The Ramsey Show - App - Regardless of Your Background, You Have the Opportunity to Build Wealth! (Hour 3)

Episode Date: November 13, 2019

Chris Hogan, Everyday Millionaire Theme Hour, Savings 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 probably an indication that you're an everyday millionaire. Yep, it's an Everyday Millionaire Theme Hour. Number one best-selling author Chris Hogan, Ramsey personality, joins me to talk to real millionaires this hour. Chris, we always have to start this hour off explaining because goofballs out there don't know. Now, none of our listeners are goofballs, but some of our listeners have friends that are goofballs. Yes.

Because I've got friends that are goofballs. I do too, Dave. And so, what's a millionaire? Well, here's the deal. What you do is you take what you own minus what you owe on and so that's looking at all of those assets your home your cars your investments all of those things add that up and subtract out anything that you owe on anything you have debt on if that in number is a million dollars or more then congratulations you're an everyday millionaire. But that's not enough.

It's not the point. It's not the point, Dave. The point is math, and we know how to count. I'm from Kentucky, you're from Tennessee, and we know how to add. And people, you do too. And so if you have that in number, it's a million dollars or more, then you are an everyday millionaire.

I don't care what your cousin says, I don't care what your friends say you've done it and what we know for a fact is that it's not an accident everyday people are doing it all across the country you need a plan you need a purpose and you need to be consistent and dave that's what you've been teaching people for over 30 years so if you have a net worth of a million dollars or greater not if you have a political theory but if you have an actual net worth of a million dollars or greater not if you have a political theory but if you have an actual net worth of a million dollars or greater not if you have an opinion but if you actually have a net worth of million dollars or greater you can join the discussion this hour we want to hear from you i don't care how you got the million dollars oh everybody

inherited it well if you inherited it, that's fine. Oh, everybody's crook. Well, if you're a crook, that's fine. If you're, oh, you have to be an athlete or an actor, that's fine. You call all you athletes and actors, you famous people, I'll line up and call in right now. But none of those people ever call. Nope.

We just talk to people who have saved money and gotten out of debt and worked a job, and they tell us how they did it, and that's who we're going to talk to people who have saved money and gotten out of debt and worked a job, and they tell us how they did it, and that's who we're going to talk to this hour. But we're going to talk to anyone that has a net worth of a million dollars. But the statistics that we found in the largest study of millionaires ever done in North America tend to happen here on the air. Yes, they do, Dave. And listen to me.

It's not that you have to inherit it. We found 79% of the millionaires, the 10 000 we talked to 79 did not inherit a dime i thought we were making a little progress with that number and then i tweeted it the other day with absolutely no reference to the study whatsoever right and it got retweeted on a bunch of left-wing lib sites and people went bananas well i'd like to know your backup for that statistic well you got hate tweets oh yeah yeah i think i'm gonna yeah there's the communists are everywhere i can't wait it's just like oh socialists everywhere uh left winger dingers but yeah i mean it's you you're obviously a baby boomer what's that got to do with it yeah i'm obviously a baby boomer

does that mean that you have to be a baby boomer before you can count that got to do with it yeah i'm obviously a baby boomer does that mean that you have to be a baby boomer before you can count that's right that's it okay so all right open phones this hour for millionaires the phone number is 888-825-5225 that's 888-825-5225 we want to hear from real ones steve is in canada a Canadian millionaire. What's your net worth, Steve? We're sitting around $1.15 million right now. Very good. Good for you. And how old are you?

I, we're 30 years old. 30? Young millionaire. Did you inherit this money? No, none of it. None of it. You did it fast, dude. Yeah.

So what's the mix? What's it invested in? I've got about $350,000, and it's equivalent to your 401K and your Roth IRA. Got it. And about $160,000 in some other investments. The remainder in cash and in vehicles, employee shares. And we've got a paid off house that's gone up to around $500,000 right now.

