Dave Ramsey on Retiring, Getting Divorced, and Going Bankrupt

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Timestamps:
00:00 - INTRO
00:33 - Dave Is RETIRING?!
01:43 - The Ramsey legacy is the most important thing
04:50 - Dave's Survivability Index
13:20 - Raising kids to become "Great adults"
26:57 - Why Dave Ramsey is staying bald
33:47 - What Dave needs to fix about his own finances
41:30 - How to keep your marriage afloat through hard times
49:12 - How to change your values and find REAL validation
52:27 - Relying on necessity vs hope
58:09 - Would Dave take free debt?
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[@Joshmarmolejo_]

Finding Dave Ramsey during the pandemic literally saved my life. I had no savings account and so much debt. I was living in LA renting a room. His plan inspired me to get my life together. It sounds extreme but it’s true. I’m debt free now. I paid off $16,000 of debt. With a good chunk of savings. You become so disciplined that everything that you spent money on that seems “fun” you don’t want to do anymore like concerts, partying, or other material items. You naturally want to have a purpose and career. So you unintentionally save more money by cutting back on a lot of things.

[@gsd5.785]

You are weird!

[@TheHWFstudios]

Does Dave Ramsey’s team pay you to make that comment? Lol

[@Joshmarmolejo_]

@@TheHWFstudiosI’m just telling my story.

[@neolion8150]

Mate your on the right track. Small goals big dream. 10years time you’ll be looking back wishing you could thank yourself believe me. And see people like the negative comment will still be stuck in their own loop.

[@tehilash7292]

​​​@@TheHWFstudios I found David Ramsey on you tube about 10 years ago wich was brilliant. I paid off my mortage since and purchased another appartment, fully paid. And I am not even from the 'America continent'. But if you don't like his advice you don't need to follow it.

[@sonokoful]

I discovered Dave Ramsey in college and thought his way was dumb and he give boring advice. 6 years after I graduated college I collected so much debt. Now I’m one month away from being debt free! Dave’s financial peace literally change my life!!

[@TaylorHaubrich]

I'm an over the road truck driver and every time I go by the BIG Ramsey Solutions building near Nashville I cant help but to admire what hard work looks like. Congratulations Dave.

[@sarashann]

Very happy semi-retired 60 year old with no debt, paid for home and cars, and retirement savings because my husband and I started Dave's methodology in our late 20s. Our son is on his way to financial independence, too. Dave is the OG! Thanks Dave!

[@larsvongraff5794]

This would indicate Dave’s been doing this 40 years. You’re a staffer boot licker

[@mattmatt6572]

I like Dave's point of view on save it n don't do debt. However I have some large disagreement with what he says people should and shouldn't invest in

[@Indy__isnt_it]

I screwed it up and let a controlling freak of nature take over $ and he refused to share the info, how and where all the finances go. He'd start an intentional fight so I would eventually stop interacting & engaging. Tried so hard to go to a church to learn this thing called Financial peace. He refused to believe DAVE KNEW BETTER! NOPE, he knew it all. I'm left financially stupid because I stuck by his side for 42+ years. No broke, can't afford the LOWEST INDEPENDENT LIVING. STUCK BROKE at 66 years old. I still need you Dave!

[@scrubs4everr]

To me, Dave is an example of a wise man and of aging really well - he is full of life, knowledgeable, still learning and very relevant to our time. Love Dave!

[@MrsEJV]

It’s so refreshing that these money people aren’t in competition. They give every indication of respecting and admiring each other and don’t feel the need get snarky.

[@watvid1]

They are in competition but it just so happens that helping each other, helps themselves. Win win

[@robertthompson4224]

Dave is the goat of financial education. When I found him years ago, I IMMEDIATELY thought WOW. This is common sense. Why haven’t I done this. Got on his plan, paid off all debt within 4 years. Now we’re attacking our mortgage & wife’s truck. Will have truck done by next Christmas. And house paid off in 7/10 years. We have a 30 year mortgage. So we’ll be way ahead of schedule. Can’t thank this man enough. So when I hear people bash him, it’s more than likely because they don’t want to get on his plan to change their life. Because it’s definitely NOT easy to pay off whatever’s amount of debt you have. Because it will DEFINITELY be uncomfortable. I worked 7 days a week for 4 years straight. Family & friends thought I was nuts. That’s how I knew we were on the right track.

