I became 100% debt free in August of 2020. I could not care less about current events, the self improvement train keeps moving forward!

@gsquared2394

3 жыл бұрын

Good for you. I’m happy for you.

@randallanimal

3 жыл бұрын

Amen

@mansplain3626

3 жыл бұрын

Self improvement is wonderful. . . But I would still love 4 more years. 🤷🏼‍♂️

@mollygoheavier1709

3 жыл бұрын

So did we lol we don’t care anymore about ANYTHING 👍👍👍🇦🇺🇦🇺🇦🇺 yay well done to all

@plantface510

3 жыл бұрын

I care

$1000 is nothing. I understand Dave’s need to follow his strict rules. But if there are two young kids involve especially during the pandemic, $1000 won’t save you if you get laid off.

@Michael-vf2mw

3 жыл бұрын

Every so often you just need to use your common sense and ignore Dave's rules.

@FreeAgent797

3 жыл бұрын

I agree 100%😂😂

@alexc5369

3 жыл бұрын

Do you guys realise that it was never meant to be enough? Enough comes at baby step 3 when you have a full emergency fund. The $1000 is a starter and it being not enough should motivate you to punch out your debts as fast as possible so that you can get enough. If it was enough to start with, you'd probably just go abouts paying your debts off nonchalantly because you'd be too comfortable... I think iv said enough.

@h-townsfinest4216

3 жыл бұрын

@@alexc5369 yes you have said enough. Because what sense does it make to deplete your entire emergency fund just to pay down debt in an unstable economy, and then suddenly get laid off.....Then what??.....Dave and nobody else ever has an answer for that question...smh

@alexc5369

3 жыл бұрын

@@h-townsfinest4216 if you know a storm is coming to affect your personal situation, then you would not pay down the debt and just keep the buffer until it passed, Dave would agree with that. But not too keep a buffer because the economy is 'unpredictable'

This video and the comments is the reason I just paid off my Navient student loan. I was saving for a 6-month emergency fund which was almost finished fully funded. However, I have a stable job with a decent income ($84,000). I’m tired of the debt and the interest I’ve been paying for several years. I just bit the bullet and paid off the loan which was a little under $10,000. I still have another student loan which is my next goal to pay off. Thank you all. 😊

I would wait until I have at least 30k saved then pay off the debt. There is so much uncertainty lately to depend on just 1000. I know this is breaking the baby steps rules but this yr has been showing us flames- I would never be comfortable with just 1000 under my name when I could have more

@ryanj357

3 жыл бұрын

You would have a fully funded emergency fund in less than 2 months and be debt free. they sound like they make quite a bit if they have 24000 in the bank. The only time you should worry about your job if your employer comes up to you and warns you that things may go down hill. If they didn't get that warning yet carry on with life as usual.

She sounds like it’s already been a fight 😂😭

Ride it out. You’re almost there.

Thank you Dave! We finished baby step 3 a week ago! It's so freeing! No debt and 6 months of expenses saved up. No stress!!!!

I took the leap! Paid off debt w/ emergency money and kept $1k. 4-months ago and building emergency fund. Best decision I’ve ever made! Trusted in the expert, Dave, because I was doing it wrong for years! It’s been hard during holidays to emotionally spend! I’m glad I stuck with it. I get to skip a couple of steps by April to be on track to payoff my home in less than 12-months! I have a goal to retire by 50! Of course work IF I want to after 50 NOT because I have to!

@maysaelsayyid1492

Жыл бұрын

Great job! When people do the baby steps Dave-ish they never reap the full benefits of this fabulous plan for success. Congratulations!!!

I definitely wouldn't keep all of it if you are financially stable, but I don't think you need to go as low as 1k if you aren't comfortable with it. While it's unlikely, losing your job is not the only emergency. Car repairs can easily go over that or god forbid you have a medical emergency. I would keep 5k.

