What Would Happen If Everyone Was Debt Free????
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- เผยแพร่เมื่อ 25 เม.ย. 2018
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I’m finally debt free as of last week! 😊
Kimberly Lewis Good job. Feels good don’t it?
Yes it does!!! Thanks!
Whoop! Congratulations, YOU DID IT! Well done, I did this in August 2016 after 12 years of debt
Congratulation!
Conservative Prosecutor Saving up that much is a losing proposition, no one ever got rich putting their money in a bank. If inflation is 3% and you're getting .0003 on your money you are getting poorer every year
27k paid off in one year making 50k/yr.. 🍰
That's an accomplishment I've been wanting to see. Little over half your income.
Tips please!!???
Holy smokes, congratulations! Keep it up. In two years, you have FITTY CA$H!
Kris Carman Wow! I love hearing these testimonials!!!
Wow, you're REALLY weird!! Way to go!
This will never happen because people are far too worried about what other people will think if they don’t have fancy things and instant gratification.
TheSimpleBachelor that is why you invest in things that profit from debt. People are going to be dumb, they may as well be of use to smart people
Yikes
You can buy fancy things without debt.
Sam Ovens and Alex Becker sold all their toys and Becker even sold his multi million dollar house to live a minimalist lifestyle while he focuses all his mental energy and time on growing his business by developing teams, the same for Sam Ovens.
@Thomas Borisov Obviously you have NOT listened to his videos. He would agree that those with get rich mindset will never make it as a long term entrepreneur, through good and bad times.
I went to college, slept on the floor, ate rice and beans, spent 0 on girls, no alcohol, no going out, nothing. Used up my education budget (from my family's saving) but I do not have debt.
I was the same way. Yeah, I can't get a job right now, but I'm debt free
How much college debt?
@@sisenor4091 I don't have debt. Look up. I drained up family saving though, so now I owe that much money (almost 38k) to my family.
Ujjwal Anand $38 thousand is not too bad. I seen worse. $38 thousand with NO degree is a different story. Good luck young man.
@@sisenor4091 my degree is no better than no degree. Probably less valuable than toilet paper.
I am shocked that people borrow money for furniture. That is shocking to me!
Elite Clinical Research I know right. I grew up with my folks buying furniture outright so this concept is so bizarre
Erin Sandwell and it’s not like furniture is a car . It shouldn’t be a big purchase where you need a loan
Elite Clinical Research people want fancy furniture. They are not content with a normal couch, they need (want) leather recliners.
An H or Facebook marketplace u can stuff for a couple hundred bucks. Good quality stuff. Maybe if u can’t afford to furnish the home u can’t afford the home
Yep, like sitting on stupid!
I don’t know why he just doesn’t come out and say it, minimalism is what’s needed for most. Stuff beyond needs and a few luxury items don’t bring happiness. Freedom brings happiness
Dave Ramsey is not a Minimalist. He pays cash for his cars, homes and other toys.
@@MsMaxinejoy Dave Ramsey also says "live like no one else; so later you can live and give like no one else".....he has and is still reaching for his goals. It's suffice to say that he can live and give like no one else.
It's funny, but I (and all of my friends who have done this) have found that when we have cash in our pockets we tend to buy LESS! GEE!
That may be true, but many jobs come from markets based on expediency. Soooo many people would lose their jobs if everyone chose not to live in excess. I'm not saying it's bad, I think it would just like being in pre-industrial society. E. Michael Jones has a book called barren metal that's pretty good.
@@bradspitt3896 Interesting point.
I'll be debt free next month when I pay off the mortgage. 👍
Well done 🤘🏻🏡
Ali Evans Thank you!😊
@@Geraldine295 you've done well! I'm a single mum in the UK and am working my way towards finishing my mortgage. Can't wait to be saying what you did ❤ go you x
Ali Evans Well done! 😊 The closer it gets, the better it feels!
@@Geraldine295 good luck in the future... all the best to you 💲💰💵👌🏻👏🏻👏🏻
I've been working on it for 8 years and my house and cars are paid in full and I'm 6 months away from being debt free! It is now feeling really exciting!
Your free now! What’s your net worth now?