[@josephlabranche4889]

Dave is that dad we all need sometimes stern, not a dick but honest and dose not bullshit

[@hofterup]

So glad to hear the explanation of the $1000 versus and adequate emergency fund - I just heard people mocking the $1K and was unaware that this was merely a first step. This makes a lot more sense than telling someone to have $20K ready before they start paying down debt.

[@LegDayLas]

The think I don’t understand about the “have 1k saved for emergency before you start tackling debt” is well… why not just use that 1k to tackle the debt, and if an emergency happens, just get another debt equivalent to the one you just paid off with it. That way if you don’t have an emergency, you paid off the debt faster. Their is no financial downside. My assumption is he believes in building good mental habits, and “I’ll just get my debt back” isn’t a good habit. Sure on paper it had the same effect, but in your brain you have just found another way to justify another debt (even though it’s basically the same debt)

[@adudeplayingadudedisguised6776]

​@@LegDayLasramseys whole brand is 0 debt so he would never do something like that even if well reasoned.

[@elizabethdelatorre9019]

Jack I must say, you bring so much to the iced coffee hour. You are an excellent interviewer. You ask great questions and can tell you are so invested in these conversations.

[@Daishi43]

I was just thinking the same. When it comes to an interview, Jack is definitely so engaged and fun to watch

[@dustinmaherfitness]

Yes I was going to write the same thing. Jack you have really matured and are asking killer questions.

[@adamdrust1976]

💯

[@TkONe22]

Interview made me like Dave a whole lot more. Really felt his succession plan and talking about it working with the views/listens being up when hes on and now down makes so much sense. Hes built up the other team members so well. Great insight and great interview.

[@Alex-xo2sz]

Dave Ramsey is just getting started.

[@aaahhhwhatever]

💯bigger than ever

[@laszlobauer5274]

Baby step 1 makes Dave's plan work better than other plans. You need to learn to be able to have money without a plan to spend it.

[@brianheyward147]

I absolutely enjoyed this. I'm a Ramsey success story in the making. I don't always agree with Dave, but one of the most valuable things I've learned is to submit to the process. Ran across his stuff during a divorce as a single dad and it was a part of my healing journey. It helped me to bring some order to the chaos that surrounded me and provide stability to my daughters while protecting myself during the healing. I'm out of all debt and building my 3-6 mos emergency fund. Can't wait to start investing again and plan for my kids' college while saving up for a down payment on the next home. The future is looking brighter and I'm grateful!!

[@BakoBoi]

I like how casually Dave talks about therapy and marriage counseling, he comes from a generation that is often resistant to talking about feelings and normalizing open expression is a very positive example.

[@stereoheartsrnb]

I misread the title and thought it was Gordon Ramsey

[@suen5006]

No, that's the generation before him. Men his age and younger are more open to feelings and therapy.

[@Magazinelady]

This was a great interview. Dave learned the hard way. By developing a plan to get out of debt, he not only helped himself, he has helped countless people. This is a rags to riches story or tradgedy to triumph. This interview showed Dave, the teacher; Dave, the family man; Dave, the business owner.

[@user-uv1bm5qs7p]

What an honor to get to sit down with Dave Ramsey and have a conversation! Really cool to see these guys not only doing an interview, but gleaming knowledge from a source of wisdom!

[@vanesslifeygo]

im gonna go back to watch the videos of millions in debts hahaha

[@YacubH2961]

I love seeing Dave in this format. Appreciate all the content.

[@MicahEddyOfficial]

Great episode! Great questions, Graham and Jack! This was a very good way to spend an hour. These Ramsey collabs are fantastic.

