The Ramsey Show - App - Don't Believe the Myths About Millionaires! (Hour 3)

Episode Date: March 17, 2020

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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 a paid-off home mortgage is probably an indicator that you're an everyday millionaire. Yeah, you got it. It's an everyday millionaire theme hour. We're going to be talking to real millionaires, not your broke brother-in-law with an opinion, but how things really work. And we invite you to do just that right now. If you are a millionaire, call in.

We want to talk to you. The phone number is 888-825-5225. That's 888-825-5225. And we started this a few years ago, and it's one of the most popular segments on the show to talk to real millionaires. Now, what is a millionaire? It is not someone that makes a million dollars a year. It is possible to make a million or more a year and not be a millionaire.

A millionaire is what your actual worth is, your net worth. Net worth is defined as assets minus liabilities. What you own minus what you owe equals your net worth. That's a million dollars or more. You are a millionaire. And does that mean you have enough to do anything you want? No, no one ever has enough to do anything they want. There's no such amount.

And so there's always something else, and that's not the point. Is it enough to live on? It's more than most people got. There's about 11 million millionaires, and we try to discover where they come from because it is an actual indicator of financial success. Your FICO score is not an indicator of financial success. Your FICO score is not an indicator of financial success. It's an indicator you have played kissy face with the bank a lot. That's all it means. You can have a, you can add a million dollars to your net worth. It won't change your FICO score one point.

You can triple your income, 10X your income. It won't change your FICO score one point. So, you know, your income, your revenues, in other words, and your asset base, your net worth are actual indicators of financial health and well-being. And so what is your net worth? It's a really good thing to track. When it reaches a million dollars or more, you are a millionaire. Carol is with us in Connecticut. Hi, Carol. What is your net worth?

Hi, Dave. Can you hear me okay? I can. What's your net worth, Ms. Carol? It's about 2.5. Good for you. And break that down for me. What categories is in that 2.5, and give me the amounts.

Okay. down for me what categories is in that 2.5 and give me the amounts okay so my home is about uh 800 uh then they also have in investments and mutual funds and a 401k for the rest oh my goodness okay and so 1.7 and all of that. All right. And how old are you? I'm 58. Okay. And how much of this $2.5 million did you inherit? None. Zero. Cool.

All right. And what was your best year of working income and your worst year of working income, your range of income in your life? My life? Oh, probably 20,000 to 170. 20 to 170. What do you do for a living? I'm an engineer, a software engineer. Software. What was your degree in?

Math and computer science. Cool. Very good. What was your GPA in college? My GPA was a 3.7. Good. Good for you. Okay. So you have a home at 800 and you have investments. I'm going to guess and say you did not use debt to create this wealth. Is that right? No, I did not. Okay. All right, cool. So where did it come from?

What's the magic? People listening can go, I want to be 58 years old and worth $2.5 million. What is the magic? Well, I guess I was always a saver growing up. I used to have a pile of $1 bills under my bed as a kid. Okay. So I think being a saver added with being a mathematician, you probably learned about compound interest early. Did that get you excited?

Yes, absolutely. We had a speaker come to one of my jobs talking about 401K in my 20s. That really clicked for me. So I invested automatically out of my paycheck. I didn't see it was saved. Yeah. Well, you've made good money, and you've always saved a percentage of it, it sounds like. What's the dumbest thing with money you ever did?

The dumbest thing? I think the dumbest thing I did was I refinanced my home a few years back and uh i had already paid into it for 10 years and the loan terms was for 30 years so i basically added more time to mine for a lower rate so that was kind of them but i ended up just paying it down okay just paying it off early. Close to. Very cool. I'm still paying it down. Very cool.

Well, thank you for sharing your story with us. We appreciate it. That's awesome. Proud of you. Way to go. We're going to send you a copy of Chris Hogan's book, Everyday Millionaires. You were definitely one of them. And you'll enjoy reading the statistics that we found in the largest study of millionaires ever done for that book.