Good. Very good. Excellent. And what's your best year working income, your worst year working income? We started young and started from about $34,000 all the way up to about $330,000. Oh, there we go. What do you do for a living? I'm a power line technician and my wife is a medical professional. Okay. She's just like a

respiratory therapist. So you're both doing well. Yeah, yeah, we're doing well and just investing everything we can. So now what is a power line technician? We build and maintain just the electrical grid and just a skilled trade, so you go right into it at a high school. Okay, and so you're on the towers then personally? Yes. Okay, all right, cool. That's why I was trying to make sure I understood. All right, so you're on the towers then, personally? Yes. Okay. All right, cool. That's why I was trying to make sure I understood.

All right. So you're doing like real work. All right, good. And you're killing it too, man. Yes, he is. Steve, did you all, I know your wife has a degree. Do you have a college degree? No, just high school education.

High school. And I was about a B- student. Okay, I was just getting ready to ask you your GPA. And do you and your wife, do you all do any giving as a family? We help out with some service clubs, but I think when we slow down a little in the future, we'll maybe do more of that type of stuff. So Steve, you guys did this real young. How? Just focused and

trying not to get caught up in the lifestyle creep and just invest your raises and try not to waste your money and stuff that depreciates. You're making bank and you're banking it is what you're saying. Yeah, that's the plan, yeah, or the goal, yeah. Steve, did your parents teach you about money or are you self-taught? A little bit of help from my parents as far as teaching, but mostly self-taught. Okay.

Now, at 30 years old, I know you couldn't have done everything right. So tell me, what's your biggest financial mistake you've made? Biggest mistake, when we paid off our house at 28 years old, I went out and bought a race car for $25,000. And it was kind of a black hole of time and money. And I sold it about a year later and invested that money instead. What kind of race car? It was just like a drag race car, a Mustang. Okay. I mean, were you racing it on track or what?

Yeah, drag racing it. Oh, drag race. Oh, drag race. I thought you said jag. Okay, a Mustang. Okay. I mean, were you racing it on the track or what? Yeah. Yeah, drag racing it. Oh, drag race. Oh, drag race. I thought you said jag. Okay, drag race. Oh, sorry. Oh, it's okay.

It's the difference in a Canadian accent and a Tennessee accent. Yeah, there you go. All right. Very cool, dude. Very cool. Congratulations. I'm proud of you. Very, very well done.

30 years old, Dave. Hey. I mean. And, you know, we can just parlay the whole everyday millionaire discussion into a debt-free degree discussion because he's, you know, Glenn Campbell, he's a lineman for the county, right? I mean, he's running, stretching, high tension, high-end power lines, and he's making bank probably a a pretty high probably a bit of a risky job yes but uh without a doubt it can be dangerous yeah but and it's definitely hard work and uh but he's out there busting it taking all the ot and she's you know gets her med tech and and between the two of them they're making 330 000 and he's a high school graduate. Yes. It's fantastic. Don't tell me trades don't work. Or money's not out there.

It's out there. There's no money. There's no money. It's a job market. The victimhood. This hour is all about destroying victimhood. Just destroying it. It's an Everyday Millionaire theme hour.

Chris Hogan's here. This is the Dave Ramsey Show. If you're going to join this team, we want someone who cares and has a passion about what we do. That's why we trust LinkedIn Jobs. They are the best at matching the right person with the right job. We don't want someone just looking for a nine to five. We want thoroughbreds. One of the things that distinguishes a world-class thoroughbred in racing is the size of their heart. A true thoroughbred in the workplace is someone with a heart that is going to be staying and growing with our company. You can't get a more highly targeted field of thoroughbreds than LinkedIn Jobs.

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It's an Everyday Millionaire theme hour here on the Dave Ramsey Show. Number one best-selling author of the book Everyday Millionaires, Chris Hogan, joins me this hour. That book contains 140 of the statistics we found in the largest study of millionaires ever done. It was done here at Ramsey Solutions in conjunction with a research firm out of New York. And we studied 10,000 millionaires. If you want all of the nerd details from the study, all the back story, all the underbelly of it, we sell that as a PDF download. I think it's $19 or $9 or something like that at DaveRamsey.com in our store. Because some people want to see all that.

But there's 140 of the background statistics of where millionaires come from. And I'll tell you where they came from. I just met one during the commercial break. Went through Financial Peace University at 15 years old, and he's 26. And he's standing in the lobby. He's a millionaire. Wow. How's that cool?

