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Lewis HowesLewis Howes

If You Want To Become A Millionaire WATCH THIS! | Dave Ramsey & Lewis Howes

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Dave RamseyguestLewis Howeshost
Apr 8, 202041mWatch on YouTube

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Transcript

  1. 0:00 – 3:41

    Why a Downturn Is a Time to Reset and Pivot

    1. DR

      I lost everything in my 20s. I don't wanna go back there. But the lessons that I learned from that pain were so thorough.

    2. LH

      Hmm.

    3. DR

      Uh, pain is a thorough teacher-

    4. LH

      Yes

    5. DR

      ... that, uh, you know, I, I, I... It was a rich time. [upbeat music]

    6. LH

      Welcome back, everyone, to the School of Greatness Podcast. We've got the legendary Dave Ramsey in the house. Sir, thank you so much for taking the time.

    7. DR

      An honor to be with you, my friend.

    8. LH

      We got-

    9. DR

      Thank you for reaching out.

    10. LH

      We got to connect, I think it was a year ago, maybe a year and a half ago, when I came down to Nashville, and, uh, came into the studio. You were gracious enough to have me on and, and have a little chat with me. And I've been wanting to have you in LA come for years now, but you're never here except for maybe once or twice a year, and you're pretty booked. So now we've got, uh, this time to do it virtually. So I'm grateful we got the time to do it now, and, uh, I appreciate you for, for being here, man.

    11. DR

      Well, that was back before they closed LA [laughs] .

    12. LH

      Yeah, right. Exactly. Is, is Nashville closed, or are you guys, uh-

    13. DR

      Yeah. Yeah, it's closed. Everything's closed.

    14. LH

      It's pretty closed. Yeah, you just gotta be careful.

    15. DR

      Yeah.

    16. LH

      You probably got a lot of your, your team staying at home, and just a few people there, right?

    17. DR

      Uh, almost all of them. Yeah.

    18. LH

      Yes. Wow.

    19. DR

      I mean, with the sta- We got 1,000 folks on the team, and they're all working from home. We got a, a few folks coming in to do the radio show here. We got a few skeleton crew things.

    20. LH

      Right.

    21. DR

      But ve- very minor. Most everybody's home.

    22. LH

      Right. Well, you're, um... I've been loving what you've been posting about on Instagram. And I'm, I'm not sure if you have any idea what's, what your team is posting, or if it's your engagement.

    23. DR

      Oh, I do. Yeah, definitely do. Yeah.

    24. LH

      It's amazing. You're inspiring a lot of people, especially in these times of uncertainty financially. And I remember watching a clip of yours talking about 2008, 2010, that timeframe, where you made... You said you made a lot of money in the last recession. And I think while, while people are struggling to figure out, "Well, you know, I just got laid off, and, but how can I see this as an opportunity to make money when it seems like no one's buying anything or no one's investing in things?" But why is a time like this a great time to make money?

    25. DR

      Well, m- it's a, a great time to be introspective, and to pivot, and to do resets, and to try stuff you never tried before.

    26. LH

      Yeah.

    27. DR

      'Cause you might as well, right? We're all sitting at home. We gotta try something [laughs] .

    28. LH

      We got all this free time. Yeah.

    29. DR

      So, uh, I mean, we pivoted a whole bunch of product lines here at Ramsey, and all kinds of things. And we keep throwing all these offerings out there, stuff that we might have messed around with split tests for a year or whatever. Instead, we just dumped it on the street. Let's just try it. Just see if we can help some people and give some people something to do while they're at home with some digital products. And so that's exciting. You may have a situation where you hated your job. I mean, statistics tell us that 68% of Americans hate their job. Uh, and some of you don't have that job anymore, so you get the opportunity to get one you like now.

    30. LH

      Yeah.

  2. 3:41 – 6:57

    How Long the Recovery Could Take and What a Recession Is

    1. LH

      I know. How much, how much deeper down do you think this will take in terms of, you said real estate's not on sale yet, but it probably will be. How much farther down do you think things are to go, and for how long, with your-

    2. DR

      Well-

    3. LH

      ... you know, just your guess on this?

    4. DR

      I mean, you know, weather forecasters and economists-

    5. LH

      [laughs]

    6. DR

      ... are the only people that can be wrong all the time and still keep their job. So I have no idea, but I, I do know there's gonna be a direct correlation between how long we stay out and how long it takes us to recover. Uh, no kidding.

    7. LH

      Mm-hmm.

    8. DR

      Uh, it's kinda common sense. The obvious is every week that we're out, there's another series of businesses that will never reopen-

    9. LH

      Hmm

    10. DR

      ... that will close. And so, and that's... A, a recession is two consecutive quarters of the gross domestic product, all the goods and services produced in the US, shrinking rather than growing. That's all it is. It receded-

    11. LH

      Hmm

    12. DR

      ... rather than expanded. And so recession sounds like a big, scary depression-type word, but it simply means two quarters. We've not had one quarter yet-

    13. LH

      Hmm

    14. DR

      ... of shrinkage. So it would have to be up into the fall before you can officially declare this a recession or, or what results in the, from the corona shutdowns a recession. So I don't know, but, um, I, I, I'm sure hoping that, that the folks are not ill, and that nobody dies.

