The Wealthy Idiots

It finally happened! Dave Ramsey admits Real Estate debt is ok! The caller is struggling with what to do with her first and only rental property. AJ's answer is different from Dave's, however, Dave does agree with AJ! The Wealthy Idiots Website: https://www.wealthyidiots.com​ Social Media: https://www.facebook.com/wealthyidiots​ https://twitter.com/WealthyIdiots​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj

My new Family needed a new car that could fit everyone. The car market was at peak inflation prices. Checkout how I was able to get a BRAND NEW CAR for FREE! The Wealthy Idiots Website: https://www.wealthyidiots.com​ Social Media: https://www.facebook.com/wealthyidiots​ https://twitter.com/WealthyIdiots​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj

Dave Ramsey shoots down the callers dreams of starting AirBnBs (vacation rental) with terrible arguments. The caller is in the best position to start an AirBnB and see how it goes. AJ breaks down why the caller should try, why Dave Ramsey is wrong, and how this could setup the caller for financial peace. The Wealthy Idiots Website: https://www.wealthyidiots.com​ Social Media: https://www.facebook.com/wealthyidiots​ https://twitter.com/WealthyIdiots​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj

I've had trouble wrapping my head around whole life and infinite banking. So I'm starting my own company to see how much I can make from people who believe in this concept. I realized that I could skim millions from each whole life customer...so who's paying the millions? The Wealthy Idiots Website: https://www.wealthyidiots.com​ Social Media: https://www.facebook.com/wealthyidiots​ https://twitter.com/WealthyIdiots​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj

AJ and DC discuss todays top financial issues, the Looming Housing Crash of 2023, Christmas Shopping and the one of the biggest scandals to hit our time. The federal reserve announced that they believe housing prices to crash in 2023. People are planning to go into debt for Christmas this year and right before what could be the biggest economic recession since 2008. And the Wealthy Idiots explain what they think happened with the FTX scandal and how to protect ourselves for the future. The Wealthy Idiots Website: https://www.wealthyidiots.com​ Social Media: https://www.facebook.com/wealthyidiots​ https://twitter.com/WealthyIdiots​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj 00:00 Introduction 00:39 Federal Reserve Predicts a housing correction of more than 20% 14:00 2022 Holiday shopping and record consumer debt 23:08 Crypto Collapse, FTX, BlockFi 43:10 Conclusion

FTX collapsed and now BlockFi is filing for Chapter 11 bankruptcy. What is going with Blockfi, FTX and the crypto collapse? Does this mark the end of the Crypto wealth train? The Wealthy Idiots Website: https://www.wealthyidiots.com​ Social Media: https://www.facebook.com/wealthyidiots​ https://twitter.com/WealthyIdiots​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj

The caller is concerned that he is in the middle of Dave Ramsey's baby steps and he is losing traction. Dave Ramsey and team can't wait to ignore the question and contradict one of their most basic messages. The Wealthy Idiots Website: https://www.wealthyidiots.com​ Social Media: https://www.facebook.com/wealthyidiots​ https://twitter.com/WealthyIdiots​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj

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! The Wealthy Idiots Website: https://www.wealthyidiots.com​ Social Media: https://www.facebook.com/wealthyidiots​ https://twitter.com/WealthyIdiots​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj

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. The Wealthy Idiots Website: https://www.wealthyidiots.com​ Social Media: https://www.facebook.com/wealthyidiots​ https://twitter.com/WealthyIdiots​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj

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​ Social Media: https://www.facebook.com/wealthyidiots​ https://twitter.com/WealthyIdiots​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj

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: https://www.facebook.com/wealthyidiots​ https://twitter.com/WealthyIdiots​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj

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: https://www.facebook.com/wealthyidiots​ https://twitter.com/WealthyIdiots​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj

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: https://www.facebook.com/wealthyidiots​ https://twitter.com/WealthyIdiots​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj 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: https://www.facebook.com/wealthyidiots​ https://twitter.com/WealthyIdiots​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj 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: https://www.facebook.com/wealthyidiots​ https://twitter.com/WealthyIdiots​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj 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​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj 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​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj 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