@Jaime16921

3 жыл бұрын

Well they have 24000 and owe 20000 so they should be keeping 3-4000 so theyre okay but even if it wasnt the case they should still pay off all debt because even if a tragedy came to their lives the debt that they have would only add to their problem month after month after month.

Dave the vast majority of your listeners change your plan for their needs. So get with the current times that it’s NEVER a 1 size fits all problem.

@robertmillikan600

3 жыл бұрын

I agree. I especially disagree with a one size fits all approach for investing without considering time horizon.

@warrenkatz1469

3 жыл бұрын

Correct!

yeah, name calling is such the way to go. Dave calling him goopboy at 2:40 is giving me another little nudge towards the time when I stop listening to this show. So the caller is his mommy just because she has taken on the responsibility of doing the budget? Her husband is a machinist and in the Army reserves. Sounds like he's doing his best and doesn't deserve the name calling.

@notmebutyou8350

2 жыл бұрын

Yep. I just wrote something similar about him calling people names. Totally unnecessary.

This pandemic thought us it should be $5K minimum. $1K is too little now a days for emergencies.

@tonia2483

3 жыл бұрын

Honestly same I think the emergency fund needs to be higher

@tmusa2002

3 жыл бұрын

And then there are people who have to save up the $1K... this plan won’t bother the types who have lived so long already with no savings.

This is a very common question I hear among friends. The answer just makes people uneasy and money in the bank is hard to let go of in these trying times.

@blackworldtraveler3711

3 жыл бұрын

I've learned to keep my mouth shut around most people about finances,politics,and religion.

@braxxian

3 жыл бұрын

@@blackworldtraveler3711 Yep, no joy to be had on any of these subjects.

Dave makes a good point if i understand correctly, the stability of your financial matters is of greater importance to your financial situation than that of the macroeconomy

@Violet._.PhoeniX

3 жыл бұрын

I always see your comments on daves channel...and they are always really good and insightful.

@Je.rone_

3 жыл бұрын

@@Violet._.PhoeniX thank you😀! If you do some searching I'm sure you will find some really bad ones, i get replies every day almost insulting me😂😂

The real question "What's your household income?"

@JamesJamersonIsAGod

3 жыл бұрын

Right? She said they saved $24k. Was that all this year or? If they can set aside $2-3k a month this whole exercise is silly. Drop $10k on the debt today. Let it sit with you for a few weeks. When your next surplus comes in a few weeks drop that on the debt again. Likely they’d be motivated after one or two cycles of that and pay it off and move on with their lives debt free.

Summary: Get past baby step 1 (1K Emergency Fund) and then continue to pay off debt, no matter what. Only exception I’ve seen is when you have a baby on the way a few videos back, and perhaps some other big life situation.

@clarifyingquestions

3 жыл бұрын

A baby is not the only exception to press pause on baby step # 2. But specific to this caller use the 24k to pay the 20k debt leaving 4k in the emergency fund to build a 3-6 fully funded emergency fund. The take away is Papa needs to get in the game and stop throwing gerenades from the sidelines.

@TheKeyTakeaway

3 жыл бұрын

@@clarifyingquestions 100% agree, it is both parents responsibility.

@Jaime16921

3 жыл бұрын

Its not so much an exception rather the purpose of the emergency fund coming to use. Once a situation arises in which you absolutely must grab into your E-fund (New baby expenses or any emergency) you must temporarily stop all other steps until you build it back up.

Anyone who empties there bank account to pay off there debt during this pandemic has to have there head examined. Ramsey's advice during this pandemic is nothing short of idiotic. He refuses to change any of his advice as if nothing in the world has happened Why cant one pay off your debt over a Realistic time period? Leaving yourself with virtually no cash could have a devastating effect on you and your family

@moma5501

3 жыл бұрын

@WeWhoAre AboutTODie wow major props. It’s hard to get there. Slowly but surely

@bernadettelovespie4734

3 жыл бұрын

@Warren Katz He actually did change his advice early on in the pandemic didn’t you watch those videos. His advice ultimately was “if you’re at risk of losing your job then stop paying off debt (except for minimum pymts) and save as much money as you can”. Many people did slow up on debt repayment. I know I did. He even discussed this in the video about strong possibility of losing your job. It doesn’t seem like this caller is at that risk level. If even now there’s a strong likelihood of income being lost than by all means slow debt repayment and save what you can.

