Dave Ramsey: “100% of us have spending issues” - Here’s the fix!
ฝัง
- เผยแพร่เมื่อ 6 มิ.ย. 2024
- Lose the renewal fees, get a lifetime subscription of Rosetta Stone for the special price of $149 (usually $399) and immerse yourself in language!
erika.com/rosettastone
#57: Dave Ramsey, a financial expert, radio host of “The Ramsey Show”, and author of The New York Times bestseller The Total Money Makeover, is my guest in this week’s episode.
You will learn:
- Dave’s signature 7 Baby Steps for taking control of your money
- Three things to know about wealth
- Dave’s darkest moment
- How Dave went from bankrupt to a multi millionaire
Get Dave Ramsey’s books:
The Total Money Makeover: erika.com/the-total-money-mak...
Baby Steps Millionaires: erika.com/baby-steps-milliona...
I’m running a free “Save $1,000 Challenge” to teach you creative strategies to save money. It’s 5 days long and starts on Monday. Grab your free spot here: Erika.com/go
Thanks for tuning in and come back every Tuesday for a brand-new episode!
Prefer to listen on the go? Listen wherever you get your podcasts. www.erikataughtme.com/follow
Did you enjoy the episode? Please leave us a review here erika.com/review : (just scroll to the bottom and tap on “leave a review”) It really helps the podcast especially since we’re just getting started. Even just a sentence is perfect!
Follow the podcast @erikataughtme across platforms.
Connect with me on Instagram. / erikankullberg
For more information, go to www.erikataughtme.com/
Get on my personal finance & investing course priority waitlist here erika.com/3D-money
Get my Mastering TH-cam course, to learn how to grow a TH-cam following and monetize it erika.com/mastering-YT
Get more of my free resources. erika.com/all-links
Timestamps:
00:00 - Intro
01:47 - A life-changing event that defined Dave's thing about money
08:32 - Analysis of Debt and Its Impact on Personal Life
14:48 - The Motivation behind the 'Dave Ramsey' Method
19:59 - The Importance of Taking Action in Financial Investment
28:57 - The Importance and Steps of Establishing an Emergency Fund
35:15 - Assessing Budget and Income - Tackling Debt
41:51 - Visualizing Debt Freedom & Overcoming Mindset Barriers
54:18 - Achieving Complete Financial Freedom by Paying off All Debts
01:05:59 - Importance of Joint Accounts for Enhancing Communication and Maintaining Transparency in Financial Decision-making within a Marriage
01:18:42 - Dave Taught Me
Getting Dave Ramsey in your chair is a huge measure for your success.
“It’s not mathematically correct it’s behaviorally correct” LOVED IT!! ❤
Meaning you have no self control, 😂😂.
The same reason why communism doesn’t work, because it’s not behaviorally correct.
I made a YT playlist of people doing the debt free screams and it definitely motivated me to keep going. I’m so happy to say today I am debt free because of the baby steps. Thanks for this interview!
“You don’t look like a victim to the toxic boss”. 😂 Loved it, so true.
Too bad he didn’t realize he’s the toxic boss
Someone once said, "Your attitude determines your altitude." I couldn't agree more. It all starts with a strong belief that you can do it, making a plan and taking ACTION. What a great & Informative conversation! Thanks Erika for having Dave on! He's truly the undisputed King of personal finance!
That was zig ziglar
This is the kindest I've ever seen Dave be, he seems very human and empathetic even. It's nice to see this side to him. I found Dave Ramsey about 2-3 weeks ago and most of what I've seen has been "tough love" "hard ball" and even at times insensitive approaches/comments. While I understand the no BS/blunt approach, I enjoyed seeing this softer side of Dave on this interview with you Erika.
I’ve watched so many Dave Ramsey videos and I think this is the most in-depth, nuanced, and least sensational talk I’ve heard. Thank you!
Totally agree. Loved this interview/talk
I love Dave. I’m a dentist and make good money. By using the baby steps during 2020, I did a budget for the first time and paid off debt ( biz and personal including my house) in 18 months! Now I continue with the budget and am on track to FI in 6 years by saving over 50% of my income without stressing about it. It works!
