The Ramsey Show - App - Becoming a Millionaire Is Possible and Anyone Can Do It! (Hour 3)

Episode Date: May 22, 2023

Dave Ramsey & George Kamel interview millionaires to find out how they did it! Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET Join a Personality-led FPU class. Click here! Enter The Ramsey Cash Giveaway for a chance at $3,000! https://bit.ly/TRSgvwy Shop our bestsellers during the $10 Sale! https://bit.ly/TRS10Sale Want a plan for your money? Find out where to start: https://bit.ly/3cEP4n6 Listen to all The Ramsey Network podcasts: https://bit.ly/3GxiXm6 Interested in advertising on The Ramsey Show? https://ter.li/s64ye3 Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

🎵 Live from the headquarters of Ramsey Solutions, broadcasting from the Pods Moving and Storage Studios, it's The Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. you for joining us this is a baby steps millionaires theme hour we're going to talk to real millionaires people who have a net worth of a million dollars or greater and we want to find out the real story of how they did that we don't want your broke brother-in-law's opinion. He always

has one and he votes wrong. So we need to check out what's going on here. Where do millionaires really come from? George Campbell Ramsey personality is my co-host today. To clarify, if you're a caller on this show this hour, you have a net worth of a million dollars or greater. That is the definition. It is an accounting metric of a millionaire. A net worth is a math calculation. It is not a feeling. It is not a moral construct. It is not a spiritual state.

It is a math formula. The math formula is this. What you own minus what you owe is your net worth. Your assets minus your liabilities is your net worth. So for instance, if the only thing you own was a mortgage, was a home, and it's worth $200,000 and you had a $50,000 mortgage, your net worth would be $150,000. That's your net worth. What you own minus what you owe.

Thanks for the clarification, Dave. I've had to get in some fights in the YouTube comments because of idiots who go, well, unless you have a million liquid cash, you're not a millionaire. That's a cash millionaire. That's different. But your house doesn't count because you can't access the house. It's a balance sheet. it's what you would know if you actually took an accounting class so idiots in tic-tac didn't have accounting classes

and so they're out there running around running their mouth about what a real millionaire is a million i actually heard a u.s congressman say the other day all of these millionaires that make a million dollars a year no ma'am you're stupid and so are the people that elected you oh my god a million dollar income does not make you a millionaire it could lead you to having a million dollars you can make a million dollars and be broke turns out you could spend two million oh wait that's in congress yeah that's where they learned yeah okay so the deal is adollar net worth, and we're going to talk about the mythology around wealth in America today, where it really comes from, where it doesn't, but we're going to talk to real millionaires.

888-825-5225. We'll start with Canada, making sure they got some millionaires north of the border. Kyle is with us. Hey, Kyle, what's your net worth? Hey, Dave and George, it's a pleasure to talk to you guys. You too. We're just over $1 million, between $1 and $1.1. That counts, brother.

Give me a little breakdown on the mix of that. How is that distributed among what kind of assets? I'll tell you what. I mean, it's only a Canadian million, so I'm not technically as wealthy as your other American millionaires, but it counts for me. You're close. A Canadian millionaire.

We're giving a whole new look, all right? Perfect. Okay, so I've got about half a million in my business. That's equipment, mostly. $165,000 in a TFSA between myself and my wife. $115K in a TFSA between myself and my wife, $115,000 in RRSPs, about $75,000 in a high-interest savings account, $100,000 in cash, and about $100,000, $150,000 in home equity. Way to go. Good job.

How old are you? We are 29. Well, I'm 29. Wow. Young millionaires. All right. so how much of this did you inherit uh financially i have yet to inherit anything um what i did inherit dave i've got two super supportive parents that uh that taught me how to handle money young and support me getting started so taught you how to work nothing so far they taught you how. So taught you how to work. But actually nothing so far. They taught you how to work.

