The Ramsey Show - App - Fear Of The Unknown Is Worse Than The Actual Problem (Hour 2)

Episode Date: March 6, 2024

Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. Ken Coleman, Ramsey Personalities, my co-host today. The phone number is 888-825-5225 thank you for joining us america chrissy is in raleigh north carolina hi chrissy welcome to the ramsey show hi thanks for having me this is exciting it's honored to have you how can we help um i have a car loan that i have been trying to to get get out of since i've got the car

because i was negative from the previous car and just tracked it onto the new car so i'm trying to get and i'm on baby step two and um so i've got my savings from step one and my goal is to pay this off as my only debt i'm 35 and i make 43 a year so So my question is, should I, um, pay it down to pay the principal down? Um, cause my payment six, 13 a month. So can I pay the principal and then like sell it to a private seller and give it time? Um, but again, like it's, I'm trying not to put as much miles on it so we can sell like with less miles. Cause I feel feel like that was so what do you owe on the car um late to 29 000 have you looked up what its value is today i looked it up on that kelly blue book for a private seller it would be like 24 to like 25 000 okay so you're four or five thousand dollars in the hole right yes sir okay um are you single yes sir what is your income it's um like right per year or like yes per year

per year it's like 43 000 and i've just started making that. Okay. Because I just got it rigged. Okay. You're right. This is a car that needs to be sold. I agree with you. Who's the loan with on the car? Who do you owe the money to? It's through Southwest, through like the Toyota. It's a Toyota RAV. That's what I have.

Yeah. What's your interest rate? It wasn't bad. I know it was under, it's around like i think six six point something that's very good okay all right um is your credit good yes sir okay i would hop to your local bank or your local credit union and talk to the manager in person about getting about a $10,000 loan for a $5,000 car and $5,000 extra to pay off the balance of this one to get this one sold. Okay. I'd rather you be $10,000 in debt than $30,000 in debt.

Exactly, yes, sir. And I have learned that through watching y'all's videos and stuff i'm uh definitely watching more than i probably should but i've learned a lot as it's a good addiction if you're going to have an addiction we're a good one yes sir yes and i had kind of wrote that in my notes and i've kind of been like contemplating because i want to make a good decision going into my next decision, and I travel for work, so I need a vehicle that's going to be a great A to B, but also like I need to make sure I'm not on the side of the road in a mess. Amen. I agree.

And I think you can probably do that for $10,000. Well, no, it's going to be a $5,000 car. You might not do that for $5,000. Yeah. Okay. Yeah. And I didn't know, would it be better to sell to a person? Anybody. Whoever will give you the most money.

But usually a dealer won't give you as much money as a private seller. No chance. A private. A private is always going to be more than a dealer. Because a dealer is buying it at wholesale to resell it to a private individual that makes it they want to make a profit and so that's their idea but um the other option of course is do some things to increase your income sounds like you've gotten a new job that makes more that's great but also if there's some side hustles and you could raise your income up you know if you get the thing paid

down really rapidly you may want to work your way through it i think it's too much car for your current income but i also understand you're on the road and so um and whatever you're driving if you're putting a bunch of miles on it you're destroying the value of whatever you're driving so you're right the sooner you get this fixed the less the car is going to go down in value every day you keep it you're running up some pretty serious miles so good question matt's in raleigh and north carolina hi matt welcome to the ramsey show hi thanks for taking my call sure matt what's up um i just had my moment where I realized that things are really bad and they need to change. And I'm trying to figure out a way out of the hole that my wife and I have put ourselves in. And I'm wondering if I should sell the house to help figure us out of that hole. Wow.

So what happened? Tell me about it. So things were looking really good. We had our first house we bought when we were young, about 22 or 23, and we basically flipped that while we lived in it and sold that for a nice profit, and we moved up to a new house. Right around then, we had our first kid. We have two now. They are one and three. And we were just stupid and young. We had never planned for anything um we so how much debt have

you got um about 295 000 on what um 110 of that is a student loan debt that should be forgiven by the government in two years. No, it's not. That's absolutely bogus. Okay, now then, what else have you got? We have about $30,000 on cars, $55,000 on a truck that is about to go away, and $100,000 on a HELOC. Yes.

