The Ramsey Show - App - The Great Lie of the Leftist Ideology (Hour 3)

Episode Date: February 6, 2019

The show about you

Music Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studio, it's the Dave Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has become a signal that you might be an everyday millionaire. This is a millionaire theme hour.

A millionaire is somebody with a $1 million or greater net worth. Is that enough? Well, we can discuss that at another time. Today, we're going to talk with real millionaires, and we want to know how they got there. What did they do? Real ones, not your broke brother-in-law with a political opinion, but real millionaires, and find out from them what their habits are, what they think, and you can learn from them.

We do this because if you want to be skinny, you talk to skinny people about what they eat and how they exercise. If you want to grow hair on top of your head, you don't talk to me. I'm not good at it. If you want to be good at your marriage, you don't talk to me i'm not good at it if you want to be good at your marriage you don't talk to someone that's been divorced 14 times you talk to someone's been married 67 years and find out how that woman didn't kill him well you find somebody that's winning and you emulate copy their behaviors so we're going to talk to real millionaires what did you do did you inherit

your money did you work for it are you a sports figure are you an actor did you steal all your money because we all know evil people wealthy people are all evil i mean you've heard that right i hear it all the time you must have done something wrong otherwise how would you have that money and yet in these millionaire theme hours, I've not talked to a single evil person yet. A million dollar net worth means that your assets exceed your liabilities by one million dollars. In other words, if you take what you own minus what you owe, if that equals one million dollars or greater, you are by definition a millionaire. And what you own is houses and 401ks and gold bars and antiques and art and whatever it is, cash, whatever it is you own, minus what you owe if you have any debt.

You subtract that and the difference is called your net worth. And then you're a millionaire. A millionaire is not someone that makes a million dollars a year. That is not the definition of a millionaire. Some people say net worth millionaire. That's redundant. There's no other kind of millionaire except net worth. That is, by definition, what a millionaire is.

A billionaire is someone whose net worth is a billion dollars or greater. That's how this works. So we're going to talk to real ones. If you're a real millionaire, call me at 888-825-5225. I'm going to interview you and ask you questions about how you did it. 888-825-5225. Crystal is in Dallas, Texas. Crystal, what's your net worth?

Hi, Dave. 1.4. 1.4. And give me the breakdown on that. How much is in retirement? How much is in real estate? How much is in other stuff? We've got $750,000 in retirement.

That's two IRAs, 401K and 403B. And the next big chunk is about $500,000 in the house. Our primary residence's paid off. We have just almost 100 in non-retirement mutual funds and 60 in cash. Good for you. Well done. How old are you? I am 38 and my husband's 41. Young millionaires.

So how much of this $1.4 million is there because you inherited it? Nothing because anybody died. I would say that my dad had an UGMA that he did not use for college. So he paid for my undergrad, and we did have over $100,000 in an UGMA that we used to put down the down payment on our house. Okay, so you got a $100,000 head start. Yeah. Okay, but that really doesn't equ,000 head start, okay? Yeah. Okay, but that really doesn't equate to $1.4 million.

So you're not a millionaire because of that, but it didn't hurt. Yeah, so what has been your range of income since you guys started working, your household income, top and bottom number? Well, when we got married in 06, it was about $80,000. And this year, we're going to make a little over 200. Wow. What do you guys do for a living? What's your career?

Well, I don't make much of the money. I'm a physicist and research scientist at the medical center. And my husband is a city and urban planner. Okay. All right. And what is his degree in? His undergrad is in government, and then he has, uh, public administration and city and urban planning. Wow.

Good for him. Sharp dude. So what was his GPA? Do you have any idea? Oh, um, I actually don't know. Uh, he didn't do that well in high school and did community college for the first two years. Uh, but then I, I know he did well in college but i don't know what

the number is and you're you're a physicist so you're you're a physicist so your gpa must have been high well my undergrad was in the high threes but i always made b's in physics because it was a challenge yeah okay that's funny i love it yeah but grad school i did really well yeah usually people buckle down in grad school that's good okay. Okay, so how much of the $1.4 million is there because you borrowed money to make money? We did not borrow money to make money, no. Okay. Nothing. Cool.

