Baby step 6 here! My wife and I are 28 currently and will have our house paid off in just over a year, making us baby step 7 by age 30 with a paid for home. This plan has changed our lives and it truly works.
@@AlexanderWebster_ My wife has an associates degree and her parents paid half of hers. So she had 15k in student loans. I have a bachelors degree. My parents paid for a very small amount. I graduated with 60k in student loan debt and they probably paid 5k of that so I would say we had about 75k in student debt. Plus we bought 2 brand new vehicles during that time and our house. Everything is paid off but the house.
I'm 22 my wife is 23. We racked up $110,000 in debt between credit cards personal loans, cars, motorcycles you name it. We buckled down 13 months ago. Sold everything and hit the reset button. Now we are completely debt free and have around $4,000 a month of "free" income, our 6 month emergency fund went from needing around $30,000 to only needing about $8,000. Follow the baby steps and discipline yourself!
So awesome congratulations!! I'm trying to sell everything too but seem like no one wants to buy lol 😅😬 have any tips? I'm posting on ebay, poshmark and mercai
BS7 here. Been on Ramsey's plan for 5 years now. This program along with reconnecting with God has brought a life more peaceful than I could've imagined. Thank the Lord.
Find somebody to get you off God now, as you cannot be so stupid to believe in an imaginary being if you are smart enough to follow sensible financial advice.
The most important thing in all of ur statement trusting and finding Jesus praise the lord and staying in the freedom. Trust the lord he answers our prayers. God is Bank of America . 😮
Baby Step 1 has another side benefit Dave isn't telling us. It makes you learn to NOT SPEND money you have. Just think of the discipline you have to exercise not to spend that $1,000 when you are use to buying everything on credit so you could have it NOW.
I cannot tell you the relief of being out of debt. The emotional and spiritual relief completely eclipses the feeling of buying more stuff. I've been in some sort of debt since I was 19, now I'm 61. It took me 5 years to get to baby step 7, but now I'm here and I can't believe it!!! You can do this!!!
Just a big dumb Marine here. Just seconds ago I payed off all my debt and still have over 1k in savings. Onto my next steps. Trucks paid off, no student loans, and only a house payment. I was scared but after I payed off my credit cards I felt that relief. Now it’s time to build that emergency funds and live below my means for a little longer Adapt Overcome Achieve If I can do it, y’all can do it
Congratulations and thank you for your service. I'm not Jesus and therefore not qualified to judge anyone's heart or intelligence. I am an American living in dangerous times, and I'm smart enough to be grateful for humans brave enough to risk their lives to protect my home.
Congratulations, thank you for your service and I salute you!! Marines are not dumb, Give yourself credit!! My brother is a Marine veteran, and my other brother, an Army veteran and y'all are some of the strongest, toughest and smartest people ever!! 😊🙏🙏
@@Manihsi Because my rent is only 650 and I'm only buying food for one. Yeah its a small amount but that small ammount was a months expenses for me. That gave me time to get back on my feet.
@@Manihsiif $1000 can go a long way!!!! It's more about realising and appreciating that you have $1000 instead of $0. If you have $0 what will the Lord bless??? (Not saying that the Lord is limited in His strength/power). If you have $1000, a friend could top up that.
My 82 year old dad lives this way. Still today, no credit cards, live minimal, etc. He came from a poor Appalachian coal mining and farmer family. I today, at age 50, still live by his rules/teachings. Thank you Dad.
I enjoyed all the broke people in my life telling me that i was working too much, i needed rest and to slow down. 32k debt paid off in 4 months. Scorched earth living.13 hour days and doing 2 jobs days a week. I just quit my second job last weekend.
Me too, started on this path 4 years ago after living payday to payday until I was 48. I am now making good progress to retire at 65 in relative comfort. Stick with the plan it works.
Do you mind if I ask what you do? My ultimate financial goal is to be able to work because I want to, not because I have to. Mainly not wanting to work a fulltime job in the future but I can't think of many jobs that allow part time outside of retail and fast food.
I got divorced and had a baby at the same time, I trashed my credit due to postpartum issues, therefore I’m in massive debt. I plan to get back on track in a year, and if it takes me longer I’ll let you know. Baby step #1 done!
Found you in 2019 as a1 single mom of two. You gave me hope and a plan.Thank you so much!!! Today at 49 at BS 4, 5, 6 and able to pay huge repairing costs for the house cash. My girls are mucv better with money than I was at their age. You changed my live, Dave thanks to your BSs. Greeting and lots of love ❤🇩🇪❤
Wow! I’m so impressed with how well Dave Ramsey speaks and just how grounded and reasonable he is. I never understood any of the Dave critics tbh. He’s not selling snake oil or shortcuts. He embraces the hard work and has actually been there himself.
I did the same in 1995 and 1996 two jobs. After I paid off the credit cards $5500, the truck $11000, and student loans (about $8000 dropped out) it changed my financial future. I am a millionaire with paid off home and retired at age 55 after working in machine shops for 28 years. The system works. You will do it
I just finished watching the entire video. It's really eye-opening to see the bad habits and advice we've been given. I'm pursuing the wealth that allows me to put food on the table and to keep the electricity on for strangers who are struggling. There's something about it that motivates me.
I started following the baby steps way back in 1995. Took me 6 months to save 1000.00. Today I’m a homeowner and about to retire with 6 figures in my 401k.
@@gungagalunga9040 With no debt, I added up all of my monthly expenses. Electric, water/sewer, food, auto insurance, trash collection, cell phone, internet, property tax,.... it came out to be close to $2000/month. I used this formula, $2000/month times 12 months = $24,000. Then $24,000 times 25 = $600,000. This was my retirement number. Why? If you withdraw 4% of $600,000 each month that will be $2000 which will cover your monthly expenses. This also means that you only need a 4% return or greater on your retirement portfolio to cover your expenses and not reduce your $600,000 nest egg. Dave Ramsey expects 8% returns or greater year over year. So far... this has been the case. I now have closer to $700,000 because of market returns and I still withdraw $2000/month. The key is knowing all your monthly expenses. Do you need useless monthly subscriptions? Do you need landscapers or cut your own lawn now retired? This is a realistic plan that doesn't take a $1 million nest egg. Also, as you approach age 62.... you are eligible for Social Security which adds to your monthly income. Lastly taxes. As you withdraw from your retirement account, 20% will be held for taxes by law. If you have Roth accounts, then no tax withheld. If you need $2000/month, withdraw $2500/month because $500 goes to tax. Hope this helps. My paid off home (estimate worth $300,000).
@@gungagalunga9040 Fortunately, at age 27 I realized debt was not my friend. I had about $23,000 in debt. I paid it all off by age 29. I rented until I bought a house while investing 15%. I bought my home in 2009 during the financial and housing crisis. They asked $229,000 I bought for $183,000. Why? There were no buyers back then. Banks were not lending unless you had a ton of cash and 750 credit score or higher. Tons of foreclosures. The house I bought sat on the market from 2008 about 7 months with zero offers until I bought in 2009. I worked as a CNC machinist for 28 1/2 years. My average salary about $60,000/year. Most I made was $85,000 in 2019. When I first started .... I made $35,000/year. I never made big money from a job. But, I always invested every year. The last 3 years before I retired, my investments were making more than I made at work in a year. The power of compounding interest. I paid off my house in 11 years and 2 months. In 2020, I was totally debt free. This was not a microwave get rich quick scheme. This was a longterm crockpot plan that allowed mr to still retire at age 55. I guess you could say I was a better investor than a wage earner.
just beginning the baby steps. i have a grand now, paid off my car this past monday, and now i'll be throwing that extra 340 per month towards my consumer debt. thank you for being HIGHLY inspirational and getting my ass into gear. i have hope, and more importantly, a PLAN for moving forward into dreams such as buying a house and eventually slowing down at work ~a random 43 year old
I’ve listened to his presentation several times. Inspired and kept me going through nine years of being on the program. It works. Just joined the BS7 team! Still surreal. We are older. Made some mistakes. Found Dave late but not too late.
