The Ramsey Show - App - The Millionaire Strategy That Works (Hour 3)

Episode Date: December 13, 2018

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Live from the headquarters of Ramsey Solutions, it's the Dave Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage is a sign that you might become an everyday millionaire. This is an Everyday Millionaire theme hour with my friend Chris Hogan, Ramsey personality, number one best-selling author, and author of the new book coming out in early January, Everyday Millionaires, How Ordinary People Built Extraordinary Wealth and How You Can Too. This will be a number one bestseller. We are positive of that because we've already sold enough of them to make it a number one bestseller when it comes out that day. So anyway, they're selling like hotcakes, to say the least.

Some of you don't even know what hotcakes are. Those are things that sell fast. And this book has been selling fast, like those hotcakes sell. And the reason is it's the largest study ever done in the history of North America on North American millionaires. Over 10,000 millionaires, our research firm that we hired and our research team that coordinated the research and the modeling of it so that it's airtight and without question. And, of course, Chris Hogan being in the middle of it as we've studied people who are millionaires. Did they become that themselves or did they inherit their money?

Were they already rich? Are they famous NFL players? Are they crooks? Did they steal all the money from Wall Street? Where do they come from? And we're going to talk to real ones today, and it's always fun to talk to them. It really is, Dave. I mean, to be able to talk to people that have walked through this process and have made it happen.

You know, it's not an accident. You and I talk all the time. Anybody that reaches any kind of level of success, it comes from being intentional, from making sacrifices, but more importantly, Dave, believing that it's possible. And that's why I'm excited about this book, Hitting the Stre the streets and for people to read this message so they can decide for themselves. Because the American dream is alive and available. You just have to decide. It's like that badge I bought you this week. American American.

That's right. I like that. Well, you really can. And that's the thing. And the danger of the mythology that's floating around, the broken ideology, the toxic ideology that's floating around and being reported as if it's the truth is that the little man can't get ahead, that you're stuck. And so some millionaires actually do inherit their money, but a very, very small percentage, actually. The vast majority of American millionaires are first-generation rich, well in excess of 90%, about 93% did not become millionaires because of an inheritance.

We're going to talk to real ones today. A millionaire is not someone who makes a million dollars a year. Not at all, Dave. When you look at millionaire, it's about taking what you own minus what you owe. So what you own, your 401ks, your 403bs, your IRAs, your Roth IRAs, your house, even cars, minus any debt you have. If you do that and you walk through it and your net worth is a total in excess of a million dollars, that, my friends, makes you an everyday millionaire. Yep. And, you know know it might be because you inherited 900 000 i don't care that would make you an inherited everyday millionaire but you're still

a millionaire i don't feel like a millionaire it's not a feeling it's a math calculation that's right and dave you've said it too it's not that you make a million dollars a year for god's sakes no that is not what that means it means your, again, totals in excess of a million dollars. Politicians are even so stupid that they're saying that stuff. Well, he's not a millionaire. He doesn't make a million dollars. That's not a millionaire. That's not the definition.

People say, well, he's a net worth millionaire. That's the only kind there is. That's right. There's not another definition. So you don't need to say net worth millionaire. It's redundant. That's right. From the redundancy redundant department.

Oh, my gosh. Mark is a millionaire. Mark is in Louisiana. Hey, Mark, what's your net worth millionaire it's redundant that's right from the redundancy redundant department oh my gosh mark is a millionaire mark is in louisiana hey mark what's your net worth uh 1.9 million very cool break that down for me how's it broken out well uh that would be 1.5 million in ras 401ks In IRAs, 401Ks, WALTs. In retirement, okay. Comprised of annuities, mutual funds, real estate REITs, and a money market fund. Okay. And then 400K in what? House? I've got $300,000 in the house, $300,000 in house, $37,000 in cash.

I have a half of ownership in a real estate rental cottage property valued at about $80,000. And my wife is half ownership in a condo valued at about $45,000. Wonderful. How old are you guys? I'm 61. She's 59. Very good. And how much of this $1.9 million do you have because you inherited it? Well, my wife just recently inherited the half ownership in the condo that is $45,000.

But you were already millionaires? Yes. Okay. All right. So you did not become millionaires because of inherited money then? No. I do have to say that I was a little fortunate. Back in 1982, my parents provided me with a mobile home property valued at about $20,000.

This allowed me to go back to college and to earn my degree. I lived in this property for about 17 years, saving money, and ended up selling the property for $33,000, which was part of my down payment for the new home. And then I actually paid the land, the property cash, three years prior to building. And then when I went to the bank to borrow money, I was going to borrow only half to build the house, and the bank called me a dinosaur. Absolutely. Imagine that. Yeah, well, that's when you make dinosaur noises, so there you go.

So, Mark, let me ask you this. What was your worst income year and your best income year? Worst income year was about $10,000, and my best was upwards of $150,000. Okay. And what career are you in? I'm a sales representative in the oil and gas industry. Okay. And did you get your degree?

Yes, I did. A bachelor's in business administration. All right. And do you remember your GPA? I would prefer not to. It was in the low two. Okay. All right.

