Dave Ramsey Fans Admit Their WORST Money Mistakes

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Dave Ramsey Fans Admit Their WORST Money Mistakes
I had the opportunity to chat with over 2,000 Dave Ramsey fans at the Smart Conference in Nashville where I ask them their biggest money mistakes and best money moves.
Links:
The Ramsey Show: / @theramseyshowepisodes
Smart Conference Chicago: www.ramseysolu...
George Kamel is a personal finance expert and co-host of The Ramsey Show. Following Ramsey’s proven money plan, George went from negative net worth to a millionaire in under 10 years. His goal is to help people spend less, save more, and avoid money traps so they can live a life with more margin, options and freedom.
This channel will simplify complex money topics, bust money myths with actual facts, and debunk the stupid financial advice you're seeing in your social media feed. All with a healthy dose of pop culture, humor, and snark.

Опубликовано:

9 сен 2024

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Комментарии : 240

@GeorgeKamel Год назад

First - also please hit the subscribe button if you haven’t already! I need validation!!

@dianaa4149 Год назад

The best story was the “good” from the lady who was able to miss three paychecks to be with her dying mother. That really is peace.

@Executor009 Год назад

Ive temporarily lost one income stream that represents 30% of my monthly income and im not even sweating it thanks to having a budget and an emergency fund.

@johncameron4194 Год назад

Wonderful ❤️

@RealisticPlantbasedMama Год назад

Biggest mistake was getting a credit card when we got married. (Influenced by our older and “wiser” friends 😂) Our biggest money win was cash flowing our international adoption last year! She’s here and we owe NOTHING and can enjoy her being in our lives with no financial stress. 🥰

@1CJ6 Год назад

Can I ask how much that ran you. If I achieve a higher level of wealth/income, I'd like to do the same if we don't adopt here in the U.S.

@gmoreno122 Год назад

One of the worst - cashing out a 401K with $12,000 back in 2011 to finance a lifestyle I couldn't afford. Would be worth around $50,000 now...

@CJ2023Incognito Год назад

“George came off as a little rat bag at first” omg Dave! 😂😂😂😂😂

@gloriaalex11 Год назад

Biggest financial mistake was letting a family member convince me I needed a newer car, when I already had a perfectly fine paid-for car... at the same time I had student loans and too-high rent on just an entry-level salary. The next five years were certainly a learning experience, but I came out smarter, stronger, and wealthier for it. We always seem to learn the most from falling on our faces.

@eedre4864 8 месяцев назад

That’s the worst. People either want to be validated in their own poor decisions or they’ve normalized debt burden without considering what that money could do for them.

@rachelcrossen8136 Год назад

Marrying my ex husband was my biggest financial mistake

@mattschmitt9924 Год назад

Why marry your ex? Sounds redundantly dumb. Redumbantly?

@gultomburenii Год назад

top comment on this vid lol

@bestlifeever4548 Год назад

Me too!!! But fixed and now financially free. Seriously tell all 4 of my sons marrying the wrong person can set you up for failure and set you back.

@kylelaw7210 Год назад

Would he say the same thing about you?

@BRob-bu8hr Год назад

Lul 😂

@philipschifano5876 Год назад

George is the man. Love the Backstreet Boys 🤣

@veeo987 Год назад

The biggest financial mistake I made was to buy a condo on the sole basis that interest rates were crazy low and it was "cheaper to own than rent". I hate city living because I can't stand the noise and the lack of greenery and space, but at that time, I couldn't afford moving on an acreage, so instead of renting an apartment like I should've done, I bought one... Well, I ended up in a situation similar to Dr Delony who bought a house he didn't like. I confirm, it's an awful and brutal experience and it destroyed my mental health. Going month after month hating my condo and hoping someone would want to buy it, but then you know if you sell you'll lose a ton of money, then you start hoping it catches on fire so you can just collect the insurance cheque and move on. I was kept awake by construction, partyers, my upstairs neighbour stomping on his floor and modified cars all the time. A year and a half later, I found a cheap farm house for rent outside of the city for half of my payments. I decided that I had suffered enough and I decided to take the loss, sell that condo and move to that farm house. Moving forward, I can assure you I will listen to Dave's advice on owning vs renting and I'll never buy anything that's not a quiet acreage in the future.

