The Ramsey Show - App - Don't Worry About Market Ups and Downs - Focus on the Long Run (Hour 3)

Episode Date: September 17, 2019

Chris Hogan, Everyday Millionaire Theme Hour, Savings   Tools to get you started:  Take TDRS listener survey to win a $100 Amazon gift card, click here: http://bit.ly/2krRePv Debt Calculator: http://bit.ly/2QIoSPV Insurance Coverage Checkup: http://bit.ly/2BrqEuo Complete Guide to Budgeting: http://bit.ly/2QEyonc Interview Guide: http://bit.ly/2BuGnZE Check out other podcasts in the Ramsey Network: http://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 become the signal that you might be an everyday millionaire. You got it, folks. This is an Everyday Millionaire Theme Hour. We are talking to people that are real millionaires. A millionaire is someone that has a net worth of $1 million or greater. It is not an indication of your income. If what you own minus what you owe equals $1 million or greater, then you're a millionaire by definition.

Chris Hogan, Ramsey Personality, number one bestselling author of the Everyday Millionaire's book, joins me for this hour. It's amazing the number of people that don't even know the definition, and they're supposed people like, I mean, I hear these congressmen even stating this wrong. Oh, Dave, it blows me away that people can't do math, and it shouldn't, especially, I mean, especially dealing with congressmen. I mean, if you're dealing with our government they know we know they can't count but the reality is is that this this whole

aspect of you building wealth over time being intentional uh is something you can do and dave we're bumping into people all around the country i was just in austin texas for our financial peace live you and anthony how'd that go it was fantastic we had over 1600 people there uh i had at least 20 people come up and give me the elbow dave and say i'm an everyday millionaire you know maybe we need to change it it's an edm edm everyday millionaire there we go i'm an edm so you're just trying to be hip i'm just trying to make it i'm trying to make it where it's like code okay so they don't have to say out loud like i'm a millionaire that's a good point you know because it kind of sounds like like you're bragging yeah yeah like you're like you're like you're touting

it or something here all right henceforth and forevermore it's now edm we'll just make it up here on this i like it yeah a whole new marketing strategy all right so if you are a millionaire we want to talk to you this time if you have a net worth of a million dollars or greater, we want to talk to real millionaires, not your broke brother-in-law with an opinion, but somebody that really actually has money, and we want to talk to you about how you did it, where it came from. Did you inherit it? Did you steal it? Where did you get your money?

We want to know. And you can call right now. The phone number is 888-825-5225. We are taking calls from real millionaires this hour, regardless of where your wealth came from. We want to hear from you how you actually did that or how it came to you. One of the two. Maybe you won the lottery. I don't know.

I've never talked to one of those. You haven't? Not that was a millionaire. Okay. But have you? No. Oh, I've talked to some, worked with some lottery winners. But were they millionaires as a result?

Yes, sir. Okay, really? No. A couple of them didn to some, worked with some lottery winners. But were they millionaires as a result? Yes, sir. Okay, really? Yeah. A couple of them didn't hold on to it. Okay. Well, they generally don't want to talk to me. Okay. I don't know why that is, but anyway.

I'm nicer than you. Well, yeah, that's it. Yeah. Yeah, you're gentle. Hugable. Jeez. Unbelievable. This is devolving quickly.

The phone number is 888 eight two five five two two five mark is in colorado mark what's your net worth my net worth is uh just south of three million dollars 2.9 2.9 very cool break that down for me how is that allocated what's it in well um i got about 360 000 in one of my businesses that I founded in 93. And that's a book value. I own a warehouse that's worth about $230,000, my share of it. A self-storage place that I own a piece of. So what is your real estate total?

Probably $9,000 to $1.2 million, maybe. Okay. We'll call it a million and what's what's the rest of it invested in well i got about seven hundred thousand dollars in my mutual funds in my uh stock my 401k set by ira that kind of stuff okay i got about eighty five thousand dollars with stuff with wheels on it okay and. And probably about $360,000 in cash. Cool. Good for you. Okay, cool. How old are you?

57. All right. And how much of this money is there because you inherited it? $200,000. When did you get that? Three years ago when my mother died. So you were already a millionaire? I still have it.

