The Ramsey Show - App - If You Believe the Lie, You Activate the Limits (Hour 3)

Episode Date: August 14, 2019

Chris Hogan, Millionaire Theme Hour   Tools to get you started: 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 is an indicator that you're on your way to be an everyday millionaire. It's an everyday millionaire theme hour here on the Dave Ramsey Show. Thank you for joining us. We're going to be talking to real millionaires this hour. Millionaire expert, number one best-selling author of the book Everyday Millionaire, Ramsey Personality, Chris Hogan joins me for this experience.

It's always fun to talk to these people who really did it, not someone who pops their gums about what their theory is. I completely agree with you, Dave, or someone that has a thought on if it's even possible. We're talking to real people, Dave, that have actually plugged in, stayed focused, and over time, they built real wealth in America, and it's still possible today. And we didn't make it up. We just said, if you're a millionaire, call us. That's right. And if you won the lottery, we'll hear your story.

Yep. If you're a trust fund baby, we'll hear your story. Although we almost never get those. I went back through, Dave, and looked over almost the past year. We don't have any trust fund babies. I mean, I think I've talked to two since I started doing this theme hour. Really? Two people that, and they weren't trust fund babies in the derogatory sense just meaning they inherited their money right they didn't they

didn't uh start from nothing almost everyone that calls us on the millionaire theme hour started from nothing now we don't care i'm not mad at you um when i die my kids will probably well i think they already are will be millionaires before I die. Okay? But when I die, they're going to be multi-gazillionaires. So, there's no shame on my kids for receiving that inheritance. So, if you inherited the money, there's no shame on you. Right. We're just glad for you. Yes.

I don't care how you succeeded. We're just happy to be here with you. So, we want to hear your story. If you are a millionaire, and a millionaire is someone who has a $1 million net worth. Now, sometimes idiot politicians, which is redundant, and sometimes people with opinions think that millionaire means making a million dollars a year. It does not. A millionaire, there's a clinical accounting finance definition and to say net worth millionaire

is redundant because millionaire means a one million dollar net worth right that is absolutely right dave and as i help people to identify that i tell, take what you own minus anything you owe on and walk through that and that gets you there. And I actually have a tool. It's a net worth calculator at my website. You can go to chrishogan360.com slash net worth to see exactly where you stand. Okay. So what you own minus what you owe, your assets minus your liabilities equals your net worth. It is that simple. Yes. So in my case, is that simple yes so in my case i own a bunch of real estate i own a bunch of mutual funds i own ramsey solutions which is very valuable i own a gun collection i have a few other collections because i'm pretty much ocd when i started collecting stuff but the vast majority of my net worth would be in this business right

in the real estate and in the mutual funds. And so since I have no debt, I can just add that up, and that is my net worth. Well, Dave, I was going to say you were going down the asset list, but your debt list is small. It's nonexistent. That's exactly right. The interest rate on my credit card would be zero because I haven't had one in several decades so if you're a real millionaire your income or not your income but your assets minus your liabilities is a million dollars or greater we don't care how you got that we want to talk to you and learn how you got it we want to learn

from you and in the process uh you 16 million people across america get to listen in and find out what real millionaires are by the way there's about 11 million of them in America. Yes. And we did the largest study ever done in North America on millionaires. Over 10,000 of them surveyed to find out the characteristics and hundreds and hundreds of statistics gathered. The key, we think the key 140 of them are in your book, number one bestselling book, Everyday Millionaires. So if you want to learn more about where millionaires come from, who they really are, not what your broke brother-in-law with a political opinion thinks, but what the real millionaires are, then just read Chris's book. It's in there. All right, we're going to start with John in Virginia.

John, what is your net worth, sir? Thanks for having me, Dave. My net worth is just shy of 1.6 just checked it okay 1.6 million and what's the mix on that what are the categories in the breakdown uh we've got about 340 000 in a taxable brokerage another 600 000 in the thrift savings, and the rest is a mix of traditional and Roth IRAs. Okay. Real estate? No, sir. I'm in the service, so the Navy keeps moving me every couple years.

