Dave Ramsey's Life Advice Will Leave You SPEECHLESS (MUST WATCH)

FREENVESTING
9 Jun 202216:40
EducationalLearning
32 Likes 10 Comments

TLDRDave Ramsey shares his rags-to-riches story, building a $4 million real estate portfolio by age 26 before losing it all due to excessive debt. He rebuilds using biblical financial principles: budgeting, eliminating debt, saving, hanging with like-minded people, and generous giving. Ramsey challenges listeners to bless a Waffle House waitress working on Thanksgiving with a $300 tip that will be life-changing for her but fun for the giver, demonstrating the power of generosity unshackled from debt.

Takeaways
  • 😀 Get on a budget and have a financial plan
  • 💸 Get out of debt - debt is biblically foolish
  • 👪 Foster relationships with wise and motivated people
  • 🏦 Save money for the future and be prepared
  • 😇 Become outrageously generous by giving to others
  • 🙏 Money issues are the #1 cause of divorce - work on your marriage
  • 🚘 Don't let possessions like cars and houses 'have' you
  • 🤑 Use money to become more of who you already are inside
  • 📉 Losing everything taught important lessons about money
  • 😊 Giving a large tip to a Waffle House worker on Thanksgiving could bless them
Q & A

  • What was Dave Ramsey's background before he lost everything?

    -Dave Ramsey was a successful real estate investor and had built up a net worth of over $1 million by age 26 through flipping houses. He was making about $250,000 per year at his peak.

  • What caused Dave Ramsey to lose his real estate fortune?

    -His largest bank got sold and the new bank called all his loans at once, even though he wasn't late on any payments. This caused him to lose everything over the next 2.5 years.

  • How did losing everything impact Dave's marriage?

    -It put a huge strain on his marriage and it was hanging on by a thread. His wife said she would have left but didn't have a car.

  • What is Dave's advice for getting on track financially?

    -His main advice is: 1) Get on a budget 2) Get out of debt 3) Foster high quality relationships 4) Save money 5) Be outrageously generous.

  • Why does Dave advise getting out of debt?

    -He sees debt as biblically wrong and says the borrower becomes a slave to the lender. All mentions of debt in the Bible are negative according to him.

  • Why does relationships impact financial success?

    -You become like who you associate with. Hanging out with negative, unmotivated people will cause you to become that way over time as well.

  • What happens when you save money?

    -Saving gives you margin in life. When challenges hit, having savings helps you weather the storm versus having debt and no savings.

  • How can generosity impact your life?

    -Generosity transforms you into a giver instead of a taker focused on yourself. It allows you to make a real difference in other people's lives.

  • What was the $300 Thanksgiving challenge?

    -Dave challenged people to bless their Waffle House waitress with $300 on Thanksgiving. To witness the joy and shock since something good rarely happens to people working there.

  • What causes money fights in marriages?

    -Living beyond your means with debt puts strain on marriages. Trying to maintain a lifestyle it took parents 35 years to reach in just a few years with debt causes stress.

Outlines
00:00
🤵‍♂️ From Rags to Riches and Back Again

The first paragraph covers the author's backstory. He got married at a young age without premarital counseling. He was a reckless salesman who got into real estate, quickly building a fortune worth millions by age 26. He lived a lavish lifestyle with fast cars, trips to Hawaii, and buying his wife jewelry. However, the good times didn't last as bad business decisions caused him to lose everything within 2.5 years. He had to sell possessions just to pay bills. His marriage barely survived. He became emotionally devastated to the point of crying in the shower over fear and uncertainty about the future.

05:01
📉 5 Simple Money Management Principles

The second paragraph introduces the five biblical financial principles the author claims are key to properly handling money if followed consistently: 1) Get on a budget and track expenses 2) Get out of debt 3) Build strong relationships 4) Save money 5) Be outrageously generous. He emphasizes intentional planning and discipline, rather than luck, are required to win with money over the long run.

10:03
😎 Live Like No One Else Now to Live Like No One Else Later

The third paragraph continues expounding on the principles of getting out of debt, saving money, and surrounding oneself with like-minded people in order to foster positive habits. Doing this creates flexibility and transforms one's mindset around money in order to be outrageously generous.

15:05
👼 Spread Joy Through Generosity This Thanksgiving

The fourth paragraph concludes with a call to action around generosity. The author challenges the reader to bless a Waffle House waitress with a large tip this Thanksgiving. Observing her reaction of disbelief transforming into joy will be more rewarding than spending the money on oneself. It illustrates how financial discipline allows one to make a profound difference in other people's lives.

Mindmap
Keywords
💡Budget
A budget is a financial plan that allocates money to different needs and goals. The video emphasizes getting on a budget as the first step to financial stability. It uses the metaphor of planning to build a tower, saying failing to budget means failing to achieve your financial goals.
💡Debt
Debt refers to money owed. The video strongly associates debt with slavery and foolishness, saying the borrower becomes slave to the lender. It states that all biblical mentions of debt are negative, and advocates eliminating debt.
💡Relationships
The video advocates surrounding yourself with positive, like-minded people focused on growth and achievement. It states you become like those you spend time with, so quality relationships elevate your life.
💡Saving
Saving means setting aside money for future use instead of spending it immediately. The video presents saving as necessary preparation for life’s challenges, with the metaphor of storing up food for difficult times.
💡Generosity
Generosity means freely giving your resources to benefit others. The video portrays generosity as an essential trait of personal maturity and financial stability, enabling you to meet others’ needs.
💡Intentionality
Being intentional means deliberately planning and striving towards your goals. A theme is that financial success comes not by accident but by intentionally budgeting, eliminating debt, etc.
💡Wisdom
Wisdom refers to applying experience and discernment when making choices. The video advocates financial principles from biblical wisdom and advocates surrounding yourself with wise friends.
💡Character
Your character refers to your moral qualities and habits. The video presents wise handling of money as a matter of personal character – who you are shapes how you manage money.
💡Transformation
Transformation means profound personal change. The video's message is achieving financial stability requires a renewal of your money habits and mindset.
💡Values
Your values are what you see as most important for life. The video urges rethinking values shaped by culture (debts, lavish spending) and instead valuing financial prudence.
Highlights

I borrowed too much money and we were doing a lot of it on 90 day notes because we were flipping these houses.

Get on a budget. Jesus said don’t build a tower without first counting the costs unless you get half way up and you’re unable to finish.

Get out of debt. The borrower is slave to the lender. 100% of the mentions of debt in scripture are negative.

Foster high quality relationships. You become who you hang around with.

Save money. In the house of the wise are stores of choice food and oil.

Be outrageously generous. God loves a cheerful giver.

Money will make you more of what you already are. If you're unhappy and you get money you will be unbelievably unhappy.

If you aim at nothing you'll hit it every single time. Winning is an intentional act.

Normal's broke.

Your income over a 10-year period will be within 10% of the average of your 10 closest friends’ income.

Comparison will kill you.

Everything changes when you don't have any payments.

If your truck payment's bigger than your house payment you might be a redneck.

This is my wallet: green president's faces.

Pull out three $100 bills and leave them under the saucer when you go to Waffle House on Thanksgiving.

Transcripts

Browse More Related Video

Unforgettable Calls Vol. 1 | Dave Ramsey's Greatest Hits

Over $380,000 In Debt and Only Make $57,000!!

I'm $60,000 In Credit Card Debt, Is This The Best Way To Get Out?

How to Get Rich [Full Interview with Dave Ramsey]

10 Mistakes That Can Derail Your Debt Payoff

How Do I Tackle My $13,000 Credit Card Debt?

Rate This

5.0 / 5 (0 votes)

Thanks for rating: