The 5 Things That Will Make You WEALTHY In 10 Years | Dave Ramsey & Lewis Howes

1. 0:00 – 5:00

   Playing the Long Game: Principles Before Tactics

   1. LHLewis Howes0:00

      You are an example of what you do consistently every day, year after year, decade after decade, playing the long game of what you can create in the physical world. And I think that's a good representation of what I've learned from you about building wealth over time. It's not about doing it quickly, it's not about trying to find some scheme that you can get into and build this overnight, but it's about doing the consistent integrity things over time to build this type of wealth. So again, it's just inspiring to, to witness you.

   2. DRDave Ramsey0:30

      Well, thank you.

   3. LHLewis Howes0:31

      Yeah.

   4. DRDave Ramsey0:31

      Thank you.

   5. LHLewis Howes0:31

      It's very inspiring to me.

   6. DRDave Ramsey0:32

      I'm, I'm the ugly tortoise. I don't wanna be the hare. [laughs]

   7. LHLewis Howes0:34

      But you're consistent. It's amazing. It's amazing. You just keep showing up and doing the wise, the wise decisions, and I think that's what, uh, a lot of people are missing out on today, especially millennials today. I feel like they're just making decisions to look good as opposed to feel good long-term, as opposed to have safety as, uh, as opposed to having security and building wealth, and a lot of people are just in debt. I'm curious, I love your, your seven steps. I, I love how often you guys just say it over and over again. Um, but so- ho- somehow how people just seem to miss it and s- and not do the steps and it hurts them. I'm curious, besides the steps, the seven baby steps, what are, what are a few things people can start doing to increase the odds of wealth over time? To increasing the odds. Is it something mentally they can do, spiritually th- they can do? Is there something in their relationships they can do differently to increase the odds?

   8. DRDave Ramsey1:30

      Well, I think the first thing i- is, um, you have to have, uh... I mean, we were sitting in one of our leadership team meetings yesterday, as a matter of fact, here in the, at at Ramsey, and we were looking at a business unit, and they kept going, "Well, we need to do this, we need to do this."

   9. LHLewis Howes1:44

      Mm.

   10. DRDave Ramsey1:44

       And we did not have agreement on the, the baseline data of what was actually going on. One person thought one thing was going on, one thought another was going on.

   11. LHLewis Howes1:53

       Mm.

   12. DRDave Ramsey1:53

       And we, I said, "We gotta back up. We gotta put data in front of us, and once we all agree on exactly where we are, then we can discuss-

   13. LHLewis Howes1:59

       Right

   14. DRDave Ramsey1:59

       ... where we're going." And I, I think, um, you know, building wealth or having a, a, a high-quality life in any area i- is a little bit like that. You need to back up and say, "Okay, what are the principles?" before I worry about the tactics.

   15. LHLewis Howes2:13

       Mm.

   16. DRDave Ramsey2:13

       And the principles should lead us to the tactics. A- and the, the five money principles, if we wanted to pull some out-

   17. LHLewis Howes2:20

       Yes

   18. DRDave Ramsey2:21

       ... there would be common sense, biblical things that are kinda boring-

   19. LHLewis Howes2:23

       Mm-hmm

   20. DRDave Ramsey2:24

       ... but if you lay those principles in place, then they'll lead you to the tactics. I mean, here's one: live on less than you make.

   21. LHLewis Howes2:31

       Right. Mm-hmm.

   22. DRDave Ramsey2:32

       Now, that sounds kinda almost, uh, glib, you know?

   23. LHLewis Howes2:35

       [laughs]

   24. DRDave Ramsey2:35

       But the, the Bible says the borrower is, I mean, it say, says, "A foolish man devours all he has."

   25. LHLewis Howes2:41

       Mm-hmm.

   26. DRDave Ramsey2:41

       Live on less than you make.

   27. LHLewis Howes2:42

       Mm-hmm.

   28. DRDave Ramsey2:43

       Uh, you need to be on a written plan. In anything you're doing, if you don't do it intentionally, it's not going to occur. No one wins anything accidentally.

   29. LHLewis Howes2:53

       Mm-hmm.

   30. DRDave Ramsey2:54

       Uh, it's an intentional act. Winning always is. At marriage, at taking care of your body, building a business, you know, money. No one accidentally gets wealthy. They just, "Oh, what happened?" No one does that. So that's a written plan, and that's called a budget.
2. 5:00 – 8:58

   Why Get-Rich-Quick Schemes Tempt Us

   1. LHLewis Howes5:00

      Why is that so enticing, and why do so many people jump into that with all their money or all their savings, or take out debt just to invest in the 17 new things a year that seem like one or two people actually made a few million dollars, but probably end up losing it a year later?

   2. DRDave Ramsey5:16

      Yeah.

   3. LHLewis Howes5:16

      Why is that such an enticing thing for people who work so hard at making their money?

   4. DRDave Ramsey5:22

      Well, taking the long haul, being the tortoise versus the hare, is not human nature.

   5. LHLewis Howes5:27

      Right.

   6. DRDave Ramsey5:27

      Our brains are wired by God for efficiency.

   7. LHLewis Howes5:30

      Mm.

   8. DRDave Ramsey5:31

      You know, we, we wanna s- burn the least calories possible to get the job done, whatever it is. Which, in the financial world, causes us to look at get rich quick.

   9. LHLewis Howes5:40

      Mm.

   10. DRDave Ramsey5:41

       And, and we don't think of it as stupid. I didn't think of it as stupid when I did it in the '80s and-

   11. LHLewis Howes5:45

       Right

   12. DRDave Ramsey5:45

       ... bought, you know, I, I, I started with nothing, had $4 million worth of real estate, lost everything-

   13. LHLewis Howes5:50

       Mm-hmm

   14. DRDave Ramsey5:50

       ... because I, I had borrowed too much money on the real estate and-

   15. LHLewis Howes5:53

       Yeah

   16. DRDave Ramsey5:53

       ... crashed my own life down on my head. I, I didn't think I was being foolish, foolhardy-

   17. LHLewis Howes6:00

       Mm

   18. DRDave Ramsey6:01

       ... impulsive. I thought I was burning the least calories to get to the goal.

