Is This ANGRY Dave Ramsey Right About WEALTH!?! Let's Find Out! / Garrett Gunderson

dave you need a hug brother like i got one for you next time i see you i got some love you've got some good stuff here bro you've got things that can help people but i don't know why you're so angry [Music] okay so i did a video about these five steps to financial freedom and then chief of staff stolova if you watch ask the my nerds is like oh let me send you a video that someone else did called five things that will make you wealthy let's see how they line up [Music] now the stuff we teach here and have for almost 30 years is proven it's no longer an opinion it's not a theory i don't agree with dave ramsey's advice which would make you wrong okay wow wow i i kind of feel like dave ramsey is playing a scientist on tv but he's not a real scientist so he's like hey we've it's science we've proven this and if you don't agree you're an idiot that whole you're wrong this is proven okay maybe it's proven to get out of debt but you know there may be like 10 ways for me to get to new york right now and walking might be one of the ways i can get there and i might prove that i could walk there but it just might be a lot easier to fly or to ride a bike or to take a car or anything else and so yes i'm sure some of what he does is proven to be the slower way to get there but subject to your income to tragedy ratio to the extent you do these five things you will win with money you will become wealthy in north america if you will do these five things over and over again number one you need to have a written plan a budget okay so i recently watched a video from dave ramsey where he said people don't fund their whole life policies and so it never works out well guess what the stats are in people don't stick to a budget so principle number one is to budget principle and apparently biblical um and yet people don't stick to it so he let's go jesus said don't build a tower without first counting the cost lest you get halfway up and you're unable to finish and all who see you begin to mock you and say this man began to build no one would begin to build and was unable to finish no okay so he's talking about a jesus quote here that you know is about a budget for a project is what it sounds like to me more than budgeting for your life like my issue with budgeting is i believe in mindful cash management i believe in being aware where your money's going i believe in paying yourself first and automatically saving and then not spending more than what's left over but to budget which means to restrain to reduce to restrict limits value creation and is exhausting it's a very limited finite game second thing is you gotta get out of debt your most powerful wealth building tool is your income and when you spend your whole freaking life giving your money to banks who fill up the skyline and have furniture nicer than yours that makes you stupid i wouldn't use the word stupid but he makes a good point that banks are the biggest buildings everywhere like i went in the other day and they're like hey you want a lollipop sucker now i don't know if they call me a sucker or what it was but i get it like you know we're giving all this interest to them and on one side they're saying hey we'll give you one percent and we're gonna charge four percent for the same money they're giving a dollar and turning around and selling it for four bucks i get that but let's get clear about what debt is so when you look at a balance sheet if you just draw a box and then you have this vertical line in between on the left side is my left side your website is assets on the other side is liabilities so when you have more assets and liabilities that's called equity when there's more liabilities than assets that's called debt so definitely stay out of debt don't go into debt but there's times where you might use other people's money in order to acquire assets it happens for people that acquire businesses it happens all the time for that there's you happens for some people that do real estate the problem is when people do this without knowledge when people don't know how to be productive with that when they get over leveraged then they get destroyed and he had that happen when he lost in real estate in his life so i understand where he's coming from there and yes i agree like let's get rid of inefficient loans let's get rid of loans that keep us up at night let's not borrow to consume in the first place so i mean i might start there as let's not go borrow to consume now he's saying get out of debt but okay tomato tomato will say get out of debt when you don't have any payments you know what you've got money do i care if you get out of debt yes i want you to win i want you to have a great life but do i care if you agree with me no okay so getting out of debt good but what if you do that at the expense of investing in yourself what if you what if you focus on that alone but if you really were going to not get in debt i mean get out of debt don't get in debt in the first place okay if you're already there now what do you do about it i want you to really focus on value creation on serving others on solving problems on expanding your income not just reducing your expenses it's going to be a balance between the two i don't care if you agree with me if you don't agree with me about this money stuff you're what's known as wrong i've been doing this longer he's so condescending he keeps saying i've been doing this longer you're wrong you're stupid like why are we watching someone that keeps telling us you're wrong you're stupid i've been doing this longer i know better than you he kind of sounds like a tyrant like a tyrant goes i know better for your life than you do so you go ahead and listen to me and i'll tell you how you should live well if you value freedom if you value expression if you value any of that this seems to go a little bit against that now i think maybe some people are a train wreck they're spending way too much money so they've got to be you know maybe this is the loving father having the really difficult conversation but i think wrong and stupid are just words that i might choose differently younger than most of my critics they were peeing in their diaper while i was doing this stuff they're wrong live on less than you make number yep live on less than you make good good but here's three things one you can live on less than you make by reducing but two you do it by being more efficient save on tax save on interest which dave and i would agree on say about interest save on investment fees and underperforming assets and cash flows out and pay