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Ep 39Dave Ramsey's Best Financial Advice for the Jewish Community
0:51

Budgeting & basics · 0:51

She had a $650 van payment and wanted to stay home with her kids

Dave Ramsey

Ep 39Dec 20, 2022

Dave Ramsey's Best Financial Advice for the Jewish Community

with Dave Ramsey

Personal finance is 80% behavior. It's only 20% head knowledge.

Dave Ramsey

More moments · 7

1:30
Life is not a snapshot, it's a film strip
1:03
Your stuff doesn't work in New York? You don't get a pass on math
1:09
Their house payment went from 25% to 50% of income overnight
0:42
No millionaire got rich from airline miles
1:01
A preacher of 60 years never saw a tithing couple divorce
1:11
Why Dave paid his kids commission, not allowance
1:22
What's the last book you read? 'I don't know.' Interview's over.

Try this · top 3

Quotes

“You don't get a pass on math.”

Dave Ramsey

“The goal is 100% paid off as fast as possible because that sets you free.”

Dave Ramsey

“You can play with snakes and some people don't get bit. But the snakes bite and a lot of people get bit.”

Dave Ramsey

“None of them are short-term microwave fixes. They're all crock pots.”

Dave Ramsey

“An eagle that doesn't leave the nest is eventually known as a turkey.”

Dave Ramsey

“Life is not a snapshot, it's a film strip.”

Dave Ramsey

Takeaways

  1. 1 Ramsey says his teaching comes from scripture, especially Proverbs: 'the borrower is slave to the lender,' and spreading portions to seven or eight (diversification).
  2. 2 He finds 'good debt' hard to prove from scripture. After going broke, he doesn't borrow at all.
  3. 3 There's no data showing millionaires got there through airline miles. Points reward spending, not wealth.
  4. 4 Money is mentioned about 2,500 times in scripture because God cares about our hearts, not the money. Fix the heart and the money follows.
  5. 5 Getting money right tends to spill over: weight, career and marriage often improve too.
  6. 6 Raise kids to become great adults, not great kids. Age-appropriate work ethic, finishing what you start, and giving are learned early.
  7. 7 A house at 50% of take-home 'is going to cave in' - maybe in three years, maybe five.
  8. 8 Trading a big car payment for time at home with the kids is often a good trade.
  9. 9 Work-life balance problems are usually about what you do at home, not how much you work.
  10. 10 A tight budget makes you decide who you really are - for example, choosing private school over a newer car.
  11. 11 A degree isn't required to succeed, but lifelong learning is. An employee is really self-employed with one customer.
  12. 12 'If you help enough people, you don't have to worry about money.'
  13. 13 Hope: his bankruptcy 'didn't define me. It just changed the trajectory.' The next frame of life can be better.

Full episode

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