Dave, How Did You Make Your First Million After Going Broke?
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He also demonstrated that when you have no debt and a lot of money, you can take advantage of misfortune like 2008 housing crash and buy a lot of property cheap.
That’s why being out of debt and have opportunity money is so helpful.
Absolutely. He lived frugally. Until he didn't have to.
@@michellemorford349 and going into debt more easily allows you to come up with money to buy houses. All the investors who don't make money selling The Baby Steps know this, and they're filthy rich from it.
This man has changed so many lives thx you for help and services over the years
Facts. He's a good man
Been following Dave for over a decade. On baby step 7. Thank you sir, from the bottom of my heart, thank you!
Just wanted to say thanks to Dave for making all these videos. I am 34 years old and my wife and I just paid off our house. Every time I wanted to buy something with a motor I would watch a video and it helped me stay focused.
$1000 dollar emergency fund and six months of saving in case you getting layed off or fired are truly best advice i can give anybody
If you want to be wealthy follow the baby steps. If you want to get rich start a business that give people tremendous value and accelerate the baby steps. That is what Dave did.
sure
If you wanna get out of debt and live a mediocre life follow his baby steps…follow someone else who understands math and knows investments to build wealth.
True I want to build a business so that I can help others in it and outside of it
Sell a product that doesn't cost a lot but is extremely popular, sell a ton of them to a ton of people.
@@bryantlong6522 sorry, I don't see where a mediocre life fits into that.
Dave had not developed the Baby Steps yet. He did start by paying off debt, living like no one else, and stockpiling his earned income, which is the foundation of what later became part of the Baby Steps.
He happened to pay off debt, but that made no real difference. His income from real estate deals and radio made all the difference.
@@braceyourselvesfortruth2492 actually the baby steps did make him millions, by selling Americans a course on basic finances that can be found on any youtube video
Exactly he is a scammer guru
He owns millions of dollars in real estate. Tells you how he did it very vaguely as far as real estate. Earned it off of books, radio, and other forms of media. Awesome guy. Trying to paying off my home now.
Nobody can become financially successful over night. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals
May I ask which stocks are good? I've been looking at a few different ones but want others' opinions as well
who would you recommend?
I can’t drop her info here, TH-cam is a public place. Just do a web lookup using her full name and connect to her official webpage.
Dave hides the fact that he got rich off of a special exception with contracts that isn’t really possible today, and then capitalized off the 2008 crash to skyrocket his wealth… always remember that
@@zoeyredmond5501 which contracts are you referring to?
I’m about to go broke so I’ll be half way there soon!
Did you bounce back?
I really enjoy that Dave talks about his experiences. I find it very insightful and motivating. I hope the other personalities will pick up this trait. Love the show!
Helpline 👆.👆👆
Same he should do it more honestly
So far what i heard is "after I went bankrupt a returned to real estate. I eventually started making 100k a year. Then i started another business in radio/advertising where i was losing money"
however I didnt really hear everything after that. So either he saved for 10 years + to get a million or he substantially increased his income but it wasnt through real estate. So it must have been when he started selling financial peace where the money started coming in.
So what lesson do we learn kids. Eventually your income will probably cap out at your job. So you to make it into the multi million category, you need to start selling a product people will use on a large scale. In Daves case, His Financial peace University. Of course you need to have money in the bank to do that.
Sounds like he started into financial advice with "don't mess up like I did."
The first million is the hardest needs to be researched further. I have heard so many stories on how it took 30 years to get to that first million. Then from $1 to $5 million took a decade but by then all the processes and experience is already in place. Notice how Dave has been in real estate forever and even went bankrupt doing real estate but in the 2008 when real estate crashed he said he was able to purchase $100 million in real estate for $15 million. He could only do that because he had the cash available from those previous mistakes and he knew in 2008 with his then income and being able to pay cash for the properties it was a good investment.
$1 million is just a number. What if you were shooting for $750k? Then you could say it was hard to reach and the second $750 was easier maybe?
