How Do I Overcome Generational Poverty?
ฝัง
- เผยแพร่เมื่อ 13 ม.ค. 2025
- 💵 Create Your Free Budget! Sign up for EveryDollar ⮕ ter.li/6h2c45
📱Download the Ramsey Network App ⮕ ter.li/ajeshj
🛒 Visit The Ramsey Store ⮕ ter.li/7vyom2
📞 Have a question for the show? Call 888-825-5225 weekdays from 2-5 pm ET or send us a message ter.li/n88ly5
Explore More Shows from Ramsey Network:
🎙️ The Ramsey Show ⮕ ter.li/ng9950
🍸 Smart Money Happy Hour ⮕ ter.li/9gcp3d
🧠 The Dr. John Delony Show ⮕ ter.li/2u3mc0
💰 George Kamel ⮕ ter.li/1elws8
💡 The Rachel Cruze Show ⮕ ter.li/n2u6jc
💼 The Ken Coleman Show - Highlights ⮕ ter.li/1rbjr2
📈 EntreLeadership ⮕ ter.li/ktxv2k
Ramsey Solutions Privacy Policy
www.ramseysolu...
Get life-changing financial advice anytime, anywhere. Subscribe today: th-cam.com/users/TheDaveRamseyShow
I love love this young man’s conversation started with gratitude. I love him more when he talks about his family, his money discipline and acceptance that he has no good role model. Man, if you have a daughter you would dream to have this young man to be your son in law.
Congrats completing your first year of college. Best wishes to you future Dr. Tyquine.
Agreed.....well done Tyquine......not many are going to be in your shoes .....trust God and keep going.....
I believe it is spelled Tyquan
Nine lives they spelled it tyquine in the video
Nine lives not necessarily. Name spellings vary quite a bit.
@@tbisurvivor4781 The grandmother left a comment above and spelled it "Tyquine".
Moving up income classes and STAY there is extremely hard to do when you have no guidance from others that you respect
That's why you have to seek them out. Many people are willing to share their knowledge and success with whomever will listen. Books and the internet have a wealth of knowledge to at least get the basics down.
So true. It is not about reading, seeking role models outside your family, your ingrained mentality from your parents are hard to ditch too. It needs a lot of inner work to get rid of it.
Yep. Luckily there are plenty of mentors on youtube. The only downside is, you have to already be looking for that guidance to begin with to even find it in the first place. As opposed to someone you know IRL.
Nick You are totally right
Its hard simply because people can't stay still and want to act up. People backstab you because of what us going on in their life. Its like driving in a car. It doesn't matter how good you drive and you never cause an accident. One person could ness your whole life up and kill you if he decides to have a tiny little drink before putting his hands behind the wheel. You could be a Saint. The devil still comes to play with u.
I come from well below the poverty line. I was homeless in high school. Put myself through school, bought a home, and completed baby step 2 this year.
good bless you, sweetheart!
Me too. I moved out when I was 16 but worked. Was still in High School and would be late for school. Our principal called me in and told me I should quit school and get a jump on people applying to McDonald’s. I only had about two months left in High School at the that time and worked until 10pm at night. But I wasn’t going to quit (without my degree) with I got and an AA and Bachelors degree. All the while my mother criticized me comparing me to other people made negative comments all the time. By the grace of God made it through and prosper now and can bless homeless people and other people. I was also homeless for a bit. My mom’s mantra - that she learned from her family was “I’m just getting by”. Not me, I planned to prosper
Well done!! You are an inspiration ✨ ❤
You're amazing - great motivation for anyone whom is struggling in life and finances. You look incredible after your weight loss also - Stay AWESOME!!!! =-)
wow 👏👏👏👏👏👏👏👏
Great!! very happy for you
I am a product of generations of poverty, going back to the potato famine in the 1840s. I was the first person in the HISTORY of my family to graduate from high school in 1990. 150 years. I've had rich years, poorer years, but mostly medium years. This kid - he's gonna make it. My siblings and their kids have done well for themselves as well - he's a bit younger than them and if he keeps up his good habits, he can be an incredible example to his family and those around him.
I hope he helps those in his old area. Show them that it CAN be done. It's not impossible, it just depends on how bad you want it.
Love this call!
