THE TOTAL MONEY MAKEOVER SUMMARY (BY DAVE RAMSEY)
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- Опубликовано: 25 июл 2024
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Animated video summary of Dave Ramsey’s ultimate guide explaining how to take control over your personal finances: The Total Money Makeover.
The ultimate playlist of books on how to save money fast: bit.ly/2Onqiwa
Top 5 takeaways from The Total Money Makeover:
0:00 Intro
02:40 1. No More Denial!
05:07 2. Get an Emergency Fund
07:00 3. Get the Debt Snowball Rollin’!
09:01 4. Be Financially Healthy For Life - Maximize Retirement Investing
10:33 5. Reach Financial Independence
TL;DW:
- Your personal finances are in trouble because of you - the first step towards taking control over your money is to stop being in denial and to realize that there in fact is a problem
- Before you start to learn how to invest your money, you must save enough money for an emergency fund - a financial cushion for unexpected events
- How to save money fast? The debt snowball by Dave Ramsey is a great way to start.
- Maximize the contributions to retirement investment accounts where your money can grow with tax-benefits and where your employer matches your contributions
- Reach financial independence and millionaire status by investing in mutual funds
My goal with this channel is to help you make more money and improve your personal finances. How to become a millionaire? There are many ways to get there - investing in the stock market, becoming a stock trader, doing real estate investing, or why not becoming an entrepreneur? But whether you are interested in how to invest in stocks or investing strategies for creating passive income with rental properties - I hope to be able to provide you with a solution (or at least an idea) here. Warren Buffett - the greatest investor of our time - says that you should fill your mind with competing ideas and then see what makes sense to you. This channel is about filling your mind with those ideas. And in the process - upgrading your money-making toolbox.
The ultimate playlist of books on how to save money fast: bit.ly/2Onqiwa
expensive foreign trips, cars, expensive things which has no resell value..I avoid those saying myself "this is not my cup of tea" 😊
I’m 23 just graduated from college last year. It’s sad that majority of classmates don’t know Ramsay and the snowball effect
since this book was published (2003) the US inflation has been 44% total (not per year). This means you should have an emergency savings fund of 1,440. That's the equivalent of 1,000$ in 2003.
It's up to 53% now, equivalent of $1,530. Great point.
@@Mr211jp Same goes for your retirement savings targets. He mentions "living off 8% of your money nest egg at your current lifestyle" but inflation will mean that target number needs to be much higher than that calculation suggests, assuming you still have many years until retirement age
@@randomexcuse that’s assuming your wages don’t increase over that time which usually isn’t true.
@@Rhino11111111
That $100 is only meant for a short-term emergency fund. Once you pay off debt you have 3-6 months expenses in savings which will go up as your expenses goes up.
@@randomexcuse please, don’t forget about your funds clearly go up faster than the inflation rate. Off course if you pick the right ones. Check up for the “All-Weather Portfolio” by Ray Dalio - it’s a great opportunity to diversify your capital in the intelligence way.
.. i was not expecting this amount of graphic violence and slow painful deaths😂
Best content breakdown on youtube.!! Thanyou for your wonderful videos!
Starts at 2:30
All RUclips videos start at 0:00
@@lazyburrito8085 Lol
Thank you for hard work
You said, "If you live like no one else, then later you can live like no one else." I have heard the statment better put, "If you will live like no one else will today then later you can live like no one else can!"
yes, much better put!
better put it is ''If you live like noone else,later you can live and GIVE like noones else''
giving starts the recieveing process you see.
That’s obviously what he means. I think it goes without saying.
This video has made my day
Thanks I appreciate that's topic
thank u
Thank you very much bro
thank you!
For emergency fund, I save it in separate account and trashed the ATM. Safe and hard to access.
Ahahaha 😂 Why didn't Dave Ramsey recommend this approach in the book? Seems bullet-proof
@@agonf once I open an account, I'll get Debit card with that. It's also called ATM card. I threw ATM card of that account where I'm saving money. So it's hard to access for me.
If you live like no one else. Later you can live like no one else.
