5 Things That Will Cause You To Win With Money
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- Опубликовано: 8 янв 2024
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This should be a subject in school to start our kids young and manage their money well.
The point of school is to make workers. If students get too smart, then all the major corporations and government bodies cant take advantage of the people's ignorance.
@@Anilystttexactly. Cogs in a machine. Demoralized consumerists. Death to dreamers. Being a sheep is the average and majority of people
there’s starting to implement it, it’s called personal finance and it’s required to graduate
Protect Your Money Get A Credit Card “Money Mules” Frauds/Scam Fake Help Fake Success To Steal
Protect Your Money Get A Credit Card “Money Mules” Frauds/Scam Fake Help Fake Success To Steal
1. Write a budget
2. Pay your debts
3. Live on less than you make
4. Save Money
5. Give
exactly, the art of philanthropy
For the 1st time in my life I get it at age 70. I am almost there 😊 4 out of 5 isn't bad.
This is the most foolish person I have ever had, when you save money, you give the money to the bank and that's how the banks owners are getting more rich while you become poorer due to inflation
@@CalebMaina-lf5po you’re good
@@CalebMaina-lf5po what’s ur solution
The power of simplicity
#5 is the main reason I want to win.
Respect. You will.
thats interesting, i had the absolute opposite reaction lol
Exactly I want to give more and volunteer at animal shelters in need in my area.
My husband does this for our family. We are in a great situation on his one income. When I go back to work, we'll be able to buy a house, but right now we can save and give our children private education and extracurriculars ❤
@@reddguypeople don’t send their kids to private school just for the ‘education’ per se. It’s the other things that come with the actual education from those places. I’m not dismissing your point though. Is it overly expensive? Yes it is. But some people can afford it and the extra opportunities and the whole environment that the kids might get from private schools are worth it in the long run. It’s for the the kids after all. Don’t forget, some people are willing to bet their whole fortune on their kids. I’d do the same thing
@@reddguywith “free” schools (which are not actually free), you get what you pay for. And a GOOD education for your children is invaluable.
3 years ago I tried to get my neighbor to listen to just ONE Dave Ramsey video. But she wouldn’t and now they’re getting ready to lose everything and I honestly don’t feel sorry for them. They make twice as much as my husband and I do but they are over $500,000 in debt with everything and we owe nothing and I tried to help them. 🤷🏼♀️ it’s sad though.
Most people don't like leaving frugally. Or they feel embarrassed to do so.
My sister is the same!
She & her husband are obsessed with keeping up with the jones’s.
I’ve now lost all sympathy for them I only make food and buy bits and bobs when at the supermarket just for my niece and nephew ❤
@@devilhex2802 I would say we live comfortably, rather than extravagantly.
Zero debt. That's a lot of extra money you can spend each month when you are not paying interest on any debt.
Thank you for sharing. Years ago I did money counseling. This was about 40 years ago. Most people with money problems do not want to tighten the belt God bless you
they can do what dave did , file for bankruptcy.
1. Never made a budget
2. No debt
3. I spend a very small amount of my income
4. I save most of my money (and investing most of it)
5. I'm still not completely independent financially. Hopefully in 5 years. Then can be generous.
So make a budget?...
Maybe if you make a budget, you’ll be more independent faster than 5 years from now. Just sayin 😉
@@sevanohanyan6673 na. My expenses are just too low at the moment. So don't need to do any budgeting as I only pay for basic stuffs/bills and unexpected medical expenses. So no real point in budgeting. I might need to do so in the future once expenses increase, but no real need for now.
People who don't need budgets to get the most out of their money probably exist. I hate them, but I'm sure they exist. Maybe.
you dont get to brag about no debt and saving your earnings when mommy and daddy pay for you lmao
Have a plan, stick to it
Can we start linking the episode in the description/comments?
He used bankruptcy to wipe most of his debt. Just remember that he got a free slate and then started living debt free. Didn’t pay his debt off with his plan. He isn’t wrong but he also doesn’t talk about what he did to get ahead.
He actually explained a lot of this, including his rough start, in other videos. He actually developed his plan after failing, while young. So he learned what he did wrong & never repeated it. He's had 35+ years to invest & build wealth.
Bankruptcy isn't a clean slate. You still have to pay off your debt. It's just organized by a judge.
@@longtobe134 I agree and I am not saying his plan doesn’t work. I am simply saying he used a system that allowed him to get around having to pay off his real estate debt where most people feel trapped and feel they have to pay it off first but it’s not always the case.
@@longtobe134 that’s chapter 13. If you file chapter 7 most of your debt gets discharged (i.e. consumer, real estate, etc.) which is a big deal because the stuff that people tend to be in debt for is the two above. It doesn’t work for tax liens or student loans or any child support but a lot of his callers have consumer debt that they could just have discharged rather than live like paupers and waste money. I am not saying bankruptcy should be the first option because it certainly won’t change behavioral issues that lead to most peoples financial woes but he should be more honest about how he got his wiped and then started to do this and build wealth. I think Dave is a smart guy and has a lot of good advice but just can get a little on his high horse about people making mistakes like he did.
