Freeing Up Your Income From Debt Will Build You Wealth | July 8, 2024
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- Опубликовано: 7 июл 2024
- The Ramsey Show (July 8, 2024)
Dave Ramsey & Jade Warshaw answer your questions and discuss:
"How do I convince my wife that we should buy a house?"
The Debt Snowball vs. The Debt Avalanche,
"My wife doesn't think her student loans are 'ours',"
"I think my husband's family is ripping him off,"
"My grandmother offered to loan me $140K,"
"Should I keep putting money into my old car?"
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We have been using a snowballish method. But I feel it’s fully Dave Ramsey principles. We started by knocking out the baby debts and then a lot of our medium debt is close to the same balance give or take a couple thousand. So we switched to the debt we hated the most. We ended up paying off a car with the lowest interest rate because the high we got “owning it” felt so good and it had the biggest monthly payment to put back into our pockets to make the snowball bigger. It kept our momentum up. Whatever gives you the wins that gives you that motivation to keep going! Paid off $22k this year and got $65k to go and the snowball is growing!
I felt the same about buying a newer car. I hated letting the money go.
Me too but I need / want the new car. Last one was 2014. One more new car should do it as I no longer drive 132 miles a day.
@@naomiemoore5725get a base ES mitsubishi mirage... the hatchback if you rather usually carry 2 people with cargo or the g4 sedan if you frequent 3 or 4 passengers.
When she said they were upside down on a Hummer I cracked up laughing!!!
Better than upside down in a Hummer
I love the way Jade balanced Dave’s aggressiveness on the first call.
l Iive in rural Kansas and I retired at the end of October I say retired because I quit my job without having another job and I wasn't planning on going back to work at a full-time job I do have some
side income from some passive income from an investment ,that's very small that's what I live on I have a small savings compared to most people that retire but I am not touching that savings and I
watching it grow but I just wanted to introduce my living situation to you
I worked hard in 2019 2020 21 22 and put some money into the market long term sitting in a pretty nice spot those of you that are newer right now you're paying your dues you're gaining you experience you're trying to lock up some profit but I encourage you to put some away for the long term so if you can use a Roth IRA you put some away tax-free save for your retirement and benefit from you know growth in the overall market and compound interest as it um as it starts to gain
I didn't jump in it too early I wasn't in down here right here I got my starter at $6 I got a little profit on the top of this candle here it dips down and then I added back so my first trade I got myself up 1,000 bucks on it and then after I was up $1,000 increasing share size ready to step up to the plate be more aggressive capped my position at about 10,000 shares on this and look I mean this was a nice move from 650 up to 750 all the way up to8 we peaked at $8.30 before pulling back now
Who is this person you work with? I have tried getting around me and it is practically impossible to get one that doesn’t charge exorbitantly. Can you also share what the fee structure is like?
*Layan Talia Chokr* is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for this amazing tip. Verified her, wrote her and scheduled a Phone call. She seems Proficient
Love the Dave and Jade duo!
In addition I think paying just the highest interest is worse as the person will still get hit with the high interest. When knocking of the smaller debt, one feels accomplishment and then is able to put more $$ to the higher debt gong forward. Win win.
He wants the van to last 10 years and wants it to be a Chrysler Pacifica? That's an oxymoron.
I gagged at that
Pacifica = worst car I've ever owned.
Does Chrysler even have any other models they make at this point? When I think “unreliable vehicle” I think “Chrysler Pacifica” or “Chrysler PT Cruiser” 😂
Edit: they also make the horrible looking Chrysler 300, but it looks like they may have discontinued it in 2023. That brand is tanking.
This was a great listen! I needed to hear that about community! We moved about 3 years ago and still looking for that community
The debt snowball works most for the basic reason - for most people in debt, even the "minimum payments" leave almost nothing to play with.
So by paying off the smallest one, you suddenly have that entire minimum payment to throw at the next debt ...
5 debts of 100 minimum payments, but you only have 25 extra. Throwing it at the "highest interest" vs the "smallest balance"? the lowest balance means you now have 125 to throw at the next one ... but the highest interest might be months or years before you get rid of any of the minimum payments !!!
If you literally have two debts identical in balance, then paying off the higher interest rate one makes sense ... but that's the only time it makes sense
(of, and if you have found money that wipes out one debt, and only partly wipes others, then wiping the higher interest one MIGHT make more sense, if the length of time to pay off the next one is not significantly different)
The snowball approach address the most important issue/need when paying off debt.. the Human Factor. Not sure many ppl set out intending on being in debt, but...
