Dave Ramsey: “100% of us have spending issues” - Here’s the fix!

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#57: Dave Ramsey, a financial expert, radio host of “The Ramsey Show”, and author of The New York Times bestseller The Total Money Makeover, is my guest in this week’s episode.
You will learn:
- Dave’s signature 7 Baby Steps for taking control of your money
- Three things to know about wealth
- Dave’s darkest moment
- How Dave went from bankrupt to a multi millionaire
Get Dave Ramsey’s books:
The Total Money Makeover: erika.com/the-total-money-mak...
Baby Steps Millionaires: erika.com/baby-steps-milliona...
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Timestamps:
00:00 - Intro
01:47 - A life-changing event that defined Dave's thing about money
08:32 - Analysis of Debt and Its Impact on Personal Life
14:48 - The Motivation behind the 'Dave Ramsey' Method
19:59 - The Importance of Taking Action in Financial Investment
28:57 - The Importance and Steps of Establishing an Emergency Fund
35:15 - Assessing Budget and Income - Tackling Debt
41:51 - Visualizing Debt Freedom & Overcoming Mindset Barriers
54:18 - Achieving Complete Financial Freedom by Paying off All Debts
01:05:59 - Importance of Joint Accounts for Enhancing Communication and Maintaining Transparency in Financial Decision-making within a Marriage
01:18:42 - Dave Taught Me

[@yuliskarodriguez7892]

“It’s not mathematically correct it’s behaviorally correct” LOVED IT!! ❤

[@paulerdosdaughter]

Meaning you have no self control, 😂😂.

[@CaToRi-]

The same reason why communism doesn’t work, because it’s not behaviorally correct.

[@annahopp]

Getting Dave Ramsey in your chair is a huge measure for your success.

[@Sim1Designs]

I made a YT playlist of people doing the debt free screams and it definitely motivated me to keep going. I’m so happy to say today I am debt free because of the baby steps. Thanks for this interview!

[@savannahesposito9307]

This is the kindest I've ever seen Dave be, he seems very human and empathetic even. It's nice to see this side to him. I found Dave Ramsey about 2-3 weeks ago and most of what I've seen has been "tough love" "hard ball" and even at times insensitive approaches/comments. While I understand the no BS/blunt approach, I enjoyed seeing this softer side of Dave on this interview with you Erika.

[@anthonymbui7860]

Someone once said, "Your attitude determines your altitude." I couldn't agree more. It all starts with a strong belief that you can do it, making a plan and taking ACTION. What a great & Informative conversation! Thanks Erika for having Dave on! He's truly the undisputed King of personal finance!

[@Freshprankstv1]

That was zig ziglar

[@ira_herself997]

“You don’t look like a victim to the toxic boss”. 😂 Loved it, so true.

[@Wee_Catalyst]

Too bad he didn’t realize he’s the toxic boss

[@BlackJackVendetta]

I’ve watched so many Dave Ramsey videos and I think this is the most in-depth, nuanced, and least sensational talk I’ve heard. Thank you!

[@gracecase998]

Totally agree. Loved this interview/talk

[@gigiruiz3786]

Awww papa Dave! I loved that he said you need to be you! You are already so successful and there is room in the sandbox for everyone 🥰 so sweet!

[@MoneyHabits1]

I love Dave. I’m a dentist and make good money. By using the baby steps during 2020, I did a budget for the first time and paid off debt ( biz and personal including my house) in 18 months! Now I continue with the budget and am on track to FI in 6 years by saving over 50% of my income without stressing about it. It works!

[@adelaaguilar603]

Since I started following his steps is when I started seeing savings in my account. It is about discipline and following through.

[@cutenobi]

Congratulations for learning those tried and true tactics of discipline and consistency. Those tactics work with everything: healthy eating habits, exercising, etc.

[@Originaltuber]

Same. But now I’m a radical saver and need to learn to spend every now and then.

[@bratface7305]

there is a way that I have dismissed Dave Ramsey. I was a know it all and somebody who doesn’t honor peoples choices. I just realize that through the soundbites of his show you don’t get to see the nuance of who he is and I love that he respects your process and autonomy of folks. Your interview made me like him and appreciate him much more! Great job.

