The Ramsey Show - App - Learn How 10,000 Net-Worth Millionaires Built Extraordinary Wealth (Hour 1)

Episode Date: August 7, 2018

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Live from the headquarters of Ramsey Solutions, this is the Dave Ramsey Show, where your life and your money takes the focus. I'm Chris Hogan, filling in for Dave, and I'm so excited to be with you. Today is a very, very special day. I mean, I kind of feel like a kid on the first day of school. You know how you're planning for this day? You've marked it on the calendar, and you're excited about it. It kind of feels like it'll never, ever get here, but you stay focused, you hope, and you just keep turning. Well, ladies and gentlemen, I didn't think this day would ever get here, but let me take a deep breath.

Because it's here. After a year and a half of focusing, the effort, the team commitment to this project, it's here. After a year and a half of focusing the effort, the team commitment to this project, it's here. Ladies and gentlemen, I'd like to tell you that my second book is available. Now, I'm showing this to you. Those of you watching on YouTube channel, you can see this. But here it is. It is Everyday Millionaires, How Ordinary People Built Extraordinary Wealth and How You Can Too. This has been a passion project for me.

This is one of those things, being just a rural Kentucky boy, growing up in a single family, single parent home, and based on all the things that I heard that was possible. Now, I don't know if you all out there have had somebody tell you that you can or can't do something, but this is one of those things where I really wanted to dig in because the word millionaire for me had this whole different context. I thought you just had to either be born into money or you had to get lucky or you had to just do something that was outside of your control. And I'm telling you something, I'm so excited for you all to get this book for a couple of reasons. First and foremost, this is the largest study that has ever been done on millionaires. Did I say largest?

Because I just said it. I'm going to say it again. It's the largest study that's ever been done. We studied over 10,000 millionaires. Y'all didn't hear me. You didn't hear me. I'm going to say it one more time. Over 10,000 millionaires. Y'all didn't hear me. You didn't hear me. I'm going to say it one more time. Over 10,000 millionaires.

We got on the phone with them. We did research. We talked to these individuals to get their stories. And I'm telling you something. I can't wait for you to read their stories. I can't wait for you to see and understand and get connected to these people. Also, you're going to have an opportunity, the research. The research was astounding, absolutely amazing to really dig in and to see the truth. Because we hear these myths

all the time. We hear things that people tell you, well, this is what they had to do, or this is what they must have done. And it's not like that at all. And so not only do we have the research, we have the stories, but we also have another part that I can't wait for you to read. And that's information talking to you about the character qualities of these individuals. Really boiling it down and helping you to see what do you need to do in your millionaire journey. You see, that's the journey we're all on. We're on this step to be able to make sure that we're doing something that'll stand for something, that we have an opportunity to take care of the people that we love, but to also be able to do some amazing things for others. And I'm talking about giving. And see, walking through

this process, I'm telling you, it opened my eyes to a lot of things. I had some things that I learned. And I'm telling you, I've been dealing with money for over 20 years. This blew me away. So I'm excited for a couple of reasons because I'm going to give some stuff away in this hour. If you're a caller and you call in, I'm going to give you a copy of everyday millionaire. Yep. I can do it. You know why I wrote the book. I can do it right.

I'm going to give you, I'm going to give you a copy. If you call in this hour. Now, here's the other thing. Uh, so excited for this. I'm telling it. Right. I'm going to give you I'm going to give you a copy if you call in this hour. Now, here's the other thing. So excited for this. I'm telling you, seriously, I think my hair grew a quarter of an inch today. I was just giddy because when you work on something and you want people to have information because I want people to have the truth. And ladies and gentlemen, this is what you're going to have.