And how many brand new cars have you bought? Well, I'd say one that we bought and paid off in three years, but we did we did buy one before you were a millionaire yes okay cool one car all right cool and uh what part does giving play in your financial plan tell me about your giving uh we have always prived um we we do give above that occasionally, but that's our main focus. We're still working on saving up to buy a new car. So we don't do above and beyond a lot, but we do try to give constantly. Okay. So you're 38-year-old millionaires.

You had a $100,000 head start. Talk to the 24-year-old recent college graduate version of you 14 years ago. Has opportunity in America passed you by, or can it still be done? Oh, it definitely can still be done. I would say just invest early and pay attention to how you're doing your investments. I used to think long-term investing meant just put it there and let it sit, and I didn't pay a lot of attention, and then my husband taught me about paying attention. It helped a lot. Yeah, getting it in good growth stock mutual funds, right? Exactly.

Stuff that is performing. So are you guys readers or TV watchers? How many hours a week do the two of you watch in television? I'd say we watch too much television, but that may be a phase of life having two little babies. But we do both read a lot as well. Okay. How many books a year would you say you read?

For pleasure, probably only two or three. And the rest is for work? I read a lot for work. For work. Okay. You've got to keep up. What about him? I'm not sure. He reads a lot for work as well. So at home, probably not, maybe one or two books a year. Yeah, okay, cool. Perfect, perfect. All right. So you didn't steal any of this money. No. And you didn't inherit it.

No. And none of you are 4.0 graduates that people just threw money at because you were just geniuses. No. Just steady investing and got your house paid off, and you're 38 years old. Well done. I'd say retirement was the key. Very proud of you. I'm going to send you a copy of Chris's book, Everyday Millionaires,

and a copy of my book, The Legacy Journey, for each of our millionaire callers today. This is a millionaire and everyday millionaire's theme hour here on the Dave Ramsey Show. Why in the world would you trust some random guy in a cube when getting your mortgage? Do you really think he cares about your long-term money goals? Well, he doesn't. Those companies care about getting you into whatever home loan program they're pushing that week. When it comes to ordering a cheeseburger, the meal deal works fine. But let's get real, people. We're talking about the largest investment you'll probably ever make, so don't be naive and trust an order taker who pressures you into a pre-packaged loan.

My friends at Churchill Mortgage have been helping my listeners for over 25 years. Call Churchill Mortgage and get custom solutions from an expert within 10 minutes. It's simple. They'll shoot straight with you and quickly show you the real way to save money. Call 888-LOAN-200. That's 888-LOAN-200. Or visit ChurchillMortgage.com. This is a paid advertisement.

NMLS ID 1591. NMLSconsumerAccess.org. Equal housing lender. 761 Old Hickory Boulevard. Redwood, Tennessee 37027. Chris Hogan's number one book, Everyday Millionaires, is a book of stories, a book of encouragement, and it covers the key statistics that we found when Chris and our team did the largest study of millionaires ever done. Over 10,000 millionaires interviewed with airtight research technique. No question about this stuff. And we determined quite a few interesting things about millionaires.

It's all covered in the book, Everyday Millionaires, because we found a bunch of them. They're hiding in plain sight, as Chris says. The only book I have written on wealth is called The Legacy Journey, and we're going to give a copy of each of those to our millionaire callers this hour. The Everyday Millionaire's book is a number one bestseller. The Legacy Journey is not. It was a bestseller but not a number one.

And so it's the only book I've ever written on wealth. All the other books I wrote were on money. And it's the only book I've ever written that is distinctly from a Christian worldview. Well, they're all from a Christian worldview. This one's very overt, though. So I'm going to give everybody a copy of that. If you're a millionaire, call me this hour. The phone number is 888-825-5225.

