Dave Ramsey Game-Changing Speech: Your Finances Will Never Be the Same!

how many of you grew up like I did not rich we weren't poor we just were rich I remember about 12 years old I wanted to ride my bicycle about a mile down the road to the local Quick Sack and I was gonna go down there and get me an icy y'all got Icees here yeah I was gonna go get me an icing I came in asked my dad I said Dad I need some money to go to the Quick Sack and my dad said how old are you so I'm your son I'm 12. and he said you're 12 years old you don't need money you need a job y'all know the kind of Dad I'm talking about some of you had one like that my dad didn't think that work was a management Theory it was something you did it was an activity and so he said you need to get some money where you're gonna get some money and I said some of my buddies are cutting grass I guess I could cut grass y'all ever cut grass isn't that fun especially for when you're doing it for other people so I took me down the main drag there in Nashville Tennessee took me to a print shop and printed up 500 Business Cards said Dave's laws I said Dad this is a little Overkill I just wanted an icy came home and he said you're gonna knock on the closest 50 doors here in the neighborhood and you ask those people with enthusiasm if you can have the opportunity to provide their Lawn Care needs don't you knock on the door and say you don't want me to cut your grass do you so he taught me marketing we had Junior Achievement Junior best be achieving something so I did I went and knocked on the closest 50 doors and it worked I got 27 yards to cut 12 years old made me keep a profit and loss statement on my business my income minus his lawn mowers I tore up equals net profit and I found out the difference in Gross in that pretty quick good to work work is a good thing proud of my dad for teaching mean little bald-headed kid that stuff I graduated from high school and 18 years old three weeks later passing my real estate license started selling real estate took off to college and went through college in four years which is what you do if you're paying for it you don't hang out every time I stay here longer it costs more I figured this out and so I was working my tail off getting all the way through college and I met my beautiful wife Sharon and we got married and we graduated we started off our lives broke [Music] how many y'all remember when you started broke right oh man we ain't got money honey but we got love [Music] it's a good thing too because we ain't got no money it was bad [Music] we were eating off a card table she was driving a 1902 Pinto for you young people that's a car not a bean oh [Music] came out of college and I went through a couple jobs and I started buying and selling real estate I grew up in the real estate business mom and dad were in real estate business and I was good at it and starting from Nothing by the time I was 26 years old I had about four million dollars worth of Real Estate a little over a million dollar net worth and my best year ever in that business I made 250 000 cash taxable income one year that's twenty thousand dollars a month I don't know where you grew up neighborhood I grew up in that's known as rich I was having so much fun and here's what's weird I do everything backwards you know I didn't grow up in church and I met Jesus on the way up most people meet him on the way down most people point a crisis is evangelism right not me I'm driving the Jaguar everything's going good but I can't get it to work in my head and I went to a business conference and this guy said you gotta have God in your life to succeed and I came home told my wife we were going to church and she said who are you and what have you done with my husband thank you and so we started going to church and I met God I met him on the way up 26 years old our bank and we owed a million two hundred thousand dollars to got sold to another bank I know that never happens in your town and they looked down they said a kid 26 years old owes us over a million dollars let's limit this relationship which is Banker talk for ruin his life and they called our notes I had six months to come up with over a million dollars and the second largest lender another Bank 800 000 owed to them heard I was in trouble because I was in trouble and it gets out in the town doesn't it they're not supposed to talk about it but they do and they called another eight hundred thousand so two million dollars to you it's all tied up in real estate and we spent the next two and a half years of our life losing everything we owned we were foreclosed on we were sued we were sued so many times the guy with the sheriff's department that brings the little lawsuit papers were like on a first name basis with him Sharon's making him cookies come on in Harold finally with a brand new baby and a toddler we hit bottom [Music] and we were bankrupt I didn't know what to do [Music] I was 28 years old my marriage is hanging on by a thread I met Jesus I met him on the way up I got to know him on the way down you all know what I'm talking about yeah pain is not my preferred method of learning but it is a thorough teacher yeah you will read the Bible in those times what did I do wrong and finally we were bankrupt new baby I remember standing in the shower with it as hot as I could stand in my face and just stand there and cry because I was so scared and there was nobody to talk to because I was so ashamed to tell anybody what I had done because everybody else has got their act together at least that's what we think until you find out what's really going on behind closed doors and I had started reading a guy named Larry Burkett when I was in the middle of the soup a guy who teaches that the Bible talks about money principles now I've got a finance degree okay I've got letters and licenses after my name and I still did stupid with zeros on the end how many y'all ever done something stupid how many of you didn't raise your hand I have a problem with lying and so I found out the Bible has financial principles in it I thought that's pretty cool if I'm gonna be like a Jesus guy I ought to know what Jesus says I better read this stuff and I started reading it and I went oh I didn't do that that left a mark [Music] ow oh yeah I did that one right oh my financial teacher actually agrees with that one nobody agrees with that one have you ever done that because I started figuring out this is a love letter to me from my father who's crazy about me and once I figured that out it's my marriage manual it's how we're married and so I found all those places where she has to do what I say and then she found those places that I don't that she