The Ramsey Show - App - An Everyday Millionaire Theme Hour! (Hour 3)

Episode Date: December 1, 2020

Everyday Millionaire Theme Hour Sign Up for a FREE trial of Ramsey+ TODAY: https://bit.ly/31ricKt  Tools to get you started:  Debt Calculator: https://bit.ly/2QIoSPV Insurance Coverage Checkup: https://bit.ly/2BrqEuo Complete Guide to Budgeting: https://bit.ly/2QEyonc Check out more Ramsey Network podcasts: https://bit.ly/2JgzaQR

Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, it's the Dave Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. I'm Dave Ramsey, your host. Thank you for joining us. Chris Hogan, Ramsey personality, is my co-host this hour.

A very special hour here on the Dave Ramsey Show. One of your favorites, America. It's an everyday millionaire theme hour. We're going to talk to real millionaires and find out how they did it. What did you do to become a millionaire? Did you inherit it? Did you hit the lottery? Are you an NFL player, an NBA player, or did you just work your butt off and save your money? And we want to know how it really happens so that some of you who have not yet gotten there can learn the formula of how you get there. That's right. We started doing this, Chris,

because a lot of people believe a lot of lies. There's a whole lot of lies out there, Dave. A lot of lies that it's got to be inherited, which we found almost 80% of these millionaires didn't inherit a dime. These were people that were first-generation wealth builders. They built it over time. Another lie is that you've got to make a high income. Listen to me. A third of the millionaires that we studied, and we talked to over 10,000 of them, didn't have a six-figure household income, Dave. Not a six-figure, and two people were working. So we've got to look at this and understand that you can begin right where you are. It's not a matter of some fancy job title or income level. It's about having a plan and having that burning desire in your heart to reach it. And the other thing is, they didn't give up their

life. No, they did not. They had a good life. That's right. Still living. You know, YOLO, you only live once. Thank God it's Friday. Oh, God, it's Monday, and I'm broke, and I am a victim of everything. Oh, shut up.

Nope. Nope, not these people. So if you have a $1 million net worth or greater, your net worth is what you own minus what you owe, your assets minus your liabilities, not your income. Your assets minus your liabilities is the definition of your net worth. Sometimes I hear people say an income millionaire. Well, that by definition is an oxymoron because a millionaire is a net worth issue.

It is not an income issue. That's right. And you can just say they have a million-dollar income if you want to or greater, but that doesn't make them a millionaire. Matter of fact, I know plenty of people who don't have a million-dollar net worth who make enough that they should. Yes. And it's kind of disgusting. But anyway, we're going to talk to real millionaires, including you. If you want to call in, the phone number is 888-825-5225.

And we're going to interview people who really have done it, not your broke brother-in-law with a political opinion. Who really did it, and what did you really, really do? Brian is in Portland, Oregon. Hey, Brian, what's your net worth? Hi, guys. Our net worth is somewhere about $1.5 million. Cool, and break that down for me. How is that categorized?

Sure, happy to. So we have all told between 401ks, ROCs, and regular IRAs about $750,000. We have about $30,000 in non-retirement mutual funds, about $25,000 in our emergency fund. And then we're in that category where we actually did inherit some money. And so earlier this year, we got about $230,000 in inherited IRAs, non-retirement from my father's passing. Besides that, we have our home here in Portland, which we do still owe on, but we have about 450 in equity on that and about 100 in the inherited share of my dad's house. Okay. That's where we're at.

So you, if I'm doing my calculation correct, that's $330,000 you inherited, but your net worth is $1.5 million. You were a millionaire before you got the inheritance. We were right on the cusp, yeah. Not because of? No, that'susp, yeah. Not because of. No, that's correct, and it happened just exactly. In fact, I looked back, and February of this year, the month before my father passed, we were right at about $97980,000.

Of course, the market took a little bit of a nosedive there for a few weeks, but when my dad passed, yeah, we were right there on the edge. And, of course, over the rest of the year. Yeah, so it did. So how old are you? I'm 49, and my wife, she just turned 48 last week. It was her birthday on last Wednesday. Oh, cool.