Investing during a recession is scary! But the simple trick of dollar cost averaging makes investing REALLY simple and will help you weather this recession. AJ explains how his own dollar cost averaging looks over the last 12 months and it's easier than you think! The Wealthy Idiots Website: https://www.wealthyidiots.com​ Social Media: https://www.facebook.com/wealthyidiots​ https://twitter.com/WealthyIdiots​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj 00:00 Introduction 00:53 Way too many people are buying high and selling low 01:39 Hey Dave Ramsey...Should I YOLO everything into Crypto? 02:06 What is Dollar Cost Averaging 02:55 AJ shows his dollar cost averaging on one of his Investments 06:24 What would dollar cost averaging look like over the last decade? 08:42 Conclusion

Don't miss the full episode here: https://youtu.be/HoUexeZSEG0

Wealthy Idiots Reacts to Dave Ramsey answering the question about when using leveraging has gone horribly wrong. Leveraging debt can be a good tool for building wealth. But what happens when you YOLO credit card debt into the stock market? Dave Ramsey Highlights Original Video: https://youtu.be/nkAEXNWy-sc The Wealthy Idiots Website: https://www.wealthyidiots.com​ Social Media: https://www.facebook.com/wealthyidiots​ https://twitter.com/WealthyIdiots​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj 00:00 Introduction 00:44 Introducing video: "I Borrowed $20,000 On Credit Cards To Invest, Now I'm Broke!" 01:31 Start of Dave Ramsey Clip 03:50 What does the caller do if he used credit cards to buy investments? 04:26 AJ thinks we aren't at the bottom of the recession 07:35 You can't outsmart the system 10:13 AJ's plan to help the caller 10:54 Credit Cards have the worst interest rates 12:19 Investing probabilities always gets better with time 14:01 Never pay leverage back with the investment appreciation 16:02 Your average gain has to be higher than the interest rate on the loan 17:13 Conclusion

The courts have blocked President Joe Biden's Student Loan Forgiveness plan and it just so happens that the 2022 midterm elections are coming up. Student Loan Forgiveness was already a controversial move, but this might end up helping Joe Biden and democrats by unifying voters. Was this the plan all along? The Wealthy Idiots Website: https://www.wealthyidiots.com​ Social Media: https://www.facebook.com/wealthyidiots​ https://twitter.com/WealthyIdiots​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj 00:00 Introduction 00:35 History of Student Loan Debt Forgiveness 01:04 Not everyone agrees on how to forgive student loans 02:47 White house quietly limited qualifications for forgiveness 03:05 Does the president have the authority to forgive student loans? 04:27 How did the white house pass student loan forgiveness when they don't have the authority? 05:15 Federal Appeals Court put a hold on student loan forgiveness 06:44 The polls show the Democrats will lose the house in the midterm elections 07:59 What does AJ think is actually happening? 09:18 President Joe Biden explains what's happening with loan forgiveness 10:08 Was this the plan all along? 11:23 Conclusion

Most of us won't ever become rich quickly. However, there are tricks to becoming rich that work for everyone! At some point, if you want to become rich, you will have to know everything in this video. AJ breaks down the 4 things you HAVE to know to become rich and how to best apply these tricks to your life. The Wealthy Idiots Website: https://www.wealthyidiots.com​ Social Media: https://www.facebook.com/wealthyidiots​ https://twitter.com/WealthyIdiots​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj 00:00 Introduction 01:15 Identifying our Motivation 01:35 Motivation: Peace of mind/Financial Security 02:04 Motivation: Financial Freedom and Financial Independence 02:27 Motivation: Giving/Charity/Helping Others 02:52 Motivation: Retirement 03:21 Motivation: Comfort 03:47 Motivation: Buying cool stuff 05:30 Believe It's Possible to Become Wealthy 05:47 Believe: 80% of millionaires are self made 06:43 Believe: Wealth Takes Time 07:21 Believe: 401ks Work Really Well! 07:57 Believe: Understanding Compound Interest 10:30 Spend Less Than You Make 10:44 Spend Less: Analyze your money 11:01 Spend Less: Cut Back Spending 11:17 Spend Less: Emergency Fund 11:42 Spend Less: Avoid Consumer Debt 11:52 Invest The Difference 12:58 The World is Going Crazy 14:18 Conclusion

