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The Ramsey Show / – Rich People “Ask How Much?” Poor People Ask “How Much a Month?”

The Ramsey Show – Rich People “Ask How Much?” Poor People Ask “How Much a Month?”

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In this episode of “The Ramsey Show,” host Dave Ramsey discusses various topics related to personal finance, debt, entrepreneurship, and making wise financial decisions. He shares valuable insights and advice to help listeners improve their financial situations and achieve financial stability.

Main Takeaways

Asking the Right Questions

  • Rich people ask “how much?” while poor people ask “how much a month?”

Dealing with Collections Companies

  • Signing documents without reading them can be costly
  • Consider paying the fee or hiring an attorney to scare off the collections company
  • Writing negative reviews can be a way to hold the collections company accountable

Being Cautious in Financial Transactions

  • Be cautious when dealing with companies that don’t provide written estimates
  • Be cautious when signing contracts with vague language

Accountability and Standing Up for Yourself

  • Social media and online reviews can be powerful tools for holding companies accountable
  • Learn from past mistakes to avoid future “stupid tax”
  • Sometimes it’s worth it to “burn it to the ground” and make a big deal out of a dispute
  • It’s important to stand up for yourself and not let others waste your time

Financial Stability and Homeownership

  • It’s best to wait until after marriage to buy a home, as you may learn more about each other during the first year of marriage
  • Pay off debt, have an emergency fund, and save for a down payment before buying a home
  • Spending the first year of marriage focusing on the relationship is more important than buying a house
  • Waiting a year to buy a house allows for more financial stability and a better understanding of each other

Starting a Business and Financial Success

  • Being debt-free is a great achievement
  • Starting a business while in debt is not wise
  • It’s important to have customers before starting a business
  • Start small and work your way up
  • Starting a business with little to no overhead and cash is possible
  • Have a plan for cashflow day one on the 1099 side
  • You don’t need to borrow money, organically cashflow the business
  • Build the business while getting customers, don’t wait for them to come
  • Focus on smaller opportunities to stack cash and pay off debt

Financial Stability and Unexpected Events

  • Emergency savings and life insurance are crucial for financial stability during unexpected events
  • Challenges are opportunities to prove how strong you are
  • The principles of financial stability can be adopted by children and can change lives

Financial Tips and Advice

  • Restoring your mind and body with sleep is crucial for physical, emotional, and relational health
  • Gen Z and Millennials may account for a significant amount of the borrowers behind on their auto loans
  • Lower demand causes vehicle prices to come down
  • One’s own truth cannot always be the truth, as the truth is independent of feelings
  • Owning a car with a car payment can be a mistake and prevent wealth accumulation
  • It’s important to live within your means and spend less than you earn, even if you make a high income

Debt Repayment and Financial Planning

  • The couple is not on a budget and doesn’t know where their money is going
  • Financial Peace University and contacting a Ramsey coach can help with budgeting and bookkeeping
  • Cash value life insurance is not a good investment, term life insurance is a better option

Financial Decision-Making and Debt Elimination

  • Cashback debit cards offer rewards, but it’s important to understand that it’s still borrowing money
  • Credit card companies make money off of transaction fees, not just interest on debt
  • Companies use a psychological feedback loop to encourage spending and consuming
  • There is a debit card that reports to your credit bureau, but it only works with Experian Boost and is not recognized by mortgage companies
  • Prepaid credit cards are often marketed to lower-income individuals and come with high fees

Success Stories and Debt Repayment

  • Aaron and his wife paid off their house in 4.5 years and had financial peace during a cancer diagnosis
  • Colton paid off over $62,000 of debt in 31 months and increased his income
  • The speaker paid off debt and made wise financial decisions despite facing illness


Asking the Right Questions and Holding Companies Accountable

One of the main takeaways from this episode is the importance of asking the right questions when making financial decisions. Rich people ask “how much?” upfront, while poor people focus on monthly payments. Additionally, it’s crucial to hold companies accountable for their actions, whether through negative reviews or legal action if necessary.

Financial Stability and Homeownership

Another key topic discussed is the importance of financial stability before buying a home. Waiting until after marriage, paying off debt, and having an emergency fund are essential steps to ensure a solid foundation for homeownership. Focusing on the relationship in the first year of marriage is also emphasized.

Starting a Business and Financial Success

The episode provides valuable insights for aspiring entrepreneurs, highlighting the importance of starting a business without debt and focusing on organic cash flow. Building a customer base and gradually expanding the business is recommended, along with prioritizing debt repayment and financial stability.

Financial Tips and Advice

Throughout the episode, Dave Ramsey shares various financial tips and advice, including the importance of restorative sleep, the potential risks of auto loans, and the significance of living within one’s means. He also emphasizes the value of owning a car without a payment and the need for financial planning and budgeting.

Debt Repayment and Financial Decision-Making

The importance of budgeting, bookkeeping, and seeking professional guidance for debt repayment is highlighted. Dave Ramsey advises against cash value life insurance and prepaid credit cards, while emphasizing the psychological tactics used by companies to encourage spending. He also shares success stories of individuals who successfully eliminated debt and achieved financial peace.


This episode of “The Ramsey Show” covers a wide range of topics related to personal finance, debt repayment, entrepreneurship, and financial decision-making. Listeners can gain valuable insights and practical advice to improve their financial situations and achieve long-term financial stability. By asking the right questions, being cautious in financial transactions, and making wise financial choices, individuals can overcome debt, build wealth, and secure their financial future.

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