“I Never Said That” (Dave Ramsey Myths)
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- Опубликовано: 17 июн 2024
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I got the book as a wedding present. On my wedding day I was $85k in debt. It took me 4 years to pick it up and read it. Changed my life. No debt. Baby Step 4.
$85k in debt from the wedding?
I think they just meant total at the time not just from the wedding
I wouldn't be able to sleep at night. That's just stupid.
Just the other day on social media I saw that someone had posted Dave's advice that people in debt shouldn't be going to restaurants. The comments were full of people whining that "so he wants us to starve?" Apparently there are a lot of people who are unaware of this new concept known as a grocery store.
They should watch the channel where people buy 10 dollars worth at dollar tree for the week
That’s ridiculous. And you can still go to restaurants while on his plan. You just need to save the cash for it. You should have an entertainment line in your budget. If there’s money to go, you can go. If you have to save up, do it.
...and home kitchens.
@@georgewagner7787 Dollar Tree is not the best way to purchase groceries. The product size is typically smaller than at the grocery store. Can do better watching/basing menu on sales.
@@BlueDauntless Dave's advice for Gazelle Intensity is targeted for the people drowning in debt who need to get serious about it. Like if you're a blue collar worker making $40k who has $20k of credit card debt at 30% then you NEED to throw every dollar you can towards it because it is going to financially cripple you for a long time. Not eating out and spending anything on wants for a year or two can be the difference between living paycheck to paycheck every month until you die or actually getting yourself out of debt and building wealth.
As my Daddy used to say, "Don't live a steak lifestyle when you can only afford hamburger."
Problem is that some burgers cost more than steaks sometimes
The price of a cheap steak where I live is R105 p/kg, hamburgers are R110/kg generally - so cheap steaks for me
@@martinramirezmi5457 @joanpearl7184 I almost added a footnote that my Dad passed before the Biden years. I'd love to know what he'd say about hamburger now being the less expensive, not the cheap, meat. He'd pass out at whole chickens being $8 a pound.
The truth is a lot of people are struggling out there. We are suffering and don’t know where our next meal is coming from. Student loan relief and a proper UBI would go a long way in helping us all out. We could pay our bills and put food on the table. Why don’t Jade and Dave want that for us?
@@costco_pizza Don’t get ANY KIND OF LOAN IF YOU CAN’T AFFORD TO PAY IT BACK
When he said "get up off your couch, potato" , I wheezed 😂😂😂
I really wish Dave would make a beans & rice recipe book 😂🤩😂
"Sharon Ramsey's Rice & Beans (and other good stuff that won't break the bank)"
Me who ate rice and beans for 6 months while getting out of debt 😐😐😐
😂😂😂
It’s actually good advice to eat literal beans and rice.
Hey it worked!!! That’s what matters
Quinoa and beans
Rice and beans, hamburger helper, spaghetti, ramen noodles; whatever helps you to live below your means fits the bill.
I learned to eat rice and beans for real.
Would unironically treasure a Sharon Ramsey cookbook on frugal living and making leftovers pop off. Complete with a recipe on literal rice and beans.
Rice & Beans and other cheap meals
The basics worked for us. Took about 3 years to clear all debt but the mortgage. Worked hard to teach the kids to avoid credit cards and stay debt free.
My outlook on money changed when I realized someone making $200K can retire broke & someone making $80K can retire a millionaire. With the current market movement, you have $100K to invest. Where are you investing it?
You're correct!! I make a lot of money without relying on the government. Investing in stocks and digital currencies is beneficial at this moment .
I operate a wide- range of Investments with help from My Financial Adviser. My advice is to get a professional who will help you, plan and enhance your management skills. For the record, working with Stacey Macken, has been an amazing experience.
Honestly, I'm surprised that this mrs Stacey Macken is mentioned here, came across a testimony about her from one of the beneficiaries on the CNBC news, she seems to be doing extremely well.
You trade with Stacey Macken too? Wow that woman has been a blessing to me and my family.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn't know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super
1. Only eat beans and rice (1:00)
2. Only pay cash for a house (2:17)
3. A 1000-dollar emergency fund is enough to cover all your emergencies (4:07)
4. Getting out of debt is a math problem (5:21)
5. You have to work 80 hours a week, forever (5:47)
6. You have to pay off your home before you start investing (6:25)
Dave Ramsey principles have greatly benefited me financially. I’ve only read Total Money Makeover. Haven’t even taken FPU and still am so much better with my money. I feel sorry for ppl who refuse to acknowledge the Ramsey way
6:41 “Dave Ramsey Once Killed My Pet” 😂
I purposely don't click on videos by other content creators that mention Dave Ramsey. If I want to hear about Dave Ramsey, I listen to...Ramsey podcasts. Mind blowing, I know.