I’m debt free as of 5/3/18 🎉 finally i can breathe again
Everyone would be happier, that's for sure.
i doubt that
Sure would be less depression. And people would sleep better.
@@McWriskyea but nobody would get what they want for in order to get anything u have to get into debt for it.
@@brandonortiz4224 huh?
Except for the banks lol
Prices would drop, economy would slow down for the next 5-15 years, and we actually have a government that wouldn't be constantly broke
I'm thinking prices would go up due to inflation. Increasing the minimum wage puts more money into the hands of people, which drives up demand and drives up prices. If people were fiscally responsible the same thing would happen.
More emotionally and spiritually mature. How about that for a better world?!?! Amen brother.
Can you imagine commercials and culture that influenced staying out of debt and not wanting what other people have. Staying with in your means, lol what a beautiful world that would be.
Watching this in April 2020. My husband and I paid off our final debt, our home, the start of February before the crazy of this pandemic hit our part of the US. Hearing the bit about “When you have a good boat and a big wave comes, you just ride the wave...” has been the best feeling we could enjoy in this time. The dedication and hard work were worth it before, but now? No words can describe this security.
You. Can. Do. It.
-Fully Debt Free Millennials (27 & 31 years old)
Debt = Slavery
No debt means no slaves.
And that sounds scary to the Government.
derek yasmar. Debt = Money. If Everyone Was Debt Free there would be no money (left)....
They wouldn’t have to print more money for the banks to loan
Unfortunately you are still slaves to the government because of taxes!
MrElculver2424 no because everyone has to pays taxes ...
lol
The more people who take responsibility and get out of debt, the fewer people stay stuck in a victim mentality.
But...that means you would have to work. WHen you're entitled...its not gonna happen and thats what the govt wants.
The entire economy as we know it is perpetuated on debt...sad
Krassimir Petrov
And it survives on the majority of people being in poverty.
the Rothschilds would start another war to prevent it from happening.
It kind of has been for at least 5500 years.
Isn't that what it is?
Same thing what happen in 2008 house value went down on homes and investors panicked so they raised mortgage rates and people realized they couldent pay those high rates and interest. Same thing with credit cards but there still standing. 🤔🤔🤔🤔
The credit score wouldn't mean nearly as much as it does now. Its weight would fall away.
It has no meaning today! Never even seen mine. Never had a credit card, I don't owe anybody anything. I did marry some substantial student loans, but the woman's a good one, I think I'll keep her lol
Ya if you don’t have debt a credit score don’t matter
Been debt free for several years now. Retired living on regular SS - own my home. Not rich, but comfortable and can afford eating out a few times/month - drive to coast now and then - go golfing w retired brother - and gold prospecting hobby in mnts of Southern Oregon and N CA. Contented. Oh - and donate to homeless shelters in my area
.
Yep that's comfortable! Stay in your " comfort zone".eh
“There are children out there in adult bodies.” 👌🏼
I’ve seen real bad. Know someone who cashed out their 401k but before the money cleared in account they overdrafted to pay for a tattoo 🤦🏼♀️
I'm learning ,learning ,learning. Thank you Dave Ramsey for your insight, your passion , in ferreting out truth from God's word to our ears.
Amen 🙌🏼
My house will be paid off hopefully by june making 47k paying off 70k.
House is 70k?
Did you?
I refinanced my house to have money on the side to buy another house i work for a credit union so i also get a one percent discount so im just waiting for market to crash to buy another house my current payment is 300now with the refi hahaha
@@davidrabbit8868 no i had got it for 240k in 2015
I agree with Dave. I’m avoiding credit cards and investing. When I have more saved up I buy what I want & don’t have a cloud following me.
Sketching Hands Avoiding investing sure isn't a safe idea.
weareanonmyous wecannotbestopped I think the appropriate thing to ask is what investments are you looking at? I'm making 8-9% a year
I would not avoid investing at all, my friend. Dave doesn't say that, he recommends slow growth mutual funds all the time for people of average income to accumulate wealth. Absolutely agree with you on debt, credit cards are the plague lol!
@@zachsimpson2008 Depends on what or whom you are investing in. Money buys time and ability to meet new people to learn from them as in a give and take mentoring. Just a sliver of an example.