@RPMcMurphy33 Год назад

Years of being unable say no to myself and my loved ones is my worst financial mistake. Win=my strict budget.

@francoisnguyen6623 Год назад

My big money mistake? Gosh, where do I begin? 1. Withdraw funds from my retirement account not once but twice. Cost me so much in tax and lost investment growth. Now I’m trying to catch up in my mid-40s 2. Getting a variable rate mortgage (or ARM) when rates were at the lowest in history. This was very recent in 2021. Now my rate have increased 5x. My mortgage is now 50% of our household income with a baby on the way. 3. Getting a brand new car with a 5 yr lease. 1 year left on the lease and I’m considering buying back the car at the end of the lease.

@marjoriehart2232 Год назад

The editing makes me laugh out loud!! So much fun!

@nodsib Год назад

For me, probably not buying the house I was renting in 2018, my landlord offered to sell it to me for $400k which was what he owed. The property is now assessed at well over $1m. :(

@xxtoptankxx6873 Год назад

Buying a car with a $661 car payment. I love the car no doubt, but it was too much compared to what I make.

@seankirchner2378 Год назад

I cashed out my 401k to buy a house. I'll never make up for the loss of retirement funds. The penalty from Uncle Sam was awful too. I didn't find out about that until tax time the following year! The mortgage bankers gave me terrible advice, all just to take my money. I thought I could trust them. My biggest mistake.

@jasonk446 Год назад

Where do I begin? Cashing out a 401K to spend it? Or maybe borrowing against my next 401K to put a deck on my house?

@phobedavis7014 Год назад

My biggest financial win has been creating a budget every month.

@truthseeker6370 Год назад

The debt snowball is Huge! It is so encouraging to watch your progress and Finally See how your life can actually change!

@nick_fitch Год назад

I was there! Amazing weekend. If you have the chance to go to a Smart Conference, do it! No ragrets.

@teresascavotto848 Год назад

This channel brings me so much joy

@laurentenkely5454 Год назад

Same!

@kendrascorner Год назад

My biggest financial mistake was probably going to college 🤣 I broke even financially, paid off my loans, and now I'm living the dream as a stay at home mom! During paying back my loans I saw going to college as a drawback just because of the debt. Now I see how my education has made me a better wife and mother, and gives me insights and options for the future. But still, if I could counsel my younger self I would have gone a different route.

@sabrinaa4872 Год назад

George how do you not cry all the time see how much you guys are changing lives? I choked up when that woman was talking about cash flowing college.

@danniemckinney8298 Год назад

George I learn and laugh at the same time. THANKS FRIEND!

@candleduck9339 Год назад

George, Level-Up and get a bidet. It's life changing. It also makes the *most* sense financially. It's great to have one less thing to not have to worry about purchasing

@xX1GuNNy1Xx Год назад

😂😂

@greydaze234 Год назад

Biggest money mistake: buying a brand new car after a car accident, justifying it with, “ But I’m putting 50% down! It’ll be safer!” Biggest money win was paying that off early and still driving that paid off car 5 years after paying it off!

@Love2Banime 11 месяцев назад

My biggest money mistake was opening student loans. Was $43k. 😢 Best achievement was paying my car within a year. 😊

@dustinconley3540 Год назад

My biggest financial mistake was buying a brand new travel trailer with the goal of living in it full time. It lived in it for over a year, but it made life really difficult (like when my house had to be in the shop for 3 weeks due to a water leak). Then, when I was done living in it, it sat in storage for 4 years.... I just sold it last week and used the money to pay off $10k in loans. What a relief!

@lanitajohnson5106 Год назад

I just LOVE your videos. They're ALWAYS so relatable.

@bullswitz Год назад

Cash advance on my credit card, at a higher interest rate to purchase a firearm for an ex. Didn't pay off that card until over a decade later....with my husband.

@TheblockheardroundIndy Год назад

Backstreet Boys reference had me laughing out loud George

@Boringcountrylife Год назад

I could watch these real life interviews all day.

@COMMANDRofAWESUM Год назад

I financed my waterbed.

@ericcortez5328 Год назад

Good morning Mr. Kamel 👍🏼

@joshuahickey9196 Год назад

Tens of Thousands in Credit card debit, maybe 70 thousand in student loans, constant over the limit fees in checking, not contributing to retirement, I basically did everything wrong the average joe can. Oh and have a bankruptcy from when I was 26.

