Looking to learn more? Check out these related articles from Ramsey: How to Win With Money in 7 Baby Steps - bit.ly/RamseyWinWithBabySteps1 0 Ways to Reward Yourself That Won’t Bust Your Budget - bit.ly/RamseyRewardYourself The Importance of Giving Back - bit.ly/RamseyGiveBack
Actually it does. You have to shop in the right places. Go donate money to the charities/ children hospital, go buy homeless ppl food, go help a single mom out financially, i guarantee it would put a smile on your face
The caller killed it getting out of debt. Incredible. Now it's time to transition to building up that financial security/independence & helping others.
@@jml9550 I like taking road trips. It's much much cheaper, you get to see new places along the way, and you don't have to worry or stress about airports or tickets or renting a car (since you have your own)
Dave made me cry when he talked about buying gas and tires for the struggling single mom. I remember when I was working to get out of debt and standing in the checkout behind a young dad in his fatigues with kids trying to figure out what groceries to put back...I could allow that and told the cashier that I will pay. He nearly broke down, but I said it was a small thank you. Then when I checked out, I did out back a few items, the cashier questioned me and I said I had what I need, and the items I wanted I can get next month... Sat in my car cried like a baby and thank the Lord!
I'm the millionaire next door but I grew up with nothing, living in trailers and apartments, being evicted, having no career and no money. Took a long time to get out of that hole. I'm now debt free and mortgage paid off and I'm still terrified that something bad will happen.
Same here. Grew up in Brooklyn Housing Project where drugs were openly sold in the lobby. Now in my mid 40s I have a 7-figure net worth and not sure how to process that.
It could but you know what at least you enjoy the freedom as long as it lasts. I know your comfortable in life, but the reality is very few people are even the capable ones. Just enjoy it cause you are in a tiny minority
Dude that made me hold back tears. We did our debt free scream in 2014 my dad never said congratulations. My father in law started crying gave me one of the biggest hugs ever! I told him I was going to take care of his daughter and wanted to leave a legacy has he has done for himself!
I understand what he's saying having just paid off my mortgage...it's a weird feeling... My head is still trying to figure out how to pay off non-existent debt... it's weird
Can relate. My wife and I paid off our house by the time we were 40 and have no debt. Amazing feeling but took some time to get used to and I still sometimes wonder why it doesn’t feel more incredible. When I talk to friends though who are riddled in debt and car payments it reminds me that we are on the right path
It didn't "feel more incredible" because you still had other bills. If those other bills were covered without you having to work to pay them, you would absolutely feel incredible.
Dude, the guy has PTSD by another name. It's like telling a vet who just returned from having his life constantly in danger and eating out of a can to just "let it go" and join us for dinner at the steakhouse. Sure, he can do it, but he's going to be watching the door, and the dropped glass at the bar might rub him a little different. It takes a little time. Probably the most important thing is not to do anything drastic with your new found cash flow to "feel alive again". Go easy.
I think this would be a good topic for a whole show. I have gone through this exact same thing and I think there are so many in this situation. Listen to the Lord, peace, be still. Being out of debt is a way to say Lord send me. He will, and in ways that are so amazing.
@@jamaicaninthekitchen4358 Giving is correct. There is always something good to help someone else. I have visions of helping someone with money towards a down payment on their first home or helping someone pay for college. There is a lot of good you can do with your money when you are debt free.
This reminds of a relatively-trivial situation I faced. I worked hard in high school, got into a competitive university in a neighboring state, went to grad school several states away, and then when I started my first "real job" in still another state--I came home at the end of the work day, sat down, and thought "Well, what do I do now? I don't have any homework to complete!"
Been there! After that job, then I got the promotion, got multiple houses, got the next promotion with dream salary and then was like “wow what now? That was it?” I felt high for a week then ut wore off and needed my next project.
I feel him. When I graduated with my bachelor degree, I was very depressed and had anxiety because all I knew was getting up every morning and go to school. It took me three months to accept my new life. Congratulations to him and his wife.
It is a big difference to switch gears like this. You have to grow into the new role and reality of your life. Like they said. Slow down, be intentional and seek out other things to do with your time and money. Enjoy !
I can relate! Today is my one year anniversary of being debt free and now I have different stress because I am so far behind where I need to be. I’m now obsessed with saving to make up from the 30 years of being dumb with money. I should be retired by now.
