I can see God through all of this and it’s incredible
"You don't get out of this alive."
GOLD COMMENT. Underrated in these times. Put your trust in Jesus and chilax!
He died for our sins and then rose again, can you explain that? To me that's like been given a gift and having to return it
Dave haters are a bit quiet lately.
Thank you Dave! I actually had forgotten that my little Baby Step 1 emergency fund was safely tucked away! Gave me such relief, peace!
I really enjoyed this video. And although I wasn't panicking, this has further motivated me to get out of debt and have an emergency fund as soon as possible. Thank you Dave, you're awesome!
Kyle Wallace you can do it! I was where you were, and keep going when everything is going well and everyone else is going the opposite direction .
I feel blessed to have stumbled across Dave three years ago. His teachings have not only transformed my personal finances, they have transformed my character and my self confidence. I have my emergency fund in place and I hope I can weather this craziness without having to touch it, but it sure does feel good to know it's there. While the majority of my fellow citizens will go to the government, cap in hand, asking to be bailed out with my taxes. I can stand with my head held high and my dignity intact and say "I don't need an inept government to bail me out, I listened to Dave Ramsey".
Because of Dave Ramsey I didn't buy that 40k sports car..I saved the money..now I have a pile of cash on reserve..just in case..I'm good for 2 years..
I love how Dave emphasizes to be generous. Not only does he teach how to be wealthy he also teaches you how to have a fulfilling live with it. Wealth won't make you happy if your not humble about it and share it with others.
I’m glad I met dave on time. Only God knows How quiet I am taking this crisis. Thanks Dave for all you do, keep going, you are a hero for MANY people like me.. your advices are better than free money.
yup i can pay my bills next month and eat too, so i guess the bible is right,, be blessed and safe
So grateful to have Baby Step 1 done...plus a few extra hundred dollars that was supposed to go toward debt. Thank you so much Dave!
My 3 month emergency fund has really been helping me and my family out, thanks for your great financial advise
Thank you so much Dave for being a shining light of hope. I really needy to hear your message
Thank you Dave! You are calm when you speak America needs that now
“Skittles and Rainbows every where”... Love you Uncle Dave! 😂💗😇🙏Lol. I shared with co-workers and your message really encouraged them. Thank you.
Thank you for your God given wisdom dave. You're awesome!❤
The difference between what you know and what you don’t know is called risk. Remember all the callers and commenters who pushed back on Dave’s suggestion that you suspend 401K contributions while paying off debt. Today the 401K balances are lower, but how much lower is the debt? Debt paid off is money in the bank. Period.
Indeed
Because of Dave I paid off the car and credit cards. Now I have money in the bank and I'm working from home. We don't have to worry about money right now. It's a good feeling that we don't need to rely on the government.
agreed! I became debt free other than my mortgage at the end of 2019 and now with all the chaos happening i feel even better than ever implementing Dave's Baby Steps!
So thankful we followed your advice Dave, it truly does feel good and help in tuff times
The 3 little pigs allusion is spot on! Thank you Dave for keeping a leveled head. Definitely need to take this time to reevaluate my life.
If only large businesses listened to Dave Ramsey rather than doing stock buy backs we wouldn’t have to be bailing them out.. god bless Dave Ramsey!
Dave Ramsey is the truth! There are many in UA-cam that duplicate his ideas but they aren’t him.. Dave is sincere, genuine and a realist. These principles are solid! Thanks Dave!
I’ve got the COVID. Mild for me. Fever of 99. Slight cough. Getting better now too. Not much lung damage per CT scan yesterday.
Glad you are doing well!
I plan to assist some people that is in desperate need because I can! We are all in this TOGETHER.
Thanks for these words Dave, it's unfortunate how our politicians and media inflict fear upon our people on an hourly basis.
I quit drinking about a year ago and I'm eating healthy. Not only have I recovered my health, I am not spending on vices, and as a bonus lost the superficial circle of friends that came with that bundle. Can't say I miss that life at all. People seem to forget that our body's immune system is an incredible workhorse.
To anyone reading this, focus on your happiness and don't let anyone sway your focus. Turn the t.v. off, block so called friends, and ignore phone calls from people who just want to small talk nonsense. This is your life, live it the best you can.
Dave thank you for spreading the wisdom! We also need a DEEP sense of encouragement that we will make it through this. Keep pushing your listeners to lean on the concept of slow and steady wins the race.
