How to Become Better With Money With Financial Expert Rachel Cruze

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Ep 39 - Rachel Cruze is an author and certified financial coach, and she co-hosts the Ramsey Show alongside her father, Dave Ramsey. In this episode, Rachel and I discuss money habits and how to improve your relationship with money, we give tips on how to set up your kids for financial success and how you can keep up with inflation. Rachel also shares with us her basics for investing and some of her controversial takes when it comes to personal finance. Spoiler alert: we may disagree on a thing or two!
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Timestamps:
00:00 - Intro
00:41 - How to immediately get better with money
12:08 - The biggest financial mistakes people are making
17:55 - Lack of savings and how to get started
22:34 - How to set up your kids financially
30:46 - How to get out of living paycheck to paycheck
38:45 - Investing 101
43:41 - Credit vs. debit cards
48:59 - The first point of change if you feel hopeless about your money situation
50:46 - Joint vs. separate accounts in marriages
01:00:06 - Rachel Taught Me

[@coffeegirl918]

Thank you Erika for this podcast episode. It was so nice to see people discuss their difference of opinions & respect each other for their Pov. I love Rachel & have been following Dave Ramsey for over 25 years. My situation in marriage has changed over the years, he kept spending all of the money I made, he wasn't working so I opted for separate checking acounts, more behavior & anger issues going on, so I ended my 25 year marriage. I left with nothing! I've been able to stay debt free! During this 6 month window I had lots of exta expenses. First grandchild, another son got married, I had to rent again after 45 years, moving & deposit expenses. I paid my attorney in full, paid the IRS & penalties because my account made a huge mistake. Car repairs, plus I had to buy dishes & beds & household everything, I lived 6 months without a sofa. All done with cash! Before you think I make good income, I'm a Administrative Assistant with no college degree. It was a goal I set for myself, to start over & rebuild my life from scratch! It feels amazing!!

[@LakeAllfredLuigi]

Rachel Cruz the best

[@Alexandrite-kl6ti]

You have been following Dave Ramsey for 25 years & still broke? Pointless to follow this guy then.

[@carolannstevens5814]

You are an encouragement to me! I am 64 and have been in abusive relationship for many years. I need to leave. We are finishing building a house and can sell after finished. I have been a SAHM. I do the investing though.

[@royalpitamamma]

So I am incredibly blessed in that my husband and I have joint accounts and we do not ever fight about money. I think in 23 years of being together we had one argument about money. One. He considers me a wizard for handling money. I think I am running from fire to fire to put them out. I spend a lot of time trying to figure out money though and he has difficulty understanding if something is worth buying. He is a very frugal man and content with very little. He has given unselfishly to us for years and when I ask are you sure, he just says "will it make you or the kids happy?" If the answer is yes, then he doesn't care.

[@marquettedonaby9484]

I remember when I made my first 100k when i got my W2 I had that question. Where did all that money go, of course a big percentage went to taxes. I had to take a step back and look at my spending and mostly went to vehicles. Once I cut out car payments on trying to have a sports car I started seeming my money add up in my account. Just started doing the baby steps and now feel less stressed about money.

[@wah_yar_tiwari]

Not gonna lie, yesterday I was thinking when are you going to invite someone from Ramsey Show! And now Rachel is here! ❤

[@suheycastro3901]

I found a tremendous amount of value in this video. It flowed naturally. I felt as though the conversation could have gone on for hours!🙂

[@carolannstevens5814]

Me too!

[@libbysworld7649]

This is personal finance GOLD! Such value!

[@proper.role.model.819]

I'm SO happy for this! two of my favorites together!! Can this be a regular thing?

[@radioheadfanlove]

I love Rachel soooooo much! ❤ Am so glad the algorithm suggested this vid to me so I could see you two gals have this chat!

[@rcoop2177]

I absolutely loved this conversation!! Currently going through a divorce, pressing restart on my financial fitness. Thank you!!

[@martingainty9623]

The most important thing is to get ALL money into your OWN Accoints

[@brandonevans7872]

I loved listening to the conversation, the financial aspect is an area where many school systems fail students. Yet very few places will hold classes or seminars to help education people. I personally have a bad history with spending & have been working on establishing boundaries with myself, and my financial institutions.

[@lisajane4330]

Completely agree, there needs to be a compulsory finance lesson for highschool students.

[@lindaidzinski1851]

Great interview! I have been listening to Rachel and her dad since 2017 and so happy because I have learned so much from them. Because i listened to their advice I was able to get out of debt and retire early from a job that I hated. I am a new viewer to this channel and am so looking forward to future episodes.