Okay, and what else other than the truck? $100,000 on a HELOC. Yes. Okay. And what else other than the truck? 100,000 on a HELOC. Okay. And what's your household income? We bring home around $6,000 to $7,000 a month. $67,000 a year? I'm sorry, $6,000 to $7,000 is what we bring home every month. Oh, per month.

I got you. Okay, I'm hearing you now. All right. All right, so you're making $90,000 a year, okay, or $100,000 a year if you're bringing that home. Okay. If you're selling the truck, I think I can see my way through this can't you um i think so but um i'm just trying to kind of i wanted to hear your opinion on it um so i'll tell you the thing that's bothering

me the most is there's no fight in your voice you sound defeated um i'm a little nervous okay that's fair a lot of fights that's fair yeah i've been working about um 16 hours a day um okay that's seven days a week for about a year but okay i realized this a few weeks ago i've been i've been really grinding yeah okay well you may need a little rest to start with but um that explains it I wasn't being critical. I just want to make sure that you've got enough gas in your tank because the math I'm seeing with the sale of the truck, you can push through this. You can scratch your way through it, but you do have to stop all of the negative habits of overspending that you've been doing. Hang on. We'll send you through Financial Peace University as our gift, and hopefully we can help you get on the right track here it sounds like you're heading the right

way ken coleman ramsey personality is my co-host today i'm dave ramsey your host thank you for joining us america one of the things that uh we have not very much of, and I regret that in the last 35 years on this show, is to follow up on, does somebody actually take our advice? I mean, we pretty much tell you what to do, and you just go off into your world, and the listener never knows what happens to you, and neither do we most of the time. That's true. You know, unless there's something there. But occasionally, we get to follow up. So Marcus called in and had not filed his taxes and asked Ken and I our advice a few months ago. And here's an edited version of his call,

so you guys get the gist of when he called the first time. I'll just be quick and to the point 2020 2021 i was working a mortgage company um they closed their doors in 2022 i was making quite a bit uh now i'm a teacher didn't file my taxes for 2020 and 2021 uh probably 80 of that was um obviously. So I did, I know I need to file those now, obviously, and I'm going to owe quite a bit. I was just going to see if I can maybe get some advice on how to go about doing that. Not paying taxes is not a criminal act. Not filing taxes is a criminal act. That's the danger that you're in. I'm more concerned about that than I am the payment plan. If you were doing mortgage origination in 2020, you made some bank.

Yes, sir. Yeah. Like what'd you make that year? Probably $250,000. And you paid zero taxes? Yes, sir. I want you to get it done now. I don't want them to come find you, okay?

I want you to go to them, like, immediately. No later than the middle of January. These documents need to be filed, okay? You've got the cancer diagnosis. You just don't know what the treatment is yet. Yeah, so he's probably got a $50,000-plus tax bill and needs to get filed and doesn't have the money to pay it. And that's where we left him.

But you have to go get filed immediately. That was the advice. So you guys heard the call. So Marcus contacted us and said he wanted to follow up. So let's talk to him. Hey, Marcus in Oklahoma City. How are you doing these days, brother? Dave, I'm doing a lot better.