The boomers had the silents and the greatest generation to learn from directly. Please help us millennials and genx to see the light. There is a light. There is a light. There is a light. 🙏🏽🙏🏽🙏🏽
You are so right! Bless you for the work you are doing and have been doing. My husband and I are so glad we follow your principles. Being debt free in the current environment is a much better place to be. Thank you for the daily dose of common sense and panic reducing:)
I don’t get to save 6 months of energy funds but, I got for two months , I feel so blessed right now thank you David Ramsey for alway pushing us in your video to have a plan 🙂
Hands down one of my favorite clips from Dave Ramsey in years. While I may have disagreements with Dave he is still my ultimate foundation for learning personal finance. Thank you for standing on the importance of an emergency fund. Our family is peacefully enjoying our lives still today when it comes to finances thanks to our 6 month emergency fund put in place 3 years ago. The principle you speak here is so true I could scream it out loud.
I saved every extra penny. Securely retired at age 47 due to a sudden disability. You never know what the future brings. Best to be prepared.
Crying because papa dave got me 😭 this gave me so much peace, sometimes its nice to just be sat down with even if you know
I’m down $100k in the stock market and am I stressed? Heck no! I’m smiling more because I’m buying stocks for super cheap :)
I wish more people thought this way (like you and I). Buy and hold, buy low, sell high, don't panic, have a plan, don't be stupid!
Wiped out all gains from beginning of Trump's presidency. I'm confident this will recover quickly once this virus passes, and America will make itself great by recapturing mass manufacturing from China, for national security reasons - bipartisan.
The market is still overvalued. You will lose more of your funds.
@@khanhcao3123 Lola true hey ill b buying more
Chris Ose I’m at least 200k in the hole myself. I’m 20 years away from retirement. Those retired now will have it tougher. I’m not touching my financial planner money at all. I’m trying to live on my emergency fund right now. It was already going to be a tough year for us this year. I’m a minimalist and I am doing the no spend year this year. I must have know this was going to happen.
This is my first Dave Ramsey video to watch. I chose this one cause I thought it was going to be 10 minutes of financial principles like the title says. I got hoodwinked. Thanks Pastor Dave.
God Bless you Dave. Sitting here secure and without worries in this instability thanks to my emergency fund. Thank you
I pray for the richest of heavens blessing to fall on you Dave Ramsey. You have been a tremendous blessing to so many people. People who are never ever going to be able to return the favour to you. God bless you.
Thank you.
I really needed to hear that everything was going to be ok.
You put it in perspective and I realized I only have my rent to worry about out of my emergency fund but others have to worry about their car and credit car and student lone payments.
I’m stressed but thank you.
Because I listened to you, I'm ready financially to face the next few months.
You're the Noah of 2020! Thanks Dave!
Thanks Dave! I learned my lesson...be humble: I struggled through January and February on a low musical income...too stubborn to Lyft drive to stay ahead. Now I know...if times are slow, a side hustle is a privelage and not a right. And so are gigs. I'm scraping by, but I could be ahead right now. And I also see the importance of the emergency fund FULLY funded as the priority! Jan and Feb took my savings...March requires some online hustling. Thank you for the motivation and reassurance!
I worked in the construction/ housing industry in 2008 and almost every business owner i knew went out of business. I personally know tons of people who lost homes and almost lost mine. For thoses who say 2008 wasnt bad they didnt live through it. Guess what, the word is still here. Although this time IS different as i am prepared for it. Just be careful who you get your information from. The media and governments are never wrong....
Dave, thanks to you, I’m living life with a safety net and am happy! I’m also in San Francisco, so nothing here is easy now.
Hi from India.. all your advice makes so much sense now. Have been doing what you advice unknowingly ‘cos that’s what we were taught. Financial peace is amazing... God bless you and may you continue your good work.
Got no debt and 8 months worth of emergency fund sitting in the bank. I'm so fortunate to have met Dave Ramsey when I did. Also talked my girlfriend into getting out of debt and building an emergency fund as well so there's no stress in this household. Thank you Dave Ramsey!!
I am thankful I started following Dave only this January. I have accumulated an emergency fund of a little over $1,000 and that has been my peace right now. Who would have known it would prove its worth only 3 months later.
I’m not religious but it all makes sense. I would add don’t judge others or throw stones esp those brave enough to call into this show and put their life/problems and selves out there for his advice yes but also exposure to often harsh/unfair judgement and criticism by complete strangers who know only a small snippet of their life or character. Put yourself in their shoes. Treat them as you’d want to be treated and if you’d want to be mocked and ridiculed by strangers then please get help. Independent of religious beliefs, looks, money, titles etc we’re all human and on this tiny planet together in a massive universe. Fragmenting and division only makes it harder for all of us. I’m not perfect and made many mistakes (thank goodness not live on air) but try to practice acceptance and compassion. We don’t know what we don’t know. Best wishes to everyone. 🙏🌎
“Even when it seems hopeless, I invent reasons to hope.” Elie Wiesel
You may not claim to be religious but surely you see God's wisdom and teachings from the Bible in your words. God bless you ! We Christians are all imperfect....but your words are His lessons.