[@madisontran3020]

Agreed. I respect him and his belief more now bc of this interview

[@joseCalderon1976]

After listening to all the good financial advise from people like Dave, the money guy, your channel etc, I've become more and more minimalist. Good for me, my finances, I spend less, and even good for the environment. Once I retire, I'll cut my expenses even more, so that I can enjoy more the things in life that have no price. Subscribed 👍

[@teenaskipper2782]

I love Dave Ramsey. He helped me get out of debt and I will be forever grateful. Good choice of guest. You are awsome as well Erika I enjoy you guest so much. It is a pleasure to listen to you.

[@yothiga]

I really like Ramsey’s advice. I stopped consuming his content for a while but this is a great platform for him to say something new.

[@mariaacido6837]

Love this podcast. Please do more of this subject in your channel. Very inspiring.

[@onfeetnation]

We love you Dave. You saved a lot of us

[@justinsongnj]

Great interview Erika! I've been following Dave for so many years - and it was his videos and teachings that helped me get out of CC debt. So many people argue against Dave Ramsey's teachings and the math and it not being the "only way", but I think this interview helps reconcile a lot of the nuances. I like how he said his plan is not for everyone and he's just trying to help as many people as he can, and applauds others like Erika in helping those who may need a different approach. At the end of the day, it's about results.

[@firststar2]

Omg the part about not putting up with toxic work environments because you don't have a mortgage to pay hit hard. When I started applying his principles years ago and stayed out of debt and had an emergency fund and live within my means, I was selective about employment choices. The stress relief. Also I could work.or not work

[@llr1961]

A former co-worker took that a step further. Since she was paid biweekly, she had her kids wait 2 weeks before buying them something they asked for. That way, she could actually budget the purchase. A lot of times, they didn’t even want that thing anymore and were on to something else.

[@annahopp]

My seven day delayed gratification works quite simply: I can put anything I want in my shopping cart, but I only check out on payday. Usually I throw at least half of it back out or replace it with something less expensive.

[@maricarmenf1546]

Your podcast brings so much value to the world, thank you Erika!

[@pepperjones7559]

An excellent show. You always introduce me to uncharted territory. Your guest, Dave Ramsey, is a great cheerleader. I’m already charting my progress. He spoke to where I am right now. Thank you both.

[@MinnieOnCam]

That I can do it! That is the truth. 2017 I found Dave Ramsey, I paid off $8,000 in 9 months on an income less than $30,000 living with a disability. There is lot of hope stealers that claim to help people on the Canadian Ontario Disability Support Program Many of them are agencies that get government funding to do it. I have so much knowledge of the disability system in my province that I refuse to accept their advice that I should retire as a low income disabled senior in poverty.

[@brokegirlturnedrich]

You are KILLING it with ease interviews! Go girl- Can't wait to join the challenge.

[@ChristaAwesome]

My husband and I have a joint account for everything (and we also own a business together), but we give ourselves a small monthly allowance towards our individual accounts to spend on whatever. It gives us the balance of both being active in our finances, but still some sense of individuality.

[@christianemichelberger8245]

Such a wonderful interview, thank you so much, Erika! ❤

[@sabinaflapperina1300]

You're both so insightful and have a very clear way of explaining how behaviour is key to personal financial goals.

[@brendamclean8447]

This podcast was incredible! Dave is something else, truly a gift! Just an amazing and uplifting interview❤

[@teacherbrad9534]

Great interview Erika. Love the questions you asked Dave and how you just let him talk freely.

[@randddj]

Dave arrived and the flow of conversation was def informative! Thanks Erika 🙏🏼

[@tkelly830]

Great episode. Dave and his team are amazing. Have been following his principles and its truly changing my wife and I's life.

[@agnieszkakarasiewicz1106]

Thank you Erika, so many valuable points from Dave and it was important to hear your opposing views on separate accounts. It's also a joy to see two successful people encouraging each other with sincerity.

[@Bagley2014]

So glad I discovered Erika has a podcast! The episodes I've listened to so far have been great!

[@eileenk4604]

Love this! I've been a Dave fan for more than 15 years! Thank you for introducing Dave to people who need to hear his common sense wisdom!

[@1luv78]

I loved all of this. It is so inspiring. Thank you for doing what you do! 🙏🏽

[@FinanceWithChi]

Best finance podcast out there! Keep it up Erika! You’re my inspiration ❤.

[@marsbar5366]

Well done!! I love your interviews!!