done and submit yourselves one to another or something like that I don't know where she found that one but my kids are looking all through here for time out I like that what's this Rod stuff I'm like come here baby I'll show you yeah oh my gosh and I started we started handling our money this way and I gotta tell y'all something it worked it turns out this is the truth and to the extent this doesn't line up with your feelings get over yourself you're wrong to the extent your broke friend doesn't like your biblical Financial principle broke people are making fun of your financial plan you're on track it's like fat people making fun of your diet okay think about this finding these things and there's a lot there's 2500 scriptures that deal with money and possessions our proper view of them proper spiritual indication and the Tactical actual thing you do with money that God says it was amazing and it gave a guy who was in a puddle oh because I don't have any I was on one of these I do all these TV shows on Fox and CNN Good Morning America and CBS and all these people and they're real sweet people and all that one of those anchors I was on there doing a thing with one of my books one time and they said okay this is amazing you started with nothing you became a millionaire you lost everything and now you're a multi-millionaire far you really don't bounce it's more of a splat and so I was splattered man I had a i surrender all moments and we took these principles and everything I could learn about them and understand them from an academic Viewpoint a spiritual Viewpoint a Biblical viewpoint a Biblical historical Viewpoint a socio-economic Viewpoint a psychological Viewpoint an emotional Viewpoint a relational Viewpoint and I started to really understand how money works not what your broke brother-in-law's theory is because everybody's got an opinion in America today thank you internet everybody's important now everybody's opinion matters now sorry but it doesn't it doesn't I'm sorry isn't that heartbreaking there's a lot of twits on Twitter I'm one of them but so we started applying these principles to our lives and it changed our lives and you know what happens when your life gets changed people ask you a question I have a good friend of mine I was with him last night in the last year he has lost 56 pounds everyone sitting around the table talking to him a bunch of guys sitting out there he's in my small group of my church everyone's sitting around the table you know what we ask him we ask him how did you do that when you see someone's life gets changed you always say their marriage gets saved their children get turned around their finances get turned around their career goes on a trajectory that's unexplainable and you always say how did you do that when people start asking me I started telling them and then I started doing Counseling in my church and then we started a little Sunday school class and had four people in it and I looked up and there were 400 people in there because it turns out I'm not the only one that's stupid if you've made mistakes with money you know what that makes you over 12. every one of you have probably this week and so have I and I teach this for a living and everyone listens to me but I make fewer mistakes now than I used to make that's word and I applied these devastating bull but profound Concepts to my life into my money now there's a lot of stuff we could talk about but we don't have time but I can boil it down to five things and the devil hates it when you take notes so get your pen five things five things if you do these five things that the Bible says with money while earning an income you do them over and over and all that they imply over a period of 15 to 20 years you will prosper it may happen faster it may happen slower but you will prosper with the possible exception of a devastating Calamity hitting your life that we can't control we can't control tsunamis and cancer but those kinds of things aside if you apply these five things to cause and effect the sowing and the reaping always happens one hundred percent of the time and I will go ahead and tell you these are tough they're hard they're easy to understand they're hard to do and if you're really smart you're going to act like you don't need them smart people have the most trouble with this that's why I was good at it [Music] first one you have to have a budget you have to write it down on paper All Purpose before the month begins [Music] every dollar has a mission every dollar has a name not kinda in my head not it's on my iPhone app write it down all paper on purpose before the month begins every dollar has a name and if you're married you agree on that with your spouse if you manage money for a company called you Incorporated and you manage money for you Incorporated the way you manage money for you now would you fire you don't answer that my friend Zig Ziglar he used to say if you aim at nothing you'll hit it every time John Maxwell says a budget is people telling their money what to do instead of wondering where it went if you would we're going to build a four million dollar house you would have a blueprint every detail mapped out where the plugs are going to go where the heat and air is going to go how the roof structure is going to be everything is laid out before you break ground you don't roll up for a four million dollar house on the hood of an old boy's truck and go put it over there and make it like this you'll build a pretzel don't do that you have a blueprint you have a plan I run a company with hundreds and hundreds of team members multiple profit centers within the company every one of those folks has a plan for the revenue they're going to produce in this month this quarter and this year and the expenses they're going to spend to do that in this month this quarter in this year thereby we do annual projections it's really not rocket science it's sixth grade math what are you going to do with your money don't get to the end of the month and go where to go because you end up being a rat in a wheel and you work your whole life run and you get to the end of your life and there's nothing and you earned four to ten million dollars and you're working lifetime and you have nothing because you didn't write it down it's a serious principle the second one is you got to get out of that and stay out of debt now everybody knows Dave Ramsey is going to say that everybody knows I'm going to say Proverbs 22 7. the borrower is slave to the lender when you don't have any payments you know what you got money that was hard are we through yet you getting this it's not deep but I want them yeah that's the problem I wanna I need nothing