@chrisstaub5880

3 жыл бұрын

@@bernadettelovespie4734 That's not really changing his advice. He's always said that when you see any sort of major crisis coming you should temporarily quit the Baby Steps and just pile up cash. This simply became more frequent with the pandemic.

I disagree. I would pay it monthly and just pay more than the minimum. Life is too unpredictable to be paying almost all your emergency fund on loans at one time.

@alexc5369

3 жыл бұрын

Thanks for your opinion but you're wrong

I dont get why people pay interest on debts when they have the cash to pay it all off

@will9134

3 жыл бұрын

Opportunity costs.

@gamerji-li4755

3 жыл бұрын

People worry about unpredictable financial troubles, especially if they experienced such before and plus we're in a pandemic, so it makes sense to want a larger emergency fund right now. I know I struggled a lot with the constant fear of a layoff for years after I had experienced 2 layoffs in the beginning of my career and I personally couldn't drain our family savings account down to $1k, but I was still able to pay off all my debts using the concepts Dave teaches. I have anxiety and finances are definitely an area that can trigger it, so I had to work the steps in a way that made me comfortable.

@warrenkatz1469

3 жыл бұрын

Because if u have an emergency And u have no money to pay for it.try calling Ramsey. I'm sure he wont take your call.

@ImVeryBrad

3 жыл бұрын

@@warrenkatz1469 ill do it if you dare me!

@cmacdonald1197

3 жыл бұрын

Some debts don’t charge any interest. My car payments for 36 months for example are at 0%. Any longer though there would have been charges. So even though I could pay it off outright using my emergency fund it doesn’t make sense to. Particularly given all the instability in the world at the moment.

Dave verbally slaughtered that man....

@johnbreitmeier3268

3 жыл бұрын

For no good reason at all other than to be a bully.

@truckercowboyed2638

3 жыл бұрын

@@johnbreitmeier3268 no people need tough love stop hiding behind the bully rhetoric......people can be firm and tough and not be considered a bully.........

@johnbreitmeier3268

3 жыл бұрын

@@truckercowboyed2638 Ed, the trouble is the guy was doing nothing wrong at all except not doing things Dave's way. Dave is a bully and a serial emotional adulterer. He likes to push himself between husband and wife time after time without even talking to the husband. Real men don't want other men telling their wives how they'd treat them so much better.

@rory644

3 жыл бұрын

@@johnbreitmeier3268 He's obviously not getting involved and helping his wife out with the budget otherwise she wouldn't be calling his show, "real men" you sound like you belong in the 1950's

@johnbreitmeier3268

3 жыл бұрын

@@rory644 Rory, the lady did not call about the budget. Listen again! All she asked was should they pay off all debt right now or keep a larger reserve in a pandemic where there was a very real chance of losing jobs. Dave the millionaire with huge reserves brought up the budget issue so he could berate the husband in front of the wife without him having a chance to respond. He does this all the time. What a coward! That my friend is a bully. So you don't mind if without knowing a thing about you I call up your wife and berate you to her and tell her what a useless worm you are? What's her phone number?

Dealing with debt can be a stressful experience. As you plan for the potential economic impact of coronavirus, there are a number of steps that you can take to help manage dept in these difficult times.

I find a way of making sure one does not lean into emergency funds is to use emergency funds to pay off bills in advance, then resave the 1000.

This was so awkward.

Dave is not right. During this pandemic people need to have savings. But now she has money put aside she should tackle the debt and throw all that she can from current earnings into the debt.

