Best Podcast Episodes About Dave Ramsey
Everything podcasters are saying about Dave Ramsey — curated from top podcasts
Updated: Apr 02, 2026 – 33 episodes
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Ridealong has curated the best and most interesting podcasts and clips about Dave Ramsey.
Top Podcast Clips About Dave Ramsey
“… it is. That's what I was trying to dig around and find out. We were not against your idea We just trying to figure out why The debt show She like Dave Ramsey going to love this I going to be debt It going to be an automatic yes And we took the whole segment for you Elizabeth There you go. Either way, you're great.”
“… don't have a pantry. And I don't have all this. And I can't, you know, the stress level of four large teenagers in this house that's approximately half the size is different. I mean, I'm okay with it, but I'm not sure if the trade-off is what you think it is. That's what I was trying to dig around and find out. We were not against your idea We just trying to figure out why The debt show She like Dave Ramsey going to love this I going to be debt It going to be an automatic yes And we took the whole segment for you Elizabeth There you go. Either way, you're great.”
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Downsizing from a 3,200-square-foot house to a 2,000-square-foot one might seem like a good idea, but it could lead to unexpected stress. A couple grapples with whether sacrificing space for family harmony is truly beneficial, especially with four teenagers in a smaller home. The discussion reveals the complexities of family dynamics and the hidden costs of downsizing.
“… time. That's true. It's very good. Yeah, I would get rid of the cars, both of them, and see how my life feels. And after 90 days, if you think, oh, Ramsey's full of it, It's like, I think I joined a cult. You know, then sell your rental property and take the money from that and go buy some cars. Because it's the same thing, dude. It's the same thing. But at least you could test the theory. That's a good point. I like that. Test the theory. Try this stuff for 90 days. And if at the end of 90 days you hate it, you'll never go back. You've been on the air for 30 years? Never had anybody go back. No …”
“then get it back. Go back in debt. Sell the rental property and go buy your car for cash. And then you can undo this at any time. That's true. It's very good. Yeah, I would get rid of the cars, both of them, and see how my life feels. And after 90 days, if you think, oh, Ramsey's full of it, It's like, I think I joined a cult. You know, then sell your rental property and take the money from that and go buy some cars. Because it's the same thing, dude. It's the same thing. But at least you could test the theory. That's a good point. I like that. Test the theory. Try this stuff for 90 days. And if at the end of 90 days you hate it, you'll never go back. You've been on the air for 30 years? Never had anybody go back. No one's ever called back and said, Dave. I hate you. Because you made me debt free? Because you told me to sell my car, and I don't have an $800 car payment, so I hate you. That call I've not gotten. Now I got a lot of people that hate me for a lot of reasons That saying something But I mean there a long list of reasons to be pissed at Dave and they …”
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Thinking about selling your car to pay off debt? Dave Ramsey suggests testing the waters by living without your car for 90 days. If you hate it, you can always buy a new one, but you might just find freedom in being debt-free, as many have before you.
“… money. You could have had it if you put this thing into effect, but you didn't. You sat around, you let the voice in the back of your head. You read Dave Ramsey. You didn't do the things you needed to do to invest aggressively and in an automated fashion. You spent your time calculating the price in ounces of snap peas. What a waste. On the other hand, now that we know these numbers, we can realize there's a much bigger game to play here than most of us ever realized. We started talking about 100K. Now we're looking at almost $2 million right here. on screen. Time matters. Automation matters. But your …”
“… tons of money every single day that you are not investing. Some of you are losing 20 bucks, 50 bucks, 100 bucks, $200 a day, maybe more. It's just lit on fire. You don't know it because you go, how can I lose money that I never had? That's lost money. You could have had it if you put this thing into effect, but you didn't. You sat around, you let the voice in the back of your head. You read Dave Ramsey. You didn't do the things you needed to do to invest aggressively and in an automated fashion. You spent your time calculating the price in ounces of snap peas. What a waste. On the other hand, now that we know these numbers, we can realize there's a much bigger game to play here than most of us ever realized. We started talking about 100K. Now we're looking at almost $2 million right here. on screen. Time matters. Automation matters. But your freaking mindset also matters.”
