Are You Ready to Build Wealth in 2022?
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- Published on Jan 12, 2022
- Do you have a plan to build wealth? When it comes to investing and retirement, do you know what you’re doing? Are you prepared to handle inflation? And what about crypto and real estate-are they good deals?
Join Dave Ramsey, Rachel Cruze and George Kamel as they unpack how to build real wealth, invest and save for retirement in 2022.
1:10 - Dave’s story of building wealth and losing it
5:06 - A brief history of get-rich-quick culture
15:27 - What “get-rich-quick” looks like today
16:56 - The effect of COVID on wealth building
22:10 - How to spot a get-rich-quick scheme
26:37 - True wealth building
29:05 - The 7 Baby Steps
30:04 - How people with average incomes can become millionaires
36:52 - The fastest right way to build wealth
44:02 - Stories of real-life Baby Steps Millionaires
49:28 - Why budgeting is the foundation of building wealth
54:14 - Why you should pay off debt before investing
58:34 - How inflation works and how to deal with it
1:05:51 - What’s going on with student loan forgiveness
1:09:53 - What you need to know about cryptocurrency
1:15:42 - How NFTs work and why you should avoid them
1:18:10 - Slow and steady wins every time
1:23:15 - Changing your family for generations
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1:10 - Dave’s story of building wealth and losing it
5:06 - A brief history of get-rich-quick culture
15:27 - What “get-rich-quick” looks like today
16:56 - The effect of COVID on wealth building
22:10 - How to spot a get-rich-quick scheme
26:37 - True wealth building
29:05 - The 7 Baby Steps
30:04 - How people with average incomes can become millionaires
36:52 - The fastest right way to build wealth
44:02 - Stories of real-life Baby Steps Millionaires
49:28 - Why budgeting is the foundation of building wealth
54:14 - Why you should pay off debt before investing
58:34 - How inflation works and how to deal with it
1:05:51 - What’s going on with student loan forgiveness
1:09:53 - What you need to know about cryptocurrency
1:15:42 - How NFTs work and why you should avoid them
1:18:10 - Slow and steady wins every time
1:23:15 - Changing your family for generations
Thanks. Appreciate it-- would have never watched it otherwise.
We took a Dave Ramsey “Baby Steps” class about 12 years ago. The class met once a week for 10 weeks at a church. Within 30 months of the end of the class, we were debt free. It was trying, but not that difficult. Willpower and achievement was our driving force and it was worth every minute of it. Watching these videos again are now entertaining because I know it works. Thank you Dave Ramsey for these videos. If you want to learn, you can accomplish anything.
Investing done right has changed my perspective on how one can succeed in life. I’ve been able to clear my debt and go on to have surplus to take care of my family. Working multiple jobs for money isn’t the optimal way to attain financial freedom. Unfortunately, we find this out later in life. Great video.
@katherine Alnord Oh of course! I’ve made a lucre of over $61300 trading with Clemans in less than a month. I thank God I was able to recoup from my losses after all my bad experiences.
I have a different issue as I’ve been following several videos on investing and taking huge losses. Can sir levi assist me?
@Sam Nguyen I see your point Reed, and it’s a good one. It’s false to think that taking increased risk guarantees you more money, you wouldn’t bet on a pony in a horse race.
@Reed Pete Oh I just ran through his bio. Quite impressive! I can’t wait to get started with him. Thanks again.
Leviclemans,,info
You can look him up to get acquainted!
Almost debt free! 87k down to 27k in 2.5 years following Dave's plan! We get antsy wanting to move straight through to wealth building and we work this plan hard so it gets tough at times, but it really has relieved our stress with each passing month.
Very inspiring!
This man is the whole package! Experience, knowledge, charisma, humor, no bs. I can listen to him all day 💙 I just started Baby Steps, excited! Thanks Dave!
Good job!
great job! I paid my debt off years ago and now just have home mortgage as only debt. At least tax benefits help out.