That's amazing. Well, I mean, this is what a head start does for you. Now, that's a type of privilege. Financial Peace University privileged. Wow. Because you start your life with no debt and knowledge on how not to screw up. That's exactly right. Because most people spend one decade cleaning up their crap.

Yep. And if you don't have to do that, it gives you a decade head start. There we go. And here's the thing, Dave. We can't glance by this. You have a 15-year-old, number one, that was plugged into Financial Peace University. So, number one, that's mom and dad saying, I love you. I love mom and dad.

I love you enough. Come on. But then you had a 15-year-old that was listening and applied it in their lives. That's amazing. Yeah. That in their lives. That's amazing. That's absolutely amazing. That's impressive. Very impressive. Yes.

All right, Angela's in North Carolina. Angela, your net worth? $2.6 million. $2.6 million. And how's that invested? Break it down for me. It is mainly 401K and TSP, 2 2.1 and then 450 in our house and then say 15 cash wow how old are you 51 51 how much of the 2.6 million did you inherit zero zero and uh during your working

lifetime what was your best household income and your worst household income? When we first got married, I went back to school, so I would say we made $40,000 just on my husband's. And then dual income, recent years, over $200,000. Good, good. And what do you do for a living? I'm a sales rep, and my husband works for the federal government. Okay. What's he do?

Well, he's a civil engineer by degree, but he's in the manager side of it now. Gotcha. Okay, so he's got an engineering degree. What's your degree in? Yes. Biology and environmental engineering. Gotcha. Wow.

Which always leads you to sales. Yeah. It does. It really did. You sell something that has to do with biology or environmental? Pharmaceutical. Oh, yeah. Okay.

That's good. It does. Yeah, it works. All the science worked out for you. It did. Angela, what was your GPA? What was your GPA? Undergrad 2.93.

Okay. What about your husband? A little lower.93. What about your husband? A little lower. So you beat him. Of course. Let's emphasize that. I didn't know him at the time. Okay, that's fine. You can still bring it up.

Yeah, you won. Okay. Okay. Angela, do you all work with an investment professional? We don't. That's probably something we can work on. Okay. And do you do any giving as a family?

Yes. We're very, very active in our church. Okay, so there's a 25-year-old listening out there that didn't know before today that this was possible. Because you inherited no money. You have $2.6 million at 51 years old. You've had two good professional careers over a period of time. What are the key things someone needs to do if they want to build wealth in America today? Because you have actually done it.

Yeah, because that was me. I would tell my 25-year-old self that it's okay to have goals, like big goals. My sister Natalie and I are a huge fan of yours and is so excited um but we were trailer park girls like we lived my mom and my grandparents through childhood and college and we moved out in our early 20s um we didn't know this was possible we were just told to work and provide for ourselves and don't depend on others but past that you know we weren't encouraged to go to college like um and to think about wealth building that was not a realistic discussion that's something that rich people did so i think my goals when i left high school i just i knew i wanted to go to college and i knew i didn't want to live in a trailer anymore now that there's anything wrong

with living in a trailer but it was time to live somewhere else well there's no there's no shame in it and it doesn't mean you're a lesser person but there are better places to live yeah i mean i'm proud of where you know it's a part of me right yeah absolutely and it's it's not hard like it's okay to have the goals like so what what do you what mechanically what did you guys do that caused you to have this money? We put money in our 401k and TSP. When we got a job, it was just automatic. We never really had a lot of debt. We always lived on less than we made. And when both my husband and I, pretty much from the beginning,

we just not always 15% as you taught, but we always put money in our 401k. You've been putting substantial amounts in for a long time to get to this number at only 51. I mean, you've been putting 15 or more in for over 10 years. Oh, yes, yes, over 10 years. I mean, I've been working for 25. Yeah. And, Angela, it's amazing because you not only put the money in, you left it in there so compound interest could help it to grow, which is absolutely amazing.

I'm impressed with you, young lady. Job well done. Absolutely. Congratulations. Yes. Louis is our next millionaire on the Everyday Millionaire's Theme Hour from Connecticut. Hey, Louis, what's your net worth? $1.2 million.