The pure math side of the payoff says "the highest rate will cost u the most" but does not address the human Factor that loses momentum, gets tired, frustrated, etc..
I used the Avalanche method to successfully get out of credit cards and car loan debt. It is not harder to achieve if you have personal discipline and don't require little wins to stay focused on your goal. Most people are not self-motivated, as instead they need that carrot to motivate. I stuck it out for two reasons. I don't like to pay out more in interest than I need to, and secondly, to prove I could do it the "hard" way. With dedication, you can achieve anything you put your mind to.
@@marcopolodarts this is awesome and glad it worked for you! Reality has shown that 6 to 8 out of 10 ppl are well meaning but not have the same discipline as you. In the end it is all personal choice (good or bad ..we all get to choose) and finding what works for each individual situation. Snowball or Avalanche .. getting out of debit is the end goal so ppl should pick which method works best for them to accomplish the end goal.
Jade and Dave is currently my favorite duo!
Eric, I'm Salvadoran and took me by surprise that you're going there. Have fun! My mom was there last year and she said it's so much safer than in the past. She enjoyed it.
The cruise is booked and paid for ...ready to relax and cruise the islands! 😎🏝🐬🌅
I enjoy listening to TRS at speed x1.5!!!!
Sydney Australia
When it's just the sidekicks on an episode, I watch at 1.5x speed. When Dave graces us with his presence, 1.25x. Combined with adblock and skipping the Ramsey commercials, I enjoy the whole show without wasting 2+ hours of my life.
The ford fusion transmission is on a recall and the woman who called about the car should contact ford. My mom has the same issue and they fixed it feee of charge.
The only benefit to the snowball method vs avalanche is the physiological aspect. If you're disciplined then avalanche does mathematically win every time.
Yeah and if you the discipline of doing proper math to begin with, ypu wouldnt need the discipline to do The Avalanche v method and you wouldn't be in debt to begin with
The act of choosing to stay in debt is not a math problem it's a behavior problem I'm sorry to Parrot Dave but that fact makes way too much sense and it's been true tried and true proven throughout Millennia of time
@@motoryzenright on the money!! lol
@motoryzen not everyone grew up with wealthy parents like you and were taught how to manage finances
@@motoryzen there are exceptions to this, namely medical expenses or accidents. Even if someone were to get into debt due to dumb decisions they could make an effort to learn and prevent themselves from doing it again. Those people would benefit from the avalanche method.
@@mortar235 you're missing the point it's not a math problem it is a behavior problem . The absolute vast majority of time when someone is in debt and he or she actually knocks out debt and at the same time builds a reasonable emergency fund life AKA Murphy usually leaves that person alone
Now nothing in life is guaranteed you can step outside your door and accidentally tripping break your damn neck on the on the fall, but statistically speaking your life improves 100 fold when you knock out debt and you build an emergency fund
The problem with that is not a math problem again it is a human behavior problem of entitlement of wanting something now and not given a crappy if you pay for it in full or not at that moment that is a behavior problem. The debt snowball has proven to be far more effective than the Avalanche method
Otherwise Dave Ramsey would not have been able to build the business Empire that he has today. I'm not saying this because I'm sucking up to Dave Ramsey I can't give a damn if it's Dave Ramsey or someone else that came up with this method and named it something else besides that snowball or the baby steps. That is irrelevant. But facts do not care about anyone's feelings on this. The act of staying in debt on purpose longer then one really needs to or should versus what he or she is capable of, is asinine and that is a behavior problem that is a choice to remain a monetary slave
When you do the debt snowball method you knock out more quantities of debt faster which fuels a natural feeling of accomplishment and natural mental dopamine which fuel which self encourages you to pour on the coals of that little mental train to knock out more debt faster
The Avalanche method does not because chances are that according to the Avalanche method the chances are that an individual's quantity of debts involving the one that is largest is the won the Avalanche method will say to attack first and the most hardcore. You're going to lose self encouragement and become despair this way thinking you're almost spinning your wheels. That's why the debt snowball is better and has been proven to be better every single time
OMG buying a Pacifica as a 10year car is crazy, ppl please do the research and I bet that you are going to choose Honda or Toyota. Especially if keeping it 10years.🤦🏾♂️🤦🏾♂️🤦🏾♂️
My 95 f150 still running great 29 years later
@@christopherhardie1050 one of the best pick up truck, Ford's best product for sure.
