A crowd of 3,500 attended an event chaired by national personal finance personality Dave Ramsey at Grace Church in Eden Prairie earlier this month.
The “Building Living Wealth” presentation on November 10 was the top midwest stop on the tour of the event described at Ramzy Solutions website as teaching “How to Build – and Keep Wealth”.
Ramsey’s major speech dealt with this topic through citation The National Study of Millionaires. “Typical millionaires put their money in a 401(k) and pay house money,” Ramsey said. “It’s as boring as rude.”
Ramsey, a radio host and author, peppers his speech with personal stories, Bible verses, and the novel “The Three Little Pigs,” in which he compares the big bad wolf to “COVID quarantine, midterms, inflation,” and more.
He also addressed public concerns about inflation hitting a 40-year high by admitting, “The bad news is that it’s very real. The things we buy cost more. The price of labor has gone up.” Ramsey also predicted, however, that “in about 36 months, it will be flat”.
Ramsey called current inflation a different kind from previous decades, and cited COVID-related manufacturing shutdowns as the cause. This inflation was largely caused by the quarantine. Once things are back in the supply chain, they will level off. It has nothing to do with rising interest rates.
Mental health, financing links
Jesse Parker of Mitchell, South Dakota, said he traveled to the event to find inspiration in other followers of Ramsay and his team. Parker, who first began listening to Ramsey’s radio show to stay awake on an overnight drive from Michigan in 2016, visited Ramsey Solutions’ Nashville headquarters earlier this year to take part in a “debt-free cry.”
Chaska attendee Annie Mattson said of Ramsey’s debt repayment discussions and examples Compound interest“It’s stuff you’ve heard before, but we need the reminders.”
Her husband, Bob Mattson, described the couple as “big fans” of Ramsey and said they had both previously attended Financial Peace University (FPU), a nine-lesson course from Ramsey Solutions on paying off debt and accumulating wealth. According to Ramsey’s statement from the stage based on a show of hands to the audience, 30 to 40 percent of the event’s participants have been in the course beforehand.
The FPU course was among the many Ramsey Solutions books and products for sale in the lobby of Grace Church during the event, with many personalities associated with the company on hand for book signings and photo opportunities.
Two of Ramsey’s personalities, career coach Ken Coleman and mental health expert Dr. John DeLoney, hosted a question-and-answer session prior to Ramsey’s keynote speech. Both also took part in a post-keynote discussion with Ramsay, budget expert Rachel Cruz, and Ramsay Show co-host George Kamel.
In both the panel discussion and the separate interview, DeLoney talked about including a mental health focus in a team focused on finance. He and Cruz suggested a relationship between higher rates of credit card debt and higher rates of depression and anxiety.
“The basic principles of psychological well-being are safety, community, and independence,” DeLoney said. He noted that debts owed to creditors affect the sense of independence and security in the brain. “If you owe someone money, you can’t quit your job. The amygdala knows that Toyota Motor Corporation has decided we should go to work tomorrow.
“You’ll never recover from anxiety if you owe someone money, because the body knows you’re not safe,” DeLoney said.
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