[@bcusaaus4749]

Hour well spent listening!!! So many good lessons. Will have to watch again.

[@DGregster]

Somebody clip that and make it a short. The part where he's talking about how his numbers are up when he's not there and the little boy inside him had his feelings hurt but the man in him is proud. That was such an intriguing conflict of emotion to consider; I never would have imagined it. I love that.

[@umgazel4785]

NO ONE is as wonderful as Dave. He has all the experience and common sense that none of his cohosts can replace. I adore him and his advice

[@ashwinaditi1039]

I like Dave. He gives good advice sometimes. Is he the same person on camera and off camera when you first met him, i have been curious for a while, I intend retiring/working much less in 5 years and keen to know best, how people split their pay, how much of it goes into savings, spendings or investments? I earn up to $180K per year, but nothing to show for it yet

[@grinjohnson6452]

for someone who needs some catch-up, consider the 80/20 model. Needs and wants / Investments

[@marcmiller6367]

Daves the 🐐. There are a lot of people like this. Im 52 and just getting serious about retirement. Its sad because the time to get serious was 20 years ago or even younger.

[@adamweah8037]

For me, I'm quite lucky exposed to financial planning at early age, started work at 21 and invested to my 401k through my employer, going forward I purchased first home at 33, unfortunately got laid-off afterwards, amid 2020 covid-outbreak. At once, I hired an advisor to help stay afloat, and as of today, I'm only 25% short of achieving my 7-figure ballpark goal after subsequents investments.

[@michelleabraham1732]

bravo, this is striking! mind sharing info of the advisor guiding you pleas? i'm in dire need of multiplying my reserve

[@ninauzoz4951]

This was great conversation. Thank you Dave for sharing such wealth of wisdom.

[@tyanabarnes6060]

I’m so tired of people bashing Dave Ramsey. His steps are incredibly conservative because it is the surest way of reaching millionaire status. For the average American, Dave helps them a LOT. He’s not really for the people who are financially responsible, and knowledgeable about their finances. He’s helped millions, and y’all are picking up on his caveman ways as if the people who he helped don’t exist. This isn’t a “if a tree falls does it make a sound” adage. There’s proof in his pudding. And he’s never veered from his brand. He is heavily Christian and heavy in his trust in God. His views don’t change the fact that his steps work. Truthfully, he’s the reason I’ve got into finance in the first place, and it spun into exploring all things finance. He’s the grandfather of financial advice, obviously the more up-to-date social media advisors are more connected and revise his original plan (you see it in every theory, the point is to build upon it, not accept it as fact when the world is constantly changing). So just chill on my guy, thanks

[@shatzofhudson]

Dude fires people for being gay or getting pregnant while being unmarried and just straight up pulled a gun on his employees. Dave is an awful person and deserves every last bit of criticism and animosity directed his way.

[@bennyl7224]

Baby steps 1-3 are excellent. After that, the advice, while it’ll work slowly like you say, will cost someone $100&100ks up to millions in retirement due to doing things differently. What someone’s religion is should be irrelevant

[@tyanabarnes6060]

@@shatzofhudson he is definitely unhinged for that, (also didn’t know about the gun incident but it seems he didn’t actually point the gun at anyone. Not defending, just for context), however the other stuff shouldn’t come as a surprise. He walks a very specific, straight line. Always has. I hate that he criticizes Biden, worships Trump, and trashes electric cars when it’s helping save the environment. He has strong views, unchanging, and in a world who’s awakening to the endless possibilities of who they could be, he sticks out like a bad thorn. But, his advice still remains relatively solid, and for the people who can’t afford to invest, for the people who are drowning in debt, for the people who have a spending problem, he is the go to guy. I don’t agree with him outside of much else, but I do agree with his process.