Well, you are missing out on valuable opinions from other people then. Dave is very cultish in some of his advice.
Having a spare $1000 is a beautiful step, many people can't get this far
Stats show that 54% of Americans don’t have $1000 saved… the struggle is real!
Unbelievable !!!!!!@@mikezerker6925
Few can't. Many won't.
Without a doubt, this year will be worse than the last. I lost a lot of money last year as a result of bad investment choices that I would not have made if I hadn't been so worried about my portfolio. I kept investing, but I couldn't determine whether to start paying for a house. In the end, I sold my positions, and the house needed more work than I had planned. I'm not sure how long I can keep going like this
We've all made mistakes at some point. You should consider financial planning
True. My portfolio was diversified across several markets with the help of a financial planner, and were able to achieve over a million in net profit among high dividend yield equities, ETFs, and bonds. It is vital that you have a variety of exposure, including in firms that are currently generating cash flows.
Do you mind sharing your financial planner?
Leah Foster Alderman
You are most likely to find more info when you look her up.
When we were first married we ate an enormous amount of , eggs and grits, boxed macaroni and cheese, cornbread as a snack. 50 years later with a paid for home, we enjoy a much wider variety menu.
I think this is long overdue! The amount of comments I see where people think Dave wants you to sell your third child to save on diaper costs is ridiculous
Agreed! My mom swears she never said stuff that she did or claims she told me something that she never did. This happens a lot!!
😂😂😂
It's call sarcasm.
For those who think that, it might indeed be a good idea to sell the third child - for the sake of the third child.
Surely people aren't that stupid ? Or the other answer is they just want to b!tch and moan and be critical or be dramatic.
It’s not just $300 for a nice restaurant. It’s ordering food out anywhere. You’re looking at $20 a person even if you get fast food
First off, don't eat fast food. It's horrible for you. If you have to eat out, try a much healthier place that offers fresh food. You def can find that for 20$
So don’t eat fast food
I can eat at McDonald's for $5.01, not $20.00. A McDouble is $2.69, I get free fries using the app, and any size drink is $1.39. Add sales tax and it's $5.01. If I pay full price, it's about $8.50. So being so dramatic!!
@@jimroscoviusYou’re missing the point. Eating out regularly is not good for your health or your budget. Even $5 a day adds up fast, and most folks spend more than $5.
@@jimroscoviusur wrong its 20 a small fry and drink ain’t filling me up lmaooo
Whilst the babysteps aren't mathematically the most optimal, the point of the babysteps is to address the psychological issues people have with money spending, not the mathematics only. It provides a structured approach to get out of debt, and how you think about money and spending.
Yah they have to re wire their brain. The steps make it easier to be successful in re wiring yourself and get out of debt. Once u do that using the steps you won't go back
Double-tapping a comment gives it a thumbs up.
I think it gives it a double thumbs up.
Is this similar to how alt+f4 quick-saves your current tab?
You should start your own brand of rice and beans. LOL
That would be hilarious!
OMG!!!!! YES!
@@BlueDauntless Dave's Big Bucks Beans and Dave's Rich Man's Rice. LOL
I'm Filipino and I was in debt. God was good enough to give me wisdom and listen to Dave. Thankfully, I've been out of debt and currently in Baby Step #3.
Thank you, Dave R. You are the best.
I liked the baby step idea when I first discovered Dave Ramsey during Covid. I thought I'd try it to see if it really did work. I became so frugal and bought virtually nothing for a year. About $50,000 in debt. It worked. Ii paid off my mortgage and all my bills and opened up mutual funds. I have made $1000 in mutual funds so far and am still debt free. Still listen. No one around has the wisdom that Dave Ramsey has. Yes, I took Beans & Rice literally. I'm glad he is explaining it better. I'm glad though I don't have a spouse I have to talk into something. No one can replace him.
Buy some Nvidia as well. Itll pay off
Title for Dave's next book should be the beans and rice for getting out of debt. Lol
Dont forget rice and beans😭
@@butimbobbywitdatool I thought about that after I sent it lol
I love beans and rice.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@PilouBen However, if you do not have access to a professional like CLEMENTINA ABATE RUSSO, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments
@@Lourd-Bab Oh please I’d love that. Thanks!
@@PilouBen Clementina Abate Russo is her name .
