Are You Ready to Build Wealth in 2022?

[Music] personal finance is 80 behavior it's only 20 head knowledge your most powerful wealth building tool is your income and when you give it to someone else you don't have it anymore it's not about the money it's about margin it's about options and it's about freedom [Music] ladies and gentlemen please welcome to the stage dave ramsey [Applause] thank you guys god bless you thank you you guys are amazing thank you so much so the ballroom this hotel was a little bit tired kind of a little dingy you know what i'm talking about say yes and i'm the third row from the front in the ballroom chairs that are a little bit tired and a little bit dingy four seats in i still remember exactly where i was sitting it's 1983 i'm 23 years old i got my real estate license at 18 years old and i'd been selling real estate and i was ready to be a real estate investor and i was there to learn how to buy investment real estate with nothing down because that's precisely how much i had to put down nothing 1983 queens we are the champion starts play rocky music starts playing the speaker is a little bit late on purpose to draw us in he gets on stage he was perfectly fit unlike your speaker tonight his suit was very expensive unlike your speaker tonight it was custom tailored just like your speaker tonight and he started explaining to us how we could start with nothing and by the end of the week we could own real estate with nothing down and he described four very persuasive techniques on how we might go out that very day and start looking at foreclosures start looking in the mls real estate multiple listing service and finding motivated sellers that would do these special techniques four of which i found out later were illegal to buy a house with nothing down and begin our real estate investing career and if we wanted to come back for the weekend seminar for a mere 3 500 we could learn the other 42 techniques and we would be on our way well i got to tell y'all i've always been good with math i've always had a pretty good intellect i know i've always been really really ambitious and that was all very true in 1983. so much so that i looked at that guy and i thought you know what i don't need his weekend seminar i can figure this out i think i got i think i figured out what he's doing here and i immediately went out and within four weeks bought my first piece of real estate without his seminar nothing down several years later i had four million dollars worth of real estate that i had put nothing into except banks money and it was only owed about 3 million on it and so i was a millionaire at 26 years old i had 250 000 income at 26 years old and the banks called our notes and my income at 27 years old was 6 000. well i spent the entire year trying to sell it all before they foreclosed on it as the house of cards of nothing down get rich real estate came crashing around my ears well dave you just didn't know how to do it the guy robert allen who wrote the book nothing down filed chapter 11 people i mean come on he was the expert get rich quick has been around a long long time the human heart is perpetually looking for an easy button we're always looking for something quick in the 1600s in holland tulips were considered first a sign of prosperity later started to be associated with wealth and then tulip bulbs as a result started to be associated with wealth and started to become an investment people started buying tulip bulbs as an investment because it represented wealth and the tulip bulb craze in holland got completely out of control as everyone rushed to get theirs and get in on the action fomo was officially invented in holland in the 1600s the fear of missing out to the point that by the time it peaked the great tulip bulb mania of the 1600s a single tulip bulb that year sold for 10 times the average household income or today around 750 000 of course you know where this is going eventually people went what we've invested in tulip bulbs and it began to unravel it crashed and people lost their fortunes as they couldn't get out of the tulip bulbs that they had overpaid for in an effort to become rich bankruptcies happened in the 1600s due to tulip bulbs now isn't it funny how to us today that sounds so absurd but to those people it was so serious can you imagine the discussion over the dinner table when one brother-in-law chose to not be involved in the tulip craze and was considered absolutely out of his mind you've had those discussions with your crazy brother-in-law lately haven't you you've decided i'm not going to be investing in that well you must be out of your mind and we'll look back on it later and go looks like a tulip bulb to me when the new world was discovered in air quotes and jamestown has formed the la puritan's land on plymouth rock the 1600s the first 200 years of america's history americans really believed benjamin franklin's poor richard almanac they really believed the puritan work ethic and they really believed in agrarian culture a situation where agriculture was where you built your wealth and it was work and work and work and work to build your prosperity over time incrementally and that was how wealth was built in america thomas jefferson wrote on it it's how wealth was built in america for the first 200 years until 1848. james marshall is working for his boss jim sutter and he's building a windmill on the california river in california and he looked down in the river and he saw something shiny and he had discovered gold we took it to his boss mr sutter and the two of them said we need to keep this a secret because they went back up there and they found more than one piece of gold don't tell anybody because if word gets out this will go sideways well i don't know who talked but one of them did and word got out and the great california gold rush was underway here we go wagons wide open across the plain as as fast as the horses would pull them but looking for all that glitters easy money i want to push the easy button i need to buy a tulip bulb california went from 800 a population of 800 people in 1848 to 1851 just three years later over a hundred thousand people had rushed to find their gold and their easy fortune and the american dream was redefined the 200 years previous to that the american dream was if you work hard you steadily incrementally do the right thing you put corn in the ground you're going to grow corn you steadily incrementally do the right thing you're going to build wealth and you'll prosper with the back off the back of your hard work your diligence your intelligence but now it was up to daring and luck and wealth was now going to be easy easy money get rich quick became the new american dream the gold rush reformed the philosophy of how we in america thought about wealth and where it comes from consequently every few decades every few years since we've seen a steady spin up of get rich go broke get rich go broke and the reason the go broke goes with it is we got rich the wrong way the 1920s the roaring 20s come on the stock market gets completely out of control the robber barons had turned the marketplace loose and it was wide open the great gatsby the flappers all of the things are happening the economy is booming it's churning like never before you've never seen anything like it and then it crashed men lost their fortunes and jumped from the windows in skyscrapers also in that same environment there was a guy named charles ponzi charles ponzi was the inventor of you got it the ponzi scheme one of the greatest cons ever pulled off and a ponzi scheme is really simple you take money from investors and you give it to the investors that gave you money two weeks ago as if they had gotten a return on their investment and it's this spin out the shell game and you keep hiding the p and gathering money until someday somebody discovers there's no p and the thing comes crashing down it's a literal pyramid scheme now known as the ponzi scheme charles ponzi also got into selling swampland in florida he was the first this guy was good he had he was diversified in his efforts of course he ends up getting busted going to jail but he had left his mark on america the ponzi scheme named after him i know his grandmother was proud swampland sales in florida continued the gulf american land corporation opened a subdivision called the golden gate estates it was a hundred and seventy thousand three thousand square miles of swamp land forty thousand people bought land that was under water this is where have you ever heard that somebody go well that's a dumb idea and if you believe that i got some swampland in florida i'll sell you ever heard that this is where it came from this company golden gate estates swampland in florida why would we fall for that in the 20s another group bought it from ponzi they bought by mail and never even went to florida is how good the get-rich-quick con was something for nothing the easy button it glitters it shines this is going to be easy in the 1980s the ponzi scheme was revived again this time it was called the airplane ride the airplane pyramid scheme several people went to jail on that puppy too worked exactly like the ponzi scheme only apparently this generation had never heard of charles ponzi and they all fell for it again and then of course we get the internet oh thank you jesus i'm so thankful we have the internet this is a whole new way to get to people and anything that's on the internet in late 1990s 1998 1999 if you open up a company and the last part of the company was dot com you were about to be rich weren't you it was automatic money and these companies that had never made any revenue went public collected millions tens of millions of dollars in stock issuing stock on a company legally right in front of the securities exchange commission's nose and had absolutely never made a freaking dime and the investors knew it and