    15. LH

      Yeah.

    16. DR

      And it's a horrible thing. And, uh, but the, the, but... And the juxtaposition with that is, uh, the sooner we can get back to work, uh, the fewer people are gonna be, um, you know, affected by the economics of this. And it's not saying I'm trading a dollar for a life, but today actually the... We've lost, uh, about 100 jobs per case of corona right now.

    17. LH

      Wow.

    18. DR

      So the corona shutdown-

    19. LH

      You're talking about in America? In America or-

    20. DR

      In, in America, yeah. We've lost about, you know, the corona shutdown-

    21. LH

      Wow

    22. DR

      ... has affected 100 families' jobs, uh, for every case, uh, not, not death, for every case-

    23. LH

      Hmm

    24. DR

      ... uh, of, of the virus. And I don't want anybody to be sick, I don't want anybody to die, and I don't want the hospital bills and the ve- beds and the ventilators running out. I don't, I don't want any, I don't want any bad stuff. I, I'm, I'm not a medical person. Uh, but, but I am an entrepreneur, and I'm... You know, every day we're, uh, not working, uh, is a trade-off. And it, it is a good trade-off, 'cause you don't wanna kill people. Believe me-

    25. LH

      Yeah

    26. DR

      ... I'm not saying that. But, but man, it's just, it's painful to watch these people lose their businesses.

    27. LH

      Yeah. From your, you, you mentioned you've been through three or four recessions. I don't wanna, I don't wanna say your age out here, but it sounds like you've been, you've been-

    28. DR

      I'm 60

    29. LH

      ... you've been around the block. You've experienced some stuff.

    30. DR

      Yeah.

  3. 6:57 – 9:26

    Pain as a Teacher and Why Hope Is Justified

    1. LH

      I'm curious, with your experience in, in watching these in the, over the years, what were the greatest lessons you learned from each one that you applied in the last three weeks with your, your personal business?

    2. DR

      Well, it, it is cliche, but cliches come from truth.

    3. LH

      [laughs]

    4. DR

      That, um, you know, that, that, you know, it's the greatest time and the worst time in your life. Uh, you don't wanna go back there.

    5. LH

      No.

    6. DR

      Good Lord, no.

    7. LH

      Never.

    8. DR

      I don't wanna go back there. I went bankrupt. I lost everything in my 20s. I don't wanna go back there. But the lessons that I learned from that pain were so thorough.

    9. LH

      Hmm. [laughs]

    10. DR

      Uh, pain is a thorough teacher.

    11. LH

      Yes.

    12. DR

      That, uh, you know, I, I, I... It was a rich time. The fertilizer was everywhere.

    13. LH

      Hmm.

    14. DR

      Lots of places to grow [laughs] stuff, you know?

    15. LH

      [laughs]

    16. DR

      Lots of poop. So, you know, it... And, and that's, you know, that's what you had there in 2008.

    17. LH

      Yeah.

    18. DR

      There weren't any jobs. You couldn't like you could just... I mean, there was a cons- a contraction of the economy, a recession, and you're there, you are on your sister's couch. And so you found out that the secret sauce in your life is the guy in your mirror.

    19. LH

      Mm-hmm.

    20. DR

      That it's not some outside variable that's gonna come and save you. The cavalry's not coming. Santa Claus doesn't live in Washington, D.C. It's up to you, baby.

    21. LH

      Mm-hmm.

    22. DR

      Get up off the couch. I gotta go leave the cave, kill something, and drag it home. You found that truth in that moment. I found that truth that w- you know, what doesn't kill you makes you stronger. You know, that old saying. I found that truth. And so nowadays, now that I've been through, uh, you know, Y2K or 911 or all these initials come at you. You know, the, the, the, the horrible thing in 2008, now the corona. I... The only thing I am sure is we're gonna get through this.

    23. LH

      Yeah.

    24. DR

      You get hope because you go, "It's not gonna kill you." Well, I guess you could get the virus. I don't mean that.

    25. LH

      Right.

    26. DR

      But I'm saying the, the economic stress that we're under, the fear that we have, the concern or the worry that we have, it doesn't... You don't die from it.

    27. LH

      Mm-hmm.

    28. DR

      You... But, but you feel, you feel like, like there's this hopelessness, a- and the truth is that's unfounded. The truth is there's a lot of reason to have hope. Uh, by September, where do you really think we're gonna be? By this time next year, are you not 90-something percent sure that the economy will be roaring again and your life will be back to some level of normalcy? You think it's gonna be 10 years for you to personally recover from this? No. That's absurd. And we- you know that once you've walked through several of them. And so it's just, to me, it's like, yeah, you're, you're gonna make it. We're gonna be okay.

  4. 9:26 – 12:21

    Personal Financial Security and Serving Through the Crisis

    1. LH

      Yeah. And so your personal, I guess I'm just curious about your personal thoughts. Do you think to yourself like, "I'm fine 'cause I've s- I've followed my seven steps for years, and I've got, you know, cash, and I feel safe and protected. So now how can I shift and adapt and pivot and serve my community and customers more?" Or do you feel any-

    2. DR

      Yeah

    3. LH

      ... do you feel any anxiety personally at all or?