Me too. Once I sell my car/payoff that loan & get a cheap one I’ll be free. House is paid for. Kids are grown. Even then budget will be tight as still have to pay property taxes, etc. on limited SS income. BUT free . . .
Remember... baby step 2 is not forever. It's a short period of time to sacrifice to get to financial peace. Imagine the rest of your life with zero debt! I can tell you it is awesome
just starting the baby step 1,im from a poor and masive debt family,im 26 and my dad has a heart problem,im in debt myself,didnt go to college because we cant afford it,decided to work and help my parents,and fund my sis school,i really want to change my life for them,and i didnt want my future kid feel what i felt,thank you Dave,much love to you all out there,i hope everyone doing the steps always be healthy and success on your journey,❤so sorry for my bad english
My wife and I are good examples of high income earners with no wealth. Almost $350k/year, together. High living will destroy your income no matter what you make. Trust me. I got her onboard about a week ago, we are barely into baby step 2 and we are soon to be baby step millionaires. The change in momentum is astounding once you believe in yourself.
I’m a 47yr old single mother of two and this sermon has touched me on so many levels, I’ve tried multiple times to get out of debt and save, been listening to this for the last few days and the hope and vibrant feeling I’ve gotten just listening I know for a fact I’m achieving this Goal this time around, this a personal level up 🤗🤗🤗🥰🥰
Yep great question and that’s always the one - where would you rather be if you have an option. Personally I’m always invested aside from a small emergency fund. Financial-market for me seem the only way forward with my long time horizon (accrued almost $1.4m in gains since 2020 ) but if you don’t have that fortune of time it’s a tough market out there almost nowhere feels safe! . Just know the risk you're comfortable with . Mistake is expensive
very informative, one option I suppose is, if you were to invest a set amount buy the whole share in a ETF and the remainder could go into a index for which would allow you to purchase the fractional shares, is that an option?
well a million in profit is a nice milestone, how did you achieve that? I guess you have a proven trading strategy that you've spent a lot on please share more info !! and YES I dont want to make
I work with Nancy Magaret Delony . Investing with her has been a different ball game entirely so different from the stale methods of managers I’ve worked with in the past. She has a large following and is easily found online.
The Ramsey system is what taught us how to bring me home to be an at home mom on my husband’s income! Over the years I opted to open two companies from home, also thanks to the wisdom of The Ramsey Network.
My *slush* fund - is the thing I *_BORROW_* from when something breaks. YES, I borrow from my emergency fund to cover the emergency, _and I charge myself interest when I use that money if ever I do_ ... And I pay it back with the interest TO *ME!* It took me 2½ years to pay my planned 10 year remortgage-on-separation mortgage. I do not have any debt.... *And this man is 100% RIGHT!!!!!*
@@SamTexan91 Hi Sam, I'm British & in the UK. Currently we have 2% interest bearing "ready money" / "instant savings" accounts available to us. I have multiple accounts now - all have around £500 to £600 in them (the ready money ones). When something breaks, I use the money in these "slush funds" (instantly ready money) to buy what's needed then I write up a spreadsheet with columns showing what I "borrowed" from my savings and on a day by day basis adds interest to the "debt (TO ME)" less any repayments - just like having a loan from a bank. I then just pay the self loan off as quickly as I can whilst still running my household and saving elsewhere NORMALLY - the longer it takes me to repay the loan the more interest I end up saving FOR ME!
Im starting this process. I have 1K in debt. No student loans. No mortgage. I rent from my father in the house that will one day be mine. So basically my rent is going toward the mortgage. Im supwr excited to be started where i am. I have one credit card and it's secured. So basically im just saving like crazy. Single mom. Wish me luck 🙏
In 6 days time BS1 will be done. I have made a spreadsheet of my debts, and also, on Friday, I can knock off my 1st debt of the snowball. What is so exciting is the feeling of power and control I have from making the decision. I have never felt in control of my finances before. This year, I will be gazelle ❤
I was speaking with a financial counsellor about this and she was really caught up on this point. In my head I was thinking that anyone who can't save the $1K needs to expand their income. True enough that a percentage of people just can't increase their income, a large percentage of folks can. And that's Dave's point about "gazelle like intensity". It very much is a psychological process and a screening tool. As those who can't, or won't complete baby step one, are not going to complete the others. Those people will either accept their lot in life or find a different process I guess 🤷.
I think it’s down to Ramsey said people can do it in a month. I just sat down and it’s going to take me 4 months to save with working my side hustle. I’m on month 2. It’s hard but I’m going to get it.
I love the part where he says, “I’ve had it!” I asked 10 of my closest friends a question and found that only 2 of them have ever lived a day of their adult lives debt-free. Both of the ones who said yes are millionaires.
Baby step 7 here for my family. I am excited about this next step in our lives. House is paid for, 12 months saved for emergency fund for household, 30k emergency fund for anything else. Car paid for. There is no debt anywhere else. We are focusing on investing and prepping for our future and our children's future. I've been listening to Dave for just over a year now and for a few months very seriously. I appreciate everything you've done and continue to do through your company and employees. Anything is possible. Keep your head up and keep going no matter what happens. ❤
@jason401. yes, they do, I'm turning 32 in the next few weeks, and I have been focusing hard on staying debt free and investing for my family's future. Planning on saving 50% of all extra funds I earn for a bigger house and buying it cash like we did our first place in the next few years and growing my family.
Building wealth involves developing good habits like regularly saving for solid investments. Instead of predicting market changes, focus on having a well-prepared portfolio. This strategy has helped some people average $150K every seven weeks over the past four months, according to Bloomberg.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst.
in times like these, it's crucial to be cautious and not rush into the market , Who is this your FA , my portfolio needs urgent attention , been a lot of loss.
The order Dave suggests of paying off debt is logical to me. Yes, the math is there but so is the psychology. From experience, when confronted with a to-do list, doing the quick/easy tasks first will allow for immediate progress and give you momentum so you can hit the hard tasks with more gusto.
The best option is usually a combination of both but it heavily depends on your current situation. A lot of small debt snowball is probably better. A few large debts avalanche is the better option.
45:38 hits me. Give no sleep to your eyelids, no slumber to your eyes, and deliver YOURSELF. The way he says that hits me hard. I've got to take control of my life, the way my Heavenly Father intended it to be. It's time to "Clap Clap" Change.
@@mikeclarke6000 It's going well. My wife and I are getting that $1000 saved and budgeting. We've already knocked out 2 debts in the snowball, and God graciously wiped one clean. We're working together to make the most of what we've been given.
