Dave Ramsey Fans Admit Their WORST Money Mistakes
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- Опубликовано: 6 сен 2024
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Dave Ramsey Fans Admit Their WORST Money Mistakes
I had the opportunity to chat with over 2,000 Dave Ramsey fans at the Smart Conference in Nashville where I ask them their biggest money mistakes and best money moves.
Links:
The Ramsey Show: / @theramseyshowepisodes
Smart Conference Chicago: www.ramseysolu...
George Kamel is a personal finance expert and co-host of The Ramsey Show. Following Ramsey’s proven money plan, George went from negative net worth to a millionaire in under 10 years. His goal is to help people spend less, save more, and avoid money traps so they can live a life with more margin, options and freedom.
This channel will simplify complex money topics, bust money myths with actual facts, and debunk the stupid financial advice you're seeing in your social media feed. All with a healthy dose of pop culture, humor, and snark.
First - also please hit the subscribe button if you haven’t already! I need validation!!
The best story was the “good” from the lady who was able to miss three paychecks to be with her dying mother. That really is peace.
Ive temporarily lost one income stream that represents 30% of my monthly income and im not even sweating it thanks to having a budget and an emergency fund.
Wonderful ❤️
Biggest mistake was getting a credit card when we got married. (Influenced by our older and “wiser” friends 😂) Our biggest money win was cash flowing our international adoption last year! She’s here and we owe NOTHING and can enjoy her being in our lives with no financial stress. 🥰
Can I ask how much that ran you. If I achieve a higher level of wealth/income, I'd like to do the same if we don't adopt here in the U.S.
One of the worst - cashing out a 401K with $12,000 back in 2011 to finance a lifestyle I couldn't afford. Would be worth around $50,000 now...
Biggest financial mistake was letting a family member convince me I needed a newer car, when I already had a perfectly fine paid-for car... at the same time I had student loans and too-high rent on just an entry-level salary. The next five years were certainly a learning experience, but I came out smarter, stronger, and wealthier for it. We always seem to learn the most from falling on our faces.
That’s the worst. People either want to be validated in their own poor decisions or they’ve normalized debt burden without considering what that money could do for them.
Marrying my ex husband was my biggest financial mistake
Why marry your ex? Sounds redundantly dumb. Redumbantly?
top comment on this vid lol
Me too!!! But fixed and now financially free. Seriously tell all 4 of my sons marrying the wrong person can set you up for failure and set you back.
Would he say the same thing about you?
Lul 😂
For me, probably not buying the house I was renting in 2018, my landlord offered to sell it to me for $400k which was what he owed. The property is now assessed at well over $1m. :(
“George came off as a little rat bag at first” omg Dave! 😂😂😂😂😂
The biggest financial mistake I made was to buy a condo on the sole basis that interest rates were crazy low and it was "cheaper to own than rent". I hate city living because I can't stand the noise and the lack of greenery and space, but at that time, I couldn't afford moving on an acreage, so instead of renting an apartment like I should've done, I bought one... Well, I ended up in a situation similar to Dr Delony who bought a house he didn't like. I confirm, it's an awful and brutal experience and it destroyed my mental health. Going month after month hating my condo and hoping someone would want to buy it, but then you know if you sell you'll lose a ton of money, then you start hoping it catches on fire so you can just collect the insurance cheque and move on. I was kept awake by construction, partyers, my upstairs neighbour stomping on his floor and modified cars all the time. A year and a half later, I found a cheap farm house for rent outside of the city for half of my payments. I decided that I had suffered enough and I decided to take the loss, sell that condo and move to that farm house. Moving forward, I can assure you I will listen to Dave's advice on owning vs renting and I'll never buy anything that's not a quiet acreage in the future.
My big money mistake?
Gosh, where do I begin?
1. Withdraw funds from my retirement account not once but twice. Cost me so much in tax and lost investment growth. Now I’m trying to catch up in my mid-40s
2. Getting a variable rate mortgage (or ARM) when rates were at the lowest in history. This was very recent in 2021. Now my rate have increased 5x. My mortgage is now 50% of our household income with a baby on the way.
3. Getting a brand new car with a 5 yr lease. 1 year left on the lease and I’m considering buying back the car at the end of the lease.
George is the man. Love the Backstreet Boys 🤣
Years of being unable say no to myself and my loved ones is my worst financial mistake. Win=my strict budget.
Buying a car with a $661 car payment.
I love the car no doubt, but it was too much compared to what I make.
