What Is The Most Important Part Of Investing Successfully?
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- Опубликовано: 27 июл 2021
- What Is The Most Important Part Of Investing Successfully?
Listen to how ordinary people built extraordinary wealth-and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, Anthony ONeal and John Delony.
Dude that was not a speech that was just fully packed 7 minutes of pure raw flawless flow of wisdom coming out him. I am already feeling wise after listening this 😆
I love when Dave is by himself. Its like he's really speaking to you.
I agree! He’s the best! I would love for a one on one with him :)
Totally agree.
Well said
Totally agree!
The whole point of the guests is to train us to get used to them for when Dave is no longer with us, the business will continue
The key to investing: actually doing it
Rightttttt
Shout it from the rooftops my friend!!
Staying out of mutual funds
Doing it early is the key.
He’s like the strict headmaster that everyone feared at school, but now look back with appreciation at the wisdom and discipline
Consistency is the key. Invest early and often!
Make it happen automatically. Get it our of your paycheck before you even see it.
“It doesn’t cost anything extra to play the game right, in fact it costs considerably less.” Love that.
I am grateful to get this lesson at 49, but wish I had it at 15.
I'm 48 totally agree
I’m 21.
i hear ya
@@danieliglesias1314 if you're 21 don't waste your youth paying off low interest mortgage debt. Get your money in a total market index fund and let it start compounding. Dave gives the worst investing advice.
Life isn’t a video game
Dave is speaking to me, all the way to my soul.
This video feels like Dave is talking from his heart to his own children. Thanks Dave!
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.
@@Dunker762 Oh please I’d love that. Thanks!
Lookup with her name on the webpage
@@Dunker762 Great, I will do that now. Thanks for sharing.
@@user-qk9ro8rp8t You are welcome.
“Compound interest is the eighth wonder of the world. He who understands it earns it… he who doesn’t… pays it.” - Albert Einstein
Einstein never said that. And I have now heard that quote 4,183 times now. it was kinda funny and original the first 200 times I heard it. Now it’s just lame.
I'm 30 years old and watching your videos daily. Keep up with the good advice Dave. Grtz from The Netherlands
"It's one big freakin selfie"
-GOAT
Dave is one smart man, stay consistent !
Dave just summed up modern life in the opening 2 minutes
So, my buying mega millions lottery tickets investment strategy is a no go...
@@Take_America_Back what is your minimum investment $$?
better to buy AMC stock
I had a neighbor that wall papered his bedroom with his losing lottery tickets to remind him how much money he lost. It curbed his habit to play the lottery drastically. Years later I heard he finally hit a big one and won over a Million $. This was back in the 1970s.
Depends, what is your household income?!
buy crypto better odds
This is Dave at his best.
This is wonderful to hear today! A great reminder! My family is grateful to be on baby step 4/5/6 all at the same time.
Hey Dave, great advice! Love the show, you’ve been a great blessing! God bless your family and you and your business!
The most important part of investing is consistency. Dump it in VTI or VOO each month. Hold! That's it.
It's all one big selfie , love that saying !
More videos like this! Great stuff!
"Rather have relationship and health. Why not go get BOTH!" I'm getting both...
PREACH DAVE!!!
This is one of the BEST 7 1/2 minute videos, summing up HOW to get wealthy! I love it!!
Thank you Dave! You're the best!!
Compound interest is like fire - used wisely, it can do great things. Unwisely, and it can destroy. One thing I disagree with Dave here is his $10 million figure. I think for most investors, $500k is where they really begin to notice the benefits of their investments. A 10% return on $500k is $50k, which may be as much as one of the salaries in a two income household. People see that and the lightbulb clicks.
Amen!
I think he meant it different than how you are thinking. Hes saying at 10 million the returns exceeds the earnings. Most people with 500k in investments make more than 50k. In your scenario, if the 10 percent on 500k replaced 1 income, their greatest wealth building tool is still their income.
Yep. I have a portfolio that’s north of 500k. Majority is a managed brokerage. Has made 100k+ since inception in Aug of last year.
@@steveo601 how many times has he beat the market? Perhaps you should fire him and invest in a low cost index fund.