I've never been stationed in a place where I can settle down and buy a house. I'm looking forward to that when I finally am able to retire from the service and settle down somewhere. So brokerage, TSP, and mutual funds in your ira equals 1.6 right how old are you right uh 49 49 way to go man you're killing it so how much of your 1.6 is there because you inherited it ah not a dime okay all right and give me your range of your household income since you started working your your worst year and your best year. Well, you know, military pay is pretty transparent. I mean, over the years, I've claimed the ranks from 01 with less than two years' experience to today as an 05 with about 18 years.

So including allowances, that would be something like a low of 70 and maybe a high of about 150 today or so. Okay, cool. So what is your rank today, sir? 05. Now, what does that mean into a civilian what what is your rank you're a you're an eight-star general i don't know what that means i'm a commander in the navy okay all right i'm kidding call it lieutenant colonel but okay i'm kidding with you i just didn't i honestly don't know what that was okay so thank thank you thank you for your service by by the way. Very, very cool. Chris?

Yes. Have you ever, John, worked with an investment professional? Well, in the beginning, yes. I mean, I don't know if the guy that I was working with was one of your smart investor pros or not, but he acted like one. I mean, he was a teacher, and he carefully explained what he was doing with my money and why. I had read a lot of books on personal finance and investing, but with him, I got to watch how he managed the funds. And I learned a lot about, you know, proper asset location and diversification and tax loss harvesting. You get the idea. So after a couple of years, I felt like I had it down and I let him go and save the fees. And I've

been managing my own money ever since. Fantastic. Did you get your degree? Well, yes. You know, when I started this journey in the service, I had a bachelor and a master's degree. And one of the things I learned in the service is this idea of never-ending professional development. I mean, you never finish getting better. We're always trying to improve. That's right. So over the years, I've added two more master's degrees and a doctorate, and I'm not done. I guess you could say I'm focused and not finished.

I like that, my friend. And what was your GPA? Do you remember? I'm rocking and not finished. I like that, my friend. And what was your GPA? Do you remember? I'm rocking a solid 3.1. 3.1. All right. And do you and your family do any giving, John? Well, absolutely.

That's important to us. I mean, I learned real quick that if I put off my giving until last, somehow there's never money left over to give. There's always an excuse not to give this month. Something always comes up. So my solution was to automate it. I set up an allotment from my pay, and my charity comes right off the top. I never even see it in my checking account. It goes into a separate account at a different bank,

and I know that all the money in that separate account is earmarked for giving. John, you're an absolute rock star, man. Yes, he is. 1.6 million, 49 years old, military guy. And learned it, had a teacher as an advisor, then took it over himself and did it. Well done, sir. Yes, sir. Thank you for your service.

Again, thank you. Yes. Very cool. This is the Dave Ramsey Show, an everyday millionaire's theme hour. Did you know that if you combine the data breaches that have occurred in the past 12 months, almost every American has had their personal info compromised or hacked. Over 50% of our listeners and viewers tell us that they or someone in their family has been a victim. And 70% of those folks have had it happen more than once.

See, this is unbelievable. Once thieves get your info, the risk never goes away and they can use it whenever and however they choose. It truly has become an issue of not if, but when. That's why the only plan I've ever recommended is through Zander Insurance. I actually sat down with them, and we put together a plan that I felt provided the best protection, but didn't waste dollars on things you could easily do yourself

or were just gimmicks. The key is getting protected before you're a victim, and it's too late. Go to Zander.com or call 800-356-4282. We are all at risk, and it doesn't make sense to wait. Numbers don't lie. That's Zander.com or 800-356-4282. It's an Everyday Millionaire theme hour on The Dave Ramsey Show. We're talking with people who have a $1 million or greater net worth, what you own minus what you owe. If that's you, you can call in now.