Taught me how to work and taught me how to save, yeah. Yeah. So what is your, in your working lifetime, what was your best year's income and your worst year's income so far? We've been growing year over year. Last year we recorded about 250. Net profit? Net profit, yeah.

Okay, good. And when I first started, I mean, I first started at the lumber yard at 16 as soon as I had a driver's license for 10 bucks an hour, working four-hour shifts in the evenings, so not very much. Okay, cool. So what is your career? You said heavy equipment. Yes, yeah, I'm in heavy equipment equipment in the agricultural space i do custom farming for guys actually brow cleaning is my main main gig very cool very cool you got a four-year degree two-year degree any degree i have a two-year degree from a technology institute okay what was your gpa a little less than three i don't remember. It was like 2.7, 2.8, something like that. Gotcha.

Okay. And so can it be done now? Can you be a millionaire today if you start from nothing? You're 29. You did it quick. Absolutely. Yeah. I have no doubt that anybody can do it if they want to spend their time and invest to do it, for sure.

What do you think the secret to yours was i mean when i started working dave i just saved 80 90 of my income and and waited for opportunities to come along and when an opportunity came along to get into a business i was able to buy in with cash and and grow it from there and i've operated in the black ever since. Love it. So you avoid debt completely? I do, yeah. Besides our mortgage on our house, we're owing about $330 on our house, something like that. That's amazing. But other than that, I do have to be honest.

I've got a credit card just because I use it for the things where it's more convenient, you know, to book a hotel room or pay for gas or whatever, but I'm very, very picky about what I put on there. Well, congratulations, Kyle. We appreciate you hanging out with us. You're a true first-generation millionaire. Very, very well done. So for those of you that are new to this process, Baby Steps Millionaires is a number one best-selling

book. It came out a year ago, January, that I did. And the back of it is the white paper from the largest study of millionaires ever done in North America, 10,167 of them we studied, George. And our Ramsey research team is, they're some of the best researchers in this type of space anywhere in America. Oh, yeah. And we used a third-party research panel as well to make this thing ironclad so that it wasn't too close to home. And we used a third-party research panel as well to make this thing iron clad so that it wasn't too close to home. And so all of that together, I mean, I haven't seen a study this big in a long time when it comes to personal finances. Yeah, it was massive because

we didn't want anyone to argue with the sample size. Well, you only had a thousand people, Dave. Yeah. So thousands technically in a situation like this statistically significant, but like accounting, not everybody's had the class, right? So they don't know what statistical significance actually means. It is actually a math formula once again. So anyway, the process was that we put these guys together, studied all of these millionaires, ones that knew about Ramsey, ones that didn't know about Ramsey, ones that have been through our stuff, ones that had never heard of me in their life, and got some very, very clear indications where millionaires come from in North America.

We'll share some of those with you as we go through the hour. Baby Steps Millionaires Theme Hour, here on The Ramsey Show. It's a baby steps, millionaires, theme hour. Where do millionaires really come from? Well, you have to be able to play professional sports, be a rock star, a country star, or an actor, less than 1%, 0.8% of America's millionaires are names you recognize. It just doesn't come from those places. And so if you're growing up in a situation where you think the only way out of your situation is professional sports,

you are statistically exactly wrong. It's the least likely way out, percentage-wise. The number of football players in high school or basketball players in high school that go on to play division one is a is very very small the number of division one athletes that go on to be professionals is even smaller it is a fraction of a percentile you're not going to win that way the way you're going to win is controlling your spending and working on your income. And this is how people build wealth realistically with a high probability in America today. Hi, Greg is in Cincinnati. Greg, your net worth, sir?

A $1.2 million, Dave. Thanks for having me on. Certainly. Give me a little breakdown on that by category. Yeah, so right now we've got about $500,000 in the house. We've got about $400,000 in retirement accounts. And then the balance is spread up between kids' college, mutual fund, cash. Gotcha. Cool. How old are you?