Lookup with her name on the webpage.
15 months ago I started my first good job and I have a nice chunk in savings earning a good rate of interest and my life now looks very different. I learned to listen and I listened to learn!
I found Dave Ramsey after the pandemic. We were $320k in debt. Took us 2.5 yrs to clean it up. We got debt free just on April 2024 and this is including the house. Never again!!
If you already have more than 1k and you have a family to take care of. DO NOT go down to 1k. 1 month of expenses,minimum
1:16 "YOU GOT OTHER ISSUES" GOT ME ON THE FLOOR LAUGHING LMAOOOO
In my home country we only ate beans, we couldn’t even afford buying rice!
Complete guide to money helped me in a bunch of ways.
I am 100% on the Ramsey plan.
Then you will be broke and renting until you're 50
@@BLdontM Yep, just like Dave Ramsey.
@@ONLY1KUDWE I hate to burst your bubble kid, but Dave didn't become a billionaire following baby steps. You'll never, ever, ever reach his level of wealth with his system.
@@BLdontM If you say so.
@@BLdontM You know you don't have to make excuses as to why you don't want to do the plan, right? Just follow your own plan.
2011, the $250K house across the street is foreclosed and selling for $50K>>>
DON'T borrow for investment property.
Dude, I'm a high income individual, paid my American Wife's student loan debt completely, and be able to drop good money on a good meal, yet, I love beans and rice with two fried eggs. I used to eat that most of my days when I used to be broke back in Ecuador with my parents, but now that is a delicacy in my family. Every single time, I visit my mother, she always got me Beans and rice, and the white beans are usually used for like especial days. 😂
Im glad you answered the first one. Because i was cirious if i could survive and be healthy on just rice and beans.
I always wondered why Dave doesn’t ask people whether or not they smoke or drink. A pack of smokes is $7 around here. If you’re at a pack a day times 30 days in a month is $210 a month. That’s a good portion of all my utilities.
THIS!
My good friend smokes multiple types and drinks 2-4 (or more) energy drinks daily. He's been broke 2 decades now, and no sign of change.
My mother does this unfortunately. She gets about one pack a day plus a 6pk of beer every other day. She struggles with money. She is trying to get out of cc debt and has paid off three cards and closed them. She is in her 60s now, so I'm worried she won't have enough to retire. If she wasn't addicted to tobacco and beer, I think she would be debt free at this point. Spending $10 to $30 a day doesn't seem like a lot, but it adds up quickly.
Nicely done
Was Dave saying that 8% withdrawal rates are safe a myth?
I dont think so. Easy to dismiss these easy ones though and ignore the factually incorrect ones 😂
Start with $100+M and you'll be just fine
Yeah no he said it and it's flat out wrong and terrible advice...but I'll take 90% of what he says is spot on
@@TheDjcarter1966 To retire at all is flat out wrong and terrible advice.
@@bygone8676you would still likely run out of money at 8%
I am an Indian and I have gained immense knowledge watching your videos Dave! I never knew you were so celebrated in the US until I began watching your videos. People tend to forget that not everyone out there can be a millionaire at 21 years old. Most of the folks die trying. Some make it by being financially disciplined and you help them imagine (if not form) that path.
Ramsey seems to omit the fact that one can purchase a lease at the end of the term. No semantics required.
You don't get a good deal doing that.
There's a restaurant around the corner of my house called Rice & Beans...and I'm not supposed to eat there every day?
People that don't get the concepts probably have a bigger problem than financial down fall
I started listening to Dave in 2010 and began to put his money and behavioral principles to work in my life. I'm very blessed, but I also believe that my following this guidance has greatly improved both my financial and emotional peace. You can do it too! Have hope and do the work!
Well, Dave has said you need to pay for a house in cash when he's talking about folks buying houses for rental properties.
Yeah when people say eat beans and rice. It really means cut down on the food budget, eating out, making less expensive meals.
And yeah if you can pay cash for everything. Do not go into debt unless it is the only way. At a minimum save up enough for a down payment so you do not have to pay mortgage insurance. But a mortgage is the one big thing where it is ok to go into debt.
Thank You for changing my life Mr Ramsey
Yes your emergency fund of 1000 has stopped me from grabbing my credit card!
I lived in Sao Paulo, Brazil for two years. Rice and beans was lunch and dinner for the locals, every day. They do just fine.
