The Global Story: Dave Ramsey - Iran, tariffs and affordability

Tristan Redman (0:00)

Hi there, it's Tristan Redman, host of The Global Story Podcast from the BBC, the show where we tell one in-depth story each weekday from where the world and America meet, and we've got a banging bonus episode for you. Affordability is the buzzword in the upcoming US midterm elections, but we've spoken with the financial guru, Dave Ramsey, who says we all have more control than we think. Can politicians and world events really impact our finances, or is it all down to us? Enjoy the show.

The economy right now is tough, but as the US midterms bear down on us, can politicians do anything about it? On today's episode, we sit down with Dave Ramsey, the famous American financial guru, and he tells us it's not on politicians, it's on us.

Dave Ramsey (0:52)

If you elect a congressman because you think the congressman is going to change your life, you're a fool.

Tristan Redman (0:59)

Millions of Americans listen to Dave Ramsey's show for financial advice. And if you've never heard him before, let me give you the vibe. It's a call-in show.

Dave Ramsey (1:07)

So I'm getting ready to destroy your life as you know it.

Tristan Redman (1:12)

Dave's whole brand is tough love. And if you're one of the callers, maybe you don't always enjoy it.

Dave Ramsey (1:17)

You're not going to spend any money on anything ever for the next three years.

Tristan Redman (1:22)

On the calls, Dave's sometimes exasperated, especially when the callers have debt, and especially if it's student debt, for something like, say, a history degree.

Dave Ramsey (1:32)

It's a single mom trying to feed three kids, and half of her debt is for a history degree.

Tristan Redman (1:39)

Full disclosure here.

Dave Ramsey (1:40)

They're going to go 60 and 80 and 120 and $140,000 in debt to get a history degree.

Tristan Redman (1:46)

I have a history degree.

Dave Ramsey (1:49)

I'm not against history degrees.

Tristan Redman (1:51)

So, maybe it's appropriate that I sat there with Dave to hear his take. From the BBC, I'm Tristan Redmond in London, and today on The Global Story, how could the cost of living crisis affect the elections? And why Dave Ramsey says, politicians can't save you, only you can.

Dave Ramsey, fantastic to have you with us. Thank you so much for joining us from Nashville, Tennessee.

Dave Ramsey (2:20)

Well, I'm honored, Tristan, good to hang out with you for a little bit.

Tristan Redman (2:24)

Could you introduce yourself, please, Dave, for the few listeners in the United States who don't already know you, but also for our listeners around the world who may not be so familiar.

Dave Ramsey (2:34)

I'm Dave Ramsey. I run a company called Ramsey Solutions, and we do podcasting and publishing.

Tristan Redman (2:40)

Well, it's great to have you with us. So you have this podcast, Dave, where you speak to people about their financial questions, their worries, their concerns, and listening to your show, it strikes me that you're maybe more plugged in to the financial concerns of Americans almost than anyone else I can think of. Is that a fair assessment?

Dave Ramsey (3:04)

Well, we have the honor of speaking to about $30 million a week between podcast and YouTube and talk radio. And certainly they're calling in. It's a call-in format. And so we're talking to the typical American.

Not necessarily all. A lot of financial shows are aimed at rich people. We're not. We're aimed at regular folks. And so we've got our finger pretty well on the pulse. We get to hear a lot. Some of it's kind of crazy and some of it's kind of sad, and some of it's really fun.

Tristan Redman (3:32)

Well, regular folks, as you say, all around the world, not just the United States, are preoccupied right now and have been for a little while with the question of the cost of living and affordability.

So many of these concerns, Dave, are tethered to things which are beyond our control. So stuff like the stock market tariffs, global foreign policy, wars and conflicts. When did you first notice, Dave, that the cost of living and the price of things was becoming a major concern for Americans?

Dave Ramsey (4:04)

Probably 1982

Tristan Redman (4:06)

Oh, wow. I wasn't expecting you to say that.

Dave Ramsey (4:09)

Well, interest rates were 17 percent in those days, and we were just coming out of the Jimmy Carter years, and we had double-digit inflation, and moving into the Ronald Reagan years, in terms of who was in the White House. And so the point of that little snide comment is simply that, there's always been problems, there's always been obstacles, there's always been challenges, and there's always been opportunities.