I had a heart attack at 57, no warnings at all and I lived a healthy lifestyle. Thanks to Dave's plan I was/am debt free with 1 1/2 year emergency fund. Because I did not have to worry about money I recovered quicker and better than expected during the 4 months I was out of work. Thank you Dave.
I'm literally scratching my head, ummmm not having health has zero to do with money, money however does make it easier and less mentally stressful when your not healthy so.....
@@acarouselofantics he goes to public high school. I was shocked when he told me. He said his teacher showed the class a couple Dave Ramsey videos. This particular teacher is my son's favorite. Most public schools have a couple teachers who are really good but are forced to stay silent out of fear for the consequences of going against the leftist group think that's so prevalent in public schools.
@@davem4193 Yes sir, I agree! It sounds like your son has a smart teacher, especially if he knows the wisdom of Dave Ramsey. Yeah, most teachers - including myself - would never go outside of the curriculum. (Fortunately, I'm getting out of education.)
I'm going to agree with you. I'm retired and can live on ($1K) 31% of my monthly net income. Having control of my finances, being able to be happy without spending money, having the ability to deal with unplanned spending without it becoming a crisis, having hobbies and interests, all contribute to my contentment. I can't complain!
Congrats, looking forward to it myself. Working on slaying that mortgage. We're years ahead but have a few more to go. I love it when folks like you remind the rest of it that it CAN be done, and it's worth it-thanks.
Financial independence implies that one has freedom, particularly when it comes to choices. I can walk out of a job I no longer enjoy doing without worrying about paying that month's rent. I can spend time with my family without being concerned about how I am going to retire comfortably. Options, choices to say the least.
'They' always say money doesn't buy happiness, and I think that's true-sort of. But like you say, it gives you choices. The more options you have, the happier you are.
K H-C Exactly! Being rich is nit going to make me happy. But it’s going to allow me to have great experiences with my family and friends which is where happiness is.
I agree, If I had million of dollars I would go to college, and take class I want, not care about a job, if I take job, it would be one I like, maybe a night club. money is FREEDOM, if you have money your boss walk in and say every one laid off, most people cry, how am I going to pay for rent this mouth. you pull out your phone and start making plans to go to VEGAS for the week.
why I don't have money like that, I have two jobs and I save, my boss used give sat pay as punishment, I used to loan people money on Friday, and get paid on Saturday plus 20 dollars, and if you mess up again they gave you a week off with no pay, and then they wait a few day and call you back if they need the help, I told them they gave me a week off I going to vages, they never tried it.
It’s not one or another. One can have health of body, finances, spirit, etc. Dave happens to focus on financial health. I watch other TH-cam channels for physical health advice.
To me financial independence means not having to work a job you hate just to pay bills. It's having the ability that if your job becomes a drain be it due to management changes, regulations, or just out growing the position that you can either easily quit or change to a more agreeable job at a significantly lower compensation rate. I work as a physician and have other physicians I work with that absolutely could not walk away from the job even if a new government regulation required them to do headstands in 2 feet of $**t for half the day. This is despite them being over 55 years old. The income amount is not irrelevant, but it is much less relevant than making wise decisions with the amount you do have.
Excellent! I needed to hear this I'm a 56 year old single mama work two jobs and have got the bills of the house/ mortgage/ food. Not having much left over but I needed to hear this. Thank you!
Every day I have to ask myself, “Do I have everything that I need? Do I lack food, water, shelter, or other means or making me happy?” Every day, I’m thankfully able to answer with a “yes”, and I thank God for that being the case :)
I 'have' to work, so that I can achieve the financial goals that I have, but I chose work that doesn't punish me daily. I enjoy going to work most days and while there are challenges, I look back on those hard days later and laugh at how inconsequential they are. I'm starting to see my acceleration through Baby Step #2, and hope to hit #3 by the end of 2019. Despite being college educated and having a relatively high IQ, I choose to drive a truck for a living. It's a basic, satisfying job and I can tell just how productive I've been every day by the amount of miles I've driven and the goods I've moved. My company also has a pretty large charitable program and I have personally transported millions of dollars of food to local food banks. I have also helped get clothes and school supplies to needy families, as well as offer help to veterans through my work. That giving has actually had a far more profound impact on me than I might have previously expected. Instead of the grind of filling a cubicle or office while shuffling a never ending pile of paperwork or looking at Excel spreadsheets, I've had the opportunity to enjoy the billion dollar view that a windshield offers on my daily road trips. One day, I'm looking at the Manhattan skyline at sunset. Another day, zipping through the White Mountains, or some other scenic place. And while the roads are long and congested, and even filled with danger, I still love the freedom. Retirement for me will likely be buying a Class C RV and trekking across this beautiful nation. I've been to 23 states, but I still have a very long way to go to make it to the rest. I just want to make sure that when I do make the leap and jump into that as a full time hobby, I'm going to be wealthy enough to afford gas and supplies for the trip. (It could take a while, since there's a lot of miles to cover.) If you find yourself getting bothered by work, figure out what you're working toward. That will assist you greatly in not feeling the strain and stress that work often brings. Also, have fun with your work. If you're smiling and laughing, it doesn't feel like work.