So it's a beautiful opportunity. We are doing the pre-sale of the book starting today. Matter of fact, we just kicked this thing off 10 minutes ago. It's available for you. Now, here's the deal. For $20, you're going to actually get $50 worth of stuff. You're going to pre-order the book. Now, you pre-order now. The book is going to come in January, but you're going to be one of the first people to get it if you pre-order. But here's what else you get, because you get $50 of free items with it. You're going to get a copy of the e-book. You're going to get a copy of the audio book, where I've hired someone to read it to you. Now, you know I'm just playing. I am reading it to you. You're also going to get a

video lesson from me and also from Dave. So again, $20 pre-order, you're going to get $50 worth of stuff. You get the book, you're going to get the e-book, the audio book, as well as the two video lessons. So it's a great opportunity. Here's what you need to do. Go to ChrisHogan360.com and you can pre-order there or you can go to DaveRamsey.com and order it as well. So it's a great opportunity for people to get plugged in.

Again, you know, I'm one of those people that if you hear enough myths or you hear enough lies loud enough, long enough, we actually end up believing them. And there's a lot of things that we cover in the book that some of us have started to believe regardless of where you come from. But it's a matter of what did your family believe about money? What did your family think that you could achieve? What do your friends think? What do your neighbors think that you could achieve? What do your friends think? What do your neighbors think? You see, we've all been there where you've had some people that have doubted you, people that thought you couldn't do something. But deep down inside,

when we make a decision to get focus, oh, some things start to change. And that's what I want. I want people to know the truth so we can start to make our own decisions. And so in this, again, we're going to bust open some myths. I'm going to tell you the truth. I don't want you to believe any more lies. And we're going to talk more about truth and the myths in the second hour. But I want you to plug in and get this information. It's a great opportunity. This has been so much fun.

The team has worked extremely hard to get all the data together. And now you're going to have a chance to have it. And one of the things, you know, for me, I don't know about you all, but I've had people actually tell me I couldn't do some stuff. They said, Hogan, you know, you're not going to be able to do that. And I'm thinking to myself, they must not know me. They must not know who I am and what I come from, meaning that I feel like I have an obligation not only to my family, but also to my heritage, the grandparents that came before me, the great grandparents to make sure that I do the best that I can.

And those Hogan boys, well, I love them with my whole heart. I want to make sure those boys have better. Well, you know, the only way kids or grandbabies get to have better is if us as parents and grandparents, we start to do better. We've got to change our thinking. If you change your thinking, I think you can change your life. It's a matter of making some decisions. So again, if you'd love to get a free copy of it, all you have to do is call in.

Kelly is manning the phones and she will definitely get you on. But you can also pre-order this book. I'm telling you, you need to jump on this thing. Go to ChrisHogan360.com and you can grab a copy. So excited for you all. So excited for me. So excited for the team to really be able to dive in on this. And a lot of people believe that you just have to be lucky, right? And I don't know about you, but that word luck, it's one of those things that drives me crazy, right? I think there's something I can do that's better than luck. And that's called being focused, where you make decisions and you start to do things in a direction that gets you to the destination you're striving for. And I think when we start to do that, there's not anything we

can't do. I don't care what anyone says. And so I want you to start to believe in yourself. Don't let the doubters get in your ear. We get to make our own decisions. You know why? This is America. This is the greatest country on the planet. We've got opportunities that we can decide to grab a hold of and really start to make a difference. I'm excited. I'm excited, ladies and gentlemen. It's here, finally.

Everyday Millionaires, how extraordinary people build extraordinary wealth. I'm so excited I'll get tongue-tied. But how you can, too. It's here, people, and now you can get your copy. You're listening to The Dave Ramsey Show. Can you believe this real estate market? Home shopping has become so competitive. There's a ton of new buyers in the market, and bidding wars are the new normal. Folks are under a lot of pressure to offer more money to get into that house. Don't do that.