Take a deep breath! This guy & his wife have done amazing to pay off this much debt in like three (or less) years. I’m totally envious!!!!! Congratulations 🥳
I just got out of debt too and for some reason it put me into a serious depression. I thought it would make me happy. Mind you I have clinical depression. I have a couple months of savings now. I think it’s because I can’t enjoy things anymore. I can’t even buy myself something I feel like spending any money is just a waste. It’s similar to sobriety. Once you get clean you can never go back to drugs and enjoy them. Im so in tune to not spending money I can’t go back to spending it. Maybe when I have a good year of savings I’ll be able to splurge again. I thought I’d buy myself something nice once I was out of debt as a present, but I have a far way to go before I’ll be able to enjoy my money. Now I’d rather have tons of savings. All the overtime messed me up too I’m so burnt out.
Well, part of it is the adrenaline crash. Like conquering anything requires a ton of adrenaline. Tons of fight. Once that fight is over, you're left with a crash. That's why it's important to set a new goal after the initial fight is over.
Dude! Same thing happened to me except the overtime, I’m barely one week debt free and I only have anxiety, now I’m telling myself once I have a 6 month emergency fund saved up I’ll feel better…let’s see if it works…
I'm with you. I have a decent savings, money coming in, skills to make more and have fear every day. If I spend anything it seems like a waste since I know I won't even like what I bought for that long. One thing that has helped is buying things for the long term or will make me money. It is hard to spend $100 on something you want that is kind of useless and you know it, but easier to do it when that item can be used for a while. Same with if it will make you money or save you time. buying a faster computer, better lawn mower, more comfortable shoes etc are all things that will improve your day to day life. Much easier to justify that purchase over something that makes you happy and ends up in a bin later
Me too. I so want to be that angel he mentioned in the story. I think the caller needs the peace of God. Only God can give that. I am just now mortgage free myself, and I feel amazing, but I think it is especially because I know "Him who worketh all things according to the counsel of His own will." If my only hope were in my financial situation, indeed I would be a nervous wreck. As we know, money can fly away with eagle wings very quickly. The only true and lasting peace is to know God. Celebrate being debt free but keep God as your portion always.
Once we paid off the mortgage, I increased the 401K deduction. Retirement was just a couple years away. It is a strange feeling to own the home, but I got used to it quickly.
Loved their answer to his problem. That’s what lifetime trauma does to the mind. You can be stable and happy, but still feel like on quicksand. He needs to breathe.
wow wow wow. this conversation is great bc it goes deeper than $… your mental state & self worth/beliefs are verrry important in how your life is shaped & maintaining your blessings.
I love seeing all my balances grow by being debt free! I love being able to go buy a high ticket item with cash and I still have high balances! It's the only way to live IMHO. Embrace it!
Thank you for this video. My wife and I have recently gotten completely out of debt and I've been restless ever since. Now we are going through some physical problems, we don't have insurance, but God has provided us with 14 months of emergency funds and several hundred thousand in our retirement accounts. He has prepared us for this moment. I just needed to be reminded of the pace we have had for years, and now we are prepared for whatever comes our way.
13 months ago, paid off all debts. After checking my financial numbers, have at least $100K in retirement accounts saved up but now and then worry and wonder how to get better with financial planning despite emergencies occurring recently.
Everything Dr John just described is the same as when you first come out of a abusive relationship. You are still in survival mode.. your on alert and anxious. It will take a while to adapt to the changes.
I feel this one. I literally killed my debt and then created chaos financially again, by taking on someone else's issues, a loved one. And freaked when it negatively impacted him and then me. Being at peace is a process, it takes time, it takes practice. That quiet is priceless when behaviors change and it is consciously sought. And they are correct: when all the chains are removed, I have me still in my picture. I have a lot of work to do on me and I have mental space to do it now.
Great call. I relate 100% I thought that perhaps I didn't set my goals high enough and then I got bored after I achieved them. Now it's about what I want and the thought of that feel pretty darn good.
In a world where you don't hear a lot about how "angels" have stepped in to help others. Love what Dave Ramsey said to this caller. It would be great to hear about some of the things that Dave and other millionaires have done when they have reached financial independence/freedom. Some of us need to hear these things...so that we can improve our generosity and rewired our brains after being save, invest mode for so long.
I feel exactly the same, spent my whole life with debt, finally got it all paid off and feel very underwhelmed..............almost feel like going crazy, getting more debt so I can experience the thrill of paying it off again..........very strange feeling, almost like I don't deserve to be debt free........
I have to say I still have $ anxiety and we are totally debt free and we own our home free and clear and have 1M in assets. We still tend to be ultra careful
I've moved abroad and since bought my house outright so at this point I'm in zero debt, my only expenses are the essentials every month. So technically my money is sitting idle, I'm careful not to buy unnecessary stuff. Of course, I do not suffer from financial anxiety my life is on cruise control.