I'm doing a lot better from that last phone i appreciate the help and advice sure tell me what happened uh i got online i got hooked up with a dave ramsey endorsed uh tax professional who basically said it kind of what you said sounds like you you know you've done dumb and you've got a long road ahead of you but uh i'm here to help um send me a affidavit to basically sign everything stating that if the irs contacts you uh we're going to be able to talk on your behalf um he got everything down they called me uh it was a lot it was still bad but it was worse than it wasn't as bad as i thought it was going to be and i think really at the end of the day just

knowing that number knowing knowing the monster that we have to attack is a lot better than just not just the unknown i guess so to speak so you've gotten a filing done gotten the fight took your took your advice got the filing done as soon as possible i think it was maybe mid to late january once it was is all said and done okay and now you've got a huge bill with a payment plan well yeah i had about 60 70 000 i put towards it oh which dropped yeah which dropped it down to about 20 000 oh that's not bad at all i thought you were in a deeper deeper mess than that that's awesome i mean it's horrible that that money's gone but i'm glad you had i didn't somehow i didn't remember you having a pile of money or maybe i didn't know that from the call i don't

know but um i'm glad you had that pile of money so you had a 90 000 tax bill is what you're saying yes sir that's correct ouch and you know it's just something about every every phone call i know as dumb as it sounds every phone call you get when you're in that predicament, you're thinking, oh, my gosh, I wonder if that's the IRS calling me, you know, asking me, or why haven't you filed, or, you know, anything else. Where are you so we can come get you? Right. The monster's in the closet. Yeah. Yeah.

Getting it filed, getting that number, and getting that, at least that, it still hurts, but just the unknown not knowing you know when you may get that call or that that certified letter or whatever the case may be is a lot scarier than what that number was so true well done well done you were brave that took some courage and uh and the moral of the story is the known is not as scary as the unknown. A hundred times over. Yeah, so maybe that'll inspire some of the people to take care of something. Because sometimes when you've got something just off in the background from your past and it's hovering out there, and you're just waiting on it, you know, the shoe to drop, so to speak,

that is a lot scarier than just dealing with it. And you go, oh, that's a lot. I mean, $20,000, we'll get through this. That's all that's left. I mean, $90,000. But I'm really glad you had the $70,000 saved from those good income years to throw at it. So that's good news. That definitely helped.

So are you married? No, sir. Okay. So you're single. Yes, sir. But in a sense, that makes it scarier because it's just you. Right. And it's like oh i mean who's gonna feed the cat if they come get me and it's like yeah just knowing that go ahead marcus just like i said just just the unknown just you know the phone calls and thinking

you know sometimes you know it'll say usa or US or something on your phone, and it just, it sounds stupid, but just thinking. No, it doesn't. No, it doesn't sound stupid at all. When you see headlines like they're arming IRS agents and hiring 80,000 more, I mean, that's called a real nightmare. Here's my quick question. Obviously, you went into the tax pro to solve the current issue. Did you walk away with, speaking of things that you know, did you learn some things? You have some better strategies going forward? Because I feel like you're a guy that's going to have more windfalls and more success. I'm just curious how much of that you've talked with your tax pro about. Yeah, I mean, I told him, I said, I'm not sure, you know, I said that number's a lot less than I expected. I said, you will be my CPA for life. You know, and he just,

he really kind of talked me through it. You know, he followed up with what was needed. Here's some, here's some other deductions we can take, you know. So he really worked with me. And I think Dave said, you know, don't do this alone. Don't try this alone. You've got to get a tax guy. You've got to get somebody to help you out and um just deductions that i would know about you know things that he he got up and was able to do for me and and then like i said i think the first step was when he sent me that affidavit and said you know sign this if the irs tries to contact you or anything like that you know we're gonna we're gonna speak on your behalf yeah that's a great feeling it's a great feeling it's like if you're the little guy at school and the football player says i'll take up for you here's my number i'm not kidding you

i was getting ready to say i was like i feel like it happened to me once or twice hey colman i got it just don't go out on the playground all right stay in the classroom i love it marcus congratulations that took a lot of courage i'm glad you did that and thanks for uh allowing us the honor of the follow-up call it's good for folks to hear it and it's inspiring when people take uh you know take the bull by the horns take responsibility and run straight at the problem and that's the shortest route to solving the problem all run straight at it that's exactly right so uh you know if you're facing something out there like that guys i mean yeah the tax pros are there if you want a tax pro to do your taxes or to help you with a tax problem uh the the guys and gals that we've approved, the tax pros are there. If you want a tax pro to do your taxes or to help you with a tax problem,

the guys and gals that we've approved across the nation that are Ramsey Trusted at RamseySolutions.com, you just click on the Ramsey Trusted thing, and there's tax pros everywhere. They'll help you. So there's people like that in a lot of different industries, where insurance and real estate agents and so on. And we've got the SmartVestor pros over in the investment side, all of that. And we put this network.