Ive had trouble dealing with paying off a credit card, and I realized earlier just stop using it and ill eventually be able to pay it off.
Congratulations Sherlock. Case cracked
Maybe a 0% balance transfer credit card would help?. It depends on what credit card interest rate you currently have but.
If you can make sure to pay the 0%? balance transfer card off within the promotion period. Although I paid off an 18% credit card with a 0% finance balance transfer and if I don't pay it off within the primotion period.of time the. Interest rate is still going to be only 18%... Nothing lost except that I would truly like to get. It paid off within the 18 month promotion time. I will be saving $2400 in interest expense.
Avalanche mattered because I got zero% balance transfer offers. I save $2,400..after completion. I am exceptionally disciplined and I have done this 0% finance balance transfer successfully for 2 years... Paying off business expense from the death of a young business partner.
He’s spot on about the rising cost of houses and the decline in fiat. Total agree!
Me and my wife are looking forward to the Ramsey Cruise!!🎉🎉🎉
The last segment was powerful and I really needed to hear that! Wow!
Hey Jade 🎉 great show keep shining and showing the world your intelligence!
So funny,Jade, about the paper towels! I used to get the cheap, black label stuff at Walmart for 60 cents for a 4 pack. Mostly for camping, etc., but literally 15 cents per roll. I think its still under a dollar.
Dave mentions this in passing but I'd be careful to understand gift tax before taking a big gift from grandma.
There's only gift tax on the giver, not the receiver...or so I've been told.
@@bettedavis9261 hmmm...I did not know that! Thanks for the information! Then I guess it's still something Grandma would want to take into consideration!
It also doesn’t kick in until the estate reaches a certain size. $13.61 million per individual is this year’s number. (Drops by about half in 2026 if not extended)
She was still $10 million or more shy of that, so unless she’ll be over the current number when she passes, no gift tax even if she gives everything away.
@@debsmith7460 definitely!
There’s a lifetime exclusion of $13.61mil. There is no tax implication.
Excellent lessons today.
Will have to get Henry’s new book 📖 👍 sounds great!
Marie, the OT living in a hotel, gurl....i feel you. Maybe shift your focus from an apartment to an airbnb room you can rent long term, where the host lives on site.....wont require a credit check, and you could use a debit card to pay for it. Also look for a nice campground in your area and see if they have cabins to rent long term. You may have to use a shower house for a bathroom, but it may be cheaper than a hitel. Also go to a grocery store to avoid eating out.
Will people need to know is that as soon as you pay off One debt you use the money you were using to pay that debt to Compound on the next debt. And since its easier ti pay offpthe lowest debt, the pay off flowes faster to the right on the numbers line.
1:02:33 borrowed money from relatives through the years and paid it back with interest and loaned money to family through the years and never felt bad for either. I see it can go bad but it can all work out too!
Great advice!!
The phrase "man in the mirror" sparked my memory of the hook for that same song title by Michael Jackson.
Stay strong Marie. I’ve been there. You will look back on these days and will be glad you kept pushing forward.
Caller who can't find an apartment: I'll concede that each state may be different, but in Georgia, most apartments (corporate-owned apartments) will run your credit and tack on a deposit depending on your score.
Sometime else is going on.
Listening and hearing the call about the car repairs. She think she needs a second opinion on that starter replacement. That sounds higher than usual. I'm so sorry she's in this situation 😔
My job will provide the coffee machine but not the coffee 😂
Love seeing Dave’s soft side ❤ but admit, ppl need his rough side often too ha.
God Bless the Ramsey Team.
Right on Dave. Way to speak out. Marry the girl. Living with her before marrying you look like a mooch and your talk of someday is so pathetically weak. Besides truth of Biblical marriage rules!
I can’t get the podcast to play on Apple podcasts. The last couple of days none of the episodes will play. Somebody fix it! 😂😅
They were reruns for the holiday.
@@jpsy422 No, none of the episodes on apple would play. The same thing is happening today.
I presently reside in a rural area of Kansas and officially retired at the end of October. I say retired because I left my job without having another one and I had no intention of returning to work a full-time job. I do have a small amount of side income from investments, but that is all I need to live on. My savings is smaller than most retirees', but I am not touching that money and I am watching it grow.