I'm going to give it to my kids. Yeah. So you're not a millionaire because you inherited the money not even close as a matter of fact when i was growing up my whole family wouldn't fit in the only car we had gotcha we had an el camino understand what'd you do for a career when you were working well i i actually still work in my businesses today but i started off as a as an executive for a rental car company. And one day I just got tired of wearing a suit and said I want to do something I love, and I went and started a used computer business. Okay.

And after that, I just kept starting businesses and real estate being one of my loves, just like you. And paid off real estate is something every American household should do, in my opinion. Love it. Love it. So what is the worst year of your income, your household income in your working life and your best year? I would say $27,000 would be the worst year and $350,000 would be the best. Excellent. Wow. Great income. That is fantastic. Mark, do you work with an investment professional? No, I do not.

Okay. But I have been in contact with the ELPs lately, and I'm going to probably start looking into working with one of them. I've just done it all myself. Right. Do you do any giving as your family? A bunch. A bunch?

We do a bunch. Okay. We do a bunch. Is. We do a bunch. Is it to church, to charities? What do you do? We give to the church, and one of the things that we do as part of my business is we give computers to underprivileged families. We give about 300 computers a year.

That is fantastic. We make sure that we can get those kids online and get them interested in their own careers and get them going rather than being out in the streets doing stuff. Yeah. And a lot of people, Mark, believe that millionaires had an easy path and never made mistakes. So what was your biggest financial mistake in this journey? I'm like Dave. I've made mistakes all the way along. Almost every time that every year i've made different mistakes from investments you know i made a big mistake loaning somebody some money that was gonna give me a a big return on an investment and lost all that money you know cool so do you have a four-year degree i do and what i

do i have a degree in business. Business. What was your GPA? I was proudly a 3.0 student. Excellent. Very good. Good for you. Cool. I was a 2.0 in high school. Okay, so what advice do you have to the 27-year-old version of you listening?

Have a side gig. Work hard at your regular job, but have something that's invested only in you. Get something that you're passionate about, and when you're trying to take care of your money situation, use your full-time pay for that. And like you said, deliver pizzas and different things like that, but do something for yourself. And then your side gig turns into your main gig a lot of times. In your case, it's done very, very well doing that.

Yes, it has. Excellent job. Way to go, Mark. Proud of you, you man we appreciate you calling in and sharing with us we got a copy of chris's book for everyone calling in today that is a millionaire the everyday millionaire book it is a number one bestseller uh it has 140 statistics outlined in it about millionaires and they come from the largest study of millionaires ever done in north america we studied over 10 000 millionaires and we learned a lot of very interesting things we sure did dave and most importantly out what we learned is that the american dream is available and you can do it

you just need a plan and you need to make a decision there we go a bunch of decisions yeah one of them's not listening to broke people anymore. That's good. I like that. Talking to real millionaires this hour, not people with an opinion. People who have really done it. That guy had almost $3 million at 57 years old. These are worth listening to, guys, and that's why we're doing it.

This is The Dave Ramsey Show. If you've turned on the TV, read a paper, or been on the web lately, then you know this country's in the midst of an identity theft crisis. Equifax is attempting to settle with its 150 million breach victims. Now that's a joke. And Capital One exposed the records of over 100 million Americans. These are just the breaches making the news. You can't possibly still think you don't need identity theft protection. Folks, this problem is not going away. The only way to fight it is being prepared with an ID theft protection plan, and the only one I have ever used or recommended is from Zander Insurance. They cover all types of ID theft, take over the work

if you become a victim, and even protect your money if it gets hacked. They also cover kids for free on their family plan id theft is a nightmare and you need to get protected call 800-356-4282 or visit zander.com It's an Everyday Millionaire theme hour on the Dave Ramsey Show where we're talking to real millionaires. Vic is with us in Florida. Hey, Vic, what's your net worth? My net worth is $6.5 million. Excellent.

Break that down for me by category. Category? Gee, about 80% of it is mutual funds, IRAs, and 401Ks. So like 5 million? Yeah, 20%. Like 5 million in mutual funds? Yeah. Okay.