Great phenomenal advice Dave!!!👍👍👏
Stay out of mutual funds and stay away from his smartvestors
Dave thanks for everything I’m debt free ‼️
Very wise words, Very wise man, Love you ramsey
Time is really the X factor. The earlier you can invest, the better compound interest will work for you. So yes, invest ASAP and regularly (at least once/year).
yes, that's absolutely right
This is so true!
Thank you Dave 😊🙏
Live like no one else so you can live like no one else later so you have money to invest 👍
What about the other people who are living like no one else? Are you living like them later, or are they living like you, so they can live like no one else.....?
As others have said, invest early and often. Pile it up.
YES! 'Feed the Pig!'
This guy is awesome.
Compound interest.
great !
Truer words have never been spoken.
Dave is awesome
Dave is a crook
Just inherited a significant managed brokerage through Merrill. In Aug 2020. Amazing to watch it grow. North of 100k on the portfolio so far to date. Compound interest 👍. I’m 48 and will be a millionaire by early next year. Only Mortgage left. Trying to deal with the guilt in knowing what this is and will become even by my late 50’s, without working for it. Maybe Dave can talk about inherited wealth guilt. My wife and I are hard working healthcare professionals with 3 kids and very responsible financially. Dave if you could have a discussion about whether it’s worth it to live a frugal retirement in order to pass generational Wealth to the kids is worth it? Starting to think that way.
It works!!!👍
I been watching you for years and this video today readily hit home and I’m about to sign up for real this time idc what anyone thinks anymore.
Facts 💯💯💯💯
Patience and consistency
Stay disciplined and consistent.
👍🏻True.
Amazing content!!!!!!
My personal baby step #1: "Enjoy free things"
As my man from Chi used to say "right decent ".
4:30 I think that may be the funniest thing I’ve heard Dave say 😂😂😂
Amen I’m in
Compounding interest. Start early and big time. Relax later
Time in the market. Not timing the market.
In the game of life, at the end of the day, the king and pawn end up in the same box..Alan Watts
So true. Can’t take your money with you to the box👍🏽
Btw, financial freedom is not finite, it has infinite destinations on the money spectrum. Meaning you may not get to that 5 million mark. But 2 million ain’t bad when you budget and live within your means. Throw in a paid for house and that it not too shabby a spot to be in. Seeing how some NFL or other sports people blow through 100 million and go bankrupt, it is almost as some people fight financial freedom because it is scary. Most of us can not fathom that kind of money nor know how to behave with it if we all of the sudden got it. Getting out and staying out of debt, saving for a rainy day and living on less than you make are very good spots on that spectrum, and when you put in the efforts to achieve those positions, you trend not to go backward
29 with about 15% going into a 401k (mid risk) with about 30K so far in 401K at this job. Looking to retire around 55 and every calculator says I should have about 1.8 million with a 8% annual return. Any advice on if this a good course I'm on? Hopefully return % increases in future. Thanks!
May I please ask; is a growth fund one that reinvests any gains back into the fund? Is a growth and income fund one that pays a dividend? So is the Vanguard S&P index fund a growth fund?
99.5% of folks can't work and save their way to $5M - $10M of investments (as an employee). btw - You don't need anywhere near that much to achieve financial freedom. And that's not how most multimillionaires got there anyway.
You can, you don’t just need a ira and 401k
If you follow Dave's babysteps you're right. Don't waste years paying down low interest mortgage debt and invest that money instead.
@@TartarianTopG my my how slow
👍🏻👍🏻👍🏻
if we assume investment return of 8%, which is reasonable for long term, stock base assets, then return per $1M is 80K per year. So saying the threshold for investment outweighing is 5-10M is problematic. It all depends on what your salary income is. For salary income of $160/yr, then at $2M in assets, the assets, on average, might generate equal income, but this could vary from negative 1X to positive 2X income on a year-to-year basis.
One threshold consideration might be whether to quit your job if unrelated to your assets. I might consider that when investment income is something in the range 2-3X salary income, it might do to renegotiate your job to a low stress level or part time or park your self in a pleasant job so you can pay sufficiently close attention to your investments.
Another factor is your job income trajectory, is this lower or higher than your investment value growth?
