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Chapter 1: What is discussed at the start of this section?
Live from the headquarters of Ramsey Solutions, it's The Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. George Camel, Ramsey personality, host of the George Camel Show, very popular on YouTube, is my co-host today. The phone number is 888-825-5225.
Very important day for Mr. George Camel and all of us here at Ramsey in that this is the last day you can get the deal on his brand new book, Breaking Free from Broke, because tomorrow is launch day. Woo!
Chapter 2: What are the key features of George Camel's new book?
Woo! Here we go, baby. It's here. Game on. Yeah, and tomorrow's the Super Bowl, and today is the warm-up. If you guys want the deal, though, this is your Super Bowl because the book Breaking Free from Broke, The Ultimate Guide to More Money and Less Stress, absolutely incredible new book, comes out tomorrow. What that means for you, if you're listening and hear this before Tuesday the 16th,
Up until midnight on the 15th, you can get the book and a whole bunch of goodies.
Oh, yeah. You get instant access to my talk, Show Me the Money.
Chapter 3: How does George Camel address financial pitfalls?
It's a video talk. We have an online private event happening next week with a Q&A. And this is the big one, the enhanced audio book. You get completely for free with all the sound design and custom music. And the team did an amazing job. It's a very cool audio book. Very cool.
And that's totally free when you pre-order the hardcover and, of course, the e-book as well for you digital readers out there. And no matter when you buy the book, you also get three months of every dollar premium. So I wanted people to have an actionable plan when they walk away and not just, huh, good book.
I want you to actually go live out the principles and take control of your money and choose hope instead of cynicism this year as we head into an election, Dave.
That's hard to do in that setting. But anyway, so the deal is that you have done some in-depth, detailed research on the scams and schemes of the people that want to take your money from you boys and girls out there, and George exposes the mythology behind and the villains in the marketplace.
Absolutely.
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Chapter 4: What insights do Dave and Ken share about mentorship?
The first two-thirds of the book unpacks the system designed to keep you broke. And I talk about credit scores and credit cards, which I believe are the gateway drug into all the other types of debt. I cover car loans and student loans and mortgage traps and investing traps and marketing and consumerism, which just exacerbates the whole problem.
And I think once you get through of that, you're going to want to take a shower. You're going to have enough ick that you go, okay, I need to opt out of this.
I do need to break free from this kind of broke.
I call them chains because I think most Americans, they work too hard to feel this broke. They're feeling the chains of payments in this world. They feel like they're on the hamster in the wheel, rat in the maze, an Uber ride from hell, and they just want something different.
And I think this book is going to help you live counterculturally and give you hope that you can break free from those chains and have freedom with your money.
So you'll get the knowledge, you'll get the confidence to break free, and all of the evidence is there with great detail. And you guys that are a little bit nerdy and like the research, George is a consumer advocate at heart, and he can't resist digging up the dirt and proving to you how you're being screwed.
There's 130 sources in this book. It was exhausting to do all the research, but I had to prove it. Not just my opinion and our experience of you doing the show for 30 years, but actual data from the Federal Reserve and from MIT proving our plan works.
So brand-new book out on the 16th of January. If you hear this before then, up until midnight on the 15th, you can get the new book, Breaking Free from Broke, and instant access to Georgia's newest talk, Show Me the Money, exclusive access to an online private event next week. a Q&A with George, the enhanced audio book.
And so what we decided to do was take all of our audio books from this point forward and put a little jazz to them, make them a little better, make them a little sound effects, some sounders coming in and out, rather than just us reading the book.
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Chapter 5: How can I effectively manage my foster son's understanding of money?
You're not there today because you set some of your 40 aside for your emergency fund, some of it aside towards your first house, but that's going to not put you in the housing market today. But you're well on your way, and you'll certainly be there in your early 20s without a doubt. So excellent question, Cammie.
Way to go. Wow. Yeah, I wish more people would pay attention to these calls. Fast forward, she starts investing 15% right now. She hits millionaire status at what age, roughly? 34. Yeah.
She'll have a net worth of a million dollars probably in about 14 years.
By the way, the American dream is alive and well. Yeah.
And that's a Gen Z. That's right. By the way, for those of you that are Gen Zs and think that, oh, it's all over!
It can't happen! Oh, no!
No!
Oh, God. All the whining that's out there.
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Chapter 6: What strategies can I use to help my foster son learn about budgeting?