The editing makes me laugh out loud!! So much fun!
My biggest financial win has been creating a budget every month.
My biggest financial mistake was probably going to college 🤣 I broke even financially, paid off my loans, and now I'm living the dream as a stay at home mom! During paying back my loans I saw going to college as a drawback just because of the debt. Now I see how my education has made me a better wife and mother, and gives me insights and options for the future. But still, if I could counsel my younger self I would have gone a different route.
I cashed out my 401k to buy a house. I'll never make up for the loss of retirement funds. The penalty from Uncle Sam was awful too. I didn't find out about that until tax time the following year! The mortgage bankers gave me terrible advice, all just to take my money. I thought I could trust them. My biggest mistake.
The debt snowball is Huge! It is so encouraging to watch your progress and Finally See how your life can actually change!
My biggest money mistake was opening student loans. Was $43k. 😢
Best achievement was paying my car within a year. 😊
This channel brings me so much joy
Same!
Where do I begin? Cashing out a 401K to spend it? Or maybe borrowing against my next 401K to put a deck on my house?
I was there! Amazing weekend. If you have the chance to go to a Smart Conference, do it! No ragrets.
Cash advance on my credit card, at a higher interest rate to purchase a firearm for an ex. Didn't pay off that card until over a decade later....with my husband.
Biggest money mistake: buying a brand new car after a car accident, justifying it with, “ But I’m putting 50% down! It’ll be safer!” Biggest money win was paying that off early and still driving that paid off car 5 years after paying it off!
George I learn and laugh at the same time. THANKS FRIEND!
My biggest financial mistake was buying a brand new travel trailer with the goal of living in it full time. It lived in it for over a year, but it made life really difficult (like when my house had to be in the shop for 3 weeks due to a water leak). Then, when I was done living in it, it sat in storage for 4 years.... I just sold it last week and used the money to pay off $10k in loans. What a relief!
George,
Level-Up and get a bidet. It's life changing.
It also makes the *most* sense financially. It's great to have one less thing to not have to worry about purchasing
😂😂
Not changing the oil in my car. My parents dropped 5 racks on a car for me, but I kept forgetting to change the oil and I had to borrow $1400 from my parents to replace the engine. Then something else went wrong and I sold the car for $200 (thinking it would be junked), then I saw some much smarter person driving it around town. Then I went to the auto dealership with a $5k budget (which I planned to borrow), and drove off in a small _used_ car for $19k on a 72-month loan.
I later killed that loan in a couple of years, but man, I was (am???) a friggin idiot
You were a normal kid. You grew up emotionally.
You live and you learn
No you are not smart
George how do you not cry all the time see how much you guys are changing lives? I choked up when that woman was talking about cash flowing college.
I could watch these real life interviews all day.
I just LOVE your videos. They're ALWAYS so relatable.
Tens of Thousands in Credit card debit, maybe 70 thousand in student loans, constant over the limit fees in checking, not contributing to retirement, I basically did everything wrong the average joe can. Oh and have a bankruptcy from when I was 26.
I filed bankruptcy when I was 22 - so did my mom and grandma at the time. Just a cycle of bad money habits through the generations. I feel your pain.
My biggest money mistake….. co-signed for a brand new Mercedes C class car with my then boyfriend and used my credit card to pay for the down payment 😂 and it was a lease car…🤦🏻♀️ and not only did I do it once with the car, lease and boyfriend….I did it again after the first lease was up…and still put the new down payment in a new Mercedes car 😆🤣😅 and also co-signed and with the fear of him no paying for the car payments I stayed in the toxic relationship for an extra 2.5 years until god sent me a sign about budgeting and co-signing and when I looked at the lease amount left of the car and if he decided to no pay, I could pay it all off and hand the keys back to the dealership! Literally the Dave Ramsey show saved my life and my mental health! ❤ from that day forward I worked to pay off all that debt from using my cc to pay for the down payment on the car, kicked him to the curb and bought myself a co-op apt. 😊 all this was 6 years ago. Happier and more confident with money and I have money boundaries as well as mental boundaries! Oh and I’m debt free besides the apartment. So my major money mistake helped build my now and a better future.
I financed my waterbed.
Backstreet Boys reference had me laughing out loud George
Engagement ring. I'd post it if I had social media but I'm an adult.
Editors are ⭐️ ⭐️ ⭐️ ⭐️ ⭐️
For real. They’re the real heroes behind these vids
@@GeorgeKamelyou’re pretty great too!