[@mjlafalaise]

I’ve listened to so many Dave Ramsey pods and have watched so many Dave Ramsey videos, but on this platform this has been the most insightful video from him… Thank you so much for having him on! You’re doing incredible work 🎉

[@pepe_nasdaq_scalper]

Dave is the best. I found him early this year. I wished I have found him in my twenties. I'm in my fourties with no debt but the house. So I'm closer to make it to baby step 7! 🙃🙏🇺🇸 🇵🇷

[@carolannstevens5814]

This was the BEST!!! Thank you Dave & Erika!! I am now “subscribed” to you as well Erika! 😁

[@maryd8370]

I love both of y’all! Great interview!!

[@dagmara.p23]

Great interview! I've learned so much! I try to be better with my money and I feel like this episode really opened my eyes on how to make important financial decisions. Thank you!

[@stephaniarredondo3079]

My absolute favorite podcast episode ❤

[@munyeekah]

Same this is my most favorite Erika Taught Me episode

[@bobbyboricua21]

Great interview, thanks Erika!

[@aliciaz4682]

1:06 Dave’s answer to having power, safety, and an equal vote on joint accounts. That’s phenomenal. Marriage goals

[@candecarro]

The outline of The Baby Steps is amazing. Finally an in-depth discussion.

[@LG-zy9dp]

I get the impression that when this fabulous man speaks no one listens He is not saying the avalanche doesn’t work Vs snowball method It’s about small WINS It actually feels good getting rid of debt If this is what it takes for people to get out of debt then great 👍🏽 go for it

[@lisajane4330]

Great discussion, I've only recently discovered Dave a couple of weeks ago & now this channel. So much to learn & to put in practice but gives me some hope financially 🙏 .

[@Julie-jh3lm]

Love this.

[@thomaschew2191]

Having a plan and working the plan. Attitude, commitment and discipline. It's just that simple.

[@tacrewgirl]

Great interview and good info.

[@savanah1407]

Love his podcast and YT videos

[@Wee_Catalyst]

Then maybe you’ll love the 2 sex-based discrimination lawsuits filed against him and his company-do your research

[@suongho6585]

i love this conversation! 2 of my favorite people in the same room :)

[@SuperBetty00]

This was amazing podcast. Dave Ramsey you’re an amazing individual. Thanks for all the teaching you do love it ❤

[@jessimoves]

This is so valuable, I have been listening to Dave Ramsey for years and can finally live without depending on my income. Compound interest rate and small savings every months can make a world of a difference on the long run!

[@JulioAwesome]

Wow!!! Great to see where you are now from when I first saw your first TikTok, now I don’t have TikTok and glad to see your success

[@gracecase998]

Love you two together!!! Great video!

[@travis7974]

This is the first Dave Ramsey interview that I felt had some intelligent push back on the principles of the 7 baby steps. This allowed acknowledgement that if a person really understands and includes risk in their calculations there can be some deviation. Although, through the prism of behavioral finance.

[@monique7211]

Yes! I also really enjoyed their discussion on separate bank accounts. I think Dave's faith is getting in the way of thinking logically about this.

[@jdecastro86]

I learned a lot today. Hearing both of your approaches was a treat.

[@karenholloway3940]

Love love love this! So so good

[@saudbattoyor6518]

You are great and you have brought the best people to interviewed. Keep going I can't wait for next episode!!

[@alexpietsch7997]

I love Dave on all the newer financial channels. It's like sitting down with Grandpa and contrasting the best theories of your peers with what actually worked among his friends.

[@ethangamer3173]

Omg Erica!!! Girl your channel has skyrocketed!!

[@ProgressWithChristina]

Thank you!!!

[@tayco8]

What a wonderful interview! I got into personal finance because of Erika exactly a year ago, and have avoided Dave because of some things I've heard through the grapevine. I'm SO glad he was a guest on Erika Taught Me; it was eyeopening to see someone's philosophies who differ than mine, but I can see aren't wrong, they're just different. It seems he has very little ego around what he solidly believes in. Great episode!

[@michellefinley5993]

This was excellent!!

[@jacquelinegonzalez8139]

This was the first time i see a podcast and I am beyond words!!!

[@marksweet4077]

I didn’t realize how much I had done right simply by following my own common sense. I’m out of debt, living solely on Social Security now and saving nearly $500 a month… go figure…

[@alexpietsch7997]

Out of curiosity, $500 for what? When I'm at social security age that's when I'm spending what I've saved.

[@marksweet4077]

@@alexpietsch7997 I meant that I don’t need my full social security check to pay my expenses each month and what I don’t spend is savings.

[@phoenixnmhesq]

This was really good. I like the personal aspects that were talked about that were outside of just money.

