The Ramsey Show - App - How They Did It and What They’re Doing Now (Hour 3)

Episode Date: October 17, 2019

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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 the paid-off home mortgage is an indication you might be an everyday millionaire. Joining me this hour, number one best-selling author twice over, Ramsey personality. The latest number one best-selling book is Everyday Millionaires. Chris Hogan joining me as we're going to do an Everyday Millionaire theme hour. Welcome back. Well, thank you, Dave.

It's good to be with you. And I'm excited because we get to talk to real people that have done this. Not people with opinions, Dave. You know, that is the thing. It really is. I mean, we're going to talk to real millionaires this hour. If you are a real millionaire, and that means that you have a net worth

of greater than $1 million, your net worth is not measured by your income. It is measured by your assets minus your liabilities equals your net worth. What you own minus what you owe is your net worth. When that equals $1 million, you're a millionaire. I don't feel like a millionaire. It's not a

feeling. It's a math problem. Okay? I don't give a crap how you feel. Are you a millionaire? And we'll ask you later how you feel. But, you know, it's a math thing. It really is. $1 million isn't enough.

I don't know about that. That's up to you. I don't know what you want to do. It might be it's more than most people got. I can tell you that. There's only 11 million millionaires in America today. And so, you know, you can learn how to do this so what we're going to talk to are real millionaires and find out did they win it on the lotto were they all nfl or nba stars did they all inherit

the money or did they have a series of habits and things that they do that causes it to happen and we started doing this because one of the things we do at Ramsey Solutions, I think we need to rename this place Mythbusters. You know? Yes. The mythology that millionaires all come from inherited money, that's just a load of crap. It is.

The mythology that you have to have a credit card and a FICO score to become prosperous, it's a load of crap. The mythology, Anthony's new book, best-selling already, debt-free degree, that you have to have student loans to go to college is a load of crap the mythology anthony's new book best selling already debt-free degree that you have to have a you have to have student loans to go to college and you always always have to have a car payment absolutely and you know this is just stupid stuff that people believe i agree and one of the things we do is we step on stupid stuff that people believe because if you believe stupid stuff you know what that makes you stupid he got it it was i had a little delay there underhand pitch it did it was that was a big one

but it's important i mean we have to decide what is going to be truth for us and so we can decide a plan and listen when we make our minds up and we start to move in the right direction we can make changes and that's what we're going to talk to you this hour. So real millionaires is all we want to talk to. If you have a net worth of a million dollars or greater, you really don't care how you got the money. We want you to tell the truth because we really want to expose where does wealth come from? Because this show is about teaching people how to change their family tree. That's right.

And I've always said if you get out of debt, you get out of debt so that you can build wealth. You live like no one else so that you can live and give like no one else. It's always so that. And so does this theory work? Does this stuff we've been preaching around here for almost 30 years actually work? Well, let's talk to real millionaires. We didn't tell them what to say, and you can call in right now if you're a real millionaire the phone number is 888-825-5225 we want to know where'd you get your money

because other people want to know where to get some money this is not a deep concept all right terry is going to start us off in south carolina hey terry what's your net worth uh 2.75 million. Cool. Break that down for me, sir. What categories? Most of it in mutual funds. Give me the numbers.

Okay. I've got $2.2 million. I'm sorry, about $2.3 million in mutual funds. Okay, is that like your 401k or what? I have an IRA. I'm a retired engineer, so I moved out of my 401k into a traditional IRA. Okay, so this is in retirement accounts and mutual funds. All right, 2.2.

What's the other 500? Okay, house. How much is it? 300,000. Okay, cool. All right. okay uh house how much is it two point two hundred and three hundred thousand okay cool all right you got about 150 and something else cash and i've got some savings bonds that are still paying four percent and uh cars gotcha how old are you? I'm 62. Good for you. Okay. How much of your almost $3 million net worth did you inherit? None.

Zero. Okay. And what's your best working year income and your worst working year income since you've been an adult? Me or my wife and I. Your household income. Household, about $250,000. working your income since you've been an adult? Me or my wife and I. Your household income. Household, about $250,000. That was your best year. What was your worst year?