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NMLS ID 1591. NMLSconsumeraccess.org. Equal housing lender. 761 Old Hickory Boulevard, Brentwood, Tennessee 37027. Ladies and gentlemen, you are listening to The Dave Ramsey Show. I am Chris Hogan, sitting in for Dave. If you missed it, we just announced my second book, Everyday Millionaires, How Ordinary People Built Extraordinary Wealth and How You Can Too,

just officially went on pre-sale. You have an opportunity to get that for $20, and once you order that, you're going to get $50 worth of free bonus items. You're going to get a copy of the audio book, the e-book. You're going to get a video lesson from me talking about how to retire inspired, and you're also going to get a video lesson from Dave telling you and explaining to you how it's okay to be wealthy. Great opportunity. Also, later on today, you don't want to miss it i'm going to be doing an everyday

millionaires theme hour actually talking to people that have actually done it so you gotta have a great opportunity and i also told you that if you call in in this first hour i'm going to be giving you a free copy of my book and also i want you to know something else we're doing something else to celebrate the launch of everyday millionaires we We're also doing a millionaire Kickstarter giveaway. We're going to give away $5,500 in cash to help you fund your IRA and to give you your first step toward becoming a millionaire. You could be one of two lucky winners. All you have to do is go to ChrisHogan360.com or DaveRamsey.com to be able to enter. Now, for those of you that work with our go to ChrisHogan360.com or DaveRamsey.com to be able to enter.

Now, for those of you that work with our team, you are not eligible. Let me just tell you this right off the bat. James, put the phone down. Okay, so we're excited to be here with you. Listen, if you've got questions I want to hear from you, give us a call. The number to call is 888-825-5225. That's 888-825-5225. So we're taking calls.

So up first, I've got Brandon calling in from Atlanta. Brandon, how are you? Great, Chris. How are you? Buddy, I am focused and not finished. I'm excited and excited to be talking to you. You doing okay today? Doing great.

Excited to be talking to you. We love your show. Well, I appreciate you, my friend. What do you have going on today? My wife and I just received an inheritance a couple months ago, and we've met with a couple different financial advisors and one smart investor pro. And we've got different advice from each of them, and we want to take our time and go slow and do it right. So I just called and wanted to get some advice from the man himself and see how we should handle this thing. All right.

Well, the man is out, so I'm the second man. So I'm excited to talk to you. Where did this money come from, if you don't mind me asking? It came from my wife's grandparents estate okay she received about six hundred thousand dollars okay so that's a large sum of money uh right and and you and your wife that you all talked about this uh what do you all want to do with the money um well we have some rental properties we have our net worth before the inheritance between my wife and I. We've been married two years.

Our net worth before that was about $600,000, about $400,000 real estate, $100,000 in retirement, about $100,000 in cash. Okay. We want to make the money work for us, you know, potentially, you know, diversify, maybe get another rental property. Okay. And then my wife, we're going to start a family hopefully next year. We don't have any children. Okay. We've just been married two years.

So we want to make the money work for us where we can, you know, do good things and have a good start. Well, Brandon, I'm going to tell you something. You all are newlyweds, and you all are already, you're ahead of the game. I mean, you've done a fantastic job. I mean, have you been listening to the show a while? I've been listening to Dave Ramsey and been listening to you for a while. And when we got married, we got on a budget and started saving money. Good.

And like I said, we have $400,000 in real estate, and we only owe $57,000. Okay. And that $57,000 that real estate, and we only owe $57,000. Okay. And that $57,000 that you owe, is that on your primary residence or a rental property? It's on a rental property. Okay. So how many rental properties do you all have right now? Three. You have three.

And you only owe $57,000 on one. Right. Okay. Everything else is paid off. We don't owe any credit any credit cards no student loans we don't owe anything we have 57 grand brandon you you all are like unicorns how old are you all i'm 29 and my wife's 28 what 29 and 28 and you guys have been focused been married for two years uh uh net worth of $600,000, and you just

received an inheritance of $600,000. So what do you do? Well, I think, you know, first and foremost, Brandon, I want you to, that rental property that you owe on, guess what? You used to owe on it because you just paid that bad boy off. Right. Yes. That's kind of what we were thinking.

Now, that's step one, and that's the business step. But here's what I want you all to do moving forward. I want you all to have dialogue together about options. I want you all to talk to each other. Make a list of things that you would like to do, some things that you need to do, and things that you would want to do. Now, hear what I said with that, because what we're doing is we're starting to have that dialogue together, and now you make a list. Each of you have your your own ideas and opinions.

