The Ramsey Show - App - The Millionaire Path Is Clear and Available to Everyone (Hour 2)

Episode Date: April 18, 2019

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Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, it's the Dave Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place to prove itself as one symbol of the everyday millionaire. That's right, folks. We're doing an Everyday Millionaire theme hour this hour. We're going to talk to you if you are a millionaire chris hogan mr millionaire himself joins us author of the number one best-selling book everyday millionaires how ordinary people built extraordinary wealth and how you can too we're going to talk to real millionaires

not your broke brother-in-law with an opinion. Not a Twitter troll. But people who really actually have something more than opinion. They have proof they lived it. Now, some people inherit their money. Some people save their money and become millionaires. Most of us didn't have a rich uncle, did we, Chris? No, not at all, Dave. You sure you didn't? I promise you I didn't.

If I didn't, he stayed hidden. If I did, he stayed hidden if i did he stayed hidden ramses are notoriously cheap the scotch irish heritage but i never remember anybody having being an actual millionaire that was going to leave it to me anyway no not at all and definitely not my family coming from kentucky well i'm tennessee yeah i know but i'm just saying i didn't know there's something wrong with kentucky or tennessee not at all but i'm just saying no one is handing me anything It's like there's something wrong with Kentucky or Tennessee. Not at all, but I'm just saying. No one is handing me anything. Yeah. Not at all.

And that's what we found with most of them when we studied them. We sure did, Dave. You know, we did the largest study that's ever been done on millionaires. We talked to over 10,000 of them all across the country to find out the truth. Are these millionaires trust fund babies? Were they just handed something? Were they in the part of the DNA lottery and just born into a lucky family? And the truth is, they're none of these things.

These are hardworking men and women that have focused over time and built wealth the right way. Yeah. And here's what's interesting. There's an overlying, I guess, philosophical, almost geopolitical problem. When you believe life to be one way, you act on that belief system. That's called your worldview. And if your beliefs are wrong, you're going to get bad results. And if your beliefs are correct, you know, if you believe Florida is south of Tennessee, then you have a chance of getting towards Florida.

But if you believe if somebody's convinced you Florida is to the north, you're going to get there. But it's the long way around. No, you're absolutely right. so much when I see these people and their Twitter trolls or their policy wonks or their leftist socialists or whatever is it's not that I disagree with you. It's just that you're wrong. And the reason you're wrong is you teach people that the only way to be wealthy is to inherit it. And so the message is, if you didn't inherit it, you got no shot.

That's right. And that's an aggravating lie because you've got a shot yeah no dave and you can take it a step further it's also if you know you don't stand to inherit and the only way you can get there supposedly is through inheritance then that means you're finished before you ever got started if all the millionaires are millionaires if all the wealthy people are wealthy people because the forbes 400 because they inherited it or they had a substantial some kind of privilege that other people didn't have then what that says is you're stuck you're screwed that's right and that's not a really positive message no it's not and it's also

not the truth and it's two ways they've there's also this thing in psychology called the self fulfilling prophecy yep that if you believe it enough and you tell yourself that enough, that you will actually end up doing the very thing that you keep talking about. And that frustrates me to hear that message out there that's wrong, but it also prevents people from believing in the American dream.

And I had some twit on a media thing try to tell me that the American dream was dead and gone. And I couldn't do what I wanted to do on air. But I'm just looking You're not allowed to punch people on the TV. You dead and gone. And I couldn't do what I wanted to do on air. But I'm just not allowed to punch people. I know, Dave, you've taught me. You can't do that. But I wanted to.

You're scared because I am not scary. I'm huggable. But the American dream is alive. Well, and it's available. And I want people to know the truth. So I'm excited because I met him, Dave. Hard working, good men and women. They don't flash. They're not flashy.

They're just regular people that are hardworking and focused on helping others. So really what you need to hear is there's an underlying message here that now is with airtight research statistically proven that you got a shot. That's right. If you hear me and when people say you haven't got a shot because the wealthy have control, wealth and equality message, the wealthy have control of everything. You're, you know, white privilege, all this stuff that goes on. And you came from a rich family. You don't even understand the privileges that you have. And and OK.

