“This Is The Secret Millionaires Don’t Tell You” — Dave Ramsey | Big Money Investing Review
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i tell you what you know i go around the world teaching all over the place teaching people all about this idea of debt and the idea that if you could get out of debt you’d have some money if you didn’t have any payments you’d have some money and people look at me with two different problems with that one is they get all sophisticated and academic they should tell dave there’s good debt and wall street has proven that recently dave debt is a tool to be used for your good and you know i used to believe that garbage too i was in college and they used to teach us this stuff about leverage and internal rates of return and net present values and i’m not against education i mean my financial education is part of where i am now academia is a good thing but you can’t believe everything you hear to the extent it doesn’t line up with this because you know i got to thinking the borrower is truly slave to the lender we’re not kidding about that and i got to thinking about it and i’m thinking who was it taught me that borrowing money was good this was my finance professor in college who was broke a broke finance professors like a shop teacher with missing fingers you see if you want to win you ought to try finding some people that are winning and emulate or mimic what they are doing if you hire a personal trainer and you walk in the first morning and your personal trainer is 400 pounds we got a problem if you’ve written a book on marriage and you’ve been married 14 times bless your heart i hope this one sticks but i don’t want to read your book i was with a couple the other day that were 87 years old i’ve been married 60 some odd years you want to be married that’s who you ask you ask him how you married to her 60-something years she don’t kill you men want to know these things find a winner and emulate what they’re doing if you study forbes magazine has the 400 wealthiest people in north america that it publishes every year 67 percent of them seven out of 10 of them are first generation rich they started with nothing became wealthy when they surveyed the wealthiest people in north america not your broke brother-in-law with an opinion but the 400 wealthiest people in north america and they asked them what the most important key to becoming wealthy was 75 of them said getting out of debt and staying out of debt the broke people always got a plan for a payment don’t they because broke people always want a car that they can’t afford they always want a stereo that they can’t afford they always want some clothing or a vacation that they can’t afford and let me tell you how you can tell if you can afford it you have the money to pay for it unless you have the money that by definition is you can’t afford it because when you go into debt then you’re hooked to those payments now you’re a slave jesus said it’s tough to serve two masters so what are we going to do about this how are we going to get out well we want to talk about breaking the bondage of debt and how you really do it in a real practical hands-on real-world application see the truth is that if you spread a lie or a myth often enough loud enough and with enough sophistication eventually people will begin to believe it and they will tell other people about the lie and it’s not that they meant to lie they just believed a lie and they spread it it happens all the time see what has happened with this is debt has been marketed to us so aggressively so thoroughly with such sophistication and such manipulation for so long that americans and people all around the world have begun to believe all deep down within their heart that they will never financially be somebody unless they use debt to do it debt is the path to prosperity if you want you a good car soon you got to build your credit you’ll never be anybody unless you build your credit we think debt is our provider and to imagine living without debt requires a complete paradigm shift a completely new way of looking at things let’s play with some new ways of looking at things if you get a new way of looking at things you know what’s happened learning occurred that’s how you get a new way of looking at things that’s why when you read scripture and then five years later you read the same scripture and you go whoa i never thought about it that way why because you have a new way of looking at things you had new eyes to see the exact same words and truth they leap off the page grab you around the neck and you go okay i got it now gives you a different feel doesn’t it and you could just kind of blow past it other times and then other times you go wow and it’s in there so that’s a new way of looking at things that is learning and that’s what we’re doing in here we’re learning today here’s one let’s look at this one how many of you see the white candlestick or the vase in the middle now how many of you see two faces looking at each other good here’s another one you gotta look at this one really careful if you look at it careful you’ll see it the rich rules over the poor and the borrower is slave to the lender you’ll never be anybody get a house get a house get a house get out you know what happens when broke people get a house they get broker that’s why they call them real estate brokers a house is not a blessing when you’re broke it’ll take you apart and take you down so if you want to get a house do some stuff about money that the bible says so you’re not broke anymore and then go get you a house but i didn’t do that i’ve been married about 15 minutes people are in my living room going you need to get a house and so we went and found a house with nothing down because that’s how much we had to put down they called it creative financing which if you look it up in the greek means too broke to buy a house and so we bought a house about three blocks over from where i grew up larry burkett used to say we spend the first five to seven years of our marriage trying to attain the same standard of living as our parents only took them 35 years to get there i lived in the same neighborhood as mom and dad had a better car than mom and dad and for sure had a better tv and stereo system than mom and dad 52 of the marriages end in divorce in north america today of those that divorce the number one cause is money fights and money problems of those that divorce in the first seven years of marriage 90 say money caused it young marriages are falling apart everywhere you know why when you’re like this your leg gets tired when i went broke and started over i discovered this was the truth that the borrower slaves the lender is the truth regardless of how you feel this is the truth one of the benefits of going broke is i didn’t care what anybody thought anymore you get over worry about what people think and you just go do whatever and if they laugh at you just go well that’s good just keep laughing and just keep going and so i just kept going and people made fun of me dave you’re not you’re a simpleton you’re not very sophisticated the financial world thinks i’m a wiener in a steakhouse you know and my net worth six times what any one of theirs is you know i mean it’s amazing it’s a concept but we got out of these things and i want to show you how