Those of you who are newer are paying your dues, gaining experience, and trying to lock up some profit, but I encourage you to put some away for the long term. If you can use a Roth IRA, put some away tax-free to save for your retirement and benefit from you know growth in the overall market and compound interest as it um as it starts to gain. I worked hard in 2019 2020 21 22 and put some money into the market long term sitting in a pretty nice spot.
I started off slowly and built up my initial investment at $6. I made a small profit at the top of the candle, which now dips and I added back. This was my first trade, and I made $1,000 on it. After that, I increased the size of my position, becoming more aggressive and capping it at about 10,000 shares. Looking back, this was a nice move from 650 up to 750 all the way up to $8, and we peaked at $8.30 before pulling back.
Who is this person you work with? I have tried getting around me and it is practically impossible to get one that doesn’t charge exorbitantly. Can you also share what the fee structure is like?
*Layan Talia Chokr* is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for this amazing tip. Verified her, wrote her and scheduled a Phone call. She seems Proficient
We did snowball method
Not sure if my daughter would marry a guy she never lived with before the marriage.
Great show, thanks guys!
First and only thing to remember about this show that it is a TV show. Would you take advice from any other group on TV?
Am I the only person that is fine on their own .I can talk to my boyfriend or my sons but not in too much detail as even I am sick of hearing my problems. I know exactly what to do to sort my life out and I will do it. I don't need people to feel sorry for me ,I have all the information I just need to do it.😊
Look some of you people who are posting comments that say " about this such and such subject or caller " instead of saying that ...why dont you put time stamps in your comment? It's much easier to find that section of this 2 hour long video clips of the Ramsey Solutions shows that way to see what you're talking about to engage in intelligent conversation with you
For example if you know a particular call began for a particular color around 5 minutes and 10 seconds that would look like below
5:10
Then within the same comment being posted, immediately following the timestamp with a single spaced press, then you would type what you're talking about. It's not like this is complicated guys
Why would the inheritance caller get screwed by gift tax? Lifetime exclusion is like $13 million.
Faith vs Faith 🤯 wow never heard anyone say it like this.
I appreciate the diverse content on your channel.
Angel soft!! Lol😂 my girls like it!!!😂😂😂
We buy it, and we look for the sale prices. 😊
House prices will just keep going up forever?
Yes, land is an always diminishing resource. The amount they will go up short term is how many houses builders can build.
Absolutely. Inflation goes up every year.
Long term yes but we will see another 2008 correction
@@travisfeld97only if the banks or government do something stupid again… one hopes they have learned something. In any case, you will waste eternity waiting for the black swan only to see him fly by on his way back up. Don’t wait.
You can't make more dirt. The Fed keeps the printer going brrr. It will 100% keep going up just like the price of eggs from 2020 to 2024.
Tried to call the phone line but some lady told me to rush with a question I had told me to call back after an hour waiting for someone to pick up. Then hung up on me
I currently have 4,500 shares of SCHD, with a goal of reaching 5,000 shares. This is my retirement plan! My portfolio also includes 200 shares of VOO, 200 shares of VUG, and 150 shares of VGT. Do you think the future looks bright?
Bother less and enjoy the time you have left.
the size of your retirement portfolio will overwhelmingly be a function of the performance of the stock and bond markets between now and when you start withdrawing from it.
@@JoaquínMaria-t3c You need a third party to help you out. A financial planner or accountant can run through your figures, including your projected income and expenditures when you retire, along with your retirement goals, your emergency fund and any other strategies you need to put in place for such things as long-term care.
@@AlejandroLucia-r8g Well do you have anyone you can recommend for me?
@@AlejandroLucia-r8g Well do you have anyone you can recommend for me?
Why Jade so fine??
19:59 Jade, I can tell you've never had broccoli prepared the right way! It's so good if it's not a soggy mess!
Sam if that’s your blood grandma just take any help she is offering you. This is not your grand mother-in-law. She used to change your diapers. You will sit across the Thanksgiving table just fine and you will never feel like a slave. My family’s life and standard of living would be far worse today, if we wouldn’t have accepted my grandparents generosity while they were alive. Just like Dave’s wife Sharon had no problem borrowing from her dad, you will have no problem borrowing from grandma.
And don’t ask about taking the money as an advance on your inheritance for Gods sake.