DUI…think that takes it lol
Mine was deciding on a private, out of state college for a fine arts degree… All student loans…fortunately, that stupid only lasted one year instead of four. Then I transferred to an in state university where I could commute. Still all student loans though… I’ll have them paid off in about a year though! 👊
Biggest mistake, putting solar panels on my previous house instead of investing the money into the market index (the panels weren't a terrible idea on their own, it was an opportunity cost thing). Dumbest mistake, co signing a loan for for a friend for an old, lifted, engine swapped, cat deleted Ram 2500. (I ended up having to repo it from him, take over payments, and then find someone else to sell it to.)
Biggest win, starting a Roth 401k in 2008, putting it all in the S&P500 index (not having any idea what that was at the time), and then contributing to it blindly every paycheck since then. Next biggest win, fully funding my Roth IRA and my wife's Roth IRA every year since we got married in 2007.
Good morning Mr. Kamel 👍🏼
Buying a brand new jeep. Worst mistake ever. It had death wobble within four years. Biggest POS Witt terrible gas mileage
not to mention ..um..Dodge and Jeep = transmission problems..that you could virtually BET your roth ira on that it WILL fail in less than 75k miles no matter what.
My mother is on her FOURTH transmission on her 02 grand caravan...yes..4TH and still is under 190k miles as of even as I type this.
Dumbest thing ever; a 1984 Pontiac Fiero. A red one! The payment was $375. It was ... 1984! I made $1,100 a month, including my $275 rent. If you're doing the math, that's $650 without buying gas, food, and utilities. Man, I was really dumb at 22. All because I thought I would score a hot girl with my unaffordable Fiero. Bad choice.
@kevin…I loved those cars and I wanted to order one but the wait was several months out so I bought a chevette instead LOL…I call the 80’s the decade of decadence
I received a surprising phone call. My dad was facing a sheriff auction and possible loss of his home and 66 acres of farm and timber land. The auction to take place the next day. I prayed. My answer from God. Pay the bill
I had part of the money. 1/3
I needed to borrow the 2/3
Did not seem right .Go into debt? My church and as a Dave Ramsey listener said to avoid debt if at all possible. I prayed again. Let the marbles fall as they may ? Divine answer again . Pay the bill , you asked , pay the bill!
So I asked credit union. They arranged a loan. I had a paid off Chevy S 10 Blazer they put a lien on and loaned me the 2/3 ballance. The certified check arrived just 30 minutes before auction started. Saved my dad's house and 66 acres. What I did not know that to show gratitude my siblings and parents gave me the land. I cash rented it out. But the money I knew my dad needed . So I sent him the cash rent for years. I paid taxes and loan off from work income. Many decades later I find myself unemployed and with a house mortgage to pay. I pray and feel to sell land. It brought huge amount. I pay off house. Learn about balanced funds on RUclips. I invest in one . I get a monthly income twice the farm cash rent and the principle grows too. Now must decide 2 things . When to start social security withdraws ? I didn't at 62. Did not need the money. So waiting to FRA or 70. Also gathered up all old IRA'S, 401k's, lump sum pension etc and put it all into a index fund for safe keeping. It has really grown. During covid noticed it dropped by 40 percent . But looked again the other day. And back to what it was. So two choices is complicated because being debt free, no mortgage, and the current balanced fund don't really need the money. Glad I followed the direction to pay the bill . Who knew that choice would have positives outcomes for me years later. It did provide my parents to stay in there home and still cash rent income . So worked out. But I did go into debt at the time . Took about 2 or so years to pay off lien on the Chevy S10 Blazer.
So I guess at times debt is ok? What would be Ramsey solutions teaching be . My deal worked out ok I think.
.
Do you know how to score a hot girl now?
In Dumbest Order
1. Timeshare
2. Student Loan
3. Crypto
4. Stock Options
5. Personal Loan for Travel
I can safely agree on 3 and 4 😢 hope you’re investing in mutual funds now!
I just wish these videos were longer, I love George's content
Every single person should've said paying money to go to a Dave Ramsey seminar to hear the same things he says ad nauseum on YT, on the podcast, and in his books.
They probably did, but it may have been edited (out instead of in)?🤷🏻♀️
Lol so true or people who ask for fin advice but never have any intention to follow through
Biggest money mistake: student loans hands down. $90K for a job I absolutely hated. As George would say, "hooo"
Biggest financial win: Having a husband who trusted me when I told him we needed to get debt out of our life. I watched my parents lose just about everything in 08 and I wasn't going to allow that for us. We worked seven days a week for two years and paid off $365,000 - house and everything. I never could have made it through that without him, but it was so worth it. Our motto was "I'd rather be tired than broke."