🌟
Thank you🤗😊
Thanks swedish investor, you make me love books. I am encouraged to even look for these books 😁😍😁😍😍 I used to fear books 😁😂
Cheers Edna Adja, I appreciate your comment! Glad I've been able to help in some way :)
👏
Thanks
Since I was waiting for the wolf to devour the little boy reading 📖
Great video
I Love you awesome channel😁
As usual I love it when you do the Dave Ramsey total money makeover illustrations. Kudos
Financial Literacy here in the Philippines is really low. Low as in single digit low.
Starting from building an emergency fund to different types of financial vehicles.
So many factor to tell that I can put it in several pages :)
Superstitious belief that saving will bring misfortune to the family e.g might get sick.
The rise of preneed companies in the 90s that align with the crisis that they defaulted to many beneficiary. They now associate it with insurance which is a very regulated industry here in the Philippines.
The belief that stockmarket is gamble.
The mindset of easy money. If there are two lines of people encouraging people 1. put money to scams that will make your money double or at least increase by 10% per month vs a line that offers insurance or any other financial instrument, all will line up in the first line.
The mindset that cars, latest gadgets and houses assets.
( I was rewatching some of your content because I'm evaluating my financial status as of now :)
Lastly and the most toxic of all, the mentality of making their kids their retirement funds. It also includes the grave responsibility of the eldest to support the younger siblings.
and ofw sends money forever
thats a pain
Thanks for all this info. I wish you the best.
My mom's side is Filipino and making the kids the retirement is the most painful thing! I have had to had discussions with my mom that I may not have enough to suuport her and that she needs to buy an airbnb now. She seems to be starting to understand.
reminded me of 1930 Italy, we had same approach
You hit the nail in the head! I hope many Filipinos will realize this.
Keep it up Bruh, your work is amazing. I'll support you or your journey.
Mark from PH.
Thank you Mark for your support! Wonderful comment, I really appreciate it! 👍
Moral of the story: secondary cannibalism of other pigs 🐷
😂
Yes!!!!
this is the ultimate achievement you can earn in life, achieving the ultimate freedom by doing something near impossible
Gostei tanto deste video que gravei o livro completo na minha lingua em Português
10% is enough to save for retirement. Especially if you do this from birth, you'll be able to retire with $5m - $7m by the age of 30 if you invest in the s and p 500. 10% of all pocket money, birthday money and all pay.
The moral of the story is if your a wolf don't climb down chimneys with smoke climbing out of them. Also, love the vids man
Spot on observation man 😂 Thank you for the kind words Robert
Currently, we only have enough in savings to cover one month's worth of expenses.... We are working towards saving our 3 month emergency fund.
Even though this is a year old.
How I do it is setting a goal for funds available.
Once you reach your goal, move your funds in Treasury bonds or a TRowe account (whatever).
It's easier to save money you don't see.
The intro was hilarious 😂 I love it.
Quite brutal 😂😂😂
Good video. I would not agree with Dave Ramsey on two things. Inflation does not help you with the 3 months. Double that and make it 6 months. For the single out there 6 months are great time. For a couple, 3 months are fine but 6 or even 9 can kill even the worse emergency.
Second, the snowball paying off your debt is the instant gratification of paying off small to achieve instant gratification. Nonetheless, paying off high interest debt first will yield/net money on the loss of interest, in turn, netting you more money to do better things. No instant gratification but over time, more money.
Either way, great values in this book.
It may be good to have a larger emergency fund as a single, agreed. If at least one of the two people in a relationship still has an income while the other one hasn’t, it’s still possible to survive. But on $0 it’s tough.
EAteearsehole Dave is the savior of those who are financially illiterate.
Love the accent❤️
Im so lucky i have found this Awesome and Usefull Channel, Thank you Swedish Investor!
Happy to hear that! Cheers Sagiv Binyamin!
You put picture Jeff Cavaliere on ur youtube? Damn dude 😂😂😂
Wouldn't a mix of gold and some cash be a good emergency fund? I can sell gold in less than an hour.
Just discovered your channel. Thanks so much for the great material. I am an OTR truck driver and love to learn as I drive around the country.
Your videos are awesome. Thanks so much!
Cheers themoneymaker03! (and great name btw)
Thanks for great video! I never have to read a book again ! Lol
Ambitious pig could be eaten before his house is built.
