A crowd of 3,500 people attended an event held by local billionaire Dave Ramsey at Grace Church in Eden Prairie earlier this month.
Presentation of Nov. 10 “Building Wealth Live” is a stop in the Upper Midwest on a tour of events described on the Ramsey Solutions website that teach “how to build wealth – and keep it.”
Ramsey’s speech addresses the issue by referencing The National Study of Millionaires. “People who have millionaires invest in their 401(k) and pay off their mortgage,” Ramsey said. “It’s boring as crud.”
Ramsey, a radio host and author, used his personal stories, Bible verses, and retellings of “The Little Pigs” to address the Big Bad Wolf in his speech on “the COVID crisis, midterm elections, inflation,” and others. .
He also addressed audience concerns about inflation reaching 40-year highs by acknowledging, “The bad news is that it’s real. What we buy costs more. Labor costs have gone up. ” Ramsey predicted, however, that “in about 36 months, it will increase.”
Ramsey called the current increase different from that of decades ago, and he pointed to COVID-related manufacturing shutdowns as the reason. “The reasons for this increase are various, mainly. Once an item is back in the supply chain, it will fall. It has nothing to do with interest rate hikes,” he said.
Mental health, financial connection
Jesse Parker of Mitchell, South Dakota, said he attended the event to find inspiration in Ramsey’s other followers and teammates. Parker, who started listening to Ramsey’s radio show while awake on a late-night drive from Michigan in 2016, visited Ramsey Solutions’ Nashville headquarters earlier this year to participate in the “free call.”
“It’s something I’ve heard before, but we need a reminder,” attendee Annie Mattson of Chaska said of Ramsey’s discussion of reparations and examples of extreme interest.
Her husband, Bob Mattson, described the couple as Ramsey’s “huge supporters” and said they had taken Financial Peace University (FPU), a nine-course Ramsey Solutions program for paying off debt and increasing wealth. According to Ramsey’s comments from the stage based on audience feedback, 30 to 40 percent of the program attendees have taken the course.
The FPU series was one of many Ramsey Solutions books and products for sale in the Grace Church lobby during the event, and many people connected with the company for bookings and photo opportunities.
Two of Ramsey’s people, career coach Ken Coleman and mental health expert Dr. John Delony, hosted a question and answer session before Ramsey’s keynote. The two also participated in a post-keynote panel discussion with Ramsey, investment expert Rachel Cruze and Ramsey Show cohost George Kamel.
In both a panel discussion and a separate interview, Delony talked about the integration of mental health care and groups that focus on money. Both he and Cruze suggested a relationship between high levels of credit card debt and high rates of depression and anxiety.
“The core principles of spiritual well-being are security, community, and freedom,” Delony said. He showed that debt owed to those who pay affects the effect of both freedom and security in the brain. “If you owe someone, you don’t leave your job. Amygdala knows Toyota Motor Company decided that we will work tomorrow,” he said.
“You can’t heal from anxiety if you owe someone, because the body knows you’re insecure,” Delony said.
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