We want to hear your story. The phone number is 888-825-5225. Nancy is next up in Alabama. Nancy, your net worth? $3 million, sir. Very cool. Give me the breakdown of the mix of that, please. It's about $1.4 in pre-retirement, and then the house, which is paid off, is about $350,000,

and then $100,000 in 529,000. And then the rest is in 401K. Okay. So, $189,000. So, about a million bucks in 401K. Yes. Okay. Did I do that right?

Yeah. That's pretty close. Yeah. Okay. Good. Way to go. How old are you? I am 50. All right. Young millionaire for close, yeah. Okay, good. Way to go. How old are you? I am 50.

All right. Young millionaire for $3 million. Yes. Well done. Yes. So how much of the $3 million do you have because you inherited it? None, sir. Zero.

Zero. And your range of income through your working lifetime, your worst year household income and your best year household income and your best year household income um first year out of college combined income was about 80 and probably our best year was about 210 very good what do you guys do for a living uh i am a speech therapist part-time and my husband is a pharmaceutical researcher does drug development. Pharma. Okay, cool, cool. So what are your degrees in?

Speech therapy. Yes, and his is in organic chemistry. He has a PhD. You're a couple of brains now. Okay, so tell me your GPAs, because you guys have got, both of those are very rigorous intellectual fields. Well, we actually both are probably in the 4.0 range. I was guessing. Yeah.

Okay. That doesn't surprise me a bit. That doesn't surprise me. Well done. Congratulations. Thank you. Nancy, did you or your husband, do you all work with an investment professional? Yes, we do.

We have since probably about 17, 18 years ago we started. Fantastic. And do you all as a household do any giving? Yes, we do. What kind of giving do you do? Well, we tithe, and then every year we budget $5,000 for Christmas, and then we sit down as a family, and everyone gets to pick a charity to give it to. That is fantastic.

Nancy, along this journey with you and your husband, I'm sure at some point you made some type of financial mistake. What was your biggest financial mistake in this everyday millionaire journey? I'd have to say I definitely regretted buying a $45,000 Toyota Sienna in 2005. That was a lot of money back then. Okay. Okay. You were already a millionaire by then. Well, not quite.

Yeah, pretty close. Oh, yeah. Okay. Maybe. Yeah. I don't remember exactly. I'm guessing. Okay. Maybe. Yeah. I don't remember exactly. I'm guessing, okay? I'm talking to two folks with really strong intellects living in Alabama,

in pharma and in speech therapy, and I'm seeing the picture of you flash up on YouTube. I'm going to guess and say not many people have any idea that you guys have accumulated this much. You're under-the-radar people, aren't you? I would say absolutely we are not the typical uh you know live and show your wealth type of people it's it's the millionaire next door that's how i would describe us yeah yeah you fit the bill so when people in the media these days are saying things like all the wealthy inherited their wealth or they're crooked or you have to be a famous entertainer or you have to be inordinately brilliant.

Does that offend you? It does me. It does a little bit. I think I look around me and I see everyone just trying to live with more than what they have. And, you know, we've done a good job of not trying to keep up with the Joneses and just being disciplined. And it's doable. It's definitely doable.

So what would your advice be to the 25-year-old that's out there listening right now that thinks that it's not doable? What should they do if they were to change their mind and try? Well, I think it's about consistency, having that money, and you've said this many times, taken out directly of your paychecks. You don't even see it. And after a while, you don't even remember that money is being funneled away, but it's building.

And that compound interest is your best friend. And really living beneath your means, you know, because you can't save what you're spending. That's exactly right. Well done. Well done. Hey, thank you for calling in, Nancy. Very proud of you.

Very, very, very well done. John is with us, and John's in Minnesota. John, what's your net worth? Right around 1.9. Very cool. Give me the breakdown of the mix of that, please. $900K in a primary home with a 133 mortgage left on it, $300K on the lake house,

$600K in IRAs and 401Ks, $100K in non-retirement uh 40k in emergency fund and 130k and a 529 for the girls well done what's your age 51 and you're worth two million bucks how's that feel it's hard to say out loud when you first added it up that first time and saw that you had a million dollar net worth what It's hard to say out loud. When you first added it up that first time and saw that you had a million-dollar net worth, what went through your mind? That I should add it up again.

