Daily Motivations - 5 Rules To Manage Your Money

Episode Date: March 23, 2022

Huge Thanks to Insidetracker for sponsoring this episode  For a limited time, you can get 20% off the entire InsideTracker store. Just go to insidetracker.com/dailymotivations Speaker: Dave Ramsey Instagram - @daily_motivationsorg     Facebook- @daily_motivationsorg Credit: FREENVESTING Interested in sponsoring this show reach out to us via [e-mail] Kindly Support Us Below to sustain future episodes. Sponsored by Insidetracker For a limited time, you can get 20% off the entire InsideTracker store. Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you. Support the Show.

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Please play responsibly. If you have questions or concerns about gambling or someone close to you, please contact Connex Ontario at 1-866-531-2600 to speak to an advisor free of charge. BidMGM operates pursuant to an operating agreement with iGaming Ontario. Welcome to Daily Motivation, where you get motivated and inspired. So let's talk about the five things that the Bible says we should do with money. Now, there's a whole bunch of them, but if you do these five over a couple decades, 100% of the time, you will get results that will blow your ever-loving mind. 100% of the time. Because let me just tell you,

if you plant corn, don't be shocked if corn grows. As you sow, so shall you reap. If you plant nothing and wait on the government, don't be surprised if you have mud. This is how it works. You are in charge of planting, and this is how we do it. The first thing is you get on a written plan. We call it a budget in the financial world. Don't build a tower without first counting the cost, lest you get halfway up and you're unable to finish, and all who see you begin to

mock you and say, this man began to build and was unable to finish. Don't build a tower without first counting the cost. My friend Zig Ziglar used to say, if you aim at nothing, you will hit it every time. My friend John Maxwell says, a budget is people telling their money what to do instead of wondering where it went. Winning is an intentional act. When the Super Bowl is over and the little reporter runs over and says, how did you win? The guy never goes, I don't know. I just got off the bus and this thing happened. Getting to the Super Bowl is an intentional act over decades of developing your skill.

No one accidentally grows a bumper crop unless it's weeds. No one. So plant something, control the process, control the controllables, write it down. This is my plan. I'm going to take care of my own household first, and we're going to live this plan out, and we're going to do this thing. It changes everything. The second thing is you need to get out of debt. Now, we knew Dave Ramsey was going to say this. That's a fairly predictable thing coming out of my mouth. But here's the deal. The borrower really is slave to the lender. The rich rules over the poor, and the borrower is slave to the lender. I've experienced that. I

lost everything because I let other people have control over my life. You know what that's called? A master. Well, Dave, I don't know if I agree with all your theories about debt. It's America. You have the right to be wrong. My old pastor used to say, a man with an experience is not at the mercy of a man with an opinion. I've led more people out of debt and into wealth than anybody breathing on the planet today. And I'm not bragging. I just showed them how to do it.

And so we're going to get out of debt because it's no fun trying to be married like this, right? This is crazy, you guys. We're walking through our lives where all the money comes in, all the money goes out, and only the names are changed to protect the innocent. We make tons of money and we have none and we can't figure out why. I know why. You gave it all to a financial system that's designed to take it from you. You surrendered it. And we've got to stop. So I quit borrowing money, period, for anything, for any reason. And this weird thing happened when I didn't have any payments and I made an income. I had money. It was so strange. And then when I got money and I bought an asset that created income that I paid cash for,

I got to keep all that. There was no payment. Except for what the government takes. But I mean, there was no payment. It was an amazing experience. And the first few years were tough because, you know, other stuff I wanted to do and I didn't have the money. And I had to learn this magic ancient word called no. Most people don't know this word. You press your tongue towards the roof of your mouth, you release air. No.

It's tough. So, you know, what I did was we got the scissors out and we said, no more. I'm not going to play you guys game anymore. You don't have any credit cards? No, not for 38 years. Well, 30 years. That's when I went bankrupt. They wouldn't give me one at first. And then later after they would give me, I didn't want it because I had learned this stuff from the Bible. And this is my wallet, green president's faces, four pieces of plastic, my debit card on my business, my debit card for my home, my driver's license, and my handgun carry permit. I got called me on the radio and he's like, you're going to kill me. My truck payment. I said, how much is your truck payment? $763. You have a $700 truck payment? Yeah. I said, how much is your house

payment? I live in a double wide, 550. I said, dude, if your truck payment is bigger than your house payment, you might be a redneck. The borrower is slave to the lender. You got to sell that truck, dude. It owns you. You don't own it. It sounded good at the time. And you and I both know the reason you called me is you just wanted somebody else to say it out loud with you, who's also done stupid, because I know what stupid looks like. Son, that's stupid. That truck's got to go. You're saying I got to sell my truck? I said, what'd you just say? Of course I said you sell your truck. The thing owns you, man. This is crazy. Get you a truck that you can own instead of it owns you. This is just crazy. The third one surprises people, and that's foster high-quality relationships. The Bible says, be not deceived. Evil company corrupts good habits. Did you know you become who you hang

around with? Studies say that your 10 closest friends over the next decade, your income will be within 10 to 15% of the average of your 10 closest friends. And some of you are going, I need some new friends. Well, maybe. I mean, you don't let your little son, your little Johnny, run around with a weed head down the street because you know if you do, he's going to turn into a weed head, right? He comes home talking language. We don't talk in our house. You go, where'd you pick that up? Because you didn't pick it up in here.

