Dave Ramsey's SECRET TO WEALTH & RICHES Will Leave You SPEECHLESS! | Jay Shetty

The video is an interview with personal finance expert Dave Ramsey, discussing his new book and his journey to becoming debt-free and building wealth.

The video is an interview with Dave Ramsey, a personal finance expert and author, conducted by Jay Shetty. They discuss Ramsey's background and journey to becoming a financial expert, as well as his new book, Baby Steps Millionaires. Ramsey shares his belief in the free enterprise system and the importance of living a debt-free life. They also discuss common financial problems and challenges faced by people today.

• People try to fix their finances with a math formula, but it doesn't work.
• Dave Ramsey is a personal finance expert and author who has helped people regain control of their money, build wealth, and enhance their lives.
• Dave Ramsey grew up in a household of entrepreneurs and started buying and selling real estate after college, but ended up losing everything after bankruptcy.
• Dave Ramsey learned that borrowing money was a bad plan and that being debt-free is the key to building wealth.
• Financial problems are symptoms of violated principles, and financial education is missing in schools.
• Building a healthy relationship with money is crucial and can be achieved by following basic principles of common sense.
• Dave Ramsey wrote his new book, "Baby Steps Millionaire," to combat the idea that it's impossible to become a millionaire.
• The baby steps to becoming a millionaire include saving for an emergency fund, paying off debt, saving for retirement, and giving to charity.
• Giving is an important part of building wealth and helps to develop a spirit of gratitude and contentment.

Dave Ramsey's SECRET TO WEALTH & RICHES Will Leave You SPEECHLESS! | Jay Shetty - YouTube

Introduction

• People try to fix their finances with a math formula, but it doesn't work.
• The host introduces Dave Ramsey, a personal finance expert and author.
• Dave Ramsey has helped people regain control of their money, build wealth, and enhance their lives.

Dave Ramsey's Journey

• Dave Ramsey grew up in a household of entrepreneurs who taught him that he could make something in this world.
• He got his real estate license at 18 and started buying and selling real estate after college.
• He ended up with about four million dollars worth of real estate and a little over a million dollar net worth.
• The bank called their notes, and they spent the next two and a half years losing everything they owned.
• After bankruptcy, they began a debt-free life at 28 years old.

Lessons Learned

• Dave Ramsey learned that borrowing money was a bad plan.
• He realized that if you don't have any payments, you've got money, and you can build wealth.
• He has since helped millions of people with this idea.
• He believes that the free enterprise system is not broken, and you can make something in this world.
• He believes that the idea of building wealth is tough, but you can do it.

Dave Ramsey's SECRET TO WEALTH & RICHES Will Leave You SPEECHLESS! | Jay Shetty - YouTube

Current Financial Problems

• Dave Ramsey has been talking to people about money for 30 years on the Ramsey Show.
• He has helped many people over those decades.
• He hears the same financial problems repeated over and over again.
• He believes that people need to focus on getting out of debt and building wealth.
• He believes that people need to have a plan and stick to it.

The Root Cause of Financial Problems

• Financial problems are symptoms of violated principles.
• There have been various symptoms over the years, such as credit card debt, student loans, and failing mortgages.
• Underlying all of these symptoms is the same root cause.
• Principles have been violated, and when that happens, symptoms will arise.
• Financial problems may have different colors and looks, but they all have the same root cause.

The Mythology of Money

• There is a level of mythology about money in our culture that was spread with an agenda.
• Banks teach people that they need a credit score and that the way to get it is to borrow money from them and pay it back.
• The FICO score is not a fact, but it has been accepted as one.
• Financial literacy programs in schools teach people to build their FICO score, which is not the solution.
• The antidote is to teach people to live on a budget, live on less than they make, be generous, and save and invest in the power of compound interest.

The Need for Financial Education in Schools

• Financial education is missing in schools.
• Teachers have been indoctrinated by the culture that this is the way to live.
• They bring this into the classroom because they have been taught this personally.
• The basic premise of common sense needs to be taught instead of the agenda of the banking community.
• 48% of high schools in America have included financial education in their curriculum.
• The banks and financial industry are not happy about this because it teaches people not to borrow money.

The Importance of Building a Healthy Relationship with Money

• Building a healthy relationship with money is crucial.
• Financial problems can be avoided by living on a budget, living on less than you make, being generous, and saving and investing in the power of compound interest.
• Not having a credit score can be a problem, but it is not the solution.
• Financial education is the solution to building a healthy relationship with money.
• Financial problems can be avoided by following basic principles of common sense.

