The Wealthy Idiots Show

The cost of things is much higher than we know. The things we buy are literally costing you your life! Are they worth it? Once you know how much things really cost, it makes saving money so much easier!

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Financial peace is often simplified into 1 step, CUT EXPENSES. However, there are 2 steps to financial peace and both are equally important. We all know that this second step is required, but for some reason, it skips our thought process when considering our financial priorities.

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Dave Ramsey, on the Ramsey Show, says it's a risk to carry debt on your home and you should be paying it off early. Even if the math works to keep the debt, and you can handle the payment, and you have a lot of backup cash, and there is basically no risk at all. AJ breaks down how Dave refuses to answer the question and refuses debt in all cases, even if it makes sense.

The Wealthy Idiots Website:

https://www.wealthyidiots.com​

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AJ put just put an offer on a new vacation home and it was accepted! In previous episodes, AJ showed his his process on Real Estate investing from crunching the numbers, getting lending, and finding a property. In this episode, AJ shows the home he his under contract for and will convert into a vacation home (AirBnB)

AJ's Real Estate Investment Journey:

Crunching Real Estate Numbers; How to Breakdown the Data for Real Estate Investing! - https://youtu.be/J5Elwto_lAo

Getting Lending and Interest Rates - Mortgage Rates are on the Rise; What is Causing this Explosion? How will this affect Real Estate? - https://www.youtube.com/watch?v=7HEAVWNQxhE

House that didn’t work out - Real Estate Investing | Full House Tour (2022) - https://youtu.be/L2t7T0cU0dg

The Wealthy Idiots Website:

https://www.wealthyidiots.com​

Social Media:

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The FTX Crypto Crash is top of the news this last week and for good reason. The fallout impacted all of crypto and has investors asking if crypto will ever rebound from what happened. AJ walks you through this complicated story and provides ideas on how to protect yourself and your finances.

The Wealthy Idiots Website:

https://www.wealthyidiots.com​

Social Media:

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Debbie wrote in to the Dave Ramsey show explaining how she lost money with her investment strategy and what she did in the 2008 crash. Her decisions lost her over $1,000,000!!! People make the worst decisions when acting emotionally when it comes to money and investing. AJ has made the same mistake as Debbie but only lost a few thousand.

The Wealthy Idiots Website:

https://www.wealthyidiots.com​

Social Media:

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00:00 Introduction

01:43 Start Ramsey React Video

02:30 Debbie could not have lost all their retirement in 2008

05:05 Dave Ramsey shows how Debbie paid an opportunity cost of over a million

06:00 Everything is on sale! Now is the time to buy!

07:39 Dollar Cost Averaging

08:05 Graph showing S&P 500 from 2006 to today

09:19 Overlayed Dollar Cost Averaging over the chart

11:13 What can you do?

12:07 Conclusion

Personal Savings Totals Would Surprise You! Personal Savings is key for weathering any storm like a recession or constant inflation. But recently, the data around person savings would outright surprise you! AJ and DC covers what's going in the world of personal finance and gives you the data you NEED to know!

The Wealthy Idiots Website:

https://www.wealthyidiots.com​

Social Media:

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00:00 Introduction

01:27 Economy is struggling, Inflation, Layoffs, Recession

03:11 How are people's savings in this crazy time?

05:08 Is Personal Savings worse than we think?

12:41 What is the media saying about Personal Savings?

16:45 What should people do to save?

21:45 The Federal Reserve reports epic savings records!

27:58 What's going on with Elon Musk?

30:48 The Power Ball! Who's making it rich!

35:04 Midterms! How will the election affect the markets!?

39:33 Conclusion

If you've been researching personal finance on Youtube, you've most likely seen a Whole Life Insurance sales person assuring you that Infinite Banking is most definitely NOT a scam and also...make sure to buy their product. Dave Ramsey went out of his way to make sure his audience knew NOT to buy Whole Life and that Infinite Banking is just a buzz word used to separate you from your money.

The Wealthy Idiots Website:

https://www.wealthyidiots.com​

Social Media:

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00:00 Introduction

01:18 What does Dave Ramsey think about infinite banking?

02:43 People who push Infinite Banking are almost always Whole Life Sales People

04:34 Do rich people have whole life, like the sales people claim?

05:40 How does infinite banking actually work?

12:42 2 Big questions come up when looking at how infinite banking works

16:03 Why wouldn't I just leverage my own investments and cut out the middle man?

19:22 Conclusion

Most people's lifestyle is connected to their income. Lifestyle inflation will slowly creep in on whatever income they have, making it nearly impossible to save and invest. AJ explains that your lifestyle shouldn't be based on your income at all but something else entirely.

The Wealthy Idiots Website:

https://www.wealthyidiots.com​

Social Media:

https://www.facebook.com/wealthyidiots​

https://twitter.com/WealthyIdiots​

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00:00 Introduction

00:56 Your home and your car should match your net-worth, not your income

02:12 Most people have almost no net-worth at all

02:56 Where is the median/avg person in their wealth journey?

05:11 Wealthy is not income, wealth is what you keep, not spend

07:28 50% ten year rule

09:22 AJ tells his story around this mentality

11:42 Conclusion

Dave Ramsey arrogantly made predictions about the housing market in the early summer using incomplete data. Now, Dave is making the same mistakes regarding the 2022 economic collapse. AJ explains what's happening using data and corrects Dave's statements about the current federal reserve actions.

The Wealthy Idiots Website:

https://www.wealthyidiots.com​

Social Media:

https://www.facebook.com/wealthyidiots​

https://twitter.com/WealthyIdiots​

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00:00 Introduction

02:05 Dave Ramsey, the Fed is Trying to Crash the Economy

05:17 AJ's Initial Reactions

05:52 Devaluing debt is why the Fed maintains an inflationary cycle

07:43 The Fed is trying to prevent recession pulls from both sides

08:18 Definition of Inflation

10:01 Money printer go BRRRRRR

10:23 Lowered Interest Rates to Epic Lows

11:00 Fractional Reserve Banking

12:35 What will happen if we just allow inflation to continue?

15:01 Dave predicted the housing market incorrectly

16:50 Conclusion