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Most people never run the numbers on their financial future, leading to missed opportunities for wealth. By simply investing a little more each month, you could turn a small contribution into millions over time. This episode reveals how automation and mindset can drastically change your financial trajectory.
“In the lobby of Ramsey Solutions on the debt-free stage, Addison and Autumn are with us. Hey, guys, how are you? Good. How are you doing? Better than I deserve. Where do y'all live? We live in Lancaster, Pennsylvania. Fun. Welcome to Nashville. And how much debt have you two paid off? We paid off $184,000. Goodness! How long did that take? 32 months. Wow. And your range of income during that time? It went from $127,000 to $200,000. Excellent. What do you two do for a …”
“In the lobby of Ramsey Solutions on the debt-free stage, Addison and Autumn are with us. Hey, guys, how are you? Good. How are you doing? Better than I deserve. Where do y'all live? We live in Lancaster, Pennsylvania. Fun. Welcome to Nashville. And how much debt have you two paid off? We paid off $184,000. Goodness! How long did that take? 32 months. Wow. And your range of income during that time? It went from $127,000 to $200,000. Excellent. What do you two do for a living? I work in a family business doing drywall. And I'm a wedding photographer. Awesome. And you're making a couple of hundred a year between those two. Excellent. What kind of debt was the $184,000 in 32 months? Our house. You paid off your house you two weirdos how old are you guys i'm 26 i'm 27 and you paid off a house yeah i just i can't …”
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In just 32 months, a young couple from Lancaster, Pennsylvania, managed to pay off their $184,000 mortgage, defying the stereotype that homeownership is unattainable for Gen Z. With incomes rising from $127,000 to $200,000 and a strong foundation in financial principles from their parents, they achieved financial freedom early in their marriage. Their story shows that with the right mindset and planning, significant financial goals can be reached at a young age.
“… amount of sport support at the local track so they helped me get an engine and um we we come south boston was having 30 cars like we Wayne Ramsey, Philip Morris, Nick Smith, like unbelievable guys, like some of the most talented racers. And man, it was, it was a humbling experience. So I won a race that year, my rookie year, but most of these guys were running brand new cars and I was bringing a limited car up, you know, so it was tough. It was definitely the equipment was, uh, was not up to par with what they had, but I was able to be competitive. So, and learn a ton. And I think that …”
“… car yeah same car and uh changed them it was humble i changed we changed the engine uh yeah we ended up we we at that time i i was winning so many races in 08 more and more sponsors were coming on board like just local people yeah and uh i had a tremendous amount of sport support at the local track so they helped me get an engine and um we we come south boston was having 30 cars like we Wayne Ramsey, Philip Morris, Nick Smith, like unbelievable guys, like some of the most talented racers. And man, it was, it was a humbling experience. So I won a race that year, my rookie year, but most of these guys were running brand new cars and I was bringing a limited car up, you know, so it was tough. It was definitely the equipment was, uh, was not up to par with what they had, but I was able to be competitive. So, and learn a ton. And I think that helped me in the long run because I was taking cars that probably should have run 20th at South Boston and I was running in the top 10 with them.”
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Lee Pulliam reveals how he competed in late model stock racing with limited resources, proving that determination can level the playing field. Despite racing against seasoned drivers with brand-new cars, Pulliam managed to secure a top 10 finish using an older limited car, showcasing the importance of skill and perseverance in the sport. His journey highlights the critical balance between racing talent and networking in achieving success.