@IrishQT07 Год назад

I filed bankruptcy when I was 22 - so did my mom and grandma at the time. Just a cycle of bad money habits through the generations. I feel your pain.

@cassidy745 Год назад

Editors are ⭐️ ⭐️ ⭐️ ⭐️ ⭐️

@GeorgeKamel Год назад

For real. They’re the real heroes behind these vids

@cassidy745 Год назад

@@GeorgeKamelyou’re pretty great too!

@ProductBasement Год назад

Not changing the oil in my car. My parents dropped 5 racks on a car for me, but I kept forgetting to change the oil and I had to borrow $1400 from my parents to replace the engine. Then something else went wrong and I sold the car for $200 (thinking it would be junked), then I saw some much smarter person driving it around town. Then I went to the auto dealership with a $5k budget (which I planned to borrow), and drove off in a small _used_ car for $19k on a 72-month loan. I later killed that loan in a couple of years, but man, I was (am???) a friggin idiot

@philipgerry5228 Год назад

You were a normal kid. You grew up emotionally.

@tessyakede7084 Год назад

You live and you learn

@ericluebbers4415 11 месяцев назад

No you are not smart

@joeriveracomedy Год назад

Engagement ring. I'd post it if I had social media but I'm an adult.

@Goodiebar18 Год назад

DUI…think that takes it lol

@jenniferwithrow3509 Год назад

Mine was deciding on a private, out of state college for a fine arts degree… All student loans…fortunately, that stupid only lasted one year instead of four. Then I transferred to an in state university where I could commute. Still all student loans though… I’ll have them paid off in about a year though! 👊

@samanthaberch Год назад

I just wish these videos were longer, I love George's content

@Hectormatos22 Год назад

In Dumbest Order 1. Timeshare 2. Student Loan 3. Crypto 4. Stock Options 5. Personal Loan for Travel

@MarioCastiello Год назад

I can safely agree on 3 and 4 😢 hope you’re investing in mutual funds now!

@StephanieBogart Год назад

That ending was epic 😂

@hollimurray9367 11 месяцев назад

Putting 0% down in 2006, peak prices and rates. But…..just paid it off this week! Best feeling ever.

@janelleg597 Год назад

That owl 😂😂

@docgravenshmit6692 Год назад

good to see that George knows what's up with MLMs.

@MegaBabygal1 4 месяца назад

That Backstreet Boys reference 🤣🤣🤣🤣🤣🤣🤣🔥

@shanep2760 Год назад

I would say my biggest mistake would be investing about $15k into a snake breeding business. Thankfully it was cash. 😆🤦

@lynnwilliams3874 Год назад

Best episode yet! Keep up the great job. 👏🏻💕

@aTodaCreature Год назад

George!!!!! Those interviews were great. Could you please do more????

@telerye Год назад

i have solar (and i absolutely love it) but it’s not for everyone. If you’re not going to stay put for the long haul i don’t think it makes sense

@paulitasantamand5765 Год назад

You are so funny! 😂

@Tokixkitti Год назад

My biggest money mistake….. co-signed for a brand new Mercedes C class car with my then boyfriend and used my credit card to pay for the down payment 😂 and it was a lease car…🤦🏻‍♀️ and not only did I do it once with the car, lease and boyfriend….I did it again after the first lease was up…and still put the new down payment in a new Mercedes car 😆🤣😅 and also co-signed and with the fear of him no paying for the car payments I stayed in the toxic relationship for an extra 2.5 years until god sent me a sign about budgeting and co-signing and when I looked at the lease amount left of the car and if he decided to no pay, I could pay it all off and hand the keys back to the dealership! Literally the Dave Ramsey show saved my life and my mental health! ❤ from that day forward I worked to pay off all that debt from using my cc to pay for the down payment on the car, kicked him to the curb and bought myself a co-op apt. 😊 all this was 6 years ago. Happier and more confident with money and I have money boundaries as well as mental boundaries! Oh and I’m debt free besides the apartment. So my major money mistake helped build my now and a better future.

@carolannstevens5814 11 месяцев назад

That was theee BEST SMART Conference!