All right. Good. So what's that mean? It means you're stuck. And so what that message is is a message that says you're a victim and you're never going to win. And the sad thing is it's just not the truth. It's not. It's not the truth.

It isn't. We found people of every race, every education level, every age group, men women we found people of every in every state we found people in and a matter of fact almost every state the ratio of millionaires that showed up was very close to the ratio of population as what that state represented there's a few places a little heavier per capita than others here or there uh as you might guess because of some of the property prices. For instance, you find more in California or New York. You find, you know, an inordinate more. But, you know, but a lot of that had to do with real estate prices more than habits or beliefs or opportunity.

That's right. Well, I remember when you and I started talking a couple years ago on this, you hit on something so much that I actually have it in the book. You said we all have different start points. We all come from different backgrounds and you may have different start points, advantages and disadvantages. The bottom line is, is that the dream is still there and available. The path is clear. It doesn't exclude anybody based on any other reason outside of our beliefs and our choices for what we want

for our future well you start in a single mom's home african-american kentucky i start with with a couple of hard-working entrepreneurial parents that taught us we could do anything and i was so dumb i believed you could and so i went and became a millionaire by the time i was 26 and i was so dumb i did it wrong and so i had the opportunity to do it twice. So I'm so dumb, I've done it twice, you know. And if I can do it twice, I mean, surely you can get it up for once. I mean, come on, you know. And so it just, it's not that I'm angry with the person.

It's that you are teaching people they can't win when you say that stuff. And it's a lie from the pit of hell that you can't win. It's statistically inaccurate. It's spiritually inaccurate. And you got a shot. And when you tell people over and over they ain't got a shot, so what do they do? They sit. That's right.

Instead of run. That's right. And, man, it just burns my butt i just it just gets me fired up and boy i'm telling you you you with this book i was watching a twitter interaction about three days ago you stirred up some people man a guy just took the stats right out of the book and was just wailing on one of these people that was trying to be victim based instead of victor well and i and i talk about that in the book dave because it's so important this victim mentality we trying to be victim-based instead of victor. Well, and I talk about that in the book, Dave, because it's so important. This victim mentality, we've got to be careful.

We've got to be careful because oftentimes in some of the homes we were raised in, we were taught you could do something or you couldn't. And you need to be careful in what you choose to believe because as an adult, you don't need a permission slip anymore. Dave, we get to decide. That's right. Hey, there were a lot of cuss words in our house, and can't was one of them. You didn't say

can't. Oh, that gets you in trouble in my house. Bad stuff, man. Bad stuff. Chris Hogan is with me this hour, number one best-selling author of the book, Everyday Millionaires. We're going to talk to real millionaires here on the air at 888-825-5225. Are high health care costs getting you down?

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And our members have shared over $2.5 billion in medical bills. To learn more, visit chministries.org. That's chministries.org. Christian Healthcare Ministries is a proud sponsor of Dave Ramsey Live Events. chministries.org. It's a Millionaire Theme Hour, an everyday Millionaire Theme Hour. We're talking to millionaires from wherever they got their money to find out where they really got it and who they really are. Chuck is with us in Cleveland, Ohio. Hi, Chuck. What's your net worth? I am currently worth $2.1 million and adding.

Awesome. And give me the mix on that. How's that broken out? 1.6 in stocks, bonds, mutual funds, and annuities. $285,000 in cash, $260,000 conservative estimate house that's paid off. Good. Good for you. Great.

How old are you? I am 62. Perfect. And how much of the $2.1 million is there because you inherited it? None of it. Zero. Okay. And what's your range of income, Ben, household income in your working lifetime, high and low?

Probably $5,000 to about $140,000. What did you do for a living? I was a letter carrier. You worked for the post office? Yes, sir. Okay, cool. Chris? Oh, wow.

And Chuck, have you ever worked with an investment professional? Yes. I had a stockbroker longer than I've known my wife, and I've been married for 36 years. Okay. My wife gets a little upset when I bring that up, but it's true. I met him before her. Yeah, you better be careful with that one, Chuck. Yeah. Hey, tell me this. Did you go to college or high school? I have two years of college. Two years of college. Did you go to college or high school? I have two years of college. Two years of college. Do you remember your GPA?