I'm 41. My wife is 40. Awesome. How much of this did you inherit? Well, so no lump sum. You know, late grandfather did a cool thing, did an annuity type thing. So we did get an extra $15,000 a year for the last 13 years, which was kind of cool. So not a huge amount, but, I mean, it certainly helped when we weren't making a lot of money. Definitely helps. That's a lot of money when we weren't making a lot of money. Definitely helps. That's a lot of money when you're not making a lot of money.

But if you just mathematically piled it up for 10 years, it's $150,000, right? Yeah, exactly. Cool. So what's been your income, your best year and worst year of your working life? Sure. Best year was last year. We made over $420,000, which is an anomaly. I'm in software sales now, and so obviously had a good year.

But for the 14 years of where we were really sticking to the plan, the detail plan, the first seven years, we were household income of $90,000. And then the last seven years before last year was $171,000. So I moved from marketing into tech sales, and that obviously helped the bump up in average. Yeah, so you're in tech sales today. All right, what's your degree in? Marketing and logistics. Okay, what was your GPA?

Dave, don't worry about it. No, I'm just kidding. I'm not. A little under three. But my wife is not to be discounted here. She was a teacher. Her income obviously helped a ton. Right.

And she has two degrees, an undergrad and a master's of education. Okay, excellent. She was 4.0. She wouldn't want me to tell you that. All right. Well, we know who the smarter one is. Okay. Exactly.

You married her. Make sure the smartest one. okay all right exactly you married her uh make sure absolutely yeah all right good so uh are you guys book people or tv people do you read in the evenings or watch tv um we try to be book people but it's probably about 50 50 okay i'm being honest that's good we're probably 75 25 sharing here's about some kind kind of crap on Netflix we turn on ever so often, but most of the time it's a book. Okay, cool. I like that. And then Dave's hooked on The Bachelor from then on.

Yeah, and then I have to lose my man card and watch Downton Abbey or whatever it is. Yeah, so that's it. But, yeah, that was a while back. That's an old joke. So this was like a 14-year journey for you? How long did this take kind of when you were getting intentional about it to go, like, we want to hit this milestone? Yeah, good question. The first about four years,

we were really intentional, got turned on to Dave through the radio show and then the books and realized how dumb I really was. So we got out of debt within the first few years. A lot of life happened, babies, fertility, paying off tuition, paying off credit cards. So the last half of the journey has been a little bit slower as we've completed the baby steps. And then last year enabled us to actually pay off the house as of May 1st. So we're now completely debt-free. Now you're baby step seven, and that dropped you into the million-dollar category. Perfect, as it should be.

Well done, Greg. Proud of you, man. Good work. Donna is in Huntsville. Donna, what's your net worth? Probably in the neighborhood of $9 million. I love it. Give me a little breakdown on that.

Okay. Okay, $95,000 in a Roth, about, I guess, $105,000 in IRAs, $1.5 million in a regular brokerage account, and about $70,000 thereabouts in a regular bank account. Okay, $3 million in mortgage notes and probably four million dollars in real estate ah real estate people all right person love it real estate person yeah all right how old are you i'm 66 all right cool so how much of this did you inherit? Well, actually, a few years ago, I mean, way past the time that I needed it, I inherited $100,000 from a friend of mine when he died. So you were already a millionaire. Oh, yeah. Easy.

Yeah. Easy. Okay. So you're not a millionaire because of inherited money. All right. And what has been your income? Best year working in your lifetime and worst year? Oh, I'm 66 years old my worst year i made about five

thousand dollars a year okay you know garbage jobs um looked around and listened to the 55 year old women complaining about the same thing i was complaining about not being able to pay their rent hardly and said i was going to have to make some changes or in another 30 years or so that would be me good call so I went to school and got an engineering degree I had a bachelor's in philosophy already quick story on that is I was a semester short of getting an accounting degree and had the epiphany I was thinking thank god this is almost over, and then realized what kind of job do you think you get with an accounting degree? And decided that wasn't for me, so I changed my major at the last minute and got out. But I also have master's degrees in physics, applied mathematics, and electrical engineering. Wow.