Awww papa Dave! I loved that he said you need to be you! You are already so successful and there is room in the sandbox for everyone 🥰 so sweet!
Since I started following his steps is when I started seeing savings in my account. It is about discipline and following through.
Congratulations for learning those tried and true tactics of discipline and consistency. Those tactics work with everything: healthy eating habits, exercising, etc.
Same. But now I’m a radical saver and need to learn to spend every now and then.
After listening to all the good financial advise from people like Dave, the money guy, your channel etc, I've become more and more minimalist. Good for me, my finances, I spend less, and even good for the environment. Once I retire, I'll cut my expenses even more, so that I can enjoy more the things in life that have no price. Subscribed 👍
I love Dave Ramsey. He helped me get out of debt and I will be forever grateful. Good choice of guest. You are awsome as well Erika I enjoy you guest so much. It is a pleasure to listen to you.
there is a way that I have dismissed Dave Ramsey. I was a know it all and somebody who doesn’t honor peoples choices. I just realize that through the soundbites of his show you don’t get to see the nuance of who he is and I love that he respects your process and autonomy of folks. Your interview made me like him and appreciate him much more! Great job.
Agreed. I respect him and his belief more now bc of this interview
Omg the part about not putting up with toxic work environments because you don't have a mortgage to pay hit hard.
When I started applying his principles years ago and stayed out of debt and had an emergency fund and live within my means, I was selective about employment choices. The stress relief. Also I could work.or not work
My seven day delayed gratification works quite simply:
I can put anything I want in my shopping cart, but I only check out on payday.
Usually I throw at least half of it back out or replace it with something less expensive.
I really like Ramsey’s advice. I stopped consuming his content for a while but this is a great platform for him to say something new.
Your podcast brings so much value to the world, thank you Erika!
That I can do it! That is the truth.
2017 I found Dave Ramsey, I paid off $8,000 in 9 months on an income less than $30,000 living with a disability. There is lot of hope stealers that claim to help people on the Canadian Ontario Disability Support Program
Many of them are agencies that get government funding to do it. I have so much knowledge of the disability system in my province that I refuse to accept their advice that I should retire as a low income disabled senior in poverty.
You are KILLING it with ease interviews! Go girl- Can't wait to join the challenge.
Great interview Erika! I've been following Dave for so many years - and it was his videos and teachings that helped me get out of CC debt. So many people argue against Dave Ramsey's teachings and the math and it not being the "only way", but I think this interview helps reconcile a lot of the nuances. I like how he said his plan is not for everyone and he's just trying to help as many people as he can, and applauds others like Erika in helping those who may need a different approach. At the end of the day, it's about results.
A former co-worker took that a step further. Since she was paid biweekly, she had her kids wait 2 weeks before buying them something they asked for. That way, she could actually budget the purchase. A lot of times, they didn’t even want that thing anymore and were on to something else.
An excellent show. You always introduce me to uncharted territory. Your guest, Dave Ramsey, is a great cheerleader. I’m already charting my progress. He spoke to where I am right now. Thank you both.
This podcast was incredible! Dave is something else, truly a gift! Just an amazing and uplifting interview❤
Love this! I've been a Dave fan for more than 15 years! Thank you for introducing Dave to people who need to hear his common sense wisdom!
My husband and I have a joint account for everything (and we also own a business together), but we give ourselves a small monthly allowance towards our individual accounts to spend on whatever. It gives us the balance of both being active in our finances, but still some sense of individuality.
Such a wonderful interview, thank you so much, Erika! ❤
You're both so insightful and have a very clear way of explaining how behaviour is key to personal financial goals.
I’ve listened to so many Dave Ramsey pods and have watched so many Dave Ramsey videos, but on this platform this has been the most insightful video from him… Thank you so much for having him on! You’re doing incredible work 🎉
Great interview Erika. Love the questions you asked Dave and how you just let him talk freely.
We love you Dave. You saved a lot of us
Great episode. Dave and his team are amazing. Have been following his principles and its truly changing my wife and I's life.
Dave arrived and the flow of conversation was def informative! Thanks Erika 🙏🏼
Love this podcast. Please do more of this subject in your channel. Very inspiring.
So glad I discovered Erika has a podcast! The episodes I've listened to so far have been great!