Keep it up, don't know your age, but I was a mess in my twenties and got it all straightened out between 29-35. Now life is heaven, getting income up is the best option, it takes a little work but now is the time to job shop, even if it isn't your dream job....take that income and payoff your debt! Then you can go find your dream job, and pay won't have to be the deciding factor.
Paid off $92000 in 16 months thanks to Dave! And built up our emergency fund! So happy we are finally onto baby step 4, 5 & 6! Amazing! 🇨🇦
@Tony Markley I agree. How in the world do you pay off 96000 in debt. You have to have insane income to do that and the issue is just wasting money not living cheap.
Good job!
She’s lying bro
@Joe Ward The biggest game changer for me was doing a budget to allocate my paycheck and stopped eating out and buying Starbucks. I was spending at least $100 per month on coffee and $260 on lunch per month. Another $100 every weekend for eating out.
Congratulations!!
I was young but I remember the Carter days. Waiting in long lines for over two hours to fill up the car, eating too much Mac & Cheese and hot dogs and the like because that's all my parents could afford. I'm so grateful for Dave & Crew and all that they do to try and help change the narrative of people's lives. I'm hopeful that this country can once again be strong and self-sufficient.
Nixon administration also had some long gas lines in early 70’s and a lot of stations had no gas.
It wasn't Carter's fault if your patents were poor. There were poor people during the Regan years, the Clinton years and the Obama years as well the bush years.
I am from India and agree with almost everything said here.I retired recently at 58 and have zero debt and a net worth of just under 2 M USD.Currently I save almost 60 percent of my after tax income and need only about 15 percent for a comfortable existence. I am a CPA by training and have a good understanding of how money works.And the icing on the cake is that in India almost everything is atleast two thirds less expensive than in the US.
Are mortgage rates reasonable?
@rimmel10 I guess it is equivalent to about 8 M in the USA if PPP is the yardstick. More than enough for this lifetime , especially because I may have about 15 more years left at best. Hope to leave a sizeable chunk to my only daughter who is now 30 years old.
Given the purchasing parity. 2m in india is like 36 million in usa. Well done.
Awesome
Yes...India is less expensive....We are taught to save and live a frugal and minimalist life style...it's in our mindset which is passed on by our ancestors...
I am such a Dave Ramsey fan... This man has a big heart and I've learned so much listening to the show. With 💙💗 from South Africa.
I'm also in SA! Found him during 2020 and am completely hooked
👆🏽
There is nothing like being in a position to be able to give and help someone else!
Thank you Dave and team, so educational and such valuable knowledge to share.
@J & D Pascale ok
@Puneet Jajoo JR I spoke to him already and I admire the confidence he has in himself as well as the information he gives out. I'll surely give it a shot! Thanks alot!
Seriously!
@Eddie Pimpton search for youtube video The Money Guy Show on "Deep Dive on Dave Ramsey's Investment Advice!" its an interesting comparison to index fund investing. They have very good videos on investing.
Great discussion and topics . I do have a different point of view regarding the Regan years economic policies , which are proven to have been the main cause of the erosion of us middle class . Thanks as always for doing this show Dave !
This needs to be a Netflix special. ⭐️⭐️⭐️⭐️⭐️
@Maggie Kelly LoL, valid points!!!
@southrichmondtofl $15 a month isn’t going to break me at this stage of my life. That’s about the cost of a single movie ticket these days. Plus, the popcorn’s a lot cheaper at home… and the bathrooms are close (and clean!).
Your greatest wealth building tool is your income, when you give it to some else (NETFLIX) it's not yours anymore!!! You need to get a better understanding of Dave's teachings!!!
YES!!!!!!!!
When it comes to investment, diversification is key. That is why I have my interests set on key sectors based on performance and projected growth. They range from the EV sector, renewable energy, Tech and Health.
This was amazing! Thank you Dave and the Ramsey team!
This was excellent! Thank you so much for all you do!
Thanks for putting this out! Makes me want to put the metal to the metal on my finances and really get at investing!
When it comes to investment, diversification is key. That is why I have my interests set on key sectors based on performance and projected growth. They range from the EV sector, renewable energy, Tech and Health.