still bought it because dot com meant money so compact went away and people lost money palm pilot went away and people lost money alta vista which is the precursor to yahoo which is the precursor to google which is the precursor to duck duck right i mean it went away it disappeared a lot of you in this room don't even know what alta vista was it was the original search engine poof there wasn't a lot to search in those days but we're going to get rich easy what do you mean you're not going to jump in on the issuing of the stock oh the company's never made any money why would i want to buy stock in a company that's not made money scott.com in the name oh i'm in easy button go rush quick and easy get rich quick is not a new thing the spanish philosopher famously said those who don't know history are doomed to repeat it there is nothing new under the sun the bible says these things have been around forever i've been doing our radio show now for almost 30 years i've seen waves of get rich quick come through at different times there's something happens in the culture that makes us susceptible at different times in the in the rhythms of life to get rich quick and get rich quick is on fire in the last 18 months we are seeing it like i don't remember seeing it ever in the 30 years nothing down real estate it's back with a rage i've got young people watching 19 year olds on youtube going dave man real estate man real estate like it's new reminds me of that kid sitting in that ballroom when i take a call from some of these guys really smart i had good strong intellect i had a lot of ambition but i was greedy and if you want something for nothing let me help you it means you're greedy and you're about to get it you're about to get it something has happened with the pandemic and the resulting inflation that has shaking people up and is making them ripe for the picking for get rich quick because get rich quick is booming there's a bit of an existential crisis is my hypothesis apparently we've got an entire population that suddenly realize they're going to die they didn't know this before the pandemic but now we've realized we're going to die and so we need to get ours and get it quickly because this ain't gonna be long this life is just a flicker you better jump on it baby you better get it and you better quit it quick and then you see inflation and this is a generation that doesn't know jimmy carter they don't know about real inflation and real inflation is different than what we've got right now but but they don't know about inflation they're going oh god stuff's going up in cost if i don't make a lot of money quickly i'll not be able to keep up with inflation have you heard that say yes see that's an existential crisis that sets you up to fall for a get rich quick scheme or an actual con and sometimes the lines between the two are a bit blurred a lot of stuff happening out there right now robin hood app has gone bananas the whole game stop marching by that happened just a few months ago people just went and it was like there was this you could just hear it man it's like a beagle chasing a rabbit all through a reddit thread just and if you dare question the intelligence or the wisdom of this you will be put outside like the brother-in-law who dared question the tulip bulb and you're not allowed oh you're just a boomer you don't understand oh baby i understand more than anybody in the room that's the beauty of being old you've seen a lot of stupid and sometimes you've been a lot of stupid and you really got a good up close look at what stupid is and so you can kind of recognize it when you see it coming cryptocurrencies gone bananas it may someday turn out to be a thing and it it might actually pave out but the heartbeat and the spirit by which people are chasing it is the same shrill tone you can feel it there's this rush quick easy money you can still feel it and when i smell that i can always tell somebody's getting ready to get hurt now i'm not saying cryptocurrency is going to go away i'm not saying it's horrible i am saying it's not a proven track record of building wealth and people have got this crazed almost cult-like discussion of it i get more hate mail over cryptocurrency what i mean i've done some stuff you should really hate me for but that i mean come on of course gold is back too which i don't understand at all but gold is back yeah and of course nfts oh yeah that's a good one let's buy a digital copy of something and call that value we'll see how that works out i remember several years ago i was traveling a lot and my wife made sure every time i went through an airport that i got a beanie baby the latest release we have a full collection of beanie babies we were heavily invested in beanie babies yeah and if you got the like the michael jordan one it was like wow that's a thousand dollar stuffed animal i found it the other day one of the grandkids had let the dog play with it and a generation later didn't work out did it boys we just moved and we were going through the moving process and i opened up my son's stuff from his 10 year old years 20 something years ago and we found his old pokemon cards and they were very systematically laid out in this little book he was a bit of a nerd look at that i love it and so we let one of the grandkids start playing with his pokemon cards because if you didn't know pokemon's back god help us and then one of the aunts or uncles or something actually pulled those cards out and looked one of them up and they went that one's going for three thousand dollars we shouldn't let the kids play with it okay because these things are the vintage pokemon cards have turned into a thing there's nothing new under the sun y'all at any given moment in time somebody's looking for an easy way to invest an easy way to get rich if you search building wealth on the internet you'll find one of two things you'll find these get rich quick things under the heading of building wealth or you'll find and that that usually has an intellectual component to it and you can see it with your mind and it also pulls you in on fear fomo or greed it's going to be easy and if you feel your heart rate change your eyes start to dilate and you get a little fomo going that means stay away that's your warning you're getting ready to make a mistake because you're falling in the noose of fear or greed something's happening you're feeling it physiologically in your body your heart rate's changing a little sweat in your palms your eyes are starting to dilate a little sweat on the upper lip it's like oh i got i got i got here hey guys okay this is what's causing people to pay hundreds of thousands of dollars more than a house is listed for while 83 people make an offer on it and i just want to stand back and go this is entertaining and we didn't even have an auctioneer you got to watch yourself and think about what is true what's real how do you really keep from getting snookered even by someone who's well intentioned but just wrong how do you keep from getting pulled into get rich quick and instead find the real ways to build wealth and to implement them a friend of mine's mom fell for it the other day she's a sweet lady 74 years old and she was looking for a a mini golden doodle and if you didn't know like everything else there's a shortage on golden doodles which means you have to rush to get one when you find one get in line know somebody fomo you feel it again here we go it's like the golden doodle tulip bulb so the poor lady gets on god help us facebook marketplace and finds a golden doodle that no one else has found who knew the people out of convenience for her agreed to meet her with the golden doodle puppy at the walmart parking lot she gives them several 100 dollar bills for the golden doodle puppy imagine her surprise after she fed it for six months and realized it was a great pyrenees in the country we call that buying a pig and a poke if you've never heard that one that's what that means you didn't get exactly what you signed up for and that's what happens in so many of these things i sign up for an easy way to build wealth an easy way to get rich that no one else knows about and i meet them in the walmart parking lot and then later i find out it really wasn't what i thought it was things didn't turn out as advertised there was a con man that ran a ponzi scheme in florida in the 60s he ended up in jail and wrote his book from jail called con man or saint john frasca and john said he's a true con man i mean he's in jail for being a con man now he thinks he's a saint that's why he wrote con manor saint but he's confused he's in jail so let's just keep this in mind all right and john's comment after conning thousands and thousands of people out of millions and millions of dollars in a ponzi scheme said you can con someone of any level of education or any level of intellect if you can activate fear or greed anyone can fall for it three rows back four seats in anyone can fall for a great pyrenees switcheroo if you've got bad information and the thing driving it in your heart is not maturity not wisdom but it's just unbridled ambition with a lot of intellect you're gonna get your head taken off true wealth building a good investment plan is always slow and steady oftentimes it's boring as a matter of fact i've worked with thousands and thousands of millionaires over decade after decade after decade more than anyone else you know or anyone else you're listening to in america right now i've not only studied them i've walked among them and it is disgustingly simple the things that they do it's so boring that you think it must be wrong they don't the really wealthy people even the people with 20 and 30 and 40 million dollars they don't have like double backflip family partnership limited thingies i always ask them what's the secret of the rich he goes i only invest in things i know about wow i only invest in