Thank you Erika, so many valuable points from Dave and it was important to hear your opposing views on separate accounts. It's also a joy to see two successful people encouraging each other with sincerity.
The outline of The Baby Steps is amazing. Finally an in-depth discussion.
Best finance podcast out there! Keep it up Erika! You’re my inspiration ❤.
What a wonderful interview! I got into personal finance because of Erika exactly a year ago, and have avoided Dave because of some things I've heard through the grapevine. I'm SO glad he was a guest on Erika Taught Me; it was eyeopening to see someone's philosophies who differ than mine, but I can see aren't wrong, they're just different. It seems he has very little ego around what he solidly believes in. Great episode!
This was the BEST!!! Thank you Dave & Erika!! I am now “subscribed” to you as well Erika! 😁
I loved all of this. It is so inspiring. Thank you for doing what you do! 🙏🏽
This was a great interview! I loved it. I learned it isn’t a math problem. It is a behavior problem and that I can become a millionaire!😊
My absolute favorite podcast episode ❤
Same this is my most favorite Erika Taught Me episode
Wow!!! Great to see where you are now from when I first saw your first TikTok, now I don’t have TikTok and glad to see your success
Well done!! I love your interviews!!
i love this conversation! 2 of my favorite people in the same room :)
1:06 Dave’s answer to having power, safety, and an equal vote on joint accounts. That’s phenomenal. Marriage goals
Well done interview. Dave Ramsey’s advice is what everyone should have gotten from the grandparents. I read his books in my 20’s. Now I’m my 50’s with a good retirement and property. I do think he needs to update some of his advice for inflation and credit.
Omg Erica!!! Girl your channel has skyrocketed!!
Dave is the best. I found him early this year. I wished I have found him in my twenties. I'm in my fourties with no debt but the house. So I'm closer to make it to baby step 7! 🙃🙏🇺🇸 🇵🇷
I love both of y’all! Great interview!!
Love his podcast and YT videos
Then maybe you’ll love the 2 sex-based discrimination lawsuits filed against him and his company-do your research
I get the impression that when this fabulous man speaks no one listens
He is not saying the avalanche doesn’t work
Vs snowball method
It’s about small WINS
It actually feels good getting rid of debt
If this is what it takes for people to get out of debt then great 👍🏽 go for it
Dave Ramsey led me to you, Erika! I like Ramsey’s teachings a lot.
I love Dave on all the newer financial channels.
It's like sitting down with Grandpa and contrasting the best theories of your peers with what actually worked among his friends.
This was the first time i see a podcast and I am beyond words!!!
Having a plan and working the plan. Attitude, commitment and discipline. It's just that simple.
It was great to hear Dave’s backstory and it’s also great to see both perspectives together. I agree with you on the separate bank account thing, its risk mitigation 😊
You are great and you have brought the best people to interviewed. Keep going I can't wait for next episode!!
This is the first Dave Ramsey interview that I felt had some intelligent push back on the principles of the 7 baby steps. This allowed acknowledgement that if a person really understands and includes risk in their calculations there can be some deviation. Although, through the prism of behavioral finance.
Yes! I also really enjoyed their discussion on separate bank accounts. I think Dave's faith is getting in the way of thinking logically about this.
Great interview, thanks Erika!
This is so valuable, I have been listening to Dave Ramsey for years and can finally live without depending on my income. Compound interest rate and small savings every months can make a world of a difference on the long run!
My favorite episode to date
Gross, go educate yourself on the multiple sex-based discrimination lawsuits filed against Ramsey and his company
Love this.
This was amazing podcast. Dave Ramsey you’re an amazing individual. Thanks for all the teaching you do love it ❤
Dave has been consistent in the past 30 plus years.
Great interview! I've learned so much! I try to be better with my money and I feel like this episode really opened my eyes on how to make important financial decisions. Thank you!
Congrats Erika for this interview With the BIG DAVE RAMSEY
I learned a lot today. Hearing both of your approaches was a treat.
Great discussion, I've only recently discovered Dave a couple of weeks ago & now this channel. So much to learn & to put in practice but gives me some hope financially 🙏 .
Great interview and good info.
