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Dave Ramsey, Congress, White House discussed on Wisdom From The Top

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6 months ago

Automatic TRANSCRIPT

Building is larger than my house in their furniture's nicer than mine. That must not be an accident. Yeah I mean I think that the idea of a psychological thing about right which is a thing hanging over you like like when you get a when I get a bill and maybe got lost the mail and then you get the warmth of red thing on the top saying you know past notice you know freaks freaks me out but but then I've got. I've got friends who are economists and know a lot about finance and they'll say look if if you've got a really low interest loan like mortgage like for example example. My my home mortgage rate is really low. It's it's three point. Something percent really small. percentage rate They'll say to me. Hey a you know that's debt A that you should carry that you should pay that off slowly. Shouldn't just pay it off quickly because you're going to get the deduction and all those things does. Does that make sense to you. It sounds like they went to the same class. I went to Gaul but the problem is the data is different than the academic theory the actual data in the marketplace of people who really build wealth again. I have never met someone ever and I've been doing this thirty years years. I've met billionaires. I've met people that are deca millionaires. I've met thousands and thousands and thousands of millionaires. I have never in all all of that. Time met one. That said Dave you know I use that low interest on my home to build wealth. They never tell me that. As a matter of fact the average millionaire pays off their home in ten point two years and so You know the only people who can be wrong twice a day and keep their job or weather forecasters an the columnists so I really don't care. What their theory is? I'm talking about real people who are winning and so really the idea is if you can eliminate your debt. That's a secret that's sort the the the co- The guess not really secret but that's kind of the the when people say. Hey Dave what's your secret. What's the magic formula you? It's really getting rid of debt. Well because people wanna live their dreams they WANNA be outrageously generous they WANNA be able to change their family tree And when you don't have any payments you can put fifteen percents of your income and your 401k. Now fifteen percent of your income if you only make household income below average of fifty thousand dollars a year is seventy vigny five hundred dollars a year. Six hundred and twenty five dollars a month which from age thirty to age sixty five in a poorly performing mutual fund will be over two million dollars dollars. That's the power of not having a house payment. That's the power of not having car payments. That's the power of not having a mastercard and spending more than I make an acting in Congress and I can print money or something. It just doesn't work so when you have people who call in and say yeah you know. We took the SLOAN OUT ON A. We got this really nice car car. We you know we. We took this loan to buy you know this house or whatever I mean. Do you also sort of council people to. I don't know to be kind of more more modest with what they buy to be less materialistic or is that not not something that you really care about. Sure I mean. I've made a lot of money in my life but you never make enough money you to buy anything you want. Yeah 'cause there's an infinite number of things you can buy and so at some point you have to learn about this thing called contentment at some on point you have to say hey stuff is fine. Gets you some stuff. But if you eat enough lobster it tastes like so I mean so many things you can do with money and I and some point. It's an the endgame of it is is empty and so the the whole thing is yeah. I need to limit the car I buy. I need to limit the house. I live in any lead. Limit my spending at the mall. I need to limit the price of my purse or my jacket or my haircut. Or whatever so that it's within the bounds of common sense so that I can live my dreams. If you will we'll live like no one else later you can live and give like no one else is that I mean that's interesting because that really talk to people. I talked to obviously a lot of very wealthy people right right and it's interesting because many of them don't sort of see their money is their money especially when you're talking about a billionaire right. You can't spend it fast enough. Most of that money is going to be given away has to be given away. Is that in your view. Kind of one of the points of of accumulated a lot of money to to give it away. Well now you quickly learn whether you're in a situation like you're describing or whether you're a person of faith that you don't own it as a personal faith I believe I don't don't own anything. I'm just managing it for God. Part of one of my one of my directions is I manage. His money is for the good of my household past that it's for the good of others others past that it's for the good of an inheritance and you know passing money along in so I'm managing it for the good of the community for the good of my family family my future and my my my lynch as well and so that you start to realize I'm a manager I'm a steward of of these incredible responsibilities and it just it ceases to become all about you otherwise you just turn inward and become one all those people and there's a few of those money but not many dave an not naming any names but some of your competitors on the radio they really Part of their currents he sort of speak is anger anger about the system about politicians Pointing fingers at people rallying people up that is not not. It's not what you do. It sounds like you're basically trying to say the people look forget about you know the political situation or forget about an individual In your state or policy like you actually have agency you actually have the ability to to to write right your destiny it is. That is that right. Is that what you're trying to say to people. You Know I. It does mean no good to convince someone to be angry at something they can do nothing about. I can't fix what goes on in the White House. I mean I had a political person asked me to come testify before Congress not sit. No No 'cause you don't you're not going to do a thing I say. So why am I gonNA waste my good air and the only reason you're doing is you want to somehow how cozy up to my brand to get votes and you're not going to do any of this stuff so you know it's just it's a manipulative garbage so I'm going to stay home and help people and I'm going to save my jet fuel you know it's just not going to do it and Because I I have prospered and I have failed during every reportable TYPE OF POLITICAL REGIME IN AMERICA EXTREME liberals extreme conservatives and you know misbehavior. `have you're of all kinds and the White House it turns out that what I do every day when I get up and go to work and the decisions I make has a whole lot more to do with whether I succeed when what those scrubbers do I mean you have had a life of total loss right and collapse right and and that really really informed the way you think about about the world today I mean when you were twenty five twenty six. You thought you're the smartest guy in the planet now you you have written bestselling books. You sold eleven million copies. Lots of people think you are the smart financial guy on the planet but do you still will like if you were evaluating Daveramsey from the outside. Would you be skeptical of Dave Ramsey. Or do you think he is the smartest guy on the planet. I'm skeptical. Anybody thinks Mars go on the planet planet. So now I I I learn something every day Older and wiser than was when I started this journey But this journey is not over. My wife is not married to the same guy. She married thirty seven years ago and she will tell you. Thank God so I'm a lot better leader in my business than I was when I started at thirty two years old a much more knowledgeable of digital things than I couldn't even spell digital a few years ago. Oh and I am continually learning. I'm the I admit I don't know everything what I do know I do know and I'm okay with that too. That's Dave Ramsey author of financial peace and other bestselling books. CEO Ramsey solutions and host of the Dave Ramsey show. So one of the most listened to radio shows and podcasts in the country. He thanks for listening to the show this week. The music for this episode was composed host and performed by drop electric garages. And you've been listening to wisdom from the top for the media and built it productions.