Best year was about $250,000. Worst year was when we started out. I was making about $20,000 a year. Okay, cool. So if you didn't inherit any of it, where did your wealth come from? From work and investing in 401ks. In fact, once we got our kids through college, when I was about 55, we were able to max out on our 401ks, both of us,

giving the maximum amounts, including the catch-up amounts. So we did that for about five or six years. The other thing I did is I worked for a paper mill that got bought by another company. And about five years into that divestiture, we got a letter from the previous company that said, you have a traditional retirement program that you're in, but we want to give you an option of taking cash if you want it. Well, I got $367,000 out of that deal. I took the money. Yeah, yeah, okay.

Because I didn't want a traditional retirement plan that when I die goes away. Yeah, so you had a lump sum rollover from a pension. Okay, what was your career? I have two engineering degrees, chemical engineer and pulp and paper science and engineering. Okay, and obviously that was your degree. What was your GPA in school? 3.94. All right, very cool.

And have you ever worked with an investment professional, Terry? Yes, I worked with, can I name a company? No, no, no. Just the fact that you worked with one is important. Yes, I've had one for over 20 years. Okay, fantastic. And do you do any giving in your household yeah we give we tithe okay to the church anything else you give to yeah um 100%

of it goes to the church okay what's the biggest financial mistake you guys made you there's two and i'll be brief one I bought a 1986 Oldsmobile Cutlass diesel. That was a piece of crap car. That car was horrible. I factory ordered it, man. The other thing is my wife and my three daughters taught me into building a pool, otherwise known as a money pit. Love it.

Very good. Oh, that's the truth. I'll tell you, my pool eats money. I agree with him. I agree with him. All right, we're talking to real millionaires. It's an everyday millionaire theme hour. Ramsey Personality, number one bestselling author Chris Hogan joins me this hour to find out where millionaires really come from.

You've got to teach your kids where millionaires come from. We want to know the truth. You teach them where babies come from and teach them where millionaires come from. Millionaires, yes. So they need to know how to do it both because that way they get grandbabies for you. Are high health care costs getting you down? Are you confused trying to navigate your options? Do you wish you could find an affordable, biblical solution to your health care costs? Based on New Testament principles, Christian Health Care Ministries, or CHM, helps Christian families, churches, and ministries join together as the body of Christ

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Number one best-selling author of the book by the same name, which is a compilation of 140 of the statistics that we found in the largest study a millionaire has ever done. Chris Hogan joins me this hour to talk to real millionaires, which is what we did with that study. Oh, it's exactly what we did, Dave. And for people out there that if you really want to know the truth, what you have to do is you've got to get out there

and you've got to find people that have actually done it. So as Dave said, we talked to over 10,000 from all across the country to get to the truth. And so if you want to dive in, and you can go to my website, ChrisHogan360.com. There's the information, the white paper out there on the stats. But also pick up a copy of the book. You start to read some of these stories in this book, and you start to realize there's no excuse for you not to begin your everyday millionaire journey. Exactly. You can get there.

Craig is with us in Montana. Hi, Craig. What is your net worth, sir? Hello, you guys. Happy to be on. About 1.08, so I just crossed over the threshold. Well, congratulations. All right, break that down for me by category and give me the numbers.

Okay, about $740,000 in Roth and 401K, about $48,000 in cash, savings, account, money markets, and then house, about $300,000. Got it. How old are you? 66. And how much of this money, how much of you being a millionaire is attributable to you inheriting your money? Only $10,000 and an insurance policy, but that really didn't affect anything.

Okay. All right, cool. And what was your best year working income and your worst year working income best year is probably right about now because i'm still working and that's probably about a hundred thousand if i do a bunch of travel it's a little more than that per year my lowest was right when i joined the u.s air force was 288 a month at 1972 three thousand dollars and that was and that and that was big time at that time. Absolutely. What has been your career through your working life?