[@candecarro]

Great interview.

[@leirgilmaroliveira9227]

Great Episode

[@csizzle24377]

My favorite episode to date

[@Wee_Catalyst]

Gross, go educate yourself on the multiple sex-based discrimination lawsuits filed against Ramsey and his company

[@22bouha]

Dave Ramsey led me to you, Erika! I like Ramsey’s teachings a lot.

[@richardcook2320]

This was great!

[@alivealex9914]

I rarely comment on anything…. But I’m a longtime Dave fan AND an Erika fan & this was a great interview. I’ve never seen Dave like this before. It was so refreshing to see a different side to him. I attribute it to him being out of his element and being on another person’s show. He really opened up and showed us a new side of him. I remember years ago Dave started to grouchy 😂 and then they started with the personalities and Rachel came on the show not long after. I think Dave has burnt out a little bit saying the same things over & over (I can totally understand how that would happen), but I really hope Dave does more interviews like this because it was clear he enjoyed the experience and we really got to see a more vulnerable, softer side to him. He also shows no flexibility in his system and it was nice to see him relax a bit and open the door to saying there are other systems that work, but they’re not the DR system. Dave, I hope someone from your team reads this and tells you thanks for all your great advice over the years and please consider doing more shows with other financial folks cause it was really refreshing to see this side of you. Erika, great work on booking another great interview. Bravo 👏🏻

[@mr.hotdogseniorrescue6823]

I have followed Dave Ramsey & my dad’s example. So grateful because l have paid off my home, car…etc. Debt free life is so freeing! Thanks dad in heaven & Dave! 🥹🙏🏽❤️💓💕

[@Agape360Ministries]

This was such a great interview. I’m a Ramsey fan and I thought there’d be friction between the two different approaches to finance, instead it was a very good discussion that explored the nuance between the different approaches.

[@marilyncobb4469]

Great podcast. Dave taught me i can do it! I like that. If you believe you can or cant...your right! Ill remember these. Thanks!

[@ayanda493]

"Personal finance is 80% behaviour and 20% knowledge"

[@luisserrano863]

It was great to hear Dave’s backstory and it’s also great to see both perspectives together. I agree with you on the separate bank account thing, its risk mitigation 😊

[@martinejean3578]

Great erika

[@splendidsnapshot9915]

Dave has been consistent in the past 30 plus years.

[@user-wc6zi6oj3l]

This was a great interview! I loved it. I learned it isn’t a math problem. It is a behavior problem and that I can become a millionaire!😊

[@natalyaa4928]

I love how Dave uses human psychology with finances!!!

[@moneymaverickstv]

Great video

[@USMCsgt75]

Strategic thought, followed by tactical application...that's gold!

[@NatashaRaisorGlam]

Well done interview. Dave Ramsey’s advice is what everyone should have gotten from the grandparents. I read his books in my 20’s. Now I’m my 50’s with a good retirement and property. I do think he needs to update some of his advice for inflation and credit.

[@emenshov]

Dave Ramsey! Such a great guest)

[@Jeremy-ij9bk]

Love this

[@zozozizi6688]

Congrats Erika for this interview With the BIG DAVE RAMSEY

[@georgemarsilio5122]

this is so valuable because when your whole world falls apart and there is no one to turn to , MONEY IS THE ONLY THING THATS GONNA SAVE YOUR ASS!!!!! so get serious remember yu don't need to buy shit you don't absolutely need!!!

[@amireallythatgrumpy6508]

If the whole world falls apart, money will cease to exist.

[@BuiltonGODSrock]

Daves the 🐐

[@candecarro]

Wow, great idea.

[@felipeoliveira2219]

I feel like most people would rather have $1 million dollars worth of experiences by age 65 than $1 million dollars in the bank by 65 when you have 90% less energy, you're restricted at doing certain things or doing the way you would if u were 25... not counting the time has passed and you cant go back.... hey....at the end of the day. You gotta live your life and save too....BALANCE

[@umgazel4785]

I love, love, love Dave Ramsey! What a down-to-earth gem of a human. God bless him and his wonderful wife, who is the crown upon her husband’s head

[@BigCed]

Dave is the best

[@josephjaylo1214]

Humility

[@ccxfrank109]

Erika is inspirational.

[@cutenobi]

Love how Ericka was like Dave’s daughter, where she was able to ask questions to test his theory.

[@stellasatterlee7332]

Love Dave!