In high school, it was maybe 2.1, but in college, I was a 3. Okay. And do you and your family do any giving? Yes, to our church and some local things. Gotcha. And Chuck, as you look back, what was your biggest financial mistake you made in this journey to becoming a millionaire? The first time I could have paid off my first house by selling a stock. I didn't do it.

And the market took a hit in 87. Oh, I remember that. So when 99 came, I sold the stock and paid off the second house to get completely out of debt. Yeah. Okay. Black Monday taught you a lesson, huh? Yes, it did. I wasn't going to make that second mistake. It was just before Y2K was going to hit, and they were talking about planes falling out of the sky and everything.

And we had a small investment. It was in a sector fund that was investing in stocks and mutual funds in stocks that were in computers. Everybody was updating their computers. It was a tremendous gain, and I said, the worst thing that can happen is we own the house. We sold the stock, paid off the house. Good play. Good play. However, it did go way up the next year, but it's still a good play.

Very good play. Good job, man. Good job. So what's your advice to the 24-year-old version of Chuck out there listening right now? Can it be done, and what should he do? You would need tough skin because you will have a lot of people nailing you about being greedy and money hungry and you're working too much. That has to hit you and fall off. You get your sight on what you want and you just keep pushing.

Work hard, save all you can, spend as little as you can, and get out of debt as fast as you can. How heavy were you in the TSP at the post office? I was allowed to put in 5%, which they did match. I'm under an old pension that doesn't exist, and I maxed it out. Okay. And my wife is a registered nurse. She was allowed three times what I did, and we maxed hers out, and people told us constantly how crazy we were

because we don't know if we're going to be allowed next week. So why are you looking so far ahead? And I'm from a working family. Every one of us pushes 40-hour work week to us it's like hitting third gear and i was determined to get there yeah and 62 and 2.1 million congratulations sir i'm proud of you it's an honor to speak with you very very very well done nancy is in grand rapids nancy what is your net worth? About $2.1 million also. Okay, and give me the breakdown on that, please. How's that allocated?

About $615,000 in retirement accounts, about $750,000 in taxable investments and cash, and about $750,000 in real estate. Okay, all right. And how old are you? 56. and about $750,000 in real estate. Okay. All right. And how old are you? 56. Cool. And how much of this $2.1 million is there because you inherited it?

I would say about $700,000. My dad left me some of his real estate when he passed away, and I still have it. How long ago was that? 2016. So you were already worth a million by then. Yeah, yeah. Okay, so you're not a millionaire because of it, but you're a two-millionaire because of it.

Right, right. Yep, I feel bluffed. Yeah, you should. That's awesome. I'm just trying to make sure the calculation sticks and I understand where your wealth came from. Your first round came from acting like your dad. Your second round came from your dad. Yeah, I guess so.

Yeah, okay. So what was your range of income in your working lifetime, your worst-year household income and your best-year household income? I would say probably when I started the work world in college, I probably made $12,000 a year. And probably my best year, I made about $65,000. Wow, cool. And what was your career? I'm an on-road salesperson.

Sales, okay, very cool. And did you get a four-year degree? Yes, I do. Okay, four-year degree? Yes, I do. Okay, four-year degrees in what? In marketing. Okay, and what was your GPA? I think about 3.5. Okay, very good.

Very good. And Nancy, did you ever work with an investment professional? No, I really didn't. Okay. And looking at this, do you do any giving right now? Yes, I do, but I'm planning on ramping it up quite a bit. Okay. Are you giving to your local church or charities?

What do you do? Local. Okay. Very good. Looking back on your career and this journey that you've taken to become an everyday millionaire, what was your biggest financial mistake you made? I think it is I bought my first house at age 23, and it needed a lot of work. So I bought the house, and I started putting money in it and not doing any investing.

And if I could go back and do that one again, I'd still buy the house, but I'd let the house sit for five years and take that money that I was putting in it and do the investing. Gotcha. You've recognized the benefit of an early start then. Oh, yes. Yes. That's really huge.

