What Should I Do with This $200,000 to Become a Millionaire Soon? 0:22 These Millionaire Stats Make People SO ANGRY! - Dave Ramsey Rant 9:13 I Have $2,000,000 In Cash and Afraid to Invest! 20:05 I'm A Millionaire And Nervous About The Great Reset! 27:38 I Don't Want My Kids To Know We're Millionaires 30:08 I'm 33 and Worth $2,000,000! What's Next? 34:40
50 now, and everything is paid for. Fortunately, I had a college economics teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. My net worth is $4 million, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.
@@devereauxjnr I agree, that's the more reason I prefer my day to day invt decisions being guided by a init-coach, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using a init-coach for over 2years+ and I've netted over 2.8million.
@@MrGravity304 I actually subscribed for a few trading courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your coach?
@@freedomisEexpensive-08 The thing is that I really don't like making such recommendations. But there are many freelance wealth managers you could check out. I have been working with "NICOLE DESIREE SIMON " for about four years now, and she's made decent returns. If she meets your discretion, then you could go ahead.
@@MrGravity304 I looked up your advisor's full name and she appears to be trustworthy and knowledgeable. She is a fiduciary who acts in any individual's best interests. So I left a message on her website, and I'm hoping she responds soon.
I’m a 30-year old preschool teacher. Bought my house at 19 and started saving and investing ever since. Paid off my $150k mortgage, traveled to several countries, and I have over $30k in savings and zero debt.
My son bought a 150k house at 19. He's 21 today. He had a job making 40k a year. His mortgage is less than rent. He'll have it paid off by the time he's 30.
@@oscarpaez9036 salaries are adjusted though for the inflation at most places. If they are not you can easily find a new job. It’s still very much possible!
My wife and I are Millionaires. My last car was purchased for $10,000 and I drove it for 20 years. Then I purchased a good used $2500 vehicle. We will drive that for a few more years. Could I afford a more expensive one? Absolutely. Do I need a more expensive one, Nope…. Having your wants and your needs in check is what is important.
I am going to be a millionaire and I grew up living in a car and started out my adult life living in one. I put myself through college while working a full time minimum wage job and supporting a family of 4. I built a career from absolutely nothing. I started investing my money and lived off of nothing. Then I bought real estate. I have always stayed as close to debt free as possible and am debt free now. If I can drag myself out of the dirt from the absolute worst circumstances being as dumb as I am I believe anyone in this country can do exactly the same thing.
I’m a retired teacher and a multimillionaire. Loved my work! Follow Warren Buffet and Dave Ramsey. Both of our daughters have gone through FPU and are on their way.
How awesome is that! too many times I hear the teacher salary is way too low and not enough to live on. but clearly there’s a % of teachers out there who are EDMs.
We were fortunate enough to retire early. My wife was 34 and I was 38. We followed many of the Dave Ramsey principles which helped us stay focused on our goals. We now travel and enjoy time with our two young kids. 💕
My husband and I changed our lifestyle after having a huge job change. We make about 60% less in income...and are able to save MORE now. We r not millionaires but at this rate we have a shot at making it at retirement.
I have to 110% agree with some people being dumb as a rock. Just on my commute to home and work everyday my mind is blown at how stupid people are. I sometimes ask myself if I’m a genius and don’t know it or something. Everyday my mind is blown at the stupidity of people around me.
I work at very big and prominent bank in Nyc specifically with clients of high net worth. And I totally agree. I observed that the working-class clients with the largest balances (6 & 7 figures) tend to be very routine, plane-jane disciplined savers, and consistent workers. They spend less than they make and are not easily given over to sales offers/upgrades. Most of them are not even “sophisticated investors”. One of my clients is a doorman for a luxury building, whose had his job for about 30 years. He’s about to retire and has even had a flip phone up until recently and His retirement assets are about $1.2MM. He’s definitely not into exotic savvy wealth building tactics, and is not in a 6 figure job. It’s really about discipline and consistency
This is my 1st time posting. I just went through the baby steps with my wife and already got excuses. Im 47 and upset with the dumbass choices I've made in the past. I took the time and created a spreadsheet and found that in less than 4 yrs we could be debt free, and in 7, we have our home paid off with the snowball effect. This was my Ah Ha moment. Do the work and draw up YOUR plan and see what is achievable.