   19. LHLewis Howes6:05

       Yeah, you were being smart.

   20. DRDave Ramsey6:06

       I thought, I thought this is the way to go. And people that are buying crypto, that's what they think. I mean, no one thinks they're gambling. They don't think, "Oh, this is g- has worse odds than a roulette wheel," which it actually did mathematically.

   21. LHLewis Howes6:17

       [laughs]

   22. DRDave Ramsey6:17

       You know? But, but they didn't think that.

   23. LHLewis Howes6:19

       Right.

   24. DRDave Ramsey6:19

       They thought, "This is the least calories to burn to get to the goal." So that's just the human brain doing what it's supposed to do. We're just efficiency experts all the time in everything-

   25. LHLewis Howes6:28

       Mm-hmm

   26. DRDave Ramsey6:28

       ... we do. What's the least effort to get to the goal?

   27. LHLewis Howes6:30

       How, how, how often does someone, when they know, like, hey, this is a, a big risk investment, this ... The chances are of you making, you know, 10X your, on your return in one year or six months is so slim, or 100X returns in two years is so slim, but why do people sometimes go all in on the money they have, or 90% of their money on things that have a 1% chance of actually getting e- more than a double return within a year?

   28. DRDave Ramsey6:58

       Well, uh, there, there's two reasons. One is they don't believe there's only a 1% chance.

   29. LHLewis Howes7:01

       Oh.

   30. DRDave Ramsey7:02

       They, they, they believe, again, it's the most efficient way to get there. I didn't think that there was a high probability I was gonna fail doing nothing down real estate. I did not. It never occurred to me, number one. Uh, and then number two, pride comes right before the fall.
3. 8:58 – 12:06

   Generosity as a Character Quality

   1. DRDave Ramsey8:58

      the last one is you need to be outlandishly, outrageously generous.

   2. LHLewis Howes9:02

      Mm.

   3. DRDave Ramsey9:03

      And walk around with an open hand.

   4. LHLewis Howes9:05

      Mm.

   5. DRDave Ramsey9:05

      Ge-

   6. LHLewis Howes9:05

      What does generous mean for people that feel like they're struggling to live their own lifestyle of going out with friends once a week or having a dinner every couple of weeks or just doing, you know, some basic activities to enjoy life beyond free activities? How, how does generosity look like for those individuals?

   7. DRDave Ramsey9:25

      See, generous is not an action. Generous i- is a character quality.

   8. LHLewis Howes9:28

      Mm-hmm.

   9. DRDave Ramsey9:29

      And like integrity, it's a character quality that you choose. You're not born with it.

   10. LHLewis Howes9:34

       Mm.

   11. DRDave Ramsey9:35

       It's not in- it's not installed. You have to say, "I am a generous person." As a friend, as our friend James Clear says, he says, "Our habits come from our identity, so change your identity and your habits will follow," right?

   12. LHLewis Howes9:46

       Yeah.

   13. DRDave Ramsey9:46

       Uh, the whole essence of Atomic Habits-

   14. LHLewis Howes9:48

       Mm-hmm

   15. DRDave Ramsey9:48

       ... his bestselling book and, and which is wonderful material.

   16. LHLewis Howes9:51

       Yeah.

   17. DRDave Ramsey9:51

       And so the, uh, uh, but, but I am a generous person. Okay, now what does that mean? N- yeah, there's obviously a money thing. That might mean I give 10% to my church, a tithe. That might mean I pick up the bill at dinner. Uh, it might mean I look across the room and someone's wearing military fatigues and I buy their lunch. Uh, it might-

   18. LHLewis Howes10:12

       Mm

   19. DRDave Ramsey10:12

       ... or a policeman or a fireman or a nurse, you know, I'm, in scrubs. I might, uh, that m- it might mean something that simple tactically-

   20. LHLewis Howes10:19

       Nice

   21. DRDave Ramsey10:19

       ... but it could mean I just open the door for someone.

   22. LHLewis Howes10:21

       Yeah. A generous heart.

   23. DRDave Ramsey10:23

       It could mean-

   24. LHLewis Howes10:24

       Mm-hmm

   25. DRDave Ramsey10:24

       ... 'cause here's the thing: we all know the difference in a taker and a giver. We know the difference in selfless versus selfish. When you hang out with selfish people, you feel like you need to take a shower when you're done, you know? And when you f- hang out with selfless people, so I can just decide to do that. I don't have to have a lot of money because generous people are highly attractive.

   26. LHLewis Howes10:44

       Mm-hmm.

   27. DRDave Ramsey10:45

       Not because they give you stuff, but they're highly attractive 'cause they're, they, they, and they're very seldom depressed.

   28. LHLewis Howes10:51

       Mm.

   29. DRDave Ramsey10:52

       They're, they almost always have a, an, a positive outlook. They don't have a scarcity mentality. They have an abundance mentality. It, it j- and all of this is just a decision. I, I just, I'm gonna, instead of being ... But, but what happens is we become overwhelmed with the financial stress, and we turn it in, and we become navel gazers worried about me, me, me, me, me, me, me, me, me, 'cause I gotta take care of me, me, me, me, me, me. And if I don't take care of me, me, me, me, the lights get cut off.

   30. LHLewis Howes11:18

       Mm-hmm.
4. 12:06 – 17:19

   Giving Wisely: Due Diligence and a Million-Dollar Day

   1. LHLewis Howes12:06

      I'm curious, what was the What was the most generous year you've ever been financially? You don't have to say how much you gave or tithed that year, but what was the most you ever gave back in one year? Can you remember that year?