"Whoever has will be given more, and they will have an abundance. Whoever does not have, even what they have will be taken from them." Matthew 13:12
Something to do with the pareto principle and the fundamental inequalities of reality... thanks Satan!
@@tom5083 how are you going to quote scripture then thank Satan. Those to things don't mix.
someone would have to have some amazing investments and or get a massive income increase to go from 1-5m in 10 years. 1-3m is probably more realistic but yeah i totally agree with everything you said
2008 was 20 years after he filed bankruptcy. He accumulated more than $15 million by then - spent that much on real estate.
So Dave had about 20 million to his name in 2008 and now he has over 200 million. Good for him.
Parabolic trajectories aren’t uncommon in business. The crawl to walk to run is much slower than the run to flat out sprint in my experience and my observation.
I heard that last line in Daves voice
500 now
I would love more videos like this. Yeah it’s fun hearing you give advice about how to get out of debt but so much more interesting to hear your stories
Too many people are missing the fact that Dave tells people to follow baby steps using their job and make a couple million by the time they retire; when Dave actualy got rich selling his advice.
they also don’t want to be as rich as they say they wanna be.
@@702prodigy what is rich? Having a million? Or having financial peace? Maybe some are being too cynical and missing the point?
To be fair Dave would say find the career for which you are passionate and talented. So if you do take that advice and excel in your field you will naturally earn more, and hopefully way before retirement.
Dave's plan works for almost everyone and that's the point. This advice is not for the three percent that are going to be wildly successful anyway. It's for the other 97%. Take it for what it is.
Dave says himself many times if your goal is to be a multi billionaire you need to do more than this,that type of wealth involves an invention or starting your own business. But for the average person who wants to get control of their finances and live very comfortably this is a good framework. Nice job acting like he hasn't addressed this though 👍
Dave never said follow the baby steps and get 300 million like me. Following the baby steps gets you to be a everyday millionaire, nothing fancy, not super rich. Freedom with finances. If you want to get super rich you need to do more.
The difference between Dave's advice and other people's advice.... This is not a get rich scheme or some scam. This works for nearly everyone and it gets you to financial freedom.
@@BigJohnM Dave, like many other self-help gurus, got rich by selling the dream, not by following what he teaches.
Wow, finally a question that we haven't heard asked 169 different times, I always wanted to hear the story of how he came out of bankruptcy at 30 years of age and became a millionaire supposedly without borrowing any money.
Parents.
He did borrow money... He's made that clear
He said it. He would look for properties, negotiate and get them under contract, sell them to someone with the money to buy and do the work - who would make even more money. In other words, he flipped houses.
@@roseother8306 Without borrowing money? So he acquired houses in cash without being a millionaire? I think that's OP's point. It sounds like he went into debt to get those houses.
@@roseother8306 You can't flip houses without SOMEONE fronting the bill. He still used other peoples money to get rich the second time, because that's what it takes to get as rich as he is, and that's just fact. If you want to be as rich as Dave, don't follow his advice, it's not what he did. If you want a few mill by retirement? sure, his advise works, specifically for people who can't use debt responsibly.
Thank you Dave
Your teaching has changed my family’s life. Our house is paid for, we are debt free building a great nest egg for retirement
Now our adult children are working on doing the same thing
Having listened to so much of the show as well as all the EntreLeadership material, nice to hear one more story! Keep telling them Dave! I use and teach all of what you do.
He didn't do it delivering pizza. It was selling common sense.
😂😂😂
Yep! He even says it
Dave made his money selling people common sense. He’s brilliant. He took the money he made selling people common sense and then invested it and made even more millions. Lol
This is a wonderful interview!
Dave’s history is worthy of a movie
The first 100k is probably the most difficult for many of us , from there yearly aprecciation/ returns move you at a faster pace i feel imo
Charlie Munger said the same...
I'm not so far behind Dave. He's working on his second hundred million and I'm working on my first!