If your investment is in properties , then it might do to quit an unrelated job so you can manage your properties closely, if appropriate
no hard rules, just have a good/valid reason for your strategy
I would need to factor in out going expenses.If I had 80k coming in on earnings, I would have a paid for house etc and just be paying monthly expenses and doing what with the rest? I guess giving would come into play and using the other money set aside for travel or whatever else.
The only problem I have with the baby steps is mathematically our number one need (shelter) is the most expensive thing and cannot be put off. If you're like me there is no such thing as a mortgage that is less than 25% of your monthly income unless it's a fixer upper. Rent is just as expensive so the only other option is rent an apartment and split the rent between two roommates.
Get a 30 year fixed thats less than 3% and let inflation whittle away at it. Dave's babysteps will cost you hundreds of thousands in compound interest.
I’m not big on compound interest anymore. My bank will pay me 0.04% interested on a 7 year CD worth $175,000. So WITH COMPOUND INTEREST I would have an extra $490.59 at the end of that 7 years.
Uhhh what? Invest in an index fund.
@@bradturner7678 but that isn’t compounding interest. It just goes up and down like a stock unless there are some dividends
Stay out of banks unless you buy bank stocks..They are lenders not investors. .
@1:18, $10M? That's a bit much. Given Ramsey's 12% return and average income of around $55K, your wealth becomes your greatest wealth building tool long before one gets to $10M.
Your income isn't the greatest wealth building tool. Compound interest is the greatest wealth building tool. Don't give up years that you can never get back paying off low interest debt.
@@aaront936 you can build wealth faster on a $1M salary than a $100k salary.
Just about at low Everyday Millionaire status. I drive an 8 year old Mitsubishi Mirage.
1999 Camry here!😊
“Actually investing”
My 6 years old said he want to be a trillionaire and already coming up with details “business plan” on how to surpass Jeff Bezos. 🤯 blow my mind cuz I’m not money driven AT ALL. I think it’s either you have it in your dna or you don’t….for those who don’t like me, we need to listen to Dave just to get a grip on how to being financially responsible adult 😳
FYI - no debt is good, but it doesn't equate to no payments. You still have to pay for housing, transportation, and consumer goods. Without debt, you'll save the interest which could be 10% - 25% of your total expenses. Eliminating debt will program you to live "smaller".
A Life Plan
There is your next bumper sticker. "officially weird".
Let time of investing work ,do not get your hand in the cookie jar selling stocks early etc....
What is the phone number to call in?
The baby steps plan assumes that you will have a career for 20-30 years, if I understood it right. These days, do we have a career that spans 30 years? I am in the IT sector and I don’t see people with more than 20 years of work experience. They either quit or get fired.
Last thing I ever want to use my money for is buying anything at all for other men's discarded girlfriends.
50 cent needs to call Dave Ramsay. Net worth: -32,5 million dollars!
He hasn't got 2 quarters to rub together..
Should I pay off the primary home or use the money to invest in more rental properties?
Some people only love to have their ears tickled but do nothing about it despite the answers staring them right in the face.
He didnt answer the question though. Dollar cost average or lump
Sum into the investment:
Dollar cost averaging is the safer route.
Call dollar cost averaging may be a safer route for Peace of mind numbers have shown that lump sum investing has consistently produced better returns but if you can't handle the mental stress of watching it possibly go down in the short term then by all means dollar cost average both are great options but lump sum investing purely from a number standpoint is going to be better every time
Dave’s advice is good but math is wrong. Most will make much more in their investment growth before a $10M mark.
I’m renting, where does saving up for a house come into?
So skip that step if you don't have a mortgage. Renting is better for me because I like the idea of packing up and moving when am tired of a certain area or city; also it save me the hassle of fixing stuff in the home when something goes wrong it not my problem but the home owner. For me am going to be renting for the rest of my life so I only headache I would have is to save for my retirement and emergency fund and off course my Apt rent.
I have to disagree with the most powerful wealth building tool idea, but only where the line is crossed. The average American does not need$5- $10 million to cross the line as a wealth building tool. The average American family earns a little over $56K per year. At the magic average 10% annual compounding rate, the person only needs a little over $600,000 before the income from the investments outpaces the total job income. If you earn about $100K then it would be a little over $1 million in invested assets. For my portfolio, I only out earned the portfolio growth in 2008 and 2018 which were not great years for S&P 500 funds. And that goes all the way back to 2003 when I had less than $1 mil in invested assets.