LOL, I can relate! Completely debt free but then comes the realization that if the HVAC takes a dump, I gotta pay cash. If the roofs starts leaking, I dip into savings. Right now I desperately need a new washer & dryer. Just can't bring myself to drop $2000 rather that beat a path to the laundromat once a week with a roll of quarters. As Dave has often said, spending cash money sets off pain centers in the brain.
Get a home warranty. Like $50 per month and it covers almost everything but roof usually. Get a refurbished washer and dryer, both combined for like $750
We still have a mortgage, but we went so hard paying off debt, it feels like we were running on fumes when we finished BS3... A 2 and 4yr old, my wife stays home with our kids and I work remote; I'm so thankful!! But i feel overly content, now. Hard to have big goals again, we have everything we ever wanted... How do we get motivation back?
Even though it can cause some unwanted stress at times, having money anxiety is a trait I'm happy to have. It has made me think about each and every decision and its effects thoroughly before making them. Thankfully, I had this trait early on (started investing at 16) and now at 30, it has greatly helped. My spouse is the same way and it has propelled our net worth forward beyond our age (30 and 28).
It's learning a new way to live. It's like when people retire. Some become lost without that routine. Now is the time to dream about what's next and set a plan for it. Make new goals.
Amen!! People out of debt has to see this. Save, save and save and then work towards other goals. Family members who may need help with college, paying a light bill, paying the rent to help someone.
I went through the same thing. But the main thing was affecting me was now I have to do repairs to my house and thought of paying thousands for that began freaking me out. I had my financial coach calm me down and he basically said. One thing at a time chill out...your debt free...take your time.
Getting used to this new dynamic takes some getting used to. But get used to it they will. It is a VERY big adjustment for anyone lucky enough to experience this. Freedom is weird!
This happened to my husband and I. We have paid all our debts twice in gazelle mode, but then a gap is created in the rhythm, how and now what? It's like the purpose of paying when you're not there you have no direction.
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $875k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
@@maryHenokNft Interesting. I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
Not exactly, I started out with a financial advisor called *Camille Alicia Garcia* Her honest approach gives me complete ownership and control of my positions, and her rates are incredibly affordable given my ROI. However, do your due diligence before contacting a financial advisor.
oh! i never take this advises online seriously, but i checked CAMILLE up out of curiosity and i must say i am impressed by her Credentials. i emailed her already, waiting on her response
That sounds so crazy, we recently paid off our house, and I admit I have felt that anxiety also. Not too bad but it's there. So I actually started a spreadsheet on my computer to figure out where all my monthly payments for like utilities and streaming services and various things are going to because all the sudden I got super concerned that I wasn't going to be able to pay them. When in truth they're easy to pay off. It's like I needed something to work on.
Basically I think she is looking for a purpose and Dave gave it. It’s a pretty smart . First Dave makes it a exercise to make so many changes and exciting and now giving is what purpose it is which makes it exciting 🎉🎉
LOL I've been there, since my husband passed several years ago. I'm so much better now, since the years and many other experiences have happened. It's not easy to settle down from so much. And, life still will throw things at us, which is what I am going through now. I tell people to just hold on, save, save, save, spend responsibly, invest, and take care of business.
Actually, he just lost MOST of his liquidity (by paying off mortgage). For most people, a fat savings account feels like emotional safety, so I get why he feels stressed even tho debt free!😅
You just need to set a new goal/target. Take a month "off" mentally to catch your breath and figure out what your next goal wants to be. Start a business? Early retirement? Once you have a new goal you will feel some more of that fire again.
I’m dept free in a beautiful Eastern Europe country. Came from not a rich family and worked for being in good place. Own few properties. Almost free health insurance. Life if good here
Wow that explains why I have been so worried about retiring, Homeostasis I have everything ready, no debts, payed off home, 2 good used cars, good retirement fund but I just could not retire. After all I have also been working non stop for 52 years and just could not give up having a steady income.. In June 2023 my wife convinced me to just do it so I told my boss I would retire in June 2024. Yes 1 years notice but by doing this I was blackmailing myself into not changing my mind. Today I am not worried about retiring in June because I had so much time for it sink into my thick brain.
When you get all your debts paid off, you aren't suddenly rich. You just don't owe anybody, anything, anymore. It's a wonderful accomplishment, but now you've got to get that investment snowball rolling down the hill.
Its every ones dream to pay off their mortgage, thinking they will be forever happy, but it is not until you make the final payment, that you realize that owning the roof over your head does not allow you to retire and have total financial freedom. You then come to the realization you need more than one property to retire...I know, as this happened to me at the age of 27 years, and i went on to pay off several other properties and retiring at the ripe old age of 56.
