Get-Rich-Quick Scheme Didn't Work Now I'm $150,000 In Debt!

chances in Montana I can't welcome to Dave Ramsey show I did thanks for taking my call how are you today better than I deserve sir how can I help damn I I've been kind of 32 years old and been really bad with money and just started listening to you here over the weekend and really intrigued while you're teaching and and how to go about doing it about 150,000 and yet between bad mistakes on get-rich-quick schemes and credit cards and vehicle loans and a house loan just kind of wondering what your advice is to go about getting back three cool so uh how much do you owe on your home I owe about forty thousand okay and how much on credit cards right now it's right around fifteen okay how much on the car nine thousand okay so you've got like $90,000 on get-rich-quick schemes no I have I've bought out credit cards with loans I've got about I have one loan for fifteen thousand then I've got another loan I think it's sitting at 15,000 and I read about 10,000 and get-rich-quick schemes you know getting credit cards to buy the product so you can you know get rich fast whatever so what kind of a get-rich-quick scheme did you get into they called it kangen water and that in magic they what I guess you had to buy these products and then try to sell it over the Facebook well advertised means not cheap so you spend a bunch of money on that and and I didn't have the money to do any of it to begin with and to buy the products was right around $12,000 to do it okay and so what's your household income I'm right now eighty thousand here in the summer the winner will probably drop okay so what do you do for a living I joined the railroad got laid off and now I'm in construction okay good all right so what did you learn from losing money on the get-rich-quick things that it's pretty much what you say it's not everything it's put up to be yeah well just I mean you don't get rich quick most people get rich slow exactly and you spend a lot of money doing it and you get nowhere you know and so very very very few people become wealthy in a short period of time the vast majority of millionaires that we've studied and we've done the largest study of millionaires and America ever done over ten thousand millionaires we've studied the vast majority of them took over a decade minimum usually two decades somewhere in there to become to build their first million dollars now there are occasionally somebody that just strikes it rich right that's why they call it strike it rich it's like a gold strike it's a rarity it's a low percentage play it's a lottery ticket and most of us know most of those aren't worth anything and so what I would tell you is just to you know you kind of mentioned that in your opening to me so I would just say make sure that that what you learn from it was that okay I'm gonna use a different system or a different mindset a different philosophy about wealth in order to get some and that is I'm gonna be the tortoise rather than the hare you remember the old lease ops fable The Tortoise and the hare and the tortoise wins every time I read the book yeah yeah so now you've been trying to be the hare didn't work you lost the race I did that too by the way it's how I went broke in my 20s only I did it a lot bigger than you I had lots of zeros on the end I got a PhD in D U and B so you can you can turn this around you're just going to get very systematic and become a marathoner rather than a sprinter and just just lay into this thing so what we're going to do is we're going to put you into a financial piece of membership which includes the nine week class two Financial Peace University it includes one-year connectivity to the every dollar app I'm gonna pay for it I'm gonna give it to you okay if I do that with you in your class we've I do that will you and your wife commit to going to the class okay and we'll walk you through exactly how to get on a budget and and from that then start to analyze your situation and begin to work your way through these debts and you can work your way right through these these are very doable but you've been just stumbling along and every time you stub your toe you borrow ten grand and because that's what these increments are they're all ten fifteen thousand bucks all the way up through here and it's a ten thousand dollar car fifteen thousand credit cards fifteen thousand our loan fifteen thousand our loan ten thousand dollar Colligan I mean that's just you know it just doesn't didn't work so we need to do ten thousand dollar increments the other direction and get this mess cleaned up and so it's gonna take you a couple years of sacrifice and of watching what you're doing and limiting your lifestyle and being very intentional with every dollar but you'll be able to turn it around and we'll show you exactly how to do that in this non week course with the one-year membership so don't don't take it all in it's all included in it's all free I gave it all to you

Channel: The Ramsey Show - Highlights

Views: 356,156

Rating: 4.8950877 out of 5

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, get rich quick scheme, get rich quick, rich, scam, money, quick, make money, get rich quick scams, internet marketing, personal finance, schemes, get rich, get-rich-quick scheme, debt, paying off debt, bad choices

Id: PT1VPhPuP-0

Length: 5min 28sec (328 seconds)

Published: Wed Oct 16 2019