Balanced pig would first build a straw hut before building the brick house. You don’t start investing or create an emergency fund before you’ve paid off you debt. Doing all at once is safer.
Thankyou swedish
Good presentation and information. Thank you.
Wow this book shot up my to read list after watching. Thank you for making these, I love your content.
true!
You should also follow dave ramsey youtube channel or podcast, it is life changing.
Dave Ramsey changed my life. I know it has been 3 years since you posted this, but if you have not already done so, you really should begin reading and listening to him.
@@crw662 Thanks for the comment. I did read the book and it helped to create a good fundamental understanding of basic personal finance that I have continued to build on.
@@lazurians9674
So great to hear!
I recommend taking the financial peace university course. There is almost certainly one in your town.
saving is good for each individual but bad for the whole economy, we need irresponsible spenders
I read this book years ago. Excellent.
👏
Are you financially independent by now? Just curious.
@@sanejugal I still have a job and career I enjoy. I’m not retired if that’s what you mean. The book did give me a great starting point for managing money. It didn’t teach me how to get rich quick and retire before 30.
I am on baby step 7 and I am tempted by buy an Audi S3 🙈🙉🙊
If you are truly on Step 7, Dave would say it's okay to own a car not worth more than 50% of your yearly take-home income.
Buffet: snowball effect
Swedish Investor: f*uck my Avalanche
Writing with left Hand 😂, little distrubing 😜
this seems like a long time
Please make a Top 5 Takeaways on this book...
John Coates, the author of The Hour Between Dog and Wolf
...thanks!
"A successful Wall Street trader turned neuroscientist reveals how risk taking and stress transform our body chemistry". That sounds quite interesting, thank you for the advice!
Looking for more good money management tips? Check out my book. www.amazon.com/Your-Smart-Money-Steve-Sessions-ebook/dp/B08ZK52VCY/ref=sr_1_1?dchild=1&keywords=steve+sessions&qid=1616341558&s=digital-text&sr=1-1
THX no debt, 15% gross income saving
Cut the intro, jump to 2:35
700th like
I like Dave Ramseys videos, but he does get a bit shouty sometimes...
Hehe, loved his audiobook because of it 😁
That’s what I love of his shows lol
You forgot about fourth pig who builded his house with wolves skulls
A book full of important advices!
Love this book
You should update your affiliate link for the updated book.
**Beep** yes - it got me though
wish you have more subs
This book saves my financial future. This book might not perfect but it’s good guidance to get your financial situation in-line .
Great Job! Your videos have induced me to read more books after a couple of decades.
I gained a lot of value out of this
Hello from the post corona world, the 3 month earnings adivce seems very useful now..
The frog anology was pretty cool. So, scientists apparantely tested this hypothesis and actually found that the frog in the slowly heated pot was the one who survived. Funny how we believe in things without caring to wuestion! Great video as alwyas
Skip the first 2min40sec
Not sure about this one. Goes against kiyosakis ideas.
Dave Ramsey is a great arbitrator of debt reduction/elimination, income vs outgo management, and coach/cheerleader for the tragically stupid. The baby steps make sense but should not be an epiphany for anyone. Sadly Dave’s periodic religious zealotry makes him sound temporarily insane. Further his investment return assumptions are not sound. Lastly his hyper focus on using debit over credit cards is absurd. Overall, Dave Ramsey’s mission of helping people get out of debt is a good one.
It's wrong to assume that people should just know the baby steps. Financial role models are few and far between. The idea of not going into more debt and actually keeping your paycheck is revolutionary when everyone you know is just as broke as you are.
Credit cards are bad and don't buy new cars.
Little pig little pig let me in
Not by the hair on my cheeny chin chin
Then I'll huff and I'll puff and I'll blow blow blow
Bring out the coal damn it!!
this guy is a strange grown up
Investing is killing your gains 🤣🤣🤣🤣
Then ambitious pig took the sticks and straws to make furniture and the dead bodies of the other piggies as fertilizer for the garden.
Slow slow ur too fast
Are your goal already achieved
Live like no one else so can live like no one else.
💩💩💩
Stole the story from the beginning of the book... Actually a lot of these analogies...
Watching this more. He's stealing word for word from the book..