I want to know if you inherited your money, if you saved your way into it, or if you struck lightning, or you struck gold, or whatever you did. How did you do it? Because people that aren't millionaires want to know. Mark is in St. Louis. Hey, Mark, what is your net worth? $1.1 million. Good for you.

And tell me the mix. How's that broken down? Retirement, mutual funds, house, what is it? $300,000 in cash, $250,000 in my primary residence, and the rest in 11 houses. And the rest in 11, so it's $550,000 out of 1.1, so about 550 more in 11 houses. Right. And they're all paid for? They're all paid for.

Awesome. Okay, how old are you? 53. 53, cool. So how much of your $1,100,000 is there because you inherited money? My father passed away 12 years ago, and my mother gave me his truck. Okay, that's it. So I got a truck. I got a truck. That changed your life. Okay. And what has been your range of income in your working life? Your household income, worst year and best year? Worst year was probably about

$12,000 because I had 26 years enlisted in the Air Force. The best year would be $140,000 this past year. Well, thank you for your service. So most of your life you were military, and what did you do after military? After military, I went into clean dog poop, basically. Flipping houses. Yeah, you get to do some of that flipping houses. That's funny.

So what's your degree in? I've got an associate degree. In what? That's all I have. One in personnel management and air crew management and a couple others from the Air Force. Gotcha. Okay. What was your GPA?

Probably about a 3.5. Gotcha. Okay. And how much of your wealth is there because you borrowed money to create wealth? Nothing. I don't borrow money. So all these house flips you've done in cash? All the house flips have been in cash. Last time I borrowed money was for a truck in 97. And the truck still sits in my driveway. Reminds me not to borrow money. So you've got your dad's truck and the old truck that used to have debt on it. I love it.

Okay, and so what does your giving plan look like? How do you do your giving? We give for school, veterans, and then we send things to the Philippines, where my wife is from. Oh, okay, to family, okay. Veterans and school, good. Well, not to her family, just to the Philippines, to schools and things like that. Oh, okay.

Just to her community. Okay. Her former community. I got you. Cool. All right. So you are 53. Talk to the 25, 24-year-old, 23-year-old version of you.

Can this still be done? Well, basically, do everything intentional, just like what you say. Everything intentional, but before you do something, think about it. Same every time I look at a house. I think, can I make money here or not make money? If I can, I buy it, and if I can't, I don't. But you've got to think about it before you do it. Just don't do things impulsively.

Yeah. And so you think it still can be done? It still can be done if you get out there and work. There's lots of work, lots of jobs. Yeah, you've worked. You've worked. There's no question about that. So very, very cool.

What was the biggest mistake you've made financially in your life? Probably the biggest mistake was when i was in my 18 to 22 i bought three new vehicles in that amount of time i didn't buy another one for 30 years well there you go okay that'll get you uh but at least you quit you quit by the time you were 24 right right right i i quit then and and when I was 18, I had a brand-new vehicle. Gotcha. Okay. So you have zero in mutual funds.

All of your money is in cash and real estate. Yes. Very cool. I can't sleep at night. The stock market's great, but I can't sleep at night with it. So that's a personal decision. Gotcha. You love the real estate.

It gives you stability. You know you can control it more. And I can get a better ROI that way. I don't buy a fourplex and for $11,000 have to collect the rent weekly, but my properties are cheaper.

You've got a better ROI than you're going to see on mutual funds. You've got more hassle, but you've got a better ROI. I agree. My real estate does better than my mutual funds, too. Good. Very cool, Mark. Congratulations. We got a copy of Everyday Millionaires and the Legacy Journey for you. Thanks for sharing your story. Randy is in Amarillo, Texas. Randy, what's your net worth? Two million. Two million. Flat up. I love it. So break that down for me. How much of that is like retirement, mutual funds, house, what? 1.5 is in mutual funds and some preferred stock. And then the rest is in real estate.