SeanFromPVD I would love to talk to u for advice. I am a nurse. But I don’t enjoy my work bc my coworkers always make it hard. No matter what unit or dept I’m in. I’ve done inpatient and outpatient. I’ve been on the phones. I’ve done clinics. And i jus hate the negative energy I get off of other ppl. I have been trying to figure something else out for years. I have two kids and I would love a fun job where my kids don’t have to go to daycare and I have to pay huge daycare bills. I’m talking over 2k a month jus in daycare. It’s making me miserable. Along with HAVING to work jobs that pay enough to cover it and being stuck around miserable old coworkers who hate their life and take it out on genuine ppl around them. Please help me come up with a good plan. Thank you.
I am almost 40 and having enough money just for the basics in life has always been a challenge. I grew up in poverty and growing out of those deeply rooted beliefs and mindset is an on-going battle.
Thank you Mr Ramsey, as of Tuesday, I will have 0 credit card debt. After which, it's time to destroy the minimum payments on my student loan, which should be paid off in the next 6-8 months. ( I only have a very small student loan because I primarily paid cash during University.) I'll be fully debt free within a few months. I drive an old car. I don't owe anything on it and finally, life is looking like I can manage and start making a few plans/goals/dreams for the future. Thank you so much.
Financial independence for me is not having to work for others and don't need to own a business (self-employment) to make money to live well in my chosen lifestyle. My FI is SS + two small pensions + investment distributions + full healthcare insurance coverage. I don't have to be dependent on others for money and I don't have to risk capital to make extra income to enjoy my lifestyle. If someone cared enough to encourage me to save and invest as soon as possible in my 20s, my FI would be 2 or more times today.
That might be the strict definition, but Dave has a good point here. A lot of people who achieved FIRE say that they fell into the trap of thinking financial independence would be a cure-all for their lives. And I’ve heard several podcasts about FIRE where people said they hated doing basic financial tasks after retiring which were no problem when they were working. Dave just said that he thought the terminology was a little strong, and I tend to agree. I love planning for financial independence, and me and my wife are probably another 4-5 years away, but I’ve probably wasted whole years just thinking how easy life would be when we were financially independent, which is not true unfortunately.
@@chrono106 yes probably. But that's not due to fire being strong or wrong or unrealistic. That's because nothing is be all end all solution in life. Beauty, money or love on its own don't resolve all your issues nor guarantee you won't have more. Anyone who believes that achieving a specific goal will provide never ending joy is just stupid. Life changes, we change and goals need to have continuity. The difference is that if you have fire you have more time, energy and means to deal better with other issues. Is like having 5 kids and one goes to college. Now you have just 4 to deal with daily.
I love watching your video! I know the feeling of not worrying about money. Am blessed and i worked hard for what i have now and continuously working for money. Thanks Dave for all your wonderful lectures on finance!
I drove a dodge truck for 20 years it had no AC no power steering I had my most fun those years in life-I have worked hard give a lot in life-been blessed I now have 3vehicles a new 4x4 truck under my garage I only drive when I go fishing-I owe for nothing I think back I had my most fun in life when I drove the dodge truck and had little!!
"I had my most fun in life when I drove the dodge truck and had little!!" Maybe you had little because you were having the most fun? Some fun stuff is free, but a lot of fun stuff costs $
It means independent of an employer. You can live and pay your bills off of money that isn't given to you by a customer or employer. People retired living off their 401ks are independent. People that retire early off the money they invested are independent. It doesn't mean you don't care about people.