There's almost 8,000 of these different folks available that we have vetted in these different areas. And so you can check it out that way. But here's the thing. Jim Collins told me this, that wrote the book Good to Great. The research he did on his last book, he was telling me this in the green room when we were speaking together one time not long ago. And he said, ambivalence, not knowing, is more scary than bad news. Exactly right. It's like I've got a friend with a cancer diagnosis. And from the time they gave the diagnosis until they gave the detail and the treatment plan the not knowing was scarier than the actual bad news of what the

treatment plan and the actual prognosis was yeah once you know what the demon looks like once you know the size of the dragon then you know the size of the weapon needed that's right and even if it's an uphill battle even if it's a battle you don't know if you're going to win or not but at least you know the knowing how tough it is and doing the tough thing is easier than the not knowing. And that's what he just outlined. That's right. So fear of the unknown is a bigger fear than fear of tough stuff. That's what I'm saying. So step into it, people. Step into it. I don't know how much debt I've got. I'm afraid to look. That's scarier than knowing

how much. Get in there and figure it out. This is The Ramsey Show. Ken Coleman, Ramsey Personality, is my co-host today. Open phones at 888-825-5225. You jump in and we'll talk about your life and your money. Ian is with us in Tacoma. Hi, Ian. Welcome to the Ramsey Show. Hey, thank you guys for taking my call. Sure. What's up? Hey, so I have a question regarding my career. So a while back, about a month and a half ago, I kind of asked myself the age-old question of if I could wake up and do any job in the world, what would I be doing? And I came across the answer of being a pilot.

Because for a while, I've been interested in planes and aviation, and I've been to a bunch of aviation museums across the country. And it's just been something I've been interested in a long time, before a long time. And after doing research on the career, it's a lot. Training's expensive. A lot of time and money. Training's expensive. Job security is iffy, depending on when you enter the markets and when you finish your training. So it's a lot.

And I have a very stable career right now. I make decent money for what I do. So I'm kind of stuck in a head versus heart situation. No, I don't think you're stuck. I think you're scared. And I would be scared at this kind of staring at this giant mountain of time and money that is the transition you're going to have to make. But I would say that the stable job is, it's your platform, it's everything. And whatever you choose to do, if we choose to go the pilot route, you're not choosing between these things. And there is no head and heart wrestling match. I know what you're talking about. And I use that analogy a lot, but the only thing that's happening is your heart knows it wants to be in the air, and your head's

going, this is absolutely excruciatingly hard, and some days the brain's telling you it's impossible. And so what we have to do is get the head aligned with the heart, and so the heart says, this is what we want to do, and then we go, okay, how would we go about getting there? And here's the question for you, Ian, since you went with the metaphorical question. If you're willing to do what it takes, are you willing to wait as long as it takes? Absolutely. All right, now we got an answer. And I want to just get real personal for a second. I was 33 years of age when I got to a conclusion that I was supposed to go into broadcasting, but I had no degree in it and zero experience. And everybody I talked to in Atlanta told me I was too old.

And truthfully, I was. 33 is ancient to get into broadcasting. But my wife and I sat down on one very specific night, and I looked at her. I needed to know if she was willing to go all in with me on this, because I told her I thought it was going to be five to seven years before I caught a major break. It ended up being seven years when Dave asked me to join him, and it was two and a half more years of pay and due, so about nine years. So if you're willing to wait, and it may be five, seven, nine years, depending on your financial situation, if you're willing to wait as long as it takes, then I would go for it.

