The Ramsey Show – Can You Become A Millionaire Today In America?

Intro

In this episode of “The Ramsey Show,” co-hosted by Ken Coleman, the focus is on work, career, and making more money. Dave Ramsey tackles various financial issues and provides advice on how to overcome them. From dealing with medical bills and insurance disputes to strategies for becoming debt-free and building wealth, this episode covers a wide range of topics that can help listeners achieve financial freedom.

Main Takeaways

Dealing with Medical Bills and Insurance Disputes

• Scott from Kansas City lost his job after being hospitalized and is now facing a $15,000 hospital bill.
• Dave suggests Scott work out a deal with the collector or their attorney when it goes to court.
• Option 1: Find a low-level attorney and work on a deal for small collections.
• Option 2: Get an attorney and ask if any legal rights were violated by the employer canceling insurance before firing.
• Get legal advice to understand the law in Kansas and your rights.

Strategies for Becoming Debt-Free and Building Wealth

• Take out a 401K and put the money in a CD was a mistake. Cash out the CD now and pay off the credit card debt.
• Use the EveryDollar app to budget and control spending.
• Follow the baby steps to financial freedom.
• Pick up a side gig to increase monthly debt payments.
• Change your mindset to become debt-free and eventually a millionaire.
• Create a new list of habits and identity to achieve financial goals.
• Humility and gratitude are key to success.
• Don’t make exceptions to financial laws.

Career Opportunities and Education

• Skills in computers and audio can lead to various career opportunities.
• You don’t need a degree for many technology jobs, including coding, cybersecurity, and design.
• Bethel Technology offers a nine-month program for less than $15,000 that can lead to high-paying jobs, as evidenced by a single mom who went from making $39,000 to $85,000 without a college degree.
• Audio engineers can also do very well without a college degree, especially in Music City (Nashville).

Student Loan Debt Solutions

• Biden’s promise to forgive student debt was false hope, leading to anger and now fear among borrowers.
• IT side jobs can be a lucrative way to pay off student loans quickly.
• The maximum amount one can realistically put towards student loans each month is around $1800 without cutting into bills.
• A Ramsey Solutions student loan livestream event is happening on September 12th with Rachel Cruz and Jade Washer.
• Ramsey Solutions offers solutions for student loan debt.

Building Wealth and Becoming a Millionaire

• Mythology and lies around building wealth in America today need to be destroyed.
• Nurse can become a millionaire by working overtime and investing money right away.
• Being debt-free feels like a weight lifted off the shoulders.
• Cynthia, a nurse, increased her income from $65k to $285k through hard work and extra qualifications.
• Gerald, with a net worth of $1.4-1.5 million, did not inherit any of his wealth and worked hard to accumulate it.
• Anyone in the trades can become a millionaire or more.
• Belief is a key factor in becoming wealthy; 69% of Americans believe it’s still possible.
• Building wealth takes hard work and dedication, and there are no shortcuts.

Summary

Dealing with Medical Bills and Insurance Disputes

Scott from Kansas City is facing a $15,000 hospital bill after losing his job. Dave advises him to work out a deal with the collector or their attorney when it goes to court. He suggests finding a low-level attorney or getting an attorney to explore potential legal violations. It’s important to seek legal advice and understand the law in Kansas to protect your rights.

Strategies for Becoming Debt-Free and Building Wealth

Dave emphasizes the importance of avoiding cashing out a 401K and instead using the money to pay off credit card debt. He recommends using the EveryDollar app to budget and control spending, following the baby steps to financial freedom, and picking up a side gig to increase debt payments. Changing your mindset, creating new habits, and practicing humility and gratitude are key to achieving financial goals.

Career Opportunities and Education

Skills in computers and audio can open doors to various career opportunities, even without a college degree. Bethel Technology offers a nine-month program for less than $15,000, leading to high-paying jobs. Audio engineers can thrive in Music City (Nashville) without a college degree.

Student Loan Debt Solutions

Biden’s promise to forgive student debt has led to disappointment and fear among borrowers. Dave suggests IT side jobs as a way to pay off student loans quickly. He also highlights the upcoming Ramsey Solutions student loan livestream event, which aims to provide solutions for borrowers struggling with student loan debt.

Building Wealth and Becoming a Millionaire

Myths and lies surrounding wealth-building in America need to be debunked. Dave shares success stories of nurses, tradespeople, and individuals who have become millionaires through hard work and smart financial decisions. He emphasizes the importance of belief, being debt-free, and adopting the right mindset to achieve financial success.

Conclusion

In this episode of “The Ramsey Show,” Dave Ramsey and co-host Ken Coleman provide valuable advice on dealing with medical bills, becoming debt-free, exploring career opportunities, tackling student loan debt, and building wealth. Listeners are encouraged to take control of their finances, change their mindset, and adopt smart financial habits to achieve financial freedom and become millionaires.