    4. DR

      Oh, no. None. No. I mean, I'm, we're, we're in fabulous financial shape. It's not a-

    5. LH

      Yeah.

    6. DR

      I, I got a lot of money invested in the stock market. It's going down. I'm gonna put some more money in while it's on sale. You know, I mean, it's, if real estate goes on sale again, I'll buy some more. So no, I mean, my personal stuff, it's, it's, uh, it's not arrogance. It's just I've been doing this a long time.

    7. LH

      You've been doing it. You're the, you're the king of it. Yeah.

    8. DR

      I, I, I'm, I'm the, I'm the little pig in the brick house, you know.

    9. LH

      [laughs]

    10. DR

      I mean, huff and puff, baby. And so, uh, but, but I do... It does put you in a position to serve then. And truthfully, you get more joy, even in a crisis, in serving than you do in sitting in the basement and counting your coins. I mean, so, uh, the opportunity, I got a thousand folks on our team, and it, you know, the struggle and the cl- scratching and the scrappiness and the clawing to keep this place running, and all of them not have their incomes interrupted in any way during this time, uh, that's an act of service and leadership. Uh, the act of service of, uh, speaking hope and life into this, uh, into the communities around America right now is an act of service on my part. Uh, it, it's, uh, being on the air three hours a day at The Dave Ramsey Show and saying, "It's gonna be okay. It's gonna be okay. It's gonna be okay," over and over and over again. Right now, that's my job. That's what I do. Um, a- and it, it's, there... That's just so much more satisfying than counting coins.

    11. LH

      Yeah. Now, I followed your steps when I was, you know, 25, 26, when I started making some money, when I was like, it's hard to, it's hard to follow a step when you feel like you're, you're living off credit cards and in debt, and you're-

    12. DR

      Oh, yeah

    13. LH

      ... not making any money. So you feel like this sense of helplessness really, and I know I've listened to a lot of your shows with people where they feel helpless. And it takes that initial momentum to kind of kickstart it and see a little savings here and there, and then pay off one thing here and there. But I tell you, once I finished those, I guess really the, the first five to six steps, I don't have a home still. I still, uh, rent for personal reasons, but the first, uh, five to six steps, and then building wealth and giving and giving. Once I got through these, it's just like, man, it, you feel so much more bulletproof. I feel so much more bulletproof now after 10 years of-

    14. DR

      Yeah

    15. LH

      ... building into this recession. I feel f- safe. I feel fine. I feel protected. And, uh, it gives me so much more peace of mind since I did follow your steps. So I would first wanna acknowledge you for that, for creating something so simple for us and, and providing this three hours a day for everybody. I think it's amazing. You sound like a preacher and a motivational speaker to me in the last few minutes just, uh-

    16. DR

      [laughs]

    17. LH

      ... speaking life and hope into us, so I appreciate that. Um-

  5. 12:21 – 15:46

    Answering the Wake-Up Call When You Weren't Prepared

    1. LH

      What are you telling to people right now who are saying, "You know what? I didn't follow your advice. I didn't do what I should, I should have done. I-

    2. DR

      Yeah

    3. LH

      ... I still live off of credit cards. I overbought, paid for my house, and I've got this expensive lifestyle and credit cards that I, I know I'm wrong. I've made a mistake. I own it, and now I'm screwed. And I just got 50% cut of my work. I might lose my job in two months. I got all these bills." Like, how do you even-

    4. DR

      Mm

    5. LH

      ... how do you even respond to something like that?

    6. DR

      Yeah. Well, I certainly don't say, "I told you so."

    7. LH

      [laughs]

    8. DR

      Uh, that's not, that's not the message-

    9. LH

      Yeah

    10. DR

      ... because I've been there. I've done stupid stuff, too, and that's not helpful. Uh, and it, it doesn't bring, it doesn't bring any healing. Uh, the thing is this. We all get wake-up calls.

    11. LH

      Mm-hmm.

    12. DR

      We get wake-up calls in our relationships, our spiritual walk, our leadership styles. We get wake-up calls in our finances. And some people, the phone's ringing off the hook right now. Uh, they're getting wake-up calls on a bunch of things. Uh, they're at home with their family and it's, and they're starting to realize, "I was disconnected from my family. I haven't been plugged into my..." They got a wake-up call on their relationships at home. They've gotten a wake-up call on, you know, "I, I don't have any savings and I've got... I'm deeply in debt. This isn't working." And so the, you know, the, the, the cool thing is when you get the call, then you have to make the choice. Are you gonna answer the phone? And if you pick the phone up, that means maybe it's time to change.

    13. LH

      Mm.