Then we have our house, and we have money in the bank and that's about it what's your house worth 400 000 okay all right very cool good for you excellent and so how old are you i am 75 and my wife is 67 excellent and um how much of the six and a half million is there because you inherited it i inherited eight thousand dollars that's about it i bought a car with it and that was it that was a long time ago okay and you're working lifetime what was the best year of your household income through your life and the worst year of your household income i I'd say the best year was $300,000, and the worst year was about $100,000. I'm a retired dentist, and my wife is a retired human resource director. Excellent. Okay, cool.

So obviously you have a degree as a DDS. What was your GPA? In dental school? Yes, sir. Just average. uh in dental school yes sir um just average um i graduated right in the middle of my class gotcha okay cool cool excellent job well done yeah and vick did you ever work with an investment professional yes and i still do for about 25 years wow that fantastic. And do you and your wife do any giving as a family? Absolutely. What kind of giving do you do? At least 10%, if not more. Okay. We give to our

church and we have friends that have ministries that we give to. Very good. Yes. And do you, Vic, I'm sure somewhere along the way of getting to this $6.5 million, you've made some financial mistakes. What was your biggest financial mistake? Well, there's two basic ones. One was a house that we bought for $700,000 that was a money pit. My wife didn't want to buy it, but she knew that I wanted to buy it, so we went and bought it. And we finally got rid of it, and we lost $300,000. Oh.

Ouch. The other thing was two Ponzi schemes that we generated through our church. Oh, my. Not by the administration, but by people in the church. I lost $75,000 in one and $40,000 in the other. Wow. Man. So.000 in the other. Wow. Man. But God was good.

I mean, he is good. He lets us recover from this stuff. So now that you've been a victim of that twice, what would you tell somebody to avoid that? Don't do it. Our financial advisor told us not to do it, and we did it anyway. Did your wife have a bad feeling? Not with those, because they were generated to our church. I think it eased her mind. I see. Okay. Yeah. One thing I wanted to tell you was that right after we got engaged, we were out to lunch, and Joanne said, I've got something I've got to tell you. And I said, what is that?

She says, I'm a millionaire. When we got married, she was worth a million. When I got married, I was only worth $275,000 because of a divorce a year before oh okay so the two of you start how long have you been married we married 19 years okay all right so second marriage and uh so you came into the marriage both of you with a level of wealth and then you took that on up to six and a half right my wife is definitely a gazelle and very tight with money and it it uh it uh affected me a lot too so her million dollar net worth from that marriage was any of that money inherited no no she's just a hard-working woman okay all right so every bit of this is self-made

yep all right very cool very cool so what advice would you give someone if they're listening, maybe a young dentist as an example, if they want to end up being you when they grow up? Well, for a young dentist, I would say you're really starting to make money and you want to spend. You want to buy a big house and a big car and i would definitely uh do your program and uh just save as much as you can enjoy your life but save invest and don't be stupid to buy a lot of things you don't need yeah well you've been you've been investing pretty aggressively uh pretty heavily for a long time.

Yes. Because you've got a bunch in mutual funds. That's pretty impressive. Well done, sir. It's an honor to speak with you. Excellent, excellent job. John is with us in Wisconsin. John, what's your net worth?

John? John? Yes. There we go. Hey, what's your net worth? $1.5 million. Excellent. Okay, cool.

Break that down for me by category. Yep. About $1.1 is in a mix of mutual funds and index funds, 401ks, and the remainder of $400 is in home equity. Gotcha. All right. Good, good good how old are you uh i am 37 my wife is 36 excellent young millionaire good all right how much of this 1.5 is there because you inherited it absolutely zero zero. And your worst working year and best working year household income-wise? Worst would be our first household was maybe 60, and our best has been our most recent, which would be about 550.

Whoa, you're killing it. What do you do for a living? I'm in sales. My wife is in marketing. Ah, very good. What are your degrees in? Mine is in business administration, and hers is in sales. My wife is in marketing. Ah, very good. What are your degrees in? Mine is in business administration, and hers is in marketing. Okay, cool. What was your GPA?