but I want a lot of stuff there's nothing wrong with getting you some nice stuff but the problem is when your stuff gets you when you got a student loan that's been around so long you think it's a pet when Master Card is your master when you have discovered bondage or American distress you can't live without debt that's what my finance professor said too and he was broke what's wrong with that picture a broke Finance professor broke Finance professors have a Dr Phil moment with some of these people how's that working for you because all these people are running around these quote unquote experts and all of them that taught me I was in the real estate business we used OPM other people's money we were taught leverage and all the sophisticated views of Leverage and all this stuff and I can unpack it for you and I can pencil whip you I'm a math nerd I it's what I do but at the end of the day there's nowhere in scripture God used debt to bless his people snowing there one time as a matter of fact there's not even one positive thing said about it it's not a Salvation issue it's not a sin it's not any of those things biblically speaking it's just stupid never once did God where the Israelites hemmed into the valley by the amalekites so they did a bond issue I know the word study the word because God will show you because he loves you he's got a plan for you the third one first one is you got to do a budget second one is you got to get out of debt because we don't have any payments you got money the third one is quality relationships now this is weird but think about it marriage is Grand divorce is 50 Grand dysfunction in the family costs you money straight up crazy parents drunk Brothers if you let them come into your boundaries and interfere in God's stewardship of your household their dysfunction will cause you to be broke because you join in the dysfunction and we all got it anybody doesn't have crazy in their family just hadn't been awake lately so you dysfunction and your personal dysfunction we sadly get to work with the effects of all the dysfunction because we do Financial counseling and coaching and so we've worked for 25 years now with addicts and I just got to tell you that if you're addicted to something whatever it is gambling pornography those are the two big ones right now but Tom Stanley who wrote the book Millionaire Next Door did another book called The Millionaire mind and in the millionaire mind he studied Deca millionaires people with 10 million dollars or more making 750 000 a year or more and he found 39 correlating characteristics of those people relationships had something to do with the top five the length of their marriage the quality of their marriage their integrity those kinds of things all having to do with behaviors having to do with character having to do their ability play well with others because guess who gets ahead in this world nice people who are generous and love other people that's who you promote if they work for you that's who you are glad when they get promoted if they work beside you that's who we want to win the jerks I always win you watch too much TV and out here in the real world the jerks get punished because we don't do business with them so the Bible says evil company corrupts good habits your household income your personal income over a period of time not instantaneously but over a period of time will be within 10 to 15 percent of the average income of your 10 closest friends if you don't let your kids run around with juvenile delinquents because they might become one who are you running with you gonna become who you hang around with your mouth your mind I can tell you the movies you've seen in the books you've read have been influenced by the people you run with and those affect your income and those affect the outcome of your personal financial statement number four save money invest money save and invest wise people save money if you spend everything you make you're a fool I have been a fool according to that biblically speaking I have been a fool because at times in my life I spent everything I made you have to have a plan and we teach people to save for three basic things the first thing you say four is for for a rainy day it's gonna rain better get ready you better get ready Money Magazine says 78 of you are going to have a major negative financial event in any given 10-year period of time you're going to have a job layoff you're gonna have a car wreck something's gonna happen you're gonna need some money the second thing you say for you save up and pay cash for things so when you save up and pay cash for them guess what that means you had a plan that means you'd save money that means you had a budget that means you don't mean debt because you just pay for it this interesting thing happens when you pay for it you own it it's over transaction's over last thing you save is you save for long-term investing so you can retire with dignity and send your kids to college do you know a hundred dollars a month invested in a Roth IRA from age 30 to age 70 and a decent growth stock mutual fund averaging 12 100 a month pizza and cable money latte breath one hundred dollars per month is one million one hundred seventy six thousand dollars from age 30 to age 70 you retire millionaire last one's my favorite people who went with money always are givers 100 of them are givers whether people of Faith or not they're always a giver always you will not win with money until you learn how to give 100 and here's why when you give you become a generous person not just financially generous or mathematical generous but your spirit changes you're the person who opens doors you're the person who carries groceries out of somebody's car you're the generous person and generous people fall back into number three quality relationships you'll see these things all start to blend together you get this beautiful Kaleidoscope of God's word called your life and it transforms your life now these are easy principles to understand hard principles implement when you do barring a calamity 100 of the time it works foreign

Channel: Mindset Mastery

Views: 14,801

Keywords: DAVE RAMSY, money, dave ramsey, the dave ramsey show, how to make money, budget money debt cash, compound interest, real estate, credit card, insurance, buy, dave ramsey show, personal finance, dave ramsey baby steps, dave ramsey rant, how to get rich, dave ramsey live, dave ramsey how to budget, how to take hold of your money dave ramsey, dave ramsey investing, the ramsey show, dave ramsey rules, free investing, how to manage your money, freenvesting, investing

Id: eZ8dHgQ2Ia0

Length: 22min 41sec (1361 seconds)

Published: Wed Jun 21 2023