“… to try to whittle this thing down and get some momentum. Right now, with all the health stuff, it has exacerbated all of the financial stress. And Dave just did a great job of really laying this out. You've got to make that switch to the best of your ability, mentally and emotionally, to focus on what we can't control. So how can we begin to chip away? We're upside down in the car. We need the car. It's not out of control. It's not completely out of control. That's doable. So really, how do we begin to get some real momentum through additional income, doubling down on the budget, making sure …”
“… man. All right, cool. Oh, I'm sorry. I thought you were going to make another point. Well, listen, this is all you can control is his effort, right? So he's going to keep working. Can he get better paying gigs? We're selling everything. We're going to try to whittle this thing down and get some momentum. Right now, with all the health stuff, it has exacerbated all of the financial stress. And Dave just did a great job of really laying this out. You've got to make that switch to the best of your ability, mentally and emotionally, to focus on what we can't control. So how can we begin to chip away? We're upside down in the car. We need the car. It's not out of control. It's not completely out of control. That's doable. So really, how do we begin to get some real momentum through additional income, doubling down on the budget, making sure that we are only doing what we have to do right now? And your husband, again, is doing the right thing and staying with it. I'd like to see his income get a little higher in that sales role. I'd like to see him approach six figures. in a sales role. And so maybe, maybe that's what he's looking for. I know he's working like a crazy man right now and …”
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In a heartfelt discussion, Dave Ramsey emphasizes that healing takes time, especially when facing both health and financial challenges. With a sick child and a struggling mother, the family must focus on what they can control, like budgeting and increasing income, while acknowledging that this rough patch isn't their forever. The message is clear: give yourself grace and keep pushing forward.
“… app. You start with the classic one, Wynab. But everyone just deletes it because it's way too complicated to use. So you go to EveryDollar. That's Dave Ramsey, the personal finance guy, right? Well, they're going to force you to use it his way. That's not very personal finances. Rocket Money, they got a lot of commercials, but they're owned by Rocket Mortgage. Guess what they want to sell you in the end? Then there's the new guy on the block, Monarch. Hundreds of millions of dollars of private equity raising so far. But private equity doesn't have the best track record when it comes to private data. …”
“… in the world is that stripping? There needs to be a bag in stripping. Hey, I've been to a strip club twice. I didn't look at the bag someone had in their dressing room. In fact, I look at their titties. You suck with money. So you download a budgeting app. You start with the classic one, Wynab. But everyone just deletes it because it's way too complicated to use. So you go to EveryDollar. That's Dave Ramsey, the personal finance guy, right? Well, they're going to force you to use it his way. That's not very personal finances. Rocket Money, they got a lot of commercials, but they're owned by Rocket Mortgage. Guess what they want to sell you in the end? Then there's the new guy on the block, Monarch. Hundreds of millions of dollars of private equity raising so far. But private equity doesn't have the best track record when it comes to private data. That's why I like DollarWise. Built by these people just like you, for people just like you. No private equity, no gimmicks, just the best budgeting app there is. is download it now start the free trial dollarwise.com link in the description below that's kind of stupid i'll be honest but what's not is actually getting a checking account that gives …”
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In a candid discussion, a couple reveals their challenging financial situation, including their struggles with budgeting and debt. They humorously navigate the complexities of personal finance, mentioning the allure of designer items and the reality of budgeting conversations in their household. This highlights the often-overlooked difficulties many face in managing their finances amidst societal pressures.
“… had posted where they're like, look, I want to love a movie with that many Gilmore girl references, but I can't support a movie when they play Dave Matthews song in a strip club. And, uh, I'm like, that's valid. That's that's, I'm not going to argue with that take, but yeah, it's just all this stuff. What happens is, you know, you pick 29 songs and then you have the worst time of your life trying to get all of them. And the amount of phone calls that I had and, uh, and I, then I brought in the supervisor, the music supervisor I'd use on happily. And her job really is she's like a missile. …”
“I don't know what to say. I, there was a, I saw a really funny thing that someone had posted where they're like, look, I want to love a movie with that many Gilmore girl references, but I can't support a movie when they play Dave Matthews song in a strip club. And, uh, I'm like, that's valid. That's that's, I'm not going to argue with that take, but yeah, it's just all this stuff. What happens is, you know, you pick 29 songs and then you have the worst time of your life trying to get all of them. And the amount of phone calls that I had and, uh, and I, then I brought in the supervisor, the music supervisor I'd use on happily. And her job really is she's like a missile. I aim at a problem where she's like, all right, I'm gonna make some calls. And then, you know, 12 hours later, she's like, okay, so I talked to this guy at the label and I talked to this person, but we're trying to show a clip to this guy in the band. And she's just, you know, she's really tenacious Uh and like that was one where I like if Dave …”
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Navigating music licensing can be a nightmare for filmmakers, as highlighted by a humorous anecdote about trying to use a Dave Matthews song in a movie. The speaker shares their experience of waiting for approval from a band, only to face radio silence just before a crucial deadline. This illustrates the unpredictable nature of securing music rights in the film industry.