I'm working on my second million, gave up on my first 😂
Dave thanks for showing us how to get out debt and stay that way
Imagine making so much money that it’s hard to remember how you made your first million…..GOALS
Ive been broke too. I had a dave Ramseys moment where my debt was called in. Only with less zeros.
I couldn't tell you all the details either. Having climbed out of that mess. I prefer to focus on my positive future. Not be reminded of my horrific past. Its also 30 years ago. Why don't you try giving a highly detailed description of something you did that at the time you didn't think was a big deal.
i always was curious how dave rebounded. so glad he shared the story. thank you
I am so happy he didn’t quit on his dream and the radio show after his first year cost him half his income!!!
Dave was an og wholesaler
You may have made less to begin with but you affected more people, how lucky we are, God bless!
Very helpful to hear Daves story
My favorite Dave Ramsey answers are ones that he has to wrestle with a little bit to answer
I think a lot of people miss the point. Its not just about being rich. Rich is relative if your heart doesn't change. It's about working hard. It's about peace and being a good steward of what God has given you.
That right Dave! hard work. He has a series of tapes called the commuter series it comes with his audio book version. He goes into detail about the struggles daily he went through to build his wealth. So shut up about this man. He's proof!
So went from bankrupt in 88 to a six fig income in 89, I'm literally living in a different universe 😢
Not everyone is going to have the same story or success at the same rate. The point is to get back on the track toward the finish line, learn from past failures, and don't repeat the same mistakes.
He definitely did some shady stuff lol struggling to not say too much but its all good! Get after it Dave!!
Hmmmmm? Math does not add up. 1OOk per year for 20 years? I assume he started to do his own deals after a year, clearing $200,000 per deal x 10 deals per year=$2mill x 20 yeras
Everyone: how did you make your first million
Dave: I made deals
That was his job. He did his job.
Thank You David Lawrence Ramsey III for changing my family's life and Mine and the way we view New Vehicles GOD BLESS YOU!
The only thing I don't understand is why the $1000 emergency fund hasn't been updated in all this time. It might have been perfectly adequate in the 80's and 90's, but these days you can't fix a broken down car for $1000, let alone buy another one if it completely craps out. A furnace for your house is thousands of dollars. Even one paycheck's worth of expenses while you transition to a new job or apply for unemployment is more than $1000.
His response to this was along the lines of "$1000 wasn't enough back in the 80's either, it is just a small buffer that helps build good habits"
The real reason it has not been adjusted for inflation? $1000 is a nice neat number, and Dave is a stick in the mud boomer that doesn't like change.
It’s just a starter emergency fund but his advice is to build it further after completing step 2. So the actual emergency fund needs to be 6x your monthly expenses when you’re done with paying off debt
I think it’s the fact a thousand can get you a room , food , or a plane ticket if you need it to get here you need to go but yeah the whole 1k thing when my rent in la is 19 hundred dosent really make sense outside of rural America
It's just an initial goal. Baby step 3 is where it gets built up properly to be a meaningful amount and a true emergency fund. We did the same thing (prior to knowing about it). Kept a minimum of $1k in the bank while tackling debt. We did it slightly differently - It took us 5.5 years of living like this (with $1k in the bank) and we paid off all our debt including the mortgage. We invested straight away after that with the "mortgage" money with a larger chunk building up the emergency fund at that point until we had about a year's worth. After that the surplus simply went on stocks. 10.5 years to get from an $86k net worth (house - debt) to $1M net worth. This is NZD not USD (so about $600k USD) but the same principles apply.
I don’t agree with putting off 401k if there’s a match… once vested (at my company it was only after 3 years) you’re way better off. Even if the investments don’t gain, you doubled your money. And in that case, it’s a great safety net because even though you have to pay taxes and a penalty, you’re pulling from DOUBLE what you would have had otherwise.
I just looked at my fidelity, employee contributions are $8k and employer is $8k, so I have 16k fully vested… there’s no investment vehicle that would give that return.
Bankruptcy doesn’t mean you’re broke or anything. It just means no more debt and your credit gets hit. You can still have a ton of money and declare bankruptcy
Wonderful Flashback!
