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Chapter 1: How does discipline lead to wealth building?
Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. Ken Coleman, Ramsey personality, is my co-host today. Open phones at 888-825-5225. You jump in. We'll talk about your life and your money. Emily is in Jacksonville, Florida. Hi, Emily. How are you?
Hi. How are you guys doing today?
Better than I deserve. What's up?
So, quick question. I've been dating a lovely young man for about nine months, and we had a random conversation that came up about retirement savings. I'm a big saver, so I'm really into it. I have 401K and a Roth IRA, and his response was, that all that matters is working and making money now and that 401ks are a scam.
Chapter 2: How to handle financial disagreements in a relationship?
And I just want to know what the best way to approach this conversation is to try to help him maybe understand the importance of saving for retirement.
Did you ask him why he thinks they're a scam? Was there any kind of follow-up on that particular classification of it?
Not necessarily. Actually, he moved here from Albania six years ago, and he just became a citizen this year. How old is he? He's 32, and I'm 30.
Okay.
All right.
Well, I mean, what he's saying is without – I mean, I don't know why he thinks 401K is in particular a scam, but what he's saying is that I came from an area where we are living hand-to-mouth, and thinking about the future is not something I want to do. I want to just enjoy the moment because the way – the situation I grew up in, there might not be a next moment.
for whatever reason i don't know i'm guessing okay i'm gonna i'm gonna try to give him a break here because what he's saying is um basically he's saying i'm immature and i don't want to think about the future And we can give him a lot of grace as to why he might be in that based on, you know, I mean, I don't know what the situation was in his area of Albania. I'm not privy to that.
But I can guess that maybe the instability politically or whatever, safety-wise or whatever, in the area he was in has influenced this viewpoint. Agreed?
Agreed.
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Chapter 3: What are the Baby Steps to financial freedom?
It really is. I would take him to your SmartVestor Pro if you have one, if you don't need to get one. But I would literally take him in there, and I'd honor all of his questions. If in fact, and Dave and I don't know, but if in fact he's scared, I think the best way to help someone who's scared is to honor their fear. Well, there's two types of fear.
What are you afraid of? False evidence appearing real. That's right. Which is, you know, I fell on my bicycle the last time you let go of the seat and I skinned my knee. So the next time you let go, I'm going to die. That's right. That's false evidence appearing real. You know, actual fear is of something that is logical.
If you're standing in the middle of an interstate and 18 wheelers coming at you at 100 miles an hour, you should move. That's right. That's actual fear. You're going to die. You know, that's a lot different, though. And so this is a this is false evidence appearing real or it's immaturity. I don't know which. And but it's one of those two things.
And either way, you got to deal with it to go forward. So we got to go. We got to drill down. We got to get the ground zero on this and then work our way out. Really good question.
And I just want to point out again, when you're in a relationship and you're not on the same page and it's really fear holding the spouse or a boyfriend or girlfriend back.
honor their questions don't dismiss them don't always try to explain them let them sit in that and ask the questions and get with somebody a third party in this case a smart investor pro who can answer every question about fraud and anything like that and then hopefully they get there and the light bulb goes off and now we're on the same page yeah it's it's tempting to roll your eyes at something that's stupid that's right but it but you can't you got to honor it and go okay there's a reason for this and then let's get to the root of why and can we solve for it so we can go forward
because we're not aligned on what reality is here. And when you can't align on reality, you have a problem. This is The Ramsey Show. Hey, when you're gazelle intense, you sell so much stuff the kids think they're next. But when you've gotten rid of all you can, save money by switching your cell phone plan to Boost Mobile. It's just $25 a month for unlimited talk, text, and data forever.
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Ken Coleman, Ramsey Personality, is my co-host, number one best-selling author, and host of a brand-new show that's blasted off, I mean super fast, on Ramsey Networks called Front Row Seat, where he does long-form interviews with people that will help you, with their information, change your life. Very interesting interviews. You won't want to miss these, I promise you.
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Chapter 4: How can I build a career while managing debt?