Cool. Break that down for me. How's it invested? 401k, $386,000. Roth IRA, $158,000. 403b, $135,000. 529, $110,000. The home is worth two hundred and eighty nine thousand and a rental property worth a hundred and twenty five thousand and three cars worth fifty thousand killing it i love this how old are you 53 years old all right and how much of this money did you inherit zero okay did you have some kind of privilege or some kind of head start um i actually didn't catch on to you until i was 33 and when i caught on to you at 33 years old that's when i really started getting involved and getting going um from listening to you wow so your your best year of working income and your worst year working income 160 000 was the best year combined with my wife, and $50,000 was the worst year way back in basically 1994. What do you all do for a living?

My wife is a seventh grade math teacher, and I work for a municipality in my hometown. Doing what? Buildings and grounds. We take care of all the schools and all the parks around in town. Got it. Very cool. And do you have a degree? My wife, she has two masters.

She has special education and a master's, and I had no degree. Okay. I have a coaching certificate. I coached baseball for the last 30 years at my local high school. Fantastic. Do you remember your high school GPA, Louis? High school GPA was probably C plus. Okay.

2.7. All right. 2.8. Very good. And do you all, have you ever worked with an investment professional? I have a friend briefly, but nobody on a consistent basis. And I plan on doing that. I plan on doing that because I'm getting near the end where I'd like to make a move and retire.

Fantastic. So when you're talking to somebody 25 years your junior, back when you started, what do you tell them the secret to doing this is? Invest. I tell the guys, I say, you know, your future starts now. You know, don't wait. Your future starts now. Plan for the future starting now. You know, don't wait. Your future starts now. Plan for the future starting now.

And take advantage of the compound interest because it's really helped us out. And the compound interest is huge. What did you invest in? What's the mutual funds or what? Yeah, all mutual funds. I've always done what you've recommended, the four types. And that's been very successful. But, you know, and also keeping an eye on them and making adjustments when you need to.

Absolutely. Yeah, all mutual funds. Yeah, just pay attention and keep doing it. Pay attention and keep doing it. Stay focused. It's just magic. He's got an unfair advantage. Yeah, no.

Because he's got common sense. That's exactly right. It ain't that common. It's a privilege. This is the Dave Ramsey Show. Folks, let's cut through the bull. Interest rates are exceptionally low, so you're missing out if you have not called Churchill Mortgage to see if you can save money on your home loan. Lots of other companies are out there claiming great deals, but don't get lured by slick advertisements. No-cost refinance offers do not mean they're free.

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This is a paid advertisement. NMLS ID 1591. NMLSconsumeraccess.org. Equal housing lender. 761 Old Hickory Boulevard, Brentwood, Tennessee. 37027. Millionaire theme hour this hour on the Dave Ramsey Show. Everyday millionaires.

We're talking real millionaires. Chris Hogan, author of the number one best-selling book, Everyday Millionaires. If you want to know where millionaires come from, it's in that book. And it's full of stories. It's full of 140 statistics. It's how ordinary people built extraordinary wealth and how you can too. A summation, a culmination of the largest study of millionaires ever done in North America. We studied over 10,000 of them, surveying them, getting information from them.

And in the research progress, the research model is airtight. The conclusions are not left open to interpretation. They're just pretty simple. It really is, Dave. And it was an absolute joy to work on that project with the team. But I'm excited for people out there to not only get the information, but these stories in here are eye-opening and mind-blowing. Seeing what people have overcome.

You know, Dave, you and I know often in life, everyone has a different start point, right? Some of us start a little bit further ahead, or maybe some of us start a little bit further behind. The goal is, though, is we get to run the same race. And it's a matter of the effort and the speed and the information that we apply in our lives that give us the opportunity to reach the destination.

And so regardless of where you are out there, I want you to know what's possible. Pick up a copy of the book and read these stories. You can find it at my website, ChrisHogan360.com. And just to really reiterate, the mindset is so important. Our caller, a couple callers ago, the lady from North Carolina, she said, me and my sister were trailer park girls. And she said, no one ever told us that you could set goals. No one ever told us you could be goals. No one ever told us you could be wealthy.