    14. DR

      And, uh, you can look back and you might be, uh, 27 years old right now watching this, and you're screwed. You lost your job. You got no money. You got no savings, and you feel like it's all over. Uh, and I remember in 1970, I was 10 years old and I was in my grandpa's backyard. We were tearing down an old deck, and I pulled some nails out of those old boards as we were taking the boards off, and he taught me to put them down and straighten them with a hammer and save those used nails-

    15. LH

      Hmm

    16. DR

      ... in a coffee can. Now, my Grandpa Ramsey was one of my favorite people on the planet. This is 1970, and he was still answering the phone that rang in the Great Depression.

    17. LH

      Hmm.

    18. DR

      It changed his life. He was frugal and careful and wise with money the rest of his life. And so someday, 27-year-old, you're gonna be sitting on the back porch with your grandkid and you're gonna remember back in aug '20-

    19. LH

      [laughs]

    20. DR

      ... there was the coronavirus-

    21. LH

      [laughs]

    22. DR

      ... and it changed my life. You know? And that, you're gonna be that guy. You're gonna be giving dad jokes-

    23. LH

      Right

    24. DR

      ... you know?

    25. LH

      [laughs]

    26. DR

      And grandpa jokes, right, like I am now. And you're gonna get that opportunity. I was 28 years old when I lost everything. It was my fault. It was the S&L crisis. The banking climate changed. I'd built a house of cards. I was stupid. And the phone rang.

    27. LH

      Hmm.

    28. DR

      And it was my wake-up call. Are you gonna answer the phone? Are you gonna change your life to where you say, "Never again. I'm gonna control the controllables to where I'm the little pig in the brick house. Never again"? That may be the only thing you get out of this crisis, and if it is, you got enough.

    29. LH

      [sighs] Preach to me, Dave. Come on now.

    30. DR

      [laughs]

  6. 15:46 – 18:41

    Leadership Team Pride and Ramsey's Own Shortcomings

    1. LH

      What's, uh, what's the biggest wake-up call for you that this has had? Maybe it's not the financial side of things or business 'cause you guys are thriving. Is there something, you know, relationship, family, friendships, health? Is there anything that's woken you up now or in the near future, uh, in, uh, recently?

    2. DR

      Well, I've spent the last, uh, 15 years pouring into our leadership team and into the Ramsey personalities creating this succession plan of... A- and so, um, it, it's not a wake-up call as more of a source of pride as to how our leadership team and our Ramsey personalities are reacting in the moment here, uh, without me coaching them.

    3. LH

      Hmm.

    4. DR

      They already knew what to do.

    5. LH

      Oh, they're leading.

    6. DR

      They're out there doing it. They're doing it.

    7. LH

      They're, they're not-

    8. DR

      They're out there doing it

    9. LH

      ... they're not waiting for Grandpa Dave to say, "What do I do? Tell me the steps."

    10. DR

      No.

    11. LH

      They're leading. That's powerful.

    12. DR

      They already did it, they already did it, and then I found out about it, you know? And that's-

    13. LH

      Wow

    14. DR

      ... that's awesome. And so it's just a, a sense of, ah, this is starting to work, you know? I mean, when, uh, Rachel Cruze and Ch- Ken Hogan and these guys are doing, Ken Coleman, are doing all these hits, and Chris Hogan, all these guys are doing all these hits, these radio and TV and appearances and a- all this stuff everywhere and the, the networks are calling and asking for them, uh, which is awesome.

    15. LH

      Wow.

    16. DR

      And so, um, you know, that kind of thing is, uh, I don't know if it's a wake-up call as much as it is it's very satisfying to say, you know, all that work of the last decade and a half, uh, of getting everybody ready to win because we were winning in a winning environment. But then when you get the pressures on-

    17. LH

      Mm-hmm, mm-hmm

    18. DR

      ... when you get squeezed, you see what comes out, and it's good stuff coming out.

    19. LH

      Hmm. What was the last, uh, I mean, what year would you say was the last big wake-up call for you w- around, you know, one of the main areas of your life? Do you remember when that was, where you're like, "Oh, my, you know, I'm eating a little too many, uh, candy bars or, um, you know, my relationship-"

    20. DR

      [laughs]

    21. LH

      "... or, you know, what" It sounds like you've had the finances down for many years, but is there another-

    22. DR

      Yeah, yeah.

    23. LH

      Where you're like, "Oh, you know what? I really didn't do as good as I should have done here."

    24. DR

      I, I guess it's probably leadership, and I probably get one of those calls every day. Um-

    25. LH

      Really?

    26. DR

      ... there's some days I'm a world-class leader, and some days I'm just a butt.

    27. LH

      In what way? Like, how are you a, [laughs] how are you a butt?

    28. DR

      [laughs] So I mean, uh, sometimes I do a better job than other times as a leader.

    29. LH

      Yes. Yeah.

    30. DR

      And I, uh, uh, I own it. I'm, I, I get it, but, uh, you'd think as old as I am I'd be doing better, so, uh, but I know what I'm supposed to do, but sometimes I just don't have the energy to do it. I don't care.

  7. 18:41 – 21:40

    What Callers Need: Hope That This Won't Last Forever

    1. LH

      What, um, what is the, the most common thing that you're hearing with, with your, your... the people that are calling in for you right now? What's the thing that you hear over and over again that they need the most support with?

