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Lewis HowesIf You Want To Become A Millionaire WATCH THIS! | Dave Ramsey & Lewis Howes
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Chapter summaries
Why a Downturn Is a Time to Reset and Pivot
Lewis Howes welcomes Dave Ramsey, and they discuss working from home during the shutdown. Howes asks why this is a good time to make money, and Ramsey says it's a time to be introspective, pivot and try new things. He describes Ramsey's product pivots and buying while things are on sale.
- •Ramsey says pressure forces you to reset and rethink
- •Ramsey cites a statistic that 68% of Americans hate their job, so a layoff can open the door to a better one
- •After losing everything, he resolved to control the controllables, so he had cash for the 2008 downturn
- •With money on hand, the stock market and many consumer items are on sale
How Long the Recovery Could Take and What a Recession Is
Howes asks how much deeper things might go. Ramsey says he can't predict it but ties recovery time to how long the shutdown lasts. He defines a recession as two straight quarters of GDP shrinking and weighs the job losses against health concerns.
- •Ramsey says forecasters are the only people who can be wrong all the time and keep their jobs
- •A recession means two consecutive quarters of shrinking GDP, which hadn't yet happened
- •He says every week of shutdown means more businesses that never reopen
- •He says about 100 jobs have been lost per case of the virus, while stressing he doesn't want anyone sick or dying
Pain as a Teacher and Why Hope Is Justified
Howes shares his own experience in 2008–2009, living on his sister's couch and in debt, and asks what lessons Ramsey applied. Ramsey says pain is a thorough teacher and that the answer lies in the person in the mirror. He argues that having been through past crises gives hope that this one will pass.
- •Howes describes 2008–2009 as the hardest and greatest time for building skills and hustle
- •Ramsey says he went bankrupt in his 20s and doesn't want to go back, but the lessons were thorough
- •The cavalry isn't coming, so it's up to you to get off the couch
- •Economic stress and fear won't kill you, and a year from now life will likely be back to normalcy
Personal Financial Security and Serving Through the Crisis
Howes asks whether Ramsey feels any anxiety. Ramsey says he's in fabulous financial shape and is putting more into the stock market while it's on sale. He says being secure lets him serve his team and listeners, which he finds more satisfying than counting coins. Howes adds that following the steps made him feel bulletproof.
- •Ramsey says he feels no anxiety and calls himself the little pig in the brick house
- •He plans to buy more stocks and real estate if prices drop
- •He kept his team's incomes uninterrupted, which he calls an act of service and leadership
- •On air he keeps saying it's going to be okay
- •Howes says finishing the first five or six steps made him feel safe and protected
Answering the Wake-Up Call When You Weren't Prepared
Howes asks what Ramsey tells people who didn't follow his advice and are now in trouble. Ramsey says he doesn't say "I told you so" and frames the crisis as a wake-up call you choose to answer. He tells of his grandfather, who lived frugally after the Great Depression, and of his own loss at 28.
- •Ramsey doesn't say "I told you so" because he has done stupid things too
- •Wake-up calls come in relationships, faith, leadership and finances, and you must choose to answer
- •His Grandpa Ramsey saved used nails in a coffee can decades after the Depression
- •He lost everything at 28 after building a house of cards and resolved "never again"
Leadership Team Pride and Ramsey's Own Shortcomings
Asked about his own wake-up call, Ramsey says he feels pride in how his leadership team and personalities are acting without his coaching after fifteen years of investing in them. He admits leadership is where he gets a wake-up call almost daily, since some days he's a world-class leader and some days he isn't.
- •Ramsey spent 15 years building a succession plan with leaders and Ramsey personalities
- •The team acted before he even knew about it
- •Under pressure you see what comes out of people, and it's good
- •He says leadership is his daily wake-up call and he sometimes lacks the energy to care
What Callers Need: Hope That This Won't Last Forever
Howes asks what callers need most. Ramsey says hope has been gut-punched, so most answers are that this won't last forever. He says fear and anger make emotions lie, and that life is a film strip rather than a snapshot.
- •Callers ask whether to pull investments out; Ramsey says only if you think the market will stay down forever
- •Emotions based in fear and anger tell lies
- •Ramsey says jobs exist, noting Amazon was hiring 100,000 people
- •Your life is a film strip, not a snapshot
- •Most people will be okay, though a small percentage will face devastating loss
Desperation, Greed and the Gold Margin Loss
Howes asks about the worst and best investments right now. Ramsey says desperation and greed lead to stupid decisions and leave you open to con artists. He tells how he lost $5,000 on a margin gold bet in his 20s.
- •Ramsey says that when he's desperate he becomes stupid
- •High emotion shuts down critical thinking, and he cites a friend's line about panic and drunkenness
- •He lost $5,000 on a margin gold play in the '80s after a friend's picks hit 14 times
- •He almost got conned by real con artists while desperate during his collapse
Incremental Wealth and Being on the Cover of Slow Company
Howes asks about greed versus ambition and whether money can be made fast. Ramsey says most lasting success is incremental. He explains how his own rapid rise to $4 million in real estate was a house of cards that fell in the S&L crisis, and why he is suspicious of spikes.
- •Few meteoric risers keep their wealth because character is built along the way
- •By 26 he had $4 million in real estate and a million-dollar net worth, then lost it
- •Speed caused him to miss blind spots and warning signs
- •He is suspicious of spikes and says normative is incremental
- •He tells entrepreneurs it's okay to be on the cover of Slow Company magazine
Character, Integrity and Your Inner Circle
Howes brings up Ramsey's emphasis on character and the many hiring interviews, and asks how character can be taught. Ramsey says you can decide to have integrity, comparing it to repentance as a turnaround. He says you become who you hang around, so he's careful about his inner circle.
- •Integrity is a decision you can start acting on today
- •Ramsey likens a change of character to repentance, a turnaround, though it is usually a journey
- •His team isn't perfect but aspires to be dependable and of noble character
- •He says people don't want to do deals with those they can't count on
- •You become who you hang around, and he stays connected to God through church
Lessons from Dad and Wisdom from His Wife Sharon
Howes asks Ramsey the same questions he put to Dwayne Johnson. Ramsey says his father taught him he can do anything, and that he admires his wife's discernment. He describes how listening to her, spousal dinners in hiring, and joint decisions on major items shaped his success.
- •His father, a real estate man, immersed the family in sales trainers and positive thinkers
- •Ramsey took from this that it's up to you and the cavalry isn't coming
- •His wife can read people and rooms, and going against her suggestions has cost him
- •When they went broke he wasn't listening to her and she wasn't speaking up
- •The spousal dinner remains the final step in Ramsey's hiring process
Three Truths, Where to Find Ramsey, and Greatness as Service
Howes asks his closing questions. Ramsey's three truths are that God is real, people are worth the investment, and everybody needs a dog. He points listeners to daveramsey.com and defines greatness as service.
- •Ramsey's three truths: God is real, people are worth the investment, everybody needs a dog
- •People bring joy and heartbreak but are worth it
- •Listeners can visit daveramsey.com for help with career, money and marriage
- •Ramsey says very few great or happy people haven't learned to serve