It became a number one bestseller. Don is with us in California. Don, what's your net worth? It's right about $2 million, Dave. Good for you. And give me a breakdown of the mix of that. What's it invested in? uh real estate's right at a million about 600,000 and 401k um a couple hundred in cash and a little bit other than land gotcha how old are you i'm 39 sir 39 awesome how much of this

oh 49 i'm sorry. Okay. Trying to make you younger. I was trying to help. So how much of this $2 million is inherited? We inherited about $60,000 a couple years ago, which got us much more focused and listening to you and wanting to do the right thing with it. But you were already over $2 million by then. Or over $1 million.

Over $1 million, easy. Yeah. Okay. So you did not become a millionaire because of inherited money. In your working lifetime, your worst year household income and your best year household income? Oh, worst year is when we first got married in the service at probably $25,000 a year. And best year was this last year, a little over $500.

Whoa! What do you do for a living? Yeah, I'm a contractor, and my wife's a physician assistant. Okay. You're a general contractor building homes or building buildings? No, sir. A painting contractor. Oh, a painting contractor. Okay, cool. So you own, obviously, a large business doing that.

Way to go, man. It's a small business, but, yeah, very. Yeah. So what was your GPA back in college? I did not go to college, sir. I took a couple courses in the service, and my wife did very well in college, though. I bet. Got you, man.

Congratulations. You're killing it. Well done. Love it. It's a millionaire theme hour, an everyday millionaire theme hour, here on the Dave Ramsey Show. Are high health care costs getting you down? Are you confused trying to navigate your options?

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Christian Healthcare Ministries is a proud sponsor of Dave Ramsey Live Events. chministries.org. it's an everyday millionaire theme hour this is the day ramsey show we're so glad you're with us open phones at 888-825-5225 we're really talking to real millionaires. See, the thing is, if you believe a lie about something, it affects your behaviors towards it, and you make mistakes because you believed inaccurate information. You believed a lie. Mythology. And the mythology is that, well, it's over. America's a fixed system. The little man can't get ahead.

The only way to be wealthy is to inherit money. If you don't have a rich uncle, your parents aren't rich, you're just screwed. And that is absolute political rhetoric, and it's an absolute lie. We did the largest study of millionaires that has ever been done. The research is absolutely airtight. And so this idea that everyone inherited their wealth. Is absolutely false. 79% of the millionaires in America. Inherited zero. 5% inherited a very small amount. And it obviously mathematically did not cause them to become become millionaires and another five percent inherited money after they were already millionaires

so it didn't cause them to be millionaires so five and five and 79 gets us to 89 90 percent of america's millionaires are not millionaires because of inheritance. Well, all rich people are crooks. Oh, jeez, really? Are you really that stupid that you believe that stuff? There are poor people that are crooks, and there are rich people that are crooks. Crooks are just crooks. But crooks don't make you a millionaire.

People don't become you a millionaire. People don't become millionaires because they stole money. That's just asinine, just stupid. Well, all the millionaires, you have to be, you know, you have to get in the NBA. You have to get in the, you know, you have to get in the NFL. You have to be a famous entertainer in the music business. You have to be a Hollywood type. Less than 1% of millionaires are famous people. 99% of them are not. And we talk to them every day here on this show. We talk to them in this

research. They're there. Well, you have to be brilliant. You have to get a 4.2. I very seldom talk to a millionaire that had a GPA of over four four most of them were in the threes hard to be really dumb and become a millionaire but um old dave is a multi-millionaire and old dave's was 2.97 i'm still pissed off about that three 100s of a point but um probably some beer involved in that so um and i mean not getting there, you know, this is the truth. So usually millionaires are three, you know, high twos, mid threes on their GPAs. They're not smarter than you in most cases. So the point of this whole thing is you can do it.

That's the point. Vicki is with us in North Carolina. Vicki, what is your net worth? Hey, Dave. We are just over a million, 1.05. Love it. Good for you. Just broke into the club.

So break that down for me. How is the million dollar? What's the mix on that million? Sure. Our house paid off earlier, and it's about $350,000. In my retirement, I've got about $250,000. My husband's just about $330,000. We have $170,000 in non-retirement accounts, and we have a $20,000 emergency fund, and

we have about $10,000 in cash. Woo-hoo! You did it. I love it. Very cool. How old are you? I am 31 years old, and my husband is 38. Wow. Good for you guys. Good. And how much of this million dollars is there because you inherited it? I inherited just over $200,000 when I was 19 years old. Okay. So you likely are a millionaire because of this then.