I know someone like this (I'm married to him haha) he really doesn't like to spend money. he gets stressed when he spends money! its so weird. he doesn't like debt and he is a super saver. he will wait weeks and weeks and make pro-cons list before buying anything! I don't mind spending money in our budget :P there is only freedom in Christ. rest in him, not in financial security. hugs!
He probably crossed the line from thrifty to stingy, you will have a hard time with that for the rest of your life. No one likes living with Scrooge, can be a miserable existence, living in constant fear of poverty almost as bad as living in poverty.
People have to sit back and relax on these things!! All you're doing is moving one asset to another....and the benefit is no debt, no interest!! You still have the dollar asset in a house, which you can always sell, so the money isn't gone....maybe not as liquid, but it's still there. Cars (depreciating asset), vacations, boats , expensive meals....that's where you have to be careful....that has to be replenished with additional income....
Best episode I've heard in years. Maybe ever. Quick suggestion: work on your relationship with God. My wife and I have about 45k to go to be debt free and don't own a house. Guess what. I am not worried in the least because I am covered by Jesus. THAT is the first and most important investment to be making.
This is what I've been saying. Being debt free will not stop your bills from coming every month. At best, being debt free will only shrink your bills. The "solution" that will "make you feel better" is passive or semi-passive Cash Flow. Once your cash flow reliably covers your bills, you'll not only feel better, but you'll be financially independent. Dave's recommendations will absolutely help you to "get your financial train back on the tracks", BUT at that point, the train isn't going anywhere yet. Cash flow is what gets your financial train moving. Investing in income producing assets is what produces cash flow.
Looking to learn more? Check out these related articles from Ramsey:
How to Win With Money in 7 Baby Steps - bit.ly/RamseyWinWithBabySteps1
0 Ways to Reward Yourself That Won’t Bust Your Budget - bit.ly/RamseyRewardYourself
The Importance of Giving Back - bit.ly/RamseyGiveBack
My friend, you just learned what "Money doesn't buy happiness" feels like.
Congratulations!
Exactly!
Actually it does. You have to shop in the right places. Go donate money to the charities/ children hospital, go buy homeless ppl food, go help a single mom out financially, i guarantee it would put a smile on your face
@@dmdproduction1328 Do you do any of those things?
@@15KHPCLUB yes sir and do
It 100% does.
The caller killed it getting out of debt. Incredible. Now it's time to transition to building up that financial security/independence & helping others.
and take a vacation
Vacations are the easy part. Deciding where to go is the hard part.
@@jml9550 I like taking road trips. It's much much cheaper, you get to see new places along the way, and you don't have to worry or stress about airports or tickets or renting a car (since you have your own)
@@Argedis I am with you on road trips. Hate airports. But eventually need to go somewhere out of the country.
Thanks. You should start a show!
Dave made me cry when he talked about buying gas and tires for the struggling single mom. I remember when I was working to get out of debt and standing in the checkout behind a young dad in his fatigues with kids trying to figure out what groceries to put back...I could allow that and told the cashier that I will pay. He nearly broke down, but I said it was a small thank you. Then when I checked out, I did out back a few items, the cashier questioned me and I said I had what I need, and the items I wanted I can get next month... Sat in my car cried like a baby and thank the Lord!
So beautiful of you and God saw this too 🙂
Nice story
Cool as hell. Thank you for being a good person
Yep. How special to be able to step in & help just because you can 🥰
Love this story. It’s these moments we should all aspire to.
This guy is like a mountain climber that gets to the top of the mountain looks around and asks himself, what the F do I do now?
A lot of people are like that.
And then jumps off.
That is me actually
Jeremy, you’re not alone. Debt free and still anxious. It hasn’t quite set in, that’s all. I felt exactly same way
I'm the millionaire next door but I grew up with nothing, living in trailers and apartments, being evicted, having no career and no money. Took a long time to get out of that hole. I'm now debt free and mortgage paid off and I'm still terrified that something bad will happen.
Same here. Grew up in Brooklyn Housing Project where drugs were openly sold in the lobby. Now in my mid 40s I have a 7-figure net worth and not sure how to process that.
It could but you know what at least you enjoy the freedom as long as it lasts. I know your comfortable in life, but the reality is very few people are even the capable ones. Just enjoy it cause you are in a tiny minority
@@eq2092 what do you do for a living?
Boa cappin
I can’t wait to have that type of anxiety 😅
Preach!
Me too 😁😂
Okay!!!!
Same 😭👍
God speed to you!! You will LOVE it!! Best wishes. You got this!!!
Dude that made me hold back tears. We did our debt free scream in 2014 my dad never said congratulations. My father in law started crying gave me one of the biggest hugs ever! I told him I was going to take care of his daughter and wanted to leave a legacy has he has done for himself!