A learning experience.
He started wholesaling/ assigning contracts
The $1,000 came from Larry Burkett whom Dave never credits. The purpose was to cover those Emergencies but why only $1k? Because back when Larry was starting out that $1k covered most all insurance deductibles and often still left money for a tire and groceries.
The principle still holds true today. If you have an emergency, use the fund to pay for it, stop all extra payments until you rebuild the $1k fund, then go back to attacking the smallest debt - which I believe was another staple of Burkett’s teaching before Dave even went bust.
I respect someone who has become so successful that they don’t remember how they made their first million.
Helpline 👆👆👆
I've met many multi millionaires, a few of whom are wealthier than Dave. They can all easily tell you how they made their first million.
Take a bunch on loans -> buy liquid assets -> hide them -> file for bankruptcy. Then tell everyone you just forgot how you made first million, and storytell about hard work and hustle...
Dave built himself back up with real-estate after bankruptcy? He needs to elaborate in detail on how he made this possible. What does he know that other realtors don't? Realtors are a dime a dozen and most are not rich by any means.
Thank you.. very little on details and did answer the question that was asked..
I agree with this 100%.
So he sold his “contracts” to other realtors? And got to 1M simply by paying off debts, and stacking cash?
He was speaking about wholesaling real estate, not being a realtor. You don’t even need a realtors license to do it, but you’re seen as a shady person because you are taking advantage of another’s misfortune. His example is simple but accurate.
You are being paid to find good deals for investors, not realtors or single family buyers.
Love this one! Good to hear.
Sounds like he was wholesaling real estate. I do the same thing I’m a licensed real estate agent in Illinois. We put property under contract to sell and flip the contract to another investor.
I agree with the real estate but you can also build wealth with high ticket sales where you get 5-100k commissions.
I left Paying off the house off the list, because i like to see money in my account😌 but Paying off other debts is soo satisfying.
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NICOLE DESIREE SIMON is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Love the raw stuff!
So, these 9+ minutes seemed to get off the question... and even the question was unfairly worded... because he tells you that he was "dry-flipping to a friend"... he was leveraging his existing network and wholesaling real-estate. What i want to know is how long did it take for him to earn his first million and (specifically) how did he do it? Was it one big deal that worked out? Or, was it several years of $100 per month...?
He was pretty articulate about that.
Bible also says "pay to Cesar what belongs to Cesar". Meaning, use the tax benefits when legal. Live within your means or below. Be giving, kind and loving. You cant help others in their boat when you boat is in the brink of sinking.
The bible says "Render unto Cesar what it Cesar's and render unto God what is God's" and it means that money and taxes are controlled by man but your soul should be given to God. It doesn't mean to use tax benefits or anything else. Jesus said this to his followers to keep from getting in trouble with the Roman rulers at the time.
The irony of the no debt guy cleaning up and making millions off of people who had over-levered going into 2008.
Was expecting him just to say “beans and rice, rice and beans”
That’s basically what he did say actually. Make decent income, live on nothing and save and invest the rest
Secret baby step "Make income spend nothing repeat"
Gazelle intensity
Thank you for sharing this. Become a millionaire once, then you can totally do it again!
I am listening to a man speaking about how many mistakes he made in life and not to be like him
I really love this story! Often times the DR comment section is just riddled with "Dave, you just don't get it", but the fact is, he does get it more than nearly anyone complaining about it in the comment section! Her just uses logic and Biblical wisdom instead of emotions and feelings.
Great question very informative 👍
Helpline 👆.👆👆
Would love to see more videos about this topic. I am getting close to hitting a million dollar net worth. Hopefully this year or next year I will finally cross that number.
The definition of a Recession means that your Neighbor lost his house, job,and car. The definition of a Depression is when YOU loose your house,job, and car.
I loved hearing this
Helpline 👆👆👆
Dave is Basically a "TH-camr" at that time TH-cam was a radio show. Basically He is old version of what Meet Kevin is today
What made Dave a millionaire again:
Real estate and radio
What DIDN'T make Dave a millionaire again:
The Baby Steps
He was already a millionaire again by then...