So your range of household income from the time you guys started working, your worst year to your best year of household income. Oh, my gosh. Well, looking back when we both came out of college, we were probably $18,000 or $20,000 a year in our first jobs. So we were married in 1998, so about three years after we graduated. So, you know, combined income in those early years was maybe 40 to 45 K. Our best year, my wife was formerly in advertising and earned a pretty nice salary for a couple

of years. So we had a couple of years, you know, about 150 K combined one year, in fact, a little over 200 with stock options. But about 10 years ago, she took a sabbatical that turned into a lifelong career change, which is she left advertising and became an artist. And I took a career change in that I had been an architect for a while and didn't really like that profession, so I'm working in a different field right now. And our combined income right now is only about $85,000 to $90,000. Cool. What do you do now? I'm a business development, marketing and business development for a metals manufacturing company.

That's the architectural side. That's fun. Yeah, it really is. And have you all ever worked with an investment professional? A little bit here and there. My dad actually had one, and we've worked with him probably more in the last six months to a year than I did at any previous time. We've worked a little bit with folks at my company, the 401K advisors and that sort of thing, but never a professional. Gotcha. I was just kind of self-advanced.

Okay. And you both got degrees out of college, correct? We did, yeah. Okay. Mine's in architecture, and my in uh related to her art profession graphic design gotcha and do you recall your gpa from college um i did pretty i'm glad you asked about college because college i kind of buckled down and it was around a three three point five okay uh high school I was not a good student. I was more like about a 2.7 or so.

My wife, she told me hers was somewhere around 2.7 or 2. Excuse me, 3.7 or 3.8. Okay, very good. And do you all do any giving? Do you do any giving as a family? We do. We're not attending a church. Our family gives via charities that we believe strongly in that help those who are hungry, need clothing and shelter. We support the arts and our community and our neighbors.

Excellent. That is fantastic. So are you TV people or book people? You read more or watch more TV? Probably watch more tv probably uh probably watch more tv you know with with uh extra time on our hands we've binge watched some shows but i'll have to say i i really uh i enjoy reading quite a bit uh i don't read as much as i as i used to but maybe a book a month what advice would you have to a 25 year old version of you that wants to become a millionaire oh my gosh

well i'll tell you if you had more time than this segment, my life is not, our life together hasn't been maybe the success, straight arrow shot that others have. We were on your plan. Actually, Dave, my wife and I went to one of your seminars in Jackson, Mississippi back in 98, two weeks after we married. I think it was basically a slide projector. Yeah, it was overhead projector days.

Oh, wow. Oh, my gosh. I remember doing that event. Back in the day. Wow. Hey, Brian, thank you for sharing, man. Appreciate you calling in. Congratulations.

This is the Dave Ramsey Show, a millionaire theme hour. Mauer. Life sure has a lot of twists and turns. Unlike a roller coaster, we never know what's around the bend. The same can be true with unanticipated medical bills. That's why Christian Healthcare Ministries, or CHM, is a great option for those who are faith-focused and budget-conscious. CHM is not insurance. Rather, it's Christians helping other Christians carry one another's burdens with healthcare expenses. You know how important it is to be ready for whatever life throws your way. And unfortunately, medical expenses can be some of the biggest, most unexpected curveballs.

With CHM, you'll have peace of mind knowing you and your family have a caring, faith-based community behind you. As a Better Business Bureau-accredited charity, CHM has helped its members successfully share over $5 billion in each other's medical bills for nearly 40 years. To see if CHM is right for you, visit online at chministries.org budget. That's chministries.org budget. it's a millionaire an everyday millionaire theme hour here on the dave ramsey show chris hogan author of the book everyday millionaire and ramsey personality is my co-host today here on the air we're talking with real millionaires not not people with opinions. People who actually did it. Not people who think they know something about research who haven't done any. People who actually did it. Not people with a political axe to grind, but people who

actually did it. There's a difference. And so if you want to learn how to do something, you should talk to the people who actually did it. And that's why we do this show, this theme hour, so that you get to talk to real millionaires. Adriana is with us in Phoenix, Arizona. Hi, Adriana. What's your net worth? It's just right over a million. Good for you. And how old are you?