   2. DRDave Ramsey12:21

      Yeah, yeah. It was year before last. Um, 'cause I had a goal. I, I s- I met this... I'd been hanging out with these generous guys, these guys that have a lot of money-

   3. LHLewis Howes12:28

      Mm-hmm

   4. DRDave Ramsey12:28

      ... and gals, and l- trying to learn from them. And one of the things I learned is the intentionality behind their generosity. They're very careful. They, they do large gifts as if they're doing an investment.

   5. LHLewis Howes12:38

      Really?

   6. DRDave Ramsey12:39

      They do due diligence-

   7. LHLewis Howes12:40

      Can you explain? What do you mean by that?

   8. DRDave Ramsey12:40

      Well, they do due diligence on the organization.

   9. LHLewis Howes12:42

      Ah.

   10. DRDave Ramsey12:43

       You know, if they're wasteful, they're not handling money well, they don't treat-

   11. LHLewis Howes12:46

       Mm

   12. DRDave Ramsey12:46

       ... their people well behind the scenes, uh, 89% is going to overhead-

   13. LHLewis Howes12:50

       Uh-huh

   14. DRDave Ramsey12:50

       ... and 11%'s going to hungry children, then that, you know, this is a problem.

   15. LHLewis Howes12:54

       Right.

   16. DRDave Ramsey12:54

       That means, that means somebody's got too nice a car in the pile, right?

   17. LHLewis Howes12:56

       Mm-hmm.

   18. DRDave Ramsey12:56

       And so, uh, they're, they, they investigate and go into it. That's one thing they do on large gifts. A- and two, if you've got an organization that's weak and their ha- their, their money is struggling, and you give them too much, you can destroy them.

   19. LHLewis Howes13:09

       Really?

   20. DRDave Ramsey13:10

       Much like a lottery winner.

   21. LHLewis Howes13:12

       Right.

   22. DRDave Ramsey13:12

       Doesn't have the cha- the-

   23. LHLewis Howes13:12

       They're not, they're not ready for it mentally or emotionally

   24. DRDave Ramsey13:14

       They don't have the character to carry it.

   25. LHLewis Howes13:16

       Interesting.

   26. DRDave Ramsey13:16

       They don't have the processes and the systems in the organization and the, in, in the nonprofit or the ministry to carry it. And so you can actually, you know, y- you go into a church of 30 people and you tithe a million dollars, you can ruin the place.

   27. LHLewis Howes13:28

       So what questions should you ask an organization, a church, or a foundation that you wanna give a big sum of monto, uh, of money to? What questions should you ask the leaders to know that they have a mindset capable of managing that much money? Because typically, if you come from not having enough, and that's how you've always been, and then all of a sudden you get more, you may not be ready for it.

   28. DRDave Ramsey13:53

       Right.

   29. LHLewis Howes13:53

       So what questions should we ask before we make those investments and, and give that generously to know that, okay, this person is actually at the right stage of their life to handle this big lump sum of money-

   30. DRDave Ramsey14:05

       Yeah
5. 17:19 – 24:04

   Generosity, Growth, Integrity and Relationships

   1. LHLewis Howes17:19

      I'm curious, um, every, uh, every individual that I've interviewed or talked to, you know, 10-plus years my senior, um, they all ta- who, who I really admire, they all talk about generosity and giving and making it something you do early on in your life in any way, capacity that you can, and giving more and more the more you are able to g- to give more. And they say, "The thing that always happens is I always make more when I give, even, even, like, a little bit uncomfortably. When I give more than I think, 'Uh, can I really do this?' the next year always becomes bigger." I'm curious, was the last year one of your biggest years?

   2. DRDave Ramsey18:00

      No.

   3. LHLewis Howes18:01

      No?

   4. DRDave Ramsey18:01

      No. But it will be over-

   5. LHLewis Howes18:03

      It'll set up

   6. DRDave Ramsey18:03

      ... it will be over a decade.

   7. LHLewis Howes18:04

      Yeah, yeah.

   8. DRDave Ramsey18:04

      I mean, 'cause I, I mean, we're being impacted by outside variables like everyone.

   9. LHLewis Howes18:08

      Right, right.

   10. DRDave Ramsey18:09

       I mean, we got supply chain is affecting, the economics are affecting-

   11. LHLewis Howes18:12

       Mm-hmm

   12. DRDave Ramsey18:12

       ... energy costs are affecting, hiring, cost of labor is affecting us. Everything's affecting us.

   13. LHLewis Howes18:16

       Yeah.

   14. DRDave Ramsey18:16

       So no, we're, we're actually not up Uh, immediately following that. But I am 100% convinced that over a decade we'll be way up.

   15. LHLewis Howes18:24

       Yeah.

   16. DRDave Ramsey18:25

       Uh, because I've done it before.

   17. LHLewis Howes18:26

       Right.

   18. DRDave Ramsey18:26

       I've stretched and done it before, done unusual thing, had the celebration with no thought of the return.

   19. LHLewis Howes18:32

       Yes.

   20. DRDave Ramsey18:32

       You don't f- if you do it with the thought of a return, then that's you telling God what to do. That doesn't work.

   21. LHLewis Howes18:36

       Mm-mm.

   22. DRDave Ramsey18:36

       He, he thinks he's God, so that won't work.

   23. LHLewis Howes18:38

       Right.

   24. DRDave Ramsey18:38

       Um, but the, uh, th- this idea that, that, um, it, it... Again, generous people are just more fun to do stuff with.

   25. LHLewis Howes18:47

       They're more attractive, they're more fun.

   26. DRDave Ramsey18:48

       They're more attractive and, and you just end up having opportunities come. I mean, think about it, in a simplistic way. Let's say you were a, a, a leader in an organization and you had two people working for you, vying for a promotion. And obviously, what are we gonna do here? One's the selfish, look like he's weaned on a pickle-

   27. LHLewis Howes19:06

       Mm-hmm

   28. DRDave Ramsey19:06

       ... you know.