Same mistake and same win 😍
Biggest money mistakes:
1. Student loans. Even though I'm working in my chosen field, I could've easily gone down the same path without a college degree. In addition, I now look back and wish I had gone to a trade school. I love working with my hands and would've loved to do carpentry full-time.
2. Taking out 401K loans multiple times.
3. Getting caught up in gambling and living in a constant state of desperation. I would spend the money on gambling and then didn't have any money to pay my expenses, so I would have to turn around to take out personal loans to bail myself out. Such a vicious cycle.
4. Not so much a money mistake as an income issue: I wish I would've been more confident in myself and in God's ability to provide for me. I took a lot of subpar-paying jobs over several decades because I didn't think I was worth more. However, when I was laid off in 2018 from a company I had spent 10 years at, that was a wake-up call. Since then, God has shown me my own value and He has accelerated my career path. In the past 5 years, great jobs have actually sought me out. I am now making 6 figures for the first time in my life. My current salary is double what I used to make in the job I was laid off from in 2018.
Praise God! 🙏🏾 Happy for you!
I wish more people would think about their own brand and its value versus what one company thinks they’re worth. Never asking for more for years on end gets then comfortable with giving you the minimum and taking you for granted. You have to keep them concerned about retaining you.
Getting student loans and not investing into retirement accounts sooner. I am 27. I started investing at work last year and outside of work this year. I also recently paid off my student loans so I am debt free.
i have solar (and i absolutely love it) but it’s not for everyone. If you’re not going to stay put for the long haul i don’t think it makes sense
Putting 0% down in 2006, peak prices and rates. But…..just paid it off this week! Best feeling ever.
That ending was epic 😂
I financed two puppies, no judgment you would too if you saw them 😂
I would not.
Oh man financing puppies! I’m sure they were adorable. Never heard that xD.
They walk around the house and you just see interest money just falling out of them lol
@@xxtoptankxx6873 😆 🤣 I should've named them stupid tax!! But yes, they are so cute 😍
I would say my biggest mistake would be investing about $15k into a snake breeding business. Thankfully it was cash. 😆🤦
My biggest financial mistake was buying a house with an ex-boyfriend I wasn't married to. DON'T DO IT!
That's an obvious one
good to see that George knows what's up with MLMs.
George!!!!! Those interviews were great. Could you please do more????
Best episode yet! Keep up the great job. 👏🏻💕
The Gordon Ramsey clip LOLZ! The editing is absolutely *chef's kiss*!
Biggest money mistake - When I was in college, I was working at Disneyland and one of the athletic trainers there told us to start investing now. We all laughed because we barely made any money. Didn't invest. Now I'm almost 40 and kicking myself.
That was theee BEST SMART Conference!
My best and worst money mistake was buying a house in SoCal..
Mine were not investing at a younger age, and financing a brand new truck the next week after starting my first decent paying job. I don’t even think I had gotten my first paycheck yet.
I’m in the background of this video. That was a super fun weekend!!!
I love this combo, informative and humor!
That Backstreet Boys reference 🤣🤣🤣🤣🤣🤣🤣🔥
For me it was to invest 10000,00 $ in pennystock and loose it all in one day. I did maxout a credit card to be able to do that.
Ouch, that’s harsh! So sorry!
WOW! That's a rough one, indeed.
Not investing earlier (15 years ago) my biggest financial missed opportunity. Second buying a $500 softub that i only used for 1.5hrs
I always wonder if it irks George when people say “I’m completely debt free…… except this or that.”
It does. Every time.
2:12 "Not your average Joes, these are your Grade A Josephs" I burst out laughing 😂😂😂
yeah, that was pretty clever.
I was like " write that down, write that down!"
You are so funny! 😂
That owl 😂😂
spending 90k insurance money on new cars instead of putting down on our house
Worst money mistake was buying an $8,300 water filtration system. My wife did see improvement with her skin dryness after showering, but it's more so the fact that I let myself be pushed into buying it by their high pressure timeshare like sales tactic.
Best move was starting to invest with a purpose
Funny how toilet paper has never changed since it’s been invented, thought of that Seinfeld quote 😂
It was reinvented: wire brush
The worst financial decision i made was going to college.