You become who you hang around with. Be not deceived. Evil company corrupts good habits. So hang out with generous people, and you will be generous people. Hang out with people who treat their wives with respect, men, and you will find men who treat their wives with respect and you'll start treating yours that way. It's an amazing thing that happened. This episode is sponsored by InsideTracker. system that analyzes data from your blood, DNA, lifestyle, and fitness tracker to help you optimize your body and reach your health and wellness goals. For a limited time, you can get 20% off

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Just go to InsideTracker.com slash Daily Motivations. Kindly support our show's sponsor. The link is in the show note below. It's a weird thing that happens. So choose carefully. I'm not talking about being nice to someone or snubbing other people. I'm nice to anybody. I love people. I love people that are wrong even. I love people. Okay. But I'm talking about my crew, the men in my life that shape my language, the men in my life that impact my spiritual walk, my generosity, my thinking in business and my acumen. Who are the men in my life that are doing that? Ladies, the same thing for you. You're going to become who you hung around with. The next one

is save and invest. See, if you don't have any payments and you got a plan, the first thing you're going to want to do is save and invest. Because in the house of the wise are stores of choice food and oil. And the rest of that proverb says, and a foolish man devours all he has. If you spend everything you make, biblically speaking, you're a fool. But I have been a fool. Big red arrow. Fool, fool, fool.

I know what being a fool feels like. It feels like being broke. Because I spent everything I made. Because I've always been able to make money. I just wasn't able to keep it. I always thought I could out earn my stupidity and I tried it for a long time. It doesn't work. Save and invest. We're saving for an emergency fund first, save three to six months to get ready for maybe something like a rainy day. Right? Man.

I mean, what if you had no payments and a big $20,000 emergency fund in 2020 happened? Or what if you had $20,000 in payments and no money for emergencies in 2020 happened? Do you have two different results? The answer is yes. In the house of the wise are stores of choice food and oil. And then that leads you to the position to be incredibly outrageously generous. It's hard to be generous when you're broke. You can be generous and smile and open the door for somebody. But I'm talking about writing

a check to feed hungry babies. I'm talking about buying a single mama car. I'm talking about you can reach over and pay somebody who's struggling's light bill through the end of the year. I'm talking about outrageous, even sometimes spontaneous generosity. And you can do that if you're not broke. And if you've got your stuff taken care of at home, if my light bill is paid, I can help somebody. If I'm still fretting over here, I don't even see them. So I want you to try this next time there's a holiday, maybe Easter or Thanksgiving or something like that. And you're driving to grandma's house with the kids. Now you're going to go have a big feast that day, but on the way, I want you to do something crazy. I want you to stop at the waffle house, leave the kids in the car and motor running, pull up in

front of the window so you can see inside and the people in your car can see inside. I want you to go inside by yourself, leave them out there. They'll be running their mouth anyway. Kids, put the screens down. Watch this. Go in there, have a cup of coffee at the counter. She'll come to the counter. She'll pour your coffee. This is Thanksgiving morning.

You know, he's working on Thanksgiving morning at Waffle House. Pay for your coffee and I want you to take three or four of these Uncle Benjamin Franklin pictures. $100 bills, and I want you to slide them under the cup and slip out. Go out in the car. Tell the kids, hey, watch God work. Watch what God does when he shows off. She'll come over.

She'll pick that stuff up, and she'll look at it. She wonders if it's a trick because in her life, it's been so long since anything good has happened to her. And then when she realizes it's real, and 100% of of the time after she does this, she goes, thank you. And then she looks one more time and she realizes no one's looking and she has no idea there's a family with a six-year-old sitting in a van watching her inside, whose dad or mom just pulled this idea off. And a six-year-old's life is being permanently changed while he watches this. Then she goes into and does a Snoopy dance because that's the whole difference in her month. Now, I want you to go

spend $300 with your spouse on a really nice night out and enjoy yourself. I want you to learn to enjoy money, but I dare you to have more fun with 300 bucks than that. So to the extent you're not outrageously generous because you're in debt and haven't saved money, you're not on a plan, and you hang out with selfish people who are worried about their Instagram photo, any one of those five things that's not there or any five of those five things that's not there,

it's time for all of us to get a little better and change. Change.