9:22 PM
What to do if you’re struggling with hope:
- GET UP! TAKE ACTION! GET MOVING! Don’t be at home watching Oprah. Get out there! There’s a great place to go when you’re broke: To work! It’s an ATTITUDE! Activity is going to be your answer. Be proactive. Happen to things! Don’t let things just happen to you.
- Don’t participate in loser talk! Your income will be within 10% of the average income of your closest 10 friends. Be careful what you listen to. The books you read and the people you meet will make all the difference. Be a reader. Don’t have the “spirit of Eeyore.” Fill your brain with good stuff. “I read the Bible and read the newspaper, so I can tell what both sides are doing.” - Zig Ziglar.
- Begin to give again! If not your money, your time. Go serve - nursing homes and soup kitchens are a good place to start. Get your eyes off of yourself. This will help restore your hope.
If we as churches and individuals get our acts together, WE THE PEOPLE could “GIVE” the government right Out of Business.
“Hope is in the nailed scarred hands of Jesus!”
9:14 PM - How close are we to a cashless society? With the government in its current state many people are panicking and thinking doomsday thoughts. The day of the Lord’s return is not known by any man. While you are here, until then - those who plow should do so in hope. Keep plowing.
9:12 PM - When will the job rate get better? Dave doesn’t know. Job loss is the symptom not the cause of the economic problem. When the economy gets better, jobs will be created. Making up jobs will not fix this. The bad news is, if you’re unemployed traditional work is going to be difficult to find. BUT you have to get your chin up. Your attitude is important going into interviews. Don’t wait on the economy to get better. Rethink your career track. This is your opportunity to fly and be free. If you can adjust your attitude, you can adjust your altitude. Spread your wings and fly. Is it scary? Yes! Start flapping your wings!
9:07 PM - What actions should we take now towards retirement? Dave says - don’t panic and get silly. That’s when you get conned. Be slow and steady. In the Tortoise and the Hare, every time the tortoise wins. Go slow and steady. Get out of debt. Get your emergency fund in place. If you’re over 50, you can supersize your IRA investments.
9:01 PM - Is it a good time to start a business or wait until the economy turns around? - Dave doesn’t know what good timing is going to look like for your specific business idea, but in a down-turned economy can be a great time to start a business.
8:59 PM - Think outside the box! Look it up for yourself! Think for yourself. We the people are the healing agent of the economy. Not the government.
8:57 PM - Should we still not invest in gold? Dave says - gold is a lousy investment! It’s sold on late night and makes you look like an idiot. Gold has not been used as a medium of exchange in a failed economy since the Roman empire. A barter based economy is what comes out of a completely failed economy. Gold can be the standard, but it has no intrinsic value. AND - it’s at a high right now. You want to invest by buying low. Gold is a lousy investment.
8:54 PM - What should we do with our savings (considering impending inflation)? Dave - we will likely see inflation, but will probably not break us. If you’re worried about inflation invest in things that go up in value. Growth stock mutual funds. Real estate. These are hedges against inflation. Pay for it, don’t use debt to bail you out.
8:52 PM - How do I know my money is safe at my bank? Dave doesn’t do business with big banks. He recommends with small banks and credit unions. Somewhere he can get his hands around someone’s neck. Big banks, you’re just a digit.
8:50 PM - At nearly 30, how do I begin to save money for retirement and education for my 2 year old son? Order of attack - Baby steps - 1) Get $1000 in the bank 2) Pay off all debt 3) Finish up your emergency fund 4) Invest with someone who has the heart of a teacher, NOT a salesperson.
8:43 PM - When will the value of my home rebound? - Dave doesn’t know, but believes the housing market will bring us out of this recession. We have extremely low interest rates right now AND houses are on sale everywhere. Foreclosure stats: 60% of the foreclosures happened in 5 states, there are some problem states. It’s not everywhere, it’s localized. Things are stuck, because fear is being bred in the media. These things are driven by fear, but real estate will rebound. It’s the best time to buy a house, but don’t buy one if you’re broke!
8:40 PM - Where can we invest other than the stock market? - Dave says 100% of the 15 year periods in the stock market there has been a profit. The market is artificially low right now. Don’t invest for spring, invest for the long term. Patience during a recession is a major thing. Dave continues to invest in the market, because he believes that excellent companies will be worth more in 15 years than they are today. Do you really believe they’re worth 1/2 of what they were last year at this time? Dave doesn’t - he believe it’s artificially low because of fear. It’s a blue light special for the investor.
8:32 PM - Is this our generation’s great depression? - Dave hopes it is, because the people of that era were permanently changed in the way they relate to money. This is no where near the great depression, nor is it even the worst recession since. For the individual, “You’re either 100% employed or 100% unemployed.” Statistics are irrelevant. Right now, though despite only 3% of American’s losing their jobs, half of American workers are afraid they will. We’ve got to stop the hysteria.
8:31 PM - The diligent prosper.
8:29 PM - Work like it depends on you. Pray like it depends on God. You can pray while you’re working.
8:28 PM - Americans also need to take PERSONAL RESPONSIBILITY. Make things happen.
8:27 PM - Americans need to relearn the word “NO.”
8:26 PM - The economy, capitalism, is like lighting candles - spreading light when you exchange services for “certificates of appreciation” (money).
8:24 PM - “Success is just a pile of failures that you’re standing on.” Successful people are those who persevere.
8:23 PM - If you can’t fail, there’s no need to do your best. A little desperation is good for the soul.
8:22 PM - If you don’t serve your customers well, your business should close. You should not be bailed out. The idea that that people/businesses shouldn’t experience pain is not right. Sometimes life is not fair and sometimes it hurts. “We desperately need to love people enough to allow them to fail.” “Failure will run you towards excellence.”
8:20 PM - All business is not evil. Businesses need to SERVE!
8:19 PM - Dave is a believer in capitalism, NOT the abuse of capitalism. Business owners are to serve their customers, as opposed to draining them of their money.
8:18 PM - Government involvement often gets credit for what WWII did for the economy. Dave is challenging the idea that government needs to fix this, despite what other economists are saying. “You can be sincere, but still be stupid.”
8:13 PM - Dave is “reading a different book” than most economists. He doesn’t believe that the government is what/who is going to “turn this thing around.”
8:11 PM - Dave wondered if he was wrong, and began to fear. Sharon Ramsey asked, “Who are you and what have you done with my husband?” Dave began to pray knowing that a spirit of fear had set in. God met him, and fear hasn’t been back since. “Fear is not a fruit of the spirit; it is the antithesis of hope.”
8:07 PM - Then the hysteria kicked in being passed along from Wall St. to Washington to Media. Dave asks them - “Why are you in complete freak out mode?”
8:06 PM - Dave is unpacking the current state of the economy. The US has been prosperous and not really paying attention to what we were doing. We got a little sloppy in our philosophy of life. Anyone can make it in a great economy, but now we’re being stressed tested.
8:02 PM - Here’s Dave!! For the largest web-cast thus far in history!
7:58 PM - Things are just about to start. You can submit questions on Twitter to @townhallforhope or on Facebook to Town Hall for Hope. Things are just about to start. Announcement time at the locations.
7:05 PM - Hello Everyone! We’re here at the Town Hall for Hope in Glen Mills, PA. So excited to hear what Dave Ramsey has to say. If you’re not able to actually make the event, follow along here. My husband and I are headed out to greet people as they arrive. We will be back to post and update as the event draws closer.
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