real estate because i love real estate i only invest in mutual funds because i've had a really good long track record with that but i'm steady and i never let up okay well so we find that most millionaires are 401ks paid for houses sometimes big farms and the occasional small business entrepreneur those are the four categories that makes the most millionaires anywhere and you didn't hear gamestop margins on robin hood you didn't hear that in there because it's not in there now you might make a million dollars doing that but i doubt 10 years later you'll have any of it because of the way you got there will be also the way you lose it this is how this stuff works so we discovered that there's a whole bunch of people now with over 7 000 fam 7 million families going through financial peace university and about 10 million people going through financial peace university in that process that these people have followed these baby steps that we teach and they have predictably with a system a proven process incrementally gently over time with some hard work and sacrifice no easy about it but boring become millionaires none of them will tell you it was easy but none of them will tell you they were geniuses in their finances that they had some insight that no one else in the whole world had oh bull the baby steps are simple you know them first baby step one we save a thousand dollars a little starter emergency fund you do that really quick about a month baby step two you pay off all your debt except your house quickly using the debt snowball when you're out of debt you take all the money that you used to spend on that which is twelve to fifteen hundred dollars a month for the average family right now in non-mortgage payments you use that to build your emergency fund of three to six months of expenses in baby step three and then we're ready to start the wealth building now everyone knows the ramsey organization and dave ramsey for the baby steps one through three for sure baby step two for sure the debt snowball for sure it's no debt dave right but here's what happens we weren't getting you out of debt just to get you out of doubt we were getting you out of that so that you can invest and become wealthy and change your family tree so that you could be outrageously generous you're living like no one else so that later you could live and give like no one else there's a method to the madness and baby step four is 15 of your income going into retirement now let's look at that and here's how the actual math works out the average household income in america today according to the census bureau is slightly over 65 thousand dollars if you save 50 percent of 65 000 that'd be 9 750 about 800 bucks a month going into your 401k let's take joe and susie and say they're 31 and it takes them three or four years to get through the first three baby steps and at 35 years old they start investing 15 of their average household income that's 800 bucks a month going into their 401k and let's pretend that they don't have a match which is an unrealistic thing that we're pretending because 82 percent of the companies that have a 401k in america today have a match but we're going to pretend they managed to find one of the 18 that didn't okay and so they worked for this company and they put 15 of their thousand nine thousand seven hundred fifty dollars a year eight hundred dollars a month in there from age 35 to age 65 30 working years with no match and they never get a raise now let me help you with this if you started average and you work 30 years without a race you're a loser okay let's just keep that in mind this is the assumptions we're running the math on okay no match and loser okay never get a raise in 30 freaking years what who are you oh yeah okay so but this is this a conservative assumptions would you agree say yes okay so at 10 this money will turn into 1.8 million dollars no match and no race 15 of the average household income going in at 11 it'd be 2.2 million dollars at 12 it'd be 2.8 million dollars my personal mutual funds with my smart investor pro have averaged over 12 percent through the last bazillion years that i've been doing it which is greater than the stock market is average and i know some of you can't fathom that but i do it all the time so shut up it's really not rocket science but even if you didn't do that let's just say it's ten percent and let's just say no match and let's just say no race 1.8 million dollars let's just say i'm half wrong you're still a millionaire the math proves it not only can be done but it should be done how do you get out of the sixth grade in the united states of america and someone hasn't shown you this this is ridiculous america is the land of opportunity and guess what math is not racist math is not math is not sexist math doesn't care if your parents are cray-cray math is just math math doesn't care if your boss is a math works guess what there's all kinds of stuff out there that's bad in america that you have to overcome to become wealthy it's not easy out there but math works now keep in mind what will likely happen is it won't be 30 years because they will get raises and it won't be 30 years because as those raises come up they keep putting more and more and more money in and they're watching their portfolio you don't have to be a genius you just actually have to invest instead of discussing it that's all i did everybody gets paralysis of the analysis with these nuanced little stupid mathematical questions that keeps them from actually joining the game instead they discuss it why don't you get in the game and then we'll discuss it so your income's going to go up during that time they're probably going to pay off their house which we didn't even have a paid off house in those figures you noticed that and so what we end up finding is the typical millionaire as ramsey solutions we did our study of millionaires the largest study of millionaires ever done airtight research 10 000 millionaires studied in north america when we did that study we found the typical millionaire is hitting between 12 and 17 years from the time they start their version of baby step four or if they're actually doing our stuff baby step four by god right and so that's what they're doing because they're getting raises they're getting their house paid off and they're just there and and they're going on vacation and they're buying a couch and they're upgrading their car all with cash they don't go back in debt no debt no debt no debt and they take what was all that debt money and they're throwing it in the 401k it's a pretty simple basic formula and it works all the time it works all the time let's take it a little step further let's say that joe and susie are able to do this in 15 years and they get their first million dollars at age 50 remember they started at 35 and they quit investing and they leave that one million dollars in mutual funds at market rates of return now let me teach you a little math trick that's out there there's a thing called the rule of 72 so if you divide an interest rate into the number 72 it tells you how many years it takes for a lump sum to double so if my interest rate was 7.2 percent then the lump sum would double in 10 years divided into 72. y'all see how that works so yes okay now if so if the interest rate or the rate of return on the investments is 10 your money's going to double about every seven years if you do a little better it's going to double quicker but let's just use seven years they got a million dollars at age 35 and they don't add anything to it seven years or at age 50 i'm sorry at age 50. seven years later at age 57 they got two million dollars seven years later at 64. it's four million dollars seven years later at 71 it's 8 million dollars they did all of that in 15 years of investing and an average income with no match and no raises and it doesn't count their paid off house this is a mathematical set of proof showing you that we should all be doing this we should all be achieving these heights so how do we do this because i don't want people to have to struggle i want you to find the easiest way i'm not against an easy button i just need to find one that works and that's why i'm not a proponent of these other things because they i cannot find that as a high percentage of the time that when you invest in gamestop margins with robin hood that i meet you 20 years later and you're a multi-millionaire as a matter of fact i find precisely zero that are millionaires i cannot find that people who buy lottery tickets and call that their investment end up millionaires if it worked i would tell you to do it i can't find any data that says it i'm not against you winning however you can do it the easiest way and the fastest way i want you to get there i want it to be fast i want it to be as easy as possible why work harder than you need to but i also don't want to fall for something based on my need for easy that causes me to not have a high probability of success at the end and so here's what we know we know that when you work the baby steps exactly as we have laid them out that 100 percent of the time eventually even with tragedy in your life you're going to reach a million dollars now that means that you're not going back into debt no matter what happens that means that you're working on a budget that means you're doing the stuff we teach and which is hard during tragedy it's hard during layoffs it's hard during pandemics it's hard during uncertain times i'm not saying this is easy but when you follow that over time somewhere between 12 and 25 years you're gonna hit a serious net worth figure that's going to happen all the time so what's the fastest easiest way i know to be a millionaire million to five million not a billionaire won't work for getting a billion you have to do something else to do a billion if you want to be a billion we're in the wrong room this stuff you're