The 7 Baby Steps Explained 00:48 Why Can't I Use Credit Cards If I Pay Them Off Every Month? 8:04 This Baby Step SHOULD Scare You! 15:26 A Message to Broke People - Dave Ramsey Rant 24:26 How Much Should REALLY Be In Our Emergency Fund? 29:27 Stop Asking Me This Question! (Just Shut Up And Do It!) 35:58

At its core, financial management is the practice of making a business plan and then ensuring all departments stay on track.

I'm debt free,home owner and graduated college without a student loan because of Dave❤️from🇯🇲

Start with your kid the day they are born. Every month put $25 in some sort of investment getting ~8%. Do so until they start working at which they take over. At age 72 they will have $1 Million in the Bank. They repeat the same rate for their child. Pass the inheritance money on to them and they will have $12M in the bank at age 72. Repeat for the grandchild and they will have $140M in the Bank at age 72.

I was $106,000 in debt in 2020. I am now $60,000 in 2024. Plan to finish by December this year or sooner.

I am 73 yrs old, house paid off years ago. No debt. Cars paid off. 300K in savings. Snowbirds in the winter. Good retirement income. I followed Ramseys philosophy back in the day when it was called common sense. I consider myself lucky. Ramsey’s advice in all things financial is spot on.

My daughter worked through school, went to a community college and lived at home. She graduated debt free

I found "The Total Money Makeover" for $1 at a thrift shop!! Best dollar i have ever spent! I am doing baby step 2. 12 months from now, i will be debt free! I can't wait!! I will be a millionaire!! Much love from NC.

Allegedly who and what you listen to is what you become. I can listen to this channel every day.

I'm on baby step one. But you have to start somewhere. I struggled with addiction for years so when I got credit and had a little money I went into debt bad! I am working extra hours picked up another job and I'm determined to make this happen!

Currently I'm just being smart and frugal with my money, I'm in the green 47% over the last 15 months and l've accumulated over $700K in pure profits from DCA’ing into stocks, ETFs, dividends and futures. However I’ve been in the red for a month now. I work hard for my money, so investing is making me a nervous sad wreck. I don’t know if I should sell everything, sit and just wait.

Taking early notes as to the importance of sound asset diversification and risk management It can’t be overstated. I’ve been trying to grow my portfolio of $600K for sometime now, I would greatly appreciate any other suggestions as i'm 3 years away from retirement.

Both my sons went to college on a full ride playing sports and it was by me training them and keeping them out the streets and now they are 25 and 30 and I am so happy I was there for them all the step of the way! They both are out my apt and they both have their own place and jobs! Now I am trying to get them to listen to Dave 😂😂

This world is full of organizations that know how to fool people who do not know. I like Dave’s passion of avoiding debt! Cash is king!

I came here in the US on 2006 from Asia with 600$ in my pocket. Extremely frugal living. Saved cash . In two years 2008- was approved for mortgage. Signed for 30 years. Continued frugal living until now. Kept on adding more every month of my mortgage- if I had bonus at work I would prioritize adding to my mortgage- if I had tax rebates I would add to my mortgage. Refinanced and studied how refinancing works. Listened to David- and many legit influential people about financing and took notes. Instead of 30 years- I will be finishing my mortgage in 2 years( which is 17 years instead of 30 years paying.) Secret? Frugal living

It crazy to me that theirs people who make 150k plus a year and have 60k in debt and they can’t figure out how to pay it off.

One thing not explained is that it takes discipline and time. Most people don’t like hard work and pain. I’m so glad I found him. So many times I wanted to give up. I’m so glad I didn’t

I think the one thing Dave Ramsey misunderstands about the points is this. He's right when he says you get only $200 back in points if you spend $10,000. Thats sounds ridiculous if you are just spending money for the sake of points. But most people dont do this. They end up spending that money anyways for their needs. The points we get are just by-product of the money we would have spent, with or without credit cards. I'm talking about people who pay off their credit cards every month.

today I decided that I don't want to live paycheck to paycheck anymore. this is the second video of you that I watched. writing notes and going to start doing something about it. Im putting baby step number one in the works as soon as I get paid. no more than 30 days. im going to build up that 1k and after that I will be unstoppable!!!!! thank you for these vids. can't wait to listen to more!!!