I had my graduate degree. I actually was higher than my undergraduate. It was like 3-4. Okay, cool. Good. And, sir, did you work with an investment professional at all throughout your career i started we started with one we still have about half of that 1.1 that's invested in the market is sitting with a professional and i got more comfortable with you know i did more research and um started to kind of dabble on my own. And the other half is with us in a brokerage account. So I still have the relationship, but I'm debating on whether or not it's of value to us. Okay. And do you and your family, do you all do any giving?

We do. My wife gives too. She handles it primarily just to a couple of local charities here to help underserved children in our area. Fantastic. And what would you say is your biggest financial mistake, John, throughout your career so far? Yeah, cars. I've gotten in and out of some vehicles throughout the years that I just knew financially wasn't the best decision. But thank you to your show, or dave show i just this past week paid off my car in full um so i now own it outright it's worth about thirty thousand dollars and i'm going to drive it to the ground that's fantastic what was the size of the last

check you wrote on that car 41 000 it was painful yes it's done though it's out of your life it's over well done sir very well done what advice do you have to someone out there that wants to be a millionaire well i've just recently started to listen and for you you guys are for me this is kind of how i keep myself in check i drive a lot being in sales so, I listened to the podcast almost daily and that's just how I, you know, consciously keep, keep, you know, finances on the top of my mind. I would say educate yourself. The best thing anyone ever did for me when I got my first, you know, real sales job where I was going to start making some money, you know, I didn't have any money at the time, but my boss at that time gave me a book, rich dad, poor Dad. Yep. And, you know, that was 15 years ago. Great book.

And that's where it all started. Yeah, Robert Kiyosaki book. Excellent job. Very cool. Well done, John. We appreciate you, man. Love it. Congratulations on your success.

We're proud of you. Thank you for sharing. It's an Everyday Millionaire Theme Hour. Number one best-selling author, Chris Hogan, Ramsey personality with us, author of the book, Everyday Millionaires. We'll be back. We'll talk to more real millionaires here on The Dave Ramsey Show.

Hey, guys. At the Dave Ramsey Show, we really value your input. It helps us to know what's important to you so we can deliver relevant content to help you crush your money goals. We just launched a brand new survey, and we'd love your feedback. It only takes a few minutes, and you'll be entered to win a $100 Amazon gift card. No purchase necessary. Take the survey at DaveRamsey.com slash survey or text survey to 33789. financial peace live in austin texas last week with anthony o'neill and chris hogan was a sellout tacoma washington is week after next october 2nd is that we get for next yeah week after next it's about two it's uh two weeks from tomorrow night. And you guys will be out there.

It's not yet sold out. There's a few hundred tickets left, right? Yeah, absolutely, Dave. But listen, the people in Washington are fantastic. They are rock stars. So I fully expect this event to not only sell out, but maybe even to oversell. And so I want you all to come out. Those people over in Spokane and Tacoma and Yakima, come out and hang out with us.

We're going to walk you through Financial Peace Live. It's a fantastic event. We're going to have fun. We're going to laugh. We do some giveaways. And I don't care what age or stage you're in financially. This event is for you. So 18 to 80, come out, hang out.

We're going to have a great time. Yeah, very cool stuff. And then eight days later, Phoenix, Arizona, you're there again. And then you and I are in Charleston, South Carolina, November the 20th. And that one will be live streamed all over the world. Yes. And so you can buy your live stream ticket or you can come to Charleston to see Chris and I do Financial Peace Live. Looking forward to that.

Very, very good stuff. This is an Everyday Millionaire Theme hour, talking to real millionaires. If you have a net worth of a million dollars or greater, you can call in. Madison will talk to you, screen you, and put you on, and we'll see if we can get to you this hour. Andy is with us. Andy's in Georgia. Hey, Andy, what's your net worth?

Hello. It's about $1.6 million. Good for you. And break that down for me by category. How much in real estate? Just about $200,000, very conservatively, in our equity in our house. Okay. And how much in mutual funds and retirement? The bulk of it, about $1.4 million. IRAs, 403b emergency fund okay loaded that up good and you're how old are you 56 good for you cool and how much of the 1.6 is there because you inherited it

not a dime zero and uh your income range your best year household income, your worst year household income? Best year, I guess, would be just the one last completed, about $166,000. Worst would be my first year of full-time, I guess, after finishing college, about $17,400. Gotcha. Okay, cool. And what is your career? I work in the petroleum industry, environmental compliance specifically. Okay.