I'm 41. Way to go. You did it quick. Good. So what is the breakdown of your $1 million net worth? Give me some categories. So my husband's 401k Roth is $240,000. His Roth IRA has $23,000.

My state retirement is $174,000. My Roth IRA is $84,000. I have an old rollover Roth IRA for $84,000. I have an old rollover Roth IRA for $90,000. A 457 plan for $91,000. An HSA with six. Cash is about $20,000. A college fund with $16,000. We have some additional land that's worth $120,000.

And the equity in our home is about $140,000. Way to go. Good for you. How much of this did you inherit of your $1 million net worth? Zero. Zero. All right. And your range of income, the best year and the worst year of your household income since

you guys started? So we met when we were in college, so I would say that was next to zero, probably like $12,000 a year, and then we make about $175,000 now. Cool. What do y'all do for a living? I am a librarian, and he is an engineer. All right. All right. Very cool. And do you all work with an investment professional? Yes, we always have. Okay. Right now we have an ELP.

Okay. Very good. And then did you all both obviously attend a college? Did you both get your degrees? Yes. He has a mechanical engineering degree, and I have my master's in library science. Got you. And do you remember your GPA? Yes. I was a 4.0 student and he was about a 3.0. Okay. So you beat him.

That's important for us to note. In school I did. He is smarter than me, but I will outwork him. I understand, Adriana. I understand. Do you all do any giving as a family? Yes. We volunteer for the local food pantries and Habitat for Humanity and a local scholarship fund.

So we also give to them and to our local schools. So you did this in between 15 and 20 years from the time you started. Can it still be done? Yes. Okay, so what advice would you have to the 22-year-old version of you two who says it can't be done? You've got to tell them it can be done, and what should they do? Well, we did meet at the community college, and we didn't have anything. And I would say there's two things that I think made us successful. And one, it's just that you do have to have a little bit of faith and you have to do the work. So when we were 25, we saw people that bought a lot of stuff. They bought coffee every

day and they ate lunch out and they did make fun of me and him for packing our lunch and wearing used clothes. And we believed in the power of compounded interest. I believed in what I read, right? So I believe that that was the most powerful force in the universe and I wanted it to work for me and not against me. So for a long time we plugged away and we didn't see a lot happening. And we also had a few bad years where we never wanted to open any statements because it was 2009 or I bought a house at the height of the market. But we just continued to plug away, and we did something that I didn't think was possible for us in 16 years.

Yeah. And I think the second part is you do have to do a budget, and not just for all the reasons why people say that, but it's also it will teach you about yourself, and that will always change. So when we were in our 20s and we would bicker about him buying too many pizzas and me buying too many snacks at a convenience store. That was true. But without putting your budget on paper, you couldn't see that and you can't factor it out and just say, this is the stupid mistake I'm making over a month,

but then multiply it over a year or a decade. And then you can continue to say, do I want to live with that stupid mistake or do I want to do something different? decade. And then you can continue to say, do I want to live with that stupid mistake or do I want to do something different? Yeah. Where did you learn, Adriana? Where did you learn about money? Was it from your parents or is it self-taught? I have wonderfully hardworking parents, but they didn't want to invest. I'm first generation. Okay. And so my father wanted property, which I think is great, but I saw how much harder he had to work. And I thought there has to be something that was in the middle of that, which I would be comfortable with. So I started reading, because I am a librarian, about personal finance, probably when I was 24. We'd never given that up yes way

to go that's incredible well done well done i'm so proud of you a 40 year old millionaire excellent 16 years beat the averages ben is with us in st louis ben what's your net worth dave net worth is 1.7 million. Break that down for me by category, please. $620,000 in a 401k, $450,000 in Roth IRAs, $230,000 in taxable account, $50,000 in a 529, and the balance is our home, which I'm happy to say is debt-free. All right. And what's it worth? About $350,000. $350,000. Good.

Very good. Very cool. How much of this did you inherit? Zero. And how old are you? I'm 39. My wife's 36. Wow.

You did it quick, too. So your lowest year of household income and your best year of household income? Lowest was about $50,000 when we first got married. Last year was our best, $185,000. Cool, cool. What do you all do for a living? I'm a supply chain manager, and she's a teacher. All right, very good.