Sounds good as a start. But owning different kinds of stocks is not enough for true diversification.
Real estate and foreign currencies, are at least as important. In particular, owning most of one's net worth in the US -- including stocks and bonds denominated in the dying US dollar -- is a recipe for disaster.
Get most of your savings out of the USD and out of the US if you don't want to go down with the ship. The US is finished.
Russian Rubles, Chinese Yuan, and lesser-known currencices like Georgian Lari are prudent places to stow a bit of your savings instead of keeping them all in dollars. (Imagine if you had bought rubles when the US and its lackeys first imposed the "Big scary sanctions" (LOL) against Russia and the ruble briefly plummeted, as my wife and I did. You'd be sitting on a nice pile of dollars now if you bought at 130-plus rubles to the dollar and then converted those rubles back at 60-70/dollar.
Better yet, keep the rubles and buy more, given the likely divergent trajectories of the two countries: Russia surviving and the US deteriorating badly until its collapse.
Dave, this was an excellent video! George and Racheal took it to another level! Thank you all!
individual stocks have been what has generated a good part of profits to my portfolio, I invested 50K in a diverse portfolio of stocks, ETFs, grade bonds through an investment advisor & made about 260k in a couple of months, but guess what? I re-invested and it compounded even more, hopefully I get to a million soon.
@Donald Locher just did a google search and found her webpage. I must say her resume is pretty impressive.. will be writing her.
@Harley Cartley certainly, she goes by Rita Wildrin Mora. she's quite known.
recently started in stocks and I don't mind investing a substantial sum, I'm looking to build something like this. I'd like to know if your advisor works with newbies like me who are willing to invest? if yes, can you refer me?
Nicely done. love diversity.
George is such a great addition to the Ramsey personality club!
He’s become a favorite of mine on the show!
When it comes to the world of investing,most people don't know where to start. Fortunately, great investors of the present and investors of the past can provide us with guidance on how to invest 🙏🙏
Hey Tagan, i am one of those people. Where do one start? Banks?
I will be debt free on May 13, 2022....N I'm loving it!
Thank you Señor Ramsey, for sharing your knowledge 🙏
26 yrs of building a business I just sold it but still working for the company that bought me. It’s been a painful long slow experience that finally paid off
Solid advice, thanks
I agree with Rachel, it seems to be a relief...
It's easy to want results fast.
Good video. Lots of good information!
I just love the Dave Ramsey team Dave Ramsey and his family incredible amazing people truly a godsend.
Most Amazing Lecture I’ve Ever seen!!! And I have read All of Dave Ramsey’s books and most of Rachel Cruze’s. Thank you!!! Sending to all my friends
I love DR and we're on our BS2 journey. Was I the only one hoping this wasn't the same info we hear on the radio show?? I was hoping they would talk more about investing and the particulars of doing so. Love you guys and what you do!
Great informative presentation...I listen to Dave EVERY DAY..IT has CHANGED MY LIFE..
Love listening to Dave. So many of us who wish we had learnt earlier - common hindsight comment I know. Would love to see Ramsey Solutions in Australia.
The thing about inflation in the 80s was that, yes there was high inflation, but the salaries were higher than the inflation rate.
Today, the salaries are below the inflation rate.
Thanks Dave & team … this was awesome 👏 thanks 🙏
The best way to find that balance between saving and living is by investing, This way you get
to have your saving intact and then live comfortably off the revenue coming in from
your investments. Financial freedom is possible, you just need to know
what to do and when to do it. I am a living testimony.
That's a lie. You cannot guarantee that he will not lose money. Nobody can. Stop it.
No need for professional advice to buy stock-index mutual funds, foreign real estate in some country that you visit enough to become comfortable, and foreign currencies.
I google her complete name Suzanne Stephens Ellis, and I
found her website I am contacting her now. Thanks.
Lookup her complete name on the web.
Well I can't say much, I will prefer you talk with her yourself. I can only
tell you she is very trustworthy and knows what she is doing.