No one ever showed us how. And so if you come out of a household where people did tell you you could do it, where people did tell you it was possible, where people do show you how, even if you had no money, you still did have a privilege. You still had an advantage. And so one of my buddies says he you know he grew up in the hood and he says getting out of the hood is easier than getting the hood out of you that victim mentality that eeyore oh it's bad it's always gonna be bad people like me

can't get ahead and you know i meet people of every race, creed, color, national origin who have Eeyore as their spirit animal. And then I meet people who have every race, creed, color, national origin who do it anyway. Yes. Anyway. Despite the challenges, despite the setbacks, despite all the things. Well, I mean, there's always some pointy-headed fool that's going to mistreat somebody else yes part of life yeah and they guess what i don't know about you but do you have crazy in your family uh-huh we are killbillies i mean we we put the fun in dysfunction i mean and so you could grow up with people that are telling you you can't do it now my bunch told

us we could do it because they wanted us to leave. So regardless of your family, you still have an opportunity. You can do this thing. And I think, you know, that's one of the things I really want to encourage people is let's wake up. Let's get started. And we're talking to everyday millionaires on air. I want to hear from you one day. Miles is in Colorado.

Miles, your net worth? 1.2. 1.2 million. Break that down for me. How's it invested? Well, we got about, oh, 55% of it, I'm going to say, roughly in stocks and incomes and things like that, some annuities. We have about 35% in cash and then 10% in value in a house and the cars and things like that.

So you got a house about $150,000? The house is worth $300,000. We're still carrying a small mortgage on that because when we moved, we just retired and moved across the state, and I didn't want to take a bunch of cash out. $65,000. $65,000. All right, cool. And did you inherit any of this money? and I didn't want to take a bunch of cash out. 65. 65. All right, cool. And did you inherit any of this money?

A little bit, about 10% of it. About 100 grand? About 100 grand, a little over 100 grand. Okay, cool. How long ago did you get that? About a year ago. Oh, so you were already a millionaire. We were there with that.

Yeah, you're not a millionaire because of inherited money, though. Okay. No. And what was your career when you were working? I was in construction material sales, technical sales in the concrete industry. What was your household income, best year and worst year? Best year would have been probably 170, something like that, between my wife and I.

Worst year, oh, God, I mean, if we go back to before I met my wife, 10, 11, 12. But when I met my wife and such, we really got on the right track. I wasn't a very responsible individual in my 20s like so many aren't. That's real. I've heard a rumor. Miles, do you have a college degree? I do not, no. Just a blue-collar guy and found an industry and a job and a position that I liked. Yes.

And that's part of the key to success, I think, is not staying in something that you're not happy with. Find something you have a passion with, and that'll make it easier. The other, never had a job at my age that supplied a 401k until I was about 46, and I switched jobs and went in that same industry to a little better job, and they had a 401k. I was 46, and I started slamming that just as hard as we could. No, that's good.

So for about 20 years or so. We got to be age 50. At age 50, in our little window, we were allowed to do the makeup portion. So we slammed that as hard as we could. And the other thing we did to get where we were at, not only did we not live above our means, we didn't live at our means. We lived a little below our means. We never bought a house that the real estate agent says, well, you qualify for this $500,000 house. Let's go buy. No. No, this one over here for this $500,000 house. Let's go.

No, no, this, this one over here at the two 60 is fine. And before that, the one at one 19 is fine. When we were qualified for two 25 in those days, we just, you don't do that. Yeah. Miles, do you and your, do you and your family, do you all do any giving? Yes. Right now we're, we're giving, uh, about 5% on an annual basis. Now, another thing, my wife and I didn't have any children,

so I guess you could say that that made it a little bit easier. We didn't have to pay for college education, but we have a nice estate set up now where our estate is going to be about 70% to charity when we go and about 30% to family. There's very, very little distant family around. Wow. Okay. That is fantastic.

So that's our plan, Shriners Hospital, things like that. Yeah, good for you. Well done. Congratulations, sir. Very proud of you. That is excellent, excellent work. All right, Steve is with us, and Steve's in Wisconsin. Steve, what's your net worth?