[@debbie12346]

Wow! So excited to watch! Love the Ramseys! ✨✨

[@carolannstevens5814]

Me too!

[@torrencel.2662]

Love these two women for what they do in this space. Great show Erika! Nice surprise seeing Rachel on the show!

[@tetedur377]

@_youtuber_12 Why pretend you're somebody you're not? Reported as spam. Buh-bye.

[@happycowgirlthrifter5800]

My husband and I have separate accounts too. He's self employed and I have a fulltime job and a side business. We each have certain bills that we are responsible to pay.

[@carolannstevens5814]

I love the Ramsey team! I met you Erika through an interview with Dave Ramsey, now I love you as well! Great interview!

[@LV_fromhtx]

Yup totally agree with Rachel about credit cards. Credit card benefits you with big big purchases like plane tickets but for me it’s not really worth it because I’m a natural spender. I feel like I budget better when I see my balance after I see each purchase. Rather than paying for it at the end of the month

[@martingainty9623]

What is "Natural Spender"?

[@LV_fromhtx]

@@martingainty9623 spending naturally , spending often without hesitation

[@Erginartesia]

“Money is never really about money…” money could be why a marriage ends. A spouse holds the other spouse hostage. The higher earner thinks they are a shareholder with greater investment… therefore, greater say. Erika is 100% spot on. It was my mother that told me “you two can agree/disagree… but NEVER be dependent on your spouse financially”. Just look back at the TV show of old “Father knows best”… it’s right in the show title.. Father was hardly even around until it was time to eat dinner… so how would he know best? How is it women are better savers, but they get less social security? It’s all fine to use a central pot of $. But you are asking for it if you don’t have an ‘emergency backup $ plan’. Am I cynical? I prefer to think I’m statistically correct, especially with the largest growing divorce demographic being grey.

[@carolannstevens5814]

I am going through a divorce soon and we are just business partners.

[@nancyoleksy]

Thank you for this. I feel like I am going in the right direction after hearing this. I am starting to try and pay off my credit cards and hopefully slowly but surely I can get debt free pretty much. Those credit cards can kill you.

[@letsdothis9728]

You got Rachel Cruze on the show!!! Wow!!! Nice!!!!

[@lisajane4330]

Loved this episode. I'm in agreeance with you Erika regarding separate accounts. Even though I'm married & we've been committed for 16yrs plus, we've always had separate accounts. We were very independant people that met later in life me late 20's/partner early 30's, so joint accounts has seriously never come up in conversation. And when I really think about why for me it was seeing a parent/child relationship with my parents, where my Mum felt powerless alot of the time until she left. I hate credit cards though & in the process of paying off a high interest one as we got in trouble & didn't have much of an emergency fund so a cc saved us but we're definately paying for it now.

[@kphilipps55]

I happened agreed with Erika about the joint accounts... me and my husband had joint account in a past and it didn't make me feel happy because i felt like i was not controlling the money at all. Now we have separate accounts, and we both are much happier, he became actually more responsible and I feel like I am controlling my money and able to save a lot more than before.

[@tech9force]

Great Podcast. The only part that worries me is at 58:38, Erika states I don't want to be accountable to anyone; if I want to spend 100 dollars, I don't want to ask for permission or be accountable. Out of any person in your life, the one person you have to be accountable to is your spouse. Like Cruze said, you don't have to ask permission on how to spend. Make sure both couples agree to the budget, which should be the default. Other than that, it's an Amazing Podcast.

[@Josyeliel]

Let’s be honest about credit cards with benefits. Banks are playing the long and subtle game with us because they have the patience. You will spend more money than what you should because those rewards are bigger than the money itself in your brain. If you participate in credit cards you are fully aware that if you are not falling prey to their tactics it is those who can’t afford it the ones that are paying for your benefits. At the end it is a sleazy thing to promote an participate on. Then credit cards are also a huge part of why things in the grocery store are more expensive than what they should be.

[@ABiscuitandTea]

YAY!! I love both of you! So happy for this episode!

[@timwindsor03]

Incredible vlog ERIKA. Thanks for sharing. Always learning something on here. Keep the content coming . Hope you have an incredible 4th. Much love. Hugs

[@williamgarcia2025]

Great podcast, erika. Thank you for having Rachel on. Keep up the good work 👍👍

[@ourdailybored8431]

Such an interesting conversation!! Thank you for this!! My favourite was the healthy debate around credit card use. For the longest time, I didn't have a credit card. Even during a short stint of me getting obsessed with luxury goods, I just used my debit card. I have been reasonable with my money since. However, recently, I acquired a high-points earning credit card because of all the advice and temptations on getting flight upgrades... There's definitely that excitement of spending knowing that I will get points out of it! I don't think how that feels, and I feel that it's pushing me to the wrong direction of financial health.