Dave Ramsey's Crazy Stories

• Dave Ramsey hasn't borrowed money in 30 years and doesn't have a credit score.
• He can't rent an apartment that requires a FICO score even though he's a multi-millionaire.
• People call in with crazy stories, such as having a million dollars in credit card debt or hundreds of thousands of dollars in student loan debt.
• While the stories can be humorous, they're also sad because the callers are completely trapped.
• Dave tries to create an open and welcoming space for people to feel heard and seen.

Can Anyone Be A Millionaire?

• Dave Ramsey wrote his new book, "Baby Steps Millionaire," to combat the idea that it's impossible to become a millionaire.
• He calls people who spread this idea "hope stealers."
• Dave has met many millionaires who started with nothing and did not inherit their money.
• He believes that if you think you can't become a millionaire, you won't take the steps to do the hard work to be successful in that area of your life.
• Money is particularly weird in the spiritual area of belief because it will run from you if you don't believe.

The Baby Steps to Becoming a Millionaire

• The first step is to save $1,000 for an emergency fund.
• The second step is to pay off all debt except for your mortgage.
• The third step is to save 3-6 months of expenses for a fully-funded emergency fund.
• The fourth step is to invest 15% of your household income into retirement accounts.
• The fifth step is to save for your children's college education.
• The sixth step is to pay off your mortgage early.

The Importance of Giving

• Dave Ramsey believes that giving is an important part of building wealth.
• He recommends giving 10-15% of your income to charity.
• Giving helps you to focus on others and not just yourself.
• It also helps you to develop a spirit of gratitude and contentment.
• Finally, giving helps you to build a legacy and leave a positive impact on the world.

The Importance of Believing in Yourself

• Believing in yourself is the first step to building wealth.
• Emotional behavior, data, and math can help you believe that you can do it.
• You need to be convinced that you can do it before moving into tactical steps.
• You need to have a community of people who are achievers and believe it can be done.
• Who you hang around with affects your income, physical condition, and even your accent.

The Mindsets and Traps that Keep People Broke

• The people you hang around with can keep you broke.
• People who declare themselves stuck are less likely to prosper.
• You need to be around people who declare that it's possible to be free and prosper.
• You need to have people in your corner who encourage you when you're having a hard time.
• It's possible to make a choice to become a victor instead of a victim.

The Role of Belief and Spirituality in Building Wealth

• The book is not a Christian manual on finance, but it includes Bible verses that can enlighten readers.
• The books of wisdom, particularly the Proverbs, can be applied regardless of your faith or belief system.
• Wisdom is wisdom, whether it comes from the Bible or Ben Franklin.
• Personal finance is not just about numbers, but also about behavior and beliefs.
• Believing in yourself and having faith can help you build wealth.

The Importance of Wisdom in Personal Finance

• Personal finance is not just about numbers, but also about wisdom.
• Wisdom can be found in the Bible, as well as in other sources.
• Personal finance is about behavior and beliefs, as well as numbers.
• Personal finance is about making wise choices and living within your means.
• Personal finance is about being intentional with your money and your life.

Personal finance is 80% behavior

• Filing for bankruptcy made Dave Ramsey realize that personal finance is not just about math.
• Personal finance is 80% behavior and only 20% head knowledge.
• Behavior is a spiritual thing that influences your outcome.
• The Bible has 2500 scriptures dealing with money, which can be used as a spiritual instruction.
• Your behavior creates your outcome.

The difference between a millionaire and a baby steps millionaire

• A millionaire is defined as having a net worth of one million dollars or greater.
• A baby steps millionaire is someone who has followed Dave Ramsey's seven baby steps to become a millionaire.
• Personal finance has been taught for decades using a math formula: assets minus liabilities equals net worth.
• A millionaire is not a feeling, it is a math formula.
• 79% of America's millionaires inherited precisely zero, according to a study.

How to become a baby steps millionaire

• Follow Dave Ramsey's seven baby steps, which include saving $1000 for an emergency fund, paying off all debt except for your mortgage, and investing 15% of your household income into retirement.
• Live on a budget and avoid debt.
• Be intentional with your money and make it work for you.
• Invest in mutual funds with a long-term perspective.
• Be patient and consistent in your financial journey.

The importance of giving

• Giving is a key component of Dave Ramsey's financial philosophy.
• He believes that giving is a spiritual act that helps you become less selfish and more generous.
• Giving also helps you put money in its proper place and avoid becoming obsessed with it.
• Generosity is a habit that can be developed over time.
• Give generously and cheerfully, without expecting anything in return.

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Dave Ramsey's SECRET TO WEALTH & RICHES Will Leave You SPEECHLESS! | Jay Shetty - YouTube