And that means you're going to be stable in a day job the entire time because we must stay stable. And then we build, we build, we build, we build. You get your hours. You get your licenses. You put the hours in. Because you licenses, you put the hours in. Because you've got to get the hours in the air under your belt. There's no exception to that. The only way to get around that and short circuit it is join the Air Force.

That's right. Or the Air National Guard, where they will train you and pay you. That's right. And it's a full-time gig. And when you finish your service time, you come out a pilot and you're ready to go. That's if you get approved. Now, you could make that route. But otherwise, you're going to be a weekend warrior at the airstrip,

and everybody over there is going to know you. And you may even be doing some light instructing or something as you go along to keep your costs down on your time in the air. How many years, based on your financial situation, have you mapped this out? How long it's going to take you to save up the money? Because you know we don't want you to go into debt just in order to get in a big old plane. What's it going to look like? Yeah, I've thought about that.

I actually ran the numbers a bit ago. And in theory, I should be able to cash flow flight school by the summer of 2026, assuming I'm working full-time while going through flight school. Great. Man, that's two years to get started. What's it look like, the full timeline on the other side of that when you're ready to get hired? So from what I've heard, it's generally 18 to 24 months to go from zero hours to a commercial flight instructor which is the most common way to build hours and then after you get commercial flight instructor it takes around another two three years depending on how many flight hours you get. It depends a lot on region,

weather, stuff like that, students, how big the school you work for is. Yeah, but it's very dual. So from zero hours to air transport pilot license minimums, generally it's three to six years. Okay, so let's split the difference. So let's say four and a half, and that's starting at 2026. So by 2030-ish, we're ready to roll.

Yeah, in a best case scenario, yeah. I know, but I'm just letting you get your head wrapped around that because that is we're talking about a four to seven year play, and you've got to be signed up for that. But on the other side of that, I want to challenge one of your suppositions. The airline industry is in dire need of talent.

And so you keep your nose clean, you do a good job, you become extremely likable, really work the relationship game this entire time, you're going to be in demand. You married? No, I'm young. That's one of the advantages game this entire time you're going to be in demand you married uh no i'm young that's one of the advantages of i'm 20 oh i love this 27 he's doing it why don't you go the air force route it'd be faster it's true um i actually have a medical condition that prevents me from flying for the military okay i have amblyopia in my right eye so lazy eye so it is uncorrectable to 2020 okay but you can fly commercially with that

condition yeah yeah yeah just military they've got heavy requirements i have i i would have to go through the f like as some medical process through the FAA. So, yes, I can, but that's a process. I wouldn't be able to jump immediately into training with the medical license I need. Yeah, that's right. Okay. All right. Gosh. Yeah.

He's a sharp young man who's laid it out. Here's the other thing, Ian. I want you to give yourself permission along the way for you to decide, oh, it's not a career, it's a hobby. That's a good point. And maybe I've got a different career in front of me. And that's okay too. You could go. I mean, the number of guys that I know, and I'm in my 60s,

that are pilots that do it just because they enjoy flying. They are not doing it for a career, but they've gone and gotten their pilot's license because they enjoyed the intellectual stimulation and the thrill of flying and having the airplane at their control. There's a bunch of them, a bunch of good friends that do that. I've avoided it because I know how I am.

I'll get sucked in and I won't do nothing else. I see you in some like one of those stunt planes. Yeah, I'll be, I wouldn't be doing anything else. I all or i'm it's so i'm not it's i'm not a good personality for that that's why i did not try to learn to play golf until i was almost 60 because i knew it would get sucked in and i did i just want to see you in one of those old school planes with the leather hat and a little snoopy hat yeah snoopy and the red bear the chin strap flapping in the wind yeah i've actually got a picture of me doing that in a biplane but i wasn't flying it i was a pilot yeah but i like i mean i gotta see that all right i need to see the picture now we do know that you like to jump out of planes

i have done that that's that's kind of a thing for you are you done with that have you gotten that out of your system no i'll do it again i mean it's fun i haven't i just not it's not i'm not doing it every weekend right yeah um yeah there that was a was a fun thing. I started doing that when I was 60. You're a recreational skydiver. Yeah, that's it. You and George Herbert Walker Bush. There you go. There you go.