Obviously, you wouldn't be there if you didn't have that, right? A lot of my retirement is that inherited money. Good, good. Very good. I'm glad you got it. So your mom and dad were good with money, huh? I wouldn't say that they were great with money, but I would say that my dad made sure to take care of us when he wasn't going to be here anymore.

Yeah. Okay. Cool. And what is your range of income in your working life? Household income, best year to worst year? Our worst year, I guess, was when I didn't have a job yet because i was i was still in college um but we once we started your plan we went from um kind of around that 120 to 140 and now we're up to 200 good what do you guys do for a living um my husband is um an it consultant and um i actually stepped away i was was an athletic director for about five or six years, and now I'm a stay-at-home mom. We had our first child last year. Wow, very cool, very cool.

So what's your all's degrees in? My husband's is business, and I got a sociology degree that didn't really help me, but it at least got me a couple interviews and got me a job. I hear you. So what was your GPAs? Just about that three. I think my husband's was a three too. Okay, perfect. Good. Very cool. Good. Okay. So message in this one then, message in your life story is your dad did a great job of making sure you were taken care of when he wasn't going to be here. So he left life insurance or an investment or something. And in addition to that, that has caused you guys to be very responsible.

What is the secret for to be a young millionaire other than to inherit the $200,000? I will say for me personally, it's working. I know I'm a stay-at-home mom now, and that's a luxury that we have because as soon as I graduated from college, my husband was working two jobs and I was working two jobs, and we just plugged away, and we didn't do anything really. We had our passion. We also run a non-profit volleyball club and so being able to have like an outlet of something that we love to come to after working the jobs that we have to

work kind of just ignited that fire that we can put more effort and money towards that towards scholarships for these kids and just make make our community better in that sense. So that was kind of the driving force for us was just find something that you really love, and sometimes you have to do other jobs that you don't love as much, but it doesn't mean that you can't make money or you can't give back to your community in other ways. Absolutely. Very well done.

Very well done. Very well done. Proud of you. Good job. We got a copy of Chris's book for all of our callers today. So they're already millionaires, but there you go. We're going to take care of you. Make sure you get a copy of that and learn, you know, more about what millionaires look like.

Eric is in Texas. Eric, what is your net worth? My net worth is $1.15 million. Cool. And give me the breakdown on that. What's the mix? All right. 401K, I have $250,000.

Traditional IRA is $480,000. Roth IRA, I have $78,000. My house is almost paid off. It's worth $325,000. And then we got some savings you know, savings, vehicles, and other stuff to round it up. Gotcha. How old are you? I'm 50. And how much of this 1.15 net worth is inherited? Well, we had $10,000 back in the mid-2000s that showed up from my wife's grandma.

So obviously you're not millionaires because of that. Okay. No. Okay. And your working lifetime, what is the range of your household income, best year to worst year? Let's see. My worst year was $33,000, and my best year was $120,000.

Cool. And what do you do for a living? I'm a software engineer. Two of them today. Okay. They're showing up everywhere in our millionaire non-professional research today, our anecdotal research. So what's your degree in? Engineering.

Okay. Obviously. And what was your GPA? 2.8. Good. Obviously. And what was your GPA? 2.8. Good for you. Can this still be done? Can someone still become a millionaire? I don't see why not.

Okay. Perfect, man. Appreciate you joining us. Congratulations. We're proud of you. Very well done. Millionaires. Real ones. Not people with opinions.

People who did it. We're talking to them on the Everyday Millionaire Theme Hour. It's an everyday millionaire theme hour. We're talking to real millionaires, people with a $1 million net worth or greater. Your net worth is what you own minus what you owe. And that'll get you there, folks. And once you've got a million-dollar net worth, you're not done. You're not independently wealthy, even. Most people need to continue to create an income at that stage.