I’m 19 and have started watching Dave, I’m at step 4 taking a bit of a step back with buying a home. Which will take my emergency fund down to 5000 but I’ll be building that again. To hopefully get into a home for a future family to grow in and finish baby step 6 early and life happily.
All the comments i read while listening to Dave is inspiring . I’ve been listening to him for almost one year now to help me be better with my finances. I am on baby step 1 .. LETS GOOOOOO
Im going to listen to this once a day until Im debt free. Heard of Dave for years tried and failed after trying step 2 for awhile over and over. Sick and tired of debt cancelled all my credit cards yesterday. What good is a 820 score and be broke. I rather have a 540 score and be debt free. God be with me debt has almost ruined my life, family, and marriage. Willing to sacrifice the next 4-6 years to be debt free. Pray for me.
This program helped me get debt free as a single back in 2016. I am now married with 2 kids, and I am fired up to get debt free with this program again!
Thank you SO MUCH!!! Finding your channel, audio books, podcast, and your whole tribe has completely changed my life in the BEST WAY EVER!!!!! I'm in the beginning Baby Steps, but I'm gonna follow your way, so someday, I can live and give like no one else!!!
Thank you I am back here after in 2012 being debt free while married. : Now a divorcee and a single mom starting from scratch I got myself back into debt to survive in this country:(
There is definitely a mindset for so many that when they hit six figures in income (and usually the people that love to say "six figures" are making just at the cusp of it) think they are on board the gravy train and actually blow more on stupid decisions as if they are immune to debt.
For the first time in my life during this event, decided to get rid of all credit cards, cut and closed them all. Never again will borrow money... Have followed most of the steps but finally surrendering and going to drink the cool aid... 😁 Plan is in 5 years go to the show and scream "I'm debt free and a millionaire!" ;)😉 Luck or hope have nothing to do with it...
I'm about to be debt free at the age of 33. Between my husband and I with my student loans, the mortgage and multiple vehicles (which were cheap, but we drove them to death), we've paid off around $207,700 over 14 years. We'll be done in 4 months!!!
I'm one of your fans from Morocco. And believe me if the average low-income Moroccan made what an average low-income American did, he would live like at least like a middle class American with no debt!
The evidence suggest this is not true. Countries with rapidly growing middle class, usually becaues of successful reforms and democratization, seem to have increasign debt.
@@JudePi-jx7yo while that seem to be true, don't forget the cultural and religious heritage that plays a huge role on people's perceptions of debt. For example, in the Islamic faith, charging and paying interests on loans is strictly forbidden. It is as forbidden as murder if not even more. So in Muslim societies people have a sensitivity to being indebted let alone being indebted with interests!
Baby step 2 here. Keeping the hope alive. Gotta give myself a pep every now and then to stay focused! I will be more than happy when I make it to baby step 4 but I will keep pushing as hard as I can!
Jesus Christ died for our Sins according to the scriptures and that he was Buried and he rose Again the third day praise God praying for everyone everyday God bless You All
Aussie girl here. You can start this programme any time. I'm about to turn 70 and have been debt free for 3 years. Just remember the bank is not your friend, so just use them for interest bearing deposits!
I can attest that this stuff works, period. My wife and I both work in public safety (paramedic and police officer) and our salaries have not always been very high. Even before upward movement/promotions improved our positions, Ramsey's guidelines allowed us to pay off all consumer debt and stack away cash for the future. This was while making roughly $100k as a household. A bigger shovel just expedited the process.
I’m on baby step 2. I NEVER thought I’d be able to save $1000. It happened in 3 months putting away $10-30 after work (I get paid every day). The relief I feel knowing I can handle anything that comes along while I’m paying down debt is indescribable
i am on baby step number 2, a mom of three Say what you will about Dave, this program forced my husband and I to have an uncomfortable yet lifesaving conversation about money, and for the first time I can taste the freedom, I can feel in control. We now have NO car payment, just working on some pesty credit cards.
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Charlotte Miller.
I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
Yes, it sounds like a cliché but “Today” my wife and I have committed to adapting to this philosophy of managing our finances without debts from now on and start following the Baby Steps towards wealth and financial freedom ❤
My wife and I have been debt-free several times and unfortunately now we are back in debt. Now we have to go through the baby steps all over again because we are dumb.
To sum up the Dave Ramsey plan: Step 0) Get an additional minimum wage job Step 1) put away $1000 Step 2) pay off debt except house Step 3) save 3 to 6 months of expenses Step 4) start saving 15% for retirement Step 5) save for child's education Step 6) pay off home Step 7) build wealth and give But it starts with getting additional money through a second job/roommate/working spouse.
Note: I am still on Baby Step 0). [I am helping a friend with his baby steps. who is currently almost on Baby Step 3... his rent to me, went to Baby Step 1, then Baby Step 2. Now that he is on Baby Step 3); I will ask him to pay me rent since he no longer has any debt. From which, I will use said rent to do Baby Step 1, then Baby Step 2.] Currently 50% of my income goes to rent, 25% goes to transportation, 25% goes to consumer debt. Not much margin. Three more years, and I will be back to $1,0000.00 net worth, I think. I don't really think I can get beyond Baby Step 4). [I don't have a good income ~24K a year...college didn't work for me. In my 40s, still make ~24K.] Just keep swimming.
baby step 2 is working. 52:45 snowballing my way out. fell out of program due to medical issues but back on to combat medical billing. cant necessarily go gazelle but back on beans and rice and already got STEP1: done. STEP2 : 5k loan, 15k student loan and 3k med bills left (+house 65k)
People think Dave is crazy, but his philosophy is pretty common sense. People are terrible at doing what should be simple. Stop spending more than you make.
Went to Ramsey's Financial Peace and realized that my grandparents knew these things long before Dave. There were no credit cards back then..Grandma had her envelopes and she stuck with the budget.
@@jcann2788 you can't really compare this day and age to 50 / 100 + years ago. It was a much simpler time back then. If in 2024 we lived by the same principles they did back in the day we'd all live in small houses, have maybe 1 car, a couple pairs of clothes a year, one pair of shoes.... etc. etc. We're a society of gluttony. One of something isn't good enough. Nothing is ever big or fast enough. When I was younger I used to think I needed the "best" of everything. As I got older, started a family etc. It became clear to me I was not out to impress anyone. I'm not personally opposed to credit cards when you pay them off monthly. At the end of the day life is pretty easy to navigate financially if you live within your means.
As a recently laid off person, 3 months is not enough, do at least 6 months. Anything over 6 months just invest it on an index fund, if you ever need it you liquidate and have the funds within a week
I was in Step 7, no debt, paid off house, investments, etc. I decided my next step was to invest in real estate and bought a distressed house. It cost more than double my estimate to make it livable and I took out a HELOC to pay for the repairs plus most of my savings. I'm now back to Step 3. I'm planning to have a difficult conversation with my kids this weekend and explain that were back to Step 3 and will have to live like it again for 27 months to fund the emergency fund and pay off the HELOC. Thank goodness, no Step 5 since my kids are all grad students with fellowships that have living stipends. They all graduated BS with no debt and substantial savings. I'm so ashamed. I went into the RE deal with rose colored glasses. Eventually it will pay off, its already doubled in value, but for today, its left me broke and in debt. Don't jump into real estate unless you fully understand the costs and can fully pay for it.