I would agree, 5-10 seems like a lot. There's definetly a difference in liquid assets vs retirement funds. That income from the 600K in retirement will not be enough long term to keep up with inflation and will negate all compounding interest.
Now, personally I think if you have 600k in retirement and 400k in liquid assets it's more than enough to not have to sell off too much in case of a market downturn and keep up with your lifestyle
@@martinsb1221 Yea, I would put that number closer to 2 years of cash on hand for your budget. Most recessions last about 19 months, so 2 years should be fine. That is assuming that you are and average American and not living in NYC, Los Angeles, San Francisco, or any other major US city that has a high cost of living. For that 2 years, I would need 100K and the other 900k should be invested.
Dollar cost average and make it automatic with Vanguard. On the first of every month invest at least 10% of your monthly income in technology index funds.
But what about her question? Was the money invested in the bank or the stock market? 🤦♂️
Don’t spend more than you think you can afford. I make $3,400 a month and I don’t spend more than $300 on gold or silver unless I save up for an ounce of gold.
Should you give 10% of your income away before you have a paid for house?
That’s totally personal choice
Yes you always give, had to learn that the hard away. Giving is the most important part of this whole equation.
If everything else is completed except your house being paid then yes
Are you talking giving to church, etc. or into a retirement fund?
Give what you want to but don't waste your money paying low interest mortgage debt that's less than yearly inflation.
KISS method. That’s the most important part of investing. And holding long term.
Stop spamming Casey!
investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good??>>>>
I understand your concerns, my friend. I recommend exploring passive index fund investing and expanding your knowledge in this area. Personally, I experienced both successes and challenges when initially seeking a reliable passive income......,
how do I get in touch with this consultant that assist??>>>>
STEPHANIE KOPP MEEKS, that's whom i work with look her
I love how he didn't actually, directly answer any of the questions.
To the horror of Boomers I'm invested in both stocks and the dreaded CRYPTO.
Can you eat out if you get a gift card to a restaurant as a present?
Sell the gift card and (1) kid….
@@insideoutsideupsidedown2218 Only one?
This is so misleading. Yes, I agree that your income is your most powerful wealth building tool, but all the way up UNTIL I you reach 5 to 10 million dollars, are you kidding me? Half the working people in this country make less than $35k--they would never come close to accumulating that in their lifetime nor would they need to. Those making less than $35k can become FI and retire on less than 1 mil. The sound of that statement would discourage anyone who doesn't know better.
Compound interest is your greatest wealth building tool.
Buying Bitcoin is the ONLy way to invest successful
Just put it all in Doge coin
This guys keep saying bitcoin is not good,
He is so behind the curve i pitty his listeners
bitcoin is 'quick money'
@@befree9579 bitcoin is future money.
and the future is here.
#1 factor- not investing in mutual funds and staying away from his smartvestors.
So according to Dave, if your a single mom? Just hold out and someone will pay for everything you need!!
In my opinion buying physical gold and silver is the most important asset to have in your portfolio no one has regretted owning gold and silver you actually have done very well
I say no more than 5-7 % of your portfolio
@@noveltyrobot majority Bitcoin with some gold and silver Bitcoin is the only asset class with 100% year over year returns on investment for the last decade gold returns have smashed the S&P500 as well since 2000
@@davidyadegarians6963 No way, dude. Bitcoin is soooo 3 months ago. All the cool kids are investing in Shiba Inu coin now. You need to YOLO Shiba Inu, dude.
@@noveltyrobot you know that silver has been the number one best performing asset class since 1999-2020 the barbaric relics have done very well you might want to look at increasing your allocation to silver
Hogans not bad, but the other cohosts just don't have his charisma
I didn't invest anything in 401ks or IRAs. I made a fast fortune. I went into Art dealing with Hunter Biden. We sell $ 500,000 original Hunter Biden Art pieces to anonymous buyers. We have made a fortune by giving buyers access to " The Big Guy".
Unless you want to lose half your money, don't invest.