not going to be a billion with your 401k okay just let's settle that all right can't get there it's impossible mathematically a billion is a thousand million gonna take a little longer or a different angle right but your first level of wealth on your way to whatever one to five million dollar net worth the easiest fastest shortest way is these baby steps and following them exactly which involves fifteen percent going into your 401k your kids college and getting your house paid off the of the ten thousand millionaires that we studied almost all of them the the the case study icon that developed the persona of the people now there were exceptions and different kinds of all kinds but most of them followed this about two-thirds of their wealth was in their 401k retirement plans roth iras and about a third was in their paid off house so they found a million and a half dollar net worth with a half million dollar house and a million dollars in their retirement and we found that thousands and thousands and thousands of times the number of times we met a millionaire in the study the largest study of millionaires ever done in north america that made their money getting airline miles on their credit card precisely zero didn't happen didn't happen so the fastest right way is following those baby steps and so i need uh something that keeps me doing that in my case i i and financial peace university puts you on the track and shows you how to do it and walks you through it and keeps you on the track people that have even been through financial peace university while they're working their baby steps four five six they're often coordinators just so they keep their nose stuck in it so that they can just not get away from the rhythm of the system and they stick with it of the people in financial peace university that have had the highest probability of not only getting out of debt but of building wealth head and shoulders data above any other data point is their own a budget the way we teach a zero-based budget and most of them these days are using the every dollar app over and over and over and over and over again every month every week they're checking and it's their guideline it's like it's this north star how are we guiding the ship we want to get there we're walking these steps this shows us how to get there and it shows us how to stay on track and for those of us that are married it helps us communicate with our spouse and do this stuff and you need a coach in your corner all three of these things are now in a thing we call ramsey plus and you get a subscription to that and you can watch the videos be in the class at a church or go through them online you get a coach in person online you can get the every dollar app and it's an app that's it that's the only place you can get it and you're getting it all through there and so if you want to do a free trial for ramsey plus tonight we want to help you with that i want to give you the first 1000 of you that go to ramseysolutions.com wealth right now and take a free trial to ramsey plus i'm going to give you a free copy of the brand new book baby steps millionaire but by this time next week will be a number one bestseller so i could be wrong but i've sold a few books and i don't think i'm wrong so guys i'm i'm really all the bitcoin guys are really mad at dave because he's a boomer and doesn't he doesn't keep up with technology and he's not in touch with how things really work and and there's a lot of horrible things being written and said about me out there i'm really not mad at bitcoin or even the bitcoin guys they're a bit cultish right now to say the least but um but i just all i care about is find something that works and that is proven and once you prove to me not for 20 minutes but once you prove to me over decades that you've created thousands and thousands of regular people and help them create wealth and become millionaires then i'll sign up but until then i just think you're a cute child a little bit impudent you're a punk you can try it if you want to try it you can throw some money in there you can go to vegas and throw some money on the roulette wheel if you want i'm gonna be mad at you for that i have family members rachel that does that kind of stuff and so she might have been known to lose some money at the crafts table it's just a rumor but she thinks that's entertaining i don't think it's entertaining but it's okay if she wants to she can afford the little bit of money that you can do that if you want to play with something small it's okay do that but i want you guys to win in the book baby steps millionaires we outline and we cover several real baby-step millionaires people that have really really done it and several of the people that are actually featured in the book made it with us tonight and are sitting right down here you guys wave everybody one of the folks sitting down here is my friend webster webster would you stand up and wave so webster and i've known each other a long long time he goes back a long way with ramsey and he's been following this stuff and stumbling his way through it and at 64 years old he has a pretty serious net worth and has done a great great job and you know we his story is just so interesting he's a high school graduate has a learning disability went and got 180 different certifications in technology went from making 400 a week to 180 000 a year over the years overcame overcame overcame and overcame started with nothing and followed the stuff we taught not perfectly because no one can even the guy that wrote it can't but his story is absolutely riveting so brother we love you thank you for being with us so he actually came on the show when we were doing one of the millionaire theme hours on the show and told his story so i want you guys to watch your story right briefly give webster a look it's an everyday millionaire theme hour this is the ramsay show we're talking to real millionaires webster's with us in the lobby on the debt free stage to do is to tell us about being an everyday millionaire so what's your net worth webster 1.4 million good for you and give me a little breakdown on that retirement real estate so forth uh 250 000 is the house uh 1 million in retirement and then 200 000 in cash and a taxable investment account good for you well done how old are you 64. what was your what's your range of income in your working life your best year working your worst year working well worst year was when i first started in it in uh 1977 making a whopping 400 a month okay 4 800 a year yeah yeah all right up to a high of 180 180. good for you way to go and uh what was your gpa in college uh i have no degree no degree zero degree so high school education yes okay good for you i listened to you i've been listening to you since um november 1999 and so over the years listen to you listen to others especially when entre leadership started yeah invest in yourself yeah invest in your skills invest in your knowledge so when we started our so our we just had our 20-year dave ramsey anniversary on march 25th wow so when we started i was making 36 000 a year okay and then over the four and a half years that we paid off 197 thousand dollars uh our average income was 48 000. my advice to my 25 year old self would have been to have listened to a very wise woman that i knew at the time mrs campbell she was day before day was dave and her advice was always pay cash never have debt always save and always invest for your future and always give yes yeah and i wish my pig-headed stubborn obnoxious arrogant 20-something self would have listened to her yeah yeah this would be four million [Laughter] but you did okay webster you still got a million four i'm so proud of you congratulations sir you're living the american dream thank you for taking time [Applause] well i brought the gang out with me rachel cruz rachel cruz a three-time best-selling author the latest one was new york times know yourself know your money and george camel newly minted ramsey personality and uh big time on the show these days a big favorite among our youtube audience in particular and uh so i brought them out to have a little discussion and talk about this stuff that we were just talking about yeah it was great well good job dave i just got to say it wasn't dave great you did good we'll give you a man you think i got a future he's got a ticket i don't know i was like this guy could sell me a beanie baby right now i buy it i wanted those two you still got those pokemon cards because they i heard they're worth a lot right now i i think they were a prop they may be gone i don't know we talked about sage about grabbing them off the prop table and selling them and going on vacation because i think they are worth something else well you could use them at the craps table yeah i know that's right that's right well i always think this discussion is always interesting when it comes to building wealth because as you just talked about at the at this at the beginning of this event there's so many ways there's so many angles everyone has their opinion and looking to see okay what are the things no matter what that you have to be doing so no matter what baby step you're on whether you're starting for the first time tonight maybe or maybe you've been doing this for for 30 years but for me the thing i always go back to one of the foundational principles that is key just to remind you all again is the budget so when we look at being intentional with our money it takes intentionality to build wealth and it takes intentionality just day to day with your money and i've had so many conversations with friends and even family and looking at the subject of budgeting because it is i keep going back to it in these conversations telling people and encouraging people this is the thing you have to do no matter where you are no matter where you are you have to be intentional with your money and so