    2. DR

      I think there's a sense... I, I think when hope gets gut-punched the way it has for folks right now, um, the, the, the a- the answers fall, a lot of them fall in the category of this is not gonna last forever. Uh, because there's this sense-

    3. LH

      Yes

    4. DR

      ... that, you know, stock market's down. Do I take my investments out? Well, only if you think it's gonna stay down forever.

    5. LH

      Right.

    6. DR

      Uh, 'cause, you know, you're, you're 35. You're gonna be investing for 30 more years. You don't think it's gonna come up in 30 more years? I mean, really, you're predicting the end of America? I mean, that's, that's silly. But your emotions tell you lies when, when they're based in fear and when they're based in anger, and they tell you lies and, and they tell me lies. We believe those lies in situations like this. So, uh, you know, y- "I lost my job." I know, but that's happened before and it'll probably happen again. Just get you another one. "Well, this, uh... There's, uh..." Yeah, there's a lot of people hiring right now.

    7. LH

      There are a lot of people hiring.

    8. DR

      Amazon, Amazon's hiring 100,000 people right now.

    9. LH

      Yeah.

    10. DR

      So, I mean, there's jobs. It may not be the one you want, but you can get some food.

    11. LH

      Yeah.

    12. DR

      Uh, I mean, get you a leaf blower and rich people are afraid of leaves. You know, I mean, you can make some money.

    13. LH

      [laughs]

    14. DR

      So there, there, there's some stuff to do out there. But the, uh, uh, uh... So the thing that, the sense that, that, that the thing you're afraid of is going to last longer than it is.

    15. LH

      Yeah.

    16. DR

      Uh, whether it's the actual virus, whether it's the shutdowns, whether it's the economic repercussions of the shutdowns, whether it's the employment situation, uh, whether it's the quarantine. It, it feels like it's gonna last forever, but I mean, the chances of you being in the exact situation you're in in a few months is almost zero.

    17. LH

      Yeah.

    18. DR

      Your life is not a snapshot. You're not trapped in this moment. It's a film strip. The story's gonna continue to unfold.

    19. LH

      Yeah.

    20. DR

      And, and so that, that... When hope takes a gut punch though, we... and we get down in that fear, or we're mad, or we're... What- however it is we manifest that stuff, that those negative things we... the emotions that we all have in these situations, that's where a lot of my ca- questions are coming. They're all built in that, and I'm spending all my time going, "Uh, yeah, but it's not gonna last forever."

    21. LH

      Yeah.

    22. DR

      "Uh, yeah, but it's not gonna last forever. Uh, yeah, but let's visit this in May. I think you're gonna be okay. Uh, by June, are you even gonna remember this? It's the great toilet paper shortage of the spring."

    23. LH

      [laughs]

    24. DR

      You know, I don't know. I mean, what, what is it... You know, uh, it, it's, you know, some people are gonna have devastating, horrible things-

    25. LH

      Mm-hmm

    26. DR

      ... that are gonna be life-changing, but that, that's a very small percentage compared to the number of... that are worried about it.

    27. LH

      Yeah.

    28. DR

      W- and, and so, you know, your, your worries-

    29. LH

      And you're gonna get out of it. You're gonna get out of it

    30. DR

      ... you're gonna be okay. Most, I mean, you're, you're gonna be okay. You're gonna be okay.

  8. 21:40 – 24:36

    Desperation, Greed and the Gold Margin Loss

    1. LH

      I like this. What is the worst investment people should be making during this time, and what's the best investment they can make?

    2. DR

      Um, in my life, when I have become desperate, right after that's when I become stupid.

    3. LH

      [laughs] Yeah.

    4. DR

      And-

    5. LH

      Explain. Give me an ex-

    6. DR

      The other one is-

    7. LH

      Give me a story

    8. DR

      ... the other one is when I get... Well, when I... You know, when you get scared-

    9. LH

      Mm

    10. DR

      ... and you go rushing towards something out of fear, that des- sense of desperation, this, "Ah," thing, when you do that, you're getting ready to screw up.

    11. LH

      Mm.

    12. DR

      I mean, just count on it. Uh, and the other time you do that is if you're greedy. Uh, i- if you think you, "Okay, I got this one. I can take advantage of this." And, uh, I mean greedy as a lack of virtue greedy. I don't mean greedy in a, a positive way-

    13. LH

      Mm

    14. DR

      ... where I'm being ambitious, okay?

    15. LH

      Mm-hmm.

    16. DR

      I mean the negative sides of greed. A- and so if you're functioning in desperation or in this no holds barred, I've, "I'm gonna just clean up on other people's pain" thing, that's when you're getting ready to screw up and you're getting ready to make a major mistake. And, and so you're set up also for con artists when you do that.

    17. LH

      Mm.

    18. DR

      Um, a- and so i- if you're, if you're functioning in high emotion, your brain just doesn't work good. My friend Art Laffer says w- people, when you're panicked and when you're drunk, you don't make good decisions. And so, you know, you, you're... when you're on high emotion, your brain is, it, it's, your critical thinking skills shut down. And, and so that's when I've made the biggest mistakes in my life is when I was desperate, and the few times that I was greedy where I thought, "Oh, I'm gonna slip in there-

    19. LH

      Mm

    20. DR

      ... and that's gonna be easy money."