This must be a mistake. Yeah. So what's your range of income, your best working year and your worst working year? You know, I expected that question. I can't remember clearly my first working year and your worst working year. You know, I expected that question. I can't remember clearly my first working year. I think it was about $18,000 right out of college, give or take. My best is $340,000. Okay, cool.

What do you do for a living? Or what did you do? What do you do for a living? Sales exec. Sales exec. Way to go. Yep. Okay, cool.

And do you have a four-year degree? Yes. And what? Majored in psychology, minored in business. Psych and business, sales exec making 340. There you go. There's a formula. All right.

And your GPA when you went to school, do you remember? I'd say 3.2, but it was actually 3.1 something. Okay. All right. We can round up if you want. I don't care. It was a couple years ago. Nobody's going to look it up.

Okay. And, John, did you ever work with an investing professional? Oh, yeah, for quite some time, 20 years probably. Very good. And do you do any giving as a household? We do. We give at church. We are a secret Santa every year to a fairly significant degree, $3,000 to $4,000, I think, of paying off other people's layaway Christmas gifts. Wow. We tip very generously, and we spend a lot of time volunteering.

Very good. Good for you. So are you TV people or book people? Probably 75 book, 25% TV. Okay. So what's the best nonfiction book, non-Ramsay nonfiction book you read in the last year? Oh, just finished Shoe Dog. finished shoe dog oh really yep the story of nike yes absolutely it's a great book really well written great book i agree i agree it is it is very well written and the storyline the story arc is just it's a page turner it's a good book oh yeah no if you yeah you don't want to put

it down yeah my wife read it actually my wife read one recommended to me really so yeah see sharon reading that that's kind of humorous to think about because her reading shoot off but yeah it's fun but she did and she loved it she said it was she said it's very inspiring so i immediately picked it up very very good good job. Good job, man. Very cool. What's your advice to the 25-year-old version of you? Have a plan. It doesn't mean it has to be the perfect plan or the right plan. Have a plan.

Don't just wander aimlessly and expect things to work out. Intentionality. The power of intentionality. That's right. I love it. Way to go, John. Proud to talk to you, man. Thank you for calling in on our Everyday Millionaires theme hour.

Hadn't talked to a crook yet. Nope. All wealthy people are crooked. They should have their money taken away so we can pay off your student loans with it. It's ridiculous. I hate socialism. This is the Dave Ramsey Show. So I've been doing this for 30 years, working with families, getting out of debt, and showing them how to build wealth. And then they have, surprise of surprises, built wealth.

And so I've known and still know thousands and thousands of millionaires, hundreds and hundreds of deca-aires worth 10 million or more and i have met probably a hundred billionaires in my life and so when i hear and see on social media that too many people in america today think that everyone inherited their wealth that has wealth or that they're crooks or that they're famous entertainers or athletes is the only way to build wealth or that they're brilliant all of those things tell the regular joe like me that you can't build wealth because the only shot you got is to inherit it, to be crooked, or to be inordinately talented as an athlete or an entertainer, or to be brilliant and, you know, 4.2 GPA, which I'm none of those things. So a guy like me can't do it if you believe the narrative that is put forth. And it creates a hopelessness in America, the most powerful economic engine ever built in the history of mankind.

And this narrative has created a hopelessness. And so my reaction to that was, this is BS. Because it's a series of lies that are stealing people's belief that they can win, so they refuse to engage the process to go win because it's hopeless, because the only way you can do it is one of these ways because the game is rigged. That's exactly right, Dave. And so that's what started this theme hour. I said, let's talk to some real people that are real. The people that I know, they're not those things.

That's right. So that are wealthy. So, let's talk to some real millionaires and let them tell us what the truth is instead of what your broke brother-in-law with a socialist political agenda has. Well, I agree, Dave. And here's the thing. If you believe the lie, you activate the limits. If you honestly believe... Now, that's tweetable.