He never said don't invest
I am debt free now and loving it!
IT WOULD CRASH OUR ECONOMY
It’s not possible for everyone to be debt free simultaneously.
The economy revolves around moving debt from one hand to the next.
Paid 36k in 8 months making 45k++
josemel33 fantastic! How did you do it?
How did you do it?
Also I've been doing this for 6 year and I've saved 115k. All invested! 33 year old construction worker.
@heynowhey Fully funded Roth IRA, 70k went to paying off my house. And 30k went to remodeling it. Seeing as you can only invest 500 per month into the Roth I downloaded robinhood and made a watchlist of index funds. These funds are low risk and pay dividends. Since I'm topped out in my career I will now be focusing on increasing my income through dividend investing.
Who else is watching this during the coronavirus outbreak?
Don't be deceived nor afraid of this virus. A virus of bizzare and unknown origins with symptoms no different than the flu.
Individual wealth definitely increase as people live within a budget and save their money.
I walk the line of Dave Ramsey and Rich Dad Poor Dad.
One of your best rants!
More like explanation(s).
I am binge watching and catching up on the Ramsey way. This is excellent and proven speak.
If everybody & their mother were both capable of balancing a budget (for example, "The Swamp") & debt-free, it would be amazing...
I'm an atheist.... but i gotta say 'amen' to that.
Jesus is Lord!
Let the TraP say AmeN
I used to didn’t believe in God but if someone made you then someone must have made what humans can’t make such as the sun, the rain, the seasons, outer space, galaxies, other planets, this planet. You didn’t get here by yourself. You know? NOW the government rewrites Gods story to control us!! Which is why we have to find the right truth
Addison Tharpe so true
@@tharpeaddy But who made God..... There's no real answer
Credit cards and loans do not feel good to me at all.
One of the most possible and reasonable effort you espouse. Well done Dave.
Very interesting, thank you for the video.
Problem is our monetary system is based on debt. 97% of all money is created in debt by private banks giving loans creating money out of thin air.
Dave are wrong..debt drive economy faster..
Not possible. The currency is literally "borrowed" into existence.
Blackjack Assassin it is absolutely possible for people to stop borrowing money and pay their debts
2inchfromtheground Has absolutely nothing to do with what I wrote. Not sure who you meant to reply to.
Blackjack Assassin I replied to who I intended. Maybe you don't understand my reply, but it is in relation to what you said
2inchfromtheground You thought I meant personal debt. I meant the national debt in general. I agree anyone can pay off personal debt. I have no debt myself. Sorry for the confusion.
Blame Alexander Hamilton for founding a privatized national bank. He intended on keeping the government in perpetual debt as to have reason to continue tax on the populous.
"Learning to delay pleasure". I like that. Thank you and Peace!-)
That would be a cool donation - pick a church with people who are in poverty (or are otherwise marginalized) and buy everyone in the church FPU and see what happens.
Probably not much, people in poverty are there for a reason and participation would probably be low by the end. People need to be ready for and seek change for this to work, use their own goals.
Throwing money at a problem? Dave says "that's what money is for." Also, almost any program that remotely teaches a growth mindset gets an A+ in my book. I don't care if they have to take FPU 12 times or read 1000 nonfiction books. There is still hope. The trick to winning is not giving up.
You can give someone a gift, but you can't make them choose to receive it. They need to have the motivation to actually go through Dave's course in order to be changed.
@Skweepa - I LOVE this idea! The only thing I would do differently is to require people to commit to doing it, like Dave Ramsey does when he gives the course away to callers.
@@randomvideosn0where And this would give them the opportunity. You cannot know for certain what anyone would do if given the opportunity. I personally would like to give someone a chance to try than the decide for them that they can't do something.
Some companies would go into bankruptcy. That's the truth, but those companies aren't producing no product or service that is necessary to their needs.
I have often wondered this.
I wish I could give this video 2 thumbs up, Preach Dave love your show.
Our church did this (most of us), and the members are HUGE givers now! We are supporting so many missionaries, ministries, etc. Of course, it also helped that we are in the middle of the Permian Oil Basin.
Businesses like restaurants wouldn't prosper, most people go to restaurants too often, if they were more responsible they'd spent less. Same with clothes, etc.
tomlxyz You would still be able to go to a restaurant because of a controlled budget, without the need of credit card use.