   29. LHLewis Howes19:06

       [laughs]

   30. DRDave Ramsey19:06

       And, and, and, and the other lady is, she's generous and she's kind.
6. 24:04 – 33:29

   Money and Marriage: Questions Couples Should Ask

   1. LHLewis Howes24:04

      Speaking of marriage, um, it seems like money affects marriages a lot. I'm curious what... Or it could empower marriages or it could hurt marriages if it, if not handled properly. I'm curious, if you were to give advice on some, a, a couple dating for, you know, a few years looking to get married, what are a few questions they must have and align to about money- That might be uncomfortable to have those questions, but will actually get you clear on, "Hey, are we the right match?"

   2. DRDave Ramsey24:34

      Yeah.

   3. LHLewis Howes24:34

      In terms of our money mindset, in terms of what we're gonna do with money for the next... And maybe you have this question in the first few months of dating. You don't wait two years.

   4. DRDave Ramsey24:42

      Mm-hmm.

   5. LHLewis Howes24:42

      But what are those questions that people should be asking before they align with someone romantically longterm?

   6. DRDave Ramsey24:49

      Well, there's a couple things to think, keep in mind. I'm talking to a young couple about this, and I do often in a marriage seminar or something like that, i- is, uh, or a pre-marriage-

   7. LHLewis Howes24:58

      Mm

   8. DRDave Ramsey24:58

      ... counseling session or something like that. Um, the number one cause of divorce is money fights and money problems out there. The stress of money and the arguments over money, okay? And so if you said the number one cause of death is getting killed by a bear on the way to the mailbox-

   9. LHLewis Howes25:16

      [laughs]

   10. DRDave Ramsey25:17

       ... right, then you would analyze how not to get killed by a bear on the way to the mailbox.

   11. LHLewis Howes25:23

       Yeah.

   12. DRDave Ramsey25:23

       Right? And so if you're gonna get married, you should really look at the number one freaking thing. Hello. [laughs]

   13. LHLewis Howes25:28

       This, this is the number one thing that- that-

   14. DRDave Ramsey25:30

       [laughs]

   15. LHLewis Howes25:30

       ... either hurts or ends marriages-

   16. DRDave Ramsey25:32

       Yeah

   17. LHLewis Howes25:32

       ... is what I'm hearing you say.

   18. DRDave Ramsey25:32

       Yeah. And the odd thing is, is it's actually circular.

   19. LHLewis Howes25:35

       Mm.

   20. DRDave Ramsey25:35

       It's an infinity loop because it feeds back on itself, meaning that it also, the quality of your marriage is a high data point indicator as to whether or not you build wealth.

   21. LHLewis Howes25:45

       Yeah.

   22. DRDave Ramsey25:46

       And, and so very few people drag a spouse kicking and screaming into millionaire status.

   23. LHLewis Howes25:51

       [laughs]

   24. DRDave Ramsey25:51

       You know?

   25. LHLewis Howes25:52

       Does- you mean it doesn't happen by accident?

   26. DRDave Ramsey25:53

       It, uh, you know, so I'm, I'm, I'm bringing the princess with me, right?

   27. LHLewis Howes25:56

       [laughs]

   28. DRDave Ramsey25:56

       Come on, baby. I'm gonna put you on my back and we're gonna haul you over there.

   29. LHLewis Howes25:59

       Right.

   30. DRDave Ramsey25:59

       Doesn't usually work-
7. 33:29 – 37:35

   Saving vs. Investing and Diversifying Beyond Your Business

   1. LHLewis Howes33:29

      What's the difference between saving and investing at your kind of scale? Or someone who's, you know, bringing in over a million dollars a year in their business and they've got some extra cash, what is the difference between saving and investing? Is there a difference at that level of like, okay, some money is just saved in a, you know, an account, and others are invested in different areas?

   2. DRDave Ramsey33:48

      Save- savings is short-term, investing is long-term.

   3. LHLewis Howes33:50

      Okay. Yeah.

   4. DRDave Ramsey33:51

      Pretty simple. And you can define what that is, but I, I generally think three years and less I'm just saving the money. I'm really not putting it in something that's gonna be going up and down-

   5. LHLewis Howes33:59

      Got it

   6. DRDave Ramsey33:59

      ... because I, I, I need the money there.

   7. LHLewis Howes34:01

      Right.

   8. DRDave Ramsey34:02

      You know, uh, a- and so I've gotta have the access to it, so it needs to be s... It's not gonna earn a lot, but it's stable.

   9. LHLewis Howes34:08

      Gotcha.

   10. DRDave Ramsey34:08

       Investing I can ride a wave 'cause I'm playing a long game.

   11. LHLewis Howes34:11

       How, what's the percentages of saving, investing that people should be at?

   12. DRDave Ramsey34:16

       Well, you should have an emergency fund personally of three to six months of expenses.

   13. LHLewis Howes34:19

       Mm-hmm.

   14. DRDave Ramsey34:19

       The standard rainy day fund. Past that you need to save up and pay cash for whatever you're purchasing, so if you've got a car purchase in your future. Uh, Christmas this year's in December if you didn't know. You gotta get ready for that. And, um-

   15. LHLewis Howes34:31

       [laughs]

   16. DRDave Ramsey34:31

       ... you know, that kind of stuff.

   17. LHLewis Howes34:32

       Is it? I thought it was November this year.

   18. DRDave Ramsey34:32

       They move it occasionally-

   19. LHLewis Howes34:33

       Oh, okay

   20. DRDave Ramsey34:33

       ... but just in case. Yeah. [laughs]

   21. LHLewis Howes34:35

       [laughs]

   22. DRDave Ramsey34:35

       But just in case, a reminder. And so, uh, you know, you, you, you got, those are savings items, and then past that everything else would go-

   23. LHLewis Howes34:43

       Investing, yeah

   24. DRDave Ramsey34:44

       ... to investing. You know, because basically one saving is for protection, the emergency fund, and the other's for purchases to avoid debt. Um, paying cash for my car, paying cash for my couch, paying cash for my trip. Um, th- and those are short-term saving, Christmas, I'm saving-

   25. LHLewis Howes35:00

       Yeah

   26. DRDave Ramsey35:00

       ... short-term savings items. And then long-term saving items, obviously retirement, kids' college, general wealth building-

   27. LHLewis Howes35:07

       Mm-hmm

   28. DRDave Ramsey35:07

       ... uh, beyond that to do other things. And so then I get into at our level now that we make a lot of money, w- we're a little bit mixed up in that we get so much over in the investing pile, and a lot of it is not for 30 years from now. A lot of it is for six years from now.