You won't loose any money, that I can guaranty you.
"People often overestimate what they can accomplish in a year, and underestimate what they can accomplish in a decade." Bill Gates
This started as an interesting conference/webinar but quickly devolved into a normal episode of the Ramsey show
I loved this!! Thank you Ramsey team!!
I am a big fan of Dave Ramsey … because of him, I am almost debt free … will stay debt free forever… will help my friends ….. Thanks 🙏 Dave .. God Bless You!!!!!
Amazing! I absolutely loved it. Thank you, Mr. Ramsey!
👆
Prepandemic, I could easily get my groceries averaging under $100 a week. Now, I am lucky if I spend less than $120 per week. I am thankful for having a little buffer to weather this inflation storm
@So Believer just myself, it would be more if I had a family
@So Believer just myself
@Captain Arrow nice,how many people are you feeding?
@Captain Arrow I’m at 100 a day
I spend maybe $200 a month on groceries.
Very good! And good point by Rachel, it definitely helps build your character to delay gratifications.
Looking forward to coordinating my first FPU, has meant so much to my family I can’t wait to share
does Dave ever explain whether "household income" means before or after taxes? (because it makes A HUGE difference)
let me know
thanks
Before taxes.
I am from South Africa and am debt free thank God for the grace. My focus now is to build wealth. I will appreciate support in my journey towards building wealth.
Outstanding Information!! Thank you for these encouraging words!! 🙌🙌🙌
Thank you Sir... Watching from South Africa. In December 2022 I will be debt free from my student loan..
Bro, I spent my time from 2015-2019 saving everryythinnngg to pay off my 2016 Honda Civic, $27k...
debt free still have the same car, feels so good to have $20k and a car paid off, and im 31 years old.
currently working but I want to start an online business to crank up my net worth.
saving everything I used to throw at my debt and helping my parents build their savings.
For us regular people, we have to grind more to stay out of poverty AND help those who help us.
This is awesome! I have a similar story. My husband and I bought a $28k 2018 hybrid (Chevy volt) in December, but we have a plan to have it paid off by July, the latest. By that time, we will also have around $30k in savings and are also 30 and 31yrs old. Next, we are going to tackle student loans. It will take a while, debt free is achievable if your disciplined.
Real life throws all sorts of complications into this simple math. Marriage for instance will totally destroy any chance of saving money. Also, most people don't find jobs that pay as much as the math requires. Then emotions kick in and you buy and sell at the wrong times in your stock accounts. It's not easy. I have heard people say you need a side job. Those side jobs rarely go well. You wear yourself out for minimum wage or worse and just can't make enough to make a difference. At least I never made much from various side jobs.
Thanks, for helping people to find financial peace of mind and freedom
This was a bloody brilliant watch, god bless America... 🇺🇲
Isn't is strange that people with a high income also have high spendings?
So net, they're not better than any average earner. It's always mind-blowing to me that especially those high-earners don't save and invest😐
Not true. High-income people have vastly higher median and average retirement investments, and nonretirement investments, than people with lower incomes.
They call it lifestyle inflation
Now I make 140k and know in my soul that I WILL NEVER do that again.
Keeping up with the Jones is really expensive theses days. Dave says “We buy things we don't need with money we don't have to impress people we don't like.” LOL
Thanks for this. Wish I started sooner . Never too late
Ive learnt also that old habits take time to break so dont give up so quickly. Keep trying and reward yourself once in a while for getting it right.
Dave's content was so well written and spoken. He is a very talented public speaker.
i am sure he has plenty of staff. he has so much to run there
Love it 😊. Glory be to God we are debt free but the house 🏠 and working on it 🙏 God is good!
🚀👆
He has so much wisdom that I can learn from.
Ramsey team is AWESOME…changing LIVES!!!!!!
I’m trying to take full advantage of the new year, I’ve allocated my capital in a safe and sustainable way but still leave room for excitement for individual stocks and exciting new opportunities.
Dave changed our lives.... BS7 and working on retirement savings and giving.