But it is the first big milestone of calling yourself a success financially. Actually, a big milestone would be getting out of debt. That would be one. And that leads you to the ability to become a millionaire. And it's doable. It's very doable in America today. And we prove it by talking to real millionaires. So sidebar for a second, we are scheduled to do a smart conference in Orlando with close to 10,000 folks on April the 4th, just a couple of weeks away. Obviously, that is a problem right now. Gathering 10,000 people in an arena would piss off everyone on the planet right now. And so we're not going to do that. We have worked with the arena in Orlando and have managed to come up with an August 15th date. And so we are postponing the April 4th Smart Conference to August 15th.

And all of the same people will be there, Meg Meeker, all of the Ramsey personalities, Les Parrott. It's the same Smart Conference exactly that you would have gotten, and it's a much better time to do it because people will actually be there to watch it. And, uh, you'll actually be smart while you're there and all those kinds of things. And, um, so everybody can calm down and, uh, 100% all of your tickets are being transferred over to the August 15th date. We'll honor every one of them. You don't need new tickets.

You can just use that ticket. And that's exactly what we're going to be doing. So it's going to be perfect. It'll be August 15th, and I'm sure by then we'll be well the other side of this mess and be able to gather again in large situations like that. And there is still some tickets available, so we'll keep selling them once we get it all programmed back in on the website and everything else. And that'll give you the

opportunity to come. And the nine million of you that were calling and asking about refunds and what we were doing and whether we were canceling and all that, that's your answer. We are postponing to August 15th, and all of your tickets are transferred to that. No problems whatsoever. It's going to be easy, easy-schmeasy. Good news. All right, Amanda is with us. Amanda is in Iowa.

Hi, Amanda. Welcome to the Dave Ramsey Show. Hi, Dave. Thank you. So tell me your net worth. About $1.2 million. Cool. Break that down for me what's the mix uh i got about i'd say 415 and uh i don't know mutual funds stock market some is in land um plus our home and acreage

how much is that uh between the farm and our home it'd be about 580 000 okay just guesstimating our market here i guess yeah um i have a small business in town and between the actual building and the business i would say 175 or more i'm not sure how to evaluate that. The buildings were $75,000 at least. Yeah, okay, cool. How old are you? 39. Cool. Young millionaire.

Good for you. Go ahead. And then I figure about $60,000 between, like, trucks, trailers, ATVs, stuff like that. Farm stuff, okay. How much of this $1.2 million did you guys inherit? Almost all of it. Okay. Probably a million of it, honestly.

Okay. Good. That's wonderful. So tell me the story of the inheritance um my dad passed away a couple years ago and his wife actually passed away a few months before him both of cancer and wasn't a hers wasn't that hers was very fast and we spent most of our time after he had been diagnosed planning everything to go to her and then he spent the last six months refiguring it uh for us kids so uh this kind of all got put to me part of it part of it to my siblings also, but for my part, it's a lot to try to figure out.

I mean, they worked their whole lives for this, and they were 58 and 53. Wow, they were young. Okay. Wow. Yes. And so their assets were liquidated, and you took that and bought mutual funds and real estate and a small business? They had a lot. I had the business before they passed away.

Okay. But, of course, my dad was a very smart man, and his wife was, too. They were very frugal. He grew up on a farm. Which part of that got passed to him? He bought more land with it, built his his own home they were very budget-minded people which they passed down to all of us kids yeah how many kids three of us okay each of you got a million uh it it was split up differently I don't know exactly what the other two got.

Okay. Um, but I got his, I, he left me his home and left them. Everybody was kind of different cause we all kind of live different lives. So, um, yeah. Wow. That's very cool. And very thought they were very thoughtful in how they did the estate. So, so basically mainly he became a millionaire on his own,

and now he left three kids roughly millionaires. We're guessing it's roughly equal anyway. And what would you say his secret was? Frugality, you said, and living on a budget, right? He was very frugal. He was a very smart man, and he lived on a budget, and he stuck to it. The money, he worked at a distribution center. Him and his wife both did.

She was in the offices, and he ran a stacker. Wow. It wasn't like they made millions of dollars their whole life. They've worked there a long time, but they saved, and they didn't buy new vehicles, but they saved and they didn't buy new vehicles all the time and they didn't buy, you know, they were very, very frugal people. And we live pretty simple here. Yeah. What kind of a business are you running? I do promotional products, like printed t-shirts, embroidered stuff, copy shop, just a little business here in our small town.