Right. And so you put that down. And then I want you to do something that most people don't do if you're married. And that is come together and start to talk about now. What are we going to do? You see, sitting still, I would park that money in a money market account. You just received the inheritance. Put it there. Let it just sit. It's going to be okay for a few months while you all make a decision. Because what you don't want to do is waste this opportunity. Your family, her wife's family, was very intentional about leaving this money to you all.

I want you all to be intentional. You're married, newlyweds, no children. You all have already been focused with money. And I think it's okay for you all to make a decision on some fun things to do, as well as some futuristic things to do to keep yourselves on track. But I like the way that you're thinking. And again, you did the right thing. If you're talking to investment people and they're not guiding you

and they're not listening to what you want, then guess what? You keep looking, right? Because the bottom line is, is you want to do the right things and make sure that this money lasts. So, Brandon, I'm proud of you all. Stay on track, my friend, but make sure you all stay unified as you're walking this process and just make clear decisions. And let me leave you with this final little tip. I want to tell you some of the things I did. I started making two-year decisions. Okay. I know you're looking at me like, what do you mean, Hogan? Why are you two-year decisions? I mean, I want to make a decision today that I can look back on in two years and be glad that

I made it. See, that's the kind of thing that pulls us up out of where we are and gets us looking forward. So make two-year decisions and stay on track. I'm proud of you all. Again, we want to hear from you, America. If you've got a question or a comment and you want to share it, call us, 888-825-5225. Again, that's 888-825-5225. Next up, I've got Kim in Tampa, Florida. Kim, how are you today? I'm great, Chris.

Thank you for taking my call. Yes, ma'am. Yes, ma'am. I'm in Baby Steps 4, 5, and 6. And my question is, why does Dave recommend putting 15% into retirement versus using that and any extra money you have to pay off the mortgage as fast as possible? Ah. Kim, how old are you? I'm 45.

45 years old, and you're on Baby Steps 4, 5, and 6, so that means you have attacked any consumer debt, right? You've built up an emergency fund in Baby Step number 3, and now you're investing, okay? And so you want to know, why do Dave and I talk about investing without just throwing every extra dime toward paying off the house. Is that correct? Yes. Okay. That's correct, yes. All right.

Well, the reason for that is this. Money will grow if you plan it, okay? And we need money to be able to grow. Now, it's great that you're attacking the house and I want you to pay off the house, but I also want you to make sure that we're planning money properly. And what I mean by that, Kim, as I'm talking to you, it's investing. You see, time and compound interest are the two things that help your money to grow. But if you don't have anything in there, it won't grow.

So doing 15% toward retirement will still give you, that's a small percentage of your income in comparison, it gives you that extra money to throw at the house. So you can still attack the house, but I still want you to prepare money for the future. Does that make sense? It does. I guess some of my confusion on it is sometimes I hear them say to somebody, well, you wouldn't take out a loan on your house to go invest in the market because then that affects risk. And so, in a way, it almost seems like you're doing the same thing when you're

investing and not just throwing it all at the house and knocking it out. Well, listen, it's not the same because I want to attack the house and get that thing paid off, but I need to be putting money away. Now for people that want to move faster, further,

they can take on a second job and throw that extra money. But I say, tighten up your budget, get focused. I'm telling you, I've talked to tens of thousands of people that have put money away, reached everyday millionaire status, and they paid off their house as well. You have the choice as well. This is the Dave Ramsey Show. 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.