I feel like everyone has their own definition of “financial independence.” Most people seem to think that it means paying your own bills and generating your own income without relying on your parents/family/spouse to provide for you. But it seems to me that that’s a pretty low bar to clear. I’m independent of my parents for money, now that I’ve just graduated and moved out. But when you think about it, I’m still dependent - it just shifted from my parents to my employer. For me, FI means that I could quit my job right here, right now, and the income from my investments would sustain me indefinitely, without having to dip into the principal. That is true independence: total control how I use my time, which is the most valuable resource. That is my ultimate goal, and I won’t stop until I get there.
011angelfire That's all good and well but if you think about it, you're still dependent on the management of the companies you're invested in. If they go bankrupt, cut their dividend, etc., in other words, one is never really financially independent unless you can print your own money !!
quad comparator That is a very fair and valid point. However, given the choice of dependence on my employer and dependence on the management of the companies I’m invested in, I’ll take the second one any day. I’d be an owner, not an employee. If I’m not happy with the performance of a particular fund or company, then that entity no longer manages my assets. I’ve never had an investee tell me when I can and can’t go on vacation, what time I have to be at work and what time I’m allowed to leave, what I can and can’t wear, and what resources I do and don’t have access to.
What would it be like to never about money? Like the way I am now. I'm 72, though, and it took a lifetime to get here. Follow Dave's plan and give it time.
Any tips you could give me on how to be wealthy when I retire or any advice in general I am 18 years old and I would like to invest but I’m not sure what is the best
I think what Dave is getting at with the independence thing is yes you may have enough to be financially independent but you do not have the ability to give or leave it to future generations because you just have enough for yourself. It’s important to continue building wealth to pass on an inheritance so your family can stay ahead and be successful.
Financial independence simply means your are not dependent on a job or career to pay your bills. What that actually means money wise and what those bills are will very from person to person. Dose it mean a roof over your head and food on the table, or dose it include things like a new car every couple years and tons of vacations? But the basic principle is you are not reliant on employment to meet that number.
My dad os quite rich and I don’t worry about money at all. And i am doing iOS development and running a startup car service application. I guess what makes me going is the weight my dad and family put on me to produce more on my own. As i feel more and more of shame not to carry on the family success.
In dependence. Depends how you spell Dave! We are dependant on God for our health and everything that pertains to our well being. The bible says Who does my help come from? Very important principle.
Amen!! I prefer the term financial freedom. I think not having to be concerned about money provides a sense of freedom...that is freedom from the NEED to work a traditional job. But also, our true freedom is in God too.
Maybe Dave- financial security is a better term here- Also you are right- It could all go away in a flash. Correct- God's blessing has a hook- To whom much is given- much is required.
i believe financial independence is living off the resources of your own investments, example: if you accumulate a bit over 1.5 mil by age 60 you can live 30 yrs on 50k per year with no debt at all and depend on NOBODY FINANCIALLY
Dave would you please give some advice for those who have former criminal convictions. Those people don't have the luxury of getting second and third jobs to pay off debt. Everyone says to just start your own business. If one is able to make that happen that is great but that doesn't help make extra money when he or she is needing to pay off debt. Even with a college degree there is no forgiveness in the corporate world if one had ever been arrested. These people can't even rent a place to live due to being unable to pass a background check. So they end up homeless. I am in the process of trying to help a few people with employment and housing and I am hitting a steel wall in every direction. So disheartening.
How much is enough to live comfortably? Do some calculations on what you really need as a budget on a monthly basis. The rest are just extra expenses like emergency and wants.
The republican in the White House and the ones running the senate could use your courses to learn how to actually balance a budget. Like Clinton did...
Financial independence means you can live your life independent of you working, say a $40k passive income and no house payment means you're financially independent if you live like the average American
Financial independence means I don't HAVE TO work. Will I continue to work? Probably. But I don't have to put up with an abusive employer, I don't have to endure through a schedule I do not like etc... If I have that money.I can also take bigger risks like switching countries and trying to do something new if you know you have an incoming cashflow that is not dependent on my stupid idea working lol
I'm going to phone in if nobody can answer me, but I want to know if I can follow this guy's advice of manual underwriting homes in Canada ie. Get rid of my only credit card, forget about a credit score, and still get involved in real estate investing!
Dave why are you confusing 'seclusion' and 'independence' with FINANCIAL Independence? Financial Independence is just that, your finances are not dependent on working to sustain your lifestyle. Your investments bring in enough money where you are not DEPENDENT on anybody else to live. No job etc. Money doesn't need to have relationships.
And it's but t even worry less.., because who sues a poor man? Who robs a poor woman? Who kidnaps a poor adult? So replace 1worry with another? Worrying is a choice.. Awareness & planning reduce worries... But, I sleep well, so what do I know?