“This is absolutely amazing. Very well done. Josh and Holly, Ramsey Solutions team members and apparently Chick-fil-A team members. $175,000 paid off house and everything at 27 years old in 18 months of marriage. Man, don't tell me you can't do it when you're Gen Z. These guys are just going, mic drop. Count it down. Let's hear a debt-free scream. Three, two, one. We're debt-free!”
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Josh and Holly, a young couple and team members at Ramsey Solutions, achieved the incredible feat of paying off their $175,000 home in just 18 months of marriage. Their inspiring debt-free scream proves that financial freedom is possible for anyone, especially Gen Z. Join them as they celebrate this monumental achievement!
“… mind, I go, that's not money that the government's giving you as a bonus. That's money that you've paid too much. You're getting back. Yeah, I think Dave Ramsey is just like, you lent them that money. Yes. And they're giving it back to you. And so when they're like, it's at a new high, everybody should be happy. I'm like, no, no. Everybody should be like a little upset that they're taking too much money from you at the beginning. Because they have that money and they can do whatever they want with it, make money with it, and then just give you back yours and they have the money they've already made …”
“… you. Oh, right, right. Pay too much. They're going to give you the opportunity to fix it though before you go to jail. Oh, okay. That's good. I did see yesterday they were like, the average tax refund is a new high, $3,400, whatever. And in my mind, I go, that's not money that the government's giving you as a bonus. That's money that you've paid too much. You're getting back. Yeah, I think Dave Ramsey is just like, you lent them that money. Yes. And they're giving it back to you. And so when they're like, it's at a new high, everybody should be happy. I'm like, no, no. Everybody should be like a little upset that they're taking too much money from you at the beginning. Because they have that money and they can do whatever they want with it, make money with it, and then just give you back yours and they have the money they've already made with it. Yeah, man. Yeah. That's right. Oh, the government. Am I right? You're right. Oh, you're right. Lunchbox. Yeah, Jessica Alba, Joe Burrow, spotted in Las Vegas, playing a little blackjack, which I was shocked that they were just out on the regular floor amongst common people. I thought it was AI at first. Did you? I did too. I thought they were …”
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In this hilarious segment, the hosts discuss the absurdity of AI potentially handling your taxes, with one claiming to have received a $7 million refund! The conversation takes a turn when they share a wild story about Jessica Alba and Joe Burrow casually playing blackjack in Las Vegas, leading to some unexpected and funny impressions.