[@MikeInSthlm]

Really enjoyed this conversation. Rachel is always a joy to listen to 🙏🏽🤩

[@samuelburton9761]

Simp

[@Anthony.Delagarza]

I do not agree on the single joint account. However, I would rather prefer we each have our own account and one separate joint account where we would both agree to deposit a set amount each. That separate account will be used for fixed expenses that we both share. The amount we put in would be proportional to our income.

[@QuincyAngel]

I am so very grateful I woke up and found your podcast. I so needed to hear this. I appreciate what you've done . You've been. A huge help in my everyday life. Nice work. Thank you to you both .

[@martingainty9623]

Where in Quincy?

[@themediterraneanguy]

I enjoyed this conversation, well constructed.

[@diannebee]

Never thought she’d be on your show! I love Rachel!

[@Tank-vi2dv]

If you have a backup plan in place to leave your spouse, that doesn't sound like a fruitful marriage

[@GreenIndustryPodcast]

Great interview y’all!

[@Rajathon]

Awesome conversation!

[@tiffanysteen8150]

Loved the collab and positive agree to disagree conversation. Would love to see more of these!

[@drsteviejasengnsangma8739]

Excellent podcast as two great financial influencers comes together❤ Second most common cause of divorce in US next to extramarital affairs if I am not mistaken is related to finance so I absolutely agree with Rachel to have a joint family account. If as a couple we can't agree with our finances then surely there will be some deeper issues in the marriage. Rachel's view on this seems to be coming from Christian values. On using credit card I am neutral about it though personally I have never use it. I believe in spending what I have😊 Giving children with 3 envelopes (Spending, Saving & Giving) is an excellent idea which I am definitely going to follow it. Thanks Erika

[@wrenchguy2937]

Love this podcast. I can relate more to you vs Rachel.

[@wdeemarwdeemar8739]

I have never cared about what others think but I can tell you having got a lot of laughs at my 10, 20, and 30 year reunions.

[@brucebanksshow]

"if you're in an abusive relationship don't combine finances" but you wouldn't know you're trapped in that relationship with that abuser until you're already combined finances usually...

[@carolannstevens5814]

I keep my finances separate as mine is abusive.

[@MikeThePike316]

​​@@carolannstevens5814 You have bigger problems.

[@MikeThePike316]

I disagree. You know or should know if you're in an abusive relationship. There are too many resources to be ignorant. If your Spidey senses get to tingling, separate finances and seek marriage counseling.

[@alexpietsch7997]

Next up: Erika on smart money happy hour

[@monikamasarova7866]

I didn't find any advise in this long interview I didn't know 🤗 your other interviews are better❤

[@tetedur377]

I consolidated my student loans into one with a really favorable interest rate, and it really worked to our advantage. It was just a constant debt that we had to pay every month, so we factored that into our spending. I almost said "budget," but my wife didn't do the "B" word. Still, we had regular debts to pay, and that was one of them. Another thing we did was when I went back to school, I went to community colleges in my area to pick up courses that I needed for an MBA. I was eligible to have my student loans from my BA deferred, and my wife was in favor of that, but I said no, and eventually, it paid off; not so much in how quickly we paid the loan back, but just getting it done in a timely manner. It's not unlike when I did my upper division work; I took courses (at the 3- and 400-level, no less) during the summer in order to graduate in the "normal" (for the time) 2 years. I graduated "on-time," though not early, but it saved me from dragging it out over a longer period of time. Community college is almost always cheaper than a 4-year institution, which is why I did my lower division (including remedial learning) at those same community colleges I was doing prep work for my terminal degree after I graduated from the state school.

[@tetedur377]

@_youtuber_12 Why pretend you're somebody you're not? Reported as spam. Buh-bye.

[@matt79de]

To the point of the BMW: Can someone please explain to me why people obsess about those? In terms of utility value i can think of cars in spades that are better *and* cheaper...

[@witcheater]

A part of the "other side" is that I bailed my daughter out of her student loan debt... and she resents me for her not being able to be the strong and independent female. I am a dad true to my word so I never expected a "thank you"... but, there never has been. That is telling of her personage that university educated her in to.

[@asinglewomanontheloose5590]

Suggestion. Tell her you changed your mind. You expect her to start paying you back for the loan - and mean it. She might change her tune. So sad about the situation.

[@witcheater]

@@asinglewomanontheloose5590 Thank you. I will.

[@adesign3755]

It’s so sadly typical in this generation. I feel you pain!