That's pretty good. Don't you do it. Don't you tweet it. That's pretty good, Hogan. I'll say you said it. All right. Thank you. But that's tweetable, that's pretty good. Don't you do it. Don't you tweet it. I'm also you said it. All right. Thank you. But here's the problem. Growing up in Kentucky, if you firmly believe those lies and you think it's based on Dave,

let's take it a step further. If you think it's based on where you were born or how your family handled money, if you think those are things or where you went to school, if all those things are factors, then I need you to know something. That's a as well it's not about those things if you think it's based on race that's right if you think it's based on sex yes if you think it's based on all these other things that are limiting factors uh as we've studied millionaires there's one of every kind that's right that's exactly there's a whole bunch of every kind yeah and so the reality is is that you've got a choice as dave has talked about with

the ramsey baby steps and the process you've got a choice and i know some of you are sitting out there right now and you may be up to your eyeballs in debt and you think chris you don't understand where i am actually i do i do. I understand. I've seen it and I've seen people with much more debt than what you have right now. But the difference is, is the decision you make today that you're going to make a decision to change that, that you're going to work hard, you're going to get focused and you're going to have a plan for your money and you're going to show people what you're able to do. You don't need a permission slip, America. You don't. You've got the opportunity sitting in front of you and please don't let anyone tell you that the system is rigged and you can't win now i will

tell you this the truth is it's hard you're gonna pay a price to win you're gonna live like no one else so that later you can live and give like no one else. No discipline seems pleasant at the time, the Bible says, but it yields a harvest of righteousness. No discipline seems fun. But, you know, the ability to delay pleasure is an indication of emotional maturity. That's what it is. And so adults devise a plan and follow it. Our last guy we talked to a minute ago said, what do you do? Don't wander aimlessly.

Have a plan. Children do what feels good. Yeah. You know, we laugh, we party for tomorrow, we die. That is the mantra of a child. Instead, you say, I'm going to enjoy my life. I'm going to have a plan, and I'm going to execute on the plan, and I'm going to pay a price to win. And that's what these folks are done.

It's very, very insulting to good, hardworking people who have been thrifty, who have been generous, who have been kind, who have integrity for some of you with a political agenda or just your sheer stupidity because the only input you've ever had into your little pointed head was a college professor on tenure who's never made payroll from one of these ridiculous institutions out there. And so the only place you learned anything about life was from a socialist who's on payroll and can't get fired and uh and so you know what your butt is is ignorant that's what you are you're ignorant you're not unintelligent you're just ignorant you just don't know and the difference is is that chris and i have been studying this and walking with these

people for a long time and the people inside ramsey here I have been studying this and walking with these people for a long time, and the people inside Ramsey here, we've done the research, and we know. We know. And so if you don't agree with these summations, you're what's known as wrong. There is a correct thing here. When you say all wealthy people are crooks, that makes you an idiot. Because it's just not so. And it's aggravating his crud.

It's insulting to John and Nancy and John, who started with nothing. Everybody inherited their money. Well, not those three, and not the 10,000 we talked to. Al is up next, and Al is in Missouri. Al, what is your net worth, sir? I'm worth, right now I'm worth about 3.2.

Good for you. And give me the mix of that, the breakdown, sir. How is that broken out category-wise? 2.6 is with the advisor, and it's mixed with stocks and bonds, 401K. I think there's 800,000 in my 401K, probably 600,000 in my wife's. And the rest of it, that's about it. Most of it's with the advisor. Gotcha.

And the other 600 above the 2.6, your house? Yeah, basically house and vehicles. Gotcha. Okay, cool. How old are you, sir? 75. Very good. Love it.

And what was your range of household income? What was the best year you guys ever had as a household and the worst year? Are you talking before retirement or after retirement? Your whole life, yes, sir. Okay. Whole life was 185? Uh-huh. That was after retirement?