    21. LH

      Well, what was that-

    22. DR

      Easy money

    23. LH

      ... could you share a story of one of those greedy times where you tried to jump in and it didn't work out?

    24. DR

      Yeah. A buddy of mine, a buddy of mine, I was in my 20s, and a buddy of mine was buying gold. And, uh, now this is in the '80s.

    25. LH

      Mm-hmm.

    26. DR

      Okay? This is a million years ago. And he's buying gold.

    27. LH

      [laughs]

    28. DR

      And he had this friend that was a gold, he was a gold bug. He was picking gold. And this guy had picked the gold prices where they were going within a dollar, uh, like 14 times in a row. And so, uh, we both dropped five grand into this thing, and if we had hit, it was a, it was a margin deal, and so I would've made 50 grand. And I thought-

    29. LH

      Pretty good money back then

    30. DR

      ... I'm putting 5,000 bucks in here. I'm gonna make 50 grand. But it's a margin play, which means you're either gonna make 50 grand or you're gonna make zero.

  9. 24:36 – 27:21

    Incremental Wealth and Being on the Cover of Slow Company

    1. LH

      Can you make money fast in certain things, or is typically most things take a certain amount of time and energy and effort?

    2. DR

      The vast majority of people who are successful financially and successful have done it incrementally. Uh, there's very few people whose you see a, a meteoric rise in their wealth or their success that keep it. And the... I, I think because you build your character along the way to be able to hold on-

    3. LH

      Yeah

    4. DR

      ... a- and be able to do it. I think that's, that's my theory on it. Uh, I mean, I got rich quick. I started with nothing, and by the time I was 26 I had $4 million worth of real estate. I built a house-

    5. LH

      Wow

    6. DR

      ... of cards, you know? And I had a million dollar net worth. I made $250,000 in 1984. I was making 20,000 bucks a month, and in my 20s. So I mean, but you thought I had it all figured out, meteoric rise to the top. But the very thing that caused me to b- the, the incredible overdrive of ambition, a- a- caused me to go so fast, uh, that, uh, that I missed the blind spots. I missed the detour signs. I missed the bridge out signs. And so I built this house of cards I thought was a stone house, but I was naive and didn't know, and along comes some regulations changes-

    7. LH

      Mm

    8. DR

      ... a few shifts in the economy, uh, a little S&L crisis, and kaboom.

    9. LH

      It all comes down, yeah.

    10. DR

      Uh, you know, all of a sudden Dave looks like an idiot instead of a genius.

    11. LH

      Right.

    12. DR

      Uh, and so it turns out I was a little of both, because you don't build something like that at 25 if you're not somewhat of a genius. But I was obviously an idiot in the way I built it, and so I get to do it again. Get the opport- the, the wonderful opportunity to start over.

    13. LH

      [laughs]

    14. DR

      And so I-

    15. LH

      And do it the right way, yeah.

    16. DR

      Yeah. But I mean, in the midst of that as I was falling, of... It took two and a half years to lose everything we own. I had stuff presented to me. I almost got conned, serious conned. Like people just, a real con artist type guy. There's not many of them out there.

    17. LH

      Right.

    18. DR

      You most of the time you get screwed by well-meaning ignoramuses, but these, these were real con artists coming into my path, and I was about to give them money because I so desperately needed to turn quick money into big money to save myself. I was desperate, and right about the time you get desperate is when you get stupid.

    19. LH

      So don't, don't make those decisions. So there's not really... So what I'm hearing you say is the wealthy, wealthy people, it takes time, and it's incremental. It's not an overnight thing. It's not a quick rise. There might be some spikes here and there, but it's typically over time.

    20. DR

      It's okay to take a spike.

    21. LH

      Yeah.

    22. DR

      But anytime I get a spike, I'm always a little suspicious of it.

    23. LH

      Really?

    24. DR

      Um, it makes me, it makes me even more careful. I draw back and I go, "Well, that's really cool. Is it okay?" You know? Because it's not normative. Normative is incremental.

    25. LH

      Mm. Mm.

    26. DR

      Uh, and so I always tell entrepreneurs it's okay to be on the cover of Slow Company magazine.

    27. LH

      [laughs]

  10. 27:21 – 31:49

    Character, Integrity and Your Inner Circle

    1. LH

      I love this. Now, something that you mentioned, and something I just know about you as an individual, your values and the values and the, of your, your business and your brand, is how important character is. From every person that comes there, you... I think it's a 12-part interview series before someone can be hired. Uh, is that correct? 12?

    2. DR

      Yeah. Oh, yeah.

    3. LH

      12 interviews. And I'm not sure how public that is, so let me know if I'm-

    4. DR

      That's okay. That's fine.

    5. LH

      Okay.

    6. DR

      We go th- we go, you go through the ringer to get in here.

    7. LH

      Yeah, exactly.

    8. DR

      So.