Yeah, okay. Because it sounds like you're fresh in this. That's fine. I get that. The thing that I've experienced in walking with people now for 30 years doing the baby steps in detail exactly as we teach them. Okay, so you stop all 401k contributions temporarily. You don't get any more tax refunds because you adjust your W-2 to where your take-home pay is accurate.
If you get a refund, it's because they're taking too much out of your check. Santa Claus doesn't live in Washington, D.C., Okay, it's your money. You got it back with no interest a year later. So go ahead and adjust your W-2. Stop putting money in 401K. Stop eating out. Stop going on vacation. Take an extra job.
Sell everything in sight that we can get our hands on, and let's get this car paid off as soon as possible. When that is paid off, then build your emergency fund very quickly, and then start talking about saving. Now, if you start saying... Dave, it's going to take me three years to pay off $9,000 because of my lack of focus and sacrifice. Then yeah, you do have a problem.
You may never get a house. because you're living without really leaning in and focusing on this and sitting down with your spouse and saying, we're going to sacrifice, we're going to live like no one else so that later we can live and give like no one else.
As I've walked with people doing that, Jacob, they pick up momentum so that by the time the car is paid off and the emergency fund is in place and they come in here and do a debt-free scream, they almost always have seen an increase in income. The number of people that their income went up dramatically while they're getting out of debt is substantial because they're just focusing on it.
They're going, I need more money. I got to get this moving. And so I predict that if you follow the stuff exactly as we teach, that five years from now, you will be making $130,000. You will be debt-free, you'll have an emergency fund in place, and you'll have a good strong down payment have already been made on a house with a 15-year fix that's a good starter house.
And you're going to be putting 15% of your income into retirement and be on your way to be a millionaire. That's what we show people how to do, and you can do that with what you're doing. But you're not going to do it sitting there half, you know, it takes me three years to pay off $9,000. No, that's not okay. You're going to have to lean into it harder than that. Hang on.
I'll send you a copy of the book, The Total Money Makeover, which gives you every detail of what to stop doing, start doing, and when to do it on the baby steps. And if you'll do that formula exactly and not try to make it Jacob's plan, but instead just do what you're told, it's going to blow your mind how you'll move the needle. And get your spouse on board with you, Jacob. That's a big deal.
Yeah, I just would underscore what Dave said. We have heard so many debt-free screams just right across the studio here, and every time their income goes up. I'm not saying it's always the case, but I've never heard one.
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Chapter 5: What are the five types of wealth?
That's A-L-D-I dot U-S.
I was just talking about Ken Coleman's front row seat a minute ago. One of the guests recently was Sawhill Bloom. And Sawhill has a brand new New York Times bestselling book out, The Five Types of Wealth. And we asked him to stop by while he was hanging out with the Ramsey team here and be a part of our conversation. our show today here live on the air. Welcome, Sahil.
Thank you so much for having me. Congratulations on all your success, man. Well done. Thanks for blowing up. I appreciate it. I appreciate it. It's fun to see the impact in the world, you know. Yeah. Writing a book's a pain in the butt, but the results of it and how long it sticks around, it makes it worth doing.
Yeah. Something permanent about a book versus anything else that you do, social media, writing, et cetera, just does feel different. Something very analog in a digital world, for sure.
Very cool stuff. All right, five types of wealth. I got to hear, what are they?
So the five types of wealth that I talk about in the book, time wealth, all about freedom. Social wealth, it's about your relationships. Mental wealth is about purpose and growth. Physical wealth is about your health. And then financial wealth is about money, what we all know and love.
Okay.
And I'm going to guess and say you figured out that if those aren't all working, that none of them work.
Yeah, the whole idea- As well, anyway. Exactly. The whole idea is that our default scoreboard, the way we have traditionally measured our lives, has been incomplete. And that has been entirely based around money. And that is part of building a wealthy, a fulfilling life, but it's not the only part.
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Chapter 6: How can physical health influence financial success?
What have you seen on that and how do you correlate those in the book?