I love how you take your time to educate your viewers we all strive towards financial stability and a better Life. It is easy to achieve this through the right investment, by living frugally and budgeting. I'm grade I learnt early in life to work hard for financial freedom

anyone else want to see a podcast with Dave and rich dad poor dad? - that would be a fun time

My wife went to Ivey tech for a 2 year degree to be a dental hygienist, she was only given so much in finiacial aide and owes about 13k. Finiacial aid will only cover you as long as you take the required amount of classes during that semester and by her doing that she wouldn't have been able to work. It's a really flawed system, but we are tackling the debt now and should have in done by the end of the year!

I look up to my dad because my dad is always saving and always paying off the debts as quick as possible. He payed off his house in 5 years he payed of a truck that was 12,000 in about 2-5 months. He is the only one that works, we are a family of five. to me the fact that he can pay off what he owns in a a little time frame is shocking.

I work in education and I strongly feel this is the stuff they need to be teaching in high school. My son is in 9th grade and he’s taking algebra 1. 40 years ago when I was in 9th grade I took algebra 1. The world has changed SO much in 40 years but they are still teaching algebra 1 in 9th grade and guess what. In 40 years I have NEVER used anything I learned in algebra and neither will my son or 95% of the other kids taking it. They need to teach kids about how to budget. Teach them about finances and investing. Teach them about the stock market. Most people don’t know anything about this stuff and think they can just borrow the money. I have never and never will have credit card debt bc if I can’t afford something I don’t buy it but the majority of people don’t think that way.

"Put the kids on craigslist." I like his way of thinking.

I graduated nursing school with $34k in loans at 21 years old. Lived with my parents for the next year, worked OT saved almost every penny. It then took my soul to drop $34k at once on loans but it was so worth it!

What really baffles me...some are high income earners and yet they have such big debt?! 🤯

I've recently come into an inheritance of nearly $900,000, i'm being directed towards the stock market. What risk management strategies are recommended to navigate and safeguard my investment in the market?

My grandma would never think I needed therapy for being frugal. She grew up in the Great Depression. I could turn all the lights out for the next month and she would probably sigh in relief and feel peace.

Oh I went to college with loans and I didn’t even finish. I make decent money and not afraid of work. My kids are not going to college if they don’t want to, but definitely gonna help pay for it or have them work and pay for it themselves. I have 24k in loans for NOTHING. I definitely don’t want that for them.

- Budget money - Get out of debt - Foster high quality relationships - Save and invest - Be generous

IF you pay off your CC statement every month, you aren’t losing anything. The trick is to pay them off.

I have a cash back rewards card that I pay for everything I can with... and never carry a balance at the end of the month. I've never paid any interest on it and I get $500 or so of free money each year. I've been doing this for more than a decade now. I suppose the objection to doing this is that most people aren't that disciplined and end up letting it snowball on them... which can happen quickly with the insane interest rates... and I suppose at the end of the day maybe that risk is not worth the menial rewards you get back.

Thank You So Much I Appreciate Your Help And Wisdom I AM DEBT FREE AND HAVE A 6 MONTHS EMERGENCY FUND SO FAR I WANT A 2 YEARS BUFFER

No one ever said you will get rich over points or cash back. That's a straw man argument.

Iv been watching Dave Ramsey for just a week now. Im so motivated to tranform my life, wish I came across Dave’s baby steps earlier on in life. Im 28 years old, having a baby this month and I am determined I can become a millionare by 35 if I follow Dave plan and implement the many business ideas I have. Thank you Dave, hope we follow these ideas as South Africans as our country is pretty bad economically right now we gotta save ourselves 😊

I wish that more people went on the Dave Ramsey plan. I’m ready to start.

IF …. you’re able to get your spouse on board. Let me tell you, it’s not possible without you both being on board. Super frustrating.

Anyone else think you should have more than $1000 in Emergency fund while you tackle your debt?

Ramsey is one of the very few reputable financial literature spokesman

I can happily say I have a savings account for emergencies, one for Black Friday sales, and now one for a new car

The hardest obstacle for me is my wife. She is the one who always wants to go out to eat, wants to buy expensive purses, drive a nice car, go on a financed vacation. When I was single I would eat top ramen everyday and save money like a hoarder. I've recently been trying to get her to come around. I think the wheels are now turning. It's hard to say no to her however.