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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. Hello, everyone. You are listening to The Dave Ramsey Show. And no, Dave doesn't have a hoarse voice. This is Chris Hogan filling in. So excited to be here with you. We have announced my second book, Everyday Millionaires, How Ordinary People Built Extraordinary Wealth and How You Can Too, is now on pre-sale. You

have a great opportunity to plug in and to get that book, as well as all the research that comes with it, the information that we plug in. We talk to over 10,000 millionaires to really dig in and understand what did they do and how did they get there. We wanted to know their story. But I also want to let you know something else. We've got a new all-inclusive bundle, and this thing is massive. This bundle includes Dave Ramsey's number one program, Financial Peace University, and my new book, Everyday Millionaires, for only $129. Again, you get both Financial Peace University as well as my book for $129,

plus you get the bonus items. Now, those bonus items are you're going to get the e-book, the audio book of Everyday Millionaire. You're also going to get two lessons free, one from Dave and one from me. You get all of this for $129. So all you have to do is go to ChrisHogan360.com or DaveRamsey.com today to get your bundle. Now, here's the beauty of this, because people ask me, Hogan, what's your heart behind this thing? What are you trying to do? Well, a couple of things. I want people to know the truth. I want people to know the reality of what's possible when you stay focused. Well, the beauty of it is this. Financial Peace University is the plan and the program to help people walk that path.

And so you get a great opportunity to get started or restarted. Some people have been on the path and they've had some life happen. I get it. You know, I've been there myself. The good thing is, is that you're not done yet. You still have an opportunity. And so it's a great program to get plugged into to really help you and your spouse. If you're married, you get on the same page or if you're single or newly single to help

you jumpstart and to get a plan. Again, this plan has helped millions of families really get themselves out of debt and build wealth. So Financial Peace University and my book together for just $129, incredible offer. You need to jump on it. All right, I'm going back to the phones. And if you have a question, I'd love to hear from you. Give us a call at 888-825-5225. That is 888-825-5225.

I'm going back to the phones. I've got Justin on the line from Indianapolis. Sir, how can I help you? Hello, Chris. Thank you for taking my call. I'm a big fan and glad to be talking with you today. Well, thank you. Thank you.

It's a pleasure to speak with you. What can I do for you today? My question is my beautiful wife and I have five great kids, and a few of them have got special needs. So for baby step five, I'm thinking that they may need a 529 ABLE account instead of just a 529 college account. And with having trouble locating kind of a calculator on how to figure out how much to put into those accounts or how much they should kind of be, you know, versus like a 529 college account that's mainly for just four years. These might stretch on for longer than that.

Absolutely. Justin, how old are your kids? We've got an 11-year-old, a 2-9-year-old, a 6-year-old, and a 2-year-old. Oh, wow. And what are the ages of the kids with special needs? It's 9 years old and the 6-year-old. And the six-year-old. Do you mind me asking, what do they have? They're on the autism spectrum, and the older one, the nine-year-old, is also legally blind, and they also have a Marfan syndrome. Okay,

all right. And I'm a father of a special needs boy. My youngest son, Case, has a rare genetic disorder, so I understand. And I don't think people that aren't in this situation, they don't understand as a parent, your goal is to try to protect and provide, isn't it? Yes. And it's one of those things you're really having to look out, and you're trying to get your ducks in a row

to make sure that you're doing everything you can for your child. And an ABLE account is something that was established not long ago to be able to allow people with disabilities or special needs to be able to have extra money. Because I don't think people understand just how much it can cost, right? The doctor's visits, the specialists, right? I mean, it can wear you out, can't it? Yes, definitely. How are you holding up? It's good. I mean, right now, I mean, I've got a full-time job with excellent benefits and I just kind of, you know, want to have a bag of money sitting around for one of my bag of tricks runs out. I hear you. Absolutely. Boy, I tell you, people don't

understand the love of a child and you want the best for your child. And when your child has some roadblocks in front of them, you try to set them up for success. But the ABLE account was set up so it wouldn't impact kind of the benefits, the other benefits from Medicare, Medicaid and Social Security. It gives you an opportunity almost to do like a Roth type of setup, which means it's from Medicare, Medicaid and Social Security, it gives you an opportunity almost to do like a Roth type of setup, which means it's after tax dollars. And you can put up to 15,000 per individual away. OK, Justin. So, again, but here's the beauty of it. It's not just parents.