And did you all ever work with an investment professional? Yes, we self-manage, but we do have a professional assigned that helps coach us. Gotcha. And do both of you have your degrees? We do. I have an engineering degree, and she has an education degree. Gotcha. And do you remember the GPAs? Yeah, she beat me. I had a 3.1. My wife had a 3.5. All right. And do you all do any giving as a family? Yeah, we do. We support local causes in our community.

We give regularly to our church. And I like to also give time. I was on the Habitat for Humanity board where I'm at. Very cool. That is fantastic. Now, you guys have done this early, 39 and 36. But I want you to tell me, Ben, what's one of the financial mistakes you made along this journey? You know, I think early on, I was a little too conservative. I was going with some bonds, and if I had to do over again, I would have gone right

to stocks from the beginning. That proved to be very useful later on when I figured that out. Okay. And, you know, probably going with the Roth options, too. I was a little slow to take advantage of some of the Roth 401K options that came out. So I think the younger generation, that's absolute. Go after that. Very cool.

Very good. What advice do you have to a 25-year-old listening to us? I'd say probably three things. You know, make decisions that keep you out of debt. You know, we went to school that we could afford. It was a state school, but it didn't affect us long-term. Prioritize your savings over consumption. Let everybody else buy all the stuff, not you.

And then, you know, take advantage, like I said, of the Roth accounts and stick with the stocks. Very cool. Excellent job, man. 39 years old. Ding, ding. Well done. I'm telling you. Way to job, man. 39 years old. Ding, ding. Well done. Telling you.

Way to go, hero. It's an everyday millionaire theme hour. We're talking to real millionaires. They're inspiring people. They really did it. It's not a game. This is what it really is. There's so much trash out there on the Internet and in people's minds about where wealth comes from,

and we're proving where it really comes from. This is The Dave Ramsey Show. We're talking to real millionaires. Chris Hogan, Ramsey personality, author of the book Everyday Millionaires, the number one bestseller, is my co-host this hour. If you want the Everyday Millionaire's investing guide, it's Chris's step-by-step playbook for building wealth. It's a 30-page guide.

It's free. Yes, it's free. You can download it at chrishogan360.com slash start now. The Everyday Millionaire's Investing Guide, a 30-page free download, chrishogan360.com. And Chris, of course, the book Everyday Millionaires has 140 of the statistics that we felt pertinent, you felt pertinent, as you were putting that together after we did the study here at Ramsey. Airtight research with 10,000 millionaires, what really happens with real millionaires and if you want the backstory some of the nerds want the white paper yes on the research you can get that for only ten dollars you

sure can and that thing's called something like the white paper it's the everyday millionaire study and uh so it just digs in it gives you all the stats uh it's original it's got my big head on the front of it and i you know we signed several of those out at the break. Ramsey, don't go there. And so it's available as well as you can get the book if you want the stories. That's one of the things that's fascinating. The stories of these people that did it. And so you've got an opportunity to get the book as well.

Dave was telling you all of our bestselling books are on sale right now. So you can grab up and give people a gift that'll help them, right? Let's give them a gift that'll make a difference. And I'm excited to share the information with people. We found a few things that surprised us, but most things did not. No. 79% of the millionaires did not inherit a dime. That's right. Another 5% inherited a very, very small amount. Not enough to cause them to be millionaires. That's right.

Like $5,000 from their granny or something like that. Another 5% inherited some good money, but did so, like our first caller, after they became millionaires. So the cause of them being a millionaire was not inherited money and so if you didn't know um 83 i'm sorry and and um five percent and five percent would be 93 of millionaires mathematically did not become millionaires because of inherited money so when someone says the only way to become wealthy in America is to inherit it, they are statistically full of crap. That's exactly right.

And we need to call that out and acknowledge it because how many people you've heard, not many people are inheriting anything. And so what it does is it negates the opportunity for people to believe that they can be first-generation wealth builders. Well, and if you can't get there, then you have to depend on the government to change the laws and steal somebody else's money in order for you to get there. And so that's where this comes from. Yeah. Or if you can't get there, then you're supposed to be angry.

