I've been Ramsey-fied.

Feb 26, 2010 by

I've been Ramsey-fied.

Last summer, I had the privilege of talking with Dave Ramsey as a caller on his television show. I was so excited that I could hardly wait to get through the caller queue and the five minute wait nearly killed me! This guy is changing lives all over the country by helping people realize that they CAN overcome debt and take control of their finances.

When I spoke with Dave, I wasn’t looking to get out of debt but rather avoid it. As an entrepreneur I have endless business ideas, but I am always told that one needs capital to start a new company. I don’t know about you, but I just don’t have that kind of money sitting around and neither do the majority of people I talk to. So, what’s the typical solution offered by financial/business advisors around the world? Oh it’s just two little words that roll so sweetly off the tongue:

Bank loan!

Sorry, but that just doesn’t interest me. Perhaps it would’ve a few years back, before I got “Ramsey-fied” but now it’s too late, the damage has been done. In Dave’s words to me, I “don’t need a friggin bank loan!”

At this point, I hope I’ve caught your attention. If not, you must be a careless person who enjoys spending money that doesn’t belong to you or you already have your finances in order. Hopefully it’s the latter. If it’s the first though, maybe you don’t think you’re careless. Okay. I’ll cut you a little slack because you probably got suckered in (stupid credit card companies have that effect on people) and you don’t know how to get out. If that’s the case, I would advise you start looking into some of Dave Ramsey’s books and financial courses. It’s good stuff folks.

Getting back on the end of business start ups, if you want to launch a business without going into debt, then go for it! Banks want you to take out loans because it’s how they make their money. I have nothing against banks but they’re all going to tell you the same thing…that you can’t start without capital. Bull crap!!!

Now I’m going to pull out the big gun. That’s right. I’m going to send you straight to the “Man” himself. Click here to watch my chat with Dave and see for yourself what he said to me about starting/expanding a company without going into debt. Enjoy!

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  • http://twitter.com/LuayRahil Luay

    Dave Ramsey is a man with a message, “Stay out of Debt”
    Mandee is a woman with a dream, ” Do not stop me, because I will be successful”
    Mix those philosophies together and a great business is born. I love the passion that she demonstrates in every step she takes, every interaction she makes. Let’s all encourage Mandee to go after her dream. See you at the top.
    If there is anything I can do to help, let me know.

    [Reply]

  • Laura

    If you have a good business idea, and have done all the background research to establish market need and probable success, then you should not let the idea of funding it with a bank loan scare you off. Twenty years ago my husband and I had a business idea (brick and mortar), so we took on a silent partner for part of the funding and a bank loan for the rest. About 10 years ago we had the bank loan paid off and bought the silent partner out 4 years ago. Although we continue to pour money back in to the business for expansion, we take out approximately $450k per year in salary. If we hadn’t had the guts to pursue our dream, we’d probably still be working in our $80k/year each salaried jobs.

    Needless to say, I’m forever grateful that we took the chance for success. We expect in the next 5-6 years we’ll have the business staffed in such a way that our participation will only be to oversee the business and will not require day-to-day involvement, yet we expect to be bringing in over half a million per year.

    In this economy it’s especially crucial to do your homework before attempting to start a business, but there are still success stories out there, and many of them are initially bank financed.

    [Reply]

  • http://inzolo.com Dustin @ Envelope Budget Software

    I suppose some businesses are easier to start with zero money that others. As a web developer, all my ideas take very little money to get started. I’m just being mr. tortoise growing slowly and just working from the money I make as I go.

    Congrats on making it on Dave’s show :)

    [Reply]