Uh-huh. And your worst year ever? Married life or single wife, when I was single. Either one, you choose. Well, starting out, I was probably at $12,000 to $15,000. Gotcha. Okay. What did you do for a living when you were working, sir?

Worked in a factory. Doing what? Worked in production. I worked my way up into supervision. Gotcha. Okay, cool. You got a four-year degree? High school dropout.

High school dropout. Okay. So where did this wealth come from? Did you inherit it? No. It all came from savings. Taking all the advantages I had while we were working, my wife and I both. Max at 401k, stocks, whatever the company would contribute. Gotcha. Okay.

How does it feel when you look up and realize I'm a factory worker, I started with nothing, I'm a high school dropout, I have $3.2 million. You've got to be proud of yourself. I'm proud of you, and I just met you. Yeah, I'm proud of what we accomplished. I mean, I spent a lot of money along the way, and we still got it. My Christmases end up being any place from $150,000 a year to the kids. I love it.

I try to do that every year. I still have this left. That's fun. And he's got his investments with an advisor. Yes, he does. He's working with someone. Four for four. It's not an accident, America.

This is The Dave Ramsey Show, an everyday millionaire theme hour. Our scripture of the day, Philippians 4.13, I can do everything through Christ who gives me strength. Lou Holtz says, winners embrace hard work. They love the discipline of it, the trade-off they're making to win. Losers, on the other hand, see it as punishment, and that's the difference. Chris Hogan, Ramsey Personality, number one best-selling author of the book Retire Inspired and number one best-selling author of the book Everyday Millionaires, is my guest this hour. He and I are talking to real millionaires on an everyday millionaire theme hour chris will

be doing four of the live events the financial peace live events this fall three of them with anthony and uh one of them with me and um actually uh october where in the world i must have the wrong year on this okay where are they chris do you remember dave we're gonna be uh in charlotte i want to say and i think that's in november uh and we'll have an opportunity uh to dig in there and and uh we're going they are here we go i'm gonna be austin texas with anthony uh and then i'll be in tacoma washington with anthony then phoenix arizona and then dave you and i are in charleston south carolina november 20th that's what you were thinking of when you said yes yeah i was going no

i don't think i'm going to charlotte okay yeah that's it all right good deal so uh you can get tickets to those financial peace live events uh chris and or Chris and me in Charleston at DaveRamsey.com or ChrisHogan360.com. He's also got his Everyday Millionaire's Investing Guide, a 30-page guide. It's completely free, and you can download it at ChrisHogan360.com there's the net worth calculator at chris hogan 360.com and the r iq that's right to determine your uh retirement iq all of these are wealth building tools and they're all free at chris hogan 360.com yeah dave it's a one-stop shop for you to really get started and understand your journey because i want you to believe out there that you can become an everyday millionaire you just need a plan and you can become an everyday millionaire.

You just need a plan, and you need to make a decision. Read the book, and it'll walk you through it. It'll take you through it. All right. Let's talk to Jim next. Jim is in South Dakota. Jim, your net worth, sir? A little over $8 million. Good for you.

Well done. Break that down for me. What's the categories? A million dollars, a little over a million dollars in my 401K, and then a balance of assets and land. Okay. So you're a rancher? Yep. Okay.

All right. Very cool. Good for you. And how old are you? 55. 55. All right. And so did you inherit the land? no you bought it okay i bought it yep

wow and uh and you managed to work it and get it paid off with the business is that how it worked correct yep uh i do that and then i um i work full-time-time away from the ranch. So I've just been buying land. They were started right out of college. This is a large gentleman's farm. So how many acres is this little ranch? About 3,000. I was guessing.

What do you got on it? Cattle? Yeah, cattle and then some of it's farm grow. Okay, good for you. Very fun. So what do you do for a living in your day job? I'm a sales rep. Okay, good deal. Good for you. You have a four-year degree? I do, yep. Bachelor's

in science. Okay, alright. And what was your GPA? Not that good, Dave, about a 2.75. Okay. They gave you the same degree they gave the other guy, right? Yeah, I guess so. I worked for a year to try to pay for college, so I guess I'd be classified as a non-traditional student.

