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Finance guru Dave Ramsey gives woman brutal reality check after she moaned about her friends' more glamorous lifestyles
A popular finance guru gave a woman a reality check after she complained about her friends' more glamorous lifestyle compared to her 'humble' way of life.
During a recent episode of The Ramsey Show, David Ramsey, an American radio personality known for his ultra-frugal advice, reassured a woman named Hillary that she's 'doing a great job' managing her money at the age of 33.
The woman, from Salt Lake City, Utah, told Ramsey and his co-host Dr. John Delony that she feels like she's 'losing at life,' despite making $60,000 a year - before taxes - as a health educator.
Hillary told the financial experts that she has no debt other than a $140,000 mortgage on her home, and that she recently paid for her master's degree in cash.
'And so all that money that I have saved, I'm just like, "That could've been a vacation or a car, I shouldn't have done that!,"' Hillary said.
During a recent episode of The Ramsey Show, David Ramsey, reassured a woman named Hillary that she's 'doing a great job' managing her with her money at the age of 33
Hillary told the financial experts that she has no debt other than a $140,000 mortgage on her home, and that she recently paid for her master's degree in cash, but still feels like she's missing out on the expensive adventures her friends go on. (pictured: Downtown Salt Lake City)
Both Ramsey and Delony immediately disagreed with Hillary and let her know that what she's doing is something to be proud of in the long run.
Ramsey also addressed her main concern about people her age splashing out money for luxury vacations and high-end cars.
'This is the problem that the millennial, your generation, was the one of the first ones to really really struggle with it,' Ramsey said.
He then referred to one the books his daughter Rachel Cruze wrote about 'the power of social media.'
'We used to say "don’t keep up with the Joneses,"' Ramsey told Hillary.
'But [in those days] it wasn’t as hard to keep up with the Joneses because they lived next door and you saw them driving their [nice] car — but you also saw them have big fights and you knew their kids were messed up.'
He added that because the Joneses' life was visibly imperfect to their neighbors, it wasn't as big of a deal 'because you kind of knew some of the dirt too.'
In comparison to today's social media-ruling society, Ramsey explained how it's harder to see past what people share online.
'On social media, the only thing you're looking at is the highlight reel,' he said.
Delony added: 'And nobody posts the three weeks after the beach vacation, and the fight around the credit card bill --'
Ramsey's co-host, Dr. John Delony, told Hillary that he hopes one day his daughter finds herself in the same situation as her one day
'Because we can't buy groceries and diapers,' Ramsey chimed in.
Ramsey explained to her that even 'old people' like him can 'fall prey' to believing everything they see on social media, 'because we're not seeing reality.'
Delony then asked Hillary where exactly her worry was coming from as she explained social media and co-workers have contributed to her concerns.
'Social media is a big part of it obviously, you know with TikTok, and Instagram and Facebook, but also just, you know at work, someone says, "Oh, I'm going to the Bahamas for two weeks, or look at my new Escalade",' Hillary said.
Both experts chuckled as Delony told her that he hopes one day his daughter finds herself in the same situation as Hillary one day.
'That'd be amazing,' he said. 'You're amazing,' Ramsey followed.
'You traded a master's degree for the Bahamas, this is a good trade,' Ramsey added.
Ramsey, who started 'from nothing,' had a net worth of a little more than $1 million by the time he was 26, according to his website.
He compared where he was in life to Hillary's situation and explained to her how even though he disliked having to trade in his Jaguar for a 'hooptie,' he knew he was doing the right thing.
By the end of the show, Delony told Hillary to replace the jealousy feeling she gets from watching others living posh lives, and instead, focus on the 'lonely' parts in her life to fill the void.
'I want you to start creating the opportunity to have friends, and community, and connection and laughter right where you live.
'Start cultivating that and it's gonna make the other shiny stuff- it's just not that big a deal,' Delony added.
In another recent episode of The Ramsey Show, the radio host tore into a woman about her and her partner's spending habits despite them earning a combined income of $11,500 a month
Research from the Journal of Happiness Studies found that many people turn to social media when they feel lonely, but watching others' lives actually makes them feel worse from the constant comparison.
'When you compare yourself to others, it leads to self-judgment, low self-esteem, and a negative sense of self,' Michael Torres, PsyD, a California-based clinical psychologist at the Kaiser Permanente Mental Health and Wellness Center, said.
In another recent episode of The Ramsey Show, the radio host tore into a woman about her and her partner's spending habits despite them earning a combined income of $11,500 a month.
Ramsey spoke to a woman, Alyssa, who explained she and her husband do not contribute to their retirement and have just $3,000 in savings. They are also in debt to the tune of $138,000.
After suggesting that Alyssa set aside up to $5,000 every month to help pay off their shared $138,000 in debt, she became visibly wary.
'You know what I'm worried about? You make $130,000 a year and you're freaking broke. That's what I'm worried about,' Ramsey told Alyssa.