The reason why it's hard to believe is because they don't know anyone who has done it personally. And if they did they will make up excuses on why it can't happen for them.
For God so loved the world that he gave his only begotten son that whosoever believeth In him shall not perish but have everlasting life praise God praying for everyone everyday God bless you all
@@jennabaily2282 John 3:16 is not the Lord's prayer ,but I think they put it there so someone would read it and it would bless their day to hear that message.
Ken hit the nail on the head. It has nothting to do with salary or career choice. It about how you live your life. Live debt free and under your means and you will get there. You will have sense a freedom like. never before.
The problem is most people follow trends and lifestyle creep most are not content with what they have and try to keep up with people who have the appearance of wealth. Trying to keep up the appearance takes maintenance and maintenance will keep you broke and miserable.
I agree there is no way you could raise children on 60k a year gross and sock away 750 for 35 years, totally unrealistic now if ur single for 35 years or coupled up with no kids, yes that’s realistic
Hes going to lose that money. He is so infatuated with making money that he will make poor decisions-and lose the money. If I were him I would take half and invest into growth stock mutual funds, and take the other half and put down on a cheap modest house.
Fantastic video. The teacher's section was such a moving lesson and a motivation too. I'm one of the many international followers whose main lenguaje is not english.... Great stuff!!!
Jesus Christ died for our sins according to the scriptures and that he was buried and that he rose again the third day praying for everyone everyday God bless you all
I am a teacher that teaches personal finance and the first lesson I show kids for the course is looking at an investment calculator. I always ask the students that have a job can you save $50 a month? Could you save $100? Then I have them guess how much money it is. From 16 to 65, $100 a month is 1.5 million. Then I say what if you wait until 67 or 70? Would this change your family tree?!
FYI... I know where I live they averaged the administrators in with the teacher salary when they do surveys. So it would be interesting to know if that extraneous variable was part of the median number in the data. Just a thought thanks for all your videos I enjoy them and I'm taking your FPUcourse
I needed to hear daddy Ramsey, been getting friends and family inviting my wife and i festivals (i used to be addicted). I put my foot down and said no. We just got a home and need to make sure we are financially safe before we can go live lavishly again.
My son is a national record breaker in a couple fitness categories. It is not his career and didn’t make him money… it is a hobby that he loves to do. I think it would be pretty hard to make a great living out of it unless you become a trainer for elite athletes or are an excellent business person who sells products.
Listening to the 29 year old gut who inherited 200,000 from dads estate and wanted to compete abd help people work out...I had to turn it off. Dude will be lucky to have anything left in a year!
Dave, I respect you but I have to disagree with your statements. You can't have a good marriage if your spouse won't cooperate. You can't have a good job if your coworkers don't do their jobs. One person can't control others; all one person can do is get out of their way.
🖐 me me me, I have a comment! Ignore the comments Dave. You can’t control em. God probably doesn’t get bent with every person who argue what’s written in the Bible 😉
I appreciate all of the wisdom you have imparted. Like you I am not politically correct so I appreciate the straight shooter attitude and sense of logic. You guys have a genuine ministry and provide a genuine service and your audience is so very lucky to have this resource. I just wish with all my heart the mouth breather comment didn't have to happen so many times. Everything you said was so good and encouraging and helpful, but I cringed every time I heard the words "mouth breather". There is so much to glean from what you say and I feel like once "mouth breather" is said, your audience is taken on a mental journey that muddles your objective. Again I loved absolutely everything else about your channel and I will be back for more, but in case you care I wanted to point out that people are mouth breathers because of a physical deformity or sinus issue and maybe have a firm grip on the fundamentals of living a clean abundant debt-free life.