$1.5 million. Cool. Break that down for me. Okay, about $850,000 in 401K investments, about $150,000 in just liquid assets, cash, and paid for cars and boats and things like that. And then a house worth about a half million dollars that we owe $120,000 on. Perfect. How old are you? 56.

Okay. Very cool. And how much of this did you inherit? None. Zero. What was your best year working household income or worst? Worst, $28,000. Best, $270,000. What was your career?

My career is in food distribution, and my bride is in insurance sales. Okay. What do you do in food distribution? District manager. Oh, you're in leadership. Okay. Executive in that. Okay.

All right, cool. What was your degree in? No degree. No degree. I was going to school and had the pleasure of meeting my bride who had children. That pulled me out of the college and straight into work and just worked my way through. In 30 seconds, what's the secret to doing this by the time you're 56? Because you are a classic, the numbers all line up, a classic case study millionaire. I would say stay the course and do without, but not to the point of sacrifice, but still enjoy life.

But make sure you stay the course and put as much as you can possibly put away early in life, because it's amazing what happens when it compounds. His numbers hit exactly the study. 56 years old, house paid $4. million is one third of the net worth. The rest of it's in 401k. Exactly. Everyday Millionaire Theme Hour. This is the Dave Ramsey Show. our scripture of the day john 14 27 peace i leave with you my peace i give you not as the world gives you do i give you let me let not your hearts be troubled neither let them be afraid ernest hemingway said

if something is wrong fix it now but train yourself not to worry worry fixes nothing chris hogan ramsey personality is with us this hour as we're talking to everyday millionaires regardless of how you became a millionaire you're're an everyday millionaire. And a lot of these folks simply working hard, simply living on less than they make, simply saving their money. Chris's number one best-selling book, Everyday Millionaires, is still selling like crazy. And if you do want the inside statistics on that,

we have the white paper. It's got some kind of an official title i forget what it's called at daveremsey.com just look in the store it's either is it 19 or 9 dave i keep i'm wanting to say it's nine oh i think it might nine dollars 95 yes probably yes it's a downloadable pdf right so i hope we're not charging much more than that for it but it's it's just nerdville i mean you just work through all the statistics i fell asleep twice reading through it no it's it's dry but it's um but it's all the stuff and our research team thinks it's highly entertaining there it is dave national study of millionaires there we go pdf download ten dollars even yes there you go we're corrected

there we go so they bring it up put it on the YouTube channel for us so we can see. We can get it right. Act like we know what we're doing. Yeah. Good. All right. Let's talk to Kim. And Kim is in Pennsylvania. Kim, your net worth.

Hi, Dave. Hi, Chris. Hi. Hello. Hi. My net worth is $1.6 million, including my home. Okay. How much of that is your home?

$230,000. Okay. And what's the rest of it invested in? Break it down for me. Okay. I've got money market with $58K, stocks $206K, mutual funds $730K, 206k Mutual fund 730k Combination of two IRAs And one Roth IRA

Totaling 365k And that's it Okay how old are you 67 67 And what was your best household income Working year and your worst household In your working life?

Yes, my best year was $58,000, and my lowest was $24,000. Okay. And what did you do for a living? I have always been in some sort of education field, starting as a teacher, going into corporate training and development, and currently doing a combination of career advising, recruiting, and job development, which involves doing a lot of workshops. Gotcha. Okay. And how much of this money did you inherit? Honestly, Dave, quite a bit. But I have to make a statement about that. I inherited from my mother, my father, and sister $758,000.

However, my sister passed away tragically. She was just a little older than me. So I do know I bear the burden of not only my parents but my sister, you know, using that money that I've gotten responsibly because some of it really should have gone to my sister. It sounds like it's, but your parents must have trained both of you. Yes. Yes.