Love love love your attitude. And your suggestion is so fantastic. This young man can help his town to break the chain of poverty!!
I think Dave should start a mentoring network across the US for teens and young adults who are ready to break the cycle of poverty. Link them up with successful men and women who have been there and can help guide the younger generation into a successful future.
That’s a really good idea
Fantastic idea!!
The network should be named "BAH" or "Bees Against the Honey". Rich people live off the poerty of people who produce goods and services. You wouldn't be able to make tentants or your mutual fund to pay you 10% ROI if people who you take away money from had a choice.
Most young folks go down the wrong path before they know it. Personal finance should be taught as a required course in high school.
@Grimmy Rippy That's the problem, even the parents never learned thus its generational. Whether in the hood or trailer parks, the education is not there. Side note: I swear we there needs to be a license for parenting.
First piece of advice: DO NOT start handing out financial help to loved-ones even though you have it and they need it. DON"T.
@Harry Smith They are more likely to take advantage of you, not pay you back, and expect you to pay for more things once you do.
I came to the comments to say this. I just started my first job out of college making 85k and my family is already starting to ask for hand-outs. Don't "loan" out money that you can't afford to lose
Learnt this the hard way
Yep, set boundaries and that goes for most things in your life too like relationships, people, work, family, and etc.
I loaned a family member 3k who promised to pay it back in 2 weeks so far it's been 6 months
Here are the rules to success from another guy who grew up in poverty.
1) Dont get arrested
2) Dont get hooked on drugs/heavy drinking
3) Dont get anyone pregnant before marriage
4) Work towards a realistic goal
For example, I grew up extremely poor and surrounded by violence, statistically I was doomed from the start. I finished high school, went to trade school where I got paid to learn skills (instead of taking on massive student loans), and now work as an auto mechanic. I make more money than people I know who went to university, I don’t owe anyone a dime, I’m engaged, life is great. I think back to feeling hopeless and like the world was against me and still sometimes can’t believe I’m successful.
Great to hear.
Good for you:) That's a great job! And the fact that you shared it here will help a lot of people too. Have a lovely day!
We’re happy for you I wish you the best
Great rules, number one is uncontrollable in some communities.
Nate Jones Move, it takes one day to pack and move.
To be honest I can relate. I honestly got emotional listening to him. I don’t have a great surrounding. It’s tough .
I agree man! I can relate too. I live in Philly and fit the criteria he was explaining. Either way I wish u the best bro
DreForShort make your best friends books, videos of people killing it and fall in love with stocks or real estate etc. My best friend is my stock portfolio no joke. Lol
Ethan Naka I don’t have any real friends
@@emmanuelzanders1746 friends are overrated. You have yourself, love yourself, you are young, never give up!
Lots of people who are in poverty have that mindset of always trying to find a shortcut, always trying to hack the system, which leads them to make not so good decisions like selling illegal drugs, buying lots of lottery tickets, stealing, dropping out of school..etc. people instead need to learn that when it comes to money, it’s a slow process that requires patience, because if it wasn’t such a slow process, everybody would’ve been rich right now.
>always trying to find a shortcut, always trying to hack the system
so true. I see this habit in many of my relatives. I don't know if they're lazy, or if they sincerely think that shortcuts are the only way to be financially stable or successful.
harrison wintergreen I notice it in my family too. It’s definitely laziness from what I’ve witnessed.
Mine are lazy except for three. They abuse the disability system that we all contribute. My brother stays home plays video games playing psychotic and gets $2500 a month. We work and make $4000. No welfare no social programs at all. Rest of family claims disability cause of laziness under guise of alcohol and psychotic. I was curious and learned that it’s easier for those whom are lazy vs people whom are actually physically disabled. I have friends that are disabled but still rather not go into system. I have more pride knowing I worked hard for what I have. I come from family of farmers and they earned it. Now they decided to use system generationally. I’m building my own future not based on what how except work ethic and clear conscience. I grew up rough and can’t and won’t ever choose on relying on anyone else.
TLS libertypeace good for you man, it definitely feels better when you know you earned your money
Don't hack the system, use the system
I see myself in this young man. I came from immigrant parents with nothing but the clothes on their back. But I saw how hard my parents worked, I simply applied that hard work to school and now I’m in a place I never would have imagined. If he keeps his head down and works hard he will make it. He needs to just bury himself in books and ignore the rest of the world while working full time or part time to pay for what he can. Apply to every scholarships available and don’t spend money on stupid things.