I assume keeping in 3% for inflation, and take out the earnings from the interest which I calculate at 7%. If I amass 1.5 million then it will provide me with $105K income per year.
He means how extreme leftists think that the more money you have, the more you must have stolen/taken from people/society. Right wingers tend to believe the more money you make the more you must have giving to people/society. The more jobs someone gives to people, the better quality job/products they make, the lower price one offers people all makes a person more money. If your a super rich person, the people you help benefit off your wealth more then you benefit off of your own wealth.
Sarah Christy Rose same here. Funny, I know just as many folks on boths sides of the aisles, politically, that look for handouts. It goes way beyond political alliances.....
I had a heart attack at 57, no warnings at all and I lived a healthy lifestyle. Thanks to Dave's plan I was/am debt free with 1 1/2 year emergency fund. Because I did not have to worry about money I recovered quicker and better than expected during the 4 months I was out of work. Thank you Dave.
Glad you're ok bro.
Hope you are doing better
I’m only 16 and I feel like I’m so lucky to be able to find you and be able to follow your knowledge to make me financially strong
Robbie Holmes They show us his videos in personal finance class.
Yes, you are lucky. Be sure to start investing from the moment you get your first job. You could even retire (only if you want) by the age of 30.
I'm literally scratching my head, ummmm not having health has zero to do with money, money however does make it easier and less mentally stressful when your not healthy so.....
Im 16 too i would love to retire early.
Enjoy your life you're only 16 you haven't even faced any real problems or made any real money. But what you should practice is saving.
I noticed, when I stop listening to Dave Ramsey,I started spending unnecessary again, need to listen to you every day Dave!
ninzki b didn't even know about him untill they should his videos to us in personal finance class.
hoyeshi BG same here 😫
so true when I listen Dave my hand is tightttt with money.
This stuff needs to be taught in our high schools instead of 10-15 years later when people are in too much debt then they can handle!
My son is in high school and told me that his personal finance teacher showed the class a Dave Ramsey video. It gave me hope for the future.
@@davem4193 I'd be very surprised if your son was shown it in a public high school. Although I know that it can be possible.
@@acarouselofantics he goes to public high school. I was shocked when he told me. He said his teacher showed the class a couple Dave Ramsey videos. This particular teacher is my son's favorite. Most public schools have a couple teachers who are really good but are forced to stay silent out of fear for the consequences of going against the leftist group think that's so prevalent in public schools.
@@davem4193 Yes sir, I agree! It sounds like your son has a smart teacher, especially if he knows the wisdom of Dave Ramsey.
Yeah, most teachers - including myself - would never go outside of the curriculum. (Fortunately, I'm getting out of education.)
There's a business idea!
I am already financially free , but I love to work so I just do my thing.
What’s the job that keeps you coming back? If I may ask
YeH what job?
I prayed to God, why am i always broke every year. He showed me Dave Ramsey.
Me too and that’s when I found Dave also 😊
If you make $80,000 a year and are content with $40,000 a year you dont have to worry about money.
I'm going to agree with you. I'm retired and can live on ($1K) 31% of my monthly net income. Having control of my finances, being able to be happy without spending money, having the ability to deal with unplanned spending without it becoming a crisis, having hobbies and interests, all contribute to my contentment. I can't complain!
But most people don't downgrade
Dave its a WONDERFUL feeling bro!!!! completely debt free as of last june. It's an amazing feeling.
Congrats! Can't imagine what a relief that must be!
Congrats, looking forward to it myself. Working on slaying that mortgage. We're years ahead but have a few more to go. I love it when folks like you remind the rest of it that it CAN be done, and it's worth it-thanks.
K H-C Thanks my friend, stay strong on the journey!!
congrats!!!
Guess who? So, you are on baby step 3?
Financial independence implies that one has freedom, particularly when it comes to choices. I can walk out of a job I no longer enjoy doing without worrying about paying that month's rent. I can spend time with my family without being concerned about how I am going to retire comfortably. Options, choices to say the least.
'They' always say money doesn't buy happiness, and I think that's true-sort of. But like you say, it gives you choices. The more options you have, the happier you are.
K H-C Exactly! Being rich is nit going to make me happy. But it’s going to allow me to have great experiences with my family and friends which is where happiness is.