Fucking waste of time and money. You could compress all the valuable stuff i learned in college into a 2 week course.
Sad; sorry to hear. My college years literally changed everything about me - how I think, how I viewed the world and myself...gave me my best friend...prepared me well to learn my entire life and enjoy my career.
Surprising most of their biggest money wins is just paying off debt. I’m just turning 18 with $30k invested in an index fund
You don’t have to put others down just to let us now about what you have. Don’t be an ass.
I tried amway, that single case of XS energy drinks I bought from myself was delicious and very lucrative 😂
Also, my dumbest money decision was my wife and I (before we got married), both hard credit card debt that we both paid off with a personal loan, then racked all our credit cards back up….
Bravo people
My biggest money mistake was to open an american express credit card and trying to spend enough money to pay off the following year annual fee...
In the end, during those months I spent double what I normally spend (I hadn't spent any money on interest because I had the money in the bank and I paid the full amount balance by the end of the month, but I learned that credit cards push you to spend a lot more than what you actually want). A few months later I closed my first and only credit card.
And frankly, I don't miss it (also in my country there is not even a credit score).
I'm not saying I "lost" money (because they are still purchases I could afford) but I have lost control I've always had over my money and that's not good at all.
I've made other mistakes in life that cost me a little something like: buying a gaming laptop instead of a desktop (desktop lasts longer and in that time I stopped needing a laptop because I did not need to move), giving money to strangers who I thought were part of a charity when they were scammers, I spent more money than I wanted in an online game (pay attention that they are similar to gambling, in fact today I avoid them totally, I only play single player offline so that the purchase is only upfront because otherwise the risk is falling into the trap) etc... I've never lost large sums (I think even with my biggest mistake I was under 500€) and never gone into debt but I think no one is exempt from having made some totally wrong choices in life.
My best was saving money for my current condo. I saved like crazy for 5 years while I was living with my parents rent free and working (they knew I was trying to save for my first home so they helped me by only asking for same help in regular houseworks instead of a rent)... I reached 70% of what I needed... and when I was ready to ask the bank for a really small mortgage my parents said that since I was able to do that much on my own they would cover what was missing (they gifted that money to me). I was so happy and I was able to avoid mortgage and all other cost that comes with it.
PS. Yes also learning to budgeting is really great.
Love your humor, great as always!
It was definitely a BSB reference 😂😂
Awesome video 🎉
4:23 the husband is a stud. The wife...
For everyone CURIOUS.... a water softener, a credit card, an air conditioner that i had money for, but I spent the money, multiple vehicles over the years, and yes, student loans.
Aww man I live in Chicago but that's Riot Fest Weekend!!! Come see Foo Fighters with me and we can talk financial advice!
Biggest money mistake: Private school for our daughter, preschool through college, approximately $141,000 in tuition that we paid. Had we not sent her to private schools, my husband and I would be close to being able to retire right now. Best money actions: We lived frugally, so that even though I was part-time and paying for the family's health insurance through most of her school years, as parents, we did not take out any loans (we cashed flowed) our daughter's education.
This Kamel brings me so much joy
3:33 😅
Sticking to my plan.
In n out coming to Tennessee.😎😎😎🌴👍
Signing a bail bonds for $20,000 🤦♀️
Stay home if ypu can to go to post secondary school. Made the mistake to go 8 hours from my parents home and had a student loan that took 8 years to pay off too as I didnt return back home and rented instead.
I love every MWF because of George and Caleb. Still can't wait for the collab vid!
Solar panels can be good investments but not on a loan!!!
My biggest mistake not investing 13k at age 23 into ira, company didn’t have 401k. Now I have cc to pay up. 6k in cc and a 18k on car loan baby step 2. :( invest while you are not in debt. Never get a credit card I was fooled into when I was young, if I had read total money make over when I was in high school I think my life would be in a better place by now. Oh well lesson learn better move on toward.
Loved the toilet paper math ❤
George is the man!👨🏽
Ours is universal index life insurance!!
When you made a bigger mistake than all of them 💀
Well you opened it up... Time to spill the beans. And rice.
SHARE IT
@benjamin…I could probably match you
I'm here for storytime. Feel free to unburden your souls.
My biggest mistake was buying a house because I thought I had to. In the 3 years I owned that home, I invested $60K into essential repairs and upgrades. No luxury or fancy design upgrades. Destroyed my marriage, but thankfully we have rebuilt it over time.