Yep. Got a victim mentality. If you can't get there, you're supposed to be divisive. That's right. It's supposed to be a racial issue. It's supposed to be a sex issue of men over women. We have to somehow paint you up as a victim because you can't get there. And I'm sorry, you might be a victim of something, but you can get there.

That's right. That's what this proves. It does. And we all have different start points. Some of us have different advantages and disadvantages, but we're all in the same race. And so you've got an opportunity to start right where you are. So that's why I love that we do this hour for you all to hear the stories of people who are 42, 41, 49, 39. And you're hearing this various backgrounds of people that have just done it. And that's what you get a chance to do just where you are

is make a decision and just get started yeah well chris and i we had an unbelievable advantage we both have nearly perfect heads and so god chose to uncover them it's a distinct advantage save money on shampoo that's right and haircuts a distinct advantage we're saving money i haven't been to in a in a barbershop in a long time ago. I was young. Yeah. I had a little fro. Buy those little clippers at Walgreens.

That's it. Get that little side thing going. All right. Derek is with us. Derek's in New York City. Hi, Derek. What's your net worth? 1.2 million.

1.2 million. Awesome. Break that down for me. How's that categorized? About 50 in cash, 60 equity in the home, about 125 in 2529 accounts, and about 900 in 401Ks and IRAs. Big time on the 401Ks. How old are you? 39.

Man, you went to town on that 401K for 39. Excellent. So you can't put inherited money in a 401k, so I know the answer to this. How much did you inherit? My wife inherited about $15,000 from my life insurance policy. $15,000. So you're not a millionaire because of that. And what has been the range of your income through your working lifetime,

your best year of working income, household, and your worst year? Well, I just recently got married, so that's more recent. Personally, lowest was maybe around $10,000 when I first started, and together now I'm married about a little over $300,000. Okay. All right. What do you do for a living? We're both federal employees.

Okay. Very good. Do you all work with an investment professional? We're both federal employees. Okay. Very good. Do you all work with an investment professional? No, we do not. Okay. And in looking at this, did you both get degrees? Yes, we did. We both got degrees.

All right. What did you get your degrees in? I'm not sure my wife's mind is in criminal justice and security management i think my wife might be in criminal justice as well gotcha do you remember the gpas uh about three eight maybe okay so you're king of the 401k without a doubt 39 years old you got 900k in there way to go man ding ding what motivated you to do that how'd you know to do that um i uh i had done some i was when I first got out of the military, I was doing some real estate on the side kind of when I was going to school,

and the real estate broker there got me into, you know, personal development, started watching, you know, videos, listening to audio tapes. And I just kind of learned the concept of paying myself first. So out of that $900, probably six, you know, 80 is in mine, and the rest is in my wife's. That's amazing. What branch of that $900, probably six, you know, eight years in mine, and then the rest is in my wife's. That's amazing. What branch of the military were you in? The Army. Army. How long were you in, sir? Eight years. Wow. Thank you for your service, my friend. That's amazing. Did your parents talk to you about money, or were you all self-taught?

No, in retrospect, they probably exhibited the right behaviors. I wouldn't say it was a topic of conversation, though. Right. Very good. And so let's say you're talking to some 22, 21-year-olds, some new enlistees that are out there. What would you tell them to really help them understand that it's possible for them to become an everyday millionaire? I mean, as a father of a 19-year-old, I kind of tell them all the time, you know, I didn't probably start until I was about 25, 26. I can't even imagine if I would have started just a couple years earlier how much of a difference it would make. So, you know, I try to encourage all the younger folks to the earlier you start, the better you are. That's right.

No, that is very true, my friend. It's amazing is amazing excellent way to go man way to go i'm so proud of you that is beautifully done very very well done at 39 years old listeners out there we've had we haven't even had one of those 50 i was just getting ready to say we we keep trending younger, Dave. Well, I mean, 49, 41, 39, 39. That's today. That's right. That's pretty stinking incredible. Yeah, very interesting. Because in our study, the average millionaire, by the way, was 52.