[@tyanabarnes6060]

@@bennyl7224 absolutely! His way can be deviated if you take the time to actually gain control of your finances and look to the possibilities out there. His way is still the surest, safest way to reaching millionaire status. It’s like, do you want to invest in the S&P 500, low index funds for the rest of your life? Or do you want to diversify your portfolio, add a little bit of risk, but you could come out with a fatter wallet? I also think his 7 steps is because over-flooding the audience with more steps where they’ll never be done can have them lose motivation. His plan is simple and doable.

[@amireallythatgrumpy6508]

So do all other American companies. I don't see you criticising them@@shatzofhudson

[@carolannstevens5814]

Dave is so wise! I can’t ever get enough of listening to him. Great interview!

[@w.logancaldwell5129]

I love that Dave is spending so much time pouring into Jack and Graham. You guys are extremely fortunate.

[@TonyKimCre]

Love how Dave keeps it simple. Step by step blocking and tackling investing. So the investing tree you’re chopping down doesn’t fall on you.

[@ks986]

I love when Dave is there!!!! Nothing can replace him! He’s got the wisdom and personality that nobody can replicate!

[@KalebSDay]

Yeah, that of a creepy boss that fires people for having a child when they're not married. I am not sure many people know that giant sour patch of his business practices. He runs a supposed secular business by the way. There have been many that have won settlements for being fired due to his own skewed personal reasons to let them go.

[@RobFromRI]

Thank God for Dave Ramsey! I'm in Baby Step 7, which is amazing to me since I thought I was going to die with debt!

[@ckagne]

This is the best interview I’ve seen of Dave Ramsey. Qudos to the Gram guy.

[@margretbrzoza8297]

Wow! Congratulations, loved, loved, loved this interview. Covered so much information. Dave R. has so much information, experience and wisdom to partake. Plus he's giving his answers freely and there are those people who will not share willingly like it's "my" secret and for you to find out...a real playground mentality. Why not lift people up? Thank you and kudos to great interviewing skills...fantastic podcast...one I will revisit.

[@shawncross9582]

Dave, You gave me focus when I was in the most productive and lucrative time in my life. I read one of your books while I was paying off my student loans and I was able to pay off my house 22 years early. I followed your advice and then saved for 8 more years for my retirement. I was maximizing my FU ratio and then during Covid I was able to retire at 52. I sold my house and have been slow traveling on the dividends from my home and not touching my capital or retirement funds. Things are sometimes tight, but not any worse than than when I was working and saving. Everyday is better than dealing my old bosses. Three and half years remain of slow traveling till I am 591/2 by which time can start to tap some funds without penalties. By then I hope to have found my forever home (most likely outside the US). Thank you for the guidance and discipline it has served me well.

[@RomyMacias]

Congratulations Shawn!

[@JakeSnakeNC]

Great podcast- congrats on interviewing Dave!

[@BakoBoi]

I like the podcast, yall are learning each interview and it shows

[@cooperstvandyoutube3303]

Dave really shines during family related conversations.

[@WilliamPeytz]

My favourite business and finance creators

[@jeromesampson8097]

really starting to like this podcast, you guys are great together and let your guests answer.

[@jonpuente8502]

Dave does a lot more than just a talk show! He is a real entrepreneur leading so many people into success. Great work, great team!

[@donnyaiken1556]

Great interview I love the questions you had for Dave.

[@madmike18]

Great podcast! Jack is very good at asking questions

[@tomtesting99]

Too bad Grammy puts down Jack so much. Grammy is just jealous that jack will always be taller than him. 🤡🤣

[@elizabethdelatorre9019]

Not even ten seconds in already commenting and hitting the thumbs up 👍🏻 button! Excited to listen!

[@River10000]

This is my favourite interview I’ve seen with him. Thank you!!

[@colegreene2153]

This is one of the most fun Dave Ramsey podcast I have seen. Seemed like a fun conversation

[@glory5977]

Just found Dave's Channel. Learning so much! I have to admit I click on the video faster when he's on. ❤

[@breevestal]

Dave Ramsey’s advice got us out of $100,000 of debt and on our way to pay off our house.