    9. LH

      You gotta... You pretty much, takes you six years to get a job with, with Dave Ramsey.

    10. DR

      [laughs] Not that bad, but-

    11. LH

      Uh, they talk to you, they talk to your spouse and your dogs and, and everything to make sure that you have great character. And this is what I love about you, is your, uh, leadership on a certain standard for th- the human beings you surround yourself with and who are part of your, your mission, and I think it's really inspiring, and I look up to that. I'm curious, how do you teach character for people that don't have what you want yet? And maybe not everyone's at the level you want, but how do you... H- can people change their character over time, and how do you shift that?

    12. DR

      Oh, yeah. I mean, it's a decision. You can just decide. Um, I mean, think about it. What's integrity? Integrity. I can just decide I have it.

    13. LH

      Yeah.

    14. DR

      And now I do.

    15. LH

      Mm.

    16. DR

      And I start acting out of the fact that I am a person of high integrity. Uh, I'm a person who's dependable. I'm a person you can count on. I got your six. I got your back. I'm not gonna s- I'm not gonna cut your throat from behind. Uh, and you can just decide to be that today. Maybe you were the world's worst gossip before, and none of your friends could count on anything except you slitting their throat from behind. But you can just decide, just like that, to change. And so it's, it's a wonderful decision. In Christianity we call it repentance.

    17. LH

      Mm.

    18. DR

      You're walking one way, you stop, you turn, you walk the other way. That's all it is. You turn around. You do, you do a turnaround.

    19. LH

      Mm.

    20. DR

      And, and so, uh, for most of us it's a journey. Uh, you don't do it instantaneously. Uh, I can decide to control my tongue. I can decide to speak life over people rather than death and filth over them. I can decide that. Uh, I don't always do it right. I just told you a minute ago, sometimes I'm a jerk, right? Uh, so but it's a s- uh, and we don't, by the way, we don't have any perfect people working here.

    21. LH

      Mm-hmm.

    22. DR

      We have people that are trying.

    23. LH

      You're not perfect, Dave?

    24. DR

      No. We have... No. [laughs]

    25. LH

      [laughs]

    26. DR

      Just read the articles, okay?

    27. LH

      [laughs]

    28. DR

      But the, uh... [laughs] But the, uh... But no, the, uh, the, I mean, the, the, the thing is we got people that are trying.

    29. LH

      Yeah.

    30. DR

      They're, they're humble in the sense that they know they're not, but we're... Listen, we aspire to be people that can be counted on.

  11. 31:49 – 38:02

    Lessons from Dad and Wisdom from His Wife Sharon

    1. LH

      I'm curious. I asked-- I've got about, uh, seven or eight, six or seven minutes left with you. I got a few questions left. Uh, I asked a question. The Rock, Dwayne Johnson, had a, uh, Instagram Live over the weekend, and I asked him a question-

    2. DR

      Wow

    3. LH

      ... on Instagram Live. His first Instagram Live, and I asked him a question just, uh, via the text, but he said, "Lewis Howes, great question," and he responded to it.

    4. DR

      Oh, wow, gosh.

    5. LH

      And I, and I, and I'm gonna ask you the same question.

    6. DR

      [laughs]

    7. LH

      And I'm c- I'm curious your response. The question to him was, um, two questions that he answered. One, what was the greatest lesson that your father taught you? So I'll let, I'll let you, uh, answer that one first. What's the greatest lesson that your, your father taught you?

    8. DR

      My dad was, uh, in the real estate business when I was growing up and was a student of all the great, uh, sales trainers and positive thinkers of that day. So I mean, we had breakfast, lunch, and dinner was Zig Ziglar, Earl Nightingale-

    9. LH

      Mm

    10. DR

      ... Paul Harvey, Cavett Robert, Charlie "Tremendous" Jones. And, uh, he infected us, my dad did, infected my, my sister and I with the belief that, uh, we can do anything. I really believe I can do anything. Um, now I, I-- that-- not, not within-- I mean, I guess within re- I'm not gonna be in the NBA, okay? I'm not gonna play-

    11. LH

      Right

    12. DR

      ... in the NFL, okay? I don't mean that, but I'm saying i- if I apply myself and I figure out what the steps are and what the blockers are, and I do the steps and I overcome the blockers, it's up to me. No one-- the cavalry's not coming. And so it was a wonderful, wonderful childhood in that regard. Very entrepreneurial household that goes with that, obviously. Uh, but if you will get up and leave the cave, kill something, and drag it home, you'll be okay.

    13. LH

      Mm-hmm. Love that answer. Uh, the second question I asked him was what does he-- what is the thing that he admires and respects the most about his wife?

    14. DR

      Mm.

    15. LH

      And I'm c- and I'm curious, uh, for you as well, the thing you admire and respect the most about why you decided to be with your wife.

    16. DR

      She has uncanny, scary wisdom.

    17. LH

      Mm.

    18. DR

      Her insight, she can read a room. I just go in a room and have a party, and then wonder about the people later. She can walk into a room and reads everybody's mail before we leave, and she comes out and she goes, "You know that guy over there? That's a good guy."

    19. LH

      Mm-hmm.