I’m in a similar situation, but I’m really struggling on what field I want to pursue. I enjoy philosophy, politics, music and even a bit of law, but all of them are not in extremely high demand. How did you go about finding a career that fulfills not only your financial needs, but also your own emotional ones? My greatest concern in life is being unhappy, but I understand committing to a degree through that lense may not be the greatest idea. Any tips of help would be appreciated
Just try and find a meaning in what you do.
If you Build houses - you provide a place to live so people are not homeless
If you drive a bus - you provide a safe transport for people to get home to their loved ones
You play sport - you provide excitement to people to be happier
@@10jonchannel , I could retire at an early age if I want to but I enjoyed my work so much, that I carried on till I was 58. I am a christian and I prayed to God to direct me. , after all the jobs I had , makes me miserable. God told me to start a used car business. I am an asian lady ( living in Asia at that time) and you hardly hear of a lady starting used car business and to top it all, I have no money ( living pay check to pay check) and do not know nothing much about cars.. I trusted God as He told me, when He call, He equipped. A month later, somebody invested $100k and I started buying cars ( I told people , that I am buying cars and selling cars). The business gave me so much enjoyment and challenge that I thrive, it feels like, I am born to be a used car dealer. When God made you , He had a plan for you , to prosper you and to give you a hope and a future. I migrated to Brussels and do it there too, I was doing great and than I moved to Texas.I hope that helps you because I know , it is a sure way rather than groping in the dark.
Don’t be afraid to hurt feelings or walk away from friends and family if they aren’t making your life better. Just because you share some dna, that doesn’t mean you have to associate with them for life
So true!
They never really answered the question but I have a feeling Tyquine will be ok because he knows where he's at, has an idea where he wants to be and is ACTIVELY looking for answers. I am confident he will find them.
Yes I agree, he’s already in the right position by just wanting more than what he sees, and having 10k saved! I was hoping to hear their answer on what to do with the money also and allow it to grow.
Yeah they did not answer his question! But he is intelligent enough to keep watching and he will get the info!
Dave stayed on code.
They can't answer the question they cannot relate to his situation and the example Dave mentioned probably didn't grow up in a hood as bad as his. It's so easy make it when u have Generational wealth
I ditched my friends and it got me out of poverty. Great advice
This brother is literally me. Came from Africa to the US 6yrs ago, I stepped up my game, joined the National Guard, premed myself and about to be a senior in college this coming September. I met amazing people in the army and in 3yrs, I’m now a co owner of a home with my mum. The people u call friends are so important. Always find people smarter than u to walk, talk, eat and dine with and u will go places. Guys like Dave Ramsey, Eric Thomas and David Goggins transformed my life. If this your brother listens to him, I promise he will go places
Congratulations!
Congratulations and good luck to you and your family
Miss Y 😊
maya mcqueen 😊
I salute you!!🙏🙏👏👏👏
I wish I could like this video 1,000 times. Every person in America needs to hear this message.
You become whom you hang around with!
What do you become by not hanging around with anyone.
I'm becoming a dog then
@@More_Row A focused individual...... That's just for starters.....
Soooooo true
Generational poverty is broken by acquiring a lot of human capital, social capital, and regular ol' capital(i.e money & other investments)
normal 07 that’s what he was referring to when he said “human” and “social” capital
If Steve Harvey heard this young mans story, I feel like he would love to personally mentor him
For sure. Who wouldn’t want. There is a lot of potential here.
agreed...
I also liked what Tyquan said, "Learn from other people's mistakes" .
I wish Dave would have touched on scholarships and grants, work-studies and other outlets to minimize education (student loan) debt
I love how you encouraged this industrious young man but I didn't hear you answer his question about what to do with the $10,000.
He didnt have to there if nothing to do about it, just continue with school
@@lil8579 possibly
Yes, Dave forgot to respond to his question...Maybe he was blown away by this kid's accomplishments and started thinking of another life lesson to give him.