In my active duty Air Force where I served for 24, I was an avionics technician, and then now I work for the biggest American airplane manufacturer, and I'm still an avionics technician. Okay. So I've done that my whole life. Cool. So did you get a four-year degree, or did you learn this on the on the job in the military? I did most of it uh my on the job but I do have a degree in professional aeronautics. Okay all right cool and what was your GPA in that?

Oh probably 3.5 because they go easier on you when you get older. Craig let me ask you did you ever work with an investment professional? Not directly. My wife has one through work that we just sat down one time because it was free of charge to run our numbers through with him. And he looked at it and said, oh, you're diversified pretty good, but never directly where we had somebody guiding us. Okay, and do you and your wife do any giving as a family? We do to our church, to our local YMCA and other community projects as needed. What would you tell people the secret that's not really a secret?

What are the key components of you becoming a millionaire starting from nothing? Well, I've started from nothing a couple times over and done stupid with zeros, just like you always say. And if you're just plugging money in the bank and you think $20 a month is only going to be $40 in two months and $60 in three months, you've got to get that out of your head, and you've got to not use credit cards to buy stuff and go deep into debt to buy stuff, which we have done multiple times.

So slow and steady wins the race and avoid debt. Absolutely correct. Okay, cool. You've alluded, Craig, to a couple of things you've done, but what's the biggest financial mistake you guys made? Well, I got my pilot's license and instrument rating all on a credit card. That wasn't so smart. I've taken job cuts to live in better locations, which cut my pay down,

but still felt I had to buy a house and buy a car and all this so i've lived overseas where i could have banked a lot of it and we did a lot of good stuff but i didn't bank as much as i could right now yeah i've ridden this roller coaster a few times cool good for you well congratulations sir you did it man in spite of the roller coaster. Well done. Well done. Good information. Kim is with us in Florida. Kim, what is your net worth? Our net worth right now is $1.4 million. Okay. Break that down for me.

Give me some numbers by category. Yes, sir. $842K is in SEP IRAs, $401K is Roth IRAs. $134K is an after-tax investment account and mutual funds. $235,000 is in CDs and cash. Our house is worth about $175,000. And the other $25,000 is in cars, furniture, China silverware, all that other stuff. Got it.

How old are you guys? I'll be 65 next month, and my husband's 66. Got it. How old are you guys? I'll be 65 next month, and my husband's 66. Got it. And how much of the $1.4 million net worth is there because you inherited it? We inherited $100,000 from when my father-in-law passed away, but we have held that for our two kids who are their only grands. We've already dispersed $60K to them, and the other $40K we don't include in our net worth. So you're not a millionaire because of that?

No, sir. Okay. All right. Okay, cool. What have been your careers in your working lifetime? Currently, I work in a library. My husband is a self-employed videotape editor, and we've kind of been involved in that type of work

for pretty much all our careers. I took off 14 years when the kids were small, but came back to this after that. Household income, what was your best year and worst year in your working lifetime? The best year was last year. It was $140,000 gross, and our lowest sounds kind of funny these days. In 1973 when we got married it was right around six thousand dollars that's about right okay very cool wow and did you get a degree um after i started work i was working in tv station at the time and i got an aa degree

it took me one year to do it because i took CLEP tests and was working full-time, and I got a 4.0 GPA. My husband's degree is a master's in communication at University of Central Florida, which was FTU at the time, and he's graduated summa cum laude with a 3.5, I believe. All right, so you beat him. You beat him. That's good. Did you all ever... He had harder classes. Yeah. Kim, did you all ever harder classes yeah kim did you all ever work with an investment professional you know that's what kind of turned around our investment we got a professional fiduciary which is the important word investment person around 2008 okay and it has really helped us very good and And do you all do any giving as a family?

Yes, sir, we do. That's the thing that brings me the most joy. We give to our church. We give to faith-based groups who help homeless people. Mercury One, we give to a veterans group, History Preservation Society, Liberty Council. And the one that's the most fun is after his parents passed away, we created a $1,000-a-year scholarship fund in their memory.