Just saw Dave on the TV congratulations to the Ramsey family !
Dave is awesome!
I followed most of your advice and it has worked out well for me. Now I did not pay cash for home as this is not realistic in California unless you are a gazillionaire.
Learning alot and cant wait to get started
Truly inspirational
on this day (April 27th) on the Everyday Millionaires Theme hour, Dave talked to a guy with a 1.5 million dollar net worth thanks to his Gamestop investment. before his GME purchase his net worth was less than 50k
I love ramsey solutions I’m a big fan from Hong Kong 🇭🇰 it’s hard to adopt in such super high real estate ridiculous situation like big cities in the US but baby steps still workable !
great advice and information
Solid advice from start to finish. Coincidently, Warren Buffett's biography is "The Snowball", and many of Dave's proverbs were in a book " The Millionaire Next-door."
Thank you Dave Ramsey!
House paid off with Dave's program, now we just save and invest. Plenty of money for vacations and toys, it isn't exciting but it does work.
The best part comes when you GIVE
“The generous soul will prosper “
Best 90 minute Finance Wealth Educational podcast in my 37 years of experience in personal finance!
Thanks Great Job Big Dave, Rachel and George!
I would love to see Elon Musk on the Dave Ramsey show. I follow Dave, but love what Musk is doing as far as SpaceX and Tesla. As well as Musk's views on the future of technology and civilization.
Thank you Dave!
Dave or staff, if you read this, weird question - but how long does Dave prep for his speeches? Great job!
I just love how the add that just played on this replay was for a get rich quick scheme: “how to build your hands off, million dollar making, e-commerce business selling on Amazon” . 🤣🤦♀️
Wow excellent performance Dave! Didn’t see the sarcastic side of you before. Great info thank you.
When he said MATH is NOT RACIST I wanted to throw a table in celebration of this fact! We cannot be victimized if we have knowledge and owernership of our gifts to build a life worth living. It matters where we start and who we are, but we can still find a way to win even while this system is stacked against us in various ways!
@pamela lima Okay, you obviously missed my point. My point is not about money. Yes, anybody and any person irregardless of colour can become rich with hard work. I’m just acknowledging that America is racist and it IS harder when you’re person of colour. Don’t let it go over your head 💕
@Leah McDermott if you have a lot of many who cares your race??? América is all about money
Too many of us give up. But we can't afford to quit on ourselves because no one else will change it but us
@Leah McDermott i just liked how he said it. Like it's hope for the individual to find a path to self determination in a system predisposed to disposing of marginalized people.
I'm getting ready to take charge of my financial health. I'm sooo nervous about starting over. 🤦🤦🤦
AMEN!! Praise God for Financial Truth!!
This video is very educational thanks Dave
First let me say that I am a fan and I live a debt free life. To use wealth being built in agriculture for 200 years as an example of people working hard is perspective I suppose. HOWEVER, it would have been important to also note that the people getting wealthy were not actually doing the hard work. Unless this is an example of letting your money work for you. I mean slaves were considered property. That portion of the introduction should've been removed.
Hm my parents taught me this when I first started working. Been debt free for 27 years.
Take care of your heart Dave! :) We hear you.... Please take care, we need you around... :)
Wasn't gas $2.79 back in 2018 for regular? Then it way down during lock down, and then way up again after? I am pretty sure oil prices are based on speculation, like stocks.
This is really great stuff!! I am finally 100% debt free and am going to max out my roth ira this year, all because of Uncle Dave and his team, and videos, and inspiration!!
@Ellen Mehlomakulu list your debts smallest to largest, continue paying your minimum payments to everything else and with any extra cash you have put it to the smallest debt. Do that until it’s paid off, then with the money you were paying the smallest debt, take it to the next smallest debt and tackle that. It’s the debt snowball. It organizes your life a little easier and you see results.
@Ellen Mehlomakulu the biggest thing is being committed to the process, doing the budget every month, only using cash, really tracking what you spend, etc. All the stuff that Dave preaches. You can do this!