Proud of you Tyquine!! Dave doesn’t get many calls like this so I think it was an opportunity for him to speak into his life rather than give the same advice he gives to everyone else. Dave has answered that question a million times for college students. But to have the chance to pour into someone who doesn’t have that example at all in their lives is priceless. Tyquine is on his way to changing his family tree!! Love it! ❤️
This has to be my favorite episode. Good luck to the young man asking question and thank you God for the show.
. College is not the be all end all guarentee to get out of poverty, but it does make a lot of people broke. And Dave has said it before, poverty is a state of mind, being broke is a temporary monetary situation.
But to be a medical doctor, you do need a very significant amount of time and study in college and then medical school. Stay strong and stay the course, Tyquine.
Poverty is not just a state of mind. It’s quite ignorant to say that. There are people living in third world conditions in a first world country. Poverty is very real.
@@animecoffee9945 then get out of that state of mind. People do it every day. The little man cant get ahead. If you believe that, you are right.
The caller wanted to know what to do with his $10K, how to use it to start building long term wealth since nobody around him has got that kind of money, kinda missed the mark
I was waiting for them to move forward with the question they kind of danced around it.
Investing find a good fiduciary investment company and diversify your portfolio
The sermonzin' took a bit of time to blather out.
Can't really give someone personal specific financial advice unless you're legally qualified
You got $10K, then Start the Baby Steps....
Build wealth before having kids
This brother is focused, I wish him nothing but the best
I'm so proud and impressed by this guy who's stepping out of this situation!! 👏👏 self-aware and pro-active about his career and life instead of playing the victim game.
I left home at 17 and joined the Navy. Worked for me.
Precisely my story. My momma had to sign for me to join, because I was a minor!!
Same for me (army). Dropped out of college as soon as I turned 18 and knew if I didn't find a way out quickly I'd be stuck the same as everyone else.
My brother did this too to escape the poverty life we lived.
Financial books are the best vehicle to financial success.
recomendations?
@@miguellira9903 All of Dave's, check his website to see his team's books to see which of their books apply to your life.
@@miguellira9903 the millionaire next door
@@miguellira9903 The Simple Path to Wealth by JL Collins
The total money makeover
Rick dad poor dad
The millionaire next door
The millionaire mindset
The simple path to wealth
How to talk to people and influence people
Poor Charlie almanac
Dhandho
Boundaries
Start by NOT marry another broker person
Lord knows that’s the God heaven truth!!
Don't marry people who are bad with money, don't avoid marrying people simply because they're poor.
@@NomastiAfricanWarlord Yep...plenty of people who have $$$ are really, REALLY bad with $ and plenty of less-prosperous folks have learned more about $ than anyone...Including Dave!!!!!
God bless you bruh, u gotta beat the streets, poverty, justice system , systematic oppression...u can do it bro!✊🏾👏🏾👏🏾🙏🏾
Can't wait until you are Dr. Tyquine. Keep up the work. Medicine is challenging, but it is wonderful to sleep well at night getting to help those in need. You are probably going to make some great money too which is just icing on the cake!
61 and retiring partially in April. Your info has been soooo important to me. I have my Emergency Fund and Health Funds set up and now am hitting the debt. I used my extra unemployment $ to fund these things, lowering my costs has become a huge game to fund my accounts.
Now, I will be looking for a very strong church family, and strong volunteer groups to support me during retirement
This is the best video on TH-cam in 2020. Plain and simple, speaks to everyone.
This is a great episode. Godspeed, Tyquine! There are so many people proud of you
Being from Philly, I'm even more proud of this guy
Education! Learning how money works is the key. Acquiring capital means nothing if you don’t know how to use it
That is one fine young man worthy of a great future!
I got goosebumps listening to this young man. I’m so moved by his wisdom and humility. He will excel and is changing the future for his family for forever ❤️
Easily one of the best podcasts I’ve heard. I didn’t just hear this, I GOT to hear this. It’s somehow possible for us to come from families experiencing difficulties and even people we won’t always fit in with.
Hey Tyquine!! Well done! I am in the same position as you are. Stay very focused and determined! Set very clear goals. Poverty is not just About income it is also a mindset. So in order to break the cicle we also need to change our minds. Considering your saved money: Work the babysteps and make sure you graduate dept free (Anthony Oneil is a great advisor for that). Also pray pray pray! God will give you the guidance your family can't. Stay blessed!!