32 years old and working on #6. I pay extra towards my principal all the time and keep my mortgage paid up 3 months in advance. I have also been generous and giving my entire life. I get more out of life by giving then by anything I've ever received.
Just got 1000 in savings. And im tearing up my credit card now. Tearing up the credit card just built some motivation and intensity. I can feel it in my gut this is the right way to go though. Thank you Dave
I have started Step 2 and payed down two credit cards to low acceptable balances, feels good!! ....Now i have about 1K in medical bills to pay.....then I am going back to do step 1 of saving 1K
Pretty much restarting my life this coming weekend... about halfway through baby step 1... will be 33 the following weekend.. let's see how well we get through the steps
I have a 401k and an hys. I have saved my nest egg. I make 60000 a year with no kids. I have no debt. I didnt go to college nor have i abused credit cards. I wont send my kids to college they can make that choice on their own and i wont even advise it. So im at step 7.
I’m an immigrant who came to the US in 2020 and I make around 80k with 2 jobs, I don’t have any debts, I think it’s crazy how it’s normal to set up yourself for success beginning with debts such as student loans.. I’m not where I want to be but I’ll definitely not stopping
I have always been in a situation of need a few thousand dollars immediately to pay things. I was just given 15k as a gift by my father. He said, "get out of debt and don't go back!" After 2 months I am excited about life for the first time in years!! Seeing the possibilities is crazy!! I can buy real tires for my car that aren't used. I can pay all my utilities current and keep them there!!
About to start baby step 1. I did the math and I’ll be able to save 1K in about 3 months. I currently work part time due to medical conditions but I’m going to see if I can go back to full time (need a medical clearance since working has hospitalized me on multiple occasions). Wish me luck! Thankfully I’m only about 3K in total debt so hopefully it won’t take too long.
We started to try the baby steps and realized quickly we were living outside of our means. So we’re moving. We couldn’t debt snowball as there’s only the one debt, but we couldn’t save due to bills. So we cut our biggest bill, housing. Will save us about 900 a month.
You definitely have my sub. This content is next level. For me Eledator was the turning point. Please keep doing what you do and keep being you, love it.
1. Save £1000 for your starter emergency fund 0:43 2. Pay off all debt (except the house) using the debt snowball 5:10 3. Save 3-6 months of expenses in a fully funded emergency fund 55:16 4. Invest 15% of your household income in retirement 1:00:42 5. Save for your children’s college fund 1:06:11 6. Pay off your home early 1:11:07 7. Build wealth and give 1:18:39
Just started Baby Step 3, paid off $40K in about 3 years. The feeling of being debt free after having that albatross around my neck for the last 13 years is amazing!
Baby Step 3b here. I agree with the summary of the baby steps but have some nuances on the later ones. 1-3 Should be done precisely. 4 15% yes, but s&p index over mutual funds 6. A 30 year mortgage is adequate depending on your age. If you're under 35 you still have enough time on the clock to build retirement even with the extra accrued interest.
I would add an optional first step: "Go for a walk" If you're single, you can clear your head, get yourself focused, and imagine what it will be like to be out of debt. If you're married, you can both discuss moving forward your plan and get on the same page. Keep going on those walks. You aren't eating out, so now you're investing in your health by not eating out and walking every day. It will also potentially get you and your wife closer, because you're talking about getting out of debt, talking about your future, and also getting in better shape physically.
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Quick question. What banks do you recommend for your Debit cards?
Thank you !
How is this comment older than the videos?
@@jessiethompson8533😅 😅😅😅😅😅 😮😅😅😅😅😮 😅😮😮😅😅😅😅
😮😮😢 11:09 @@hamfastgamwich😮😮
Baby step 6 here! My wife and I are 28 currently and will have our house paid off in just over a year, making us baby step 7 by age 30 with a paid for home. This plan has changed our lives and it truly works.
You mean 5
Did your parents pay for college? Work through college?
@@AlexanderWebster_ My wife has an associates degree and her parents paid half of hers. So she had 15k in student loans. I have a bachelors degree. My parents paid for a very small amount. I graduated with 60k in student loan debt and they probably paid 5k of that so I would say we had about 75k in student debt. Plus we bought 2 brand new vehicles during that time and our house. Everything is paid off but the house.
@@dakotagoldwood6385 Sounds like you guys worked really hard and are responsible with your finances! Well done!
Fantastic!
I’m in my 40s I have a mortgage a truck loan and a family of 4. I’m about to start this journey and change my life!
Great decision! How is it going a month from the statement ? 🎉
Do It Dude I'm About To Start Too I'm Tired Of Being Broke
I'm on baby step 0.5
I've got £500 saved up.
I'm going to change for the best
I'm 22 my wife is 23. We racked up $110,000 in debt between credit cards personal loans, cars, motorcycles you name it. We buckled down 13 months ago. Sold everything and hit the reset button. Now we are completely debt free and have around $4,000 a month of "free" income, our 6 month emergency fund went from needing around $30,000 to only needing about $8,000. Follow the baby steps and discipline yourself!
That's awesome! Congrats
So awesome congratulations!! I'm trying to sell everything too but seem like no one wants to buy lol 😅😬 have any tips? I'm posting on ebay, poshmark and mercai
Well done! hearing your story gives me hope!!
What do you own at 22/23 that’s worth 110,000 dollars? 😳
When I was 22 I had a car that cost me 1500 and was worth even less (🤭).
@@Art_by_Nicole what's in matter? They paid it all off already
BS7 here. Been on Ramsey's plan for 5 years now. This program along with reconnecting with God has brought a life more peaceful than I could've imagined. Thank the Lord.
Find somebody to get you off God now, as you cannot be so stupid to believe in an imaginary being if you are smart enough to follow sensible financial advice.
The most important thing in all of ur statement trusting and finding Jesus praise the lord and staying in the freedom. Trust the lord he answers our prayers. God is Bank of America . 😮
God bless you! Jesus is coming back soon
Starting BS1, beat cancer, went back to work. Thank goodness I don’t have much debt but I’m so glad I found this!
Congrats! ❤ Thank God!
Congrats! God did!
Baby Step 1 has another side benefit Dave isn't telling us. It makes you learn to NOT SPEND money you have. Just think of the discipline you have to exercise not to spend that $1,000 when you are use to buying everything on credit so you could have it NOW.
Real shit excuse my french
Facts
Yes, that is my challenge!
@@trishmartin6410 You can do it!
😮💨😮💨😮💨
I cannot tell you the relief of being out of debt. The emotional and spiritual relief completely eclipses the feeling of buying more stuff. I've been in some sort of debt since I was 19, now I'm 61.
It took me 5 years to get to baby step 7, but now I'm here and I can't believe it!!!
You can do this!!!
Amazing! You must feel incredible 🎉
Just a big dumb Marine here. Just seconds ago I payed off all my debt and still have over 1k in savings.
Onto my next steps.
Trucks paid off, no student loans, and only a house payment.
I was scared but after I payed off my credit cards I felt that relief. Now it’s time to build that emergency funds and live below my means for a little longer
Adapt
Overcome
Achieve
If I can do it, y’all can do it
I've never met a dumb Marine. Thank you for your service. Congratulations on being debt free!