My business professor said something i follow every day since 1979, i pay myself FIRST. I have been debt free for decades. No one has anything i try to match. My phone, tv, appliances were paid for in cash, just like my last vehicle. You won't believe how businesses act when you pull out the cash for the product. And I have a great credit score. Companies want me to take their credit cards. Use cash and not plastic to make purchases.
Never go into debt... you'll never own anything
I went into debt to buy my house. I paid the mortgage off. Now I own the house free and clear.
The only thing I’ve ever bought using debt is my house. Save up first.
I am almost 40 years old and i never had a dept thank god 😊😊
Praise God!!
Excellent !
@@maunder01I mean yes but that is incoherent as a response to this comment. What does it have to do with God? I’m asking as a Christian
@josiahbaumgartner7643 he thanked God and l praised God too
Tithe & donate to a charity that helps the widows & orphans & see how God blesses you & your family. Neither a lender nor borrower be.
Step 4 should actually be Save & Invest! Baby steps 3&4 of DR’s plan
This is a snippet, he says it in the original
I would love to have Dave show me a better budget than what I am doing. I am 69, too many medical problems. No one will hire me. I live on $900.00 a month. I do not qualify for food stamps but am blessed to be on Medicare. After paying bills I have average $200.00 left for groceries, gas, household expenses. Taxes are $800.00 a year and state farm insurance has gone up that is just short of 1/3 my income. I have a 20 year old truck. Yes, I would love to improve my budget. No house payment. House is 40 years old and needs so much work but the funds are not there. I do the best I can.
Nobody ever got rich SAVING money. Compound interest is your best friend
The world needs more people like DR!
“They save money”
Robert Kiyosaki: Hold my beer
he's a billionaire in debt tho
@@hamstermabuk4448He uses debt as a tax free buffer its very complicated to explain.
They both say invest money, Ramsey wants you to do it with an income Robert wants to take loans and then invest. But investing is the main thing.
Oldtimer needs to start living a bit man, shit goes fast 😂
This only works if the income is above the poverty threshold! 😢
if your income is below the poverty threshold it just means you are useless to the market. You have no skills, acquire skills
We need Mr Dave Ramsey!!!!🙏🏿🙏🏿🙏🏿🙏🏿🙏🏿
Yep! #5 outrageously generous!!! I’m almost there ! But as Dave stated there are steps to this! 👏🏽👏🏽👏🏽
There is a 2nd part to point #1, after you put a budget, audit your spending and confirm you are not exceeding the budget
Never had a budget - just don’t buy things you don’t have cash for, spend less than you take home and invest your savings. The last large purchase we made with cash was our current home for about $400K several years ago.
You dont get rich saving money… then that would mean you already are rich no? What happened to the concept of “using other people’s money?”… how do you build and scale a business on savings? How do you purchase necessary equipments etc?
"If you wanna win youre gonna have to win"
Wow what amazing advice
Agree on every point but the debt part kinda disagree.
If its a well planned good debt, i think it will fasten the process
I agree!!!
I am living on SS. There is no extra money. But I am out of debt.
If you did what DR is saying in your 20s SS would be money to blow now.
I got a 40k loan with 1% interest fee. I invested that Money and nearly doubled it till now. Debt is not a bad thing as he always says. It’s bad if you have a bad interest rate or taking debt for stupid things .
How many years life is short im stuck between saving and life is short
Thank you 💜
Rock Solid advice!!!!
Most people have a beer budget on a champagne diet! A friend told me once be rich and live poor....Works for me!😊
5. Is my dream
This is just a very simple way to not get fucked up financially but he ignores a lot of stuff that could potentially make you more money to cater to people that aren’t financially literate
Have to agree with this plan. The very first thing if u do nothing else is have a damn WRITTEN BUDGET.
It's a mindset to be smart with money. Many are not.
WISDOM!!
Perfect!
Hey ! I’m a banker. Watch your tone!
saving money is not how rich people get rich. it's how middle-class people get middle-class. rich people get rich by learning the difference between good debt and bad debt and use good debt to buy assets with higher ROIs than the interest on the loans, and then they use tax incentives (and other means) to pay no taxes on their asset income.
they don't sit and collect money and hope they are collecting enough to out-save the money printer that's whirring in the background.
using debt and playing the investor game is MUCH HARDER than saving pennies. it's much riskier too. but learning how to mitigate that risk, and navigate a more complex pocketbook effectively is where the line is drawn between rich investors and middle-class penny pinchers.
Dave's advice is great for 99.99% of people who are ass with their money. but to cross the line into real wealth... this advice is not correct.