I understand what he's saying having just paid off my mortgage...it's a weird feeling...
My head is still trying to figure out how to pay off non-existent debt...
it's weird
Congrats. Now you build your wealth and have some fun.
Can relate. My wife and I paid off our house by the time we were 40 and have no debt. Amazing feeling but took some time to get used to and I still sometimes wonder why it doesn’t feel more incredible. When I talk to friends though who are riddled in debt and car payments it reminds me that we are on the right path
You may not be thrilled every day/ all day, but you’re missing that insecure feeling of too much debt.
You didn't celebrate it. Go buy that nice wat h or steak dinner, you earned it
@@innocentrage1 oh we did. I bought a Tesla 😜
It didn't "feel more incredible" because you still had other bills. If those other bills were covered without you having to work to pay them, you would absolutely feel incredible.
I'm so close to being debt free
Dude, the guy has PTSD by another name. It's like telling a vet who just returned from having his life constantly in danger and eating out of a can to just "let it go" and join us for dinner at the steakhouse.
Sure, he can do it, but he's going to be watching the door, and the dropped glass at the bar might rub him a little different.
It takes a little time. Probably the most important thing is not to do anything drastic with your new found cash flow to "feel alive again". Go easy.
That is an excellent analogy.
Exactly! Some of these other comments have no clue why he feels that way.... you have to go through it to know it yourself
That’s a great example, that type of anxiety is hard to let go.
I agree with go easy
I think this would be a good topic for a whole show. I have gone through this exact same thing and I think there are so many in this situation. Listen to the Lord, peace, be still. Being out of debt is a way to say Lord send me. He will, and in ways that are so amazing.
We paid off our house a year ago and didn't feel anything either. Luckily we have two kids in college to help us feel better 🤪
It time to build wealth and give
Same here--I paid off my house two months ago, and I haven't felt anything.
@@jamaicaninthekitchen4358 Giving is correct. There is always something good to help someone else. I have visions of helping someone with money towards a down payment on their first home or helping someone pay for college. There is a lot of good you can do with your money when you are debt free.
This reminds of a relatively-trivial situation I faced. I worked hard in high school, got into a competitive university in a neighboring state, went to grad school several states away, and then when I started my first "real job" in still another state--I came home at the end of the work day, sat down, and thought "Well, what do I do now? I don't have any homework to complete!"
Been there! After that job, then I got the promotion, got multiple houses, got the next promotion with dream salary and then was like “wow what now? That was it?” I felt high for a week then ut wore off and needed my next project.
Yes, takes a fair while to get used to!
I feel him. When I graduated with my bachelor degree, I was very depressed and had anxiety because all I knew was getting up every morning and go to school. It took me three months to accept my new life. Congratulations to him and his wife.
College anxiety gets everyone. Just this past summer, I thought I was gonna have a panic attack because of a summer course I was enrolled in.
I used to have nightmares where I was failing my classes... I'd had my degree for 5 years at that point.
This made me tear up, Dave calming him was so sweet.
It is a big difference to switch gears like this. You have to grow into the new role and reality of your life. Like they said. Slow down, be intentional and seek out other things to do with your time and money. Enjoy !
I can relate! Today is my one year anniversary of being debt free and now I have different stress because I am so far behind where I need to be. I’m now obsessed with saving to make up from the 30 years of being dumb with money. I should be retired by now.
Don’t panic, you’ll get there. Take each day as it comes with your goals and you will achieve them.
Take a deep breath! This guy & his wife have done amazing to pay off this much debt in like three (or less) years. I’m totally envious!!!!! Congratulations 🥳
This is the best snippet of Dave's big heart I've seen yet!
I just got out of debt too and for some reason it put me into a serious depression. I thought it would make me happy. Mind you I have clinical depression. I have a couple months of savings now. I think it’s because I can’t enjoy things anymore. I can’t even buy myself something I feel like spending any money is just a waste. It’s similar to sobriety. Once you get clean you can never go back to drugs and enjoy them. Im so in tune to not spending money I can’t go back to spending it. Maybe when I have a good year of savings I’ll be able to splurge again. I thought I’d buy myself something nice once I was out of debt as a present, but I have a far way to go before I’ll be able to enjoy my money. Now I’d rather have tons of savings. All the overtime messed me up too I’m so burnt out.
Well, part of it is the adrenaline crash. Like conquering anything requires a ton of adrenaline. Tons of fight. Once that fight is over, you're left with a crash. That's why it's important to set a new goal after the initial fight is over.
Wow what a great analogy! I can’t spend money either!
Take a vacation to celebrate. All inclusive just sleep by the ocean.