Our 41st president got into it. Well, yeah, that's how. I think that was just military training, if I recall. But, yeah. Good job, Ian. Very cool. Sharp young man who's really laid it out. And, you know, most people want to microwave everything.

He's willing to crockpot it. Sounds like it. That's what it takes. That's a big deal right there. That ability to delay pleasure to win, that's called maturity, regardless of the number of years you've been on the planet. This is The Ramsey Show. Ken Coleman, Ramsey personality, is my co-host today thank you for joining us today's question of the day is from Adam in Florida I'm a new listener and I've got a burning question is

there any way to leverage debt and stay aligned with your methods no we tell people not to borrow money I mean you don't listen to show up about 30 seconds to figure that one out, dude. It seems to me as a WT employee that the only way to attain outsized financial freedom would be to reach C-level suite corporate America. Oh, brother. Or become wildly successful salesperson. Oh, brother.

I recognize that there is much more to life than acquiring wealth, but if there was ever a time to take a shot at entrepreneurship through acquisition or buying short-term,-term rental properties i'd be now you sound like a tiktok ad dude um i would also prefer to be my own boss rather than an officer of a large company okay so you don't want to work for a large company and but but here's the thing you have created a world in your mind that says that the only way to become wealthy is go borrow a bunch of money and buy real estate. Other than do things that you don't want to do, which is be a C-suite or whatever.

The truth is that C-suiters don't become that wealthy that often anyway. So that's a misnomer. A high percentage of small business owners build wealth if they survive in business. The number of people that borrow money to buy real estate and 10 years later are not bankrupt is almost zero. So I'll give you an example, Adam. When I was in my 20s, I did this. You obviously have not heard the story. So I got a degree in real estate.

I grew up in a real estate household. I got my real estate license when I turned 18 years old three weeks later. I sold my first house to another guy as an agent a week and a half after I got my license. So I've been doing this a long time it's in my blood i really know real estate i started buying real estate from nothing went deeply into debt buying everything i could buy everybody that would loan me money because i was doing this stuff back then before there was cable tv or tiktok to tell you how to do it and i was doing all the things that they're showing people to do now.

And I bought and bought and bought and bought and bought. And by the time I was 26, I had $4 million worth of real estate that I owed $3 million on starting from nothing. I was a millionaire. And in 1983, I made $250,000. That's $20,000 a month in 1983 doing real estate. So I was successful. Except I'd borrowed a lot of money.

And my largest lender that owed a million two of that 3 million two got sold to another bank and they called our notes because they looked over and said, there's a 26 year old child that owes us a million two. And this scares the crap out of us for good reason and we want him to bring us our money now let me tell you what you call real estate that you sell fast cheap that's what you call it there's one way to say real estate sell real estate fast low price so i start giving away my real estate to meet these note calls our second largest lender got word that i was in trouble within 24 months after all of that i was bankrupt i lost everything i owned i was sued i was foreclosed on our marriage was hanging on by a thread and with a brand new baby and a toddler i was bankrupt and got the opportunity to start over

so a man with an experience is not at the mercy of an idiot on TikTok with an opinion. I've been there, done that. I got all your t-shirts. So don't do this, Adam. Don't do this. Not because I had a bad experience, but because what I learned in that during that time was I joined the Nashville Real Estate Investors Club. As a matter of fact, I was an officer in the Nashville Real Estate Investors Club. It was formed by a nothing down guy named Robert Allen, who wrote the book called Nothing Down. If Robert Allen was in the business today, he'd be big on TikTok.