off loans or you know protect the downside or four find out we have duplicate costs or coverages with insurance and then the third way of living with inner means is expand your means this is the key conversation add more value serve more people deliver value that's the key three in the house of the wiser stars stores of choice food and oil but a foolish man delivers all devours all that he has if you spend everything you make you're a fool well dave you don't know about my situation yeah so that's good advice i like it pay yourself first take a percentage off the top good advice america today wages are stagnant so why are they stagnant at your house you know where wages are stagnant on people who are stagnant you're only stagnant got stagnant wages if you decide to stay there and keep getting those wages this is not russia you can quit i don't like how much walmart pays i don't like how much mcdonald's pays so don't work there stupid god man it's like it's really hard i just i personally love people i personally think people are valuable i think being called stupid over and over triggers this unworthiness triggers this like i don't know i just i think we could come from a better place here and uh okay so i know like maybe not working at mcdonald's that's not the best thing and so i'll agree to this invest in ourselves figure out your skill sets value yourself invest in there before you invest in some mutual fund or anything else that he's probably going to recommend is point number five which i don't know where the hell that's in the in the bible but but ultimately you know what can you do to add more valuable because you're valuable because you're worth it not because you're stupid okay maybe you don't know everything there is to know about money okay that's that's part of the thing i don't know everything there is to know about health does that make me stupid i've i'm trying to learn i'm doing my best but like i don't need some doctor coming and saying you're an idiot you're not sleeping nine hours a night you're stupid i know what's best for you yeah that's that's inspiring thank you i think that we just need his humanity to call each other stupid more often so that we can sound condescending as hell dave you need a hug brother like i got one for you next time i see you i got some love you've got some good stuff here bro you've got things that can help people but i don't know why you're so angry just come at it with a little bit of love a little bit of love just a little bit go to work for somebody else i don't like how my company treats me so leave go be somebody there's no reason that you have to be stuck somewhere because some liberal journalists said you were stuck you're not stuck you're stagnant don't be stagnant you know what stagnant pond water does it grows scum on top you don't want to be stagnant you get scummy you need to go be somebody you need to leave the cave kill something and drag it home you need to decide that my life is not good enough the way it is and so i am going to control the controllables i am going to change some things because guess what nobody in washington is going to fix your life santa claus doesn't live there baby yeah it was pretty good pretty i mean a little angry but good advice for the most part right here have you noticed that the democrats and the republicans neither one could freaking add have you he makes a really good point there ever had any of them send you money no they are not going to fix your freaking life you are going to fix your life you're going to get on a plan you're going to get out of debt you're going to live on yep personal responsibility is the gateway to prosperity but value creation is going to be the king not just budgeting okay what you can do to serve others what you do to to have self-care to expose your skills to bring out value to the world this is going to be the key and he's saying some of this right here so i like what he's saying here angry i've been there maybe it's passionate i'm i get seen as angry at times maybe it's just passion right now but he hasn't used the word stupid for a minute so i'm feeling really good less than you make and then you're gonna save some money you know how rich people get rich they save money what well rich people don't get rich just because they save money i want to be really clear about this like no one shrinks their way to wealth that's not how it works they get wealthy because if they do something that's valuable in the world that someone else wants to exchange that money for they get wealthy sure you could live like the millionaire next door you could live like what dave might say here which is you budget your way broke i just read an article where someone died with 2.7 million dollars and no one in their life they didn't have a bed because they could just save that money the only person they talked to was their broker okay that's true that you can become a miserable millionaire ebenezer scrooge was doing that before he had his epiphany right so if you think the first half of the christmas carol was the right show i think keep listening to what we're seeing here and and where i paused you get to see like he seems angry my assumption is you're going to be broke until you save money that's my assumption you need to get up off your assumption and go do something you need to get up off your assumption and start investing some money 100 of the people that don't save money don't have any wow how's that for insight well that's completely wrong there's people that don't save money that have plenty of money it's called they have assets and i don't think buying assets or owning a business that you might sell is the same as saving money i think everybody it's important to save money to pay 15 right off the top every time you have personal income that's savings but there's people with money they call it maybe they marry into it maybe they inherit it maybe they they luck out and win the lottery it usually just doesn't stick around very much if we abuse it but the bottom line is savings doesn't equal wealth savings equals stewardship what we do with the savings can create wealth it comes back to who are you what value you can create the world what problems are you uniquely gifted to solve and this is a expansion game of production not a reduction game a budgeting doesn't take a freaking rocket scientist to figure this out you know what the problem on your investments are the problem with your investments is not your rate of return it's not your expense ratio it's not no load versus load it's not your nerdy twisted up toxic butt opinion about some investment your problem with