So what has been your career these last few decades? Oh, I haven't done any of that. I worked as an engineer for a couple of years. You just like collecting degrees for fun, like trophies. Exactly. I got a stack of them. But clearly you're good at real estate. So is that your thing? What did you do for a career? Well, when I got divorced, I got stuck with a couple of rental properties, and I kind of liked that.

And I didn't have that much money, so I bought a condemned house and had no construction background, but figured I'd figure it out, and I did. And I got to where I'm quite good at it. I do the massive remodels. I bet. So you started, your worst year was a $5,000 income, and what has been your top year earning? Okay, now it's a little hard to say. Currently, I should be knocking back about $700,000 a year.

I would think. But now part of that is, you know, return of investment on mortgages. Sure, sure. And then I've got some expenses with the... So did you sell those property and hold back the notes or do you buy notes discounted uh no i've i've sold them to friends of mine who think they want them and i hold the paper up okay and i actually i rent two chiefs i'm actually making more money off mortgages more income from a mortgage than i am from the rent well yeah

you're sitting on a bunch of it yeah okay yep yes i'm sitting on a bunch of it well done donna you're amazing so i was gonna ask you if you've got a degree but you got seven so i'm gonna list and your gpa must be 4.2 on these things oh heck no heck no uh you know i was doing your stuff before you were doing your stuff. You're right. That's probably true. I mean, I'm serious. I always had $1,000, and it's amazing.

That $1,000 really does top you from having crises. Yeah, when you're right on the edge, it keeps you off the edge. You're right. Good stuff, Donna. Well done. Wow, $9 million. That's pretty amazing. This is The Ramsey Show.

George Campbell Ramsey Personality is my co-host today. This hour, we're doing a Baby Steps Millionaire's Theme Hour. Four myths, four lies that people say and some people believe about wealthy people. Number one, they're brilliant. They have an inordinate amount of brain power. In other words, their GPAs are all 4.2. Not true. Not true. We already heard that this hour.2. Not true. Not true. We already heard that this hour.

2.7 in there. Yeah, we got a two under three and one 4.0. The typical millionaire, the typical person we talk to that is wealthy, has around a 3.0 GPA if they remember it. Is that like just straight average? Is that kind of a B? Right at the, you know, 3, 3.2, something like that. Right in there is what we find.

We didn't actually study that in the Ramsey Millionaire Study. That's just from us hanging out with millionaires for many years now. I find over and over and over again, you really can't be dumb. I mean, like I have a 1.0 gpa like you played beer pong the whole time or something you can't be dumb and typically build wealth you generally have to have some level of intellect some ability to iq and eq critical thinking skills ability to stick with something ability to think through something but um but it does not require that you're a genius which means i have a chance so you're saying there's a chance, right?

Dumb and dumber quotes. Oh, yeah. So there you go. But, yeah, I'm saying there's a chance. I'm saying there's a chance. There is very, sadly, while intellect, a level of intellect is there, the other thing we find is not a necessary level of education completed uh although we find a large number have college degrees uh but the um what we do find is they're almost all lifetime

learners like our last one donna 66 years old with nine million dollars she continued to go back and get degrees because she started in a dead-end job making nothing looking around at 55 year old broke women going i'm going to be one of them i don't want to be one of them so what'd she do she just kept learning and even when she got a divorce what'd she do she went and bought a condemned house i don't know how to fix it up but i think i can figure it out figure it out continual learner continual learner continual learner always reading always growing always learning always putting something new in their cap how many books have you read since the first of the year i've

completed three non-fiction books this month i'm on a roll i'm on a roll i don't usually do that many a month but i'm on a roll right now and i've got uh i've got a great non-fiction jack carr's new ones laying on there uh a great fiction book i'm sorry it's a great one and then i've got a great nonfiction, Jack Carr's new one's laying on there, a great fiction book. I'm sorry. It's a great one. And then I've got a nonfiction laying on my desk right now that I'm getting ready to start too. And I'm just going to tear into them.