it's always hard for me though because i am a natural spender love spending money i think it's awesome people that are natural savers i don't really get it you're one of those i'm like oh my gosh like just have some fun george is a serious nerd yeah george and that's coming from dave ramsey so oh it's just a big just saying a big statement but it's true i mean it really does give you freedom so for those of you that feel like this is going to be restrictive i don't want this telling me what to do it really does give you that permission you feel good about spending because it was in the budget you had a plan you paid attention to your money that's exactly exactly right and that's what i experienced so just the encouragement there for you all either watching this or here tonight that this is something that it has to be part of your financial plan you have to be intentional and tell your money where to go every dollar it's my favorite budgeting app i love it so much literally last night i was laying in bed and i got an email about a sale shocking i know unsubscribe i know i should have but i didn't and i did it i clicked on every dollar right there on my phone i was like okay how much do we have budgeted for the rest of this month i was like okay and i was able to buy some clothes and it felt great because i was like i know exactly the money i have to spend it gives you a boundary it gives you it gives you a guidance but it allows you to live life to know that i can do these things have fun with my money still but i'm doing it in a wise way that's not going to harm my future so the budget is one thing that i'm like everyone you have to have it you have to have it and every dollar plus i love it's inside ramsey plus um but every dollar it's it's the thing that is safe the budget is it follows really an overarching i mean it's a tactical thing to do yeah but philosophically it follows a basic success principle that no one ever that you meet that wins big does so accidentally it's a series of intentional acts i mean we saw georgia alabama the other night wow what a football game man that's pretty good that was a football game that was amazing i mean i actually and i didn't think it was going to be it looked like it was just going to be 9-6 or something but um but you know they didn't come up at the end to you know to kirby smart or to the quarterback or the guy who won mvp and they go you know how did you do this how did you win the national championship and he goes oh no i just got off the bus no they had a game plan yes and they had worked all season as a matter of fact they'd worked their whole life to be able to do that skill level to play at that level to win the national championship that particular night it was a whole series over decades for those young men of intentional acts to be at the top of the top of the top you don't accidentally win and so budgeting is just it's a it's a manifestation of that success principle of intentionality and what's interesting to me though even with it again harping only did no matter where you are no matter where you are so even people on baby step seven you still have to be intentional with exactly what you're doing you have to have your goals you have to know what's going on those of you starting on baby step one you have to know what's going on so that budget i love it it gives me the control the freedom to kind of live life and i'll tell you like winston and i we've we have three little ones at home and it is like we are in the grind right i mean it's just like school drop off you're making lunches you're going to work i mean bath time you're just doing it all and the one thing that is steady when it comes to a subject that can be really volatile is that the budget is like our it's our safety net where i'm like okay we can go back to this we agree on it we see it we know it so it is it's a it's a big answer it answers one of life's most important questions rachel order pizza don't worry everyone that's happening tomorrow night well you know as we talk about building wealth it's fascinating as we take calls on the ramsay show a lot of people call in they say dave george you know uh so i'm out of debt except for my student loans and my car payment and we're just sitting there just running here like oh gosh how and so i just want to make this very clear what debt is some people don't know it's owing anything to anyone for any reason it's as simple as that and until you get control of that it's really hard to build wealth while you have your car payment and your student loan and your credit card payment and you're trying to invest up to the employer match and you're wondering why you're not getting rich why you're not building wealth and so i want to talk about debt because it's one of the best ways to give yourself a raise and get that margin in your life so that you can invest and uh you know we talk about the debt snowball as one of the best ways and people love to argue this with with dave on the show well dave mathematically the avalanche method there's no millionaires getting made from the avalanche method where are they i'd love to meet them the debt snowball works every time you work it you list your debts from smallest to largest and ignore the interest rate i know that blows in people's minds but it's incredible what happens when you focus on progress and you attack the smallest one with a vengeance and you're willing to sell stuff and get a side job and cut some expenses and subscriptions temporarily so that you can get out of debt and once you do the traction you have to be able to see progress the human psyche requires progress we get bored if we don't see progress we won't stay with it if we don't see progress we were gamified long before there was nintendo or atari right yeah i mean we our hard wiring is that we need to see something moving for our efforts or we won't stay engaged and that's the beauty that's why the debt snowball has been so successful over all these decades yeah and we had a debt-free scream yesterday on the air aaron from missouri is she in here i did one too that's right that's true that is true okay george well speaking of getting out of debt uh we got out of debt uh we had gotten out of debt a long time ago consumer debt and yesterday me and my wife who also works at ramsey solutions we really drank the kool-aid dave uh we we did our debt-free screen because we paid off our house thank you and how old are you uh so i'm 32 years old my wife is 31 we paid off 165 000 in 26 months we just went intense so good so that's the and it was amazing seeing other team members go i want to go home and talk to my spouse how do we get rid of this house faster how do we build welfare george can do it i mean that's exactly what it is if that's what it takes i'm happy about it but it is true dave you know i started here nine years ago as an intern and a temp and i i had 40 percent a lowly intern on the totem pole there and i came in with 40 000 in debt i had student loans and credit cards and i just thought this is normal i was trying to get the rewards i was oh they got five percent cash back on gas this month this is how i'm going to get wealthy it didn't work out and so i got on board with our plan i went through financial peace university and i paid off that forty thousand dollars in two years and i never looked back and it's been absolutely incredible but this other debt freedom whitney would marry you and then my wife said yeah i'll marry you no no that's not what happened but she's always been a lot smarter we met she was already debt-free we started off our marriage debt-free we were already on the same page and it was incredible what happens when you get on the same page with your spouse and you guys have your eye on a prize yeah yeah it's incredible but we had a difference you guys will be a babysitter millionaire soon with the paid off house and your 401k in our early 30s 30s in your early 30s yeah so we're really excited about that but um aaron from missouri came by did her debt-free scream 40 000 paid off in 24 months and it was fascinating what she was saying as she was on this journey she got connected with financial peace university she was in ramsey plus and she said i hired a financial coach because i wanted someone who could speak specifically to my situation and help me make better decisions and that's one of those things you kind of forget that oh i can bring someone along this journey who can walk with me who can help me and in ramsay plus we have live group q a coaching for free multiple times a week you can connect one-on-one with a coach in your area and that's one of the biggest game changers if you feel like you need that push more traction get plugged into that stuff something she's single mom had her 15 year old daughter standing there with her to do the debt-free scream it was sweet yeah it was inspiring very sweet so i feel like these are some of the foundational kind of building blocks as you move to build wealth but today and you touched on some of them earlier but i'm like there's just so many terms and things happening right now that are in the news social media friends are talking about you talk about over the holidays with family i mean it's just it's constant it's everywhere and it's like one of those big things is inflation yeah and so it's a it's a term that we're hearing constantly obviously it's an issue you you joked earlier that that george and i us young ones we didn't know jimmy carter we were not alive in the 70s and the early 80s uh well i mean i was i was 22 years old in 1982. so we'll talk okay you can go back there for sure and inflation inflation was okay basic like econ 101. well but the bottom line is that i experienced that real inflation and inflation in the 70s was running double digits it was running 10 12 which for the record we're at like seven percent right now well that was the latest