Is that your degree? Nope. I have a B.A. in Bible. Okay. All right. Very cool. And what was your GPA? 4.0.

Good for you. All right. All right. And Andy, did you ever work with an investment professional? Yes, I've been with the same fellow for about 20 years now. That's really fantastic. And do you and your family, do you all do any giving as a household? Yes. The vast majority of it goes to various churches and then little one-time things here and there, hurricane relief, that sort of thing.

Okay. And Andrew, looking back on you growing to $1.6 million, I'm sure you've made some mistakes along the way. So what was your biggest financial mistake? That one may be up for debate. I suspect I know how y'all will feel about this, but I honestly don't know whether I'd consider it a mistake or not. But it was a pretty significant dent in our finances, and that's just vacation condo ownership, which we have used extensively since we owned it. But there's going to come a point when the maintenance fees will be beyond our ability to tolerate, and, you know, we'll divest ourselves of it.

Yeah, what's it worth? We're not going to get much of anything out of it. That's why you could say, well, that was rather the financial state. Oh, you're talking about like it's a timeshare. It is. No fixed week, fixed location or anything like that. But, yeah, that's essentially what it is. Okay.

So it'll just be a matter of canceling the maintenance fees for the most part. So just the consumption of it. Okay. I got you. Cool. Yep. All right. But we have used it to the hilt over the years.

What advice would you give to the 26-year-old version of you 40, 30 years ago? Okay. Start now. Delayed gratification. Live absolutely within your means. Be consistent. Don't be skittish about market ups and downs. Stay in it for the long haul.

See the big picture. That's very good. You can write a book out of that right there. That's well done. Very well done. Thank you. Good job. Good job.

So are you guys TV people or book people? Both, really, to a great extent, both. I do a lot of audio books because they allow me to multitask. Okay. Cool. Good for you. Excellent. Well, hey, thank you for the call, man.

Excellent job. Well done. Well done. John is next, hey, thank you for the call, man. Excellent job. Well done. Well done. John is next, and John's in Nebraska. Hey, John, what's your net worth? A little over $2 million. Good for you. And break that down for me by category.

How much in mutual funds and retirement? Mutual funds and retirement, a little over $700. Real estate, we have little over 700, uh, real estate. We have a few houses, uh, savings and, uh. How much are the two houses worth? Uh, let's see. We have four of them. Uh, one of them actually, we were able to buy across the street for my mom and dad to

move in. So that was kind of exciting. Uh, and our house is paid for and all of them are paid for they're about uh eight hundred thousand okay what's the other six hundred the other six hundred is uh five hundred yeah i was gonna say whoa uh we have uh some savings and uh in our business and values our business where we're at with, you know, I have a couple of businesses and that's achievables and such. How old are you?

53. All right. Excellent. And how much of this is there because you inherited it? That would be none. Zero. And your best year and your worst year were in your working lifetime? Income-wise.

Well, we own our own businesses, so we had one right there about 2008 at about $10,200, and we're somewhere around $100 in our best years. Cool. What's your career? What do you do for a living? We purchased our family business about 20 years ago, me and my wife. And then about the past five years, we were able to open another one. What's the business do?

The business was a sign company. Okay, good. And that was from my dad. He started that in 71, and then the last five years we owned a cafe. Okay, fun. So you've got a couple of businesses. Great. Yeah.

You have a degree? Yeah, what's your degree in? That would be barely out of high school. Okay. And I didn't really know what that was until I met my wife. She's smart. I'm not. I just work hard.

Love it. Yeah. John, did you guys ever work with an investment professional? We've been with an investment professional for 20-plus years, yep. All right. Been through a couple of them. Yes. And do you all do any giving as a household?

Oh, absolutely, yep. We give to our church and just, you know, with our businesses there, and we meet various people, and that's what we more like doing, is just a spontaneous, right from the heart. Absolutely. And what would you say was your biggest financial mistake along this way of becoming an everyday millionaire uh well we just talked into uh when we went to refinance our house to do a little rebuilding and uh previous financial advisor talked us into uh borrowing a little extra so we could invest and make more, and, well, it didn't work out that way.