[@doomy_doomy2225]

You got this.

[@lightbrightconnect]

The baby steps are a very clear path to wealth. It’s so simple it’s genius.

[@graceblessings7548]

Love this episode. Will be relistening multiple times. Just a good thought provoking conversation. Dave Ramsey, I would enjoy listening to more of these discussion based podcasts with you. Would definitely listen to them. It's different from the Ramsey Show, which I also listen to regularly, because it's just sitting and hearing the life lessons and wisdom that you've learned over your life. Like talking to a grandpa. Would love that.

[@ag4allgood]

I am grateful to Dave for setting me on the path decades ago to be debt free. Now in retirement everything that living below my means decades ago has made it so much better. We disagree on credit cards but paying them off every month should be a Baby Step too !

[@yasminquinones5404]

I love to see how different they are in the way they see finance and the respect they have to each other. There is not a need to trash others because they thinking, values and principles differed. 👏🏻👏🏻👏🏻

[@user-xx6hs2qv3s]

Great interview, thanks for all you do !!

[@alexrowell5808]

One of the best Dave episodes ever

[@Lisa12T82]

I love watching your interviews with Dave 😊

[@deniselittle5558]

Excellent interview. Jack is a very smart young man who asks the best questions. Watching Dave on his own show, I had developed a strong dislike for him, but after watching him in interviews with Graham and Jack, I have developed a a whole new respect for him. Loved the part about "Poor is a state of mind" It really rsonated with me.

[@scottyarellano]

Graham just soaking in the wisdom. Great Podcast.

[@DMackOutdoors]

Love your content with Dave. Thank you!

[@NextGenEvs]

One of the best Dave Ramsey interviews I’ve seen yet!

[@MarkRizzoTheDragonWizard]

That was a brilliant epic interview with Dave Ramsey. One of my favorites. Thank you guys for what you do. Dave's going to have a special seat next to God when he arrives for sure

[@HistoryRoar247]

Finance GOAT-s in the GOAT-ed podcast channel!!!😊

[@kyliemellar5046]

Fantastic interview gents. One of, if not, the best yet. The insight into the succession planning process and elements on character and values - brilliant.

[@src4409]

I have to say that I always prefer Dave. George and jade are close second and third, but Dave's style of getting to the point, but also having compassion is the chef's kiss.

[@celestedv8126]

“We were not just broke, we were broken.” The best questions get the best responses. Thanks!

[@ericaterrones16]

Awesome guys! I clicked cause I saw Dave R and he saved my life! Great questions 🎉

[@ahmadnaggayev3637]

@GrahamStephan is such a good listener.He is all in emotionally invested into companion while he is talking! I think we all were thought around the fact that good listener is the one who always having good questions but the prcoess of listening with such a deep face expression is underrated in NLP(Neuro-linguistic programming) world!

[@aliciaz4682]

It’s fascinating to hear how Dave feels about the Ramsey Show phone calls, that he still remembers how it felt to be bankrupt. And his “retirement” will be doing the phone calls only. That’s how much he cares doing those

[@macpduff2119]

I am a fan of DAVE Ramsey and so miss him when he is not on the shows, However this video helps me understand how he is trying to transition to the next generation.

[@illuption198]

I think it would be interesting bringing on a clothing designer like Seaggs or Mona Thomas. Learning about startup clothing companies would be interesting for the podcast

[@BuiltonGODSrock]

Daves the 🐐

[@dropoutandretireearly1781]

At 23:00 I love the reference to your BIGGEST WEALTH BUILDING ASSET IS YOUR INCOME !!!!! I like how you said "did you actually put money into it" Golden quote !!!!!

[@sviolet892]

Love watching these guys together

[@eatpigsnot]

Dave is right to a point about giving effort, it certainly improves ones chances of success, but anyone who thinks all effort is rewarded, that bad things do not happen to good people, is not paying attention to the world we live in

[@tdmorgenthaler8384]

I like Dave unplugged-Do more of these.