We have two properties, our home and then a condo in the mountains. Okay. Not a rental, but a second home. Great. Very cool. We do rent it when we're not there. Okay. How old are you guys?

62. 62. And how much of the $2 million is there because you inherited it? Zero. Okay, cool. And give me your range of income in your working life. Your household income, worst year, best year? $29,000 in the first years of our marriage, and then at the end, about $150,000, $160,000.

Okay. Never made over $200,000? No, sir. Okay. What was your career? I worked 36 years for a major oil and gas company. Doing what? I started out, you know, physical labor, working on the rigs, and then later on I became a supervisor. Okay, cool.

And what's your degree in, or do you have one? I did school of hard knocks. That's a good one to graduate from. Okay, I love it. Okay, and how many new cars have you bought before you were a millionaire? A couple. Okay. Cool. Cool. And so what does your giving look like between you and your wife? What do you all do for giving? Since probably mid-'90s, we started tithing. Offerings, we bumped it up from the normal tithe of 10% up to 20% over the years.

Wow. Okay. Yeah, cool. And the 20% goes where? All to your local church? The majority of it, yes. Okay. Very cool.

Good for you. That's fun. So there's a 22-year-old out there on the rig busting his back right now. He's wondering if he can make it. Can he still make it? Yes, he can if he listens to Dave Ramsey and follows your principles and stays out of debt. Well, thank you. I appreciate that, but I want to know what your principles were.

What would you tell him that you did? Well, even when it didn't seem right, stay focused, you can make it. Cool. Well, you made it, Randy. $2 million at 62 years old is no slouch, man. Proud of you. Well done. We've got a copy of Everyday Millionaires and the Legacy Journey for you to say thank you for coming on our Everyday Millionaires Theme Hour.

This is the Dave Ramsey Show. Let me tell you a story about two families that are very much alike in a lot of ways. Both families have two working parents and a couple of young kids. Each has debt and has struggled to make ends meet. But they're starting to make headway with their budgets and smarter decisions with money. They have dreams and plans, and the only real difference is that one family has the right amount of term life insurance, and the other doesn't. Big difference. If one of the parents die, and that does happen, their well-being would be destroyed.

Paying for the mortgage, utilities, food, and other bills would be impossible, let alone saving for education or retirement. That's why every day I talk relentlessly about getting term life insurance. Just go to ZanderInsurance.com or call 800-356-4282 and see how inexpensive it really is. Be the family that takes those deliberate steps to be different and responsible. It really does make you the hero of your story, and it puts you on course for better things ahead. It's an everyday millionaire's theme hour. We're talking with millionaires who want to know where they got their money.

How do you build wealth in America today? Do you have to inherit it? Do you have to be an NBA star, an NHL star, an NFL star? Do you have to have an N, like a national something there to be able to get a net worth, to be able to build wealth? Do you have to be a famous entertainer? Do you have to be a Hollywood star or starlet? Do you have to have a high GPA? Do you steal your money?

Is that where it comes from? Where do you get wealth in America today? What's the real answer? Not the political ideology by someone who has an ax to grind and wishes they knew the answer, but talking to really wealthy people, people that are really millionaires. Robert's next in Salt Lake City. Hey, Robert, what's your net worth? About $1,400.

Good for you. And break that down for me. How much of that is mutual fund retirements or house, or what is it? I've got a rental, and I've got my home. That's about $750,000, and I've got about close to $500,000 in mutual funds and a couple hundred thousand in cash. Okay. Cool.

And the mutual funds, are the mutual funds in your retirement, or what are they in? Yeah, they're retirement. Like 401K and IRAs? Yeah. Gotcha. How old are you? I just turned 60. Cool.

And how much of the 1.4 is there because you inherited money? I wish. No, none of it. Okay. And what was your best year household income in your worst year household income um when we started out i was making about 17 000 a year and now we're making about 200 a year good for you over 200 good for you and what is your career i'm a audio video salesperson okay all right cool and what's your degree in i i barely made it out of high school okay high school graduate got okay and your gpa in high school uh probably one point i shouldn't be saying this over the air, one seven probably.

