How To Be Good With Money

[Music] never done anything really stupid with money if you have that makes you over 12 almost all of us have my wife Sharon and I started off with nothing when we first got married most people do I think and I started buying and selling real estate and I got rich by the time I was 26 I was a millionaire making 250,000 a year but I'd done stupid I borrowed too much money bank got sold to another bank and some Guinan of the city looked down so there's a kid 26 years old those as millions of dollars let's limit this relationship which is banker talk for ruin his life they called our notes and we spent the next two and a half years of our life losing everything we owned we were sued we were foreclosed on and finally we were bankrupt I'd do everything backwards I met God on the way up when I was becoming wealthy most people meet him at a point of crisis I met him on the way up I got to know him on the way down so twenty-eight years old with a brand-new baby a toddler and a marriage hanging on by a thread we got the opportunity to start from zero again only I had to figure out how money works not what your broke brother-in-law's opinion is how money really works and so as a Christian I decided I would figure out what the Bible has to say about money and I talked to old rich people I didn't want to talk to young rich people I had been him I didn't want his opinion in business we study successful people in a certain area and then we emulate or copy what they're doing in order to have the same success they've had it's called best practices that's why you hire a personal trainer they have abs and you have a keg they know something you don't know they do something you don't do and so we learn from someone that knows something we don't know because they've actually done it not have a theory about it see I don't really care what your theories are about money if you're broke you're just arrogant and stupid you live in your mother's basement you're right a money blog nobody cares what you think the rims she doesn't understand the power of credit cards oh my god really after 30 years you're still writing that stuff you've got to be kidding me so we learned how to handle money and we learned that money really is fairly simple it's just hard to do there's only about four or five things you got to do to win if live on less than you make you live on a plan written budget you need to get out of debt because when you don't have any payments you have money your most powerful wealth building tool is your income you've got to learn to save and invest and you can't do that when you're in debt don't have a plan and don't live on less than you make you know why people don't put money in their 401 K and the Roth IRA is because they're gonna need money because it's all going out the door and stupid but car payments and Sallie Mae's got our own bedroom at your house because she's lived there for so long this is pretty simple stuff guys it may be primitive it may be easy to understand but it is very hard to do because it has everything to do with you changing your heart and the way you function in the way you live your life and you live like no one else so that later you can live and give like no one else because that's the last one there's a high correlation and all of our data between people who win with money and those that are generous generosity is a key element and people who end up winning with money and it's pretty simple it's because generous people are attractive selfish people aren't they're ugly attractive people seem to get more opportunities in life would you agree we all want to help someone who's attractive and talking about physically attractive but they're likable the person that holds the door for you versus the one that customers you for doing it one helps you pick up your groceries when they're rolling around the parking lot because the bottom fell out of your bag that's a generous person they might be a person gives you some money because you're broke you don't have money for food or you're going through a hard time and they help you out there's a high correlation between generosity and financial success and it's not that financial success allows people to be generous it's the generosity causes people to be people that are loveable likeable more than selfish people and they have a tendency a prosper it's pretty easy formula really if you think about it and when you're out of debt the room she doesn't understand the power of credit cards you out there watch the power of credit cards destroy people's lives for years I absolutely understand the powerful credit card and I watched stupid people write clickbait articles about me and other people saying how to use the credit card the proper way to use a credit card and credit cards are good for reward points yeah I've never met a millionaire that said Dave you know I made all my money with airline miles they those Discover points put me over the top that was my breakthrough financial moment never met a single millionaire and I've met with thousands of millionaires never met one that said that yeah also I can't believe people's fault fall for credit card debt I can't believe people continue to use these stupid credit cards it's like somebody the half the population is dying on lung cancer everybody standing on going well I guess cigarettes kill yeah well no kidding unbelievable the credit card is the cigarette of the financial world used to be cool everybody thought it was neat and people are catching on that ain't a good idea hello this is not rocket science people live on less than you make Becky's on Twitter do you literally mean beans and rice or is that an exaggeration to make a point Becky you've got to be kidding me do you really think people doing this plant only live on beans and rice I'm really twits on twitter really of course not it means lower you're stupid but lifestyle and quit spending money like you're in Congress is what it means it means quit going out to eat you're broke it means quit buying the most expensive thing at whole paycheck over there and and start walking get your dadgum coupons out and have a meal plan and actually cook from scratch because it saves money and don't go on vacation you're broke and don't buy that you're broke you have clothes in your closets stay out of the mall live on less than you make that's what it means if you live on less than you make in order to pay off debt in order to save and invest in order to be generous you can't spend more than you make and end up anywhere but in bankruptcy court and people are doing it every day everywhere see this stuff we teach your folks is not hard to understand it's very hard to actually go and do it this is the Dave Ramsey show

Channel: The Dave Ramsey Show

Views: 1,066,714

Rating: 4.9049826 out of 5

Keywords: How To Be Good With Money, saving money, how to save money, budget, money, tips, personal finance, how to save money fast, ways to save money, money saving tips, save money, how to manage your money, cash, budgeting, how to be good with money, how to be good with your money, how to be good with money tips, how to be good with my money, ramsey, dave, show, help, finance, income, dave ramsey, the dave ramsey show

Id: 0wi6b3wWwnw

Length: 7min 50sec (470 seconds)

Published: Wed Mar 28 2018