52. And it took them an average of about 18 years to get there. That's right. Our earlier one said 16. They did it. And so the average, by the way, is an average. That means it could take you 30 years, or it could take you 16 years, or it could take you eight years. But the average is somewhere around 16,

17 years. Which is amazing. And you start to think about this. Again, regardless of income, regardless of job, these are all people that had a plan and are extremely intentional with their money. One of the most shocking stats coming out of the book, 97% of the millionaires, 97% feel that they control their own destiny. Process that versus like 52% of general population. So it's about what you believe you think you can do. And this is something that's important for us to understand, your mindset, what you believe and what you work toward, because it's possible.

That's it. 73% of millionaires never held a penny of credit card debt. So you can stop it today, and that increases your chances. This is the Dave Ramsey Show. Our Scripture of the Day, 1 Peter 3.15 But in your hearts honor Christ the Lord as holy Always being prepared to make a defense to anyone who asks you for a reason for the hope that is in you Yet do it with gentleness and respect Rosa Parks said, Stand for something or you will fall for anything.

Today's mighty oak is yesterday's nut that held its ground. Oh, hey, Christmas is supposed to be the most wonderful time of the year. If you and your spouse are not on the same page with money, it could be stress and money fights. Don't let that happen. This year, give yourself or someone you love a gift that's truly marriage-changing. The Ramsey Plus Marriage Bundle will help you take the stress and confusion out of money and teach you how to manage your money together as a team. It comes with a Ramsey Plus membership and Rachel Cruz's latest book,

Know Yourself, Know Your Money. You'll uncover why you handle money differently so you can start to have it start having healthy conversations about where you are where you want to go and you'll learn how to create a better lifelong habit and make these dreams happen together the ramsey plus marriage bundle one of the best gifts for your marriage go to davramsey.com slash store get it today davramsey.com slash store it's an everyday millionaire theme hour here on the Dave Ramsey show in the lobby of Ramsey Solutions we have an everyday millionaire Carrie and Lori are on the stage with us with the microphones on hey guys

what's your net worth hello Dave we're about just a little over a million. Good for you. And break that down for me. We've got about $770,000 in retirement funds, about $30,000 in cash-type accounts like checking and money markets and such. We've got a home worth about $300,000, but we owe $48,000 on it. Let me see. Good deal. How old are you guys? I'm 58. And I'm 49.

All right. Very good. There we go. And how much of this $700 or $1 million did you guys inherit? Not a bit. Zero. How long have you all been married? 25 years.

All right. There we go. And so what was your best year of working income and your worst year household income household income is 160 and this is looking to be our best year so far ever and what was your worst year probably when you got married it was about 60 60. What do you guys do for a living? I am a neonatal intensive care nurse at Duke. And I'm a retired NC State trooper and work part-time at our church. Gotcha. Did you guys get your degrees, obviously? Yes.

Okay. Do you remember what you get your degrees in? I have a BS in. Okay. In what? Nursing. Yeah. And I have a BS in music business. Gotcha.

Do you remember GPAs? 3.1 for me, if I remember right. Okay. And I think I was 3.5. All right. So you beat him. Yes, of course. You all do any giving as a family?

Yes. Absolutely. Do you? You say that with fervor. You give. What do you do? Well, our biggest giving is tithing to church, but we also give to nonprofits to benefit poor and needy. That's fantastic.

And the food bank and missionaries. A nurse and a state trooper for 25 years. You got a million-dollar net worth. You didn't inherit any of it. And missionaries. A nurse and a state trooper for 25 years. You got a million-dollar net worth. You didn't inherit any of it. What's your advice to somebody out there listening? Because, you know, a lot of people think you have to be a doctor, a lawyer, NFL star or something. And you guys are working two really good careers, but nothing particularly fancy about it. And yet you're millionaires.

What's your advice to the younger younger ones listening well for me is it would be to just start start early and stay consistent listen to your husband oh the free spirit i like to spin but um so he reigns me in that's how we balance each other out. And I try to make him have fun. Good brownie points. That's right. You've got to have a balance there.

I tell you, working as a team, you see the stuff you can accomplish. Yeah, Larry Burkett said, if two people just alike get married, one of you is unnecessary. So you need each other. Well done, you guys. Yeah, congratulations. Thanks for sharing your story with us. Thank you. God bless.