You can have family and relatives and friends contribute as well. The one thing for them to remember, my friend, is that they won't necessarily get the federal tax write-off for contributing to that account, but they could get a write-off on the state level. Again, I'd want them to talk to their tax professional. But this is a way for you to put aside money for your child or your children and to understand that this money will be there for them later.

I also want to encourage other parents or families and friends of people out there that may have special needs or know of a child in your area that you care about. You have an opportunity. You can do a special needs trust. There are ways for you to be able to give, right? There are ways for you to be able to support. And I just want to tell you, if you have someone in your church or in your community

that does have a special needs child, one of the best things you could do is offer to watch that child for a little while and let the parent get out or the parents get out for a night out. Just, you know, swap children. Like, I've got three of them, so I'll swap my three for one, right? That's called a special right there. No, I'm serious. But being plugged in, it doesn't have to be about giving money.

Giving your time could be an incredible blessing to people. And so you want to be aware of that and try to help people out as much as possible. Justin, thank you for calling in. And thank you for being focused for the sake of your children. That is a father that definitely cares. And I love to hear that. Kelly's going to also get your information. And we're going to get you a free copy of Everyday Millionaires.

I think you will enjoy reading that book. And it will also help you to stay on your journey, my friend. Next up is Natalia from Clarksville. Natalia, how can I help you? Oh, thank you so much for taking my call. I have some questions about investing. I have never been in debt.

I already have a fully funded emergency fund. And right now I have my budget down to where I'm spending less than half of my take-home pay on my monthly expenses. So I'm trying to figure out if I should set aside some of that money for, like, an investment or if I should set it aside for saving for a house. I'm not sure. Wow. You are a focused young lady. Yeah. Where did you...

I'm... Go ahead. I'm in Financial Peace University right now. My dad, he took the program through the military, and then he started getting me to listen to Dave Ramsey on YouTube and got me really into it. Yeah, I think you not only listened, you started to apply it. Yeah. How old are you, young lady listened, you've started to apply it. Yeah.

How old are you, young lady? I'm 24. 24 years old. And you're calling in to ask me about saving for a house or investing. This is fantastic. Yes, sir. Do you call me sir? Yes. I'm just Chris. Sir's my dad. You just call me

Chris. I'm proud of you. I really am. Because people say all the time, you just call me Chris. I'm proud of you. I really am. Because people say all the time millennials aren't paying attention. Like, I got two of them staring at me out there in the lobby right now. These guys are focused, too. I hadn't even met them yet. I'm going to at the break. But I love hearing that because people say millennials aren't focused.

They're just wearing flip flops and just flopping around and doing stuff. That's wrong. They don't know the ones that I know. Let me ask you, if you're looking at this, when do you think you might want to buy a home? Well, I'm not sure right now because I've been at my first job for like a year and a half, but I might relocate in a few years. So I don't want to buy a house and then have to invest in getting a house and then if I know I'm going to relocate. Okay. I agree. I like your line of thought, especially when you think you might relocate in the next year to two years. You're correct.

A lot of people don't think that way, Natalia. They think, well, I just want to hurry up and get a house because mom and dad have one, but they're not thinking. If you're not living where you want to live, you could end up having to sell a home later. So here's what I would do. Build up your emergency fund. Get intentional, you don't owe anybody anything, start to invest, and then start to save for a house. It gives you some time. And don't be in a rush. Renting is not a sin. It gives you time to breathe. Very proud of you. 24 years old, and she's focused. You know why? Because she's not finished. You're listening to The Dave Ramsey Show.

Okay, I need you to listen to this, because one normal routine that everyone does can cause total chaos in your life. Folks, I'm talking about the simple act of using Wi-Fi. When you're on Wi-Fi anywhere in public or at home, you're at risk of hackers easily seeing every site you visit and search you're doing online. It doesn't matter if you're doing it on your cell phone or your laptop. I'm not telling you this to scare you. I don't operate in fear.