Dude! Same thing happened to me except the overtime, I’m barely one week debt free and I only have anxiety, now I’m telling myself once I have a 6 month emergency fund saved up I’ll feel better…let’s see if it works…
I'm with you. I have a decent savings, money coming in, skills to make more and have fear every day. If I spend anything it seems like a waste since I know I won't even like what I bought for that long. One thing that has helped is buying things for the long term or will make me money. It is hard to spend $100 on something you want that is kind of useless and you know it, but easier to do it when that item can be used for a while. Same with if it will make you money or save you time. buying a faster computer, better lawn mower, more comfortable shoes etc are all things that will improve your day to day life. Much easier to justify that purchase over something that makes you happy and ends up in a bin later
I needed this. I am going through the same thing
Don't forget get to do the tire/gas thing for the single dad as well.
For some reason, Dave love single moms.
Dave hates men. Especially those with a job.
Dad is on his own. We always are.
Now I have anxiety about "will I have enough for retirement" and "how to I learn to enjoy life more".
This message was absolutely made for me. Thank you. 👍
Love the visual of the random act of kindness, Dave. Good stuff.
Me too. I so want to be that angel he mentioned in the story. I think the caller needs the peace of God. Only God can give that. I am just now mortgage free myself, and I feel amazing, but I think it is especially because I know "Him who worketh all things according to the counsel of His own will." If my only hope were in my financial situation, indeed I would be a nervous wreck. As we know, money can fly away with eagle wings very quickly. The only true and lasting peace is to know God. Celebrate being debt free but keep God as your portion always.
Amen
Once we paid off the mortgage, I increased the 401K deduction. Retirement was just a couple years away. It is a strange feeling to own the home, but I got used to it quickly.
Loved their answer to his problem. That’s what lifetime trauma does to the mind. You can be stable and happy, but still feel like on quicksand. He needs to breathe.
They should have had the guy do a debt free scream right then and there. He needs it.
lol 😄
Absolutely 💯
I 100% relate to the caller. I had to learn how to be at peace.
God bless him; He has done an outstanding job 🎉
wow wow wow. this conversation is great bc it goes deeper than $… your mental state & self worth/beliefs are verrry important in how your life is shaped & maintaining your blessings.
I love seeing all my balances grow by being debt free! I love being able to go buy a high ticket item with cash and I still have high balances! It's the only way to live IMHO. Embrace it!
Writing the checks to YOU for savings, investments, donations feels SO DANG GOOD!!
I'm so happy for this man. Enjoy your life bro.
I liked Johns analogy. As a nutrition coach that helps people lose weight, what he said is 100% true
I like how nice Dave was in this episode and even nice to the cohost.
Omg I totally understand this guy. I feel the same I didn't know our bodies and minds did that. So enlightening I'm tearing up.
Thank you for this video. My wife and I have recently gotten completely out of debt and I've been restless ever since. Now we are going through some physical problems, we don't have insurance, but God has provided us with 14 months of emergency funds and several hundred thousand in our retirement accounts. He has prepared us for this moment. I just needed to be reminded of the pace we have had for years, and now we are prepared for whatever comes our way.
Homeostasis! Wow! Exactly!!!
13 months ago, paid off all debts. After checking my financial numbers, have at least $100K in retirement accounts saved up but now and then worry and wonder how to get better with financial planning despite emergencies occurring recently.
Everything Dr John just described is the same as when you first come out of a abusive relationship.
You are still in survival mode.. your on alert and anxious. It will take a while to adapt to the changes.
I feel this one. I literally killed my debt and then created chaos financially again, by taking on someone else's issues, a loved one. And freaked when it negatively impacted him and then me. Being at peace is a process, it takes time, it takes practice. That quiet is priceless when behaviors change and it is consciously sought. And they are correct: when all the chains are removed, I have me still in my picture. I have a lot of work to do on me and I have mental space to do it now.
Great call. I relate 100% I thought that perhaps I didn't set my goals high enough and then I got bored after I achieved them. Now it's about what I want and the thought of that feel pretty darn good.
Charity and generosity is a great suggestion
Dr John, Thank you. Practice Peace/ Im so anxious over money and this really helped me.
In a world where you don't hear a lot about how "angels" have stepped in to help others. Love what Dave Ramsey said to this caller. It would be great to hear about some of the things that Dave and other millionaires have done when they have reached financial independence/freedom. Some of us need to hear these things...so that we can improve our generosity and rewired our brains after being save, invest mode for so long.
Amen
I feel exactly the same, spent my whole life with debt, finally got it all paid off and feel very underwhelmed..............almost feel like going crazy, getting more debt so I can experience the thrill of paying it off again..........very strange feeling, almost like I don't deserve to be debt free........
I have to say I still have $ anxiety and we are totally debt free and we own our home free and clear and have 1M in assets. We still tend to be ultra careful
1M debt in assets?
@@WeBeatMedicare6969 she came to brag and failed
1M in debt ?? I’d be anxious as well , good lord
IM in assets and no bragging, it really isn’t much when you have a lot of people depending on you.
No debt, that was a typo
I've moved abroad and since bought my house outright so at this point I'm in zero debt, my only expenses are the essentials every month. So technically my money is sitting idle, I'm careful not to buy unnecessary stuff. Of course, I do not suffer from financial anxiety my life is on cruise control.
LOL, I can relate! Completely debt free but then comes the realization that if the HVAC takes a dump, I gotta pay cash. If the roofs starts leaking, I dip into savings. Right now I desperately need a new washer & dryer. Just can't bring myself to drop $2000 rather that beat a path to the laundromat once a week with a roll of quarters. As Dave has often said, spending cash money sets off pain centers in the brain.
Yes! I mean, what if you NEED that money for something. . .😱🤣
Put a little cash aside each week until you have enough cash to buy the washer and dryer
This is why I am always going to put extra cash away at the same time that I am paying money towards my principal on my home.
Washer and dryers don’t cost that much.
Get a home warranty. Like $50 per month and it covers almost everything but roof usually.
Get a refurbished washer and dryer, both combined for like $750
We still have a mortgage, but we went so hard paying off debt, it feels like we were running on fumes when we finished BS3... A 2 and 4yr old, my wife stays home with our kids and I work remote; I'm so thankful!! But i feel overly content, now. Hard to have big goals again, we have everything we ever wanted... How do we get motivation back?
Even though it can cause some unwanted stress at times, having money anxiety is a trait I'm happy to have. It has made me think about each and every decision and its effects thoroughly before making them. Thankfully, I had this trait early on (started investing at 16) and now at 30, it has greatly helped. My spouse is the same way and it has propelled our net worth forward beyond our age (30 and 28).
Good segment!
It's learning a new way to live. It's like when people retire. Some become lost without that routine. Now is the time to dream about what's next and set a plan for it. Make new goals.
Great feedback Dave!
If people would help those that they see are in need! It's such a blessing for the receiver and the giver.
Amen!! People out of debt has to see this. Save, save and save and then work towards other goals. Family members who may need help with college, paying a light bill, paying the rent to help someone.
I went through the same thing. But the main thing was affecting me was now I have to do repairs to my house and thought of paying thousands for that began freaking me out. I had my financial coach calm me down and he basically said.
One thing at a time chill out...your debt free...take your time.
I really like the way they handled this call by talking to the emotional undercurrent of what’s really going on with him.
There’s always some very good nuggets of information if you listen closely
Getting used to this new dynamic takes some getting used to. But get used to it they will. It is a VERY big adjustment for anyone lucky enough to experience this. Freedom is weird!
This happened to my husband and I. We have paid all our debts twice in gazelle mode, but then a gap is created in the rhythm, how and now what? It's like the purpose of paying when you're not there you have no direction.
Just change your goal to growing wealth and enjoy life while you can.
Jeremy is a real champion !! Great job Sir
I feel the same way right now. I know in time I will adjust to my new normal. 😊
We could all do better helping others. Thinking about what he said about helping a family with their car. Something to think about.
OMG!! I wish I could pay off my house and make what they make a year!! I would be ecstatic, be happy thats a blessing.
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $875k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
@@maryHenokNft Interesting. I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
Not exactly, I started out with a financial advisor called *Camille Alicia Garcia* Her honest approach gives me complete ownership and control of my positions, and her rates are incredibly affordable given my ROI. However, do your due diligence before contacting a financial advisor.
oh! i never take this advises online seriously, but i checked CAMILLE up out of curiosity and i must say i am impressed by her Credentials. i emailed her already, waiting on her response
This was a good conversation.
That sounds so crazy, we recently paid off our house, and I admit I have felt that anxiety also. Not too bad but it's there. So I actually started a spreadsheet on my computer to figure out where all my monthly payments for like utilities and streaming services and various things are going to because all the sudden I got super concerned that I wasn't going to be able to pay them. When in truth they're easy to pay off. It's like I needed something to work on.
I’m in a very similar position. We got debt free and I can’t spend a dime without wanting to throw up and life almost seems pointless
Basically I think she is looking for a purpose and Dave gave it. It’s a pretty smart . First Dave makes it a exercise to make so many changes and exciting and now giving is what purpose it is which makes it exciting 🎉🎉
LOL I've been there, since my husband passed several years ago. I'm so much better now, since the years and many other experiences have happened. It's not easy to settle down from so much. And, life still will throw things at us, which is what I am going through now. I tell people to just hold on, save, save, save, spend responsibly, invest, and take care of business.
