I’m a Millionaire but Still in Debt! 

😂😂 I was thinking the same thing.

He’s changing his path and has a nice nest egg. Maybe he’s seen a new light. I wish him well

A financial coach with experience doing dumb things are usually the best.

I totally agree. I put $250k into stocks with my advisor, and now I've made over $4 million in profits. I used the profits to buy properties, and they're bringing in great income. It just shows how important it is to invest in things that grow over time. It's like I'm living out the lessons right from the start of his book- Guide to investing

Despite the ups and downs in the stock market, you've managed to turn your investments into good profits. Could you share the name of your advisor? I have $300k saved up and ready to invest, but as a beginner, I don't know my way around the market.

She is well known as - Chasity George Charles. please do your own research.

I found her contact details through a web search, and I'm pleased to see she is well recognized by AdvisorCheck. I've already sent her an email, hoping she can find some time in her busy schedule to assist me. Thank you for not gatekeeping.

I am on the look out for experts and after doing my research online will say she meets my requirements, Thank you for sharing with us. I already sent her a mail hoping she can make out time in her busy schedule to assist me.

I’m wondering where he’s getting his net worth number…. The guy owes hundreds of thousands of dollars. Unless his properties are worth well over a million or he’s sitting on a 1.5 million dollar 401k he’s not a millionaire.

​​@@OhYeaMistaWhat are you talking about? He has $300k equity in his home, and would profit $160k from the rental. Even if he's underwater on the car, that's $400k easy, so he'd need around $600k invested to be a millionaire. Edit: He said they have $650k in retirement later in the video.

He said they have over $1000.

⁠@@emoney1231hadn’t heard the $650k part when I commented. So he’d need like $550k in equity to just get there.

Yeah you weren’t listening

Girl math....LoL

^ Nope dude math

I wouldn’t sell the rental tbh. I’d take the money out of retirement to pay off the rental mortgage and also the CC/student debt. Is this caller just dumb or something?

Yep, highly illiquid

Equity and real estate should be a component of wealth, not the wealth. What about diversification? Having all wealth tied up in just equity is like holding a 30-year million dollar CD you can't touch principle or interest until it matures. Except the CD value is guaranteed (the house value is dependent on the current market) and you don't need to pay maintenance, repairs, high insurance premiums and utilities.

@@stevenporter863 You're getting wrapped around the axle about something that is already clearly defined and well understood. Net worth says *nothing* about the liquidity of the underlying assets. If you want to discuss liquidity, then you can break it down into "Current Assets" (those that are usable in the current year) and long-term assets. Or you can divide into liquid and illiquid assets. But not counting equity in a house doesn't make sense because you could sell the house this month and get access to that equity. Just because you choose to not sell doesn't mean that the asset isn't saleable, and it certainly doesn't mean that it's not part of your net worth.

​@@funtechuThe point is house poor 'millionaires' who sometimes can't buy groceries.

@@stevenporter863 The fact that you are still putting millionaires in quotes shows you still don't get it. There are people with liquidity issues at all levels of net worth. That is completely orthogonal to net worth or whether someone qualifies as a millionaire, multi-millionaire, or billionaire.

yeah "at his age" and he's 6 years younger than me. He's not really old enough to have health problems and just act like it's normal for his age.

I agree. In 2-3 years he can pay off everything and then he can have some sort of rental income for the rest of his life. And later if he gets tired of that, he can sell anytime. Boston is a hot market anytime. He will always come out positive.

Agree, but I don't think he's capable of "beans and rice" to do that. He's probably been trying to pay the debt off for years too and couldn't do it so he had to make the call.

There is no nuance in this show 😑

@@harshshukla3226he doesn’t want to be in real estate anymore. Sure he’s making some money off it but if he plain doesn’t want to do it and would rather use that money to get out of debt, that’s entirely his choice. And it’s not a bad one. Not everyone wants to be in real estate.

If you listen to the call again, he has more than $1k in savings actually.

@@funtechu he has No savings,,, “”” what he has is Retirement account of 650k. And if it’s in. 401k account,, he only has access to it at 59/half,,, unless he takes out a loan ,,,

@@dummgelauft First, you don't have to say "net worth millionaire", you can just say "millionaire" because millionaire is a net worth term. Second, it means precisely what it means, namely that you have net assets in excess of a million dollars. If you want to talk about liquidity, that's a completely different topic.