They must have. You're probably a second-generation millionaire, aren't you? Probably, yes. In the sense that they had their act together and they taught you, they passed it, and you did not squander it. That's what I'm trying not to do, and they never talked numbers to me. They never told me their net worth or anything. But, yes, I must have been getting good um money since growing up yeah

what was your degree in education and obviously obviously okay cool university of kansas oh yeah good do you remember your gpa kim it was around 3.2 3.2 all. That's good. And have you ever worked with an investment professional? Yes, I have. Early on, all my life, there's been an investor in my life I didn't even know about that my family used. My family always said, don't touch it. There's an account out there. Don't touch it. Just remember the name. I never, i never never never touched it didn't think about it but they had started a small amount for me well when these some these deaths occurred pretty short time within another and i was also getting older thinking about retirement my children had left the home i started really i got to pay attention to this. And I had been contributing myself in my 401k. Um, and so yes, he, the investor was there all along, but I rarely access. And in fact, I did get ripped off by some other investors that do my own ignorance early on,

but this one has been now, um, second generation, uh, financialgeneration financial advisor in my family, same person. Very good. Way to go, Kim. Yes. Congratulations. So here's what's interesting, Chris, as I look back at the calls we took today. One pattern we see is more high school graduates than normal. Yes.

Fewer college graduates than normal. Two teachers. Yeah. than normal yes uh fewer college graduates than normal two teachers yeah and and i like kim's story because it's a little bit different than we usually get it's not so cookie cutter um she's got a million six uh approximately half of that came from an inheritance right and the other half she did never making more than 58 000 that jumped out at jumped out at me. That jumps in that story. It was big. And as you look at this, I mean, the different jobs,

you've got a sales rep, you've got someone, a builder, someone that's in the electrical industry, distribution, insurance, education. It just goes to show there's not a magic career. There's not a secret thing that you can do that puts you in this elite category that allows you access to becoming an everyday millionaire this boils down to your effort the plan and the information that you have so it's available to everyone dave as you and i already know the study revealed things that we thought we would see in terms of careers but it revealed a couple things we didn't think we would see.

In the top five career fields of the 10,000 millionaires, the surprise was... Teachers. In the top five. Yeah, teachers just blew me away. It was one of those that was startling. And then I started thinking, I think it was you and I, and we were talking, we're like, well, hold on a minute.

If they're getting themselves out of debt they're participating in their 403b they're paying off their homes well yes they should be there they absolutely have access to being there just like an attorney or someone that's a manager anywhere else another surprise was uh medical doctors did not make the top five. They were in the top ten. That's right. But not the top five. Now, lawyers did. Right.

And it was, what, accountants? Accountants and engineers. Engineers. And engineers. But yeah, not medical doctors. And that shocked me, too, because I would have thought. It didn't shock me. No.

It didn't? Medical doctors are as notorious for losing money as athletes. Yes. They make a lot of money, but they do a lot of stupid stuff. And so athletes and music artists, we're in Nashville, so we get to see the music artists. There are no middle ground athletes and there are no middle ground music artists. There is stuck on stupid and then there's very wise. Yes.

There's nobody in the middle. No. And we've talked to both sides's very wise. Yes. There's nobody in the middle. No. And we've talked to both sides. Frequently. Yes. And so the reality is this, and I want to point this out. If you're out there and you're ready to get serious about putting yourself on the path of becoming an everyday millionaire, there's a couple things you need to do today. Number one, get pushed and get enrolled into Financial Peace University.

Nine-week membership gives you access to all kinds of information to be able to grow yourself and to really get started. So go to financialpeace.com. That's the first thing. The second thing you need to do is don't leave your financial future to chance. You need to work with an investment professional. We take cars to mechanics because they know how to fix it. You need to sit down and talk to someone that can help you look at your 401k, help you look at your Roth IRA so you can get on pace. And you have an opportunity to do this and get plugged in with SmartVestor by simply going to DaveRamsey.com. And click on Smart.

It'll drop down a list of the SmartVestor pros. Yes. You pick the one you want to work with. But, you know, you don't pull your own teeth. No. It's just not hard. Chris, thanks for hanging out. Thanks for having me, Dave.

Number one best-selling author, Ramsey personality, Chris Hogan. The book is Everyday Millionaires. That's an everyday millionaire theme hour in the books. Our thanks to James Childs, our producer, Kelly Daniel, our associate producer and phone screener. I'm Dave Ramsey, your host. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's

to walk daily with the Prince of Peace, Christ Jesus. This is James Childs, producer of The Dave Ramsey Show. 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.