report that came out three days ago yeah and so and so that inflation was caused by inflation is simply increasing prices it's simply what it's inflation like you're blowing up a balloon it's inflated that's all it means increasing prices increasing prices so then you've got to get under it and say what is the cause of the inflation the inflation in those days was caused by monetary policy the fed shrinking and growing this money supply and they were monkeying with the economy doing that and they couldn't get it straight and it ended up you know bringing ronald reagan in following jimmy carter it was one of the things that changed the regime so to speak in the politics today's inflation that we're experiencing is a different reason for the inflation we had a an earthquake at sea when you have an earthquake at sea it stirs up the sea and following that a few hours or even days later a tsunami rises up and hits this inflation is the tsunami as a result of the pandemic quarantine shutting down the economy and shutting down the production of goods and services created a shortage of almost every kind of good or service world wide there's a shortage of lumber for houses there was a shortage of glass you can name it there's a shortage of anything you want to name and when there's a shortage of something and there's six people wanting to buy it and there used to be six things that price stayed pretty stable but when now we have six people wanting to buy it oh better than that they came out of their cave after the nuclear winter of the quarantine really hungry to buy something because they hadn't been able to buy anything for a while and so the consumer has gone bananas on their purchasing and so we used to have six people trying to buy six things now we've got a shortage we've got one thing and we've got 12 people trying to buy it well guess what that does they fight over it and drive the price up it's a supply demand curve from the seventh grade economics class okay and so this drive the disruption of the production and the supply chain bringing the stuff in so there's stuff's not there and when there's a shortage 100 of the time too many people chasing two food goods and services you're going to see an increase in price and so that that's the tsunami that is here and add to that the biden administration has got a war going against gasoline and against the oil industry and so basically the cost of gas at the pump due to their policies has doubled that's not a shortage that's a created shortage with their policies so you've got a political thing going and you've got the quarantine thing going they're driving these two sets of prices up and this is where this inflation is coming from that's the bad news the good news is after the tsunami hits it goes back out to sea it's not a steady inflation so you're not going to have this type of inflation this cause of inflation last 10 years it mathematically can't last 10 years because the factories catch up on production and now again you've and the people slow down on their purchases because the prices have gone up and so now you've got six people chasing six goods again and the prices stabilize they may come back down but they at least won't go straight through the roof they may even out where they are you may not see a reduction in prices but you know five years from today this cause of inflation will be gone now you could bring back the other causes but it's not we've never seen it positive it might be 36 months it might be 24 months yeah but well but you know we're already seeing for instance lumber coming down lumber prices are coming down the reason is factories have caught up the purchase prices have gone high enough on new housing as a result that it's slowing down that portion of the economy a little bit and your goods your number of people chasing the number of goods and slowing down you're going to see it even out which is great but i think the reality day to day i mean to scare people well it scares people and today i went literally to the gas station before i got here filled up my car it was on empty and i was like oh my god it's expensive i mean it's just a lot it's a lot more so the margin twice as much as it was yeah so the margin in your budget the margin that we're feeling of what we used to have we're just you're just spending more my grocery budget is insane like what we spent what i spent at costco on sunday it was stupid and i was like we didn't buy that much but like it's it's crazy the prices right now and so i think for a lot of people let's be clear when costco's fault they're just they're passing on the prices they got it yeah oh yeah they're not blaming costs i'm just saying like when you're buying groceries if i would piss somebody off and do it on purpose okay that's right that's right that's all right don't mess with kirkland's signature okay rachel i love costco okay no but the but i think that's why it's even that more important you guys to be intentional with your money because that margin is a real thing in our budgets and in our day-to-day life that we're feeling so that rub so that does cause fear you got a whole generation that's never felt inflation and the shock of this 100 if you turn on the news it's like pure fear porn yeah i mean fear you're going to die you're going to die everything's going up in price and you're going to die and you're going up in pricing and you're going to die and just if you just watch it all day long you're like i'm going to die you know it's like and so you get this your whole all your physiology like dr dawn talks about gets activated and then you're set up for these get rich quick but you would be for a lot of people though that are you know paycheck paycheck and you feel like you have my experience right you fill up with the tank you go to cost and you're thinking oh this is this is scary i've got to change my investments because i'm not going to keep up and i'm about to get straight right so the fear so the fear aspect it is very real it is very very rare but the antidote is the margin you can't let that control you that's right yeah and so one of the margins margin is a fancy word for saying we got it we got to spend less we might need to make more and that's where this budget really comes into play are you even paying attention where can we trim can we cut some subscriptions can we trim the fat off this thing are we willing to take a side job for a temporary amount of time to clean up a mess and not have this weight of oh my gosh gas is a dollar more and my life is ruined i want you to have the margin to where you go you kind of yawn and go oh inflation's up another percent oh well we'll adjust the budget move on yeah that's what financial peace is all about that's right that's the goal for sure and that's why this plan works because it allows you to have that peace in the middle of kind of that chaos that you feel so another kind of term or idea that has been floated around i feel like not as much in the past like month or two but it's been there is student loan forgiveness and it's uh interesting as i kind of dig into this and talk to people in this because you know they paused um you know the student payments during during all the pandemic stuff and and what it caused though for a lot of people i think was to be a little bit more passive when it comes specifically to student loans but i think it i think it seeped into other areas of life and their money of sitting back thinking okay someone really could just take care of this i'm going to kind of sit back and allow others calvary is coming yeah and i think that it was something that a lot of people did believe but as you as you dive in you know the average person that now has i think it's 37 close to 37 000 in student loan debt so there is something so real about it but there's also something real about that passive mentality that you have to break of believing that other people are going to help you build this wealth listen the problem becomes whatever the program is or whatever the promise is that is made from washington dc that's going to make you wealthy if they convince you of that therefore you stop making yourself wealthy you're screwed that's the problem that's what that passivity is because people have become convinced that they're going to forgive the student loans they may or may not but to date 0.6 about a half of 1 of the student loans ever made have ever been forgiven to date and there are three programs currently for student loan forgiveness death disability and the private student loan program where the public student loan forgiveness program where you work 10 years in a non-profit setting or an underserved setting and 280 000 people have applied for that only 6 000 people have been granted that so what we find is is that people who depend on washington to have a good life their life sucks democrat or republican it doesn't matter regardless of what yes who's there you know trump didn't send me any money and neither did biden and neither did clinton and do i need to keep going all the way to carter david went back there right if you need some cash i got you today lincoln didn't send me any money oh you're not that old dave come on now but the thing with student unforgiveness and we take calls about this and and we have to go here's why you shouldn't bank on this 10 years from now is because we want you to be in control and when you put your future in someone else's hands to hope that it happens you are not in control by definition and the public sector often is going to pay less and so you're saying i'm going to stick inside of a job that pays less that i may not even enjoy just so hopefully one day my student loans are forgiven no in 18 to 24 months on average that's how long it takes for people to pay off their consumer debt you can pay off your student loans and move on with your life for the next eight years and build wealth