This is fantastic advice wow I needed this
Actually, he just lost MOST of his liquidity (by paying off mortgage). For most people, a fat savings account feels like emotional safety, so I get why he feels stressed even tho debt free!😅
I went through the same thing. You explained it correctly.
You just need to set a new goal/target. Take a month "off" mentally to catch your breath and figure out what your next goal wants to be. Start a business? Early retirement? Once you have a new goal you will feel some more of that fire again.
I’m dept free in a beautiful Eastern Europe country. Came from not a rich family and worked for being in good place. Own few properties. Almost free health insurance. Life if good here
Awesome insight. We are in that same situation and I have trouble accepting it
The best advice is the walking on the grass.. looking at the ants... they are all yours!!! It's a great feeling.
Wow that explains why I have been so worried about retiring, Homeostasis
I have everything ready, no debts, payed off home, 2 good used cars, good retirement fund but I just could not retire.
After all I have also been working non stop for 52 years and just could not give up having a steady income..
In June 2023 my wife convinced me to just do it so I told my boss I would retire in June 2024.
Yes 1 years notice but by doing this I was blackmailing myself into not changing my mind.
Today I am not worried about retiring in June because I had so much time for it sink into my thick brain.
God’s Angel. Heart stopper.
This is one of my favorite Ramsey videos
This is the best video ever to me because it just hits home! I needed to hear it.
It's the Slavic Track Suit Dave Ramsey for me !
The best part is Dave saying, "Shhhhhhh.". He was so soothing, which this called needed to chill out.
I needed this call.
This is great relationship advice!!
I remember when I paid off all my debts, it is a weird feeling.
Dave at his best!
Thats the kind of “problems” we all want!
Dave, as a source of comparison what percentage was your portfolio down in 2022? Thanks
When you get all your debts paid off, you aren't suddenly rich. You just don't owe anybody, anything, anymore. It's a wonderful accomplishment, but now you've got to get that investment snowball rolling down the hill.
I feel ya man! I’m in the same spot 😅
Good Job! Dave Ramsey
Ohh. He we go again Deloney is my hero!
Its every ones dream to pay off their mortgage, thinking they will be forever happy, but it is not until you make the final payment, that you realize that owning the roof over your head does not allow you to retire and have total financial freedom. You then come to the realization you need more than one property to retire...I know, as this happened to me at the age of 27 years, and i went on to pay off several other properties and retiring at the ripe old age of 56.
Homeostasis will always force you back to what you trained your body to be. Training your body to a new identity takes time and patience
This happened to me. It took me a little bit of time to be okay with peace.
I know someone like this (I'm married to him haha) he really doesn't like to spend money. he gets stressed when he spends money! its so weird. he doesn't like debt and he is a super saver. he will wait weeks and weeks and make pro-cons list before buying anything! I don't mind spending money in our budget :P there is only freedom in Christ. rest in him, not in financial security. hugs!
He's not weird - he's responsible!
@@LaneDenson he is very responsible, but there is such a thing as going too far! haha
Your husband is just like me
He probably crossed the line from thrifty to stingy, you will have a hard time with that for the rest of your life. No one likes living with Scrooge, can be a miserable existence, living in constant fear of poverty almost as bad as living in poverty.
@@valeria-militiamessalina5672 yes. but we are both doing Financial Peace University right now and it's helping!!!
People have to sit back and relax on these things!! All you're doing is moving one asset to another....and the benefit is no debt, no interest!! You still have the dollar asset in a house, which you can always sell, so the money isn't gone....maybe not as liquid, but it's still there. Cars (depreciating asset), vacations, boats , expensive meals....that's where you have to be careful....that has to be replenished with additional income....
Best episode I've heard in years. Maybe ever.
Quick suggestion: work on your relationship with God. My wife and I have about 45k to go to be debt free and don't own a house. Guess what. I am not worried in the least because I am covered by Jesus. THAT is the first and most important investment to be making.
Amen!
This is what I've been saying. Being debt free will not stop your bills from coming every month. At best, being debt free will only shrink your bills. The "solution" that will "make you feel better" is passive or semi-passive Cash Flow. Once your cash flow reliably covers your bills, you'll not only feel better, but you'll be financially independent. Dave's recommendations will absolutely help you to "get your financial train back on the tracks", BUT at that point, the train isn't going anywhere yet. Cash flow is what gets your financial train moving. Investing in income producing assets is what produces cash flow.