Yes, assuming he's actually receiving enough rent to cover the cost of owning the property (including taxes, insurance, and maintenance).

@@debbieholoquist2059 Regardless of what the rent is, he's not better off by the amount of the debt payments. He's better off by the amount of the debt payments minus the rent.

He doesn’t want to be in real estate anymore. That’s enough to sell right there.

They just wanted to plug the book 'The Proximity Principle'

Sorry so much of your time was wasted

@@zunedog31 Apology accepted.

You can have debt and be a millionaire. Net worth is assets minus luabilities. That's it. If you are unemployed and have 9 million in debt to the mob and you just inherited a 10 million dollar house you are technically a millionaire. I wouldn't want to be you though.

@@robloxvids2233 Yep. wouldn't want to be in debt to the mob either but still. Still, if you are "worth" a million dollars and owe that much money you should not be considering yourself a millionaire. He makes so much money he should not have any debt other than a house payment. He should be able to pay those bills every month. Obviously blowing a bunch of money on things they should be living without and paying the bills. Wonder if he also has a student loan he want's the government to pay off for him.

He did. $650k in retirement. $350k in home equity. Less than $100k in student loans and car loans.

Hood Rich 🤑

This is why net worth isn't useful in the real world, only on paper for banking purposes. Liquidity is a more accurate and depicts the real position.

​@@stevenporter863 Both are important. To me, it's only if you refuse to sell something ever that its market value doesn't matter.

​​Agreed. That is why I also think Dave's rules on car depreciation are pointless unless the car is planned on being resold - it is based in resale value.

​@stevenporter863 Disagree. Liquidity is just one subset of your total net worth. I'm a multi millionaire who operates on minimal liquidity. Couldn't be happier.

He actually did. He’s said before the ones who were married & working the plan together ranked highest in health, happiness, and wealth! Which is what science has been saying

I read the Proximity Principle. Great book. It’s the only Ramsey book I read though. It’s specifically targeted at people on BS 7 though, so it’s a niche book IMO.

Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.

She is my family's personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.

I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much

she's mostly on Telegrams, with the user name.

Ksmith6 💯

I do hope to help educate younger people on finances after I leave my corporate 9-5.

My wife and i (mid 30s) just did our net worth calculation and were astonished to find out that combined we're net worth millionaires, with ~450k in retirement/investments. Years of driving 20+ year old cars with multiple shades of paint (or as i called it, "custom" paint jobs) and knocking out $170k in student loans literally paid off. To people going through the struggle, take it step by (non trademark) baby step. You'll get through it. Its worth it.

I’m 42 with $997k in my 401k. I started working full time right out of high school. I'm still with the same company. I've been in their 401k plan since I was 18. I contribute 10% and get a 4.75% company match. My f/a who isn’t very traditional taught me that compound interest is you best friend. The sooner you start, the better off you are. I didn’t feel the need to mention the roi on brokerage account used under guidance of Monica but surely get a partner.

Who is this person you work with ? Monica ? Can I get a phone number?

Can’t divulge much, I advise you do your own research, browse for Monica Mary Strigle.

I wouldn't either.

His past could be a valuable tool. He understands now why debt is dumb. And he is a millionaire at such a young age.

Wait until you hear about Dave's past 😂

Hallelujah God is still working wonders,I place myself in position for such miracles.The best thing I've seen today on RU-vid thanks a lot...

Ms. Elizabeth Cabral has been my financial advisor for a long time and I must say that she is truly impeccable at her job. May the good Lord continue to bless you for everything she does.

How ..? Am a newbie in crypto investment, please can you guide me through on how you made profit?

I'd really like to get into crypto Investing. I have about $145k set aside, but I don't know anything about this market. Would you please provide the best approach to make money as well as a trustworthy resource for advice? Your help would be greatly appreciated. Thank you.

Wow I'm just shocked you mentioned Elizabeth Cabral, thought I'm the only one trading with her

Hey, he tried becoming a landlord with absolutely no skillset and failed. Why not try becoming a financial coach without any skillset? You never know!

And a wife who stayed put for 4 years while he was out of work and medically impaired. 🤒

My wife is 16 years younger. What's the big deal.