Just lost it all and didn't finance it until we were able to pay our house off, so it's not a good idea. And that financial advisor is no longer working for you. I haven't heard from him since about that day. I love it. Hey, good to talk to you, John. Well done. We're talking to everyday millionaires, real millionaires,

not people with an opinion, not people with a warped political view, people who really have a million dollars or more in net worth. How'd they do it? Chris Hogan, Ramsey personality, author of the number one best-selling book, Everyday Millionaires, where we outline where millionaires come from. You ought to pick up a copy if you haven't. Joins me this hour. I'm John Lennon. Now our scripture of the day, 1 John 3.18 Dear children, let us not love with words or speech, but with actions and in truth.

Thomas Jefferson said, Honesty is the first chapter in the book of wisdom. No question about it. Good stuff. If you have a net worth of over a million dollars, you are what is called a millionaire. A net worth is calculated how, Chris Hogan? Well, Dave, what you do is you take what you own minus anything you owe on. Okay? So what you own minus anything you owe on. If that in number is a million dollars or more, then congratulations, you're an everyday millionaire.

Now, to help you with this, because I want people to be able to track their millionaire journey, I've got a free net worth calculator available for you at ChrisHogan360.com slash net worth. Again, that's ChrisHogan360.com slash net worth. There's a free calculator there to help you track your journey. It's good stuff. All kinds of tools at ChrisHogan360.com. Chris has got a very, very popular podcast as well, and you can find that on iTunes, Google Play, or wherever else.

And the last few episodes have been like why it's so important to stick to a financial plan, why making a plan for your money matters, and to become intentional with your money. It turns out no one wins by accident. No, Dave, it's not an accident. And I'm going to tell you this. You're going to get a kick out of this. I talked to a gentleman 23 years old.

He's already got $100,000 saved toward retirement. He is a Financial Peace University baby. His parents had gone through Financial Peace University, had talked with him and worked with him through the process, and had been guiding him for years. There you go. Well, that sets him up. It does.

And, you know, the difference is these guys we talk to, there's no one here that has special sauce. No. They're kind of all alike. None of them make a huge, they're not making $10 million a year. No. I've never, during this Millionaire Theme Hour, talked to anybody making $10 million a year. No. Never talked to one.

I'm sure they're out there. Maybe they just don't call talk radio. I understand that. I guess maybe if you make $10 million, you don't bother people like me. I understand. But the ones we're talking to, they make $300, $500, $100, $70. Right. And they're not flashy.

They're just steady. Yes. The big thing we're not flashy. They're just steady. Yes. The big thing we see over and over again is just steady. Dave, it's a thing that jumped out at me also during this research of the consistency. People that had a plan, people that had this mindset. And one of the stats that really jumps out at me is that 97% of the millionaires that we studied believe they control their destiny and so it's not a victim mentality dave it's not looking to blame anybody it's personal responsibility but being intentional yeah i figure if i want corn i should plant corn yes and if i don't plant corn it'd be my fault you're going to reap what you sow that's the thing and zero percent

of the millionaires that we've talked to said they became millionaires with their airline miles. 0% said they became millionaires using a whole life policy. 0% have told us that they used big piles of debt to get rich. It just is not there. No. And all these things that they say in, you know, back in the hood, back in the neighborhood where all of us grew up, you know, everybody's got an opinion, takes money to make money. No.

No. You have to make money and save some of it. Yes. And, you know, the other thing is the investment pros out there, some of the investment geeks out there, they get all caught up in, well, it's all about the rate of return or it's all about the expense ratio. And I've never, you know, we ask these guys over and over and over again when we're doing these theme hours, what do you tell a 27-year-old? None of them have ever said, oh, watch your expense ratios. That's right.

Never pay a commission. Never heard that as a matter of fact out of all of them today only one so far has not used an investment professional and basically investment professionals get paid they get paid yeah oh they definitely get paid and that's that's the thing i mean so you know this idea that somehow you know oh you have to make sure you pick the right mutual fund with the rate of return no you know what they all say? Start investing, keep investing. Start investing, keep investing. And that steadiness is the secret, and the actual doing it is the secret.