Well, you said barely and you meant it. All right, cool. So how many new cars did you buy before you were a millionaire? Zero. Okay. And tell me about your giving patterns. We try to be generous with the Lord. Ten percent and try to take care of the poor,

look out after people as best we can. Gotcha. And how much of this 1.4 is there because you used debt to build wealth? Zero. Okay, cool. And so you're an AV sales guy, high school graduate. You're 60 years old. You've got $500,000 in your 401Ks and IRAs and mutual funds. You have paid for $750,000 worth of real estate at 60 years old.

Can the 24-year-old version of you that's listening still do this? Absolutely. You can't be buying new cars and the latest, greatest iPod or iPhone. You start getting into all that stuff, man. You just throw your money away so fast. You're eating out constantly. You start doing that, you can't do it. But if you save a little bit each pay period, you can do it.

And it's hard when you're young. I know that. When did you start saving? How old were you? Probably 26. What made you do that? Since you came from a family that didn't have money, what made you decide to start at 26 years old?

Well, we decided to start planning for retirement. And I think, you know, it was probably when I was 35 or 40. I don't know how long you've been doing it. It seems like it was maybe 40 when we took your class. And me and my wife have tried to have a budget. We've used all the dollars over the years. And, you know, we have just tried to stay out of debt and not pay interest on stuff. So you went to Financial Peace 20 years ago?

It seems like it was that far away. Yeah, it could have been. It could have been. I mean, we've been doing it 25 years, so that's very possible. Yeah, that's about when it was, yeah. Oh, okay. All right, cool. And so really, you're 20 years the other side of your, or 15 years the other side of your debt-free scream,

and this is where we're sitting. So you're walking proof text for us. Yeah, pretty cool. Very interesting. All right. And so what was the biggest financial mistake you've ever made in your life? You're walking proof text for us. Pretty cool. Very interesting. All right. And so what was the biggest financial mistake you've ever made in your life? Well, I think it's probably not saving as much.

I should have saved more. And I've never used any of my retirement money for anything but retirement. I know a lot of my friends have been tempted to, or they've gone and used it for something. They get in a crunch and they use it. And did you say what the biggest mistake is? Yes, yes. Not saving enough. Yeah, okay. I would say that's probably the biggest one.

If you save twice as much. Eating out too much. Okay, eating out. It's a theme here. Okay, I love it. Very cool. Well, Robert, thank you for calling in and sharing your millionaire story. We've got a copy of Chris Hogan's number one bestseller, Everyday Millionaires,

and a copy of The Legacy Journey for you to say thank you. Alan is with us in Chicago. Hey, Alan, what's your net worth? $5.5 million, Dave. And, by the way, this is a great honor. Well, we're honored to have you, sir. That's a bunch. You did well.

So give me a little breakdown on that. How much of that is in what kind of categories? Well, it's not counting our house, but the $5.5 million is comprised of rollover IRA, traditional IRA, Roth IRAs, a couple VAs, 401K, ETFs, some muni bond funds, municipal bonds, and mutual funds. So all of that, all the 5.5 is that? Yeah. Okay. And then you use your home. Qualified and non-qualified.

And your home's paid for? Oh, it is, of course. Okay. And what's it worth? Oh, I don't know. Between $750 and $850. Okay, so that puts you, like, realistically at about $630 net worth, right? No, that's probably about right.

All right, and how old are you? 59. All right, you've done very well, brother. Good job. So how much of this five... I mean, I wish I was like you. So how much... You got $6 million. So how much of this did you inherit?

Nothing. Zero? None of the $5.5 million. Okay. I should say I inherited $5 dollars my uh first year of college and i inherited another hundred thousand dollars um after i was a millionaire i mean yeah so you're not a millionaire because of it you're not a millionaire because of inheritance so give me your household range of income top year and best year and worst year well i started out at $24,400, and I thought it might have been more meaningful for your listeners.