“… a joke in Pumping Mics, this little series that we did with Jeff, you know, Jeff Ross and David Tell. And I got to watch, you know, six versions of Dave, just incredible, telling, they're both great, but Dave telling the same joke like six different times. Right. Because we filmed it over like a long weekend and we did two shows a night at the cellar. And so he's got this line when he says, they're talking about like in memoriam, you know, people we lost. And they talk about Stephen Hawking. And Dave says, yeah, Steve Hawking, the great astrophysicist, you know, we lost him. And Jeff says that. …”
“… like a mind, a curious person, just a person who followed a path, an artist, a singer, a comedian a this or that an athlete like whatever it is like what made you you How you get there That why I love comedy so much because you know just listen there a joke in Pumping Mics, this little series that we did with Jeff, you know, Jeff Ross and David Tell. And I got to watch, you know, six versions of Dave, just incredible, telling, they're both great, but Dave telling the same joke like six different times. Right. Because we filmed it over like a long weekend and we did two shows a night at the cellar. And so he's got this line when he says, they're talking about like in memoriam, you know, people we lost. And they talk about Stephen Hawking. And Dave says, yeah, Steve Hawking, the great astrophysicist, you know, we lost him. And Jeff says that. And Dave says, yeah, I knew something happened because my printer stopped working. and for some reason like this joke makes people they so many people laughed at this joke because it's so insanely like impulsive right i knew that steven i knew steven hawking died because my printer stopped working and the next night he did a different version of …”
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In this hilarious segment, the host recounts a moment from comedian Dave's routine where he connects the death of Stephen Hawking to his printer malfunctioning. The absurdity of the punchline, combined with the spontaneity of Dave's delivery, showcases how comedic brilliance often lies in unexpected connections, leaving listeners laughing at the ridiculousness of it all.
“… you see it on YouTube videos, where people are saying just a wide range rate of return, where people will say, you know, you hear people like Dave Ramsey, who will say 12% for mutual funds, and we can get into that if we want to. You see people say things like six or 7%. And, you know, you see a wide range in between. The most common that we see, and we talk about this even here, is we'll say 10% rate of return looking at the historic S&P 500 average. But if you're doing your planning, a lot of times you want to be way more conservative than that, because the”
“… who listen to the show, so they're going to love that. I think that's absolutely amazing. So next, I want to dive into return assumptions. So return assumptions are something that we see thrown around all the time on social media. You see it on podcasts, you see it on YouTube videos, where people are saying just a wide range rate of return, where people will say, you know, you hear people like Dave Ramsey, who will say 12% for mutual funds, and we can get into that if we want to. You see people say things like six or 7%. And, you know, you see a wide range in between. The most common that we see, and we talk about this even here, is we'll say 10% rate of return looking at the historic S&P 500 average. But if you're doing your planning, a lot of times you want to be way more conservative than that, because the”
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Roth conversions can be a game-changer for early retirement, especially when executed during your lowest income years. By strategically planning these conversions, you can significantly reduce your tax burden and increase your financial flexibility. Understanding the timing and implications of these conversions is crucial for maximizing your retirement savings.
“Hey, everybody. I'm here with Armando Lopez. And Armando, you lead all of HR for Ramsey. Isn't that right? That's correct. You've got your fingers in all of the hiring stuff, too, and really have helped develop our approach to hiring. And I'd love to talk about that today. Excellent. What would you say our approach to hiring is? Hire the right people. Hire the right people. Yeah, man, that's the single, everybody will tell you that, right? Yeah. So you want to hire the right quantity of people for the growth that you're …”
“Hey, everybody. I'm here with Armando Lopez. And Armando, you lead all of HR for Ramsey. Isn't that right? That's correct. You've got your fingers in all of the hiring stuff, too, and really have helped develop our approach to hiring. And I'd love to talk about that today. Excellent. What would you say our approach to hiring is? Hire the right people. Hire the right people. Yeah, man, that's the single, everybody will tell you that, right? Yeah. So you want to hire the right quantity of people for the growth that you're forecasting, and you want the right quality of people so that you don't have people issues down the road. I'd love to get into some of the things that we do that maybe not everybody does or some things that we would suggest people do that they're maybe not doing. But before we do that, could you just kind of walk us through from a high-level perspective, …”
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Hiring the right people is crucial for business success, and Ramsey's unique approach focuses on five key qualities: humility, hunger, intelligence, skill set, and cultural fit. By communicating core values early in the hiring process, candidates can self-select, ensuring a better fit and faster onboarding. This method contrasts sharply with typical hiring practices that overlook cultural alignment.