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Download Hotspot Shield today. These guys are sitting in the lobby getting financial information. Had some friends come up from Tucson. I've got a young man who's on his way to college down in North Carolina. It's fantastic. Just people that are focused. I love it. I love talking to people that want to chase down and make things happen. Now, the phone lines have been lit up. You know why? Because everybody that calls in is getting a free copy of my book, Everyday Millionaires,

How Ordinary People Built Extraordinary Wealth. So Kelly Daniel is actually in there running 100 miles an hour. I love it. So next up, I've got Lori in Greenville. Lori, how are you today? Hey, Chris. I'm great. How are you doing?

Oh, I'm focused and not finished. How's the weather down that way? It's sunny and bright today, but we've had a lot of rain recently well and it's probably humid too because you're in the south right yes it is all right well stay in the ac honey what can i do for you today okay i have a question um my company has a pretty rich benefit package and they go ahead and invest 15 of of my salary into a retirement account for me each year. And I'm out of Baby Step 2, and I'm finishing up Baby Step 3, and I need to know how much I should invest.

I'm assuming in IRAs since my company doesn't offer a 401K. Okay. And they already cleared the 15%. Right. So they don't offer a 401K. Are you getting a pension um it is so they invest 60 they invest a dollar amount each year um 60 into money market accounts and 40 into low risk securities okay and that will be a lump sum when upon my retirement okay gotcha gotcha and so

you're looking at how what can you do to make sure you're investing outside of what they're doing for you, correct? Correct. Okay, well yeah, I love the idea of the Roth IRA because see, whenever you hear the word Roth, I want you to actually get tingly. I know I do. My hair grows like a quarter inch every time I say Roth

because here's the deal. It's after tax dollars. So that means the money is growing and it's tax free. So if you're under the age of 50, you can do up to $5,500 each year. If you're over the age of 50, you can do an extra thousand for a total of $6,500. Excuse me. So what is your age? I'm 27.

Okay, 27 years old. Another millennial. Okay, so years old, another millennial. Okay, so you can do 5,500 each year. That's focus. I'm telling you, I've been talking to millennials all day. I love it. So you can do that. You can set up that Roth where you're directly contributing to it, or you can set it up to where it's coming out of your paycheck, right,

to go straight into the account. I would get connected with a SmartVestor Pro. All you have to do is go to my website, ChrisHogan360.com, click on the Dream Team button, and you can find someone. I mean, it's that easy, people. You start to put $5,500 away that's going to grow tax-free, and you do that year after year. Guys in the lobby, you listen to me. These are my friends out here, my young people. They start to do that each and every year, and I'm telling you, you're going to hit everyday millionaire status. It's the laws of compound interest.

If I put money in and I do it the right way and let it grow and I don't touch it, I don't call it a vacation. I don't call it a wedding fund. I don't even call it a home down payment. It's your dream fund. Watch what happens. The money will grow. We want to hear from you. If you've got a question, I'd love to call in.

Call us at 888-825-5225. Next up, I've got Kyle in Cleveland, Ohio. Kyle, how are you today? Good, Chris. How are you? Thanks for taking my call. Glad to talk to you, my friend. How can I help you?

Well, I am looking at really a great situation. I'm fortunate enough here where very soon I'm going to be going from approximately $75,000 a year in salary to what I'm pretty confident will be probably about $125,000, maybe $130,000, and maybe a little bit more than that. The question I have, so that's great. The question I have is I have a Roth IRA, which I have maxed out, also contributing to a company 401k. Um, so I guess my question is, and I'm utilizing one of, one of your ELPs. My question is what, you know, what do I do? Where do I go with this, this additional income? I mean, do I just really crank up my, my 401k or do I kind of stay where I'm at? Okay.

401k and open up a traditional IRA. Okay. Kyle, let me ask you this. Are you staying with the same company, or are you moving on? No. Same company, just promotion. Okay. So that's a significant promotion, Kyle.