Right

HE IS A MILLIONAIRE! >:( HE SAID NET WORTH DANG IT!

Cash poor, though. ​@wewhoareabouttodiesaluteyo9303

​@wewhoareabouttodiesaluteyo9303 unless there is more stuff, I don't see how it adds up to a mil.

​@@pepperonishHe literally said everything. $650k in retirement. $300k in primary home equity. $160k net if he sells the rental. $60k ish in debt = $1.05 million not counting the value of cars, cash, etc.

He’s a millionaire if his total positive net worth is over a million.

Some investors would still make more money even with the right strategy and significant capital, but as a prospective investor, you should already be aware that experience is the best teacher there is. I had to seek advice from an investment advisor in order to grow my account to $1 million, take my profit just before the market correction, and then start investing again.

"Jill Marie Carroll" is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.

Probably still employed there. Just given the opportunity to try out for the show.

I was wondering the same thing. She did pretty good, but maybe not good enough.

She was far better than Jade.

@@blackworldtraveler3711she’s no longer with Ramsey. She was not a fit

@@danieljohnson4418LOL NEVER. Jade has gusto, motivation, she’s compassionate, feisty and tells it like it is. She’s also relatable. All Christina did was get grants…she did no real work which is what this plan is about.

What happened to him?

@TheSUPERHAPPY1 He vanished from the show and Dave didn't say why.

Everybody knows why. He was cheating on his wife. ​@@thomasorchard

​@@thomasorchardHe knocked up an unmarried coworker and they were both let go.

​@@TheSUPERHAPPY1He had multiple adulterous affairs with several different people, including at least one other person that worked for Ramsey. He and that person were subsequently fired for violating the ethics code.

Real estate is a solid investment but demands effort and lacks liquidity compared to stocks and bonds. Long-term market trends should guide decisions.

You find eal estate isn’t as liquid as cash or cash-equivalents, or even stocks and bonds. But I rather the latter. Just as you’re experiencing, real estate can be a lot of work.

monicamarystrigle, a ny advsior, significantly grew my protfolio by 347percent by me modelling trades and replicating on my IRA

He said he has 650k in retirement.

@@sprint7412 missed that, Thanks!

HEL, home equity loan, fixed rate vs, HELOC, home equity line of credit, variable interest rate.

Right? I hate this show sometimes.

Agreed sometimes their advice is so not right

Owning a rental is literally the dumbest thing a person can do.

If it was going to take years to get out of their debt, I would have to them to sell it. But...when they make 225K, they don't need to sell it. Sell the car they can't afford, buckle down, and in a year they can have the rest paid off. While still keeping their rental.

Pretty normal..

@@blake3606 Meets the half one's age + 7 rule with a couple years to spare

27 would also work. Would not recommend younger for marriage

he should nabbed a fresh college 22 year old grad. party time.

:Lucky? 32 is when females TANKKKKKKKKKKK in looks.

It’s always better to be the one with the higher new worth. When measuring financial success there only 3 things that matters. The most important by far is net worth. The other 2 is income and current age.

It is mathing. He’s doing the plan in reverse

A millionaire who’s going into debt to be a millionaire 😂😂😂

Yes, but if you stay at the casino long enough, you'll eventually lose it all. Smart of this dude to be cashing out.

Robert Kayosaki

​@@wordsalad01Average age to become a millionaire is 49. They did it faster. They weren't optimal , but they are still better than most millionaires.

@@wewhoareabouttodiesaluteyo9303 That guy is milking that book supporting his weird face lifts. I prefer the way of the book “The Millonaire Next Door”.

It didn't used to be anything either

If their assets minus their liabilities still total $1 million or more, yes. You can be a millionaire and still have debt. If I have $2 million in assets but still have $500k in debt/liabilities, I'm still a net worth millionaire.

Why wouldn't they be? They cover the definition of "millionaire" they use on the show constantly, and its net worth.

​@@NovascrubAnd that's not just the definition used on the show - it's literally the accounting definition. Net worth doesn't care about liquidity, or how much debt is present - it's a net figure.

​@@wordsalad01They are not over leveraged. They have $750k of real estate and owe $300k on it. And they make $200k. That is super reasonable.

My CPA explained it to me when I crossed one million positive net worth while having a mortgage. Paid off home in 2008 and wealth continues to grow.