I find everything I want in a book, reading, reading, reading, reading, reading, reading. So I see that a lot with millionaires. They, you know, yes, I admit it. I watched Tiger King, but I also read also read okay and so i have to offset my brain the real admission brain cells that i killed watching tiger king have to be replenished by reading so that's it so yeah i mean we all do we all do some things we regret it was 2020 it was a tough year for it was a hard year it was a very hard year for a lot of Tigers. Well, my favorite stat in there was that 97% of the millionaires believe they control their destiny. That is profound.

And 69% of the public does. Yeah. So comparatively to the general public, there's a high correlation of I believe I can do it. If you think you can, you think you can't, you're right. And here's one of the ones that i think is so classic it fits with this uh envy and jealousy culture that we're building which is kind of a a core tenant of socialism right you know i have to envy someone i have to hate someone's success i have to be jealous of someone's success and this one falls in that bucket all wealthy people are crooks because that's known way to become wealthy you have to

be crooked and the weird thing is i have met 10 i've met thousands and thousands of millionaires 30 years doing this and i have met over 50 in person had conversations with them billionaires now that's a thousand million and out of those billionaires i only know two of them that i can remember that are complete butts they were complete and if i named them you would know them i mean they're that they're that kind of butt and like famous butts you know that's the best kind yeah and so uh but the the rest of them are some of the nicest people on the planet because here here's this is fat this is a truth broken logic okay the logic of this says you rip people off to get money the problem with that is that when you rip someone off

word gets around and the next one is harder to rip off and then word gets around and the next one's even harder to rip off so you're running a business let's just call it a car repair place and you don't repair someone's car and you overcharge them you rip them off so if that's you and you get ripped off by the car repair guy what do you do tell all your friends stay away from it on facebook don't go there stay away from this guy he's a crook right leave a bad review yeah and and pretty soon the guy's out of business he's not wealthy but if the guy takes really good care of you going he goes hey he spends about five minutes fixing your car goes oh it's just one little thing here he turns the screw what i owe you buddy nothing just remember me when you have a real car repair and tell owe you, buddy? Nothing. Just remember me when you have a real car repair and tell your friends.

Well, guess what you do? You remember him when you have a real car repair and you tell your friends. And you look up 10 years later and the guy's got shops in five cities. And he's worth about $10 million. Because all he did was honestly repair someone's car a lot. That's all he did. And he's got a net worth of five or ten million dollars they're all over the place so it turns out the best way to become wealthy is high integrity is what the actual critical thinking leads us to believe versus ripping people off so this idea

that all the rich people are crooks all that means is you're a small-minded jealous person who doesn't know how life works that doesn't say anything about rich people i mean it says something about you when you say the logic doesn't make sense because if they get wealthy that automatically makes them a crook based on their own logic well that means you wouldn't want to get wealthy that's the person that's saying that i wouldn't want to be rich because all those rich people are bad people and it's quite the opposite most of them are really good people who've helped a lot of people that's how they became wealthy you know and i've noticed this about us no one was pissed off when i sold ten dollar books helping people get out of debt out of the trunk of my car and

i helped 10 people and i sold 10 books making 10 nobody was mad but now that i've sold 20 million of them dave ramsey got rich on the backs of poor people no i helped more people than i did when i was doing another trunk of my car a lot more people got help now and they gave you certificates but now because of scale i'm automatically evil all that means is you're an idiot if you say stuff like that that's all that means and that's not me being defensive it's just your critical thinking skills suck when you do that. I mean, you're just exposing yourself. It's just bad. So, millionaires come from hard work and honesty. Hmm, who knew?