Love it. What's your degree in? Business and finance. Cool. I just got a degree. Cool. What was your net worth? I'm sorry, what was your GPA?

I apologize. Well, once I found out where I used to work, started paying for it, I had all A's. Before that, I was more of a B.C. student. Okay. Just want to know.C. student. Okay. Don't want to know the truth. Gotcha. Okay. Good. Very cool. And your degree was in business? Yep. Good. Very good. Okay. So, go ahead.

I have a question for you, though, on some of this. I always keep my business separate. I don't know why. I just think the business should run itself. Yep. And so I still owe on my building there. I don't have any other debt except I have the building I owe on, which I really didn't think in all the times I've been listening to you and stuff until I filled out the survey and realized I do have debt. Would you suggest if I had extra money to start paying that down? Would you suggest after this whole coronavirus thing goes through to

take out of my stuff and pay it off? What would you suggest? Yeah, I wouldn't cash out any retirement, but if you can get your hands on some other stuff and become debt-free, I'm always going to recommend that. I'm fairly predictable in that regard. So, hey, great story. Thank you for joining us and sharing with us on the Everyday Millionaire Theme Hour. That's unusual. Two people this hour who received substantial inheritances right after I said they almost never get an inheritance.

Well, we found two that did. That's wonderful to hear some different kind of stories here. Very good stuff right here on the Millionaire Theme Hour. Thank you. our scripture of the day proverbs 16, the heart of man plans his ways, but the Lord establishes his steps. Barbara Scher says, the amount of good luck coming your way depends on your willingness to act. That's true. A lot of great quotes about luck. Was it Edison or Einstein who said luck always comes dressed in work clothes? Yeah.

There's a lot of luck that is created. There's no such thing as luck. Chris is with us in New York. Chris, what is your net worth on this everyday millionaire theme hour? $12.7 million. $12.7 million. Good for you. Well done.

Yes, sir. Give me a breakdown on that. How's that mixed up? Okay, I got $11 million that I got all in mutual funds and stocks. I got a million in my 401K. I got about $500,000 in cash, and my house worth about $200,000. I'm all paid for it. Wow, very cool.

How old are you? 47. Good for you. And how much of this did you inherit? A million dollars when I was 15 years old, but I got it the wrong way, sir. What's that? Very hard. What do you mean?

Well, my sister died in a fire. Ooh. And I inherited it that way. And so it's very hard to talk about, but I'd rather talk about it just to make myself feel better. How about that? Well, I understand. So I wasn't allowed to touch it until I was 25. That was part of the conditions.

My sister sent me up with a financial planner and a good lawyer, a family lawyer, and they took care of it. And I was not allowed to touch it. Everybody's like, like well you got all that money you could do no it didn't work that way i got an allowance i got 200 a month she told me to grow up and exact words grow up and learn how to take care of money and when you're 25 you can prove yourself you can have it so it was taken care of for 10 years and i wasn't allowed to touch it wow so how much did it grow how much did it grow to by the time you were 25 um a little over 3 million okay i was still guilty of spending it and some wealthy guy i don't pick on wealthy people but some wealthy guys said if you feel guilty of spending it why don't you on wealthy people, but some wealthy guys said, if you feel guilty of spending it,

why don't you donate a million that your sister gave to you and give it to a good cause, and maybe yourself will feel better because I was still guilty of spending it. I don't know why, but it just was me. I was heartbroken. I'd rather have my sister back. Sure. Absolutely. Wow. Okay.

Yeah. So I donated the first million away before I, you know, did it myself and took care of it. You know, I donated to burn centers and stuff like that. It's because she died in a fire and she died on her birthday and it was very hard for me. That's awful. Wow. Yes, sir. So to get us from the $3 million minus a million donated and some spent, now we're at $12 million. What is the way you do that? Well, the accountant I had and the financial people I had, we bought stocks and stuff when I was really young.