your investments is you don't have any that's the problem with your investments 100 of the people that build wealth save money on purpose a lot some people do it poorly in a stupid money market account and make no money on their money others do it wisely in mutual funds that outperform the s wisely by putting it in mutual funds i kind of feel like we're in a parody like did you just say that like they wisely save it into mutual funds that's not savings dave that's investing let's stop collapsing those terms savings are money markets having money sitting in money markets why in the end of you know 2019 did the wealthiest families in america have 39 of their money in money market or equivalent because they're waiting to capitalize on opportunity they're not just sitting there waiting for the slaughter when the economy starts to be volatile and just sitting there with money in mutual funds where they don't know the companies or understand shareholder value or understand the expense ratios that you're talking about are dealing with the volatility there's plenty of people have the money there and they're petrified to what's going to happen with the money because now we have to talk about how do you protect it how do you manage the downside how do you make sure that cash flows how can you create economic independence even if you save a boatload of it how do you have it actually start performing for you in your retirement years there's people with millions of dollars living like poppers because interest rates aren't doing what they wanted it to so the fact that all this other advice is okay gets horrifically bad when it immediately jumps to a mutual fund he didn't make his money in mutual funds maybe selling them i don't know maybe advertisers with it dave is an entrepreneur who's brilliant at bringing out this advice to the masses he is he's got a big business it's grown massively he writes books he's articulate he's angry i didn't always see him that way when i saw him once when i was he was on a screen at church for whatever and i was like oh this is a really good marketer and i took notes i didn't love all the advice but i thought the basics were basic they weren't necessarily principals but there's there's cp or real estate that they pay cash for that outperforms the s p others are just passive and do the s p and they all write books about it all s p s p i have no money in the s p and i would put my investments against anyone in the s p since i stopped putting money in the stock market private businesses businesses i have influence over that actually add value to the world like wealth factory and you know through intellectual property which is similar to what dave is doing i mean i'll be candid he does it better than i do as far as his reach but he says he's been doing this forever and you know so maybe it's just a matter of time i'll have a freaking opinion and make money off of you while you're stagnant that's stupid don't be stagnant stupid invest money save money you know how you're going to do that you're going to be on a plan you're going to get up out of debt you're going to live on less than you make and voila there is money in the budget it's called margin baby and now you got the money to be rich you got to act like rich people and that's not go spend a bunch of money because rich people don't go spend a bunch of money i'm going to go buy a ferrari i'm acting like rich people no you're acting like a that's not ferraris aren't rich people that's the ultra rich you don't buy a ferrari if you're a millionaire that's a i mean yeah pretty good point there you know i was stupid enough to buy a bentley at one time because my partner's like oh we need to attract high-end clients well if we were going for teenage clients i think it was a super impressive vehicle my hometown they just thought it was a weird-looking chrysler 300 and it didn't bring us any really wealthy clients so okay i should have listened to dave back then it's crazy you people hey i'm gonna act rich i'm gonna rip people off that's just a liberal nonsense rich people don't rip people off they can get rich by ripping people off that's they got rich by creating value so yeah he's right there it's not about deception and coercion but they didn't get rich by funding mutual funds either like let's how many people are rich because they funded mutual funds the mutual fund companies have done well 91 percent of people worth 5 million or more own a business and did really well yet he's telling you s p that's just stupid don't be stupid it makes you look bad don't do that and if you'll get out of debt and you'll invest and you live on less than you make and you have a plan then you can do the last one it's the most fun you'll ever have with money you can be outrageously generous randomly generous lavish he's talking about being generous he was generous with the word stupid and wrong so you were outlandishly and lavishly generous with those terms there dave uh so here here's my synopsis there's some basics in here that are pretty good but you shouldn't feel like terrible if you got yourself in a financial situation that isn't great you shouldn't feel like you're not worthy you shouldn't feel like you're stupid like money didn't come with the manual really what you got to figure out is how to invest in yourself how to automatically save and deliberately invest but don't invest until you've really paid off the things that are haunting you or destroying your wealth and then look to expand your means by adding more value by discovering your sole purpose what are your abilities what are your values what are your passions what's the biggest vision for your life the win isn't in having a certain amount of money in account it's having a vision that's so compelling that it actually delivers value to the world because most of the problems in the world can be solved by the people that are already here but unfortunately they're too confused about money they're too busy scrimping sacrificing saving to laying and feeling wrong or stupid because someone yelled at them you're better than that i know you have plenty to offer the world let's figure out this money game together without tanya you're done

Channel: Garrett Gunderson

Views: 11,714

Keywords: Garrett Gunderson, Wealth Factory, Wealth Building Strategies for Entrepreneurs, Financial Freedom, Financial Independence, Getting to economic Independence, what would the Rockefellers do, business, success, entrepreneurship, Robert Kiyosaki, Matt Clark, Ryan Daniel Moran, Tim Ferriss, Grant Cardone

Id: bRprg1I7nQk

Length: 18min 47sec (1127 seconds)

Published: Thu Sep 03 2020