I love love this young man’s conversation started with gratitude. I love him more when he talks about his family, his money discipline and acceptance that he has no good role model. Man, if you have a daughter you would dream to have this young man to be your son in law.
Mindset is everything!!! I love how Dave helps people!
You can do it, Tyquine! Proud of you, my friend.
Very impressive man, incredible approach, self-made, hope he can make it.
This guy has the perfect mindset. Success will find him one day. I'm the exact same age as him and from the same area. There's not many young men like him out there that are this financially aware at this age.
In about all cities, there’s a workout group called F3 and is mostly comprised of men in their 30s and 40s. They’re professionals in the fields (business, medical, law, etc.) and having connections like that has helped me out
Look for high paying jobs, don't go in debt, save save money, and aim to leave an inheritance to your children
don’t you think in some cases using student loans would greatly pay off in the future?
@@hodgelive i think they are wort it, but not everybody wants to go to college, and if you major in a degree that is not high paying you may have difficulty paying the students loan back. I think taking student loan should be a strategy, where can you pay less, how can you save money (eg live at home), what degree is in demand with high pay. In my case getting a student loan has helped me obtain a high paying job and plan to pay off my loans in a few years. However, I do believe you should avoid other type of debt, except for a home.
An Ar I plan on doing the same.
Yeah, don't aim to sabotage and leave a deficit to your children, because some evil parents do that.
That is so so true, the part about surrounding yourself with the right people. I’ve been held back for about five years by the people I was surrounded by. Their habits became my habits, their mindset was my mindset. and I do feel I have become less kind in that time as well. And unfortunately that was right when I was starting college so I’m pretty behind. About two years ago I gained many new friends and they all range from my ‘level’ to insanely! insanely successful in their field of work. And my god I have made so many changes in my life! I’m taking school seriously now and I have even changed my major and life trajectory, international business major! I’m still staying true to who I am and following the same dreams I’ve always had I’m just taking a pretty different road, I’m glad for that
Dave Ramsey is good at giving life advice, not jus financial. He’s a grounded, practical guy but has a kind heart. I take what he says serious.
Called in for some financial advise, left with some great life advice and motivation. Good call overall.
This guy is going places
If this young man is even asking this question and thinking on this level at his age. He’s already ahead of the game. I wish him success.
His first step was to graduate from college to break the poverty curse in his family.
My first step was to drop out of college to accomplish the same goal. He's on his way but I'm already there. I am able to retire this year at just 35 years old. It's amazing how I came from nothing to somebody today.
It’s so hard starting from nothing. You have to build that capital from nothing just to invest
The good news is that millions of people HAVE done it. The blueprint is there.
True, but it makes you appreciate it more and makes you take it more seriously. At least in my experience.
Reminds me of the movie The Pursuit Of Happiness. Will Smith
He's an American...money is easy to get he's incredibly lucky!
MCgrease08 Totally agree.
I didn't hear any practical answers to his specific question, here's what I would do:
👉🏽Don't give up this opportunity. STUDY SOMETHING EVERY SINGLE DAY. If your GPA drops, you'll be sweating double time to keep it up, and most scholarship programs need you to keep it around a 3.0 anyway.
👉🏽YOU ARE BROKE for the next 8-10 years on a pre-med track. Treat the $10k like an emergency fund and DO NOT touch it. At best, this will cover advance payments on books for class or application & supply fees for MCAT and med programs OR you can pay any debt down when you graduate or advance in your program. At worst to eat if you lose your part-time job, etc.
👉🏽budget budget budget
👉🏽Try to go as long as possible without owning a car. Walk, bum rides, Uber maybe 1x per/wk if you need to get somewhere far. If you HAVE to get a car, stick w/ a reliable (Toyota fan here 😁) cheap used or preowned and you'll want money leftover to cover your tag, title,insurance and gas for a few months while you get used to it.
👉🏽if you're dating you'll want to have in mind how they treat money & expenses because it's as easy to blow a 1/4 million
As it js to blow $1.
👉🏽NO CREDIT CARDS. they are not your friends, and the debt sticks around much longer than the item you bought.
👉🏽you can still live a great life if you dont go to med school. Most trade & certifocate programs can be paid for 2x over with $10k
I love how humble he is ❤️
Keep it up fam! Sounds to me you are already ending the poverty and will start paving the way for not just your future, but potentially your children’s
Good job Tyqon. Keep pushing and set a new legacy for yourself, and future family.