   29. LHLewis Howes35:22

       Yeah.

   30. DRDave Ramsey35:22

       And so I'll throw money over into a mutual fund until I use it to buy a piece of real estate.
8. 37:35 – 42:27

   Real Estate: Returns Versus Hassle

   1. LHLewis Howes37:35

      I, I'm curious, you know, it seems like the wealthy, a lot of the wealthy get into real estate at some point. Um, I, I have followed your advice, not all of your advice, I've made a lot of mistakes, but I've followed a lot of your advice. I bought my car with cash, you know. Um, I didn't understand real estate, so I put it in a real estate fund-

   2. DRDave Ramsey37:54

      That's okay

   3. LHLewis Howes37:54

      ... as opposed to buying it and managing it and figuring out how to-

   4. DRDave Ramsey37:57

      That's okay

   5. LHLewis Howes37:57

      ... fix things and deal with contractors and all these different things.

   6. DRDave Ramsey38:00

      Yeah, the REITs are doing good.

   7. LHLewis Howes38:01

      Right. So I put it in a fund. Um, but I kinda wanna get into real estate.

   8. DRDave Ramsey38:06

      Mm.

   9. LHLewis Howes38:06

      And I don't know if that's, if I should or not. I, I want to 'cause I feel like it's a great asset class for long-term wealth.

   10. DRDave Ramsey38:13

       It is.

   11. LHLewis Howes38:14

       Uh, but I don't fully understand it 'cause I've never bought-

   12. DRDave Ramsey38:18

       Mm-hmm

   13. LHLewis Howes38:18

       ... investment properties, right?

   14. DRDave Ramsey38:19

       The, well, I've been buying properties since I was 18 years old. Mom and Daddy were in the real estate business when I was growing up. I got my real estate license three weeks after I turned 18.

   15. LHLewis Howes38:26

       Mm.

   16. DRDave Ramsey38:27

       So I've been doing this for 50 years almost.

   17. LHLewis Howes38:30

       Wow.

   18. DRDave Ramsey38:30

       I mean, I've been around it for 50 years. I've been doing it for 40-plus. And so the illu- the, the real estate is very romantic.

   19. LHLewis Howes38:37

       Yes.

   20. DRDave Ramsey38:38

       Especially on TikTok, you know?

   21. LHLewis Howes38:40

       [laughs]

   22. DRDave Ramsey38:41

       I mean, it's like it can, nothing can go wrong. It's all great. It, it, when-

   23. LHLewis Howes38:45

       I'll make $30,000 a month in my Airbnb and this.

   24. DRDave Ramsey38:47

       Yeah. When, when in actual fact, it is exactly the opposite. Everything will go wrong.

   25. LHLewis Howes38:51

       Right.

   26. DRDave Ramsey38:52

       Count on it. The roof is going to leak. I had a refrigerator ice maker bust the other day, flood the whole freakin' house.

   27. LHLewis Howes38:58

       Oh, man.

   28. DRDave Ramsey38:58

       I got mold and remediation. I got one little house over here-

   29. LHLewis Howes39:01

       Tenants, yeah

   30. DRDave Ramsey39:01

       ... that's completely down for six months while we rebuild the whole-
9. 42:27 – 47:47

   Changing Your Money Mindset Through Inputs

   1. LHLewis Howes42:27

      but I wanna ask you about how someone who has been, you know, maybe grew up in a family where their parents didn't have the best money values or the best, let's call it money principles, and maybe just weren't able to save that well, you know, were in debt, and the, the kids kind of picked up the same patterns, the same habits, and the same models. How does someone go from maybe more of a debt mindset or a, a, a poorer mindset into an abundance and a richer or wealthier mindset if they've been modeling from their parents, if they, you know, they were used to debt, they got into debt early on, they got credit cards early on? Like, how does someone switch the mindset first before acting with these steps and actually believing something completely differently?

   2. DRDave Ramsey43:15

      Inputs.

   3. LHLewis Howes43:16

      Yeah.

   4. DRDave Ramsey43:17

      You become who you hang around with-

   5. LHLewis Howes43:18

      Yeah

   6. DRDave Ramsey43:18

      ... and what you read. The old Charlie "Tremendous" Jones quote, "Five years from today, you'll be the same person you are today except for the people you hang with and the books you read."

   7. LHLewis Howes43:24

      Mm.

   8. DRDave Ramsey43:25

      So, um, you know, inputs. What, who are you reading? What podcasts are you listening to? I mean, are... Here, here's the thing. I- if you, if you wanna stay poor and you wanna stay in a scarcity mindset, watch Tiger King.

   9. LHLewis Howes43:38

      [laughs] Yeah.

   10. DRDave Ramsey43:40

       I- i- if you wanna win at life, listen to Lewis-

   11. LHLewis Howes43:43

       Right

   12. DRDave Ramsey43:43

       ... on this podcast, 'cause it's about greatness.

   13. LHLewis Howes43:46

       Yeah.

   14. DRDave Ramsey43:47

       You know? And Tiger King's quite the opposite.

   15. LHLewis Howes43:48

       Right.

   16. DRDave Ramsey43:49

       So what are you consuming? You know, are you spending all your time o- on, uh, uh, the cable news network?

   17. LHLewis Howes43:55

       Mm.