My average salary for the first 15 years was about $70,000. I just did the calculations. And I was a millionaire by age 40. Okay. So I thought it significant because it shows you can build up wealth even though you have $70,000 a year. Yeah. Yeah, you got the first million out of the way, but what do you make nowadays? I make around $200,000 to $250,000.

Gotcha. Good for you. What do you do for a living? I'm a securities attorney. Okay. Excellent. So you got a law degree, obviously. I do. And what was you got a law degree, obviously. I do. And what was your GPA in law school? In law school, you know what, I don't remember. It was about the top third of the class in law school.

And undergraduate was in business administration, and it was about a 3.3 on a 4.0 scale. Gotcha. Okay. And what part does giving play in your financial plan? My wife and I are in the process of setting up a 501c3 organization for funding disadvantaged high school students to allow them to do foreign studies. Love it. Very cool. Right quickly, what advice would you give to the 25-year-old version of you? I would say brown bag your lunches, limit your dinners out, don't buy cars to impress your girlfriend. By the way, my future wife was not impressed by my BMW.

Love it. Well done, sir. Proud of you, Alan. Over a $6 million net worth. Boom! It's an Everyday Millionaire's Theme Hour. Our scripture of the day, Proverbs 22.6. Train up a child in the way he should go, and when he's old he'll not depart from it. You know what Proverbs 22.7 is? The rich rules over the poor and the borrower is slave to the lender. So if you took the numbers out,

which aren't in the original scripture, by the way, it would read, train up a child in the way he should go. When he's old, he'll not depart from it. The rich rules over the poor and the borrower is slave to the lender. It almost indicates that you should train up a child. That the rich rules over the poor and the borrower is slave to the lender it almost indicates that you should train up a child that the rituals over the poor and the borrower is slave to the lender h jackson brown said live your life so that when your children think of fairness and integrity

they think of you there you go it's an everyday millionaire Theme Hour. We're talking to real millionaires this hour, finding out how they really did it. Sue is in Fort Collins, Colorado. Hey, Sue, what's your net worth? Hi, Dave. It is a pleasure to talk to you. Our net worth is just over $2.9 million, and that's made up of about 2.1 of mutual funds in IRAs, and a little bit of that is outside our IRA. And then we have a home that is free and clear at about $650,000, and then we have a rental

property that's worth somewhere around $210,000. Awesome. Very cool. How old are you? Thank you. I'm 58. I hate saying that. And my husband is 63. I don't hate saying it. I'm 58. Okay. So what was your, how much of this money did you inherit that caused you to be wealthy? None of it. None it not even 5 000 like your previous caller yeah well well it got him all the way to six million so you missed out i know so what was your range of income household income worst year and best year

oh worst um gosh i mean we were pretty mean, starting out, it probably was at least 100, even going back. And then over the years, I would go into the workforce or come out, and my husband was always working full time. But up until about four years ago, it was somewhat steadily between around 150 and 180. And then about four years ago, we decided his job was incredibly stressful and life is too short. So we took early retirement, and it was a little bit ahead of schedule for our plan. But, again, life is too short. And so nowadays, the past few years, we've been working part-time jobs, have rental income, and taking some out of savings. So we've been right around $65,000 to $70,000.

Never made over $200,000? No. And $2.9 million net worth by 58 years old. So what were your careers? What was your career, his career? My husband was in printing, and he, for the last 20 years, had been running a printing company. We didn't own it, but he was running it and had 70 employees.

And then I started in sales years ago, worked for a Fortune 200 firm, and then stayed at home for a long time with our kids. And then the past 15, 20 years I've been doing part-time admin work. Cool. And what's your husband's degree in? He doesn't have one. Okay. High school degree.

What about you? He left college after two years, and I have a bachelor's. Okay. In what? In marketing. Okay. Cool. All right.

And what was his GPA or your GPA? My GPA was 3.4. I know in high school he was off the charts. He's a very smart man. In college, I don't think it was as good. Okay. He dropped out. Okay. So college, I don't think it was as good. Okay. They dropped out. Okay.