I rarely comment on anything…. But I’m a longtime Dave fan AND an Erika fan & this was a great interview. I’ve never seen Dave like this before. It was so refreshing to see a different side to him. I attribute it to him being out of his element and being on another person’s show. He really opened up and showed us a new side of him. I remember years ago Dave started to grouchy 😂 and then they started with the personalities and Rachel came on the show not long after. I think Dave has burnt out a little bit saying the same things over & over (I can totally understand how that would happen), but I really hope Dave does more interviews like this because it was clear he enjoyed the experience and we really got to see a more vulnerable, softer side to him. He also shows no flexibility in his system and it was nice to see him relax a bit and open the door to saying there are other systems that work, but they’re not the DR system. Dave, I hope someone from your team reads this and tells you thanks for all your great advice over the years and please consider doing more shows with other financial folks cause it was really refreshing to see this side of you. Erika, great work on booking another great interview. Bravo 👏🏻
I have a tip for not spending. I like looking at Catalogues and I can mostly look and dream and sigh ( enjoying my paid off 14 years early house ) but the other day I saw two sets of jewelry that I wanted. It was going to be $240. So I filled out the order form then set it aside. In a week or two I will find it and tear it up gasping at how silly it is. Works for me. I've been off credit cards 9 going on ten soon! Yay.
Love you two together!!! Great video!
Started my finance journey by following Dave. $54k paid of high interest debt, $10k emergency fund and $32k in investments only 3 years later 🎉
Love love love this! So so good
I have followed Dave Ramsey & my dad’s example. So grateful because l have paid off my home, car…etc. Debt free life is so freeing! Thanks dad in heaven & Dave! 🥹🙏🏽❤️💓💕
This was really good. I like the personal aspects that were talked about that were outside of just money.
This was such a great interview. I’m a Ramsey fan and I thought there’d be friction between the two different approaches to finance, instead it was a very good discussion that explored the nuance between the different approaches.
Strategic thought, followed by tactical application...that's gold!
Thank you!!!
This was excellent!!
Great interview.
Great erika
Great Episode
Great podcast. Dave taught me i can do it! I like that. If you believe you can or cant...your right! Ill remember these. Thanks!
this is so valuable because when your whole world falls apart and there is no one to turn to , MONEY IS THE ONLY THING THATS GONNA SAVE YOUR ASS!!!!! so get serious remember yu don't need to buy shit you don't absolutely need!!!
If the whole world falls apart, money will cease to exist.
This was great!
Dave Ramsey! Such a great guest)
"Personal finance is 80% behaviour and 20% knowledge"
Great video
I love how Dave uses human psychology with finances!!!
My husband and I got serious March 2023 and we began the baby steps and completed all of the steps at the end of July 2023! We are totally debt free with our mortgage paid off and now preparing for retirement. Ramsey works, but you have to work it. I'm glad to help people get on the baby steps! It's so worth it!
I feel like most people would rather have $1 million dollars worth of experiences by age 65 than $1 million dollars in the bank by 65 when you have 90% less energy, you're restricted at doing certain things or doing the way you would if u were 25... not counting the time has passed and you cant go back.... hey....at the end of the day. You gotta live your life and save too....BALANCE
I would like to know how many people are waiting to buy houses and what interest rate will they jump in?
I didn’t realize how much I had done right simply by following my own common sense. I’m out of debt, living solely on Social Security now and saving nearly $500 a month… go figure…
Out of curiosity, $500 for what? When I'm at social security age that's when I'm spending what I've saved.
@@alexpietsch7997 I meant that I don’t need my full social security check to pay my expenses each month and what I don’t spend is savings.
Great job Erika!! I just launched my personal finance TH-cam channel, and your video served as a fantastic source of inspiration! 🥰
Hey Erika, any chance you can get Danielle Town, daughter of Phil town, and author of Invested on the podcast? I'd be excited to see how you two discuss investing strategies etc. Thanks!
I listened to Dave Ramsey for over a decade and we are on baby step seven. Today I finally replaced my credit card with an "F... NO!" card in my wallet.
I cut it out of an Azorean vacation brochure and by pure coincidence it says "RESPONSIBL" on the back.
Love how Ericka was like Dave’s daughter, where she was able to ask questions to test his theory.
So proud of Erika! 💖