The Ramsey Show – Slow & Steady Wins the Race

Intro

In this episode of “The Ramsey Show,” Dave Ramsey is joined by co-host Dr. John Deloney. They discuss various topics, including Dr. Deloney’s new book, “Building a Non-Anxious Life,” and provide advice on managing finances, dealing with a sudden windfall, and instilling financial responsibility in teenagers. Listeners also hear inspiring stories from individuals who have successfully paid off debt and achieved financial freedom. Throughout the episode, Ramsey emphasizes the importance of aligning financial goals in relationships and making wise financial decisions.

Main Takeaways

Building a Non-Anxious Life

• Dr. John Deloney is co-hosting the show today and his new book, “Building a Non-Anxious Life,” is coming out next week.
• The book is designed for everyone to read and implement a plan to make their life better.
• Anxiety is not the problem, it’s the alarm saying there’s a problem, which could be caused by various factors.
• The book provides insights and a plan to make one’s life better in their home, family, and community.
• The book is available for pre-sale with $75 in free bonus items, including the ebook, audio book, and one of John’s talks.

Managing Finances and Relationships

• Couple is struggling to manage finances despite being married for 13 years.
• They have different financial backgrounds and goals.
• The core issue is not about money but about living independent lives in the same bed.
• In studying 10,000 millionaires, none of them dragged their spouse into it, they had a unified plan.
• Ramsey advises caller to continue working to become a better employee with investment advice.

Dealing with a Sudden Windfall

• Caller won a $22 million lottery with co-workers two years ago and has only told his wife and one sibling.
• Caller and wife haven’t told their two teenage children about the winnings to avoid them waiting for their death for inheritance.
• Caller and wife have used a great uncle’s inheritance as a cover story for their spending.
• Ramsey advises caller to keep their financial situation private and not share it with others who may not handle it well.
• Ramsey shares his own experience of not disclosing his wealth to his children until they were adults.

Stories of Debt Freedom

• A couple paid off $195,994.9 in debt in 34 months, mostly student loans.
• They had a range of income from $134k to $173k during that time.
• They were gifted Financial Peace University for their wedding and decided to take the class.
• They wanted to set themselves up for their future and not have student loan debt hanging over their heads.
• Being on the same page about money solidified their marriage.

Becoming a Millionaire

• Following financial advice, such as Dave Ramsey’s steps, can lead to financial peace and stability.
• Millionaires can be achieved by anyone and is a good starting point for retirement.
• 9 out of 10 millionaires in America are first-generation rich and did not inherit substantial amounts of money.
• Investing $100 a month from age 25 to 65 at 12% in a good mutual fund can result in $1,176,000.
• It’s mathematically impossible to become a billionaire with a 401k and a paid-for house.

Summary

Building a Non-Anxious Life

Dr. John Deloney introduces his new book, “Building a Non-Anxious Life,” which provides insights and a plan to improve one’s life in various areas. He emphasizes that anxiety is not the problem but a signal that there may be underlying issues. The book is available for pre-sale with bonus items.

Managing Finances and Relationships

A couple struggling with financial management seeks advice. Dave Ramsey highlights the importance of having a unified plan and aligning financial goals in relationships. He advises the caller to continue working on personal growth and investment strategies.

Dealing with a Sudden Windfall

A caller who won a lottery seeks guidance on managing the sudden wealth. Ramsey advises keeping the financial situation private and not disclosing it to others. He shares his own experience of not revealing his wealth to his children until they were adults.

Stories of Debt Freedom

A couple shares their journey of paying off a significant amount of debt, primarily student loans. They attribute their success to being on the same page about money and setting themselves up for a debt-free future.

Becoming a Millionaire

Ramsey discusses the possibility of becoming a millionaire by following financial advice and making wise investments. He clarifies that becoming a billionaire is highly unlikely with a 401k and a paid-for house. Ramsey emphasizes the importance of aligning financial goals and taking steps towards financial peace.

Conclusion

This episode of “The Ramsey Show” provides valuable insights on managing finances, dealing with sudden wealth, and achieving financial freedom. Listeners are encouraged to align their financial goals in relationships, seek guidance from trusted sources, and take steps towards financial peace and stability. With practical advice and inspiring stories, this episode offers a roadmap to financial success and freedom.