Honor your family and friends by spreading the lessons you've learned.
Tyquine you are a strong young man. Continue to build wealth and keep your head in the books.
Partly it's mindset, from what I've observed with poor relatives. Lots of victim thinking and 'I deserve' statements. Constant whining and complaining. Lots of trying to game the system to get welfare and gov't handouts. Lots of staying low income to be eligible for welfare even when capable of working/earning more. Lots of impulsive and short-term thinking, hard to get them to imagine more than a few weeks into the future ... they live in a perpetual state of 'now'. Lots of alcohol and drug abuse.
All of this is about mindset.
Facts!!👏🏾👏🏾👏🏾👏🏾
This is so very, very true. Great comment.
Truly inspiring, best wishes!
Finally someone I could relate to
I love this kid. You're going to kill the game and the generational poverty ends with you Tyquine!
Tyquine you are the man! KEEP THIS ENERGY GOING!!!!!!!
This was Huge!! Absolutely priceless! No amount of money could pay for the value of this conversation 💯
Right, the caller’s mindset is worth more than money. I hope he doesn’t give up.
Best of wishes to this guy, I feel like he’s on his way to great things!
This is so true!
This was a nice segment. Iron sharpening iron. Speaking from experience, it is true that you must find mentors and friends who are where you want to go, because they support your success and teach you new ways of viewing life and acting.
I can relate to this guys situation and it makes me proud to hear he’s on a better path!
Congratulations to him on everything accomplished and to be accomplished soon he is on his way to a great future ❤️
They wasted that call. He should havegottem better advice tham that
James Ward why was I not the only one thinking that. He was just one of those "token" colored callers. Just to show that he is part of their demographics. No real meat to the answer. SMH
@@neceynecey4679 Maybe I'm nuts, but I thought that was a good answer.
Yeah he asked specifically about what to do with the $10k. I thought Dave would've at least hooked him up with a local Dave Ramsey financial planner or something. 🤷🏾♀️
Yes!!!!
@@GooniesGirl it's because 10k isn't a lot of money to do anything with. He needs to continue to save and finish school. He still has 7 years of school left.
What a beautiful and encouraging testimony! You're. Keep going, Doctor!!!
Best question ever!!!!!
Honor your past. Honor who you are
That is some great advice. Not something you hear very often.
Very inspirational. I’ll always listen to this video for motivation
Great call. I think it's a question many people have. Great advice from Dave.
I'd say sacrificing now, building assets in the stock market and real estate..
pass it down to your family.
That's what its all about, passing it all on to the next generation, giving them a helping hand.
Tyquine!!! Have you considered Air Force or any other military route? If you can get your education paid for, and not be saddled with debt, then pass on your work ethic, knowledge and tenacity to your next generation, you will further widen the gap of poverty vs. prosperity and you will continue to get farther away from that cycle. You got this!! 👊🏻👊🏻
We’re all proud of you already!
I love the way phrased his advice.
I'm so impressed with this young man. Congratulations 🎈
Keep it up! It sounds like you have set goals for yourself and are changing your thoughts to be successful. You will do great and your kids kids will do great because of your motivation! Keep it up
What a really solid young man!
Congratulations Dr. God bless you King 🤴🏿
Congratulations to this young man. It's true Dave, we can become who we hang out with. Break the cycle.
The best episode yet
Yeah they did not answer his question! But he is intelligent enough to keep watching and he will get the info!
Dave missed the boat on this one. Guy asked what should I do with $11,000 not a life lesson. And whoever sits next to Dave doesn’t correct him because they’re yes man.
At this point he should leave that 10,000 in a savings account since he still has school.
Thank you!!!!
The most important part of his program,IS the life lesson!
Philly guy-he can do it!!!!👏🏿👏🏿👏🏿👏🏿👏🏿
This was a good call. Pretty inspiring to stop the poverty cycle.
I like this caller a lot! He is taking finically responsibility for himself and not expecting the government and tax payers to provide for him financially
Excellent advice!
Stop generational financial stupidity.
Dave over here preaching!!! Say that Dave!
Thank you for this video.
Congratulations Dr
This was great 👍🏾