But that is knowledge of making money.. but to be wealthy and accumulate large amounts, you must always stack money away to allow it to rise and accumulate over time. If your behavior and habits are to spend the hard earn money you earn then you will never be rich and always out spend what you make.
You are right but I also do think there is another way to interpret what mr. Ramsey said. If you have the habit of always putting money away even at the small amounts when it is hard, imagine when you have tons to put away then money does not rule you, you rule it!
@@bjwedd18 for the most part you are right. but there is a point in wealth where that logic falls apart. if you are using your money and acquiring debt to buy thousands or tens of thousands of assets, then it doesn't matter how much money is in your account; because when you go to the bank you aren't going to grab YOUR money, you are going to take their money using some of your assets as collateral. you can pull any amount out that you want using your assets as collateral.
i have very wealthy clients that are in this bracket, and they have taught me how they think about money. if Bill wants 5 mil for a car, or a house, he goes to the bank, grabs a loan against 5 mill of his assets, buys the car, and his empire of assets pay the loan off in 3-4 months. he doesn't have to use his own money, so what's in his account doesn't matter.
now on the road to GETTING to that point. the road that almost all of us are currently on. yes 100%, setting money aside in gold or silver or w/e and budgeting your expenses, and being diligent. is 100% what you should do. that's where Dave's spot on. but you will never catch up to the rich unless you also know how to put the shoe on the other foot and use "good debt" and financing to circumvent the time it costs to save for assets.
Someone sounds jealous
1000%. I do like Dave, but following his advice is not going to make you truly wealthy. Maybe when you're like 90 you'd be there. It's great advice for the majority of people that want to live a good life without dealing with the stresses that come with good debt.
@@Logan-bk8lz my grandfather taught me at a young age: "the only debt you should ever consider is debt that either accelerates the time to your financial goals (like student loans), or debt that puts money into your account (like business loans and assets). you should learn to manage as much of that kind of debt as you can."
Your videos are so engaging, I always look forward to the next one.
Yup!
I agree with Ramsay a lot, but the MAIN reason that people make money is because they come from wealth families. The 1%s are 1%s because they came from 1% families.
You should invest better, you should be debt free. But the overwhelming majority of rich people are rich because they came from rich families that had unfair advantages in the past.
Ramsey for president
Frugality. Income offensively. Spending defensively.
I loved your money makeover book. If i told you my finacial story you would poop yourself hahah
I’ve been pondering these.
Wouldn’t it also make the banks stupid for filling up the skyline and buying expensive furniture? lol
You can do the last one, but the vast majority of the rich and ultra-rich are not outrageously generous.
Mr Ramsey, stupid here. I have gotten myself into deep trouble by using payday loans to get my son out of jail now I can’t pay. My first step has been not to allow my emotions to get in the way. I’m trying to find a job but my problem with that is no car, retired for four years now and no one wants me because of the big gap in employment. Any suggestions.
You can do all of those things and still not make it.
Doing those things just keeps you from being homeless and totally too far gone. But it doesn’t ensure any level of success whatsoever.
Just maybe not failure.
#2 is wrong. I agree with the rest.
Amen 😊
Why does this dude shout 😂😂😂😂
I try to tell others that they should really watch your videos or listen to your podcast. They just say “there’s no way I’ll ever get to that point in my life” 😢
I am a fan of most of what Dave teaches. However, in the current economic climate with the COL so high, even with budgeting it has become increasingly harder for people to save so they can invest when a vast majority of the money is going towards housing, food, clothing, owning a car and health insurance/expenses. People at this point are just surviving not thriving.
Speak for urself. I wfh and have saved more money and making more money.
@@webguy943 speak for yourself. Others aren't as fortunate.
Hahaha 😄
I'm out of debt, and I still don't have a pit to piss in!
Ps. Never give your money Away, nobody gets rich by giving it away 😊
Some people do, some people don’t
Giving 10% (or volunteering if money is tight so) of after tax pay isn’t in order to get rich, it’s to help those less fortunate than yourself. If you don’t trust your church, try giving/volunteering to your local community aid program, college scholarship fund, to the Red Cross for disaster relief. Those things aren’t to try and get rich, they are to keep you grounded, humble, and unselfish. You can still make money and be (within reason) generous to others. Once you’re insanely wealthy, you can give insane amounts of money to things you care about. Don’t die like Jacob Marley:)
You don't get rich by giving it away. You give it away after you get rich. Carnegie and Rockefeller had a competition after they became uber-rich to see who could give away more.
Listen up people. House and cars paid for. No credit debt.
Switched jobs so no living within my means. This was intentional.
His plan is essentially to save money by budgeting. Unless you have a very good income, you won't be buying a house or doing much for a long time.
I have student loan debt and I will not pay off more than the minimum ever. Thats because in my country they actually regulate these things, and inflation is higher than the interest.