I'm not sure he knows what it means! It sure didn't sound like it! But maybe he just didn't take time to explain the difference between mean and median. It might have helped some people if he had explained it, though. 😄
I am a financial consultant in Canada. Just getting going on my career in the financial industry at age 37. It feels late. Would have been nice to get going on it in my early to mid twenties. I played sports growing up, so I pretend that I just finished my pro baseball career and lost everything - went broke after career, and am now beginning a post-baseball career. Lol Here in Canada, we have a great product called segregated funds. We have mutual funds as well.
Well median is probably a better indicator of what the average American is like became you don't have people with no income or those with 7f figure income influencing although it is incorrect to call it average
15:30 The sentiment is right, but the math is wrong. Assuming a 10% rate of return, you'd have $2.4 million. You'd need a 12.9% rate of return to have $4.9 million.
By your own admission, you own assets in mutual funds and real estate. Which go up in value because the dollar is losing value. That is not a misplaced fear. it's a reality that nobody cares to think about and consequently, although you mean well your advice inadvertently leads to asset bubbles in real estate and stocks. indiscriminately, throwing money at things that allegedly go up in value is what causes the prices to rise.
Sorry Dave, love your show, but your millionaire study is not a solid study. I am almost a self made millionaire in my 30’s. However, I work with epidemiologists, statisticians, and data scientists. Your study is not controlled for or randomized. The “samples” you have chosen are essentially call ins (or they reached out to your team). That is not randomized or representative. Your defensiveness regarding your study is intriguing in that fact that maybe you don’t like to be proven wrong. For being a man of faith, you have a very closed mind.
I had the benefit of knowing very early that I would not get squat from my boomer parents. I have not been perfect with money, but I have no debt and am well on my way to being a millionaire by retirement. Still when rich people flex I always wonder if they got a helping hand from being born into money. I find that most who flex actually had tremendous advantages coming from well to do/aristocratic families.
A doctor usually has 200k+ in debt when they graduate. An engineer usually doesn't. So even with a lower salary, makes sense a good paying engineering position is better
Totally off topic but to use mouth breather as an insult is really frustrating…. People mouth breathe due to a tongue tie/or other deformation in the face….. it’s not a choice to mouth breathe……… my children have this dysfunction and will need surgery/braces and physical therapy to rectify this. Keyboard warriors can be intentionally dumb, mouth breathers don’t have a choice in the matter.
It causes a lot of problems with face formation, neurological disorders and physical restrictions…. I don’t think it’s appropriate to use in this context.
Jesus Christ died for our sins according to the scriptures and that he was buried and that he rose again the third day praying for everyone everyday God bless you all.
How many Percentage of teachers make millionaires vs. Percentage of doctors that are millionaires? Cause absolutes can be off as doctors are less in number compared to teachers
My primary problem with Daves study is that it’s a biased sample that they took from their customer base, so of course it will show a strong lean toward their methodologies. That’s not to say the studies aren’t directionally true. I’m not arguing against what he teaches. I’m just saying there definitely are other ways that are better for different populations. His type of advice is very broadly applicable though, and that’s supremely important. Just a quick example - I’m confident doctors become millionaires more frequently than teachers by x years out of their given program. But I’m also confident that doctors listen to dave less frequently because his target audience is more geared toward an “everyday” class of people.
Market crashes don't sell, if house value goes down would you sell it? Absolutely No! This for beginners investing. No fear. Think long term. Automate it. And forget it even invested it . Growth stock best advice. Lesson taken Ramsey. From uk. S&P500 growth stock etf.
You guys are ragging on people who disagree with this study and assume that they’re all people who are broke. No, I am not broke. I am almost a self made millionaire in my 30’s, but a study does not mean it was a good study. Make it a randomized controlled study.
I know our area has aclot of anonimlies, but here teachers make almost 33% more than the county average. But i could probably right a book on our county's anonimlies. That said teachers have a phenomenal required retirement plan that really helps them become millionaires.
Spend less time whining through your keyboard and use that time to read about finances and Ramsey books. Stop complaining and start learning and never stop learning.