how do you get out well the first thing was i discovered i was reading through proverbs if you read proverbs over and over and over again you get a master’s degree in finance it’s amazing there’s 31 proverbs you can read one a day just get your little spiritual one a day now the discovery channel said that the cheetah is the fastest animal on dry land he goes from zero to 47 miles an hour in four leaps around our place we find out that people get out of debt when they get gazelle intensity when they quit carrying what their broke friends think and their family who needs counseling things they quit worrying about everybody else’s opinion about what they drive and they sell they amputate the 40 000 tahoe and they’re driving a hootie a piece of junk they’re going to drive like no one else so that later they get to drive like no one else because they want to change their family tree they want to send their kids to college they want to change how their grandkids live and their great grandkids live a godly man leaves an inheritance to his children’s children they want to change and they get fired up when you get fired up you’ll get out of debt you can wander into that honey but you can’t wander out you gotta bust it the gravitational pull is too strong it holds you in the orbit you have to kick the energy to break the orbit it’s the only chance you make it and if you do if you do it long enough eventually you get to chase the cheetah thank you photoshop second thing we’re going to teach you to do is you need to do the debt snowball the debt snowball is where you list all of your debts smallest to largest you pay minimum payments on everything but the little one and you attack the little one regardless of the interest rate my medical bills don’t have any interest on them shut up and pay off the smallest one why shouldn’t we pay off the highest interest rate first wouldn’t that be mathematically correct darling if we were doing math we wouldn’t have credit card debt this is about behavior modification the problem with my money is the guy in my mirror i gotta change my behaviors we had one mom going through our courses and put great big debt snowball blew it up put it on her refrigerator door she’d draw a big red line through it every time she knocked one out the kid said she’d be walking through the kitchen looking at that thing going you’re going down the kids are like mom’s losing you got to have a game plan when you knock off that smallest one you feel good it’s like going on a diet and losing weight when you knock that next one off you feel good every time you pay off one you got more money to attack the next one down the snowball rolls over it gets bigger by the time you get to the bottom you are wired it’s because you can see the end and the light at the end the tunnel is not an oncoming train you can go you go that’s it that’s the last one so there’s five things you need to do with doing the dead snowball with your gazelle intensity five steps out of debt let’s look at them the first one is you need to save money we teach people the very first thing they do with money what we call baby step one is save a thousand dollars as fast as you can get a little bit of a savings account because if you just get in there and you can start cutting up your credit cards i’m getting out of debt that’s it i’m i’m cutting these things up i’m done baby that’s it i’m done and then you go out there and your tire’s flat you’ll be back in here going where’s the crazy glue because you’ve been leaning on these things they’re a rubber crutch but you’ve been leaning on so you put a little bit of money aside as your first thing save some money that’s the first step the next step is you got to quit borrowing more money you can’t get out of a hole while you dig out the bottom so you got to say that’s it no matter what happens no matter what the situation no matter how desperate or how intriguing or what the big opportunity is i am not borrowing money any more and you get these things out and you have a plasectomy party and if you’ve got kids have your kids help you cut them because your kids will remember that when you’re at the store you say you remember we cut up the cards remember i want that i don’t have any money i cut up the cards remember you help me cut them up but the kids will remember you will run into your kid 30 years later they’re 36 years old and they’ll remember that day they were six years old and the family tree was changed they’ll feel it in their emotions things happen when families take a stand things start to shift it’s a behavior modification issue it’s a matter of character it’s a matter of where you’re going to live i’m not borrowing money anymore next time i get ready to buy a car i’m going to save a car payment for 10 months and write a check and buy cash ask for some help number four sell something sell so much stuff the kids think they’re next name the dog ebay put the cat on craigslist you got to sell stuff if it’s not bolted down dump it most of you don’t need to sell your house most of you that’s not it but some of you need to sell your car some of you out of control number five take a part-time job or an extra job or some overtime or something like that my grandmother used to say there’s a great place to go when you’re broke to work work is a surefire money-making scheme if you read scripture our god is a god of work the diligent prosper don’t work don’t eat it’s all in there we’re a people of action we’re not a people of passivity we’re people that’s proactive and causes things to happen get out there and knock something down man make a mess somewhere go make some money it’ll solve a lot of there’s only two sides of the equation the income the outgo got to get the outgo down and the income up creates margin in the middle for giving and saving this is the formula so you really do have to make some more money do you want to work crazy for the rest of your life no you work like no one else so later you can work like no one else you know when i work whenever i want you know why because i used to work all the time now i do what i want to do when i want to do it i’m spoiled rotten but there’s a way you get there you spoil yourself rotten by pouring on the coals making a difference for a period of time intensity for a short period of time blows things up do these five steps they will absolutely get you out of debt every time think about it with me if you had no payments if you were gazelle intense and you used the debt snowball and you prayed and you worked extra and you quit borrowing more money and you sold stuff and you got completely out of debt breathe that in no payments man if you didn’t have any payments how much could you save how much could you invest without a house payment you know you invest a house payment how fast that’s a million dollars wow you could do some stuff with a million dollars how much could you give if you had no payments i had a weird experience after we got completely out of that walking through the mall and i saw all this stuff and i could buy anything in there and suddenly i didn’t want any of it it was the weirdest thing it changes your life it releases you to be who you really areWelcome to Big Money Investing – Your Ultimate Destination for In The Money Facts!
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