and i think it's important too i think though i think they'll send you a signal if they're gonna forgive them if they're gonna forgive them it means they really have come to the conclusion that the student loan is a bad idea i thought it was good that day and so if they come to the conclusion that it's so bad that it needs to be forgiven then they will stop making the loans when they stop making them they might be getting ready to forgive them but until then this whole discussion is intellectually dishonest boom and it's giving a false hope as well a false narrative around it and again just a reminder of you said it well george but that all of this thing we're talking about tonight right the idea of building wealth it has to come from you it's going to come from you and so being passive towards it is not going to help you so that that proactiveness is so so key okay another term you ready uh-oh cryptocurrency cryptocurrency these people are passionate george they're very important thing on the fine print on crypto and it was really well done thank you but i thought i was going to find you hanging from a tree somewhere after i was nervous oh my gosh they were so angry at you i saw the christmas yeah they were coming after you and i thought i'm next and i don't have enough money to keep them away but here's the deal here's the deal here's what i found out i was wondering why it's not crypto itself that i was uh didn't like it was the people that were really into it and here's my my conclusion cryptocurrency is mary kay for young men that's it that's it i'm sorry i'm smart drop okay that's funny i don't care who you are sorry they're obsessed rachel they're obsessed i know i know i know i i know okay expl you do you did this on the fine print so do a high level explanation of what cryptocurrency is and let's talk about it because you ha you guys both have more of a i don't talk about it this time but you all have more of a somewhat balanced view than people give you credit for i think a lot of people have assumed oh you're not allowed to talk about it unless you're endorsing it by these people because they go bananas okay i'm just setting you up for what we're going to talk about thank you rachel so george will you give us the donation and then i do want you to hear i want to hear the the approach about it because i think it is a little different than people okay maybe just assume stereotypically you're the expert one of the most dangerous things you can do is try to define cryptocurrency in 30 seconds so this is a very risky move you got it for the sake of everyone out there i'm gonna try okay cryptocurrency virtual currency that can be traded instantly worldwide 24 7 with little to no fees and it's not controlled by any one entity or government or company or person so people love the future by the way i like that part a lot yes so dave likes that part but here's the thing when it's 24 7 it means you can watch it go up and down which that's pretty much all it does 24 7. at 4 00 am you can watch this thing go up and down and the craziest part is its value is based on speculation and hype most of the coins out there are just speculation and hype elon musk says it's going to go up so i guess we should all buy it before it goes up that's it well listen let's just be clear there's a again basic economic concept here if you take an item i don't care what that is that's called a commodity and just like earlier when we said six people chasing one item drives the price up on that commodity and that is different than an investment an investment generates revenue generates money generates profit and so if you buy a rental house you get rent real money and so you can say based on the money that it is creating not its increase in value but the money that it is creating i can give it a value that's an investment a stock the company is making a profit and so based on the money i put in and then the money that company is creating back to me the owner the stockholder then there's something happening there but if it's orange juice if you remember trading places with eddie murphy right and orange juice futures you're just fighting over a fixed amount of orange juice and a number of people coming at it small number of people comes at it price goes down large number of people goes at it price goes up and that's how crypto goes up or that's how gold goes up that's you know in value or down in value gold has no value except the number of people chasing it based on fear or greed crypto has no inherent value it's a digit for god's sakes it has no in but paper has no inferent value but we put a president's face on it and we declare it to be valuable so we're all agreeing to change it and it's it's acceptable then we can change it but if a large number of people chase a few dollars the value of the dollar goes up a currency goes up but a currency is a type of commodity as well so this is how commodities work this is why when you play commodities on the commodities market it's a very high risk play because you're anticipating the demand and that's all you can anticipate and crypto is exactly the same way i think crypto will be around i think it's going to be with us i think it's kind of cool i like the vibe on it i can't stand the cult like following and the idiocy that's around some of that but i like the fact that it's outside government control that's kind of cool i'm kind of libertarian that way that's neat i like government screen with anything if i could help it and so i like that part but if i and i think it's going to survive i think it's going to be okay but until it is proven over a decade or two to create wealth for the typical guy out there i wouldn't put much money in it no more than you would put at the craps table yes which speaking of the crap that's okay i think it's so dave doesn't like to lose money rachel is okay going to vegas at the coin slots there i have an envelope i had another crap symbol i did i had an envelope and once it was gone i have failed as a father oh boy i'm sorry wow save the secrets for later but here's the deal like it's like going to vegas a little bit it's like walking up to the roulette table yes and going all right let's put it let's put it on red see what happens and then you win you go hey hey guys come over here i made some money do exactly what i did and uh maybe you'll make money too and they don't and so don't tell me you're investing in crypto it's fine if you say i'm playing with crypto that's fine but do it when you're out of debt you have a fully funded emergency fund you're already investing 15 into real things like your 401k your roth ira that's great and then if you've got some entertainment money because that's what it is i'm totally fine with you amen spending on crypto that's the balance approach here right in that case i would invest in crypto let me know i would buy crypto corrections yeah that was a good correction so changing with crypto we have to talk about nfts you all heard about nfts right non-fungible tokens it really is a fun word whoever came up with that they were happy and so this this is basically digital ownership so i can take a picture of dave ramsey that i found online and i can make it an nft i can mint it and i can sell that photo to somebody dave ramsey fan and you can say i am the official owner of this specific version of this image and so here's a great way to a great analogy for you y'all ever seen those websites that let you buy a star in the galaxy that is an nft that's all it is so you're buying a star in the galaxy you can point up and go oh that's it's up there i know it is it's basically um it's a treasure map that points to the treasure you don't own the treasure the creator owns a treasure in this case god uh but in the nfc case it's usually an artist right so people are going oh i'm going to buy this nft hoping that another sucker is going to pay a lot more than i did for it that's all nfts are 23 year old called me on the air today with john dolone on the air with me and he makes 90 000 a year at 23 years old he lost 15 000 in one month buying nfts 23 years old this is the kind of stuff that's driving me nuts yeah dave what's even crazier is i heard someone just this is a big nft fan he was describing it and he said you know you have a sense of ownership and i immediately went oh my gosh that's how they pitch time shares that's who you know it's a terrible terrible investment by the way do you know who the uh timeshares are timeshare guys are they're the grandsons of the guys that did the swampland oh is that a joke or is that for real that's a joke okay got some swamp land i was like uh it's a real estate joke dave loves a good real estate job i'm sorry i was a little slow listen if you if you wanna that's fine that's right we live in a culture that has so much anxiety already and so i like to take that part out and go i'm not going to mess with all of these things and here's what i like to say if you follow the trends you will fall for the traps and a lot of these trends they're trying to squeeze please tremendously fall for the trap george thank you that's good but that's really that was the heart of the fine print is trying to uncover what's going on in the world right now and point back to the proven principles you're not seeing the fine print podcast we did a whole season of this kind of stuff with georgia the host you need to check it out it's really great thank you so i think the the spirit of all this right whether you know it's crypto you know all of this there's a level of sure i think of greed of like okay i can just get rich quick it doesn't take a lot um but i know even talking to some of my friends even though that there's a there is this sense of gosh we're working hard right it's not like they're not lazy they're not unwise but it's like okay we're working hard we're doing every month we're doing our budget you know maybe