My Church offers The Momentum Series. To promote it, we ran our Church on the program first and our Church is now debt free.
@Red Man - GOOD FOR YOU!
Love the plan!
love you Dave x
This is one of the most efficient solutions to wealth inequality.
if you think this works then socialism should work too since noone will be spending enough money.
Did someone say Bitcoin?
I just believe in spending money that actually exists.
Jose Garcia So you only make transactions with bullion?
Income inequality is somewhat of a red herring. What matters is upward mobility
The problem is that one person's asset is another's liability in most cases. What does it even mean for everyone to be debt free? Go back to a barter society?
Go back to using money to buy things.
@@charliekiger What is money then? Gold? If not, it's just someone's debt to you.
@@ThePeterDislikeShow These people don't understand that all of our current money is actually debt that someone else took out. They think that we could live in a world where everyone has a ton of money and is debt free. Even though that is mathematically impossible since all money that is created comes with interest payment which means there is more debt than money.
Been watching this for about a whole week now and been watching hours of your videos every chance I get because there so addicting hearing the stories of people paying of loans and debts and being put on plans and what not and the 7 baby steps the only debt I have is school which I’m 23 and when I graduate I plan to put a big chunk of money on it and pay it off in 2-3 years other than that and a phone company and cable company I owe nothing on nothing and I plan to keep it that way my first car will be getting soon gonna pay straight cash for it then if I want a new car later on i will just keep going up on paying straight cash I never want a payment or too owe anyone besides maybe a house in the future it’s just common sense why take out money to owe someone when you can just buy things straight cash and save up for what you want instead of taking out loans and stuff
I really loved that little song at the end.
Oh yeah, the video too.
Very much in favor of debt free. Have lived this way, by parental example, my whole life. The lack of the worry and stress of minimal bills tremendously enhances a life. Try it live it enjoy it!
We would need a whole new system. This system depends on debt, money is created with debt. No one would live above their means and a lot of companies a lot of banks would be forced to shut down 🤔
People don't understand that money is first of all a TOOL. You have to use it as a tool, and not as a pleasure/instant gratification. Otherwise YOU will be the tool.
I’m on step 2. I can’t wait until I have my life back. When I do I can give back freely. Giving back on my terms will be beautiful.
as an economics student I usually cringe whenever a non-economist tries to talk about the economy. But this is good
3:40 - I answered this question with a "yes". When I paid off all my debt and got a nice chunk of change saved, I could afford to hire a tree service to take down a dying tree, a handyman to replace my sinking front porch steps, another guy to replace the deck on the back of my home, and replaced an old tub with a walk-in shower. Paid cash for all four, who were happy to knock a couple hundred dollars off the price since I paid cash, and I helped their small businesses by being a paying customer.
@Mary Fields - LOVE IT!
love this ideah and wish it would be so!
Wow! Honest
Debt is definitely a destabilizing factor, but income inequality is driven by creation of new wealth staying at the top. Example a company makes an extra billion in profit but workers get a light raise. Last year 83% of new wealth created went to the top. The tax cut that went into effect this year to date had largely gone to stick buy backs instead of reinvestment into human capital according analysts.
Everyone would live a good life
I just made my first payment on the primary on my line of credit from my paycheque from my second job pumping gas. Let the debt snowball begin!!!!
If you are debt free welcome to the club. You now have to reach back and teach what you learned to someone else. Pay it forward. That's how we do it. Each one teach one. Peace and blessings....
While being debt free is very good, you also have to factor in what the debt was created for. If people borrow money to go on a vacation, that wouldn't be a smart decision. But if someone with experience goes into debt for business or investment, that would probably be a good decision.
Long term this would make the economy stronger but it would weaken it short term.
Preach 🙌
Borrowing is a process of moving capital from savers to either spenders/ investors. All rich people I know have used loans to run their business at some point.
God's and grandma's way of managing money. My grandma grew up during the depression. She would chew thistle and peppermint instead of chewing gum to save a nickle.