Gotcha. Okay. And how much of the $8 million is there because you inherited it? Zero. Okay. All right. And what was your best year household income since you've been working and your worst year household income since you've been working? $17,500 would be the low, and about $245,000 would be the high.

Very good. Very cool. How did you manage to get all this land paid for? Well, as soon as I got money put together that I could make a down payment and make it fly financially. I just bought land. And you know anything about land, of course, it's appreciated a tremendous amount here in the last, well, I guess ever since I bought it, but especially here in the last 10 or 15 years. So I just kept buying whenever I could. Okay.

And then you paid it off, obviously. Yeah, we don't have any debt. No. Okay. How long ago did you get debt-free? Well, I get debt-free, and I've been debt-free about four or five times, and then I buy another chunk of ground. Gotcha.

Borrow some against it, but I guess officially about three years ago. I got you. and then I buy another chunk of ground. Gotcha. Borrow some against it, but I guess officially about three years ago. I got you. The last go around. Okay. How many acres did you say again? 3,000? Correct.

Wow. That's so impressive. That's fun for you. It's got to feel pretty good. It's got to feel pretty good to stand on the edge of that and look at it, right? Well, yeah. Yep. I never would have guessed when i graduated from high school or college that uh that i'd be where i'm at but uh and by the way thanks for what you guys do

well thank you tell people what what they should do if they want to be you when they grow up well um i'm pretty stubborn um i'm not the smartest guy in the world, but I put together short-term and long-term goals. Always have. And every month or two months, I would take a look at them and see where I was sitting in a relationship to making those goals. And so I guess devise a plan and follow it the best you can. You got children? I do. yep, four. So how do they feel about this inheritance that they're going to get someday of 3,000 acres?

Oh, I think they feel good about it. I guess we've had some discussion with them, but I guess I hope they don't fall back on that or think that they need to use either that land or the value of that land as they move forward. Hopefully, they'll do it on their own. Jim, do your friends or family have any idea what you're worth? Probably not. They never asked, and you never brought it up no no i love it that is so fun well congratulations sir it is an honor to speak with you that is a fun story i love that story. All right, Justin is on the line in California.

Justin, what's your net worth? Hey, hi, Dave. I'm kind of shooting in the dark right now. I'm $4.5 million. Gotcha. Break that down for me. We have a 401K. We have close to $600 or $700 at this point. And then we have about that's close to six six or seven hundred at this at this point and then uh we have about 400 and another investment but it was it's outside of 401k and i couldn't even tell

you what it's called other than uh it was it wasn't pre-tax i guess before we got it and then um real estate you know we have uh some commercial property and also um a home that's paid off and so that's uh so the bulk of yours is in real estate how much of this did you inherit 1.2 million in real estate and then you know it's probably more than that because i got i think i have saved up about 3 million in in cash. Okay. All right. Yeah, you probably ought to sit down and add this up. How much did you inherit? That's funny.

I didn't inherit any. No. Okay. How old are you? 43. Oh, way to go, man. Very proud of you. Super young. Thanks for calling in.

Well, we're up against the clock, Chris, but here we go again. I mean, zero inherited it. All the way down. Zero are geniuses. Nope. Zero, you know, and listen to this. Today was a little young. 49, 50, 51, 55, and 175-year-old.

175-year-old. And, Dave, we got a high school dropout. Yeah. And the rest. And a guy with 3,000 acres. That's my favorite call that's big that's pretty incredible yes i just love that everyday millionaire theme hour that puts us hour in the books we'll be back with you before you know it in the meantime remember there is ultimately only one way to financial peace and that's to walk daily with the Prince of Peace, Christ Jesus.

Hey guys, this is Blake Thompson, Senior Executive Producer of The Dave Ramsey Show. Did you know over 15 million people listen to The Dave Ramsey Show every week? And a lot of those people listen to one of over 600 radio stations across the country. To find a station near you, head to DaveRamsey.com slash show.