@@Seraphina_Atleythen you haven’t met a marine lol
Congratulations and thank you for your service. I'm not Jesus and therefore not qualified to judge anyone's heart or intelligence. I am an American living in dangerous times, and I'm smart enough to be grateful for humans brave enough to risk their lives to protect my home.
Congratulations, thank you for your service and I salute you!! Marines are not dumb, Give yourself credit!! My brother is a Marine veteran, and my other brother, an Army veteran and y'all are some of the strongest, toughest and smartest people ever!! 😊🙏🙏
Got laid off a few weeks back. That 1k emergency fund saved my ass.
"How did the $1000 help you out? It's a relatively small amount of money."
@@Manihsi Because my rent is only 650 and I'm only buying food for one. Yeah its a small amount but that small ammount was a months expenses for me. That gave me time to get back on my feet.
@@clientornaka4690
"Thanks for your response!"
@@Manihsiif $1000 can go a long way!!!! It's more about realising and appreciating that you have $1000 instead of $0. If you have $0 what will the Lord bless??? (Not saying that the Lord is limited in His strength/power). If you have $1000, a friend could top up that.
@@clientornaka4690you’re goated
My 82 year old dad lives this way. Still today, no credit cards, live minimal, etc. He came from a poor Appalachian coal mining and farmer family. I today, at age 50, still live by his rules/teachings. Thank you Dad.
And how successful are you if you don't mind me asking?
What about your mother?
Our elders are really frugal, mine are too, I wonder if they are missing stuff, I guess not really
✅
I enjoyed all the broke people in my life telling me that i was working too much, i needed rest and to slow down.
32k debt paid off in 4 months.
Scorched earth living.13 hour days and doing 2 jobs days a week. I just quit my second job last weekend.
57, divorced mom of 2 living happily in step 7. FREEDOM!
Congratulations!!🎉
Congrats 👏🎉
Congrats!
Easy for you to say, you got fattt divorce payments, alimony and CS. Lol
@@charlesg7926 Sad mindset you've got there. I can tell you aren't successful.
Wish I’d found this 20 years ago- but I’m here now at step 3- and it’s exciting !!!
Me too, started on this path 4 years ago after living payday to payday until I was 48. I am now making good progress to retire at 65 in relative comfort. Stick with the plan it works.
Baby Step 7 here. We work because we want to, not because we have to. It’s so much more enjoyable to pick and choose when and where we work.
Do you mind if I ask what you do? My ultimate financial goal is to be able to work because I want to, not because I have to. Mainly not wanting to work a fulltime job in the future but I can't think of many jobs that allow part time outside of retail and fast food.
@@katie6632 we both work in logistics.
I got divorced and had a baby at the same time, I trashed my credit due to postpartum issues, therefore I’m in massive debt. I plan to get back on track in a year, and if it takes me longer I’ll let you know.
Baby step #1 done!
🎉
LETS GOOO! Congrats!
I wish you luck... but watch out who you _uck next time. I do congratulate you for actually having a child. You are an awesome Mom!!!!
Stay strong...FYI, Lots of churches have an in person Dave Ramsey program, that provides a good support system.
How is it going
Found you in 2019 as a1 single mom of two. You gave me hope and a plan.Thank you so much!!! Today at 49 at BS 4, 5, 6 and able to pay huge repairing costs for the house cash. My girls are mucv better with money than I was at their age. You changed my live, Dave thanks to your BSs. Greeting and lots of love ❤🇩🇪❤
Wow! I’m so impressed with how well Dave Ramsey speaks and just how grounded and reasonable he is. I never understood any of the Dave critics tbh. He’s not selling snake oil or shortcuts. He embraces the hard work and has actually been there himself.
I’m new to Dave and all I hear, in a good way, is common sense.
Just picked up a second job to tackle my 9k in debt .
I did the same in 1995 and 1996 two jobs. After I paid off the credit cards $5500, the truck $11000, and student loans (about $8000 dropped out) it changed my financial future. I am a millionaire with paid off home and retired at age 55 after working in machine shops for 28 years. The system works. You will do it
You got this man. Take it out, quit your second job, and enjoy the freedom of no debt
@@SRTBOAT seriously, I really appreciate that and you can bet I will.
You’re not alone, we can do it!
9k is considered a small amount these days. Keep at it man
“I can write a check and buy the complex.” Is the wealth I am pursuing.
I love the vibe.
I just finished watching the entire video. It's really eye-opening to see the bad habits and advice we've been given.
I'm pursuing the wealth that allows me to put food on the table and to keep the electricity on for strangers who are struggling. There's something about it that motivates me.
I started following the baby steps way back in 1995. Took me 6 months to save 1000.00. Today I’m a homeowner and about to retire with 6 figures in my 401k.
Got to baby step 7 at age 52. I retired at age 55 in 2022. I encourage all of you to give it a go.
Do you mind me asking what was your debt starting out and what's your salary?
This is my goal.. well done
May I ask you how much was your net worth when you decide to retire? I'm trying to find a goal to aim for before I retire.
@@gungagalunga9040 With no debt, I added up all of my monthly expenses. Electric, water/sewer, food, auto insurance, trash collection, cell phone, internet, property tax,.... it came out to be close to $2000/month. I used this formula, $2000/month times 12 months = $24,000. Then $24,000 times 25 = $600,000. This was my retirement number. Why? If you withdraw 4% of $600,000 each month that will be $2000 which will cover your monthly expenses. This also means that you only need a 4% return or greater on your retirement portfolio to cover your expenses and not reduce your $600,000 nest egg. Dave Ramsey expects 8% returns or greater year over year. So far... this has been the case. I now have closer to $700,000 because of market returns and I still withdraw $2000/month. The key is knowing all your monthly expenses. Do you need useless monthly subscriptions? Do you need landscapers or cut your own lawn now retired? This is a realistic plan that doesn't take a $1 million nest egg. Also, as you approach age 62.... you are eligible for Social Security which adds to your monthly income.
Lastly taxes. As you withdraw from your retirement account, 20% will be held for taxes by law. If you have Roth accounts, then no tax withheld. If you need $2000/month, withdraw $2500/month because $500 goes to tax. Hope this helps. My paid off home (estimate worth $300,000).
@@gungagalunga9040 Fortunately, at age 27 I realized debt was not my friend. I had about $23,000 in debt. I paid it all off by age 29. I rented until I bought a house while investing 15%. I bought my home in 2009 during the financial and housing crisis. They asked $229,000 I bought for $183,000. Why? There were no buyers back then. Banks were not lending unless you had a ton of cash and 750 credit score or higher. Tons of foreclosures. The house I bought sat on the market from 2008 about 7 months with zero offers until I bought in 2009. I worked as a CNC machinist for 28 1/2 years. My average salary about $60,000/year. Most I made was $85,000 in 2019. When I first started .... I made $35,000/year. I never made big money from a job. But, I always invested every year. The last 3 years before I retired, my investments were making more than I made at work in a year. The power of compounding interest. I paid off my house in 11 years and 2 months. In 2020, I was totally debt free. This was not a microwave get rich quick scheme. This was a longterm crockpot plan that allowed mr to still retire at age 55. I guess you could say I was a better investor than a wage earner.
just beginning the baby steps. i have a grand now, paid off my car this past monday, and now i'll be throwing that extra 340 per month towards my consumer debt. thank you for being HIGHLY inspirational and getting my ass into gear. i have hope, and more importantly, a PLAN for moving forward into dreams such as buying a house and eventually slowing down at work
~a random 43 year old
Yessss!! Great job! Keep it going
I’ve listened to his presentation several times. Inspired and kept me going through nine years of being on the program. It works. Just joined the BS7 team! Still surreal.