I see a lot of people commenting on that… but there are lots of types of average. Median is a type of average, the median average. Mean is also a type of average, the mean average… it just happens to be the one people always conflate with the word average, probably because it’s the one most commonly used. Do Americans not get taught that? A few people also commented that he talked about averages (they mean ‘mean average’ when they say that, of course), and didn’t know what he was talking about because he was taking about some salaries being higher, but median works in exactly the same way, in that whatever the average is (whether it’s median average or mean average being discussed) some salaries will be higher and some will be lower than that average. He was absolutely right. It’s really only if they were talking about the mode average (which they clearly weren’t) that he would have been wrong.
@@Charlotte-ti2yk Median is not a type of average, it is simply the middle value of a data set that is sorted. When there are even numbers in a set, yes you take the average of the middle two data values but that still does not incorporate the whole data set in the calculation like a true average does. Another way to accomplish this is to use a 'trimmed' average that trims a certain percentage off the top and bottom of the set, usually 10% or so, to dispose of outliers. The average is a weighted central tendency of data whereas the median is more representative of the true middle/center point of a set.
in other words a median in the 50% percentile. 50% lower 50% above. This is not the case for average. The median household salary is way different than the average. The average is inflated by huge outliers like the Gates, Musk of the country.
@@justinstone4476 Oh dear. I’m not saying take the average (meaning the ‘mean’) of the two middle numbers in a set of numbers, I’m saying the median, the middle number in a set of numbers, is literally called a median average. It’s ‘median’ for short. Full name is median average. What you’re describing as ‘average’ (two numbers added together and divided by two) is actually called the ‘mean average’. It’s just commonly called and known as (erroneously) the ‘average’. The four most common types of averages are called the mean (as we established, this is the most common one), median, mode, and range. But they are all actually different types of averages. Google it. Just google ‘four types of averages’. Seriously. I have both a maths and a mechanical engineering degree. I literally have a degree in this subject. Twice.
I’m a big follower of Dave Ramsey but like many investment gurus ur leaving a lot out and are a bit unrealistic. The average teacher may be making 60k but that gross not net. They are netting a lot less after taxes and medical insurance . Then deduct rent/ mortgage, food, auto/insurance and no one grossing 60K after all of those deductions would be able to afford to sock away 750 a month for 35 years. We haven’t even factored in dependents. This in my opinion is a pie in the sky formula . I used to make 60k and was raising two children on my own. After living expenses along with unforeseen life expenses like braces, glasses, emergency room visits, crowns , bridges. U don’t have 750 to spare every month, that’s just delusional
The Bible clearly makes a lot of clear statements about stupid people. I like this one I’m thinking about right now he says that my people are destroyed for a lack of knowledge. He’s talking about the smart ones in this area though… because all people are stupid. Ever since the first rebellion against God in human kind, we all are stupid and that’s why we need the Bible (Gods love letter) (his instructions to living our purpose with him) if we didn’t have Gods written word, we would all perish. God repented that he even made man in Noah’s days… and Noah was the only one who found favor in his sight. Because Noah was obedient, he trusted God and followed his instructions. Had Noah not been obedient, none of us wouldn’t even be here. Who’s all thankful for Noah? I know I am.
Would Dave support a low cost diversified ETF rather than expensive actively managed mutual funds where the vast majority of active fund managers underperform their benchmark indices?
listen dave your smart and Your advice works well for people who are just starting off and young. And and reasonable. but I think the real lesson is that nobody cares to have 16 million dollars. They didn't touch when they're seventy one
The point of investing in saving is to use the money. It's important to be frugal but it's important to live. There's not much life at seventy 14 you to care about Sixteen million dollars.
Dave that is bad statistics. You are sampling/surveying millionaires. You should sample from each profession what percentage of those are millionaires.
I've paused social media for 30 days. I do not miss the influencers, the reels, the challenges, the do good money givers, and most off all: let's pay it forward videos. God says don't pray mumbling. Do your good deeds in silence.