Nick is with us. Nick is in Gilbert, Arizona. Hi, congratulations. Thanks for sharing your story with us. Seriously. God bless. Nick is with us. Nick is in Gilbert, Arizona. Hi, Nick. What's your net worth? Hi, Dave. It is between $1.5 and $1.6 million. Good for you. And give me a breakdown on that.

I've got a million dollars in IRA and Roth, mostly IRA. I paid for a $400,000 house. About $100,000 in savings, checking, and emergency funds, and somewhere between $50,000 and $75,000 worth of cars and stuff. Yeah, gotcha. Great. How old are you? 56. Good for you.

Cool. And what do you do for a living? I have worked in aviation management and retail management. Right now I'm a pharmacy technician. Okay, very cool. And how much of this $1.5 million did you inherit? None of it. Zero.

Zero. And what's your range of household income in your working lifetime, your best year and your worst year household income? Best year ever was 160. My lowest is probably right now I make about $36,000. Did you say 60 or 160? 160. Okay.

And do you work with an investment professional at all? Yeah, I have a financial planner. Good, good, good, good. And did you get your degree? No, I don't have a degree. Okay. Do you remember your high school GPA? No.

Probably, I got B's in C. You know, I'm a member of the mental society, but I never went to college. Okay, all right. And do you do any giving right now? Yeah, my wife and I give regularly to our church. Good for you. What advice do you have to the younger generation if they want to be you when they grow up? Probably just always be saving.

The best advice I got when I was young was from a few guys who were retiring. They really encouraged me to put into my 401K and I've just always saved and never had debt. So if you just don't borrow from yourself and always be saving, I didn't know I was a millionaire until I turned 50 and got a financial planner and we kind of scraped all of my old 401ks together and realized there was a lot more money there than I thought because I'd just always been saving 15% of my income. Yeah. That's fantastic.

Way to go, Nick. Great job, buddy. Congratulations. Very well done. Seriously. All right. Net worths today, 1.51, 1.71, 1.21, and 1.5. None of them became millionaires because of inherited money.

Not a one. Nope. Not at all. None of them over 60. Only a couple of them over 50. That's right. 39, a 39, a 41, or 49 or 58 or 49 or 56 uh no 4.2 gpas so you don't have to be brilliant but you do have to be bright that's right

you can't be dumb no no but but dave you look at this various career fields uh individuals that all said that they were either self-taught and nobody spoon-fed. There were no silver spoons here. These were all people that had worked hard and made a decision intentional. And I think this is important for your listeners out there. Libraries, engineers, supply chain, federal employees, police officer, nurses, architect, business development. What you have to do is decide that you're going to chase down your dream. And I don't care where you sit, and I know this year has been a crazy year, but you still

get to decide. And over the next three weeks, the decisions you make financially can set you up to make 2021 one of the best years you've ever had. But you need to decide, and you need to stick to a plan. Absolutely. So if you haven't heard, the study we did was over 10,000 millionaires. It's the largest study of millionaires ever done. My friend Tom Stanley studied 750 millionaires when he did the book The Millionaire Next Door back in 1992. His daughter Sarah continues that research, and if you want some other research to read it's

excellent research they both were researchers by trade academics and they do a great job he always got criticism because people said 750 wasn't a large enough sample size i know enough about statistics to know that it is a statistically significant sample size it is was accurate as a matter of fact the uh a lot of the conclusions that he came to were the same ones that this study revealed. Sure it is. So we decided to do 10x of what he did, 7,500 people, just to shut up the left-wing nutjobs.

Yep. And then we got carried away and didn't do 7,500. We went ahead and did over 10,000. So if you don't agree with the conclusions of this study, you're what's known as wrong. That's what this amounts to. Bottom line. Check it out. Pick up the book, Everyday

Millionaires. Buy it for one of your crazy friends and you can prove you're right. That puts us out of the Dave Ramsey Show and the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with the Prince of Peace, Christ Jesus. This is James Childs, producer of The Dave Ramsey Show.

You can listen to Dave, Rachel Cruz, Chris Hogan, or the rest of the Ramsey Network anywhere with the Ramsey Network app on your smartphone. Catch all of our full shows, browse by topic, or send clips to your friends. Head to the App Store and download the Ramsey Network app today.