So we bought Apple and stuff like that. It went up, and then he bought Good Girl Stock Mutual funds that you talk about on your show all the time, and it just grew ridiculously, and it hit through the roof because, you know, I bought Apple and Google when it all came out years ago. So it was a lot more reasonable price than it is now. Mm-hmm, for sure. So I never, and i still don't touch

it i work every day i go to work you know and i make a good income and i just never touch it what's your income thing i haven't done i make 170 000 a year what do you do i drive a truck but i also do um that fan duel the sports. So I do pretty well at that. So cool. Yes, sir. Did you get a college degree? Yep. I got a two years degree in business and I, my, my GPA was a three.

Okay. Good for you. Yes, sir. Good for you. Okay. So out of all of this, um, someone's out there listening. What is the lesson that they should take from your story? So out of all of this, someone's out there listening. What is the lesson that they should take from your story?

Well, honestly, you know, don't take life for granted. You know, I don't use the money because I help my family. I donate all the time to make people feel better. You know, I'm not greedy with my family. I donate all the time to make people feel better, you know. I'm not greedy with my money. I just, you know, you only got one chance in life, so you might as enjoy it. Yeah. You know. How old were you when your sister passed?

I was 15. Okay, so that's how you got the million when you were 15. I see, okay. Yeah. How old was she? She was 25. She died on her 25th birthday okay and your other sister is the one that managed the money then no actually my mother hired a lawyer and a thing and they i had a legal guardian everything she pre-arranged us if something happened to her. Oh, I see.

Yeah. But they had conditions in there that I needed to grow up and, you know, be responsible with money, and I'm just not going to hand it to you. And I didn't get it all at once. Everybody thought I went home and bought a fancy car. No, I worked every day. I washed dishes for the longest time, you know. I only made $10,000 a year when I first started working.

Now I work all that, but, you know, I got a good-paying job, and I put it all in 401Ks, just like you tell everybody, and I don't touch nothing. I still live on it. I still have all that money. I still haven't spent hardly any of it. Yeah. You know, so.

Very cool. Well, you've done a great job of handling it, and you've honored her memory with your life and the way you've lived from age 25 to age 47. And so that 22 years there, you've done, from the time you were handed this money, you told us some of the things you did, but, hey, you grew it, and you've done a good job managing it,

and you didn't blow it. So you've honored her memory very well. Very well done. Congratulations. That is the most unusual everyday millionaire theme hour we've ever had. We almost never get anyone who inherited their money, and three of our five millionaires that we talked to, no, six, three of the six that we talked to today, 50% of them were millionaires because of inherited money. Now, in every case, they had grown it just went on and on and on because we it's i've been doing these millionaire everyday millionaire theme hours for

uh several years now and i've never had more than one in an hour that inherited their money today we had half of them uh and so it is still by far if we add up all the ones we've talked to on the air, not counting our research that was done, it is still by far that 90% of America's millionaires are not millionaires because of inherited money. But it was interesting to talk to some that did and the situations. I'm thinking back here, two of them, the person leaving the money was very wise and gave lots of guidance and was very careful to make sure that the money was used well and that it wasn't frittered away. Two of the three were that. In his situation we were just talking to, and the lady right before him,

before the break that inherited money from her dad, and her and her siblings all got in that area. And so pretty cool stuff, pretty cool stuff. And I think the other one was life insurance, if I remember right. The earlier one got 200 000 so it's um hey it's you know you're gonna my kids will be um multi-millionaires when i pass and sharon passes because we're sitting on multi multi-millions um and so assuming they uh continue their lives the way that they have thus far and earn the right to manage god's money because they really don't inherit the money. Because we don't own it, we manage it for God. They inherit the responsibility to manage it well, called stewardship, if you're a Christian,

is the word we always throw around. And so they inherit the stewardship is what they inherit. But either way, it's interesting to think about that next generation. And that was a good exercise today to go through. That puts this hour of the Dave Ramsey Show in the books. Thanks to James Childs, our producer, Zach Bennett, associate producer filling in for Kelly Daniel today. I'm Dave Ramsey, your host. 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 guys, it's George Campbell, host of the Dave Ramsey Show video channel. This hour is up, but you can find more great content on our YouTube channel. Catch the most watched Dave rants, get free screams, and the very popular Everyday Millionaire segments. Go to the Dave Ramsey Show YouTube channel and click subscribe.