   18. DRDave Ramsey43:55

       Because I gotta tell you, they're not selling anything but fear. And the, and if you turn the channel one over, you get The Weather Channel, and the tornado's gonna kill you. Did you know that?

   19. LHLewis Howes44:02

       [laughs]

   20. DRDave Ramsey44:02

       Get a helmet on quick. And so, oh my God, you know, what are your inputs? And, uh, I became hyper-aware of that during, uh, this last season we've all gone through-

   21. LHLewis Howes44:13

       Mm. Mm

   22. DRDave Ramsey44:13

       ... with pandemic and all these other things. I, the stress level for a- all of us that were carrying responsibility during those days and the fear of people out there, I started going, "Okay, you guys need to change your inputs 'cause y- your brain's about to explode with fear." And 'cause everybody's just watching the count all day long, you know? And it's like, oh my gosh. A- and so I had to really b- be very conscious to pull back and say, "I, I'm not even gonna turn on the computer."

   23. LHLewis Howes44:39

       Mm.

   24. DRDave Ramsey44:40

       "I'm just gonna open up a book, my Bible."

   25. LHLewis Howes44:43

       Man.

   26. DRDave Ramsey44:43

       "I'm gonna go for a walk with nothing in my ears and just hear birds sing." You know? Oh my gosh, you gotta watch your inputs, okay? And that's how you change it. 'Cause a buddy of mine, uh, he came out of the hood, he said, "Getting out of the hood's easier than getting the hood out of you."

   27. LHLewis Howes44:57

       [laughs]

   28. DRDave Ramsey44:59

       And, uh, you know, uh, y- 'cause, you know, I remember people I grew up with, "Little man can't get ahead."

   29. LHLewis Howes45:04

       Mm.

   30. DRDave Ramsey45:04

       "You're always gonna have a car payment." You know, the corporations... I was with a relative the other day. He goes, "Corporations, corporations, corporations." I'm like, "Who are you talking about?"
10. 47:47 – 52:51

    Dave's Growth Edges, Legacy and Rebuilding Self-Trust

    1. LHLewis Howes47:47

       I'm, I'm curious. With, it sounds like 40 years, I don't wanna date you here, but it sounds like 40 years in business, um, that you've been doing business. Decades of wisdom, lots of mistakes early on, and I'm sure you constantly are overcoming challenges. What is the, the thing that you feel like you need to transform in your life or in business or internally to get to the next level of leadership for yourself, to make an even greater impact or to renew your own mind in a, in a, in a way of transforming something that could support you at the next level?

    2. DRDave Ramsey48:23

       Wow. I mean, uh, like, there's a laundry list that's so long it's ridiculous. I mean, there's so much work Dave's still gotta do. Um, uh, one thing I was working on this morning, because it's just happens to be top of mind, is, uh, don't sweat the small stuff.

    3. LHLewis Howes48:36

       Mm-hmm.

    4. DRDave Ramsey48:38

       I get so passionate about everything, and sometimes the wrong things. [laughs]

    5. LHLewis Howes48:43

       Mm-hmm.

    6. DRDave Ramsey48:44

       And if you travel around Nashville a little bit more, you'll find people that don't like that.

    7. LHLewis Howes48:47

       [laughs]

    8. DRDave Ramsey48:47

       I'll just tell you. [laughs]

    9. LHLewis Howes48:48

       [laughs]

    10. DRDave Ramsey48:49

        They don't agree with me on that, and they don't like Dave, and there's plenty of haters out there, believe me. Uh, a- and some of them are well-earned. [laughs]

    11. LHLewis Howes48:58

        Mm-hmm.

    12. DRDave Ramsey48:58

        Just like some of the respect is well-earned and some of it's not.

    13. LHLewis Howes49:01

        Sure, sure.

    14. DRDave Ramsey49:01

        Right? [laughs]

    15. LHLewis Howes49:02

        [laughs] But don't sweat the small stuff?

    16. DRDave Ramsey49:04

        Yeah, really. I mean, 'cause I do. I, you know, I ... 'Cause every th- I, I die on the wrong hill too often.

    17. LHLewis Howes49:10

        Really?

    18. DRDave Ramsey49:10

        Yeah. 'Cause I-

    19. LHLewis Howes49:11

        Give me an example of what that might look like. Is like the little detail that doesn't go the way you want it, then you get, you know, passionate about it or-

    20. DRDave Ramsey49:16

        Yeah. Uh, uh, you know, if it ... I was in a church board meeting many, many years ago, and one of the old guys in there, he's like 80 years old, we're in there arguing about something, uh, about around the church and, and he gets up and starts walking out. We're like, "Where are you going?" He goes, "Y'all aren't arguing about anything that matters in five years."

    21. LHLewis Howes49:30

        Wow.

    22. DRDave Ramsey49:32

        And I do that. I argue about stuff that matters by the end of the day. 'Cause I, I, A, I like to argue. I'm a hillbilly, right?

    23. LHLewis Howes49:37

        [laughs]

    24. DRDave Ramsey49:37

        But B, uh, I, I just, I, I'm so wired up and f- and over-caffeinated and passionate and everything else that, um, personality style, and I just have to ... It's a-

    25. LHLewis Howes49:48

        Mm-hmm

    26. DRDave Ramsey49:48

        ... maturity thing. I have to work on it. 62 freaking years old.

    27. LHLewis Howes49:51

        Mm-hmm.

    28. DRDave Ramsey49:51

        You know what I mean? Come on. [laughs]

    29. LHLewis Howes49:53

        Wow. What do you think is the quality that you appreciate about yourself the most?

    30. DRDave Ramsey49:58

        Oh, Lord. Would it be humility? No. [laughs]
11. 52:51 – 55:34

    Wrap-Up, Three Truths and Defining Greatness

    1. LHLewis Howes52:51

       I'm so grateful for your time today.

    2. DRDave Ramsey52:52

       You too.