Such valuable information! I cannot scream loud enough how important it is to not have any debt. It really does bring you a lot of peace, and you don't worry about any "boombie" that life throws at you

Two thumbs way up!! I have encouraged my kids (young adults) to follow (they do) your plan, Dave. Thank you from New Zealand

When it comes to credit cards I’ve been taught, treat them like they are debit cards, don’t ever spend money you don’t currently have, you can gain your points or whatever, but it also helps build credit a little especially when you’re like me in your early twenties

Love the "savings" account description. I've been dumping a fair bit into a future house/car/appliance repair fund for a while and I don't really consider it an "emergency" fund but that's basically what it is. The heat pump will eventually blow up. The roof will need to get replaced. Trying to estimate how much that will actually cost and when is the problem.

No vacations while in debt. That's real talk!!

I've listened to the Ramsey show for years and there is one thing that I very much disagree with. If someone uses a credit card to pay for utilities and gas, getting cash back every month, and never carrying a balance on that card, what is wrong with that? They aren't going into debt if they are paying the balance right away.

Love this!!! Please never stop making these 😍

I love watching the best playlist all in one episode! Do more please!!!! 💕

I'm just getting out of debt and am looking to build my wealth now hopefully watching this will help.

“Self-awareness is part of the process” applies to many areas of life, one that stands out is drug addiction. The average addict has a palpable lack of willingness to look at themselves from the 3rd person and acknowledge how they set themselves up for failure with every decision. The quote I used above is a precise display of a mentality that could be very beneficial to hundreds of millions worldwide.

I just saw a documentary with Dave Ramsey in it titled "Maxed Out" from 2006. I would love to hear Dave's thoughts on things talked about and discussed in that documentary in light of where we are now in 2023 in regards to the credit crisis. If someone from The Ramsey Show reads this, can you all dedicate a show to doing this, I would love to hear Dave's thoughts and any updated statistics he can share to highlight how vastly different things have changed.

Gazelle intensity! "You Gotta RUN!!" heehee! I love it! :D

This was best explanation for the only having $1000 emergency fund I have heard. Thank you

Thank you for making this point. My mom (she adopted me) came from another country but handled money better then my dad ever did. He drowned himself to debt until the day he passed which he passed almost a year ago coming up in October. I plan to teach my children things I had to learn on my own like creating a budget, how to avoid credit cards or keep low balances. And everything you've said to teach them. Because I wouldn't want my children in debt growing into their adult hoods like I was. My father sadly used my identity while he abused alcohol and it took me until my mid 20s to pay that 10k off.

The % cash back card is not to “get rich”. It’s to get a little something back on things you need regardless. A responsible person should still be able to carry a zero balance and stay within their budget without spending more just because you have a line of credit.

"Put the kids on craigslist" 3:40 . So, I did.

I disagree on the credit cards, but only if they are used for bills you pay anyways like phone bill and insurance

Dave Ramsey cracks me up 😂 but I’m so grateful for his/their advice 😊🙏

I saw a debt free American out in the wild this one time. They were perusing the frozen good aisle at a walmart

Just came across this, very good info. I WILL be following these baby steps!

loved this specific episode

Hello Dave. It is simple and powerful your motto, "Live on a budget."

Great & informative show. Thank you Dave !

I have 55k saved and owe 42k on my car. I'm terrified of dropping a check on it.....

Put the kids on Craiglist 😂😂 Ramsey... No. U are way too savage 😅

Dave’s advise is for people like me. People who don’t carry a balance and can control themselves… me unfortunately I can’t. Hoping to be debt free in 2 years.

Love it when Dave gets real.

I love Dave and he gives a ton of good advice but the one thing I will never understand is his advice for not using CCs at all. Yes if you are prone to overspending and carrying a balance you should not have them. And maybe to the older generation it causes them to spend more cause they think its not their money. However, for me and my wife we are more careful with CC transactions because everything is automatically logged into our budget. Cash transactions are not. Furthermore, if you think of CCs as your money and just use it like a debit card it is no different. No you will not get rich with them. But having $30-50 every month to spend on something you needed and not have to pay for it is great. It is not you that is secretly paying for it, rather the fees that the merchants have to pay to the CC company for accepting their CC.