@LittleJohnShow Год назад

Getting student loans and not investing into retirement accounts sooner. I am 27. I started investing at work last year and outside of work this year. I also recently paid off my student loans so I am debt free.

@kevintaylor3427 Год назад

Dumbest thing ever; a 1984 Pontiac Fiero. A red one! The payment was $375. It was ... 1984! I made $1,100 a month, including my $275 rent. If you're doing the math, that's $650 without buying gas, food, and utilities. Man, I was really dumb at 22. All because I thought I would score a hot girl with my unaffordable Fiero. Bad choice.

@karenwinter7701 Год назад

@kevin…I loved those cars and I wanted to order one but the wait was several months out so I bought a chevette instead LOL…I call the 80’s the decade of decadence

@mikepiper6077 Год назад

I received a surprising phone call. My dad was facing a sheriff auction and possible loss of his home and 66 acres of farm and timber land. The auction to take place the next day. I prayed. My answer from God. Pay the bill I had part of the money. 1/3 I needed to borrow the 2/3 Did not seem right .Go into debt? My church and as a Dave Ramsey listener said to avoid debt if at all possible. I prayed again. Let the marbles fall as they may ? Divine answer again . Pay the bill , you asked , pay the bill! So I asked credit union. They arranged a loan. I had a paid off Chevy S 10 Blazer they put a lien on and loaned me the 2/3 ballance. The certified check arrived just 30 minutes before auction started. Saved my dad's house and 66 acres. What I did not know that to show gratitude my siblings and parents gave me the land. I cash rented it out. But the money I knew my dad needed . So I sent him the cash rent for years. I paid taxes and loan off from work income. Many decades later I find myself unemployed and with a house mortgage to pay. I pray and feel to sell land. It brought huge amount. I pay off house. Learn about balanced funds on RU-vid. I invest in one . I get a monthly income twice the farm cash rent and the principle grows too. Now must decide 2 things . When to start social security withdraws ? I didn't at 62. Did not need the money. So waiting to FRA or 70. Also gathered up all old IRA'S, 401k's, lump sum pension etc and put it all into a index fund for safe keeping. It has really grown. During covid noticed it dropped by 40 percent . But looked again the other day. And back to what it was. So two choices is complicated because being debt free, no mortgage, and the current balanced fund don't really need the money. Glad I followed the direction to pay the bill . Who knew that choice would have positives outcomes for me years later. It did provide my parents to stay in there home and still cash rent income . So worked out. But I did go into debt at the time . Took about 2 or so years to pay off lien on the Chevy S10 Blazer. So I guess at times debt is ok? What would be Ramsey solutions teaching be . My deal worked out ok I think. .

@Theprimaryfocus Год назад

Do you know how to score a hot girl now?

@Travel_Photography_Dude Год назад

Mine were not investing at a younger age, and financing a brand new truck the next week after starting my first decent paying job. I don’t even think I had gotten my first paycheck yet.

@Emma-nm1qk Год назад

My biggest financial mistake was buying a house with an ex-boyfriend I wasn't married to. DON'T DO IT!

@ykook7000 Год назад

That's an obvious one

@Ilovedachshunddogs Год назад

Buying a brand new jeep. Worst mistake ever. It had death wobble within four years. Biggest POS Witt terrible gas mileage

@motoryzen Год назад

not to mention ..um..Dodge and Jeep = transmission problems..that you could virtually BET your roth ira on that it WILL fail in less than 75k miles no matter what. My mother is on her FOURTH transmission on her 02 grand caravan...yes..4TH and still is under 190k miles as of even as I type this.

@Mr_New_Vegas_685 Год назад

I’m in the background of this video. That was a super fun weekend!!!

@leticiaquintana2287 Год назад

I love this combo, informative and humor!

@miriamO212 Год назад

The Gordon Ramsey clip LOLZ! The editing is absolutely *chef's kiss*! Biggest money mistake - When I was in college, I was working at Disneyland and one of the athletic trainers there told us to start investing now. We all laughed because we barely made any money. Didn't invest. Now I'm almost 40 and kicking myself.