    3. LHLewis Howes52:53

       Um, ramseysolutions.com. You've got some amazing books. The Ramsey Show, the Ramsey Network, like everything you guys do, I love watching the content, I love consuming the content, I love learning. I love the jokes you make on your social media.

    4. DRDave Ramsey53:06

       [laughs]

    5. LHLewis Howes53:06

       I just think it's hilarious. Uh, and your sound advice that you give people and coaching you give people live. So I, I really want everyone to follow you. You guys have an amazing YouTube channel, podcasts, everything. Um, do you have a new book coming out soon? Do you have anything, uh, in the works?

    6. DRDave Ramsey53:22

       No, no. I did Millionaire, Baby- Baby Steps to Millionaires last year.

    7. LHLewis Howes53:26

       Yep.

    8. DRDave Ramsey53:26

       It was the number one. That'll, I hope that's my last one for a while. Now we've got a lot of Ramsey Personalities books coming out.

    9. LHLewis Howes53:31

       I just read, uh, Own Your Past, Change Your Future. I just read that.

    10. DRDave Ramsey53:35

        Dr. John Delony, yes.

    11. LHLewis Howes53:36

        Incredible.

    12. DRDave Ramsey53:37

        Yes, he's-

    13. LHLewis Howes53:37

        I was like-

    14. DRDave Ramsey53:38

        He's got a new one coming out June 6th that I was reading the manuscript this weekend. I cried three times reading the manuscript. It is unbelievably good.

    15. LHLewis Howes53:44

        He, he's a great writer.

    16. DRDave Ramsey53:46

        Oh, and he's, he's brilliant.

    17. LHLewis Howes53:47

        He's, he is really smart guy. So-

    18. DRDave Ramsey53:48

        Yeah. His wallet's smarter than me.

    19. LHLewis Howes53:50

        I r- [laughs]

    20. DRDave Ramsey53:50

        Yeah.

    21. LHLewis Howes53:50

        But I recommend that book for sure. I read that one as well. So I want people to get the books. I want people to, uh, subscribe to you everywhere on social media. We'll have everything linked up. Is there anything we can do to be of service to you today?

    22. DRDave Ramsey54:01

        Oh, you have just by being here and being our friend, and we admire you with what you're doing. You're just doing-

    23. LHLewis Howes54:06

        I appreciate it

    24. DRDave Ramsey54:06

        ... so good, man. You're kicking it.

    25. LHLewis Howes54:07

        Thank you.

    26. DRDave Ramsey54:07

        You are doing it.

    27. LHLewis Howes54:08

        Thank you.

    28. DRDave Ramsey54:08

        I love watching somebody go win.

    29. LHLewis Howes54:10

        I appreciate it. I appreciate it. Um, I asked you these two final questions, and I'm gonna wrap it up here in 60 seconds. I asked you these two final questions before, but I'm curious if the answers are different today. Um, this one is called the three truths. Hypothetical scenario in question. Uh, imagine you get to live as long as you wanna live, but it's your last day. And for whatever reason in this world, you have to take all of your content and wisdom with you. Everything you've ever created, the books, the content, it goes to another place, but we don't have access anymore to your wisdom. But you get to share behind a message of your f- three final truths, the lessons that you would share, um, if you could only share three of them to the world. And I know it's kind of off the cuff real quick, but what would those three truths be for you?

    30. DRDave Ramsey54:55

        People matter, stuff doesn't. Never saw a rider truck following a hearse. God is real, and it'll change your life.
12. 55:34 – 1:05:59

    Crisis as an Opportunity: Resets and Lessons from Past Downturns

    1. LHLewis Howes55:34

       Why is a time like this a great time to make money?

    2. DRDave Ramsey55:42

       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.

    3. LHLewis Howes55:49

       Yeah.

    4. DRDave Ramsey55:50

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

    5. LHLewis Howes55:52

       [laughs] You gotta freeze up. Yeah.

    6. DRDave Ramsey55:54

       So, uh, I mean, we pivoted a whole bunch of product lines here at Ramsey and all kinds of things, and we kept 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.

    7. LHLewis Howes56:21

       Yeah.

    8. DRDave Ramsey56:21

       Uh, and you might not have done that on your own. So this could be the best thing that ever happened to you. There's a lot of good that comes out of this much pressure, uh, because it forces, it forces you to reset.

    9. LHLewis Howes56:32

       Yeah.

    10. DRDave Ramsey56:33

        It forces you to rethink. And, uh, you know, two or three, four crisises ago, I don't know, back, I'm an old guy now-

    11. LHLewis Howes56:39

        [laughs]

    12. DRDave Ramsey56:39

        ... I, uh, I had a personal crisis, you know, of losing everything. I decided I was never gonna be the victim of the things I can control when one of these things that I can't control come at me again. And so we got out of debt, and we built an emergency fund, and we were, in the last downturn of 2008, we were in a position of we had piles of cash. And so I was able to buy real estate at a nickel on the dime on the dollar, and it was a wonderful time. But there were other times I was broke and couldn't take advantage-

    13. LHLewis Howes57:06

        Yeah

    14. DRDave Ramsey57:07

        ... of stuff being on sale. But, uh, if you're in a position you got money right now, the stock market's on sale. Real estate's not moved much yet, but if you're buying even consumer items other than toilet paper, most things are on sale.

    15. LHLewis Howes57:19

        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-

    16. DRDave Ramsey57:30

        Well-

    17. LHLewis Howes57:30

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

    18. DRDave Ramsey57:32

        I mean, you know, weather forecasters and economists-

    19. LHLewis Howes57:34

        [laughs]

    20. DRDave Ramsey57:34

        ... are the only people 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. Uh, it's kinda-

    21. LHLewis Howes57:48

        Mm-hmm

    22. DRDave Ramsey57:48

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

    23. LHLewis Howes57:56

        Mm

    24. DRDave Ramsey57:57

        ... 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-

    25. LHLewis Howes58:11

        Mm

    26. DRDave Ramsey58:11

        ... 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-

    27. LHLewis Howes58:20

        Mm

    28. DRDave Ramsey58:20

        ... 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.