@amireallythatgrumpy6508
I believe he said he might not have been a millionare by the time the first iteration of the baby steps.
Also remember that it was 20-30 years ago. So it was more like trying to get to 2 million relatively today.
@@amireallythatgrumpy6508 way to categorically miss the point.
@@braceyourselvesfortruth2492 Your original comment showed the REAL point was way beyond your grasp.
@@braceyourselvesfortruth2492 It's also comical that it took you two years to respond. At that point, why bother? All you proved is that you Americans are ridiculously slow.
Great video!
Helpline 👆👆👆
Lol he make it sounds so easy 🤣 😂
Dave looked nervous answering this question . im sure he used debt but doesn't want to say it lol
He did lol, he was never broke like he made it seem
@@ahmadabdelqader388 Wrong, bankruptcy means broke fool.
Cleveland Brown?! Is that you 5:50
Thanks for sharing
So how did you make your first million? Dave: "Good offense and great defense." That is how we did it too, but we never went to rice and beans. For me it was Kraft Mac and Cheese which was $0.25/box at the time....
The one thing I don't mind debt on is a vehicle. When you look at the life of the loan and how much you pay in interest. It's really not that much. Not like a house where you pay double the mortgage.
Be careful though because so many get sucked into that mentality and it comes back to haunt them. So many middle class people have gotten themselves in trouble with a $50k salary and buying a $35k car thinking they can handle the payments. Until they get laid off, their job downsized, or they unexpectedly became sick. It's best to pay cash for a car. Think of how much extra you can stockpile for emergencies and/or retirement by not having a car payment? I can't begin to describe the feeling and freedom that comes with my home and car being paid for. I know that no matter what happens, they're not getting repossessed or foreclosed on.
Cars are absolutely the worst thing to put a loan on. You'll pay 5.. 10k more for a vehicle worth half as much as you paid. By the time the loan is done. You'll pay 40k on a car thats actually worth 10k 😂.
At least with a house theres a chance it might equal out. There's almost no chance of that on your car unless you specifically buy collector cars only.
So Dave made his first million by starting a business and becoming a syndicated radio host? Sounds like a plan!
Starting a business isn't easy. It requires a huge amount of risk. Some people like that kind of work. Others would rather play it safe and secured with a day job. To each it's own I suppose.
Wait. Dave made his first million through financial peace which is financial guidance, while recovering from BANKRUPTCY himself? Wow!
You need a cohost?
@@stevenporter863 No, if you listen closely, he made millions off flipping real estate.
This was very interesting. I own a house that I’m paying off. And the house is worth more than I payed for it. Now today o saw a summer beach house for sale next to my parents summer beach house. And i’m thinking to buy it. Should i use the surplus value of my house to buy that beach house?
News headline will be "Dave Ramsey didn't follow his own baby steps" 🤣
You have a Listening and Comprehension problem. He specifically said on several occasions during this podcast that Baby Steps hadn't been born yet.
@@richcreager7877 I guess you have a common sense problem. That was the point of the joke.
The baby steps are "duh" or "hello" common sense. In Dave's critical steps 2, 3, 4 the big idea is to bust your behind and work like a maniac. So if I didn't know the steps and still worked my tail off and saved (common sense and self control), I wonder if I'd be rich 🤔.
That’s awesome Dave👍🏼💪🏼
I love this episode. At can see how the man lived it.
I was waiting for Dave to say that he followed Robert Kiyosaki's example in real estate investing. 😉🤣
Waiting for that too. Sounded like the edited version of the story.
He borrows money dave doesn’t. He did that stuff before he went broke
There both good methods. One is just lower risk and also lower reward. But if you do Dave's baby steps you will not be poor and you will almost certainly be rich at some point. Robert kiyosakis methods are great as well as long as you play it smart.
He's not going to be honest.
@@wanderingdoc5075 What is he not being honest about?