@IrishQT07 Год назад

Biggest money mistakes: 1. Student loans. Even though I'm working in my chosen field, I could've easily gone down the same path without a college degree. In addition, I now look back and wish I had gone to a trade school. I love working with my hands and would've loved to do carpentry full-time. 2. Taking out 401K loans multiple times. 3. Getting caught up in gambling and living in a constant state of desperation. I would spend the money on gambling and then didn't have any money to pay my expenses, so I would have to turn around to take out personal loans to bail myself out. Such a vicious cycle. 4. Not so much a money mistake as an income issue: I wish I would've been more confident in myself and in God's ability to provide for me. I took a lot of subpar-paying jobs over several decades because I didn't think I was worth more. However, when I was laid off in 2018 from a company I had spent 10 years at, that was a wake-up call. Since then, God has shown me my own value and He has accelerated my career path. In the past 5 years, great jobs have actually sought me out. I am now making 6 figures for the first time in my life. My current salary is double what I used to make in the job I was laid off from in 2018.

@jasonru9628 Год назад

Praise God! 🙏🏾 Happy for you!

@eedre4864 8 месяцев назад

I wish more people would think about their own brand and its value versus what one company thinks they’re worth. Never asking for more for years on end gets then comfortable with giving you the minimum and taking you for granted. You have to keep them concerned about retaining you.

@antillie7 Год назад

Biggest mistake, putting solar panels on my previous house instead of investing the money into the market index (the panels weren't a terrible idea on their own, it was an opportunity cost thing). Dumbest mistake, co signing a loan for for a friend for an old, lifted, engine swapped, cat deleted Ram 2500. (I ended up having to repo it from him, take over payments, and then find someone else to sell it to.) Biggest win, starting a Roth 401k in 2008, putting it all in the S&P500 index (not having any idea what that was at the time), and then contributing to it blindly every paycheck since then. Next biggest win, fully funding my Roth IRA and my wife's Roth IRA every year since we got married in 2007.

@sabrinaa4872 Год назад

Biggest money mistake: student loans hands down. $90K for a job I absolutely hated. As George would say, "hooo" Biggest financial win: Having a husband who trusted me when I told him we needed to get debt out of our life. I watched my parents lose just about everything in 08 and I wasn't going to allow that for us. We worked seven days a week for two years and paid off $365,000 - house and everything. I never could have made it through that without him, but it was so worth it. Our motto was "I'd rather be tired than broke."

@cassidy745 Год назад

Same mistake and same win 😍

@buckymoto Год назад

Every single person should've said paying money to go to a Dave Ramsey seminar to hear the same things he says ad nauseum on YT, on the podcast, and in his books.

@FairBeautyEssentials Год назад

They probably did, but it may have been edited (out instead of in)?🤷🏻‍♀️

@ykook7000 Год назад

Lol so true or people who ask for fin advice but never have any intention to follow through

@jodyeaster7145 Год назад

I financed two puppies, no judgment you would too if you saw them 😂

@mattschmitt9924 Год назад

I would not.

@xxtoptankxx6873 Год назад

Oh man financing puppies! I’m sure they were adorable. Never heard that xD. They walk around the house and you just see interest money just falling out of them lol

@jodyeaster7145 Год назад

@@xxtoptankxx6873 😆 🤣 I should've named them stupid tax!! But yes, they are so cute 😍

@sglacf Год назад

Not investing earlier (15 years ago) my biggest financial missed opportunity. Second buying a $500 softub that i only used for 1.5hrs

@Luncheon23 Год назад

2:12 "Not your average Joes, these are your Grade A Josephs" I burst out laughing 😂😂😂

@nocticis Год назад

yeah, that was pretty clever.

@nocticis Год назад

I was like " write that down, write that down!"

@iseepandas1 Год назад

My best and worst money mistake was buying a house in SoCal..

@stud6414 Год назад

4:23 the husband is a stud. The wife...

@cassyb3109 Год назад

It was definitely a BSB reference 😂😂

@sexweightsproteinshakes Год назад

3:33 😅

@HopperHouse2009 Год назад

For everyone CURIOUS.... a water softener, a credit card, an air conditioner that i had money for, but I spent the money, multiple vehicles over the years, and yes, student loans.

@BasicBeachCommunity1 Год назад

In n out coming to Tennessee.😎😎😎🌴👍

@johncameron4194 Год назад

Bravo people

@michaelbuckwash2412 Год назад

I always wonder if it irks George when people say “I’m completely debt free…… except this or that.”