Dave , please quit beating up men because they don't follow you slavishly. We know this couple has absolutely no budgeting problem, because they saved up the $24,000 no matter who is playing accountant. Please let them decide the roles within their relationship. that is "nun o' ur bidness". The only question here is how much cash reserve does a couple with 2 children need in really scary times. Maybe the husband is a better judge of that than some absentee millionaire. If they chose to keep say a $5000 reserve, paid $19,000 on the debt and paid the remaining $3000 in the next few months, what is the difference? The peace of mind may well be worth far more than a few more interest payments. The husband isn't drinking up the rent money, playing the ponies with the grocery budget or even buying a bass boat. Get off his case, unless you are planning to marry her and pay for her.

@alexhash3735

3 жыл бұрын

John Breitmeier Dave should understand the value of peace of mind more than anyone. He brings it up repeatedly when talking about Step 3, emergency funds, and the like. Kinda surprising to hear this somewhat bureaucratic answer from him.

@AaronHernandez-xv4qh

3 жыл бұрын

I agree with you.

@hmj8469

3 жыл бұрын

I agree too. I would go on to say that in many households each member of the family has their 'role'. It wasn't that long ago in the U.S. that the man was the provider, the wife was the stay at home mother who took care of the house, the kids, and the expenses. The kids' job was to do good in school, stay out of trouble, and prepare for adulthood. This is very very common in Japan where each member of the family understands what their role is (even the children) and what is expected of them to make the family unit function and perform. Just because this man isn't as involved as Dave would like, that doesn't make him a bad person.

@newworldsoon2024

3 жыл бұрын

Marriage is a partnership and that’s for everything within the marriage which includes budgeting. That is what Dave is pointing out. It is not partnership anymore when one partner is clueless of what is going on in the household.

@hmj8469

3 жыл бұрын

@@newworldsoon2024 I agree it is a partnership, but Dave is being rude and hurtful with the name calling. He seems to know everything he needs to in two and a half minutes to call the husband a 'goopboy'. I don't even know what that is, but Dave shouldn't be so quick to pass judgement.

Dave I have a multi million dollar net worth. When can I upgrade to name brand rice from generic brand

@kfUNC1

3 жыл бұрын

Cash flow the grocery trip and then move up in rice.

@cbartrip6

3 жыл бұрын

Brand name rice is ok but you’ll need to start growing your own beans.

@tonihutchinson6283

3 жыл бұрын

😂😭

@alexc5369

3 жыл бұрын

As long as every thing with a grain in it equals less than half of your total annual income

@Malitubee

3 жыл бұрын

What is your household income ?

I am so happy I found Dave Ramsey while I’m still in school and before I started making money.

Agreed, he needs to get involved. Disagree that you need to be working the baby steps right now. My wife and I put baby step #2 on pause since the pandemic and we've just been saving everything we can. Now we have $20,000 in the bank. Our debt is $45,000. Maybe by the time the world goes back to normal we'll have the cash to be instantly debt free.

Pay off debt to avoid paying interest. As long as you have an emergency fund for at least a month or two you can weather the storm

@blackworldtraveler3711

3 жыл бұрын

For me a month or two was in high school. Never stopped contributing. I have a 20 year emergency fund now. Those storms don't end and can continue through lifetime.

@leadnsteel1428

3 жыл бұрын

@@blackworldtraveler3711 exactly.... you never know if life happens like you might get injured or have health issues or job loss

I plan on using my 700 oz silver stack to pay off my existing debt (8k in car ) when prices shoot past 30$ an oz . Got it all at 16-24$ . The rest of the stack will be used to invest in property when the housing market crashes and I'll hold my 1996 ASE for the collector value .

Pay off your debt...interest is a waste of money!

So agree!!!!!

The spouse who calls always blames the other spouse. Listening to this caller, she’s the one who’s being hesitant and is withholding information from the husband. That may be the reason the husband is cautious. She doesn’t have a concrete plan.

Dave dont take it easy on Men. "Your not his mommy" - Dave

@johnbreitmeier3268

3 жыл бұрын

And Dave is not the guys Daddy.

After the divorce my ex-husband was so thankful we did the budgeting together. Great learning tool

😆😁🤣😂get him Dave!!!