“… want you to sacrifice to get out of debt. And I do want you to do this, but I want you to do it with a plan and with a strategy, not just, you know, Dave Ramsey said, that not a strategy That right Okay A strategy is I want to be debt free for my family so that I get get control of my largest wealth tool which is my income so that I can invest and change my family tree and create a generational business That's exactly right. You work through your so-thats. That's why you're doing it. And, yeah, I just want to get there as fast as I can. She's saying, well, do it. Sell it. And it's over. Pull the plug …”
“… situation, to have this land. Considering the mess you made. Yeah. Yeah. So yeah, I'm with you. Okay. Took me a minute to catch up. I just want to make sure you're not, you know, only doing this. And I do want people to get out of debt. And I do want you to sacrifice to get out of debt. And I do want you to do this, but I want you to do it with a plan and with a strategy, not just, you know, Dave Ramsey said, that not a strategy That right Okay A strategy is I want to be debt free for my family so that I get get control of my largest wealth tool which is my income so that I can invest and change my family tree and create a generational business That's exactly right. You work through your so-thats. That's why you're doing it. And, yeah, I just want to get there as fast as I can. She's saying, well, do it. Sell it. And it's over. Pull the plug on it. and by the way, go ahead and put the sawmill and the bulldozer under the stupid column. You can put a check there.”
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Selling unnecessary assets can be a game-changer for achieving financial freedom. In this discussion, a doctor with zero debt is encouraged to sell off excess equipment and focus on creating a wealth-building strategy. This approach not only helps eliminate debt but also empowers individuals to control their income and build a generational business.
“… app. You start with the classic one, YNAB, but everyone just deletes it because it's way too complicated to use. So you go to EveryDollar. That's Dave Ramsey, the personal finance guy, right? Well, they're going to force you to use it his way. That's not very personal finances. Rocket Money, they got a lot of commercials, but they're owned by Rocket Mortgage. Guess what they want to sell you in the end? Then there's the new guy on the block, Monarch. Hundreds of millions of dollars of private equity raising so far. But private equity doesn't have the best track record when it comes to private data. …”
“… hundred. Okay, that doesn't make sense with the $6,000 you spent on top of your rent. I am trying to get any concept of where this money went. A couple hundred bucks to leather was not it. You creature. You suck with money, so you download a budgeting app. You start with the classic one, YNAB, but everyone just deletes it because it's way too complicated to use. So you go to EveryDollar. That's Dave Ramsey, the personal finance guy, right? Well, they're going to force you to use it his way. That's not very personal finances. Rocket Money, they got a lot of commercials, but they're owned by Rocket Mortgage. Guess what they want to sell you in the end? Then there's the new guy on the block, Monarch. Hundreds of millions of dollars of private equity raising so far. But private equity doesn't have the best track record when it comes to private data. That's why I like Dollar Wise. Built by these people just like you, for people just like you. No private equity, no gimmicks, just the best budgeting app there is. Download it now, start the free trial. Dollarwise.com, link in the description below. Starbucks is bull and a waste of money. Blizzard Entertainment presents Midnight, the newest …”
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In a heated exchange, a woman realizes she has spent over $25,000 on unnecessary items, including $6,000 on top of her rent and thousands on 'miscellaneous bullshit.' This shocking revelation highlights the importance of personal accountability and financial awareness, ultimately leading to a discussion about budgeting apps and managing debt effectively.