Andrew is in Irvine, California. Andrew, what's your net worth? 1.3 million. Very cool. Depending on which website you believe when it comes to the house value. Ah, that's cool. That's fair. And so give me a little breakdown on the 1.3 million all right so i have 385 in traditional iras 180 in rafai

raised 30 in a taxable mutual fund 10 in individual stocks 9 in an hsa account 90 in cash and somewhere between 600 and 900 in the house uh zillow says it's worth $900. I don't believe them. Okay. But it's probably worth $800. Yeah. Well done, man. How old are you? 34. 34.

Wow. How much of this did you inherit? Not a penny. My parents are still alive. My grandparents are still alive. Okay. Very good. And how much of this did you steal?

Not a penny. I don't believe in that. Referencing the last rant. Okay, yeah, very good. All right, and what's your best year of working income and your worst year? Worst year would be right after I graduated college. I was making $14 an hour, and best year was 2017. My wife and I grossed about $350. What's your degree in?

Cinema and media arts. Oh, good. Film production. Got it. Awesome. What was your GPA? 4.0, but film school is easy. Great answer. Well, you're really good at it, clearly.

Obviously very good. Congratulations, Andrew. Thanks for sharing your story. This is Baby Steps Millionaire Theme Hour here on The Ramsey Show. Our scripture of the day, 1 Corinthians 9, 27. But I discipline my body and keep it under control, lest after preaching to others i myself should be disqualified clint eastwood said self-respect leads to self-discipline when you have both firmly under your belt that is real power whoa from the one and only there you go hey guys if you've changed your

life with the money principles we teach chances chances are someone you know helped you. They lit a fire under you. They guided you. Mom and dad gave you TMMO as a gift. Your pastor offered Financial Peace University at your church. Well, now it's your chance to share that same kind of hope. And a good way to do it is by giving them the Live and Give box. It's the perfect gift for a newlywed or a graduate in your life.

It's everything you need to win. It comes with Financial Peace University, the best thing we do in the building, the Total Money Makeover book, and Baby Steps Millionaires. And right now, you get all of this for just $89, but just for a few more days. So talk about a gift that matters. It's called hope, freedom. Grab this live and give box today. Only 89 bucks at ramseysolutions.com slash box.

Lisa and Alan are in Sacramento. Hey, guys, what's your net worth? Well, Dave, in 2007, our net worth was 2.1 million, but then we lost it all and it fell to negative $4 million. At that point, we found you and started slowly climbing back out. We did our debt-free scream 20 months later in 2010, and you told us we would be millionaires again, and I thought you were crazy. But guess what? We followed the baby steps, and our current net worth is $1.2 million.

You did it! I bet it's a lot more solid this time. You bet it is. Yeah. How old are you guys? 64. 64. So you're like me.

You had to do it twice. Yeah. I like this you're like me. You had to do it twice. Yeah. I like this one. All right. So give me a little breakdown on the $1.2 million. How's it broken down by category? Well, we have two houses worth about $1,025,000. In retirement, we have about $370,000.

And cash, $150,000. Okay okay i'm getting more than 1.2 then oh well we have a mortgage oh you do okay all right and on the morning so that reduces the okay i got you okay cool very cool all right and so how much of this did you inherit? Zero. Okay, cool. And so what are your careers? I'm an architect in my own business, and I work in his business. Okay, cool. So obviously you have an architectural degree, and what was your GPA in that? 3.5. Okay, very good.

All right. So you guys are the comeback story. What advice would you give to the 25-year-old version of you listening so they only do it once? I would say beware of real estate investment schemes that turn out to be scams oh i remember you guys oh yeah oh whoa those were some numbers yeah yeah wow it was not just a like not not a bad advice this is a true actual actual scam right it was an actual scam the ceo of the company has been in prison for quite a while wow wow and you guys climbed out how would you advise someone this is so interesting how would you advise someone avoid that

oh how do you keep from getting scammed if it's too good to be true it's not true there you go i like that one did you have a sense at any point like something early in the process like something doesn't feel right but you went ahead anyway i think it was when we uh took out a mortgage on our property that was getting close to being free and clear. To invest in this scam. It just didn't feel right. Yeah. So anytime someone says, hey, give me this money, I'll turn it into 10x that. Yep.