I am from the little Island 🇧🇧 Barbados. I am happy that I found Dave Ramsey, he saved my financial life. Thank you very much.
Great tips Dave. Enjoyed this.
I have six months emergency fund, no debt other than my mortgage. I’m a teacher so I don’t get paid in the summer but I already have $9,000 of the $10,000 in that bucket. But I’m still anxious because I don’t want to spend my emergency funds !! I’m in a good space though. Because I’m feeling blessed I’m planning to bless others. I will keep my yoga membership even though that’s closed, and I’ll pay my cleaning lady even though I asked her to stay away. I’m working from home so my regular income is still coming in.
May I ask where you live?
FANTASTIC.
Stay strong and stay blessed.
By the way, I love your hair.
Paola Gonzalez Chicago
Mark Whittaker thank you for the compliment.
Love you Dave GOAT of Finance/Life
I'm thinking the only thing you left out of your baby steps was to have a six month supply of food on hand. Good video.
Kerry Night Baby steps are part of a plan of financial support no survival emergencies.
Wow !!!! One of the the best vedio of Dave Ramsey . No more words to describe.
Dave your a great speaker and an angel with a message from god.
Thank you and God Belss
Thank you! We have our emergency fund and almost out of debt. The money stress isn't something we have to worry about for the first time.
"Y'all" listen to Dave, debt free and pay 5% Of my income for rent......Yay rural life! Give, save, live under my means....My main business has been shut down...but less stressed!
Everybody should listen to this right now. We will be ok people. God is good. It can't rain all the time.
Thanks Mr. Ramsey
Very good listen. Thanks Dave.
4:57 My kids use to say, "You're going to die, I'm going to die, we're all going to die." Turned out they were right. You just gotta be ready to go.
Just want to say THANK YOU
I've lost half my income overnite due to this mass panic but I started my year off with you, and managed to have a small emergency fund thanks to your advice!
Eargasm comedy I’m in the same boat. Stay strong 💪🏻
$70 mill building! dayum! Mr. Ramsay, you can flex all you want, you earned it sir!
Awesome words, Dave. The ONLY guarantee is that we will ALL die...but we know not the place nor the hour.
So glad we started our debt free journey when we did. Our situation would be more stressful now had we not.
Thank you uncle Dave, helped me get out of debt, set up a small but stable Emergency fund and stress free with all the rain outside and people crying.
My goodness Dave Ramsey you always have the perfect words to tell us! I love when you said somethings going to kill all of us! I think we all forgot about that lol everyone right now is so afraid of dying that we forget that you can’t run from it! I love your blunt honest truth and of course I see it’s out of care for us. The Lord really blessed you to be where you are!!
I agree Nicole 😊🙏 so thankful for Dave at this time. I drank the Kool Aid!
Thank you, Dave. Listening to your words help me to calm down and find some peace in the middle of this storm. You were so right all this time and I'm thankful that I did what you say and I have some money saved. God bless your heart.
Thanks Dave, I carry my emergency fund of 3-6 months .Feels like I’m walking on water
Thank you Dave. I’m not even Christian. But these rules work. Things I am not worried about for the next 6 months are food, bills, rent, and transportation. I can focus on the well being of myself and my family, and focusing on doing my job as best as I can amidst this crisis because I have an emergency fund.
I started building my emergency fund since January... and even though I don’t have a lot... I’m so happy I have something saved up because I’m a lot less stressed than I could’ve been if I had nothing like years before.
I was planning to become debt free by paying off my CC with this week's paycheck but this hysteria postponed my plans. Californians are jobless right now.
I had an emergency fund, then I got hit with MS and had to go 2 years with the savings, stock, 401(k), and life insurance...in the 2 years I had to pay from the emergency fund. A widow now, and rearing 2 sons with Autism+ and I'm still living! I am drowning financially (on paper) but GOD is able!
Love you Dave! Glad your in this earth.
Thank you, Sir!
What's up Uncle Dave :-)
Perfect timing!
Haha Uncle Dave, I love that!
Just made it to debt freedom today, even in the middle of the craziness! Now really starting this emergency fund - would be nice to have right now!
Dave Ramsey is honestly the wisest man alive right now. Thank God for Dave Ramsey
Maybe on personal finance and debt...on COVID-19 and public Health...not so much.
Thanks to a great friend Ron Hudson for giving me your book. Thanks to your steps in becoming debt free, I have now paid off all my credit cards.
I like all of the comments from people who have saved up an emergency fund. You all rock..
10 out of 10 commentary Dave, you nailed it!
Thank you!