It's just the drama. It's like every generation that has come along thinks that the generation before them stole all the opportunity. That's right. There's nothing left.
The old people took it all.
Oh, brother. And the old people, every generation that's come along, think the next generation is a bunch of doofuses. It's true. It's generational warfare. Neither one are the truth. I mean, this generation is full of wonderful people like Cammie. We've got a building full of Cammies. That's right. I mean, half of our 1,100 people that work here are under 30, so officially Gen Z. Wow.
I mean, we have four new people start this morning. I went up onboarding and hung out with them and talked to them. Really sharp. Oh, God, they're so smart. and they're going to be great team members, and they care deeply.
I was just explaining to them this is going to be the hardest place you've ever worked because you're working with smart people that really care deeply, and they're not into internal politics. They're just into getting the work done, and it makes it really difficult. When you're playing for the Super Bowl with the best in the world, You got to play hard. You know it's good.
It's a good thing, but there's there's Cammy's all over the place man They're all over. I'm thrilled with this GNC generation. I think they're amazing Joe's in Scranton, Pennsylvania. Hi Joe. How are you?
How you doing Dave? Thanks for having me sure what's up? Nothing. I just have a question for you Okay, so I haven't been I've been investing in real estate like the past 15 years I got kind of lucky I didn't use your advice. I used leverage, but I sold everything. I am debt-free except my mortgage. The issue now is the price of real estate, the rate of return on it is really bad.
So I'm thinking, should I keep what I have, go work on something else, just wait, be patient? Me and my wife are a little confused what we should do. She works full-time, but it's kind of what I should do with my life now.
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Chapter 7: What should I consider when negotiating my compensation at work?
I'm just looking for some advice.
How much money you got stacked?
About 90 grand cash. The only debt I have is my mortgage, and I owe about 68 grand.
And you're not working?
Well, I work. I manage my rentals. I currently have about 10 units. Oh, I thought you sold one. I sold a few of them, and I kept.
And the ones you have are all debt-free? Correct. Oh, good. Okay. All right. Real estate, I've been buying real estate since 1982. and real estate always goes through ups and downs in terms of rates of return and pricing all over the place. And so it's very difficult following Fauci's pandemic to buy a good deal because House prices, as you know, shot through the roof, and they stayed there.
They didn't come back down.
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Chapter 8: How can I balance my current job responsibilities with my desire for higher pay?
And so that makes the rate of return weird. And so sometimes it takes rent prices a while to catch up. Rents spiked as housing price spiked, but not as much. Translation, the rate of return went down. And so, you know, on houses in particular, residential is a little more fickle or a little weirder. So I have... I buy a lot of real estate. I love real estate.
But I have ebbed and flowed throughout the decades as to, you know, there's times I just sit on the sideline and watch the craziness. I'm not getting in. I don't like the rules. And today's one of them. Today the rates of return, I agree with you, are not really high.
But if I can find something at a deal, for whatever the reason, if it's because the marketplace has slowed down or because I just stumble upon something that's a deal, then I will step into it and we'll go do it. And sometimes the deal is made up of the situation and it has nothing to do with the economy, locally or nationally.
It's just you find a distressed property of some sort or a distressed seller of some sort, and you're able to slip in with some cash and do a great deal. So I'm not completely sidelined, but I'm also not just running around buying everything in sight. Now, I'll tell you when I did buy everything in sight.
I dropped almost every coin of cash I had into real estate in 2008 and 2009 because I was buying stuff at 15 and 20 cents on the dollar after the 2008 crash. It was the best buying time in my adult life, and I've never bought as much since.
I mean, we bought everything we could get our hands on, and some of the best properties I own today, rate of return-wise, are obviously those because I got nothing in them. But it does ebb and flow. So just put yourself on the sideline until you get a great deal or until the marketplace shifts and more deals are out there. Either one's fine.
In the meantime, you may want to do something for an income because managing 10 units is not a full-time job.
Well, the other thing I want to know is he's got $90,000 set aside, and he still has a house payment. It's his only debt. I'm probably going to clear that. I'd want to clear that, especially while we're sitting on the sidelines. So the $90,000 goes into the house.
Yeah, if you don't stumble upon a deal to put that back into pretty quick. I'm probably going to go ahead and clear that mortgage and then start stacking cash out of the rentals and out of whatever else I can do. I mean, you may want to go into the service side of the real estate business, go ahead and get your license, become a property manager, manage other people's properties and yours.
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