Nothing down. The book called Nothing Down. And he formed these clubs all over America, people buying nothing down real estate by the way he went bankrupt interesting the guys that were in that club that were buying real estate on debt which was almost all of them some of them more debt than others some of them less debt 10 years after i was bankrupt you know how many of them were still doing real estate? Two. The rest of them had gone broke. The two that didn't had sold off the vast majority of their property to get the debt paid off and clear a handful of properties.

So this idea that you're going to build wealth with highly leveraged real estate is absolute hogwash. It simply does not work 10 years later. You can't find somebody that's been doing these flips with heavy debt that survived 10 years. You can't find a 10-year-old one. They don't make it because it's such high risk. There's so many mistakes you can make.

And I'm a freaking expert at this. I mean, I was really, really good. Dude, I was a millionaire by the time I was 26, starting from nothing. I was good at it. I was a pro. So, you know, now, you know, you're the the the the things you are asserting in this are absolutely false in this question. So how do you become wealthy? Our millionaire statistics, the largest study of millionaires ever done in North America,

say it takes an average of 17 1⁄2 years. You fully fund your 401K with a match and good growth stock mutual funds, and you pay off your house, and you stay completely out of debt on everything if you want to buy some real estate you do it after you get your house paid off and you pay cash for your first rental and then you'll have a lot of cash flow because you don't have any stupid payments and then you pay cash for your next rental and then you pay cash for your next rental which by the way is what i started doing when i turned 28 after i was bankrupt and now i'm worth several hundred million dollars, and most of it's in real estate,

and I haven't borrowed a dime since I was 27 years old ever again. I don't borrow money. It is not a proven plan to wealth. As a matter of fact, it's a proven plan to not become wealthy. And I missed something well i want to address this last sentence i would also prefer to be my own boss we have a young man here i don't know if he's young or not sounds like it but um you don't know if you want to be your own boss or not we have 70 of americans in recent polling said they wanted to work for themselves

but only six percent of americans. There's a massive gap there. And the reason is because what we think we want to do in the form of working for ourselves, actually, we don't want. Because when you've got a gap, Dave, between 70% wanting to be self-employed and 6% are, it's not all it's cracked up to be when they actually look into it. It's really hard. When you work for yourself, your boss is a jerk. Yeah, and more demanding.

Do you think you had a demanding boss before? Wait until it's all on you, pal. And so I just want to point this out. He'll work you to death. Yeah. I love the entrepreneurial spirit we see of this young generation. There's a difference between wanting it and wanting to do what it takes to get it. And I think this is a young man who doesn't know what he wants. I would say I wanted to validate what he wants.

I know what he wants. He wants the shortest possible path to wealth. That's it. That's all in here. Well, we all want freedom. Welcome to the human race, right? That's why John Locke and Cicero and Epictetus and Thomas Jefferson all have created this phrase, the pursuit of happiness.

But here's the deal. I've sat here in this studio and watched thousands of people talk about attaining outsized financial freedom the words he used here and they did it the way you described outsized financial freedom in 2024 is the is the baby steps millionaires that we talk about and that we have helped do it that's outsized because most americans are up to their eyeballs in debt and are going to retire broke there's only 15 million millionaires in america that shows you the percentages right there that's outsized don't you think dave so if you have a million dollar net worth what you own minus what

you owe you are outsized that's right and it's the first step to having 10 million um so uh never has there been a c-sweeter on that stage that I'm aware of? Maybe there has. Yeah, we get them occasionally, but, but it's very rare, but the number, but the, the correlation between, I have to be in the C-suite in order to be one of the 10,167 people that we interviewed that are millionaires. There's almost no correlation, none, none whatsoever. Now, um, you know, uh, uh, you know, I will tell you that the fourth largest category of career is business executive. That's right.

Which would include C-Sweeter. Sure. But these people are steady investors. They're not impatient. But, Adam, your question screams of immaturity. It screams of, I want it. I want it now, and I want it easy. Please, honey, I did it. Don't do it.

Don't do what I did. It's painful. That's why I do the show, so I can keep guys like you from becoming guys like me. Because what I did was really stupid, and it really hurt everybody I loved. 🎵