I agree, If I had million of dollars I would go to college, and take class I want, not care about a job, if I take job, it would be one I like, maybe a night club.
money is FREEDOM, if you have money your boss walk in and say every one laid off, most people cry, how am I going to pay for rent this mouth.
you pull out your phone and start making plans to go to VEGAS for the week.
az21bob666 I love that analogy lol
why I don't have money like that, I have two jobs and I save, my boss used give sat pay as punishment, I used to loan people money on Friday, and get paid on Saturday plus 20 dollars, and if you mess up again they gave you a week off with no pay, and then they wait a few day and call you back if they need the help, I told them they gave me a week off I going to vages, they never tried it.
Having money is great but NOTHING without your health people!!🤕
Switchblade romance most times it effects your health.
Switchblade romance absolutely true
And water is wet captain obvious
@@Dom-xi8je Smartass
It’s not one or another. One can have health of body, finances, spirit, etc. Dave happens to focus on financial health. I watch other TH-cam channels for physical health advice.
Wish I had found Dave 10 years ago! But better late than never 😀
To me financial independence means not having to work a job you hate just to pay bills. It's having the ability that if your job becomes a drain be it due to management changes, regulations, or just out growing the position that you can either easily quit or change to a more agreeable job at a significantly lower compensation rate. I work as a physician and have other physicians I work with that absolutely could not walk away from the job even if a new government regulation required them to do headstands in 2 feet of $**t for half the day. This is despite them being over 55 years old. The income amount is not irrelevant, but it is much less relevant than making wise decisions with the amount you do have.
Excellent! I needed to hear this I'm a 56 year old single mama work two jobs and have got the bills of the house/ mortgage/ food. Not having much left over but I needed to hear this. Thank you!
Yo go girl 💪
Every day I have to ask myself, “Do I have everything that I need? Do I lack food, water, shelter, or other means or making me happy?”
Every day, I’m thankfully able to answer with a “yes”, and I thank God for that being the case :)
It would be nice to not “have” to work
Honest Finance yes it is nice. I retired at 55. It's incredible! Love it.
I 'have' to work, so that I can achieve the financial goals that I have, but I chose work that doesn't punish me daily. I enjoy going to work most days and while there are challenges, I look back on those hard days later and laugh at how inconsequential they are. I'm starting to see my acceleration through Baby Step #2, and hope to hit #3 by the end of 2019.
Despite being college educated and having a relatively high IQ, I choose to drive a truck for a living. It's a basic, satisfying job and I can tell just how productive I've been every day by the amount of miles I've driven and the goods I've moved. My company also has a pretty large charitable program and I have personally transported millions of dollars of food to local food banks. I have also helped get clothes and school supplies to needy families, as well as offer help to veterans through my work. That giving has actually had a far more profound impact on me than I might have previously expected.
Instead of the grind of filling a cubicle or office while shuffling a never ending pile of paperwork or looking at Excel spreadsheets, I've had the opportunity to enjoy the billion dollar view that a windshield offers on my daily road trips. One day, I'm looking at the Manhattan skyline at sunset. Another day, zipping through the White Mountains, or some other scenic place. And while the roads are long and congested, and even filled with danger, I still love the freedom.
Retirement for me will likely be buying a Class C RV and trekking across this beautiful nation. I've been to 23 states, but I still have a very long way to go to make it to the rest. I just want to make sure that when I do make the leap and jump into that as a full time hobby, I'm going to be wealthy enough to afford gas and supplies for the trip. (It could take a while, since there's a lot of miles to cover.)
If you find yourself getting bothered by work, figure out what you're working toward. That will assist you greatly in not feeling the strain and stress that work often brings. Also, have fun with your work. If you're smiling and laughing, it doesn't feel like work.
just do wise choices with career and investment, you can accomplish that.
SeanFromPVD I would love to talk to u for advice. I am a nurse. But I don’t enjoy my work bc my coworkers always make it hard. No matter what unit or dept I’m in. I’ve done inpatient and outpatient. I’ve been on the phones. I’ve done clinics. And i jus hate the negative energy I get off of other ppl. I have been trying to figure something else out for years. I have two kids and I would love a fun job where my kids don’t have to go to daycare and I have to pay huge daycare bills. I’m talking over 2k a month jus in daycare. It’s making me miserable. Along with HAVING to work jobs that pay enough to cover it and being stuck around miserable old coworkers who hate their life and take it out on genuine ppl around them. Please help me come up with a good plan. Thank you.
To me, financial independence is not needing to get up and go work for someone in order to make money.
If your working for the other guy you will never have money
That IS the definition I'm pretty sure
@C Mac I agree. I was always an employee and I am now FI in my early 60s. I started saving and investing in my late 30s.