That's fantastic. That's fun. Yes. Good for you. Very, very cool. So what's the biggest financial mistake you guys have ever made? Oh, boy, there's a bunch of them. Probably the biggest one, the time didn't seem to be a mistake.

We just thought we were caught up in it. There's a bunch of them. Probably the biggest one, the time didn't seem to be a mistake. We just thought we were caught up in it. Between 82 and 85, we moved three times to three different cities, and we bought a house each time, and we ended up losing probably a net of about $25,000, which at the time was a good bit of money. Absolutely. So jumping from city to city selling houses without sitting on them long enough to go up in value. Yes.

And paying all the real estate fee commissions and the closing costs. In 25 seconds, what advice would you have for the 25-year-old version of you that's listening right now? Okay. Live below your means. Learn what's the difference between need and want. Be content and find happiness where you are right now, but always work on doing better and becoming better. Love it. And that's a wrap right there.

Wisdom. Yes. Everyday Millionaire Theme Hour with Ramsey Personality, Chris Hogan. This is the Dave Ramsey Show. We'll be right back. Everyday Millionaire theme hour with Ramsey personality, number one best-selling author Chris Hogan, number one best-selling author of the book Everyday Millionaires. Now, Chris, we need to really be clear. If you are a super nerd and you want all the details of the study, like you don't have trouble sleeping at night,

because you just love getting down and combing through the details, there were hundreds and hundreds and hundreds and hundreds of statistics and conclusions drawn from those statistics in the largest study of millionaires ever done in north america that we did all of that is in a white paper that you can get at only at dave ramsey dot com we don't sell it anywhere else but it's the national study of millionaires the pdf download it's um like nine dollars or something right you're super nerds, okay? Most normal people would be asleep in about 20 minutes reading this thing. I had to read it because I own it, and I wanted to make sure it was right, and it took me three nights because I kept falling asleep reading it to make sure it's okay.

So you may like that stuff, and if you want all the details, that's fine, because some of you super nerds have bitched and whined and moaned that the everyday millionaire didn't have enough statistics in it to suit you. Well, just get the $9 thing and get your butt to sleep, okay? Yes. You can read as much as you want. If you want to actually learn the 140 key findings, the key statistics, they're in the book, The Everyday Millionaire, along with the stories. That's right.

Along with the people's lives, and the color commentary. And that book is actually worth reading. Yes. Yes. And you will not go to sleep. Well, hypothetically. No, you shouldn't. You should not go to sleep.

Not as easily. No, not at all. You can go to sleep reading any of that. But I seriously want you to pick up a copy of the book. People are raving about it. They love the five characteristics that I walk through for the everyday millionaire. And these characteristics are all things we can put in our life right now. We just need to be aware of it and make a decision. Characteristics weren't you had a rich uncle. No, nothing to do with inheritance, nothing to do with the school

you went to either. That's all I'm going to tell you. But go to Chrishogan360.com get your copy of the book today and a disturbing number are not 4.0 gpas uh very few of them under 3.0 much right there weren't any 1.6s that graduated with a degree in beer pong uh but i mean you know people whose parents are cousins or whatever they didn't make the list but the uh but you know guys like me i got a 2.97 i'm still pissed off about that 3.1 of a point but i got a 2.97. I'm still pissed off about that 3.100. It's a point. But I got a 2.97, and it's worked out for me. I think you're going to be okay. I made it.

Yeah, I made it. Yeah, I do. So there you go. All right, Stephen is with us. Stephen, what is your net worth, sir? I literally just crossed a million bucks about a month ago. One million. Love it.

Okay, cool. Where do you live? Kentucky, right? We're in Kentucky. Lexington. Good. Good. Good. So break that million, right? We're in Kentucky. Lexington. Good. So break that million down for me by category in dollars.