“… you know what? I am paying all this money on these credit cards, and it's dumb. So I said no more. So I created a plan. It really happened to be the Dave Ramsey plan. I just didn't know Dave Ramsey at the time. Right. But I put all my credit cards on a spreadsheet in some other whatever system I would use Dave Ramsey today. And, you know, they told me pretty much his plan. So I did it, got out of debt and said never, ever again. Wow. So what is the key to I imagine there are a lot of young ladies listening to this and maybe they're early in their career, not making a ton of money. what would you say to …”
“… you are today? Two-part question. All right. Part one was I remember this very clearly. I was 29 years old. I bought my first house. I had that. Didn't make a lot of money. I made enough to buy the house, but, you know, therefore. And I thought, you know what? I am paying all this money on these credit cards, and it's dumb. So I said no more. So I created a plan. It really happened to be the Dave Ramsey plan. I just didn't know Dave Ramsey at the time. Right. But I put all my credit cards on a spreadsheet in some other whatever system I would use Dave Ramsey today. And, you know, they told me pretty much his plan. So I did it, got out of debt and said never, ever again. Wow. So what is the key to I imagine there are a lot of young ladies listening to this and maybe they're early in their career, not making a ton of money. what would you say to them if you could have coffee with them to get to where you are today what do they need to do you gotta be smart with your money for me it was I had to have goals I planned them out and I had to stay to them. So I couldn't buy the shoes. I couldn't buy the comforters. You know, I couldn't buy the things that made you feel better because I looked …”
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Amy shares how she transformed her financial life by sticking to a strict budget and following a plan similar to Dave Ramsey's. She eliminated her debt, set financial goals, and tracked her progress daily, which ultimately led her to millionaire status. Her story serves as an inspiring guide for young women starting their careers with limited income.
“… guessing game, but a roadmap you could actually follow? That's exactly what we're getting into in today's YAP Classic episode with the one and only Dave Ramsey. Dave isn't just a best-selling author and financial expert. He's built a full-blown media empire called Ramsey Solutions, and he's helped millions of people with their money problems over the past 30 years. His resume speaks for itself. Now, in today's conversation, Dave gets into his book, Build a Business That You Love, and he really unpacks what it takes to create something that actually lasts. From the six key drivers behind every …”
“… once you do that, you will naturally roll into the last one, which is... What advice would you give to an entrepreneur right now who wants to start their own media business? Do it. Young and profiters, what if building a business you love wasn't a guessing game, but a roadmap you could actually follow? That's exactly what we're getting into in today's YAP Classic episode with the one and only Dave Ramsey. Dave isn't just a best-selling author and financial expert. He's built a full-blown media empire called Ramsey Solutions, and he's helped millions of people with their money problems over the past 30 years. His resume speaks for itself. Now, in today's conversation, Dave gets into his book, Build a Business That You Love, and he really unpacks what it takes to create something that actually lasts. From the six key drivers behind every successful business to the five stages every entrepreneur needs to move through to get there. This one is a really good one, guys. I absolutely love this episode. It was one of my favorite ones that I recorded last year. You guys are going to love it, especially for you entrepreneurs out there. So let's get right into it. Dave, welcome to Young and …”
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Dave Ramsey's journey began with financial ruin, leading him to create a small radio show that would change his life. He emphasizes that intentionality in finances is crucial to avoid debt and achieve financial freedom. This experience laid the foundation for his successful media empire, Ramsey Solutions, helping millions navigate their financial challenges.
“… agree on that area. Like I'm always trying to save. I was always trying to get us out of debt and everything, and he really didn't agree with the Dave Ramsey method. So, Melissa, is he misbehaving with money? You haven't answered the question. What problem does it solve for you to separate your money? Well, I feel like it would eliminate us fighting if he just spent his money and I did not want to separate it. No it would cause him to be broke and you to be broke too He drag you down with him Right now you the only thing holding this together But it just really hard on the marriage Like if that like …”
“… manage, you know, the finances, the household, the children, full-time work, especially teaching. And I started asking him, like, Hey, I like, I need help. And I felt like the biggest stress was always managing the money. And that was because we didn't agree on that area. Like I'm always trying to save. I was always trying to get us out of debt and everything, and he really didn't agree with the Dave Ramsey method. So, Melissa, is he misbehaving with money? You haven't answered the question. What problem does it solve for you to separate your money? Well, I feel like it would eliminate us fighting if he just spent his money and I did not want to separate it. No it would cause him to be broke and you to be broke too He drag you down with him Right now you the only thing holding this together But it just really hard on the marriage Like if that like our No, the money isn't hard on the marriage. The selfishness is hard on the marriage. But he's, you know, he's worked really hard. Oh bull. We all work hard. Call the whambulance. Wah. He worked really hard. So that gives him permission to constantly be at odds with his wife instead of coming into agreement and deciding on what our future goals …”
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Ridealong summary
Separating finances won't solve your marriage problems; it will only make them worse. A couple struggles with financial disagreements, and a financial expert emphasizes that their real issue is a lack of communication and unity in their relationship. Instead of dividing their money, they need to reconcile their differences and work together towards a shared financial future.
