[Music] well hey you guys so today I want to talk about breaking the cycle and when we talk about breaking the cycle again that can be for a lot of different things but when you talk about your money habits we say hey break the cycle of your bad money habits so you can put good money habits in place that's going to help Propel you forward to be financially successful which means that's going to cause your your family and your family treat to change because you have broke the cycle of just maybe living paycheck to paycheck or always using credit cards or always using debt to say okay I'm going to do something that is good for myself financially and because of that then your kids your family are going to be the beneficiaries of that and so you know when I talk about this stuff you may be thinking oh my gosh well you're Dave's daughter like you know I how much do you know about all of this because he's the one that really you know did it all right I hear that kind of stuff all the time which is true so we're going to talk about that today and I want to stay tuned till later cuz I'm going to share my top three ways to reverse the toxic money cycle and really change your family tree so like I said earlier the disclaimer is listen I am fully aware that Dave Ram is my dad okay I am not shocked I understand and I know deep in my heart the advantages that come with that like I know I was with parents growing up that even though they F bankruptcy the year I was born they chose a different way of living with money and because of that the knowledge and what was shown to me the example they proved out was one of really good money habits and that's a gift as a kid to get that and to literally live in a world where you're like oh I never have to use debt cuz I'm I never will go in that because I'm going to choose not to and like have that hard line drawn when you're like 10 years old like that's a powerful thing and then also financially yes Mom and Dad have done very well and so they've been able to do things like pay for our college and all of that which again puts me at a different starting point than some other people so I fully acknowledge that but when we talk about this idea of changing your family tree it is a huge benefit and some people I think do cringe of like oh my gosh I just don't want to give my kids everything and you know entitlement and all of that which can be there for sure and you want to do this in a really healthy way but the beautiful part of you doing the hard work today is that you do allow your kids to still have dignity for sure in what they do in their own money habits as they become adults but maybe they get to start a little further down the road which which is a gift and that's part of the idea of changing your family tree so if you're like me and maybe you're fortunate that the ground workor was laid for you by the people in your life I don't think that's anything to be ashamed of and it's really simply a gift that you know can be turned around and be paid forward because instead of just feeling like okay the second generation which would be me right Dave and Sharon me and my siblings instead of us just wasting our money and like doing whatever we want and being trust fund babies maybe we can actually use the money that we earn to continue to invest for our our kids and then our kids will do the same for their kids and you keep changing that family tree which is a really beautiful thing and and no matter if you get a large inheritance when you start out you also need to protect yourself from certain things that come up in the financial world like scammers spammers and online thieves which is why I love and I use delete me I recommend delete me so much you guys because it gives me peace of mind it finds and removes your personal info like your home address your phone number and more from hundreds of data broker websites and again it protects you from spammers and scammers and online thieves because when you get the report you will see oh my gosh here's all the websites that my data was on and they and they show you and show you by hour how long it took them to remove all that data and you didn't have to do it because you are part of delete me so make sure to check them out at join delet me.com Rachel for 20% off that's join delet me.com Rachel so when it comes to breaking the cycle of debt and bad money habits and really changing your family tree the first thing I want you to remember is that it's okay to want better for your kids and this can look a lot of different ways for some people they didn't learn you know financial habits until later on in life so if you have older kids and you're just now discovering the baby steps you're starting to change your family tree then offer your kids some really good financial principles and talk to them about where you are because again deciding you know what you're going to show and tell your kids is up to to you but if you doing this and you have teenagers in the house or college students or even adult kids bring them into the conversation and just be like wow we are starting to look at money differently and and it's really encouraging when you hear your parents changing and knowing that they're learning and they're growing it's a really beautiful thing so if you are doing that bring your kids into it now also understanding that yeah everyone grows up with a different level of knowledge when it comes to money so maybe your parents talked about money all the time maybe they didn't maybe there was high emotion around money maybe there wasn't but regardless of where you came from being able to say hey the landscape in front of me I get to change now one easy way to get some of this knowledge and to start looking at hey what can I do differently is with FPU Financial Peace University it is one of the best and practical things that you can do when it comes to personal finance because you're able to get the basics and and again this could even be a gift like if you know someone getting married or maybe your kid's going off to college you know things like that getting this knowledge as early as possible is huge so I will leave a link for you down below all right the second thing I want you to remember is if you're someone who has either given or benefited from Financial generosity own that and continue to do that work with dignity Luke 1248 says to whom much is given much is required so if you are someone maybe like me and maybe your parents helped pay for college or helped you start invest early um or maybe again you're just you started financially with a firm foundation which is such a gift you don't have to be ashamed of that but continue to propel that forward okay be be someone that continues the change be someone that lives out these principles and someone that again if you have your own family nuclear family and your own kids it's going to help them and that's going to give them dignity again it's that balance of hey I'm going to search you off on the right foot clear the pathway so you can you know as they would say they walked so I could run that whole mentality is so beautiful and then of course balance with they still need to earn a paycheck and go to work cuz that's good for them as human beings but being able to start a few steps ahead it is a gift it is a gift okay so now that we've clarified some of that here are three practical tips to break the toxic money cycle that you may be in yourself for you and future Generations number one is just to get out of debt for good like like this could be a black and white issue for you and and again we can be very legalistic here at ramsy when it comes to debt cuz we're basically like nope never ever ever for a mortgage but other than that just say no but what that does is that avoids so much pain and so much of going backwards financially when you have autonomy over your life and your money it's a beautiful thing when your kids are able to start off with that mindset it's amazing number two is to invest consistently so once you are out of debt and you get a fully funded emergency fund of 3 to 6 months of expenses then I want you to start investing and Building Wealth so 15% of your income can go into retirement and you're going to start letting your money work for you so part of Building Wealth is looking and planning ahead uh which is really key which leads me to number three plan for the future so this is everything from having an emergency fund having sinking funds and thinking through hey we're going to have to replace a car so that's going to cost us you know $10,000 so we got to save $11,000 for 10 months or whatever it is so break it up and be able to have cash when it comes to these big purchases be thinking about your kids college you know college is not an entitlement it is a gift it is a blessing so if you are in a position that you're able to start saving for your kids college that's wonderful that's part of our baby steps plan if you're not you're not a bad parent they're okay we have plenty of resources to show them how they can go to school debt free but there is something to be said of man you you're able to again plan for the future as much as you can for the Next Generation all right before we close I want you to remember one final thing listen millions of people have broken the cycle and change their family tree and Dave isn't their dad so like I say I'm fully aware as my dad there's gifts that come with that I'm so thankful for sure but people are doing this today y'all they are calling into the Ramy show they are getting themselves out of debt they are they are investing they are Building Wealth they are doing all of this and they're not Dave Ramsey and that's the powerful thing is it comes down to your decisions your habits and what you want to do but you can change the game for yourself and your family so it's a beautiful thing it's very empowering because again there is something about this tactical side of money that you can actually start to see change and see the effect of that change really quickly now if you haven't already be sure to check out my episode on easy ways to build generational wealth which is next okay you guys remember to take control of your money and create a life you love