[@SenorJoeBiden]

Dave really has a lot of wisdom. I come from a different upbringing, religion, background than him but there is really so much to learn. I was surprised at how insightful and smart his commentary on relationships was.

[@npd253]

One of the best money guys ever if not the best. My respect for him has grown every podcast I've heard!

[@ssauve]

What an absolutely fantastic interview.

[@cynthiavuong6611]

Love Dave Ramsey! He literally changed my life!

[@marthamette3018]

Dave & his crew are awesome. 💖

[@Jane5720]

What a great conversation 🎉❤

[@retirementbudgettravel699]

Wonderful colab!!!! Just loved it!!

[@NextGenEvs]

Dave is the 🐐!!

[@yonmoore]

It's really cool to hear Dave talk about himself and his business. Usually he's talking about everyone else and their business.

[@VidalLuisMora]

You guys should have David Bach on, the guy behind The Latte Factor and the Automatic Millionaire books.

[@jfk1998]

Dave's principles Is really help me a lot

[@bensondentalassociates8690]

I love Dave!

[@armstizzy7468]

I've heard Graham and Jack name-drop Dave Ramsey multiple times and I finally get to see them talk to the man himself!

[@oui.monsieur]

He has very unrealistic goals for the average person

[@jacksonbilly9979]

He has other interviews with Dave though

[@oui.monsieur]

@@jacksonbilly9979 he preaches the same 🗑️ on all his media.

[@FreeScott]

⁠@@oui.monsieurhe has the most realistic goals for the average person? He often gets hate for being almost “too average” and not good for the people who actually follow finance. Curious what you feel like is not obtainable?

[@hektaah]

@@oui.monsieurwhat do you mean 🤣 he’s the most realistic

[@AaronGrosch29]

I want to comment just to tell y'all that Jack's more philosophical/psychological and spiritual questions always add a difference to interviews that usually get tunnel vision as if people's success is JUST finance and business management. People are a bit more nuanced than that. Thanks Jack.

[@sizzyp3324]

What a great wholesome interview! What I wouldn’t give to be a fly on the wall there in studio at Ramsey Solutions headquarters.

[@HaydenBowles]

a great guest!!

[@myjoysunshine]

Loved this! Love Dave Ramsey!

[@dmitriyr4095]

One of my top podcasts to follow 🔥

[@ricmightybonefeliciano9800]

this interview is fantastic

[@bffoxjr]

Big props to Dave for inviting them to his studio for the interview.

[@clubracer6]

Really great chat!

[@MJ-ge6jz]

I would suggest you get an interview with The Economic Ninja. He as a unique perspective on real estate and economic cycles.

[@bjemaja]

I enjoyed listening to this.

[@I_Lemaire]

Dave Ramsey and Ramsey family are amazing.

[@kristine7304]

I love jacks question about about fostering passions in their kids. I dont know yet if my process is working but all i do is support them in the things they enjoy doing, with the exception of unhealthy hobbies like video gaming and social media surfing. They still get to but they have limits on those things. They say they want to learn something, i sign them up for lessons. I teach them that everything is hard in the beginning, and commitment is how you gain skills. My oldest is 16 so i dont have adults yet. We shall see.

[@darleneatkinson3906]

TIC at 30:02 Ask why is it people don't start contributing to better financial future. in my case it was my sister died at 27 years of age I assumed I die young better spend all the money I receive then I turned age 30 and I begin learning about money so I think it is internal perspective and what people life experiences cause them to not save money or prepare for better financial future that just me it could be something totally different for somebody else. I really enjoy this video you Graham and Jack and Dave really make people think about different parts of life situations. Thank You all 3 for this video and all the people who help edit and uploaded it very great video.

[@christinab9133]

Love it!

[@ntnboy85]

17:05 literally just discussed this with a friend, and we talked about all 4 points before i even seeing this episode.

[@raysacapellan-fender]

So true, we LOVE you Dave but we LOVEEE the Ramsey Personalities❤❤❤❤