Yep. One of those. Yep. Oh, man. Wow. I'm proud of you guys for climbing out of that. You guys are impressive. Negative 4 million feels insurmountable.

All the way to back positive 1.2 that's very cool i told you would be and you know how i knew you would be is once you've been in this once you have breathed that air you know what it smells like and you know it can be done it's like one time i rode a bicycle and then i had a wreck but i knew i could ride a bicycle still because i had done it before it wasn't theory anymore and so they always say the second million is easier it is because you know you can do it i've done it once i can do it again i just won't do it as stupid this time i'll be smarter you know and and that's how i felt anyway and so i i'm convinced that that's that the second million if you have to do it twice is always

easier way to go you guys i'm so happy to hear from you and ding ding ding i'm happy i was right that you're back wow i like being right about a lot of things but i really like being right and you always wonder where are they now and we just found out yeah that that was a few but that was a true i mean millions and millions of dollars lost a real scam so um the last lie, changing the subject, about millionaires that is told is they all inherit their money. Factually, not true. No trust funds involved today. No, some do inherit money. They all hit the lotto.

Factually, not true. Now, by facts, I mean actual data, not theory. Not my opinion. Not your opinion. Not a feeling you had. Not your Marxist teacher from college. But the real world is of the largest study, airtight research. The research technique is so squeaky clean, no confirmation bias, had double looks on it. Our team was running one set of programs.

The outside team was running another set of programs to make sure we weren't accidentally stumbling into conclusions that we thought. Very good research. And so to the point that if you don't agree with the net discoveries of this research on this solid data you're what's known as wrong that's scientific there we go it's that solid so 79 of the millionaires that we talked to inherited precisely zero another five percent did get an inheritance, but it was like $5,000 from grandmother. And it was not enough mathematically to make you a millionaire. And another 5% got a substantial inheritance like Donna did earlier in the hour.

66 years old received $100,000 inheritance after they were already millionaires so it's hard to say that the inheritance caused her to be a millionaire because it came after she was already a millionaire so 79 nothing five a little bit five after already 79 five and five is 89 okay that's nine out of ten 10 of America's millionaires are first-generation rich. So don't let the hope stealers, the crazy leftists, tell you that America is so broken that you can't get ahead today. There's always been challenges. There's always been problems.

There will always be isms. There will always be idiots in your way. Count on it. But you can do it. Don't let people tell you you can't do it. And that's the whole theme of this hour. And for that matter, of everything we do at Ramsey, you can do it. And I love how boring this is.

I mean, you heard the mixes of these numbers. It's mostly people's primary homes and their retirement accounts and then some cash positions. There was no flash. But I didn't hear any like crypto. No one hit the right single stock. There wasn't the right investment opportunity except for a scam. And so that gives me hope that anyone can do this. Invest 15% of your income into retirement. Pay off your house early. It's that simple and it's that boring and it's that hopeful. And that gets you the first one to five million maybe even 10 million donna got to nine but donna's got some real estate in there and uh but there was nothing fancy in any of this no uh double backflip family trust

partnerships which by the way don't exist but the secrets of the rich are that they're boring. That's the secret. The secret is believe the boring advice. Good show, guys. Well done. Austin, Ben, James, Zach, Andrew, Bob, everybody in the booth, the booth dudes. 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. Hey, it's George Camel. If you like what you heard in this episode and want to know more

about getting started on the Ramsey Baby Steps, go to ramseysolutions.com and click on the Get Started button. We'll help you figure out the best next step for you based on your specific situation. That's ramsaysolutions.com and click Get Started.