Are credit cards a tool for the wealthy, or a way for you to get tricked out of your money? Dave Ramsey seems to think credit cards are inherently bad. AJ argues that the issue isn't credit cards at all, but something totally different! Original Video: @The Ramsey Show - Highlights https://youtu.be/7sNJqwEFXP8 The Wealthy Idiots Website: https://www.wealthyidiots.com​ Social Media: https://www.facebook.com/wealthyidiots​ https://twitter.com/WealthyIdiots​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj 00:00 Introduction 00:35 Introducing Dave Ramsey Episode About Credit Card Debt 01:02 Firing John For the Worst Joke Ever 02:00 Tik Tok About Getting a Credit Card and the Benefits 03:01 Initial Take Away: She Ain't Wrong 03:42 Everyone who gets a Credit Card Thinks they will use is Responsibly 05:24 People will inevitably be Caught by Credit Cards 05:58 If you have a Credit Card, you will magically take out more debt in case of Emergencies 07:09 With a Credit Card, you run up debt in emergencies...Without a CC you do...what? 07:46 Credit Card debt is high in the US 08:29 Balances were carried on 52% of cards 09:33 What are points even worth? 10:43 Emergency Funds and Savings are the real issue 11:09 You don't make any points on Credit Cards 11:35 When you get cash back, it's on the backs of the poor. 12:23 Final Thoughts

Part 1: https://youtu.be/ukexlKcEc9s Are landlords really that bad? This video makes that claim landlording in itself is parasitic so it must mean that all landlords are bad. AJ responds by explaining the simple economics of meeting a need isn't inherently good or bad and the original poster might be simply looking for someone to blame for his frustration. Original Video: @Second Thought https://www.youtube.com/watch?v=m1m7WmKJZyQ The Wealthy Idiots Website: https://www.wealthyidiots.com​ Social Media: https://www.facebook.com/wealthyidiots​ https://twitter.com/WealthyIdiots​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj 00:00 Introduction 00:25 Just buy your own home 01:03 Where do people live if they can't afford a home? 01:55 Bank deny people mortgages who can afford rent payments of the same amount 04:19 Renters pay the mortgage but are left with nothing 05:10 Renters can't save enough to buy if they are renting 05:54 People don't have enough money management skills to buy 08:07 Homelessness is the only option if you can't buy or afford to rent 10:09 Evictions are violent 11:55 Every lease you've had has been signed under duress 12:57 Landlords create artificial scarcity 13:27 A lot of the housing supply is held by Wall Street 16:00 Free housing is the norm in other places in the world 18:29 Government could do it better 18:49 Conclusion

Are landlords really that bad? This video makes that claim landlording in itself is parasitic so it must mean that all landlords are bad. AJ responds by explaining the simple economics of meeting a need isn't inherently good or bad and the original poster might be simply looking for someone to blame for his frustration. Original Video: @Second Thought https://www.youtube.com/watch?v=m1m7WmKJZyQ The Wealthy Idiots Website: https://www.wealthyidiots.com​ Social Media: https://www.facebook.com/wealthyidiots​ https://twitter.com/WealthyIdiots​ https://instagram.com/thewealthyidiots Join Webull and get FREE STOCKS {Details in Link}: https://act.webull.com/promotion/invitation/share.html?inviteCode=YGUxWYdsbWwj 00:00 Introduction 00:40 Introducing Landlords are evil video 00:57 Start of reaction video 01:34 Supply and demand are responsible for rent prices 01:58 The landlord people aren't evil...just the concept...but also the people 03:53 Rent Seeking Behavior is Inherently Bad 06:41 Lending the use of something is passive and requires no effort 09:26 Landlords provide no value to society 11:22 Landlords claim the "are providing housing" 12:16 Houses already exist. So we don't need landlords to "provide houses" 13:34 Landlords make 2x the amount of the average renter 14:43 Poor people can't afford to rent 17:11 Landlords buy all the supply