So what advice, first, do you think this can still be done today? Oh, absolutely. I mean, this young generation, if they would put their mind to it and start even a little at a time, I mean, it ramps up to be so huge down the road that they would never believe it. Dave, one of your most famous sayings is, it's crockpot, not microwave, and that is so true. Very cool. Good for you. So how much TV do you watch versus reading?

I do not watch hardly any TV. In fact, I don't even own one. Oh, really? Wow. Okay. No, I don't. hardly any TV. In fact, I don't even own one. Oh, really? Wow. Okay. No, I don't. I don't. What's the best non-Ramsay book, not one of ours, that you read in the last 12 months?

Boy. To be honest with you, I don't really read that many books i go online and read short articles okay all right cool which i do on a night nightly basis fair enough what subjects do you read when you're doing that mainly business subjects okay all right interesting nancy i'm curious do your neighbors or any of your family know that you're a millionaire? I think my cousin figured it out because his girlfriend ran a car rental agency. And when I'd go there to visit, I'd always make sure that I took out the high liability insurance. And it kept going on so many times that finally my cousin asked me.

There's a hint right there. I don't want anybody in a broken rental car taking this money I worked my whole life for. Good for you, kiddo. Well done. I love it. Well done. Wow. Good information. It's an everyday millionaire hour, this hour, on The Dave Ramsey Show, with number one bestselling author, Chris Hogan. The last thing I want you to feel is buyer's remorse,

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Call 888-LOAN-200 or visit churchillmortgage.com. This is a paid advertisement. NMLS ID 1591. NMLS ConsumerAccess.org. Equal housing lender. 761 Old Hickory Boulevard, Brentwood, Tennessee, 37027. It's an everyday millionaire theme hour here on the Dave Ramsey Show. Host of the Chris Hogan Show and national best-selling author Chris Hogan, Ramsey personality, joins me this hour.

In the lobby of Ramsey Solutions, Rodney and Teresa from Baltimore, Maryland are with us. Hey, guys, how are you? Hi, we're doing great. So you're here to do a debt-free scream in the Millionaire Theme Hour. Yes. So let's talk about the debt. How much debt have you paid off? $316,920.

Whoa. How long did this take? Four and a half years. Okay, cool. And your range of income during that time? Between $150,000 and $175,000. Okay, $150,000 and $175,000? Okay, $150,000 and $175,000? Mm-hmm.

And what do you guys do for a living? I work for a voluntary certification organization. Mm-hmm. I'm in charge of the collision repair series of certification tests for the organization. Okay. And I am an internship coach for a school system in the state of Maryland. Oh, very cool. Good.

What kind of debt was the 317? First mortgage, second mortgage, credit cards. Paid off your house! Yes, we're weirdos! We're looking at weird people! I love it. How old are you two? 57. Alright. Very cool. And a paid-for

house. What's this house worth? About a half a million. Wow. So I'm going to guess and say since we put you on the Everyday Millionaire theme hour to do your debt-free scream that that half a million dollar house is part of an over one million dollar net worth. Yes. Okay. So we got a half a million.

I'm going to move to my other chart then. A half a million dollar house and what's your total net worth? It's about one million thirty thousand dollars. Just over the mark. Good for you! You did it! And what's your total net worth? It's about $1,030,000. Just over the mark. Good for you. You did it.

Yes, we did. What's the other $500,000 in? I have a 401k. 401k. Okay. Very good. You guys are pretty typical in that regard. Very good.

So half a million dollar house in Baltimore, Maryland paid for. Did you ever think? No, we never thought. We never thought. How's it feel to have everything, the house and everything done? It's amazing. It is just, I pinch myself daily. So how much money of this million dollars is there because you inherited it?

Nothing. Zero. Okay. All right. Very cool. Good for you guys. I inherited it. Nothing. Zero. Okay. All right. Very cool. Good for you guys. I love this. This is good.

This is the first time we've done a debt-free scream, everyday millionaire combo. And so this process really made you become millionaires, didn't it? The idea of getting the house paid off. Yes. Yes. That's what knocked it on out then. Okay. So tell us the story.

