-Have you driven a new car? -Yes. -Like have you owned... -My latest car is
brand new. -That's advice that I wish I would have had. -Has it changed now that you can
actually, go right out and just buy a new car if you want to? -Don't look at them that way. No.
-Talk a little bit about your feelings on what Dave Ramsey talks about. Because he
obviously dispenses a lifetime and more worth of advice. -Written a lot of books. A lot of people
look at him as this wealth financial money guru. -And do you? -I don't look at him that way. No.
-Let's... So, we're going to run down a few of the things that he talks about if you'll excuse me.
talks about creating a zero-based budget
with the envelope system. Thoughts, feelings. -I've actually
used those type systems before. It can be great to kind of plan where your money is. So, I can see
where Dave's coming from here. -Okay. -Instead of just like let's just buy and let's see how much
money is leftover. -Yeah. -When I do have a plan,
so there is strength in creating a budget, yeah. -But
you never used the envelope system that he... spouses? -I have used different software in the
past that have done that. Admittedly though, I see my income is different because somebody that's
got you know a W2 income you know what to expect every month and so a budget is clearly like you're
not going to make any more, you're not going to make any less, and so it makes sense to totally
totally budget it. So, I did mistakenly think that well I'm different. I don't
need that because I'm going to make more money than I planned, right? So, in recent years...
I mean, I've talked to you about how I had to actually set aside and put money in savings first.
When I do follow... that is a strategy that I wish I would have followed more. I think it is
a sound strategy to be budgeted. -Okay, well. So, there's our first Dave Ramsey
bit of advice you're pretty good. With next one, stop buying new cars.
-So, I've bought both used cars and new cars. Don't buy
a new car if it's going to strain your budget. Like I
could see how somebody that's got a W2 income a
car does depreciate. -Right, the minute you drive it off a lot as they say,
yeah. -And so , I can see that but have you driven a new car?
-Yes. -Like have you owned it? -My latest car is brand new. -It's kind of cool. -It is nice. No,
I believe I've had brand new cars before my wife was always against it because
of the depreciation and things like that.
But right now I couldn't resist because used car prices were
so high. They were almost higher and harder to find than a new car. -So, I was helping my mom
we were looking at what if we get a car. You know she's looking at a Toyota that's a year or two
old. We're looking at prices and a brand new and it's like it's pretty much Apples to Apples and...
-So, let me ask you this, is your feeling about what Dave Ramsey says about stop buying new cars.
Has it changed now that you can actually go right out and just buy a new car if you want to?
-Well. -I mean, it has to, right? -Most people go to Dave Ramsey for advice because they want
to be wealthy and none of his advice is going to make you wealthy. It's going to keep you in
kind of the scarcity
like budgeting. -It's not risk-taking. -I'm not sounding like I'm getting very.
-But he's not a risk, he doesn't... advise that we take risks is kind of what you're. I mean,
you have to take risks financially to some extent
in order to become wealthy. -Yeah, every risk that I
take though it's really mitigated. I really don't like taking big risks. I don't like speculative
things. -Yeah, alright, Dave Ramsey's next bit of advice that he likes to spout off about is buying
them and these all seem to me like pretty good but to you you have your feelings. Buy a modest
home you can afford. How could you possibly not appreciate that advice? -Well, that's if your home
is a hundred percent an expense and a liability. -Not a business. -The reality is like if you're
using a home for a business or you're using your home as a real estate investment like you're
buying a home not to minimize the price but to maximize the return. -Right, okay. -But Dave
anytime he's talking about buying a home it's always because it's a liability same thing
with a car. Like the reality is I bought a car. I bought a Tesla model Y I bought it brand new
and it's putting money into my pocket because I'm renting it out on Turo. -Okay, so maybe just
his audience differs from yours. In other words, you know why we would ask about buying a new home
versus or a new car versus a used or buying an opulent beautiful big home as opposed to a dump.
You would say, "Well, what's it for?", he would say, "Well, I know what it's for", it's for you
it's a liability so keep it cheap. -And I also think that the perspective is different. Instead
of saying, "Hey, if you want to become wealthy you've got to buy
a home that you can easily afford." It's...
Like I would look at it's like, well, what's your dream home? Don't go buy it right now but
what's your dream home? what's it going to cost? You know and then how we gonna get there? How are
we gonna scale up your income so that's a reality. That's a conversation that I
like to have and it's a different mindset if you're focusing on one there's not gonna be
growth. -Right. So, it's sound advice depending on who you're who's asking. Okay, next Dave Ramsey
bit of wisdom, keep your current cell phone. I assume, he means don't upgrade with every upgrade
that comes out. Is that what he's talking about? -Yeah, I can see that. I've got the iPhone 11
and what are we on now? -13. -So, there's a time and a reason to upgrade.