I want that cookbook 😂
LOL I really thought he meant beans and rice only LOL
I ate beans fried potatoes and cornbread DAILY (except Sunday) until I was 12. Recently I had it for dinner... the next day I mowed half of my 1 acre lawn and between heat and mowing with a 21" walk behind mower I was pretty tired. I decided to have some leftovers for lunch, I ate a small plate of the fried potatoes, beans, and cornbread, I finished the last 1/2 acre without stopping and had plenty of energy left
The complaints I see are about people with zero to ultra low interest rates keeping that debt open and using extra for investment or complaining about his investment strategy. I have never heard of anyone making comments that they discussed in this video.
They're going for low hanging fruit to make themselves look smart
@@lepoj100% this. And his name calling is childish
Yup, they didn't mention any of the misconceptions people really criticize Dave for. It was a pretty dishonest video.
Our version of rice and beans is just not eating out lol i look forward to homecooked meal during lunch time and coming home for dinner! Even cafe food. A croissant and cafe latte usually costs 8 usd with tax whereas the cost croissant + nespresso cafe latte costs less than 2 usd! I just get sooo annoyed when eating out when i look at the prices 😅
I work 40 hours a week, three days a week.
Beans and Rice Rice and Beans Book Co- Author Dave Ramsey….If that Cookbook existed I would totally buy it..
101 ways to prepare Alpo and like it , was his other book.
@@alinatamashevich3354 Hahaha good One Alina 👍…..
Are you Russian or Ukrainian?
With cash, of course 😅
@@itsallperfectlynormal9805 Of Course only 💵
@@alinatamashevich3354Didn’t know Alpo was still available.
VA backed mortgage loans does not require PMI.
Dave has a lot of good advice but finance management is not a one size fits all.
Dave has said his baby step principles are the fastest way to wealth and financial peace. He has never claimed that everybody will want to choose his pathway. Some people do not want to make the sacrifices and Dave is okay with that.
Would love if Dave addressed his misunderstanding of sequence of returns risk.
Lol that fourth one was just a book plug
"I haven't borrowed money in 30 years" easy for the rich dude to say lol
Nah. Debt is easy to stay away from outside of a home. I'm 29 and the only form of debt I've ever had has been my home.
@@chicanoazteca8614 sooooo, you're saying you've borrowed money?
I love when Dave says he doesn't borrow money. Thats easy to say when you have the net worth of Dave Ramsey!!!
Not borrowing money for 30 years is part of the reason he has that net worth.
@@amireallythatgrumpy6508 I doubt he has never borrowed money! He doesn’t now because he has millions of dollars! I wouldn’t borrow either!
I've bought my mom and sister multiple copies of the book... I figure if they have enough of them they have to start moving them out of the way they might eventually read the darn things.
I'm not the smartest cookie on the block but even I know Dave didn't mean just eat rice and beans And if you take a little bit of time to actually listen to more than one show you would know that. What he meant was eat at home. Cook your food at home, don't eat out and spend a lot of money.. save that way..dah!😂
Definitely agree with more than 40 hours for periods of your life career. I did 60+ hours a week at times to advance my job/career. Later I was able back down to 40 and then retire early. Put in the work.
We can’t forget he did say the avalanche method is the better mathematical way to pay debt. His is just better psychologically. Way back in the day in a video.
Find the book at the library. Don’t buy it.
I´ve seen other RUclipsrs making vidéos about you, criticizing you about things that made me go "Wait, Dave never said that." One in particular including you in a video with scammers and deeply dishonest people as a cautionary tale not to follow, and I thought that was an unfair association.
He did endorse “Time Share Exit Team” which turned out to be a scam. I doubt Dave knew that at the time though.
Rice and beans every day gives you a bid belly
I'm one of the people that have long said they should put out a "Beans and Rice, Rice and Beans" cookbook, but not *just* beans and rice recipes. It should be a recipe book of easy, weeknight dinner meals for budget-minded households.
Great points Dave! Ignore the haters!
Newspaper article: Dave Ramsey said eat beans and rice
Dave Ramsey: I didn’t mean that. I meant eat broke people’s food. Beans and rice might be too expensive 😂😂😂😂😂😂
At UNC CH a club sponsors a lunch to raise money for the hungry. They have beans, rice, and corn bread, the menu for the poor. Every time it sold out before noon.
Dude I was raised on beans and corn bread. It is fit for a king in my view!
Beans and rice only. PB&Js are considered a luxury.
I am not that broke. I just love rice and beans. I cook a pot of beans and freeze it and eat it. You can use beans with everything. 😂😂😂😂
I'll be honest. I'm $10,000 in debt spending $1-2,000 a month on medical bills aside from what's covered by insurance. I have no hope.