What got you started on all this? Well, my employer, they offered us FPU online. I went home and discussed it with Rodney. And because every month we had no savings and no money. And we never really knew where it was going. So we got on the program. We signed up. And we did really knew where it was going. So we got on the program. We signed up.

And we did our first budget. And I almost had heart failure. But the budget saved us. And going through FPU, hearing the stories of others that paid off their debt and how they did it, inspired us to do the same. And Dave, I got to say, when we went through that and she brought it home, I said, I know all this stuff. But she kind of said, well, we're going to sit down and watch it anyway.

And I thought, I said, I've been married so long. I said, yes. Yes, ma'am. And she said, and after the first couple parts of it, we would, every weekend, we would just sit down for one segment and we would watch it. And by the time we got, I would say, one-third of the way into it, I was sold. And I thought I wouldn't learn anything from it, but I learned so much.

It was amazing. And after that, I was fired up, ready to go. So I'm doing the math in my head we can't really say that the financial peace university or our all this teaching made you millionaires because you had to have a really good start on that 401k already yes i have a my back then back then four and a half years ago your balance was probably 200 yeah yes yeah okay so you had 200 000 and um and,000 and debt other than that. So paying off the debt and then knowing, okay, now we're freed up and you were able to punch in on that 401k, that took you over the top. Yes.

That's how the math works out in my head. Is that about right? Yes. Okay, good. That is fantastic. You guys, as you sit and you think back to where you've come from to where you are now. In five years. What were some of the sacrifices you made along the way?

No going out to dinner. That was the hard part. Was it? Every weekend we would go out to dinner with friends or whatever. And it got to the point where we just had to stop and say no. So friends would ask you about going out to eat, and what would you say? We can't. We can't.

We're paying off our debt. Good for you. Good for you. I wish you would get an eye roll. Yes. Yeah, definitely. But now you're 57-year-old millionaires. Mm-hmm.

Yes. With a paid-for house, too, by the way. I know. It feels so secure, doesn't it? Yes. I'm still not over the shock. I'm still trying to get used to the idea. I still shop the same way that I did.

Nothing has really changed. And I don't know if it ever will, honestly. But I do go out to dinner now. Yeah. You make $175, you've got zero debt. Yeah. That's pretty good. Yeah.

So what would you tell people the key to doing this is? Don't keep up with the Joneses. Material things or material things? What's really important is your financial freedom, family, giving, and living. Yes, it's sacrifices you have to make, but the sacrifices are worth well the end result. You live like no one else now. You can live and give like no one else. Yes, absolutely.

That's who you are. Yes. Real quick, you two, as you all sit here and I can tell in your relationship that this process has drawn you closer, but you're talking to married couples out there that are where you all used to be. They've run out of money before the end of the month, as Dave would say. What would you tell them that Financial Peace University can do for them? It can put them on the right track, get them started.

Most people don't have a path. They were not taught any direction. You know, you're not taught by your parents typically. You're not taught by society. You're taught to keep up with the Joneses. And you really just got to get away from that whole concept and live for yourself and not for everyone else. It's tough to do, but when you pay off that first debt, you start growing the amount of

money that you have. And every time you pay off that next debt, it feels even better. When we got to the end, I got to the point where I said, you know what? I can't wait any longer. And we cleaned out our emergency fund and took it back down to about $3,000. And I said, that's it. We're just writing that last check to pay off the mortgage. Yeah, you were that close. Wow.

I couldn't take it anymore. Way to go, you guys. Well, we're real proud of you. Thank you. Way to go, you guys. Well done. Touchdown. Thank you.

It's a double dip here, right? Debt-free and everyday millionaires all in one fell swoop. Yes. It's just beautiful. You helped us get there. Thank you. Well, I'm proud of you. You guys did the work.

All right, we've got a copy of Chris's book for you if you don't already have one, and he'll sign it for you here at the break, and we appreciate you being with us. Rodney and Teresa, Baltimore, Maryland, $317,000 paid off in four and a half years, making $150,000 to $175,000. Count it down. Let's hear a debt-free scream. Three, two, one. We're debt-free! We're debt-free!