@GeorgeKamel Год назад

It does. Every time.

@Diana-vp3zr Год назад

Loved the toilet paper math ❤

@LiefLayer Год назад

My biggest money mistake was to open an american express credit card and trying to spend enough money to pay off the following year annual fee... In the end, during those months I spent double what I normally spend (I hadn't spent any money on interest because I had the money in the bank and I paid the full amount balance by the end of the month, but I learned that credit cards push you to spend a lot more than what you actually want). A few months later I closed my first and only credit card. And frankly, I don't miss it (also in my country there is not even a credit score). I'm not saying I "lost" money (because they are still purchases I could afford) but I have lost control I've always had over my money and that's not good at all. I've made other mistakes in life that cost me a little something like: buying a gaming laptop instead of a desktop (desktop lasts longer and in that time I stopped needing a laptop because I did not need to move), giving money to strangers who I thought were part of a charity when they were scammers, I spent more money than I wanted in an online game (pay attention that they are similar to gambling, in fact today I avoid them totally, I only play single player offline so that the purchase is only upfront because otherwise the risk is falling into the trap) etc... I've never lost large sums (I think even with my biggest mistake I was under 500€) and never gone into debt but I think no one is exempt from having made some totally wrong choices in life. My best was saving money for my current condo. I saved like crazy for 5 years while I was living with my parents rent free and working (they knew I was trying to save for my first home so they helped me by only asking for same help in regular houseworks instead of a rent)... I reached 70% of what I needed... and when I was ready to ask the bank for a really small mortgage my parents said that since I was able to do that much on my own they would cover what was missing (they gifted that money to me). I was so happy and I was able to avoid mortgage and all other cost that comes with it. PS. Yes also learning to budgeting is really great.

@1CJ6 Год назад

Worst money mistake was buying an $8,300 water filtration system. My wife did see improvement with her skin dryness after showering, but it's more so the fact that I let myself be pushed into buying it by their high pressure timeshare like sales tactic. Best move was starting to invest with a purpose

@ericcortez5328 Год назад

Funny how toilet paper has never changed since it’s been invented, thought of that Seinfeld quote 😂

@sglacf Год назад

It was reinvented: wire brush

@brandonwaddell2583 Год назад

I tried amway, that single case of XS energy drinks I bought from myself was delicious and very lucrative 😂 Also, my dumbest money decision was my wife and I (before we got married), both hard credit card debt that we both paid off with a personal loan, then racked all our credit cards back up….

@joshg8026 9 месяцев назад

Love your humor, great as always!

@soccer3564 Год назад

spending 90k insurance money on new cars instead of putting down on our house

@elisemedina2237 Год назад

Sticking to my plan.

@vhol93 Год назад

03:26 hahaha

@joysilas4724 Год назад

George is the man!👨🏽

@CJStrength Год назад

Awesome video 🎉

@MoltenArmour Год назад

Solar panels can be good investments but not on a loan!!!

@victorblas3483 Год назад

Aww man I live in Chicago but that's Riot Fest Weekend!!! Come see Foo Fighters with me and we can talk financial advice!

@Miller.montana Год назад

Surprising most of their biggest money wins is just paying off debt. I’m just turning 18 with $30k invested in an index fund

@peachygal8856 11 месяцев назад

You don’t have to put others down just to let us now about what you have. Don’t be an ass.

@kaitlynyoung1766 Год назад

Signing a bail bonds for $20,000 🤦‍♀️

@michaelcaddell8520 Год назад

I love every MWF because of George and Caleb. Still can't wait for the collab vid!

@kristinkramer4351 10 месяцев назад

Biggest money mistake: Private school for our daughter, preschool through college, approximately $141,000 in tuition that we paid. Had we not sent her to private schools, my husband and I would be close to being able to retire right now. Best money actions: We lived frugally, so that even though I was part-time and paying for the family's health insurance through most of her school years, as parents, we did not take out any loans (we cashed flowed) our daughter's education.

@Executor009 Год назад

Hahahahaha the video esiting is spot on.

@NicknNick99 Год назад

This Kamel brings me so much joy

@everymomentisagift Год назад

Stay home if ypu can to go to post secondary school. Made the mistake to go 8 hours from my parents home and had a student loan that took 8 years to pay off too as I didnt return back home and rented instead.