Alright. Well thanks Karen. That's right.
We are joined by Dave Ramsey and
Rachel Cruz who are I think it's safe
to say financial experts, right.
You know a thing or two rumor.
Yeah, it's a rumor with Ramsey
Solutions and tonight you have a
sold out event building wealth.
Yes, it's pretty cool. Yeah,
we're so excited about it.
We've been traveling around doing this
events here for about I guess the last
year and it's just a topic that so
many Americans are still asking about.
They're like can I still build wealth
in the middle of all this inflation,
all this uncertainty and so being
able to give them a direction.
And and hope that they can,
they can still win with their money.
So yeah, we're glad
to be here in Indianapolis
to do that, absolutely.
But because it is sold out,
we're gonna bring them to you at home.
So let's start out with what do
we want to start out with today?
So four and 10 people report
having $0.00 in savings according
to a Ramsey Solutions survey.
Where do they start to get out of that?
You know, saving money or handling your
money is an act of intentionality.
You gotta just do it on purpose.
What happens with most people is
we earn money and we spend it,
and then we look up and go where to
go instead of happening to your money.
And and so this idea of being intentional,
no one wins at anything. Accidentally,
you don't accidentally save money.
Same thing. And so you've got to say,
we're going to aim at this.
We're going to do the dreaded B word,
the budget.
We're going to make every dollar
behave every month and agree on it.
Their spouse.
And then we've got a game plan that
causes them savings to appear.
And with the budget,
you have a budget app called every
dollar so you can fill it out.
For the people at home who don't know,
it looks like you just plug in the
different amounts and say, hey,
I got $200 for electric this month,
but how can people best figure out
how much money to put in what section?
Yeah, I always tell people if your first
budgeting go back for the past three
months and look at your bank account and
just kind of average out, OK, on average,
here's what we spend on groceries.
On average, here's what we spent eating out,
which will make you sick. This is, yeah,
what our cable is on average. And remember,
those numbers are before you budgeted.
So you can probably.
You know, decrease some of those that
aren't fixed expenses because you're
actually being intentional with your money.
So I'd say start out there,
but always know it takes about
three months for the budget to work.
So every dollar is a great helpful
app because it does the math for you.
You can drag and drop your transactions
because it connects to your bank.
So it is wonderful.
But give yourself 90 days,
give yourself some grace in this.
So what happens if you're on
board but a spouse is a spender?
What is the best way to
navigate that situation?
You know, what we've got to do
is realize that money problems.
Are not really the problem.
They're the symptom.
And one of the biggest things they're
the symptom of is marriage issues.
And So what we end up seeing is that
when people start budgeting together,
setting goals together, dreaming together,
even facing their fears together,
it becomes this like marriage
counseling session to do a budget.
It's the weirdest thing.
And so really,
what happens if the spouse on board it?
That means we don't have a dream for the
future that we're both in agreement on,
because otherwise we're not going to
sacrifice to get to the same place.
What do you have?
Do you have any on that one too?
So for couples I would say you know
to embrace your differences cause
you are gonna have a spender and
you probably are gonna have a saver.
Opposites attract and so I always
say you need each other in this
and see yourself as a team.
And so many couples they have their
money issue in the middle of them.
But I was like visualize like visualize
you locking arms and looking at
the problem out there and say hey
together how do we figure this out?
And I will say we are actually both
natural spenders so you can be a natural
spender and still be wise with money.
So all you spenders out there,
you're not, you're not terrible.
And for the person who at home
who doesn't have a savings but
also has credit card debt,
where should they start?
Do they build up a savings 1st
and then tackle the credit card
debt or focus on the debt first?
You know, we've been teaching a thing called
the debt called the Baby steps for years.
And the baby steps baby step
one is simply get $1000,
a little starter emergency fund.
It's not a full one, but just to kind of,
you know, if the tire goes flat we
don't have to put it on a credit card.
So a little baby emergency fund
and then list all of your debts,
smallest to largest,
not counting your home and attack.
The smallest one with a vengeance
and we call that the debt.
Snowball and work your way
down through the debts,
smallest to largest and the
person that does that again
with a couple working together,
they typically are getting out of debt
in about a year and a half to two years,
everything but the house.
And that includes the big old
nasty student loan.
That includes the big old nasty car debt,
everything.
You can do this but it requires this
intense focus and working together.
And you both have podcasts.
What's a question that's been coming up
more frequently that you can think of?
So when it comes to inflation,
I feel like there's just
a lot of fear around that.
You know, you're seeing your
mother-in-law posts on Facebook about it.
You're seeing the news, you know,
and they're talking about
it's just everywhere.
And so we tell everyone, OK,
focus on facts and not fear because
sometimes it can just feel like it's a like,
it's crazy, right?
We go to the grocery store and see eggs,
and we're like, Oh my gosh,
how is it costing that much?
And so being able to focus on facts,
that's why the budget is really important.
To combat inflation,
because you're purposeful with your income,
because it can be overwhelming
and it can be fearful,
but also you may have to
sacrifice a little bit in the
season and cut back on lifestyle,
which no one likes to do.
But in order to get that budget to zero,
to be able to say I my income plus saving,
giving and my spending is at
0 is what's really key.
And so the inflation topic overall is
what we're hearing about the most and
the importance of shopping
around for different services
or like insurance for example,
a lot of us are like.
It costs what it costs,
but what about just calling
around different vendors to
get different prices to even
shrink the necessity spending?
Absolutely. Again, when you start
paying attention you find money.
It's like, ohh look at this.
My dad got me insurance. This is crazy.
So you call an insurance broker instead
of just an agent and let them shop a
bunch of different companies for you and
get the best possible deal on insurance.
A lot of people will save seven,
800 bucks a year doing that one thing.
And when you sit down,
you look, go look at that.
I have never turned on that
television that that. Particular app.
And here I'm paying 910 bucks
a month and clip that sucker,
you know, get rid of it.
And so there's a lot of stuff that
we just kind of let happen to us
that when you start paying attention,
it's just cleaning up the dust in the
corner and all of a sudden there's
some room to survive a time like
this when it is a little bit scary.
All right. Well,
thanks again for joining us.
We have Dave Ramsey and Rachel Cruz.
Tonight they will be at the sold out
Indianapolis Building wealth event.
But if you couldn't make it,
we're glad you joined us.
Thank you for having us.