    29. LHLewis Howes58:38

        Yeah.

    30. DRDave Ramsey58:38

        And it's a horrible thing and, uh, but the, the, but a- and the juxtaposition with that is, it, 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.
13. 1:05:59 – 1:12:19

    Answering the Wake-Up Call and the Pride of Leadership

    1. LHLewis Howes1:05:59

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

    2. DRDave Ramsey1:06:30

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

    3. LHLewis Howes1:06:32

       [laughs]

    4. DRDave Ramsey1:06:33

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

    5. LHLewis Howes1:06:34

       Yeah

    6. DRDave Ramsey1:06:34

       ... 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.

    7. LHLewis Howes1:06:46

       Mm-hmm.

    8. DRDave Ramsey1:06:47

       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 in," 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.

    9. LHLewis Howes1:07:29

       Hmm.

    10. DRDave Ramsey1:07:30

        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 the hammer and save those used nails-

    11. LHLewis Howes1:07:58

        Hmm

    12. DRDave Ramsey1:07:59

        ... 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.

    13. LHLewis Howes1:08:12

        Hmm.

    14. DRDave Ramsey1:08:12

        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 there was the coronavirus-

    15. LHLewis Howes1:08:32

        [laughs]

    16. DRDave Ramsey1:08:33

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

    17. LHLewis Howes1:08:39

        Right

    18. DRDave Ramsey1:08:40

        ... you know? 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-

    19. LHLewis Howes1:08:57

        Hmm

    20. DRDave Ramsey1:08:57

        ... 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.

    21. LHLewis Howes1:09:21

        Preach to me, Dave. Come on now.

    22. DRDave Ramsey1:09:22

        [laughs]

    23. LHLewis Howes1:09:22

        I love this. 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 and, uh, recently?

    24. DRDave Ramsey1:09:40

        Well, I've spent the last, uh, 15 years pouring into our leadership team and 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.

    25. LHLewis Howes1:10:00

        Hmm.

    26. DRDave Ramsey1:10:01

        They already knew what to do.

    27. LHLewis Howes1:10:02

        Oh, they're leading.

    28. DRDave Ramsey1:10:03

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

    29. LHLewis Howes1:10:05

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

    30. DRDave Ramsey1:10:10

        No.
14. 1:12:19 – 1:15:19

    Hope, Emotions and the Film Strip View of Life

    1. LHLewis Howes1:12:19

       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. DRDave Ramsey1:12:30

       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 an- 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. LHLewis Howes1:12:48

       Yes

    4. DRDave Ramsey1:12:48

       ... 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. LHLewis Howes1:12:54

       Right.

    6. DRDave Ramsey1:12:54

       Uh, 'cause y- 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, are you 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, you- you... I lost my job. I know, but that's happened before and it'll probably happen again. Just get you another one. Well, there's, uh, there's, uh, yeah, there's a lot of people hiring right now.

    7. LHLewis Howes1:13:28

       [laughs] There are a lot of people hiring.

    8. DRDave Ramsey1:13:29

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

    9. LHLewis Howes1:13:32

       Yeah.

    10. DRDave Ramsey1:13:32

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

    11. LHLewis Howes1:13:36

        Yeah.

    12. DRDave Ramsey1:13:36

        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. LHLewis Howes1:13:41

        [laughs]

    14. DRDave Ramsey1:13:41

        So 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. LHLewis Howes1:13:53

        Yeah.

    16. DRDave Ramsey1:13:54

        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. LHLewis Howes1:14:14

        Yeah.

    18. DRDave Ramsey1:14:14

        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. LHLewis Howes1:14:21

        Yeah.

    20. DRDave Ramsey1:14:22

        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 cal- 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. LHLewis Howes1:14:41

        Yeah.

    22. DRDave Ramsey1:14:41

        "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. LHLewis Howes1:14:51

        [laughs]

    24. DRDave Ramsey1:14:51

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

    25. LHLewis Howes1:14:58

        Mm-hmm

    26. DRDave Ramsey1:14:58

        ... 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. LHLewis Howes1:15:06

        Yeah.

    28. DRDave Ramsey1:15:07

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

    29. LHLewis Howes1:15:09

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

    30. DRDave Ramsey1:15:11

        ... you're gonna be okay. Most, I mean, you're, you're gonna be okay. You're gonna be.
15. 1:15:19 – 1:17:22

    Worst Moves in a Crisis: Desperation and Greed

    1. LHLewis Howes1:15:19

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

    2. DRDave Ramsey1:15:26

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

    3. LHLewis Howes1:15:35

       [laughs] Yeah.

    4. DRDave Ramsey1:15:38

       And-

    5. LHLewis Howes1:15:38

       Explain. Give me an ex-

    6. DRDave Ramsey1:15:39

       The other one is-

    7. LHLewis Howes1:15:39

       Give me a story. [laughs]

    8. DRDave Ramsey1:15:40

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

    9. LHLewis Howes1:15:44

       Mm-hmm

    10. DRDave Ramsey1:15:44

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

    11. LHLewis Howes1:15:55

        Mm.

    12. DRDave Ramsey1:15:56

        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 where I'm being ambitious, okay?

    13. LHLewis Howes1:16:14

        Mm-hmm.

    14. DRDave Ramsey1:16:15

        I mean the negative sides of greed. A- and so if you're, uh, 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.

    15. LHLewis Howes1:16:36

        Mm.

    16. DRDave Ramsey1:16:37

        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'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 and that's gonna be easy money."

    17. LHLewis Howes1:17:03

        Somebody making $50,000 a year can become wealthier than somebody making $100,000 a year. And when you hear that, you might say, "Wait, how is that possible?" Well, if you just look at the numbers, you can kind of see what happens. Because if you have two people, Person A, Person B, one person, Person A, makes 50 grand

Episode duration: 1:17:22