I'm working full time and my health is terrible. I had another TIA yesterday and I have chronic chest pain.
Sorry Dave, after 4+ years of looking, still no diagnosis and I have no hope. I'm pretty sure I'm going to die in debt, and die quick. My symptoms started at 2020 and my health keeps getting worse with no diagnosis or effective treatment in sight.
Softball 🥎
Ohh crap, my favourite food is beans and cabbage, and cabbage and beans 😂
I feel bad for anyone who has to take a long car ride with you!😶🌫️
Everyone is so addicted to credit cards and cash back rewards. It's insane!
If I have self control and pay it off immediately, what's the problem?
Airline miles!
No they aren't.
@@lepoj Nothing.
And honestly, as I person who has found herself in that trap, the points kind of aren’t even worth it for for me.
Beans and rice are fine, as long as you add some green vegetables. I could eat that for a long time.
As far as "mortgages are bad", if you don't have the money, you're still going to have to pay someone else to live (it's called rent), and you'd be better off giving it to the bank because you'll eventually own it. That's far more important than paying PMI
Renting buys you patience. And if something breaks when you rent, you don’t fix it. If you own it, it’s on you.
And a bit of chicken or ground mince! As far as mortgages are bad, they've worked out well for everyone in my family, including my 26 year old son. Five years of pain buys a lot of comfort.
@@davidbrayshaw3529 That is my concern...those first five years.
"Its not good for my physical health"
Smh
Beans and Rice, Rice and Beans: A Budget Friendly Cookbook by Sharron Ramsey!
I'd buy that. It doesn't have to only have beans and rice recipes. It can have lots of different kinds of low-cost recipes.
The recipe is: Rice(yellow), beans, salt, chicken meat(dark), and ketchup to top for taste. 🤗
Shiiiit. What you guys know about pinto beans and corn bread lol
I do agree though. Stop eating expensive food. Anybody who took that metaphor seriously, just like Dave said, has serious problems. I'm not eating pinto beans and cornbread for dinner every night of my life lol I sure as hell do eat it though and I'm not even poor. The majority of my money gets put in the stock market. And not because I'm wealthy, but mainly because I have no debt and no kids.
They did in the beginning
Shit Dave I didn’t know you didn’t mean that, my doctor said if I don’t stop eating only beans and rice, rice and beans, I’m going to die from malnutrition, I’ve been on your diet for 2 years and I’m starting to see my ribs.
Ramsey still hasn't addressed (very legitimate critique) how he expects the average American to purchase a home with his criteria (
The irony is: "Rice and beans are both incomplete, plant-based proteins that, when eaten together, form a complete protein." ✌
Sounds like a teenager making excuses why they can't mow the yard.
My newest property the bank made me put down more than 25 percent bc my salary is low
Is that a rental your primary residence?
The point of rice and beans is that the combination is cheap AND it forms a complete protein. People who are adding meat to it are missing the point ob both accounts.
Resturunt 😂😂
Dave the guy who had 500k in student debt and failed his course really does lnt have any hope though lol. He has no hope to steal.
Red beans and rice is my favorite meal.
the last part sounded like a dig at Joe Biden lol
I’ll tell what you’ll borrow money for. Medical treatment. You can’t just not go to the ER when having a heart attack Dave.
Dave said he would not borrow money. Dave is worth hundreds of millions of dollars. Most likely Dave has heath care insurance too. I opine that Dave has never said no one should ever borrow money.
Yea people hear what they want not what was actually said and don't understand metaphors at all!!!
Not sure why people would knock it. Literally, I will make extra black beans and rice to save for lunch leftovers. Especially if I can throw chicken or pork chop leftovers in it.
This episode is for you, Jimmy
Mic drop!
You don't like people that have different opinions?
@@jimmymcgill6778 Not when they are constantly wrong, like yourself!
7:37 🤣🤣🤣🤣🤣
I agree with him there. Most of this young generation wants everything without putting in any work.
@@Westcoastguy technology has made people extremely lazy. We live in a instant gratification world now.
I love this athleasure faze for Dave.
If Dave really wanted to take advantage of his audience, he could create his own bank, where he set up different accounts for customers, and then pay them less interest than he could earn in t-bills. "The baby step one account", "the baby step 3 account" "the baby step college fund" "the baby step roth IRA". He could simply ask, "what's your customer number", and he'd know exactly how much they've invested in Ramsey....and if they haven't, then he could turn them away without any advice. If you don't commit to the plan, you dont get a vote.