[@meejinhuang]

Debtors tend to sign up for as many loans as they can including student loans. They are not too concerned about paying the loans back until they realize they don't have enough money to pay for their debts or anything else.

[@roshunepp]

I went with snowball bc I needed the cash flow.

[@ianmorrison5474]

With no-fault divorce being law could your partner not just take all of your money out of your joint bank account?

[@mlu18]

I see both sides of credit cards. For a person who earns and has a large sum of money, he or she can use a debit card only. I think a large percentage of people are not there yet. 1,000 in an emergency fund can not cover a lot. That is a difficult subject for the have and have nots.

[@deneagentry7390]

Love this mash up!

[@user-rw4dd8wi3m]

That "power dynamic" would exist either way, joint or separate accounts. I have personally seen it with men and women.

[@chelseashurmantine8153]

Thank you. This is more more my level since I’m not a millionaire (yet) lol

[@edb484]

Hi Erika. I was one of your first followers. Crazy how your channel has grown. nice to see you guys link up.

[@templogical3095]

As a initial follower you should get some equity, Erika, Please give this man some share of your profits

[@carolannstevens5814]

I don’t own a credit card either for all of life never. Husband left the kids and I for 4 years. Never combined and did not divorce because I have been a SAHM in middle of building house.

[@joycewatt8289]

17:25 I think one of the biggest problems facing many people today is the NEED for VALIDATION from other people. Like why? 🤦🏽‍♀️

[@womanoftruth]

❤❤❤Great!

[@chelseashurmantine8153]

Oh please god this is so hard I wish we didn’t have to go backwards in this inflation. I am in the process of doing that also .

[@teckyify]

Which money

[@DarrkMane]

Rachel looks like The Witcher's Ciri's older sister in real-life

[@_CryptoBits]

Hookup with Ima Gahdzi. Hes a baller and hes only 23. Didn't need a college degree to make 20 Millions

[@WhatsOnYourMind.]

Her dad criticized ppl who collected during covid in such a disgraceful way that shocked the hell out of me.

[@WhatsOnYourMind.]

@@luckydalton1656 Americans already paid their dues decades ago. We owe nothing to nobody. We didn't ask to support wars and Isreal while leaving the homeless out to dry. How do our leaders go from making 150-250k to being a multi-millionaire?

[@ismaelhall3990]

The money game.....

[@josedesiderio8595]

425 WA

[@captainviper3888]

Inflation "coming down" does not mean "prices will be coming down"

[@bobbylincoln7869]

just like her dad

[@IssaRaeOf10S]

I don't even own a debit card. Too risky

[@tetedur377]

I use a pre-paid debit card for online or questionable brick-and-mortar purchases - basically, stores who don't, or may not put a premium on security. That way, I can fund the card every month, and it protects me against theft as much as possible. For everything else, I use a credit card, not a debit card.

[@dmenaced]

I agree with most of the advice given by Rachel. But she is just repeating everything her dad says. Sure, she’s just doing her job. Some fresh thoughts wouldn’t hurt.

[@user-ft6ty2dy1l]

F all of this talk. You need a high income, you need to invest & budget. You need a high income in order to be able to afford to invest to grow your wealth.

[@Alexandrite-kl6ti]

Great conversation ladies, but please stop crossing your legs. Crossing legs causes varicose veins!!!!!!!!!!!!!!!!!!

[@blondscientist]

I find a lot of value in Erika's podcasts usually, but this one offered nothing new. So much talking but very little information.

[@shaereub4450]

That's kind of goes with Dave Ramsey and his team in general. It's pretty common sense.

[@roshunepp]

"if it's common sense, why is it so uncommon?"

[@rebeccaiop9061]

​@@roshunepptrue!

[@eschrader]

I think a lot of the how to handle kids learning money is new

[@JohnWilliams-ro8sx]

Sounds like most Podcasts

[@stilliraise9201]

She was born on a healthy financial family status. YOU CANNOT TAKE ADVISE FROM THEM. I would rather take advise from people with financial disadvantage. Interview a homeless how they got rich

[@user-he4st2ro5h]

It’s a common misconception, reach people tend to handle their finances much better that those poor

[@shaereub4450]

​@@user-he4st2ro5hDave got his millions by SELLING his advice, not taking it.

[@MikeThePike316]

​@@shaereub4450You don't build a several hundred million dollar empire with no debt by failing to take your own advice.

[@MikeThePike316]

She was raised during her parent's bankruptcy. If you've actually heard them talk about this time period, it was far from healthy. Moreover, the focus should be on the quality of the advice and not the person who's giving it.