I don’t think the issue would be with the grandmother - the problem comes after the grandma passes and somebody catches wind that this is happened and it causes an issue between the siblings. If it’s done above board and everybody knows about it and there’s a plan then it is way better for all the other family relationships that will extend past her lifetime. I think sometimes grandmas don’t realize that their generosity could implode the family they love so much when they aren’t here. And also, sometimes grandmas forget they loaned the money and that can create very interesting situations that look like one family member might be stealing from grandma - those rifts last lifetimes. Stay above board - all the siblings need to be in the loop.
@@elissapoh7782my family was blown apart twice because of that happening. A lot of resentment.
Small point, but microwaves will cook- look on the web for recipes. No eating out Marie. Maybe there is a safe parking lot in Philadelphia you can sleep in your car. Marie, look into a women's organization to give you ideasl. All the best to you!! And all the best to us all!! 🌅😊👍
I've watched this for 3 years. I don't understand the aggression toward callers.I'vee taken up for his attitude but it seems more harsh. Just let them ask a question and answer it. No reason to make people feel stupid.
So Sam has to soak himself into the high interest rate for his education? I don’t think the idea against borrowing from a family is right.
Since the commencement of Biden's presidency, the United States appears to have witnessed more adverse outcomes. These include impacts on the markets, such as declines in prices, significant inflation spikes, and instances of bank failures. I am contemplating whether the sudden surge in interest rates will be advantageous for value investors or if it might be more prudent to temporarily avoid involvement in the stock and financial markets.
Engaging in the strategy of "buying the dip" can yield long-term profitability. Nevertheless, caution is advised during bull runs, and it is recommended to consult with a knowledgeable advisor to achieve your growth objectives and avoid potential errors. Elevated interest rates generally lead to decreased stock prices.
my plan next year is going on 80% equities 20% cash. One of the things I have learned in my years of investing is not to completely move in or move out of investments, if you have quality assets. It is better to trim, and then hold some cash for buying opportunities. Before the latest drop in the market was down to $105k but currently at $650k, marking a 25% increase from last year
@@TimothyBoyd-i3x
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
@@TimothyBoyd-i3x How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
In other words, Jade will be performing on the Ramsey cruise I’m guessing.
I find it interesting how Ramsey is all about being debt free but they want you to pay payments on a cruise?
Never once has any member of the Ramsey Solutions team told anyone out there to pay multiple payments on a cruise get real not sure what kind of nonsense you pulled out of your ass today but move on kid
@@motoryzen they want you to put a down payment of $600 for the cruise instead of advertising the full price of the cruise. Unless I’m missing something
@@dentond4913 that is a refundable deposit to secure your cabin that's not a down payment. Read the official site information about it
@@dentond4913 again go back and read the official site about it and you will see that 600 bucks is to secure the damn cabin. That doesn't mean you're going into debt for the damn Cruise situation the whole experience
Critical thinking try it
Great a Dave episode with a side of Jade 😒
What's wrong?
I really like Jade. She's the reason I began watching the show again.
Sounds like you need to go to a different Podcast!!
@timknin how bout I don't
Ugh don’t like Jade
I wanted to go on the cruise but doing research on the Same cruise, same # of days, same itinerary, a few weeks before is less than half the price that you guys are charging. You guys are charging $2000 at a minimum with no gratuity or add ons. Just the cabin. This is a “reward” for being debt free? I get the personalities will be on board, but the ship has entertainment regardless of the personalities there or not. I get a markup bc Ramsey is reserving the ship, but over 50% of a markup to say you went on the Ramsey cruise ? You guys are out of your mind. You want us to be smart with money but then you turn around and slap us in the face with this ridiculous price bc we’re debt free? Don’t give your money to other vendors, give it to Ramsey lol? Cmon I love you guys and follow everything you preach, but this is thievery
Yes you should be smart with money. I believe the reason the price is like that is due to security, celebrities, famous chiefs; and the connections that will be accessible. I would have to make $150k before taxes, no debt, and single to consider it.
This line of thinking will have you not attending any concerts or games. Those are not necessary and overpriced, specially NBA games. You will be stock with goober on the other cruise instead of mingling with ppl who are serious about money. Your choice. 😅😅
Man overboard! 😅
Relax, just choose not to go on this cruise. Problem solved
@@rushedinternet1505what famous chiefs will be there? Patrick Mahomes? Travis Kelce? Andy Reid?