“… but leave it in the IRA, just a different fund. And a lot of financial planners will do that because it's such a conservative rate. I think Dave even says you could take on up to 6% to 8%, so I would say if Dave Ramsey was sitting here, he would be way more on the liberal side of this, meaning leave it in and you can actually probably take out more than 4%, but a financial planner is going to be more on the conservative end. So the fact that they said that is not shocking, but I would not. I would leave it in because at some point you may not even keep up with inflation, depending on …”
“… you could spend about 4% of your retirement savings each year and he said that money markets and bonds were paying about that and that as we got closer to retirement, we could move some of our investments into that inside our IRA, not annuities or anything, but leave it in the IRA, just a different fund. And a lot of financial planners will do that because it's such a conservative rate. I think Dave even says you could take on up to 6% to 8%, so I would say if Dave Ramsey was sitting here, he would be way more on the liberal side of this, meaning leave it in and you can actually probably take out more than 4%, but a financial planner is going to be more on the conservative end. So the fact that they said that is not shocking, but I would not. I would leave it in because at some point you may not even keep up with inflation, depending on what these money market accounts say. They're pretty good right now, but over time, we haven't always seen that rate of return. And so keeping them in the markets, you're going to be making so much money. I mean, on average, you're making 10% to 11%. Some years, I mean, last year was like 20-something percent. It was crazy. So you would miss out on …”
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Ridealong summary
Moving your retirement savings into conservative funds could cost you significant growth. Financial experts suggest keeping your investments in the stock market, as retirees often have 20 years or more to benefit from compounding returns. Choosing to stay invested can yield an average of 10-11% returns, far surpassing the minimal gains from safer options like CDs or annuities.
“… is the exact opposite. So I'm curious how much money did it cost for your kid to go through school? So first off something else too we owe it to you Dave Ramsey from like 2005. You all have been a blessing to both my wife and I um so much so we we actually taught many many FPU classes. Thank you. So yeah you're welcome you're welcome. So this 529 account we actually showed him how compounding how compounding interest works. We stopped investing uh in the 529 when he was a freshman in college at 150. That's about where it was at. He's gone through three years of school and it's at 159. Wow. It's crazy. …”
“… beneficiaries at any time. At that point yeah. Yeah there's a lot of ways you can go with it. Yes for sure. Well done Alan. That's usually not it's usually the opposite problem that we uh talk to people about. So it's like a parent plus loan this is the exact opposite. So I'm curious how much money did it cost for your kid to go through school? So first off something else too we owe it to you Dave Ramsey from like 2005. You all have been a blessing to both my wife and I um so much so we we actually taught many many FPU classes. Thank you. So yeah you're welcome you're welcome. So this 529 account we actually showed him how compounding how compounding interest works. We stopped investing uh in the 529 when he was a freshman in college at 150. That's about where it was at. He's gone through three years of school and it's at 159. Wow. It's crazy. So you're telling me that it was growing faster than you were withdrawing. That's what I'm telling you. That's incredible. That's amazing. And it sounds like he went to a reasonably priced school and maybe even got some other scholarships. Yeah a few scholarships. He was in you know he was in Albert Einstein but he did okay and and uh yeah it was a …”
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Ridealong summary
Imagine turning a $120,000 college fund into $1.4 million for your grandkids. By keeping a 529 account open long after your child graduates, you can create a legacy of education funding that spans generations. This strategy not only secures your family's future but also prevents the burden of student debt for your descendants.
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