Everyone except dave recomends a emergency fund of 3-6x monthly income? In wich emergency are 1000$ helpful ?

If you have more than 2 credit cards just get a new card with o% interest for 12+ months and do a balance transfer. Many cards are having specials no interest for 18 months. Then just pay what you can until your 18 months is up. Then transfer to a new card and repeat. This only works if you refuse to use your credit cards. Continuing to rack up more card dept while paying off your transfer will not help the situation.

They have a pretty big savings for you to assume that he's not participating......... Acting like women don't make up stories 🤣🤣🤣🤣

I guess I don’t think there’s any such thing as “financially stable”, if your emergency fund doesn’t cover a decade and that was during the recession.

Be disciplined with your emergency fund!

@alexc5369

3 жыл бұрын

Be promotional with your comments!

LOL he muted her

@LalaLala-dm5uc

3 жыл бұрын

😂😂😂😂😂

Didn’t these folks read the book?????

@konye618

3 жыл бұрын

Usually not, that's why they are calling and asking questions that are answered in the book. I feel like 90% of callers haven't read/applied the book

@gamerji-li4755

3 жыл бұрын

It's not a requirement for the Dave Ramsey FB groups or the calls to have read the books or have been in the programs, but also, it's fair to be a bit more worried about emergency fund size during a pandemic.

I have no debt and all I have is my house which lord willing I can pay off next year. then cash flowing some renovations they should pay off debt, go down to 2k and refund the emergency fund. baby step 4 is when the plan starts being fun and a lot easier.

The other day I went to get ice cream. All jokes, your friends at Business Explained!!

I would hold the cash for now, in case unexpected emergency shows up, keep on saving and pay the debt off, as soon as i have more money saved.

I have $110,000 saved and I’m afraid to pay off my credit card with $2,400 on it.

@Vellisaden0207

3 жыл бұрын

Money doesnt keep you safe ! Wisdom does ! To fear the lord is the beginning of wisdom :)

@chrisnichols9187

3 жыл бұрын

SURE YA DO....

@madarchermoto4955

3 жыл бұрын

@WeWhoAre AboutTODie ..... interest is about $40 a month, and I’m paying about $80 a month on it.... slowly but surely going down

Would you borrow $22,000 and put it in a savings account for a fraction of the interest you're paying on it just to have that emergency fund? Of course you wouldn't do that but it's exactly what they are asking. Pay back that $22,000 and IF and only IF an emergency happens maybe borrow some of it again.

Should I take some money from my paycheck and not use it all so in case something happened and my parents check got smaller because not because I took some out on it?

Dave seems a bit on edge in this video 😭. Also the fact that they have kids make me think it is smarter to keep that money as an emergency fund. Then just slowly attack the debt from there.

@notmebutyou8350

2 жыл бұрын

Exactly. He does seem on edge, and calling her husband "goofball " or "goofball boy" really wasn't necessary. Just advise the woman and omit the name calling.

It’s not a good idea to spend all of your emergency fund during a pandemic. You’re best bet is paying a quarter of your debt each quarter of the year. Then you still have the cash if needed and can pay your debt off in one year.

@Ms10outta10

3 жыл бұрын

This is a good idea

@blackworldtraveler3711

3 жыл бұрын

@@Ms10outta10 A better idea is to never stop adding to your emergency fund whether you need it or not.

@NA-fk7cc

3 жыл бұрын

Your advice and/or suggestions is not what Dave teaches and don't belong in this room lady!

@gsquared2394

3 жыл бұрын

@@NA-fk7cc nailed it. DR is a gazillionaire but most broke people want to work their own system that is unproven and got them to the bottom in the first place. Work the system, you’re not as smart as you think.

@Ms10outta10

3 жыл бұрын

I love DRs system but let's face it, none of us, including Dave have lived through a global pandemic.

Things won't change .