CauseAndEffect how much were you investing when you started?
You are always working for someone else, even if you own a business..
Financial independence just means you aren’t reliant on working for enough income to support you and your family. It means being self insured as well.
I am almost 40 and having enough money just for the basics in life has always been a challenge. I grew up in poverty and growing out of those deeply rooted beliefs and mindset is an on-going battle.
Facts me too I'm 23 I don't know what it's like to be rich
Feels good to have an emergency fund. Thank you Dave ♥️
Thank you Mr Ramsey, as of Tuesday, I will have 0 credit card debt. After which, it's time to destroy the minimum payments on my student loan, which should be paid off in the next 6-8 months. ( I only have a very small student loan because I primarily paid cash during University.)
I'll be fully debt free within a few months. I drive an old car. I don't owe anything on it and finally, life is looking like I can manage and start making a few plans/goals/dreams for the future. Thank you so much.
Congrats!!!!!!
Financial independence for me is not having to work for others and don't need to own a business (self-employment) to make money to live well in my chosen lifestyle.
My FI is SS + two small pensions + investment distributions + full healthcare insurance coverage. I don't have to be dependent on others for money and I don't have to risk capital to make extra income to enjoy my lifestyle.
If someone cared enough to encourage me to save and invest as soon as possible in my 20s, my FI would be 2 or more times today.
Financial independence just means you're not dependent on a third party to live on an ongoing basis.
Out of curiosity: who's the 2nd party?
That might be the strict definition, but Dave has a good point here. A lot of people who achieved FIRE say that they fell into the trap of thinking financial independence would be a cure-all for their lives. And I’ve heard several podcasts about FIRE where people said they hated doing basic financial tasks after retiring which were no problem when they were working. Dave just said that he thought the terminology was a little strong, and I tend to agree. I love planning for financial independence, and me and my wife are probably another 4-5 years away, but I’ve probably wasted whole years just thinking how easy life would be when we were financially independent, which is not true unfortunately.
@@chrono106 yes probably. But that's not due to fire being strong or wrong or unrealistic. That's because nothing is be all end all solution in life. Beauty, money or love on its own don't resolve all your issues nor guarantee you won't have more. Anyone who believes that achieving a specific goal will provide never ending joy is just stupid. Life changes, we change and goals need to have continuity. The difference is that if you have fire you have more time, energy and means to deal better with other issues. Is like having 5 kids and one goes to college. Now you have just 4 to deal with daily.
Yes!
I love watching your video! I know the feeling of not worrying about money. Am blessed and i worked hard for what i have now and continuously working for money. Thanks Dave for all your wonderful lectures on finance!
Dave, "Financial Independence" means being 'independent of a job with a boss that controls my life, and gives me a paycheque.'
And he know that. Smh.
content this moment with the person I love and loves me as I am
Eduardo Rodriguez You have the most important pieces in place then.
It's the idea we must sacrifice one thing - short term, for the long term.
It is about taking responsibility in your life for you and your family. Taking control of your finances is about responsibility.
Yes!
Exactly. Building wealth is 80% behavior, and 20% head knowledge. It is about responsibility.
I drove a dodge truck for 20 years it had no AC no power steering I had my most fun those years in life-I have worked hard give a lot in life-been blessed I now have 3vehicles a new 4x4 truck under my garage I only drive when I go fishing-I owe for nothing I think back I had my most fun in life when I drove the dodge truck and had little!!
"I had my most fun in life when I drove the dodge truck and had little!!" Maybe you had little because you were having the most fun? Some fun stuff is free, but a lot of fun stuff costs $
Thank you for reiterating that "independence" is not the end goal.
Financial independence to me just means I choose how I live because of how hard I work for myself, not necessarily by myself.
"What would it be like to never worry about money?" It would be like this. It took us a long time, but it surely is nice!
It means independent of an employer. You can live and pay your bills off of money that isn't given to you by a customer or employer. People retired living off their 401ks are independent. People that retire early off the money they invested are independent. It doesn't mean you don't care about people.
As long as it is fiat "paper" you better always be worried if you have any sense of what is going on.
The more you have, the more you worry about losing it.
All thats meant by financial independence is that you're free to leave one employer and go to another...or none at all if you have the money to retire
Not financial independence... financial freedom ! Not having debt & not having to depend on corporate america for income.