We are older. Made some mistakes. Found Dave late but not too late.
I am 100% on board with the plan. Working Baby Step 2 at the moment.
Keep going. Debt free is an amazing feeling in itself. And it only gets better as you go. On step 6 now.
@@paulbarteltii9998 Nice! Congrats. It feels great with the amount I've knocked out already.
Me too. Once I sell my car/payoff that loan & get a cheap one I’ll be free. House is paid for. Kids are grown. Even then budget will be tight as still have to pay property taxes, etc. on limited SS income. BUT free . . .
@@joygarrett8397Good luck!
Remember... baby step 2 is not forever. It's a short period of time to sacrifice to get to financial peace. Imagine the rest of your life with zero debt! I can tell you it is awesome
just starting the baby step 1,im from a poor and masive debt family,im 26 and my dad has a heart problem,im in debt myself,didnt go to college because we cant afford it,decided to work and help my parents,and fund my sis school,i really want to change my life for them,and i didnt want my future kid feel what i felt,thank you Dave,much love to you all out there,i hope everyone doing the steps always be healthy and success on your journey,❤so sorry for my bad english
You should really look into wgu and online universities
Every adult in america needs to watch this video big time
Baby step seven here. This stuff works for any idiot. Guaranteed. I am one of the idiots.
Correct, just give it a go and choose to change your life
Idiot😂
It worked for my wife and I!!
How old are you?
My wife and I are good examples of high income earners with no wealth. Almost $350k/year, together. High living will destroy your income no matter what you make. Trust me.
I got her onboard about a week ago, we are barely into baby step 2 and we are soon to be baby step millionaires. The change in momentum is astounding once you believe in yourself.
I’m a 47yr old single mother of two and this sermon has touched me on so many levels, I’ve tried multiple times to get out of debt and save, been listening to this for the last few days and the hope and vibrant feeling I’ve gotten just listening I know for a fact I’m achieving this Goal this time around, this a personal level up 🤗🤗🤗🥰🥰
That’s great, but this is not a sermon.
@@melissahyslop1324 😒, it is whatever I say it is 🤗
Yep great question and that’s always the one - where would you rather be if you have an option. Personally I’m always invested aside from a small emergency fund. Financial-market for me seem the only way forward with my long time horizon (accrued almost $1.4m in gains since 2020 ) but if you don’t have that fortune of time it’s a tough market out there almost nowhere feels safe! . Just know the risk you're comfortable with . Mistake is expensive
very informative, one option I suppose is, if you were to invest a set amount buy the whole share in a ETF and the remainder could go into a index for which would allow you to purchase the fractional shares, is that an option?
well a million in profit is a nice milestone, how did you achieve that? I guess you have a proven trading strategy that you've spent a lot on please share more info !! and YES I dont want to make
I work with Nancy Magaret Delony . Investing with her has been a different ball game entirely so different from the stale methods of managers I’ve worked with in the past. She has a large following and is easily found online.
Thank you! I entered her full name into my browser, and her website came out on top. I sent her a mail and I hope she gets back to me soon.
I am only 23 years old with minimal savings. Do you think its worth looking into an advisor at such an age?
The Ramsey system is what taught us how to bring me home to be an at home mom on my husband’s income! Over the years I opted to open two companies from home, also thanks to the wisdom of The Ramsey Network.
Nice!
My *slush* fund - is the thing I *_BORROW_* from when something breaks. YES, I borrow from my emergency fund to cover the emergency, _and I charge myself interest when I use that money if ever I do_ ... And I pay it back with the interest TO *ME!*
It took me 2½ years to pay my planned 10 year remortgage-on-separation mortgage. I do not have any debt.... *And this man is 100% RIGHT!!!!!*
Where do you keep your slush fund? A money market account or something?
@@SamTexan91 Hi Sam, I'm British & in the UK. Currently we have 2% interest bearing "ready money" / "instant savings" accounts available to us. I have multiple accounts now - all have around £500 to £600 in them (the ready money ones). When something breaks, I use the money in these "slush funds" (instantly ready money) to buy what's needed then I write up a spreadsheet with columns showing what I "borrowed" from my savings and on a day by day basis adds interest to the "debt (TO ME)" less any repayments - just like having a loan from a bank. I then just pay the self loan off as quickly as I can whilst still running my household and saving elsewhere NORMALLY - the longer it takes me to repay the loan the more interest I end up saving FOR ME!
I do the same! 😊👍
Im starting this process. I have 1K in debt. No student loans. No mortgage. I rent from my father in the house that will one day be mine. So basically my rent is going toward the mortgage. Im supwr excited to be started where i am. I have one credit card and it's secured. So basically im just saving like crazy. Single mom. Wish me luck 🙏
Good luck
One more thing: stay away from gold diggers. They come in all genders.
Lmao you're not on the steps. You're enabled.
@@lolwtnick4362 what does that even mean? I'm enabled to do what exactly
Baby Step 4,6 here! This program has changed my mind, life and money. Enjoying the journey!
I did the babysteps and pd off my car, 2 biz loans, AND my house in 18 months! It works!
How?
In 6 days time BS1 will be done. I have made a spreadsheet of my debts, and also, on Friday, I can knock off my 1st debt of the snowball. What is so exciting is the feeling of power and control I have from making the decision. I have never felt in control of my finances before. This year, I will be gazelle ❤
Being able to set aside $1000 emergency fund is a big deal for many people.
I don’t understand the point of these types of comments. Soooo don’t try?
That's why he said it is the hardest baby step,it is the behavior
I was speaking with a financial counsellor about this and she was really caught up on this point. In my head I was thinking that anyone who can't save the $1K needs to expand their income. True enough that a percentage of people just can't increase their income, a large percentage of folks can. And that's Dave's point about "gazelle like intensity". It very much is a psychological process and a screening tool. As those who can't, or won't complete baby step one, are not going to complete the others. Those people will either accept their lot in life or find a different process I guess 🤷.
They can’t save 1k but they ‘can’ buy the new iPhone on credit card? Please.. if you want it bad enough, anything can be achieved
I think it’s down to Ramsey said people can do it in a month. I just sat down and it’s going to take me 4 months to save with working my side hustle. I’m on month 2. It’s hard but I’m going to get it.
This man changed my way of looking at money and showed me how wrong so many of my old beliefs were. Gotta thank my ex for introducing me to him.
Did you message your ex to say thanks?
I love the part where he says, “I’ve had it!” I asked 10 of my closest friends a question and found that only 2 of them have ever lived a day of their adult lives debt-free. Both of the ones who said yes are millionaires.
In our early 30’s and working on baby step 3. Can’t wait to be fully funded!
Congrats on getting out of debt!
You got this!
I'm right there with you!
Me too!! Just turned 31 and I’m $1,400 away from finishing baby step 3.
Baby step 7 here for my family. I am excited about this next step in our lives. House is paid for, 12 months saved for emergency fund for household, 30k emergency fund for anything else. Car paid for. There is no debt anywhere else. We are focusing on investing and prepping for our future and our children's future. I've been listening to Dave for just over a year now and for a few months very seriously.
