Dave Ramsey’s Step-By-Step Instructions to Building Wealth (and the Mistakes to Avoid)
Kosher Money
Living Lchaim
5 • 781 Ratings
🗓️ 20 August 2024
⏱️ 51 minutes
🧾️ Download transcript
Summary
Psst, do you want to build wealth? Who doesn’t?
But what steps do you need to take to accumulate money?
What common mistakes do people make that cause them to fall behind?
We visited Dave Ramsey in his studio in Franklin, Tennessee to explore his famous Baby Steps and how millionaires are made.
We hit him with some awesome questions throughout our very compelling 40-minute discussion. We saved some fun ones for the end.
You're gonna enjoy the advice he shares.
✬ DAVE'S MENTIONED LINKS ✬
• The 'Total Money Makeover' book walks you through the Baby Steps: https://www.amzn.to/3G6fMVa
• The 'Baby Steps Millionaire' book teaches you how Dave invests and builds wealth: https://amzn.to/3W2TQjv
• The EveryDollar Budgeting App - https://ter.li/5cs2h1 (In the first month of using the app, most users cut monthly expenses by nearly 10%. Dang!)
✬ SPONSORS OF EPISODE 77 ✬
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► IT'S SLIME TIME! Nope, this isn't a paid ad, but check out their story in the outro of this video and visit https://tinyurl.com/ItsSlimeTime24 to see pics. You can contact Chavy at 646-515-5845. Kudos, sisters!
CHAPTERS:
00:00 Coming Up
00:45 Intro
01:24 How Is Dave Doing?
01:41 How The Baby Steps Began
04:24 The 7 Baby Steps Explained In Under 4 Minutes
07:48 Beyond The Baby Steps
08:39 How Millionaires Are Made
09:38 How to Put Money Into Retirement PRACTICALLY
11:39 The Beauty of Automation
12:33 Sponsor: The Donor's Fund
13:58 The Wisdom Behind A Emergency Fund
16:50 High Yield Savings
17:21 Priorities in Budgeting (Private School Tuition)
21:17 Borrowing Money for a Bar Mitzva?!
25:03 How Kids Pick Up on EVERYTHING
25:26 Sponsor: Twillory
27:12 Home Buying Advice
33:48 Buying vs. Renting
35:22 What Dave Tells People Who Don't Wanna Budget
38:36 Sponsor: Colel Chabad
39:47 The Effect of Budgeting
43:15 2 Pieces of Advice for 25-Year-Old Dave Ramsey
45:15 If Dave Ramsey Was In Charge of the USA's Finances
47:18 How Cool Is This Story?
48:53 Outro and Helpful Links
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Transcript
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| 0:00.0 | I do anything I can to trick myself into being disciplined, |
| 0:03.1 | automatically drafting out of my checking account and going into a mutual fund. |
| 0:06.4 | I've got that set up today. |
| 0:07.9 | Boom! Just hit that checking account. |
| 0:09.3 | You know, why not? |
| 0:10.4 | Because 100% of the time that you don't have a plan for your spending, you overspend. |
| 0:14.7 | 100%, because you don't think about the kids' activity fees at school. |
| 0:18.8 | You don't think about the books. |
| 0:19.8 | I got to buy a gift for the |
| 0:20.8 | bar mitzvah next month. You don't think about stuff like that until you sit down and go, okay, |
| 0:25.0 | where's our money going to go this month? He turns to his wife and says, hmm, I think I want to |
| 0:30.0 | splurge. Maybe we'll tap into the home equity and spend a little bit more on the bar mitzvah. You borrow money for a party? |
| 0:38.4 | You heard that? |
| 0:39.1 | No, you don't borrow money for a party. |
| 0:41.7 | It's not religious. |
| 0:43.4 | That's prestige and childish. |
| 0:46.2 | Hey, Ellie, do you want to build wealth? |
| 0:48.2 | Who doesn't? |
| 0:49.0 | But what steps do you need to take to accumulate money |
| 0:51.6 | and what common mistakes do people make |
| 0:53.9 | that cause them to fall behind |
| 0:55.6 | financially. We visited the great Dave Ramsey in his studio in Franklin, Tennessee to explore his |
... |
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