Way to go, you guys. Way to go. Chris guys. Way to go. Chris, that was a first. It is a first, Dave. First time we've done that on the air. It is, and it's amazing. And I tell you, looking at their faces. They're lit up.

They are lit up. They are excited. They're focused. And I love their guidance to those other couples out there. That it is going to be worth the journey to get started, that you can't listen to the world. You've got to get focused and know the path and getting the right information in the right hands of someone, Dave, that's ready. You can't be stopped. Well, and let's let's revisit just a second.

They didn't not go on vacation their whole life. They didn't not go out to eat their whole life. They didn't not go out to eat their whole life. They did not dot, dot, dot their whole. It was four and a half years. So between 52 and 57. Just call the ambulance. I mean, really, that's worth it. This is not your.

You need to live your life. Oh, shut up, you child. Yolo, Dave. Yolo. You only live life. Oh, shut up, you child. YOLO, Dave. YOLO. You only live once. No, I don't. Yeah. No, that's a lie.

That's the definition of an emotional adolescent. I just called you a child, yeah. Oh, this is the Dave Ramsey Show. Thank you. We'll be right back. Everyday Millionaire theme hour here on the Dave Ramsey Show. Number one best-selling author, host of the Chris Hogan Show. Ramsey personality Chris Hogan joins me this hour. Jacob is in Salt Lake City. Jacob, what is your net worth, sir? $1.2 million.

Very cool. And break that down for me. How's that allocated? We have about $850 in retirement, 401Ks, HSAs, Roth IRAs. And then we just last month paid cash for our home. Wow. Just like the last caller. Look at you.

And so that house is $400,000 or so? It's $350,000. $350,000. Yeah. Very good. I love it. How old are you? I'm 36 and my wife is 39.

Wow. Young ones. Very good. Good for you. Wow, young ones, very good. Good for you. So how much of the $1.2 million is there because you inherited it? You know, I think my dad bought me an ice cream from time to time, but that's about it. I love it. Okay.

And your range of income, household income, Jacob, since you guys started working, best year and worst year? Best year was 127. Worst year was around 20. I actually looked up our tax returns because I knew you'd ask the question. We've averaged $61,000 over our working career. Gotcha. And what do you do for a living? I'm a financial analyst, and my wife was an audiologist.

Now she's a stay-at-home mom. Gotcha. Okay. Very cool. All right. And do you have a four-year degree? I have a master's degree. Very good.

And my wife has a doctorate. Okay. And what was your GPA? Mine was about 3.5. 3.5. 3.5, okay. And, Jacob, do you and your wife, do you all do any giving as a family? Oh, we do tons of giving. That's where most of our discretionary money goes.

Yes. We love to give. In fact, our second year of marriage at Christmastime, we had budgeted for it because we were following Dave Ramsey. And we saw somebody in need and decided, you know what, rather than buying ourselves gifts, let's give her the money. And it was such a joy to do that we made that our annual Christmas tradition. That is fantastic. Looking back on your journey, Jacob, that you all have taken to get here,

what was your biggest financial mistake you made along the way? Oh, probably not marrying my wife sooner, but I would say the biggest financial mistake we made, really that I made, I set my heart on living a lifestyle I couldn't afford. And I was the only dad I ever had in my life. Two years of college and I couldn't afford. And I was the only dad I ever had in my life. Two years of college, and I was just stupid. Just buying stupid things, going out to eat all the time, buying toys I didn't need. Can it still be done, Jacob? Well, I'm 36, so I think so.

It really can be. I mean, it's blood, sweat, think so. It really can be. I mean, it's blood, sweat, and tears. What's the secret? What's the secret? What did you do that made you a millionaire? We avoided debt at all costs. I mean, my wife never had debt other than her home. Even her doctorate was done without debt.

And we really lived on much less than we make. We saved money. We didn't care about material things, and we just followed the basic principles. I mean, you know, with that, we also put our trust in the Lord. I know you say it a lot. You know, these are biblical-based, and they are. He'll make more of our lives than we can make ourselves.