I appreciate everything you've done and continue to do through your company and employees.
Anything is possible. Keep your head up and keep going no matter what happens. ❤
So the baby steps actually do work? I'm 17 and my parents are pushing this greatly.
@jason401. yes, they do, I'm turning 32 in the next few weeks, and I have been focusing hard on staying debt free and investing for my family's future. Planning on saving 50% of all extra funds I earn for a bigger house and buying it cash like we did our first place in the next few years and growing my family.
@Evergreen.prepper buying your next house in cash? Well done! Congratulations
Yessss@@jason401.
Building wealth involves developing good habits like regularly saving for solid investments. Instead of predicting market changes, focus on having a well-prepared portfolio. This strategy has helped some people average $150K every seven weeks over the past four months, according to Bloomberg.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst.
in times like these, it's crucial to be cautious and not rush into the market , Who is this your FA , my portfolio needs urgent attention , been a lot of loss.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
The order Dave suggests of paying off debt is logical to me. Yes, the math is there but so is the psychology. From experience, when confronted with a to-do list, doing the quick/easy tasks first will allow for immediate progress and give you momentum so you can hit the hard tasks with more gusto.
The best option is usually a combination of both but it heavily depends on your current situation. A lot of small debt snowball is probably better. A few large debts avalanche is the better option.
Today, I completed Baby Step 1! Ready to take Baby Step 2 head on!
🎉 congratulations!! 👏🏾 Keep up the good work
Here to learn. Here to win. I've had it !! I'm so angry at bottom feeding in the aquarium.
THAT'S the mindset you need to maintain. Eyes on the prize, WINNING!
Great Content! This needs to be Taught in schools nationwide
He's got a curriculum for schools.
The school down the street from my house teaches it in their High School
45:38 hits me. Give no sleep to your eyelids, no slumber to your eyes, and deliver YOURSELF. The way he says that hits me hard. I've got to take control of my life, the way my Heavenly Father intended it to be. It's time to "Clap Clap" Change.
how’s the change going?
@@mikeclarke6000 It's going well. My wife and I are getting that $1000 saved and budgeting. We've already knocked out 2 debts in the snowball, and God graciously wiped one clean. We're working together to make the most of what we've been given.
I’m 19 and have started watching Dave, I’m at step 4 taking a bit of a step back with buying a home. Which will take my emergency fund down to 5000 but I’ll be building that again. To hopefully get into a home for a future family to grow in and finish baby step 6 early and life happily.
All the comments i read while listening to Dave is inspiring . I’ve been listening to him for almost one year now to help me be better with my finances. I am on baby step 1 .. LETS GOOOOOO
Im going to listen to this once a day until Im debt free. Heard of Dave for years tried and failed after trying step 2 for awhile over and over. Sick and tired of debt cancelled all my credit cards yesterday. What good is a 820 score and be broke. I rather have a 540 score and be debt free. God be with me debt has almost ruined my life, family, and marriage. Willing to sacrifice the next 4-6 years to be debt free. Pray for me.
Good luck to you. I'm starting today - Step 1. Also have lots of debt and need to fix my financial life before it ruins my life
This program helped me get debt free as a single back in 2016. I am now married with 2 kids, and I am fired up to get debt free with this program again!
Baby Step 7 here. 45 years old with a paid off house. All thanks to following DR for the past 15 years.
Thank You Mr Ramsey for changing my life and I say this coming from a family of low income
Thank you SO MUCH!!! Finding your channel, audio books, podcast, and your whole tribe has completely changed my life in the BEST WAY EVER!!!!! I'm in the beginning Baby Steps, but I'm gonna follow your way, so someday, I can live and give like no one else!!!
Thank you I am back here after in 2012 being debt free while married.
:
Now a divorcee and a single mom starting from scratch I got myself back into debt to survive in this country:(
There is definitely a mindset for so many that when they hit six figures in income (and usually the people that love to say "six figures" are making just at the cusp of it) think they are on board the gravy train and actually blow more on stupid decisions as if they are immune to debt.
For the first time in my life during this event, decided to get rid of all credit cards, cut and closed them all.
Never again will borrow money...
Have followed most of the steps but finally surrendering and going to drink the cool aid... 😁
Plan is in 5 years go to the show and scream "I'm debt free and a millionaire!" ;)😉
Luck or hope have nothing to do with it...
I'm about to be debt free at the age of 33. Between my husband and I with my student loans, the mortgage and multiple vehicles (which were cheap, but we drove them to death), we've paid off around $207,700 over 14 years. We'll be done in 4 months!!!
09:50 sometimes being “locked out” is the best thing that has happened to me!!!! Ty for lending your experience and help, sir.
Baby step #1 is done! Working on #2 now should be done by December 2024
I'm one of your fans from Morocco. And believe me if the average low-income Moroccan made what an average low-income American did, he would live like at least like a middle class American with no debt!
The evidence suggest this is not true. Countries with rapidly growing middle class, usually becaues of successful reforms and democratization, seem to have increasign debt.
@@JudePi-jx7yo while that seem to be true, don't forget the cultural and religious heritage that plays a huge role on people's perceptions of debt. For example, in the Islamic faith, charging and paying interests on loans is strictly forbidden. It is as forbidden as murder if not even more. So in Muslim societies people have a sensitivity to being indebted let alone being indebted with interests!
He ain't lying, this stuff really works.
Been on Ramsey for right about a year now
I’ve had to restart baby step 1 twice, just got to step 2 for I guess the third time 😂
Baby step 2 here.
Keeping the hope alive.
Gotta give myself a pep every now and then to stay focused!
I will be more than happy when I make it to baby step 4 but I will keep pushing as hard as I can!
I got through baby step 2 by listening every day and watching the 10 minute shorts before bed. You can do it!
@@Snesboy09 thank you for the encouragement!!!
Every day listening is key
Just love his sense of humor and no nonsense attitude! Thank you.
Jesus Christ died for our Sins according to the scriptures and that he was Buried and he rose Again the third day praise God praying for everyone everyday God bless You All
Aussie girl here. You can start this programme any time. I'm about to turn 70 and have been debt free for 3 years. Just remember the bank is not your friend, so just use them for interest bearing deposits!
I can attest that this stuff works, period. My wife and I both work in public safety (paramedic and police officer) and our salaries have not always been very high. Even before upward movement/promotions improved our positions, Ramsey's guidelines allowed us to pay off all consumer debt and stack away cash for the future. This was while making roughly $100k as a household. A bigger shovel just expedited the process.
There are so many lessons in this video, not just financial, but for all of life.
Debt free and working on Baby step 3 😁
I am eternally grateful for Ramsey Solutions ❤
I’m on baby step 2. I NEVER thought I’d be able to save $1000. It happened in 3 months putting away $10-30 after work (I get paid every day). The relief I feel knowing I can handle anything that comes along while I’m paying down debt is indescribable
i am on baby step number 2, a mom of three Say what you will about Dave, this program forced my husband and I to have an uncomfortable yet lifesaving conversation about money, and for the first time I can taste the freedom, I can feel in control. We now have NO car payment, just working on some pesty credit cards.
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Charlotte Miller.