So, here's the... -It's the only reason. -This is one that I'll say you know what, it's
you wanna keep up with the joneses you want to have the latest and
and greatest. But the reality is when I started a videography business I was using my iPhone 4s
for years and I never, I didn't have to get a DSLR. -This big. -I didn't have to even
upgrade to the latest iPhone because it worked, it was adequate and a lot of people think well,
okay, I want my videos to look professional. The phone that you've got no matter what version
in the last several years thought that's going to blow away anything that we
had previously. I mean, obviously, Apple and I'm a bag fan of Apple their products are great.
But their products also last a good while. -They're quite good.
-And like you don't need the, you don't
need the latest. -Only in the 21st century can you be start a photography slash videography business
with your phone. I mean, you know it's like
that's good enough. It's better than a lot of. -So, sadly,
I will have to agree with Dave Ramsey. -So, far you're not batting a million with the disagreeing.
Maybe as we get further down the list. Next Dave Ramsey
bit of financial advice, pay off your credit card balances each month. That sounds like good
sense but I have a feeling you're going to say it depends. Is it personal credit cards? Is it
business credit cards? -The biggest thing that I hear from Dave Ramsey or Suze Orman
about credit cards is they'll talk about, you'll have this balance
and I've had some big credit cards back you know when I was not using them correctly. I even
had one maybe a 10,000 dollar balance on this credit card and what advice I was given is
you've got to pay these off. So, any extra money that you have left over you've got to to pay down
your credit card. -Yeah. -And they'll have all these strategies of well find the one that's got
the biggest interest rate or the biggest balance or whatever and they calculate. Okay, you gotta
send your extra money to this one and pay this one off first and take that money and what I found
that actually is easier is and it'll help you pay off your debts faster get out of that debt
is to pay your minimum payments but to pay yourself and put money into savings
and start building up that nest egg and just pay that minimum payment. It takes off
the pressure, the stress. A little bit back on that when I would pay down a credit card
I didn't have any money in savings and so when an emergency hit or you know revenues
were lower one month. -Right. -I would just max out my credit card again. So, paying him down
and having all my extra money go to paying down credit cards actually caused more stress and I
would end up maxing out my credit cards again.
It was just an endless cycle. But when I shifted and
I would take my surplus and I put it into savings and just pay the minimum payment the stress was
gone. Because if I had to, if I had a rough month I had money,
I could still make my minimum payments.
But that savings continued to grow and to grow and grow and eventually, I thought you know what,
I can just pay off the balance on this whole card and I'll still have money in savings.
So, eventually, I was just able to quickly wipe out every single one. -That's kind of what you
hoped for because yeah that interest that's accruing through a credit card company. By just
doing the minimum payment you want to curtail that as soon as you can you know. -That's advice that
I wish I would have had. The advice that he's saying here is pay off your balance like that is
obviously the so smart way. -And if you're in a position to do so though not everyone, right.
-So, if you don't have any debt and you get a credit card
only buy things with your credit card that you have money in your checking account already.
So, then you buy it with your credit card oh cool now you've got credit history,
paid off. -Yeah. -So, you do want to pay off your balance every time but like...
-Basically, the old adage if you can't afford it
don't buy it. Because having a credit card doesn't mean that you can afford it. That just means that
you're going to be paying off that item for the rest of your life with interest which is, yeah.
Okay, so far... I mean, you and Dave Ramsey are like.
-There are three different ways that I work with people,
my course, my done for you service, and my inner circle brand new this year. Okay, my course
is DIY do it yourself but it's my complete strategy.
You go through 10 weeks, 10 modules, that will help you get the ball rolling and
generate momentum with the exact strategy that I use on all 27 channels that I produce.
My done-for-you service is what clients like Noelle Randall use. Where we do all the
filming. We do all the editing. The thumbnail design, the launch, we monitor the analytics,
and help these channels improve month after month after month. Now, my inner circle
is for six-figure business owners. They want to take their business to seven figures
and really want to scale their YouTube channel as well. You get a taste of our
done for you service where we just launched one episode per week. You're also part of a
community with other business owners that want to learn and implement the same strategy and we
have four quarterly retreats. Now, the studio houses where you'll be filmed either here in Utah
or in Orlando, Florida are also big enough that that's where
we're going to have our quarterly retreats. If you're ready for a strategy session with me
to discuss whether my course the inner circle or my done for your service is a fit for you
then go to my website betheherostudios.com. I'll link to it below and anywhere on that page
click learn more and I'll chat with you then. If you don't have a good credit score you can't have
any good bet either. -Then I go, wait a minute, I kinda want that. I like seeing that in the bank.
It's pretty. Oh, look at all those little zeros. -But then when an emergency came up you don't
have an emergency fund that's like... -Yeah, you'd be an aggressive investor.