Her basement was full of canned goods dating back to the 40's. She would have scolded a doomsday prepper for being wasteful and unprepared. We found a canister of DDT ant poison in her barn. The label brags about the percentage of DDT. She fully utilized and reused everything.
canned goods only keep for a year or so. I found canned "stuff" in my grandmother's attic from the early 80s when we cleaned out her house a couple years ago. we had canned green beans in our basement from the same time period. people didn't can because it was cheaper than buying from the store, they did it because their mother did it. she did it because her mother did it. her mother did it because her mother did it. and her mother did it because back then, they could only get fruits/vegetables when they were in season. they couldn't go to the store and get something canned or frozen.
The government, banking institution and any business (auto) that makes their largest percentage of profit from financing will go under.....can't wait
the only things i would borrow money for would be
a car
a house
a business
everything else can be bought in cash, even the car is a stretch, but if you dont have credit card debt/other debt, car payments are easier
UPS guy delivered a package to me, hadn't seen him in awhile so asked where he's been. Said he went on vacation in Mexico for 2 weeks. I jokingly said "Mannn they are paying you too much!" He responded with.... get ready for this..... "Every time I go on vacation I just open a new card a put everything on it. I don't care about debt."
🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️
they do pay $41 an hour now just saying
@Matt McLoughlin - That's tragic!
What happens when you buy something with debt? You pay interest that interest prevents you from spending as much money in the future. You could endup spending 2 to 3 times what the item cost because of interest.
Unfortunately, most people are unable to calculate interest rate to see that product is much more expensive, than buying later with saving. One answer could be instant gratification for interest rate blindness.
Sophia: Mostly inflation is caused by government mismanagement of collected taxes, and interfere in private sector. Increasing taxes, or introducing new regulations and new taxes. Good example: because of vast regulations in CA, the properties are skyrocket expensive. And who suffer the most: well everyone, even the wealth.
Sophia: One more thing, thanks to "Keynesian" economy, our life become every year more and more expensive. The famous con-economist John Maynard Keynes caused many states for have massive debt. You can't use the government and debt to stimulate private sectors. It just creates bubble when the debt reached the roof, and then explode, and then again.The businesses which are not sustainable, should be not subsidies, it just delays it the failure. The state universities worship this man.
This is what happen in 2008, when many peoples in USA lost their homes, but nobody talks that Clinton administration forced banks to gives cheap loans for riskier groups, and the government guaranteed about that. The rest is history.
He introduced GDP, and that is useful only for politicians. When someone tells me GDP is growing, I ask: "really, then why the debt grows much faster than GDP". Dave Ramsey confirms what great minds spoke: the government is bad manager of economy. Please make some research.
The irony is one of the reason for inflation is massive use of debt :)
Sophia: I disagree with you. First, no one deserve anything, everyone should earn their own success. Second, I don't focus on any party as this is worldwide phenomenon. Third, today's situation is result of human desire of instant gratification and greed - end result a lot of people in debt and "Keynesian" economy. Since "Keynes", America became hostage from huge military machine and became country with double standards. Our economy slowly going from capitalistic to socialistic, which scares me. People became lazy and entitled, and they think they deserve to receive help from the government without earning any cent for that
I am against big governments, and interfering the government in private sector (local economy). My paid taxes should be used only for maintaining infrastructures and keeping justice, peace and order. We both should agree institutions like army, police...must be paid. Anything above that, like welfare programs, or military actions burst hard working person.
The history shown many cases where people grown in misery, became successfully, by creating businesses from own garages. Many of rich people are first generation who served to the world with their products/services. There are more millionaires now, than ever. The living standard in China, and other countries increased much faster, while Western societies, fall with socialistic Utopia. So your thesis that our economy is built to concentrate to a few is wrong, like I said, it slowly turns to socialism.
Here in Europe is even worse than USA with those so called grants and funds, and social policies. Over 60000 businesses leaved from EU last 10 years, thanks to those smart guys from Brussels. And every year there are less startups. That is not because of cheap labour, but because of too heavy taxes and heavy regulations. I have a few friends with small businesses, most of them are forced to move.
The ecconomy relies on consumption, debt and sickness.
What would you reccomend for a first job for a teen who got out of highschool who has no debt and no job experience? I have been watching alot of your videos and you make sense of these things.