I got a paid-for house, about $375,000. I got 75 liquid, $50,000 in my 529s, and the rest is in the Roth IRAs or 401ks. So about $500,000 in retirement? Yes. And about $500, 500 and the other stuff okay cool very cool how old are you i will be 39 next month young one young good job how much of this did you inherit about 30k okay and when did you get the 3030,000? In the last year. Okay. So you were already basically a millionaire before you got $30,000. So we cannot say you became a millionaire mathematically because of inherited money.

Correct, yes. Okay. I'm not putting words in your mouth. If I'm wrong, tell me. No, you're fine. Okay. All right. Now, your best household year income and your worst household year income? Best is probably about 220.

Worst, when we first got married, about 30K before she had a job. Okay. And we were just starting out. What's your careers? I'm in sales, and my wife works in philanthropy. Okay. What do you sell? Food. Okay, good. uh your degree is in what uh in finance okay four year a four-year degree a four-year degree four year yes

where'd you graduate from uh milligan down in east t. Yeah, okay. And your GPA? I barely crossed the 3.0. I'm kind of like you, I think, so right in there. Okay, all right, very cool. Very good. Steven, did you all work with an investment professional at all? I did not. I kind of grew up, I started my Roth when I was a teenager,

so I was kind of weird. Started investing way back when. Okay. And just kind of learned about it through the years and through college. Very good. So you learned about this stuff from your parents? Yes. They were very much a debt-free family. Very good. And do you and your family, do you all do any giving?

We tie it to the church and some local charities. Okay. Now, I know you are a young, everyday millionaire, and that makes me excited to hear, but I'm sure you made a financial mistake or two along the way. So what is your biggest financial mistake that you've made? We never did too many of the stupid tax moves or anything like that. Okay. Probably just not being focused.

When you first get married, we just really weren't focused. Not one big decision. So when do you think you started this track? How old were you when you got on the track that mathematically, not mentally, but mathematically, when did you start to become a millionaire? When were you like 22, 26, what? When I first started the sales job, I knew I had a long way to climb because it was basically all, you know, compensation based on how hard you worked.

So those first few years I worked really hard to kind of build up a good route and went from there. And, of course, my wife is the cheapskate i'm actually more of the free spirit um but thankfully i definitely married up in that situation okay so what would you say when what you're how old were you when you started 24 25 okay so you did this in 15 years yes so you became a millionaire from ready go, 15 years later? Yes. With a household income of 220 high side? Yes. Okay.

Good for you, man. Yeah. That's beautiful. So you really did. I mean, you didn't make a lot of mistakes. You didn't get sidetracked with a lot of stuff. You probably could have squeezed a few more drops out of this, but you've been game on, man. Yeah.

Like I said, we're kind of a straight and narrow path sort of family. We were slow and steady. Nothing fast about it, nothing fancy, just steady. Have you been going on vacations? No crazy fancy ones, but, yeah, we will take a small one each year. Okay. All right. So you actually have a life. I mean, you're not like living in a cave, collecting lint,

coming out on triple coupon Thursday or something. no no nothing like that okay i mean you take your wife out to restaurants don't you oh definitely yes okay all right that's good all right very cool well done sir you earned the right to enjoy yeah yeah well but also sometimes people say well the only reason he did that is he had no life for 15 years but But he did have a life. That's my point. That's exactly right. I assumed he did, but I wanted to ask and let him fill in that blank. Because some people are really hell-bent on being a victim. And so you really have to put all this mythology to bed and drive a stake in the heart of it for this to happen.

So far, we've got four millionaires. None of them inherited their money. By the way, I think I've talked to two since I've been doing this. They inherited their money. And in addition to that, maybe one lotto winner. Yeah. No, I mean. But, I mean, 90, not just the ones that call in and we actually get on the air here.

Right. Because we're not going to attract some trust fund baby probably. But even if they listen, they're not going to call in. You're welcome to call in if you're a trust fund baby. I'd love to talk to you. But the point is the people that actually call in on the Millionaire Theme Hour, it's more like 99%. Right. No, it is. Did not inherit their money.