How did you do it? I'm in sooo much debt,I hate pay day! I have an idea of how I'm gonna start ...I'm just scared of the process!
How long did it take u from the time u started?
Mrs Sonia is legit and her method works like magic I keep on earning every single week with her new strategy
okay, Sanjay, sure you are. Go back to the call center now and resume your scamming.
She's awesome we love you ❤️
My first experience with her gave me the assurance that has made me to invest without fear of loosing
I've never heard or seen any of her clients complain of Lost....I think she's just too perfect
She has really made name for herself
an awesome video... I found this very useful ! subbed ! a fellow creator ~~~
Not watched yet, adverts, but I find some of the advice here is tailored towards USA currency, understandably!
But I was curious if any brits had any experience translating this to UK/GBP?
Aforementioned, I’m yet to watch, so could be answered but wondering if anyone from the comments could guide to!
Let’s get wealthy guys!
Thanks Dave and Ramsey team for putting this together!!
Here’s my question I’m 25 obviously if I follow these steps I can reach heights that I want by my late 30s early 40s but what can I do that maybe more risky (I can take higher risk) but also less time?
I’d suggest picking up some financial books if you haven’t already. People hate to read but books have the ability to explain in much better ways than someone explaining in a video. Theres just something different about them. Never stop learning. Knowledge is power.
You looking to gamble? Go play with cryptocurrency and find a blackjack table. Sure, it's possible to win at both. But that's not a long-term investment strategy. It's called gambling.
Find ways to increase your pay and increase your savings rate. The savings rate will dictate how long it takes for different financial independence wickets.
The process is still the same but it will go into overdrive with a higher savings rate
Barna Bucks Trust the PROCESS and use wisdom in developing wealth. When I was your age I sought out the get rich quick schemes. Trust me it’s a bad idea. Taking your time, getting wise council from others who have successfully created wealth and walking out the PROCESS one day at a time. Who you become in the process of creating wealth is of value you can’t put a dollar value on.
Yeah don't do that. Rushing to get rich quick will not work well.
Ramsey you are the best..
Great Information!
The rich stay rich by spending like the poor and investing without stopping then the poor stay poor by spending like the rich yet not investing like the rich
I'm sitting back and waiting for the tulip bubble to burst like 2008, and like then I'll find a foreclosure tulip to invest in like I did in 2009.
I wish I would have had a mentor in my teens.. Now I am in my early 40s no savings... no idea where to start and folks that are in heaven...
Leaving it in investments rather than my bank accounts has been very remunerative. As A Retiree, I'm earning serious passive income from home.
Good, but you could earn 8-9% interest now on insured US Dollar Certificates of Deposit in other countries, including Ecuador, which has the USD as its currency.
You could earn much higher interest than that in CDs in other currencies in other countries.
You should be focusing on getting more than half your net worth out of USD and out of the USA. Don't go down with the sinking ship.
I buy apartment buildings, and I agree - monthly passive cashflow is the best. Mutual funds are for the middle class. The rich buy businesses and income producing commercial real estate.
same here.. no one gets wealthy with salary.. bitter truth
You got my attention when you mentioned passive incomes. I'm not gonna lie but I've always wanted another means to make new money. Can I ask your secrets of earning?
Investments should be the best thing anybody can do for themselves, till today my profits in stocks continue to impact my wealth greatly therefore I don't feel any urge to soley depend on my salary.
Best line! "Cryptocurrency is MaryKay for young men" ~George
Dave doesn't know everything, apparently.
Oh no.
Amazing entertaining video
Unfortunately, our school systems don’t teach everyday living skills or how to manage money. And unfortunately, my parents didn’t teach me either. They lived frugally, saved and invested and my mother is now a millionaire. Why didn’t they teach their children?
Around 40% of high schools in America teach his high school curriculum!
They want you to rely on employers to give you jobs. Instead of being your own boss.
More is caught than taught.
@iTrebor excuse me?
In all honesty you probably didn’t want them to tell you what to do with your money, no?
Wow, such a timely message for me.