So what happens when the spouse won’t get on board with the budget and baby steps? My wife is a chronic spender and giver but can’t save a penny...and I’m all 3 with heavier emphasis on saving and don’t know what to do about this major financial situation in our marriage...please help!!

@chrisnichols9187

3 жыл бұрын

Either you can save behind her back and prepare a future with her or you can end up broke at an old age and be miserable or file for divorce and build wealth on your own.Sad but true them are hard reality choices.

Dont drain Your Emergeny fund thats dumb

@annicks7385

3 жыл бұрын

Agreed

@alexc5369

3 жыл бұрын

Ohh. Plz link me to your radio station and tell me about the millions of ppl youv gotten out of debt.

Wait.. so this 22k debt has been building with intrest while they've been stashing back savings? Why havent they been making payments on the debt this whole time? (Maybe they have been and I'm incorrectly assuming.. was this debt bigger a year ago?)

I love debt

And another one

Yeah.......yeah.......yeah

Pay it off when you get your tax refund

He did not answer the question. Unless I missed something?

@PurpleFlower22

3 жыл бұрын

He did. He said payoff the debt and keep the 2k for emergency fund.

@Natashahoneypot

Жыл бұрын

@@PurpleFlower22 thanks!

Of course! take the short term L and get rid of debt! you'll be glad you did

@PurpleFlower22

3 жыл бұрын

Yup, I think holding on to the savings sound safe, but the interests is also increasing. So, you would actually save more money if you pay it off now then later. I finally see the bigger pictures myself.

Dave always hits the nail right in the head. The bigger picture is that they need to work together in their finances. If they are a strong team able to save $24, they need to join forces payoff all debts stay debt free and both need to be intentional with their money and budget together.

1) Always have 1k savings 2) Rice and Beans, no vacations, no restaurants, use as much money as possible to pay off the debt

I'm literally worth DOZENS of dollars 💵 😌

@alexc5369

3 жыл бұрын

Soo like $24?

@MattLeFaitMusic

3 жыл бұрын

@@alexc5369 $25!

It's much easier to follow the baby steps when you're single. Dave Ramsey's financial peace university will reveal the real person you married. And what makes me so angry is that Dave should be extending his condolences to this poor woman instead of getting on his soap box about the baby steps as always because clearly this woman once thought she married a shepherd, but it turns out that he is a wolf instead.

Hiii

Im 5 minutes alive how should i invest my 30,000?

@MrCrazyGuy24

3 жыл бұрын

Tuba degree next question

@offerskirksey2255

3 жыл бұрын

Sell the car.

@aubreytraverse.

3 жыл бұрын

Sell the wife

@armandol1826

3 жыл бұрын

@@MrCrazyGuy24 lol love that

IMO you shouldn't.. 1k is just not enough.. build 3 months min. Young children: they cost money. Dave needs a update. Medical can bury you..

@Faith-un7ns

3 жыл бұрын

After paying the debt they will have $2000 left, then they are debt free. Everything they were going to dump on the payments now can go in the bank. They will be fine.

@bernadettelovespie4734

3 жыл бұрын

@@Faith-un7ns plus the money saved on interest rates of the debt. 🙂

What's baby steps 1, 2 and 3?

@alexc5369

3 жыл бұрын

1. Save $1000 baby emergency fund, 2. Pay off all debt except the house 3. Save 3-6 month emergency fund

I cannot wait for the day when we can get universal healthcare so we do not have to worry about crazy hospital bills. At least tell me the price everywhere else in the entire world can give you atleast a price. lol

@alexc5369

3 жыл бұрын

Why should I pay for your health care in my taxes if I'm perfectly healthy?

It’s really simple, you can’t do something until you understand why it needs to be done....this applies for everything in life. Finance, relationships, physical health etc. Educate yourself before taking anyone’s advice otherwise it’s just advice

Dave comes out as rude sometimes but I get it😎

GOP LOST ALL YOU TRUMPERS

@EVNE3

3 жыл бұрын

Do you have an opinion on an emergency fund vs reducing debt? Not sure what your point is.