That's exactly right. Which, why do we keep emphasizing that? Let's talk about this for a minute. Because political morons keep bringing it up. Okay, I was going to say something, but that's exactly right which why why do we keep emphasizing that let's talk about this for a minute because political morons keep bringing it up okay i was gonna say something but that's good well i mean he's they're idiots no they are and they want you to believe that's the only way that you can do the only way you're gonna become anybody's socialism and so vote me in the white house and i'll fix your life i I'll save the day. And the truth is that that's just BS. It's a lie. It's mathematical BS.

Stop lying. You know, the evil rich people have got control of the economy. Oh, you conspiracy morons. Really? All these people started from nothing and they became wealthy. That's right. I'm so stupid I had to do it twice. Touchdown, baby.

Jeez. This is the Daveave ramsey show our scripture of the day isaiah 26 3 you will keep in perfect peace those whose minds are steadfast because they trust in you mark kane said the first step towards success is taken when you refuse to be a captive of the environment in which you find yourself wow we're just talking about that over there yes we were it's amazing yeah very cool all right we're talking to everyday millionaires chris hogan number one best-selling author at my right ramsay personality number one best-selling author of the book retire inspired and then a follow-up with the uh the 140 of the statistics from the largest study done of everyday millionaires called everyday millionaires and basically the summation of the book is here's what they did

if you went and did it you could do it too there it is dave that's a perfect that's a great summation all right there it is it can happen And the four myths of wealthy people are mythology. They inherited all their wealth. Mythology. They're all crooks and stole all their money. All the wealthy people are crooked. That's absolute BS. They're almost all famous entertainers, athletes, et cetera.

Of the 11 million millionaires in America, less than 1% are people you know their name. There you go. They're brilliant. They are all rocket scientists and have a 4.7 GPA, which I never figured out how you could get that if 4.0 was the scale. But anyway, people come up with more than that. And so it turns out that being brilliant is not necessarily a – it doesn't hurt. No, no, no.

It's not like if you're brilliant, you can't be a millionaire, but it doesn't cause it. That's right. And it's not a prerequisite. That's what I'm saying. Yes. Perfect. Barbara's with us in California. Barbara, what's your net worth?

4.1. Dave and Chris on a good day. Hey, it's a good day. I like it. Proud for you. So break that down for me. How did it break out? So we have 2 million in homes paid off, of course,

and about $1.7 million between the two of us, although mine is bigger, in retirement. And we have a $529,000, $180,000 for our daughter, and about $150,000 in an emergency fund. Okay. Hey, I want to ask you about the homes because that's an unusual ratio that I don't see that often. Are all those homes you use that you consume or are some of those rentals? So we have one, our big house, we call it the big house. That's where we live.

It's 1.3. And then when we moved from our little house, we kept it to rent it, and it's just about $700. Oh, okay. So part of it is rental. Okay. Because I was thinking if you had like a mountain home and a – I mean, if you had all this that you were consuming or something. And you are in California real estate, too. So what city are you in?

Well, we're in Sacramento, Dave and Chris, and I can't wait to see you in November. We'll be here shortly. Yes. November 16th, the Smart Conference will be there. All right, so how old are you guys? Well, we're on the older side, so I'm 60, my husband's 62. Hey, I'm 59. That is not old.

I know. You shut up. I hear a lot of me in you, but I'm older than you, but my life was your life, Dave. I love it. uh how much of this 4.1 did you guys inherit so we do my husband does have a trust fund um we didn't have it we've been married 18 years and we didn't have it the whole time but we do get money from his trust and about when i calculated i think it's about 700700,000 that we got from his family. All right.

How long ago? Well, we get it every month. Okay. For how long? I'm sorry. For how many years? So, about 16 years. I think maybe the first two years.

Okay. So, it is a substantial part of your wealth then. Yeah. Okay. Yeah. That's fair. Good. Okay.

And your best year income and your worst year income not counting the trust yeah best year income was last year my husband got this bonus that tripled his income so it was about um 420 000 wow the worst was probably about 110 there we go all right Very cool. And what were your careers? So my husband is still an architect, and I was an account manager for health insurance companies. Okay. All right, very cool. And what's your degree in?