I feel like everyone has their own definition of “financial independence.” Most people seem to think that it means paying your own bills and generating your own income without relying on your parents/family/spouse to provide for you. But it seems to me that that’s a pretty low bar to clear. I’m independent of my parents for money, now that I’ve just graduated and moved out. But when you think about it, I’m still dependent - it just shifted from my parents to my employer. For me, FI means that I could quit my job right here, right now, and the income from my investments would sustain me indefinitely, without having to dip into the principal. That is true independence: total control how I use my time, which is the most valuable resource. That is my ultimate goal, and I won’t stop until I get there.
011angelfire That's all good and well but if you think about it, you're still dependent on the management of the companies you're invested in. If they go bankrupt, cut their dividend, etc., in other words, one is never really financially independent unless you can print your own money !!
quad comparator That is a very fair and valid point. However, given the choice of dependence on my employer and dependence on the management of the companies I’m invested in, I’ll take the second one any day. I’d be an owner, not an employee. If I’m not happy with the performance of a particular fund or company, then that entity no longer manages my assets. I’ve never had an investee tell me when I can and can’t go on vacation, what time I have to be at work and what time I’m allowed to leave, what I can and can’t wear, and what resources I do and don’t have access to.
I can’t even imagine what life would be like without the immense, heavy anxiety.
Financial Independence to me means free from the burden of poverty
That can never be achieved except you cast your cares upon the Rock.
What would it be like to never about money? Like the way I am now. I'm 72, though, and it took a lifetime to get here. Follow Dave's plan and give it time.
Well done.
Still could have another 30 years of life to enjoy.
So go enjoy.
Any tips you could give me on how to be wealthy when I retire or any advice in general I am 18 years old and I would like to invest but I’m not sure what is the best
I think what Dave is getting at with the independence thing is yes you may have enough to be financially independent but you do not have the ability to give or leave it to future generations because you just have enough for yourself. It’s important to continue building wealth to pass on an inheritance so your family can stay ahead and be successful.
Helping to earn instead of hurting to earn which is monetary gain to punish the enemy.
In the words of Forest Gump. "One less thang."
Like your video Dave! Thanks
Hey Dave you have a point I never thought about this
Sound information Sir.
Just asking what camera are you using to record this as the quality is very good 😊
In the same passage what Dave quoted, the apostle warns us about people trying to get rich. Dave could you kindly clarify that?
Financial independence simply means your are not dependent on a job or career to pay your bills.
What that actually means money wise and what those bills are will very from person to person. Dose it mean a roof over your head and food on the table, or dose it include things like a new car every couple years and tons of vacations? But the basic principle is you are not reliant on employment to meet that number.
The bible says a lot of things but I respect you Dave Ramsey ...Good thinker
99% of what Dave teaches is either directly from the Bible or derived from Bible study.
Thank you god thank you dave
Great point like always 👌🙏
Hey some of us left wingers are debt free and love you Dave!! Lol
Seriously I dont like when he starts talking politics I tune out
Living on a 3% annual draw on investments earning an average 10% gain is the plan for a stress free retirement. .
The goal is to have financial freedom
My dad os quite rich and I don’t worry about money at all.
And i am doing iOS development and running a startup car service application. I guess what makes me going is the weight my dad and family put on me to produce more on my own. As i feel more and more of shame not to carry on the family success.
In dependence. Depends how you spell Dave! We are dependant on God for our health and everything that pertains to our well being. The bible says Who does my help come from? Very important principle.
Amen!!
I prefer the term financial freedom. I think not having to be concerned about money provides a sense of freedom...that is freedom from the NEED to work a traditional job. But also, our true freedom is in God too.
Maybe Dave- financial security is a better term here- Also you are right- It could all go away in a flash. Correct- God's blessing has a hook- To whom much is given- much is required.
i believe financial independence is living off the resources of your own investments, example: if you accumulate a bit over 1.5 mil by age 60
you can live 30 yrs on 50k per year with no debt at all and depend on NOBODY FINANCIALLY
Contentment is being able to work without being fired or unemployed while the government doesn't pay you to be disabled.
While training for a career.
Dave would you please give some advice for those who have former criminal convictions. Those people don't have the luxury of getting second and third jobs to pay off debt. Everyone says to just start your own business. If one is able to make that happen that is great but that doesn't help make extra money when he or she is needing to pay off debt. Even with a college degree there is no forgiveness in the corporate world if one had ever been arrested. These people can't even rent a place to live due to being unable to pass a background check. So they end up homeless. I am in the process of trying to help a few people with employment and housing and I am hitting a steel wall in every direction. So disheartening.