😂😂Dave a comedian. He’s funny

This video was very informative and he has a great sense of humor!!!!

Most people will try to get something out of you before they give you something Dave just want to help you get out of debt and stay away from debt, ever since I start listing to Dave I pay off my 16k car payment in a year. I will never get into debt again, honestly I’m planning to saving up and buy a house instead of getting a mortgage at this point

This was amazing. Thank you!

They skirted the issue on the 2% cash back. Ex: I have to put Gas in my car I use a credit card because I can get 5% back. My cards are all paid every month. I am retired and disabled and I've been disabled for 20 years. I've learned to live on nothing and I get anywhere from 200 to $400 a year cash back on what I needed to spend anyway. I don't spend more just because it's a credit card. I agree with Dave on just about everything else and I believe most people don't have the discipline they need with credit cards. But I think there are some exceptions to that rule They may be very few but there are some exceptions

Real talk, keeping it real poverty to millionaire.

Hi Dave, I got 33k in 0% credit card debt and put the 33k in 5-7% savings. i’m making almost £200 a month. I used it to pay my student loan off so I’m winning maaaaan

Love your channel -from Canada 🇨🇦

Great job Ramsey!! I just launched my personal finance KZfaq channel, and your video served as a fantastic source of inspiration! 🥰

27:40 when Dave 😂😂😂😂😂😂cross his arms😂😂😂😂and start in😂😂😂i see my dad... and im on the floor laughing 😂😂😂😂❤❤❤❤grow up ppl

This episode of The Ramsey Show is an absolute must-watch! Dave Ramsey's comprehensive breakdown of the 7 Baby Steps offers a clear path to financial control and freedom. From debunking myths about credit card use to emphasizing the importance of building an emergency fund, every minute is packed with invaluable insights. Dave's no-nonsense approach and straight-to-the-point advice make it easy to understand and implement actionable steps towards financial stability. Whether you're just starting your financial journey or looking to level up your money management skills, this episode has something for everyone. Don't miss out on this empowering and enlightening discussion!

I use credit cards coz of the perks. I pay the whole balance when due. The money perks I redeem and it reduced the whole balance 😊. So basically those items i bought where price reduced because of the perks. Wheras if I pay debit, I don't get the perks. I used to do debit before.

If I put my necessities that I am already going to buy, there is nothing wrong with throwing it on the card and paying it off weekly. I need to be approved for a mortgage, they look at your credit. I’m 24.

Love you show! Dave! $$$🙏amen!!!

I’m working on this and then trying to have the mindset to collect moments not things.

Great tips thank you!

That's a hilarious excuse! "Well, Dave Ramsey isn't sophisticated." Lol! Well, I'm not sophisticated either. Dave is an honest-to-goodness real person, like me, and he just found something that worked.

Sorry that you went through all "that" when you went broke and into financial distress. And somehow you made your distress into my gain. Actually into my husband's and my gain. Thank you.

26:45 haha, my sons shop teacher had missing fingers. Better believe the kids paid attention when he said follow the safety rules.

It's the intensity, nothing else. I quickly put way more than $1000 aside....then the rest. All steps boxes checked. Just do it. Thx Dave, but I did it

Using a credit card the way you would use a debit card is advantageous. You get cash back and build credit. Just get a quicksilver card that is straight cash back. You say $20 to spend $1k isn’t a great deal. What about getting zero dollars back like you suggest?

I am on Baby step 1 & 2. Looking forward to being a millionaire by age 35!

So, how do you create sinking funds effectively? Especially when it comes to inflation, etc? Do you still put it in one big accout, do you have multiple accounts? Do you take it out in cash?

King Dave 👑

Thank you for this informative video on how to take control of my money. I enjoyed watching Explore Your Dream Life Channel recommended to me by KZfaq .I have already liked and subscribed this channel

Very educational

Listen little baby child…😂😂😂 love it!

everytime i hear dave use that line about no millionaire ever made they're money from airline miles etc. always makes me laugh . i find it funny that people buy into this stuff .

Beans are very healthy and are a regular part of the diet of many cultures known for longevity of life.....without all the added sodium and oils is the best :)

Funny how Boomers are mentioned when it's a completely different playing field and landscape for us Millennials. The economy and financial landscape is vastly different for us and it's not in our favor at all.