Over and over again, we find that physical wealth, your health and vitality is a catalyst for every single other area of your life. When you take care of yourself, fundamentally what you're doing is taking back agency over your life. You believe that you have the ability to take an action, do something for your physical health and create a desired outcome.
That belief that you have instilled in yourself through the physical pursuits applies to everything else that you do. You now believe that you can take an action at work and create a desired outcome, that you can take an action financially, create a desired outcome, that you can do that in your relationships. All of that is about reassuming agency.
I can reassume the hero in the story's role. I can take control of this. I can control the controllables. The number of times we've, over the 35 years doing this, that someone says, oh, while I was... getting out of debt, my marriage vastly improved and I lost 40 pounds, not from not eating, but from physically taking care of myself.
And so it turns out discipline begets discipline is one saying that fits right with that.
Yeah, absolutely. And you become a different person by taking these actions. So as a result, you were doing one thing, but it has those ripple effects into every other area of your life.
You know, we were talking earlier, Sahil, I want you to share this because we agree on this. This book has really taken off. It's hit a nerve. And the title itself is somewhat provocative without trying to be, The Five Types of Wealth. But in America today, we're beginning to see kind of a groundswell, a negative groundswell that's anti-successful people. Why do you think that's happening?
I think that for a lot of people out there, success has become something that they don't feel they have access to. And that is fundamentally giving up your agency, right? You are saying that other people have the opportunity to do things and create success, but I do not. And so I'm going to be moan that success because I don't feel I have access to that.
If you change one thing about your life, you create that one tiny piece of momentum, reassume that agency, you will no longer believe that. You will recognize that you have the capacity to take an action and change your life.
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Chapter 7: Why did Ramsey Solutions create a tax software?
If you don't, go to the ELP's page and get you a professional just like Craig is asking. But, Craig, that's a great question because really that was, what, four years ago or something. We started working on that. But the team came in and said, Dave, we're losing. We're not serving half of the people that are asking for help. We need to find something to serve them.
And prior to that, I was just like, everybody needs a tax professional. But I've always had some kind of weird return my whole life because I've been self-employed or straight commission or some kind of a thing going on in my, I've had real estate, all this other stuff. So I've always needed a, so I couldn't imagine just, you know, blip, blip, blip.
with a piece of software and being done, it doesn't occur to me, but it turns out half of our audience has a very simple return. If you don't have a simple return, don't use Ramsey smart tax, get a professional. But if you have a simple return, don't pay somebody 300 bucks to do something. You can do in a few minutes with a simple piece of software for like 30 bucks or something.
That's a much better deal for you. And it's a lot faster and it's very accurate. It's that was the other thing I was worried about it being accurate. It's extremely accurate. So, Thank you
Thank you. Thank you. Thank you.
Thank you.
Thank you.
Thank you.
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Chapter 8: What are the benefits of using a credit union over a bank?
but it's not your money anymore you can't take it back okay so then there's nothing wrong with me offering to i'm gonna i'm offering to open a 529 if you can't fund it this year i will fund it but i'm going to leave myself as the custodian and when the money's when they turn 18 the money will be theirs And I can't take it back legally, but I do manage it until they turn 18. That's how it works.
And just tell your friend that and ask them if they're okay with that. That is not morally wrong.
Okay, great.
Nor is that controlling if your friends are not handling money well.
Yeah, that's my concern.
Or life well, or whatever. Okay. You know, I mean, like, if you've got a, let's say you've got a niece or a nephew or a friend that one of them's got a problem with substance abuse, right? Then this would be a perfectly natural way to do it, and I would want to maintain control. I'm not going to leave someone that's doing cocaine in charge of a kid's money.
Right. Exactly.
And so, you know, or if they're just grossly irresponsible and lazy or whatever. Right. Anywhere in there. But, you know, if you want to do that now in a different case would be when each of our grandchildren are born, we have responsible. Children that are their parents that are very good with money.
The Ramsey kids, the next generation, Rachel, each of the grandchildren, the parents, me and Mimi fund the first year. That's like a tradition. We want to fund the first year of their 529. And, uh, but they're the custodians there because there's no issue of addiction or responsibility or whatever. Right.
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