L J maybe find a nonprofit to help? 🤔
Bill gates does not worry about money . Ever
Bill Gates still stresses about money, if he makes one bad decision thousands of people could loose their jobs.
Neither does Steve jobs bahahaha
Having money is also a source of worry lol
How much is enough to live comfortably? Do some calculations on what you really need as a budget on a monthly basis. The rest are just extra expenses like emergency and wants.
The republican in the White House and the ones running the senate could use your courses to learn how to actually balance a budget. Like Clinton did...
Financial independence means you could get fired today and you wouldn't care.
What a nice voice he has
How about debtually independent. .. just independent of debt
Financial independence means you can live your life independent of you working, say a $40k passive income and no house payment means you're financially independent if you live like the average American
FIRE
I find Dave most Christlike when he calls people “idiots,” “psychotic,” “stupid” and “left wing nutjobs” . . .
Financial independence means I don't HAVE TO work. Will I continue to work? Probably. But I don't have to put up with an abusive employer, I don't have to endure through a schedule I do not like etc... If I have that money.I can also take bigger risks like switching countries and trying to do something new if you know you have an incoming cashflow that is not dependent on my stupid idea working lol
"A million dollars isn't a lot of money anymore."
- Said by a multi millionaire
it sure is not worth what it used to be
A million dollars to someone who spends like they have 2 million is not much.
You can't retire on a million dollars
That’s why I’m tryna gain control of the financial markets so I don’t have to work for nobody
That would be nice.
I'm going to phone in if nobody can answer me, but I want to know if I can follow this guy's advice of manual underwriting homes in Canada ie. Get rid of my only credit card, forget about a credit score, and still get involved in real estate investing!
Tell that to the FIRE people...!
Wealth is what is earned threw a lifetime.
"Wealth is what is earned thorough a lifetime", that isn't consumed.
Financial Freedom
Yes indeed
Dave why are you confusing 'seclusion' and 'independence' with FINANCIAL Independence? Financial Independence is just that, your finances are not dependent on working to sustain your lifestyle. Your investments bring in enough money where you are not DEPENDENT on anybody else to live. No job etc. Money doesn't need to have relationships.
"Left wing nut jobs" The more I listen to Dave, the more I listen to Dave!!! Thank you for speaking of God in your discussions.
What about financial freedom??
If you buy a island are you independent then?
I've always wondered why God financially favours some and not others?
And it's but t even worry less.., because who sues a poor man? Who robs a poor woman? Who kidnaps a poor adult? So replace 1worry with another? Worrying is a choice.. Awareness & planning reduce worries...
But, I sleep well, so what do I know?
I wish Dave could keep his politics out of his message!!!
I'm chasing down debt like a cheetah chases down a gazelle. . .if the chase lasted multiple years
We dont need a LOT of money
Just some Things
Thats it
!!!!!
After awhile a house is still a house
Just some important things
Like "all day" use
I wish I had a dollar for every hour spent pondering this question.
Dave Ramsey with a NW of 220M USD is right when he says Financial Independence is not his goal. That's coz he is already there 😂
So what is your position on money. If you have no spouse or kids and not likely to ever have it. So no one depends on your money but you???????
Is that possible!?
I miss these videos, with Dave's biblical foundations fully in the open.
When he said "left-wing nutjobs" I immediately looked at the ratings on this vid
Yea.. that was a little unneccessary
Lol this came completely out of left field when I was listening and came to the comments
Best part is @ 5:46 - 5:56 .....ur welcome
I assume keeping in 3% for inflation, and take out the earnings from the interest which I calculate at 7%. If I amass 1.5 million then it will provide me with $105K income per year.
I’m a “left wing nut job” that been helped monumentally by your content. We can figure it out too 😉
Sarah Christy Rose I had that same thought too.
He means how extreme leftists think that the more money you have, the more you must have stolen/taken from people/society. Right wingers tend to believe the more money you make the more you must have giving to people/society. The more jobs someone gives to people, the better quality job/products they make, the lower price one offers people all makes a person more money. If your a super rich person, the people you help benefit off your wealth more then you benefit off of your own wealth.
Sarah Christy Rose same here. Funny, I know just as many folks on boths sides of the aisles, politically, that look for handouts. It goes way beyond political alliances.....
It shouldn't take a life time to get paid.
I never worry about money 💵 not because I’m rich or anything because I don’t got money to worry about so I’m kinda free