Very good. That's a good line. I like that. Well, Jacob, congratulations. We're very proud of you lives than we can make ourselves. Very good. That's a good line. I like that. Well, Jacob, congratulations. We're very proud of you. Very well done, sir. Scott's in Panama City, Florida. Scott, what is your net worth?

Dave, good afternoon. $3.5 million. Very cool. How old are you? I am 48 years old. Oh, big, big net worth for that age. Good. So break that down for me.

How's that allocated? Sure. That's $850,000 in taxable investments and liquid assets, $1.1 million in our personal residence and several rental properties, $1.3 million in retirement, and about $230,000 in 529 homes and stores. Very cool. Cool. So how much of that $3.5 million is there because you inherited it?

That would be an absolute goose egg. Okay, zero. Very cool. And your range of income, household income in your working life, best year, worst year? Sure. Coming out of college, I made $22,000 in 1992. And last year, combined with my wife and I, we were over $400,000. Whoa.

What do you guys do for a living? I'm in the financial services industry, corporate investment banking. Gotcha. What about your wife? My wife is our property manager for real estate investments. Okay. Very good. Very cool.

So degrees associated with that? I assume you've got an MBA or what? I have a bachelor's in accounting. Oh, accounting. Okay, good. And your GPA when you were getting your bachelor's? 3.11. 3.11. Okay, so your net worth is way good. And your GPA when you were getting your bachelor's? 3.11. 3.11. Okay, so your net worth is way good.

So you've been making good money for a while, haven't you? Yes, sir. Okay, so like over a decade you've been making north of 200. That would be correct. Yeah, that's the way these numbers work out. Okay, good. Okay, so what's the secret, Mr. Accountant? How do you do this? How do you become 48 years old?

Well, I wish I made 400, but, I mean, you started out making 22. So what's the career secret? What's the, you know, if you're going to coach you up when you were a kid, what would you tell you? I would tell myself delay your gratification towards your future, number one. And number two, stop being materialistic to those who won't matter in less than five years. That's so true, it hurts. Yes.

Think about how many people you try to impress That in five years are not in your life at all Oh, that's just cold and it's so true And there may be some historical experiences On my own boat Digging out of my mistakes Okay, so what was your biggest mistake? Really, it's just the

It's the self-gratification. It's the willingness to incur consumer debt to make you feel good at the moment. Scott, as you hear people out there saying that it's not possible anymore, it can't be done, what do you say to that i say that i grew up in cleveland ohio with a blue-collar father who raised a family of four on thirty thousand dollars a year if you want something bad enough you can make it happen yes sir well yes sir congratulations not exactly privileged yeah well done scott touchdown baby whoa four three and a half million dollar net Not exactly privileged. Hmm. Yeah. Well done, Scott. Touchdown, baby. Whoa! Three and a half million dollar net worth at 48.

Well done. Yes, it is. Very well done. Well, Chris, once again, and we do not screen for this. We do not say you cannot come on the air if you're a trust fund baby. We actually would like to talk to one occasionally, but we can't find any. They're so freaking rare. There's hardly any of them. Most rich people are people that did it all by themselves.

We can't find any trust fund babies. Oh, darn. You know, it's so polar opposite of the crap you hear out there in the culture. Dave, the sheet once again. Let me just run through it. Once again. The careers careers postal service sales sales financial industry financial industry again we don't have any doctors don't have any

attorneys right i mean we've got people that are working regular jobs that over time built wealth to the tune of 1.1 million all the way up to 3.5 million dollars well the favorite one is the one that's the paradox of everyone that you know it's the opposite of what everybody says that's wrong i've got a 62 year old letter carrier with a 2.1 million dollar net worth the only answer to that is just shut up i mean that's just's just it. You can do this, people. It's possible. The book is Everyday Millionaires, 140 statistics in there. The white paper coming out later this month on it.

Right. With all the research in it. But if you want the Chris Hogan version with the stories and a little bit of motivation, it's the number one bestseller called Everyday Millionaires. Pick up a copy. Chris, thanks for dropping by. Dave, thank you for having me, my friend. This is the Dave Ramsey Show.

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.