Political science. PoliSci. PoliSci. And your PoliSci GPA? Well, I wish it was as high as yours, Dave. I think it was about a 2.6. All right. There we go.

Like it. What about your architect husband? He got a degree in architecture, obviously. He did, but it wasn't a 4.0. Somewhere between 3 and 4. He was better than me. Yeah. Okay.

But you got more in your retirement. I do. So you still win. You still win. Okay. Let me. Yeah, okay. But you got more in your retirement. I do. So you still win. You still win. Okay. Let me ask you, Barbara, do you all work with an investment professional? We do. We do.

We work with someone. But I got to tell you, I look at our money every day. I track it every day. I make adjustments. I look at it every day. Very good. And do you all do any giving as a family? We do.

We have a couple of what I call our house charities, and that's who we donate to. That is fantastic. Barbara, what would you say is you all's biggest financial mistake that you've made on this journey? Well, my biggest, of course, is that I didn't hear Dave Ramsey and Chris Hogan when I was 20. But on top of that. If you had heard them when you were 20, you would not have gotten anything because we were stupid. Yeah. Listen to this.

Listen to this. It took me 10 years, 10 years to pay off $4,000 of student loan. Wow. Yeah. Okay. That was my biggest mistake. Yeah. Just not of student loan. Wow. Yeah. Okay. That was my biggest mistake. Yeah. Just not believing it could be done.

Not believing that it could be done. What advice do you have for the 25-year-old version of you listening? So I put myself through school, Dave, just like you. I worked my butt off. I did everything like you guys talk about. I took $2,000 out and went on a two-month travel extravaganza to Europe. Well, it wasn't extravagant, but I would say to them, and my daughter's telling me now, I don't want to go to a high-priced school, Mom. I want to go

local, state, maybe even a junior college. So you can do it. You can put yourself through school we have great state schools and i say go junior college is free in california now for two years then you go to a uc or state you can transfer it's like an automatic train just go for it you don't have to be rich i was so broke but you know what i i lived like no one of like no other before i knew that's what i was doing yeah okay well done congratulations very very proud of you all right charlie's in arizona i'm gonna try sneak this in for a run out of time charlie what's your net worth about 1.3 1.4 and break that down for me by category in dollars about 900,000 in 401ks and investment accounts. Got it. And about almost $200,000 in cash. Okay. And our house is worth about $400,000, and we're debt free when i have any any debt got it good for you and how

old are you guys i'm 61 and my wife is um 59 how much of this did you inherit i would say maybe 20 000 okay so you're not wealthy because of inheritance i know sir okay and what was your uh career for i was a computer engineer okay and my wife was a dental assistant got it what was your best working year and your worst working year household income about a hundred and let's say 120 000 i also uh referee I'd say $120,000. I also referee high school and college sports also. Okay, cool. So there's a little bit in there, yeah. Very cool. If you're going to tell a 25-year-old version of you listening,

can this still be done? Yeah, I think so. I got my kids on the track right now. I think I've talked to them about you and Chris quite a bit. And I think my son is actually doing the envelope thing with him and his wife and four kids. But I would say that when I was younger, I was a good saver, but I wasn't a good investor. I just say that I wouldn't invest. That's a big difference right there.

Yes, it is. Very well done. Well, congratulations, sir. We're proud of you. So 2.7, 1.1, 1.4, 1.0, 4.1, 1.3. One person did have a substantial inheritance out of the whole group. The rest did not. And there we go.

Just normal folks again. Every day, millionaire. Yes, Dave. I mean, we just keep seeing it time and time again. Chris Hogan, thanks for joining me. Thank you for having me, brother. The book is Everyday Millionaires. If you want to know how it's done and who did it, the real ones, not the

mythology, that puts this hour in the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with the Prince of Peace, Christ Jesus. This is James Childs, producer of The Dave Ramsey Show. Did you know you can now listen to The Dave Ramsey Show on Pandora and Spotify? For all the ways to watch and listen,

check out our show page at DaveRamsey.com slash show.