It really is, Dave. And compound interest becomes your friend out there. America, listen to me. You start investing, and you stay consistent. You don't take the money out. Matter of fact, you stay very intentional about your plan and you see that dream of yours in high definition. I'm going to tell you, you're going to get there and it's nothing flashy. Dave, people tell me, well, these millionaires, they have to be having fast, fancy sports

cars and all of this other stuff. No, you live beside them. You go to work with them. You go to church with them. The bottom line is they're not flashy. They're consistent, and they're very intentional. Let's see if we can get one more in before we run out of time. Will is with us.

Will's in Kansas. Hi, Will. What's your net worth? About $1.1 million, Dave. Good for you. Break that down for me by category. How much in retirement mutual funds? About $750,000.

Okay. And what's the other $400,000 in? $350,000 in the house and about $750,000. Okay. And what's the other $400,000 in? $350,000 in the house and about $50,000 in cars. Gotcha. Very cool. How old are you? 40. Oh, a young millionaire.

Good for you. And how much of this did you inherit? That would be zero. Zero. All right. And what has been your income range, best year and worst year since you started working? Household income range since we started this, started about 100, and best year right around 200. Good for you. What do you do for a living?

I'm a manager of a commercial construction company. Okay. Good for you. And what's your degree in? I was a degree in business management in school. Gotcha. What was your GPA? If I had to say, if I remember right, right around 3.1, 3.2, give or take, somewhere in there. Very good. Did you ever work with an investment professional? Yes, we've worked with a professional since we started investing and opened up any sort of account. We've had one on hand. That is fantastic. And do you as a household, do you all do any giving?

Yes, we do. We have a monthly giving to our church. We also sponsor a couple of children through a Christian organization and participate in several other building campaigns throughout the years. So, Will, if someone said to you, how do you become a millionaire, what do you tell them? Well, I think it goes back to what you guys were just talking about as I was listening. It's all about consistency. It's all about just starting early, which we were fortunate enough to be able to do,

and really putting it away before you ever even know it's there. Once you do that, you don't miss it because it was like it was never yours, and then you look back 10 years later, and it's just amazing how quickly things can develop. Will, did you grow up around any millionaires? I think yes. Probably not that I knew of, but I know after the fact there have been a few considerable people in my life that have been. But I would have never known had I not put it together over the years. So you observe the habits of people you respected,

even though you did not necessarily know their net worth. That's correct. Yeah. Okay. Very strong. Powerful stuff. Hey, man, thank you for sharing. We appreciate you being with us.

It's the same story. It sure is. So we've got a computer guy who's used computer business a retired dentist uh sales and marketing family uh environmental engineer or environmentalist um sign company yep and um what was his construction manager construction manager yeah i couldn't read my own writing so america if you're out there i want you to hear when you listen to dave do this hour that regardless of where you work, what your position is, it has no indication on what's available to you as you move forward being intentional and with the plan. I don't want you listening to your neighbors anymore.

Don't listen to families that have doubt. I want you to plug in and have dreams and know that you can do this. It's a decision away from you getting serious and having a plan for your money. Yeah. People telling you you can't do it are people you don't need to hang with. Nope. Or that it can't be done and you're waiting on, you know, electing Bernie to make you rich. Bernie's not going to make you rich, honey.

That's just complete nuts. I mean, really. Seriously. honey that's just that's just complete nuts i mean really seriously you just that's such desperation to hope a politician is going to fix your life in either party it's just such desperation oh it really is and it's not going to happen yeah and so don't don't put your life on pause waiting on somebody in washington to wake. That's for sure. Chris Hogan, thanks for joining us. Thank you, my friend. Good hour.

The Everyday Millionaire Theme Hour in the books. Our thanks to Madison Browder filling in for Kelly on the phones. James Childs is our producer. I am 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. This is James Childs, producer of The Dave Ramsey Show.

Once again, you made The Dave Ramsey Show one of the top five most downloaded podcasts last year. To get your daily dose of motivation and inspiration, subscribe today.