they're on baby steps four five and six but they're you know fun to retirement kids college they're putting next to the house you're trying to stay for a vacation they're replacing a car seat i mean they're they're doing all this stuff and it can be tiring right you do this over a long period of time and like yeah sometimes you get the good wins and you feel energized but sometimes it's just life and life is tiring and you work hard you come home you know you do dinner you get to be i mean it's just you're in it and so i think for for some people it feels in the easy button i think would be a thing it's an easy but it's it's relief it's like oh could i just put my money in something and i could get a really fast return and i don't have to do all this hard work over decades and decades it sounds like a relief more than like greed or laziness there's a level for people where it's like that's what you're searching for but that sets your feet up in the news so that's the problem so like when you sit down with a good smart investor pro and they unpack and they actually teach you how the mutual fund works and so you're able to select the right mutual fund you know what you're doing then by working with someone with the heart of a teacher that's different than i'm buying something that i don't even know what it is or how it works because it's trendy and i'm looking for easy so it's a whole different thing and by the way those of you that are on baby step four five and six be putting 15 percent in don't be it's not a theory it's not 22 percent it's not 12 and it's not 6 percent and i'll catch up with it later some people hit that baby step three and when they get to baby step four they let their foot off the gas baby that's when it's game on and so you sit down and i understand you get tired i've been working a long time like sometimes i get tired too but but here's the thing if i'm gonna be tired i at least want to be winning yes amen oh amen amen and i think that that's the encouraging message here is that that relief yes it can come other places right you go and you invest and you're wise with where you're putting your money so you get that return that relief can get there but also to remember too the journey throughout this wealth building process you don't want to skip over because there is an element of your character that's formed there's an element of delayed gratification that seeps into other areas of your life there's richness that through the hard work and through the diligence of it there's something in there that is so good and we are so used to instance we want things fast because it feels good that's what we want and i think that's a really really dangerous play so there's beauty in the journey so i just want to encourage you guys if it was easy it wouldn't force you to work together in your marriage and cause your marriage to draw together absolutely yeah but the fact that we're fighting a battle causes us to draw together as a husband and wife and and actually communicate and actually lean in and go we're gonna do come on we can do it come on and you lift each other up and you're carrying each other along like you're in this battle and and so but if one of you just reaches over there on the internet at 2am and hits the easy button i mean none of that happens and besides that it doesn't work i love the microwave crockpot analogy how many all burnt popcorn in the microwave because it went two seconds over right that's culture they're gonna get burnt but the crock pot right grandma's crock pot i said it and forget it like ron papil remember the old rotisserie chicken and it's so great you can't mess up the crock pot that is why i love the crock pot you just leave it alone and it works and yes it will take four hours instead of 30 seconds but you're gonna actually keep your wealth and it reminds me that proverbs 13 11 verse wealth gained hastily will dwindle but whoever gathers little by little will increase it right and i love that spirit that's the underlying truth of the whole night right there so our 14-day free trial on ramsey plus includes financial peace university includes the every dollar app includes the coaching that george was talking about the 1000 books with the first 1000 sign up are already gone they're gone uh so the guys told me right before i walked out they said let's go ahead and do something else the next five thousand of you we've got about 150 000 watching out there the next 5 000 of you that go ahead and do a free trial at ramsey plus and give this a try we're going to give you the audio book for the baby steps millionaire free so go ahead if you haven't gone to ramsey solutions.com wealth and signed up go ahead and do that and give it a try it's free it's a free trial and you're going to get the audio book to keep regardless of what happens so do the free trial get in there and look at this the the what is the best fastest way the highest probability that's what i'm always looking for and of everything i've ever done in my life this is the one that works the best uh the thing that gets there the best and i think the good news is people can do it absolutely and well and what i think is so really cool where we're sitting today at this time i'm like you know over 30 years of doing it i'm meeting people in their 20s who are like yeah i mean my parents took financial university and now i went to college that free and they have this whole story this spring board that they get to start off on because their parents chose something different and that's my story i mean i'm sitting here today because of him and mom and and the choices that they made it did the idea that it changes your family tree it really does like it really does there's an impact that is so much greater than those of you that are here that it goes so beyond you and there's something beautiful about it right and it's not just handing them money it's handing them a set of principles to live by that is part of their story forever and ever and so all of you it is so possible number one absolutely when we get these stories i feel like that's the privilege of our jobs we get to hear success stories we hear the problems for sure but we get to hear the success stories of people all different walks of life all income levels all debt levels everything walk this plan and truly do they become every day they become they become millionaires and it's it's a beautiful beautiful thing and it is possible for everyone but remember it's bigger than you it's bigger than you other people's lives are going to be touched by the choices that you make today with your money well i'm sitting here with a guy who's getting ready to be a millionaire in his 30s that has been on our team met his wife on our team all of that i'm sitting here with another generation following these principles and i'm sitting here with all of you guys and it's just i gotta tell you man it is so fun it's so rewarding and so so filling to meet you folks that have done these things and see the stuff you've done you're incredible i mean so many of you are the things you've pulled off and that your steadiness and your maturity adults devise a plan and follow it children do what feels good you guys i mean tens of thousands of people out there that i've had the honor of meeting and hearing your overcomers story i'm so proud of you and all we want for you at ramsey is really simple we make plenty of money we're doing all right but what we want for you is we want to see you move the needle we want to see you you know dial this in a little tighter or do it for the first time and i just don't want to see you fall for stuff that doesn't work or that's unproven i don't want to see you go through pain i hate talking to that little 23 year old today and lost 15 000 and deloney and i told him we said it's really good that you lost it because you'll never do it again that's true never do it again yeah and he that really won the answer he wanted but it's the one he needed to hear you know when it comes to this stuff i always think of this this quote you know people underestimate people overestimate what they can accomplish in a year and they underestimate what they can accomplish in a decade and especially with with our story me and my wife it's amazing that people don't have a vision for what they want five years from now ten years from now they're thinking about this weekend next week they're living paycheck to paycheck they want to get rich quick there's all these trends and if you can just keep your eye on the prize year after year consistently with discipline and the character that creates goodness gracious we need more character than ever in the world today we got a character shortage in this country and then you can just stick to we got some characters a lot of characters but we have a character sure yes and so that's my encouragement to you guys i'm not special i'm not rich i'm just a guy who went all in not ish on this plan and i'm telling you it works you do have good hair thank you that helps that's the one thing i have over dave [Laughter] guys we're honored to be with you all tonight we love you we're so glad you're here thank you for spending your evening with us please go win turn this country around let's have the good people take it back and all this craziness is out there and toxicity and division and hate it needs to be pushed down by the good people and we need to go win and cause this to happen thanks for being with us y'all [Applause] [Music] foreign [Music] [Applause] [Music] [Music] [Music] [Music] [Music] you

Channel: The Ramsey Show - Highlights

Views: 625,398

Keywords: the dave ramsey show, budget money debt cash, real estate, insurance, how to make money, dave ramsey, save, credit card, compound interest, buying house, buy, snowball, Are You ready to Build Wealth in 2022?

Id: iXvvcpld-b0

Length: 91min 15sec (5475 seconds)

Published: Thu Jan 13 2022