I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
Yes, it sounds like a cliché but “Today” my wife and I have committed to adapting to this philosophy of managing our finances without debts from now on and start following the Baby Steps towards wealth and financial freedom ❤
My wife and I have been debt-free several times and unfortunately now we are back in debt. Now we have to go through the baby steps all over again because we are dumb.
To sum up the Dave Ramsey plan:
Step 0) Get an additional minimum wage job
Step 1) put away $1000
Step 2) pay off debt except house
Step 3) save 3 to 6 months of expenses
Step 4) start saving 15% for retirement
Step 5) save for child's education
Step 6) pay off home
Step 7) build wealth and give
But it starts with getting additional money through a second job/roommate/working spouse.
Note: I am still on Baby Step 0).
[I am helping a friend with his baby steps.
who is currently almost on Baby Step 3...
his rent to me, went to Baby Step 1, then Baby Step 2.
Now that he is on Baby Step 3);
I will ask him to pay me rent since he no longer has any debt.
From which, I will use said rent to do Baby Step 1, then Baby Step 2.]
Currently 50% of my income goes to rent, 25% goes to transportation, 25% goes to consumer debt. Not much margin. Three more years, and I will be back to $1,0000.00 net worth, I think.
I don't really think I can get beyond Baby Step 4).
[I don't have a good income ~24K a year...college didn't work for me. In my 40s, still make ~24K.]
Just keep swimming.
If you have extra stuff, you can sell it to get the $1000 instead of getting a 2nd job.
Baby step 1 here we go, I only have about 400k in debt, I make about 20k a year
Let's do this! 🎉
You got this 🎉
baby step 2 is working. 52:45 snowballing my way out. fell out of program due to medical issues but back on to combat medical billing. cant necessarily go gazelle but back on beans and rice and already got STEP1: done. STEP2 : 5k loan, 15k student loan and 3k med bills left (+house 65k)
People think Dave is crazy, but his philosophy is pretty common sense.
People are terrible at doing what should be simple. Stop spending more than you make.
Went to Ramsey's Financial Peace and realized that my grandparents knew these things long before Dave. There were no credit cards back then..Grandma had her envelopes and she stuck with the budget.
@@jcann2788 you can't really compare this day and age to 50 / 100 + years ago.
It was a much simpler time back then. If in 2024 we lived by the same principles they did back in the day we'd all live in small houses, have maybe 1 car, a couple pairs of clothes a year, one pair of shoes.... etc. etc.
We're a society of gluttony. One of something isn't good enough. Nothing is ever big or fast enough.
When I was younger I used to think I needed the "best" of everything. As I got older, started a family etc. It became clear to me I was not out to impress anyone.
I'm not personally opposed to credit cards when you pay them off monthly. At the end of the day life is pretty easy to navigate financially if you live within your means.
As a recently laid off person, 3 months is not enough, do at least 6 months.
Anything over 6 months just invest it on an index fund, if you ever need it you liquidate and have the funds within a week
I was in Step 7, no debt, paid off house, investments, etc. I decided my next step was to invest in real estate and bought a distressed house. It cost more than double my estimate to make it livable and I took out a HELOC to pay for the repairs plus most of my savings. I'm now back to Step 3. I'm planning to have a difficult conversation with my kids this weekend and explain that were back to Step 3 and will have to live like it again for 27 months to fund the emergency fund and pay off the HELOC. Thank goodness, no Step 5 since my kids are all grad students with fellowships that have living stipends. They all graduated BS with no debt and substantial savings.
I'm so ashamed. I went into the RE deal with rose colored glasses. Eventually it will pay off, its already doubled in value, but for today, its left me broke and in debt.
Don't jump into real estate unless you fully understand the costs and can fully pay for it.
He summed it up perfectly; "The richest broke country in the world"
Baby step 1 is done, been chopping my way through baby step 2 for about a week and I can already feel the relief
This is the sermon on the mountain of finances
32 years old and working on #6. I pay extra towards my principal all the time and keep my mortgage paid up 3 months in advance. I have also been generous and giving my entire life. I get more out of life by giving then by anything I've ever received.
Baby step 1 is like deliverance repentance for real. Once you get that $1,000 you want to save more and more!
Just got 1000 in savings. And im tearing up my credit card now. Tearing up the credit card just built some motivation and intensity. I can feel it in my gut this is the right way to go though. Thank you Dave
I have started Step 2 and payed down two credit cards to low acceptable balances, feels good!! ....Now i have about 1K in medical bills to pay.....then I am going back to do step 1 of saving 1K
Go you!!!
Pretty much restarting my life this coming weekend... about halfway through baby step 1... will be 33 the following weekend.. let's see how well we get through the steps
I have a 401k and an hys. I have saved my nest egg. I make 60000 a year with no kids. I have no debt. I didnt go to college nor have i abused credit cards. I wont send my kids to college they can make that choice on their own and i wont even advise it. So im at step 7.
I’m an immigrant who came to the US in 2020 and I make around 80k with 2 jobs, I don’t have any debts, I think it’s crazy how it’s normal to set up yourself for success beginning with debts such as student loans.. I’m not where I want to be but I’ll definitely not stopping
I have always been in a situation of need a few thousand dollars immediately to pay things. I was just given 15k as a gift by my father. He said, "get out of debt and don't go back!" After 2 months I am excited about life for the first time in years!! Seeing the possibilities is crazy!! I can buy real tires for my car that aren't used. I can pay all my utilities current and keep them there!!
About to start baby step 1. I did the math and I’ll be able to save 1K in about 3 months. I currently work part time due to medical conditions but I’m going to see if I can go back to full time (need a medical clearance since working has hospitalized me on multiple occasions). Wish me luck! Thankfully I’m only about 3K in total debt so hopefully it won’t take too long.
Good luck ❤
We started to try the baby steps and realized quickly we were living outside of our means. So we’re moving. We couldn’t debt snowball as there’s only the one debt, but we couldn’t save due to bills. So we cut our biggest bill, housing. Will save us about 900 a month.
You definitely have my sub. This content is next level. For me Eledator was the turning point. Please keep doing what you do and keep being you, love it.
1. Save £1000 for your starter emergency fund 0:43
2. Pay off all debt (except the house) using the debt snowball 5:10
3. Save 3-6 months of expenses in a fully funded emergency fund 55:16
4. Invest 15% of your household income in retirement 1:00:42
5. Save for your children’s college fund 1:06:11
6. Pay off your home early 1:11:07
7. Build wealth and give 1:18:39
Dave's on FIRE.
Just started Baby Step 3, paid off $40K in about 3 years. The feeling of being debt free after having that albatross around my neck for the last 13 years is amazing!
Baby Step 3b here.
I agree with the summary of the baby steps but have some nuances on the later ones.
1-3 Should be done precisely.
4 15% yes, but s&p index over mutual funds
6. A 30 year mortgage is adequate depending on your age. If you're under 35 you still have enough time on the clock to build retirement even with the extra accrued interest.
I learned to be financially savvy. Well done Ramsey network
I would add an optional first step: "Go for a walk"
If you're single, you can clear your head, get yourself focused, and imagine what it will be like to be out of debt. If you're married, you can both discuss moving forward your plan and get on the same page. Keep going on those walks. You aren't eating out, so now you're investing in your health by not eating out and walking every day. It will also potentially get you and your wife closer, because you're talking about getting out of debt, talking about your future, and also getting in better shape physically.