So Dave Ramsey was wholesaling Real estate. Got it.
Dave is the tik tok get rich quick person of the 90s he just won’t admit it.
Over 100k in 89 is pretty huge.
I do kind of want to do what you did. Maybe follow the first 4 and then pile up money for everything else.
He sold a bunch of books on how to make your first million lol
From watching a number of Dave's videos, he claims that he has been getting an average of 12% per year annually in the stock market (after management expenses). Now he is somehow inferring that he sold his mutual funds in 2008 (when the market went down by 38%) and purchased real estate at $0.15 on the dollar. Perhaps Warren Buffet should be asking Dave for investment advice?
Love it
Great info
I recommended to hey sometime ago,can I get person who invested with her Mrs Camilla mc Coy comment below
hey
I did with her , i made huge profits
Thanks for recommending
I saw that recommendations but i did not bother chatting her up🤦♂️🤦♂️
Same here it's four months now I started investing with her and it's been a good experience
Who made profits for you, am really looking for a pro who can manage my account and make me huge profits
She's expert Mrs Camilla mc Coy one of the best and trustworthy broker ever
Sounds like he picked himself up by the bootstraps, worked those four jobs, delivering pizzas.
Love how he broke it all down.
so just like every other guru he made his money selling a course on how to make money
Correct
So Dave became a millionaire through selling his program. Nothing wrong with that.
Helpline 👆👆.👆
No
@@robotbush selling his program not by following his program.
If you listen to one video and make up your mind, you'll miss the big picture.
The principles are a guide, its about changing mind, attitude and spending habits.
So, real estate. That's what it all really comes down to. Real estate, where people can and do make absurd amounts of money. Plus not overspending or going back into debt.
Seems like he made that up
He did, he grew up in the real estate business and never had to struggle like he made it seemed like
Helpline 👆.👆👆
Ahmad Abdelqader I know we won't have proof but Dave is really smooth and good on his feet. His response to this question? Not at all. I'm not saying he's a fraud and I find his advice useful but I think he isn't admitting he had some form of help. Even on $100k/yr you don't get rich anytime soon taxes, groceries (beens and rice exclusively even), childcare costs, whatever. There aint a lot left over after that, even if you are as frugal as Dave here purports to be.
@@jessefunk3986 You forgot, Nashville was really cheap back in the day, so his 100K was a lot of money
Dave files for bankruptcy, but he tells his callers to pay off tens of thousands in debt on a $50,000 salary.
"The wicked borrows and does not repay, But the righteous shows mercy and gives." -Psalm 37:21
For the most part I agree with much of what Dave says but where he suggests if you are broke your first dollar should go towards an emergency fund instead of a 401k when an employer match is on the table doesn’t add up mathematically. He’s worried about a 30 or 40% penalty if you have to access your 401 early when there is a 100% penalty for not getting an employer match. In other words if I contribute $1 to my 401 and my employer matches $1 I now have $2. If I need to get my dollar out then I lose 40% of that dollar but I still have $1.60 compared to just having $1. Point is get your employer match
So Dave went bankrupt flipping real estate, then made his first million afterward by flipping real estate contracts.
Dave went bankrupt flipping real estate with DEBT. He got rich flipping real estate contracts & starting a profitable business with CASH.
@@ecole146 yea, that is still assuming risk. If he couldn't sell the contract he would have been stuck with it.
Yup 👍
@@MWebb-de9pq Hmm, do you want to bet some actual cash on the fact that he had a buyer lined up before he had the contract? Every idiot tried to come up with some flaw in Dave's plan, some reason why he isn't being honest, some little thing he says that isn't following his own plan so they can claim his whole concept is a fraud. Why do you want to be a troll? Don't you have a family, a wife or girlfriend, or maybe a cat that needs some attention or something?
@@1967davethewave telling 20 and 30 year Olds to prepay a 2.5% mortgage instead of investing is a pretty blatant flaw in his plan.
Dave won the Powerball lottery, that's a little known fact!
Great story