    20. DR

      "You know that gal over there? She's getting ready to be in trouble. She's getting ready to step in a bear trap." And she has this discernment, this ability to read people, and, um, th- this level of wisdom. And gotta tell you, that's a really handy decision-making tool to have her, uh, uh, you know, standing beside me going, "Uh, uh, uh, we're not doing that." I'm like, "Yeah, every time I go against that suggestion, I lose 10 grand or more."

    21. LH

      [laughs]

    22. DR

      "So I'm not doing that." Yeah.

    23. LH

      Right. So you-- do you lean on her for a lot of, uh, feedback or, or wisdom on big deals that you do, or decisions in the business?

    24. DR

      Yeah. O- one of the things we learned when we went broke was, was that I was not listening to her.

    25. LH

      [laughs]

    26. DR

      Um, and, uh, she wasn't speaking up either.

    27. LH

      Mm.

    28. DR

      She was kinda doing the, uh, uh, um, "I'll stay home and..." She's Southern, you know. "I'll stay home and raise the kids." And, uh, and meanwhile, she's thinking, "Bridge out, bridge out, bridge out," you know, and not saying so. So she had to learn to find her voice in this. But there's a proverb that says, "Who can find a virtuous wife? For her worth is far above rubies. The heart of her husband safely trusts her, and he will have no lack of gain."

    29. LH

      Mm.

    30. DR

      Interesting.

  12. 38:02 – 41:42

    Three Truths, Where to Find Ramsey, and Greatness as Service

    1. LH

      This is called the three truths. I ask this to everyone at the end.

    2. DR

      Okay.

    3. LH

      I want you to imagine a hypothetical situation. Uh, it's the last day on Earth for you, and it's 100 years from now or however long that you can live, but at some point you gotta say, "Okay, today's the time that I go." And you have achieved everything. You have built this amazing business. You've seen your family grow up, and people are happy. You've done it all, and for whatever reason, you've gotta take all of your audio, videos, books, you've gotta take them with you to the next place. So no one has access to your content anymore. Again, hypothetical. And all you could leave behind were the three things you know to be true. That would be the three lessons you would leave behind with everything you've learned in your life. I call it the three truths question. What would be your three truths?

    4. DR

      God is real. You can count on him. People are worth the investment. They'll be your greatest joy, and they'll break your heart.

    5. LH

      Mm.

    6. DR

      But they're worth the investment. And everybody needs a dog. [laughs]

    7. LH

      [laughs] I've never heard that one, but I just got a dog six months ago, and it's like the greatest joy of my life right now.

    8. DR

      [laughs]

    9. LH

      So I love that answer. Uh, Dave, how can we support you? You've got an amazing radio show. You've got so many books. Where can we go to, uh, learn more about our finances and, and our life and all the things you're doing?

    10. DR

      Oh, man, we're great. Just hit, hit daveramsey.com, and if we can serve you and help you with your career, your money, your marriage, any of the stuff that we're doing over here, it's what we do, and it'd be our greatest honor to be able to serve you as you walk through a transformational time in your life. And, uh, we w- we're not... we're imperfect people helping imperfect people get better.

    11. LH

      Mm. And you're not perfect yet? [laughs]

    12. DR

      Uh, that's the third time you've asked that question.

    13. LH

      [laughs] Uh, th- this is my... I'll leave you with the final question. Before I do, I wanna acknowledge you, Dave, for the, the consistency you've had over decades of serving people at the highest level while being imperfect yourself, constantly learning, growing, and acknowledging the imperfections you have. Uh, thank you for, for being a preacher today. I think people really needed to hear that it's all gonna be okay. It may take months. It may take a year. But eventually you'll have the strength to move forward. And, uh, I just now acknowledge you for your joy and, uh, and constant giving nature. It's really beautiful to see someone that I admire and respect to be at that level and with such a great character. The final question-

    14. DR

      You're very kind, my friend.

    15. LH

      Of, of course, man, and hopefully I'll see you soon in LA when you're out here or when I'm in Nashville next time. Uh-

    16. DR

      You got it

    17. LH

      ... the final question: What's your definition of greatness?

    18. DR

      Mm. I'll have to probably wordsmith that a little bit, but it's gonna have something to do with service. Uh, there are very few people that are great that don't know how to serve, and there are very few people that are happy that haven't learned how to serve. Uh, whether the service becomes generosity or, uh, whether it's a servant leader or, uh, whether it's a dad who gives really good hugs to his babies, uh, it's gotta be around service.

    19. LH

      Mm. Dave Ramsey, thank you for your love and generosity and your wisdom. I really appreciate you. Thank you very much.

    20. DR

      Appreciate your friendship, brother. Thanks for having me.

    21. LH

      Of course. Thank you so much for watching this video, and if you're looking for more greatness in your life, then check out this next video right here.

    22. DR

      I don't care how well-prepared you are, that's a scary thing.

    23. SP

      Yeah.

    24. DR

      But it is the greatest opportunity in your lifetime to go from wherever you are financially to where you wanna be. I hope your audience is listening right now. Hear me

Episode duration: 41:42

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