So that's fun. I love it. And how much of the $2.9 million is there because you borrowed money to create wealth? Okay. We didn't quite follow your plan. We did things a little differently. I can't put that in exact numbers but i will say um we lived in san diego for quite a long time and we did really well on a home there

and so but a home mortgage you didn't borrow that's not borrowing to invest well no but what happened was um to buy our rental properties we We had probably about $600,000 or $700,000 in equity in the home in San Diego, so we did borrow $200,000 to buy two rental properties at the time. Gotcha. And then we just, and they cash flowed. Okay. Do you still have those? We sold one last year, and we still have one.

Okay. All right. Cool. Very cool. And how many brand-new cars did you buy prior to being millionaires? Oh, well, probably more than you would advise. But, I mean, we tend to buy cars and then keep them. I mean, for instance, I just a couple months ago bought a brand-new car only because my 11-year-old car.

Well, you're worth $2.9 million. That's okay. It's okay to buy a new car after that. So talk to the 25-year-old version of you and your husband. Can they still do this? Oh, absolutely. Absolutely. And, yeah, no, the 25-year-old, we probably went out to dinner a little more than we should have back then.

But what's the secret? What did you do that made you worth $2.9 million? Tell the 25-year-old that. We lived below our means. Okay. We could have afforded a lot more new cars or nicer new cars. For instance, my husband, you know, he was... Well, you have $2.1 million in mutual funds, right?

Yeah. So the 401k and your retirement plan were a big part of your life. Oh, yeah. At one point, the past few years, once our kids were out of the house and one of my jobs, I was putting 90% of my salary into my 401K. And I remember the HR person said, nobody does that. That's right. Nobody's got a $2.9 million net worth.

Sue, way to go. Proud of you guys. We got a copy of Chris Hogan's number one best-selling book, Everyday Millionaires, talking about things you already know, and the legacy journey from me. A couple of books we're going to send your way to say thank you for being on the Everyday Millionaires theme hour. Well, it takes money to make money. The little man can't get ahead.

And yet, none of the millionaires we talked to today became wealthy because of borrowed money our last one did borrow some money for some rental property and then paid it off but they didn't say oh well easy credit is what made me wealthy you know as a matter of fact doing these millionaire theme hours and everyday millionaire theme hours for several years now i've never heard a millionaire say, easy credit made me wealthy. Not one. Now, they are calling this show, and so it might be that there's people out there, but, I mean, this is all I got.

The only data points I've got are the ones on this show. The study that we did, we did not study only Dave Ramsey, you know, only Dave Ramsey millionaires. We studied millionaires from white space as well. Well, all those millionaires inherited their wealth. None of them did today. And as a matter of fact, 79% of the 10,000 millionaires that we studied inherited zero. Another 5% inherited less than $100,000.

So mathematically impossible for 84% of them to have become millionaires because of inherited money. Easy to say, really, that 90% of millionaires are not millionaires because of inherited money. So that is the great lie of the leftist ideology, that you're stuck, that the system is rigged against you, and that you can't win. You can. But it is kind of like Henry Ford said. If you think you can or you think you can't, you're probably right.

The great lie is that all rich people are evil. Evil people come in about the same percentages across the income spectrum there are evil poor people and they're evil rich people at about the same ratios they do not become wealthy because they're evil they're not crooks and less than one percent of america's wealthy people are household names entertainers people you know their name. 99% of them, you've never heard of them. It's Sue in Colorado. Everyday millionaires, you need to check this book out.

That puts us out of the Dave Ramsey Show and the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with the Prince of Peace, Christ Jesus. Hey, it's Blake Thompson, Senior Executive Producer for the show. You know, you can listen or watch anywhere with the Dave Ramsey Show app on your smartphone. Catch the full show or watch the highlights and check out Dave's upcoming guests. Head to the App Store and download it today.