On the pathway to debt free, my goal is by 2021, working hard for it.
The economy would just restructure.
👍🏿
Your growth stock mutual funds would stop growing, or at least grow much slower, so your wealth wouldn't be as much as you thought.
I don't hate debt. I only hate debt for depreciating, non cashflowing assets. I'll use mortgage debt on a rental property, or use margin in my stock portfolio all day long!!
I understand rental property POV but not stockmarket margining.
VISA, MasterCard, etc. might be fractions of their current selves, as they would no longer be processing credit card transactions. Prices on consumer goods may fall since businesses aren't having to cover merchant fees of 3%-5%.
Prices would drop aswell. Houses, aparments, cars etc, since the companies could no longer market their products with "nice payment plans"
Saving and investing grows an economy. Spending is a symptom of a growing economy. The government and the Fed are trying to fake growth through debt and inflation. That’s what is causing this ever worsening boom and bust cycle
It’s impossible there’s not enough money in circulation to pay off everyone’s debit, meaning there is more debt out there than there is money, look it up
So true:)
I will try my best Dave
Dave Ramsey: " it's not my plan, it's gods plan" *gods plan starts playing*
EVERYONE is debt free at the start of their life. Americans chose to go into debt.
Probably because they were misled and not properly advised. You are told to go to college and university. But it is not even necessary.
A lot of the jobs anyone can apply for, require no more than a high school diploma or level of education.
And with regular work or employment, you would get or receive job training and would be making money which you can then use for your own satisfaction, without paying anything back.
And the way I perceive university. It is a hidden pyramid scheme. So someone with a degree is more valuable than someone with years of experience ?
The work never ends.
from what i've learned and heard from history teachers and history buffs, drinking actually increased during prohibition. That's human nature: tell someone to do something, and they'll all of a sudden be inspired to go to the opposite.
This very notion of debt freedom may have been the reason that back a year or two ago this program was threatened with censorship and wanted it yanked off the airwaves.
I agree 100%. Also, the price of college would decrease 100000000%. If the average person was debt free and making good money, universities would no longer charge an arm and a leg for admission
We started up your plan in January, I can't wait to not be 2 paychecks away from living on the streets!
I like how Dave puts emphasis on giving. Having money doesn't make happy if you don't give.
Dave Ramsey would be out of business. He really doesn’t want that
😂
I wonder if people would be working jobs that they enjoy? No payday loan places, maybe more restaurants, less fast food and more full service restaurants? Just curious.
Dawn Bushman Good analogy, because I remember when that was the norm . Mom an Pop grocery stores where you received a greeting with a sincere smile. Oh, let's not forget , full service at gas stations where the gas was just 25 cents a gallon. Small cafes with fabulous service and great food at affordable prices, must I continue?
Coca Cola machines that were 5 cents .
I agree most people get into debt for stupid reasons, but it's not always bad. When my dad started out as a doctor he had student loan debt, and debt from buying his practice. Together my parents paid it off and now my they are rich. Also mortgages if you can afford the monthly payment is a good debt too.
The key is to avoid getting in too much debt at once, to make sure that what you are gaining is worth the debt, and most importantly, that you can pay if off.
Spending would decrease, stock market growth would slow, but the people would be better prepared for a financial crisis. Anyone care to talk about how inflation would be impacted if there was little borrowing. Would corporations also stop borrowing? That would hurt the economy.
The price of cars, university, furniture, and other debt financed assets would certainly become more affordable.
Not possible, too much of the economy is based on credit and credit servicing and too many people want what they want when they want it and not have to wait until they save up for it. We live in an era of smoke and mirrors economy allied to some of the most self entitled generations of people that the world has ever seen.
If everything changed overnight as proposed, we may be looking at a potential mad max scenario, for sure. Look at how many people work in the various services industries that depend on credit and lending and imagine all of them without a job, then look at all the people whose lifestyles are dependent on continued credit access to prop up the house of cards that are their lives. The future does not look rosy as something has to give at some point, I hope I don't live long enough to see it.
The economy is highjacked by the banks. We're paying through the teeth for houses that existed 50 years ago but a much higher percentage of annual income. Without debt houses would still be affordable and we'd have money to buy consumables.
wise words