It is, yeah. Okay.'re excited about it uh extremely i can tell because you know why when you were saying those dollar amounts i could hear your voice quivering a little bit that's a big jump my friend going from 75 000 up to 130 uh that's a big big big jump uh and jump. And how much are you contributing to your 401k right now? I'm currently at 10%. It's a 4% match. I should also add, Chris, real quick, I've got $80,000 left in my mortgage. So I clearly want to get that paid off in, gosh, anywhere from 18 to 24 months. Okay.

All right. All right. So now, you listen to the show very often, Kyle? Every day. I'm going to ask you a very important question. If you answer this right, I'm going to send you a copy of my new book. Okay? This is a big deal.

You're already getting a copy of the book, so no pressure. But I'm going to ask you anyway. What percentage do we tell people to invest for retirement? Yeah, 15%. Okay. And you're at what percent? Well, based on my calculation, between the Roth and between the 401k. I know.

Kyle, what percent are you at? 10? I'm at about. 10? No, I'm at about 18. Okay. 18, 19. All right. Yeah. Now, listen to me.

I'm messing with you, but again, I want people to hear it out there. Investing 15% is the way to go, but you're right. You've got some other things that you're doing outside of there. But with this raise, I like that you're attacking the house. Now, you tell me you owe how much on it? Right at $80,000. Okay, and what is your standard mortgage payment on it right now? $785,000.

Okay. And for the last four or five months, I've been throwing an additional like $500, $600 at it. Okay. All right. So you've been intentional. Your words are backing up your actions by you paying extra. Here's what I would do.

This raise goes into effect when? Boy, it should be within a month. Okay. All right. Now, here's what we don't want to do. We don't want to count chickens before they hatch. Right. All right.

And that first check, again, we don't know based on timing. It could not be a full check. What I'm saying is your pay period from your prior position to this new position, it could end up a week of one, the old salary and the week of the new. So what I would do is definitely, again, don't try to set your budget just yet. Keep things still. But I like that you're attacking debt. I like that you're going to pay off that house with this significant raise.

The key is that we have to be careful that lifestyle doesn't grow along with our raise. Now again, it's okay to have some stuff. Don't get me wrong, but what I don't want you to do is people tend to live to their income. That means they end up where stuff has you. So stay focused, very, very focused. And also, my friend Kyle, here's what else you can do. Even if you hit the cap

on what you're able to put away in the 401k and you do the max that you can do in the Roth IRA, you can also save for your dreams outside of retirement. And there's no limit on that. A lot of people don't know that. So I want to tell the truth. I want people to hear it and understand what they're able to be able to do. So we've got to be focused. We've got to look at this and understand. Your dreams just don't happen. What we have to do is make them happen. And we do that by staying very, very focused. Now, listen, we've got a whole lot of callers left on the line.

Kelly's going to get your information. You will get a copy of the book. Thank you for calling in. And again, it's been exciting, ladies and gentlemen. Today, we launched the pre-sale of Everyday Millionaires, how ordinary people built extraordinary wealth and how you can too. It doesn't matter where you come from. It's about where you're going.

And I believe in you. And I think if we stay focused and we understand what it is we're trying to accomplish, and more importantly, why it matters to us. How does your family gain? How are you able to impact your community? I love this quote. It's from Margaret Thatcher, and I'm going to share it with you. Here it is real quick. No one would remember the Good Samaritan if he only had good intentions.

He had money, too. Oh, that's the truth. We have to be focused and be able to help people, and we have to do our jobs. This is The Dave Ramsey Show. Hey, it's Kelly Daniel, associate producer and phone screener for The Dave Ramsey Show. Did you know that in 2017, Dave Ramsey show listeners paid off $50 million of debt. That's pretty impressive. And it could be you this year.

Keep listening for more inspiration. Guys, let's talk about that timeshare pitch that you fell for. They promised you exclusive access to travel anywhere you want, tropical beaches, mountain getaways, or whatever. Oh my gosh. They claimed it was the affordable way to travel, and then they convinced you it was a good investment. But here's the deal. Search any auction site for your exact timeshare and see what it's selling for. It's listed for a dollar with no bids. That's not a good investment. Now, I know I'm just adding salt to a very old wound, but look, if you tried calling

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