Funny how good things can be if the nation actually cares about its citizens, instead of the profits of corporations.
This advice is worth a month's salary!
Having bad debt is like working endlessly filling water on a container with a hole. Good debt is like borrowing firewoods while people pays you to keep them warm. Credit card pays me cash points paying my card in full every month
😂😂😂 good debit hilarious.
Nice
Great info but loves the sounds of his own voice.
I want to be outrageously generous too
Had read some where that Micheal Jackson brought in 10 million a year, problem was he was spending 12 million a year.
My wife says that it is not about how much you make but what you do with what you make.
“Rich people get rich by saving money” 🧢🧢🧢🧢🧢🧢
Robert kiyosaki-"live with debt"💀
Know the real law, the system is not what u been told, the rich become rich off other people money
What about giving all your money to lawyers?
I haven't had any debt in 20 years and I don't make a budget. 😊
Well the first thing on the list it should be not to listen to you. Is the first thing.
No one got rich by just saving money
Right, they probably do the other things he suggests too.
Yes they do.... you are just not thinking broad enough
@@stephek8554 he literally said rich people get rich by saving money..
@@krisbacca7196 no they do not go ahead and add it up if you didn’t buy a single thing and see how long it takes to get “rich”
Saving money is more than just sticking it under your mattress. It’s a savings account, many different investments, maybe owning property and land. Lots of ways to save
Only think he's wrong is "How you get rich?" NOBODY EVER IN HUMAN HISTORY got RICH BY SAVING. But save so you can invest vizely - in your own company, idea, EDUCATION.. it's what you do with (saved) money that counts. Plus, you can take this principles and apply it on anything in life, if you eguate debt with illness (and it is one), this same recepy is how to get healthy.
Bingo
in today's world of instant gratification. people aren't disciplined to do this.
I respectfully disagree: rich people get rich by creating value not by saving. And for creating value their business gets debt, raise capital for developing product, for purchasing property to rent and so on.
After going through all the trouble of the first 4 I sure as hell wouldn’t just start giving money away. 😂😂
Wow, you are SO much smarter than Dave is. How many millionaires have you helped create?
Rich people don't get rich by saving money.
Crazy how Dave gets rich by telling me literal common sense.
Most ppl dont have common sense. Most ppl r impulsive sheep.
Doing all 5 but at such a low level right now.
Why do I feel like the only certainty on earth is 21 million bitcoin and that it can be verified by anyone anytime, where?
Yet, I observe many around me searching the uncertainty basket for something certain.
I guess most billionaires don’t do that last step
Bro graduated from Starbucks😂😂😂
You’re most powerful wealth building tool is only your income. If you have a huge income, you’re most valuable wealth building tool is actually debt.
Yet,you have to have money to aquire the type of Debt that increases your wealth.
Otherwise all the folks using credit cards at 28% interest would be considered wealthy, but we all know they aren't.
Don't marry anyone with debt or doesn't care about the retirement concept.
100%
Geld hat man vom behalten, nicht vom ausgeben.
😅
Sorry but debt at a low rate like someone might have frim a few years ago is an incredibly poweful toool to build wealth.
Before pandemic mortgage rates and interest rates were really low, you earn a lot more when investing cash into ibond, CD, and stock markets. Why paying off mortgages in a hurry?
Read the fine print on your mortgage contract. There have been people who have lost their homes to the bank for paying it off early.
Nooo…how do rich people get rich….they invest…that was not what he meant to say
We are all gonna die eventually live your life enjoy it any way you can.
You sound "normal"
@natersalad889 who wants to be normal. That's so boring I enjoy my life. I died when I was 22 from brain trauma was legally dead for several minutes. That changes perception on everything.
@@sccbuilt brain dead.... 😅🤣😅🤣
Robert kyosaki, grant cardone and other finance guy would slap on his face when he said "rich people save money". Rich people are always in debt. They call it good debt. Which they use to buy assets like real estate and businesses
I like this man but not a single rich person gets rich by saving money.
hey buddy.... you got some good points... when you aren't taking a wage for being a leader telling these people to live with jack didly as people artificially inflat5e the cost of a 50 year old 60,000 dollar house up to 500,000 dollars nd kick every9one out to take out loans on a falsififed value.. no measure of frugality or wisdom will save us Dave.... you falsified the value of your input.. as a leader.. you did not do the work.. .. and you set us to blame each other instead of correcting a horrifically hemoraging wound... you in fact... .. are not worthy.. .as you said.... please.. get better
Robert Kiyosaki:You never become rich by savings. He is a billionaire because he has lots of debts (to leverage his investments!)
This host is a very naive financial advisor!
This is the most foolish person I have ever had, when you save money, you give the money to the bank and that's how the banks owners are getting more rich while you become poorer due to inflation