Well, I think what attributed to that, I had about three semesters, probably about four years earlier when I wasn't really prepared to go to college. I was juggling full-time school, full-time work, and full-time partying, and you can imagine which one I gave up. Yeah, I know which one you graduated in. Okay. So these days, if you were to look back at the 20-year-old version of you, the 25-year-old version of you, would you tell them that it can still be done? Oh, absolutely.

What would they need to do? Absolutely. I can tell you what worked for me. It was probably two things. Avoid debt. And the second thing, get involved with a financial advisor as early as possible and see him yearly. This helped me to maintain focus and stay on track with my long-term financial goals. You know that old saying, out of sight, out of mind? Be a financial advisor once a year and more often if necessary. And anyone can be on the way to their own financial wealth success story.

How many hours of TV do you watch a week? Well, I like college football, but on the average, probably three, maybe four. Okay, cool. Not at all. Right in cool. Not at all. Right in line. Not at all. With what we've seen. Love it.

Everyday millionaire worth almost $2 million. It's not an accident. Back with more of them. If you're a millionaire, call in. We want to talk to you. I don't care where you got the money. Call in. We want to hear the real story.

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Go to Zander.com or call 800-356-4282. These are the guys I personally use. Term life insurance is inexpensive and your family needs this no matter where you are in your baby steps that's zander.com or call 800-356-4282 zander.com everyday millionaires theme hour here on the Dave Ramsey Show. Wayne is in Jacksonville, Florida. Wayne, your net worth, sir? Right around $1.5 million. Cool. Break that down for me.

Well, I would say about $1.1 of it is in the stock market. To IRAs and Roth IRAs and first saving plans. Gotcha. And I own two homes, and I own two five-acre lots. Okay. And they should easily be worth another $500,000. Gotcha. Okay.

Very cool. Good, good, good. And so how old are you? I just turned 60. Good, good, good. And so how old are you? I just turned 60. Good for you. And how much of the $1.5 is there because you inherited it? My father had six brothers and three sisters to share a $25,000 home with, so I got $1,800 about a decade ago.

Okay. All right. I don't think that counts. Chris? Yeah, not at all. Wayne, do you remember your worst income year and your best income year? Well, my worst is probably right around $18,000, unless you want to count when I was in the Marine Corps,

and that wasn't much back then and my best probably my wife combined maybe 80 000 okay and what what line of work are you in i'm a letter carrier for the postal service okay and did you get did you attend college? I went for about two years. Okay. Very good. And do you, in your home, do you all do any giving? I do giving in the form of I'm a very known person around the neighborhood who can fix just about anything. And I lend my services to whoever is in need. Gotcha.

Okay, very cool. So a letter carrier for your whole career? No, I used to be a property manager slash maintenance supervisor for about 13 years prior to my career as a postal service. Okay, so are you using the TSP? Yes, I do. Okay, very cool. So are you using the TSP? Yes, I do. Okay. Very cool. How much is in your TSP? That's probably a lion's share of it, right around

$450,000, $500,000. All right. I thought so. Well done. Okay. The Thrift Savings Plan, for those of you that don't know, for federal employees is their 401k plan. So what advice would you have for the 25-year-old version of you out there listening? Well, try to pay cash for as many things as you can.

If you get a house, try to get that paid off and get yourself to as close to zero debt as possible, and once you get to that zero debt stage, transfer what money was being sent for payments to things over to maxing out IRAs and TSP and any tax-deferred monies you can invest. Very cool. Well done, sir. Congratulations. Very impressive. Love it. Very cool.

Chris Hogan, number one best-selling author, is with me this hour as we're doing an Everyday Millionaire theme hour. Kathy is with us in Waco, Texas. Kathy, your net worth? Somewhere around $3.1 million. Okay. Break that down for me. How's it invested? It is $1.7 to about $1.8 in retirement, $450,000 in just standard mutual fund savings, $400,000 in my personal home, and about $450,000 in real estate investments, maybe $550,000 depending on the day. Good. Very well done.

How old are you? I am 58. That's a good year. Me too. And how much of this 3.1 is there because you inherited it? I inherited about $300,000 from my dad about six years ago when he passed away. You were already a millionaire. You were already a millionaire. You were already a millionaire.

I was already a millionaire, yes, sir. Okay. So you're not a millionaire because of that. It just added to it once you got there. No, definitely not. It was just a gift he gave to us. Got it. And, Kathy, do you remember your worst income year and your best income year?

My worst income year had to be the year I graduated from college. I started out as an entry-level engineer at $25,000 a year, a long time ago. Okay, and your best? My best was right before I retired. I always swore to myself I'd retire by the time I was 55. I had to wait until I was 56, but it was about $300,000. All right, good for you. And you're an engineer by career? I am an engineer by career, yes. All right. Good for you. And you're an engineer by career? I am an engineer by career, yes. Very good. And so obviously you have an engineering degree.

What was your GPA? Oh, my goodness. I knew you would go there. About 2.5. Okay. All right. Cool. Well, it worked out.

You were making $300,000, so you did okay. You must have learned something. It worked well. Very cool. It worked out well. Very cool. So how many books do you read a month? grand so you you did okay you must have learned something it worked well it worked out well very cool so um how many books do you read a month i probably read three books a month somewhere around there what's the best more now that i'm retired what's the best book non-fiction non-ramsey that you read in the last year non-ramsey i knew you'd stick that in there. In the last year, I read Bob Goff's Everybody Always.

Anything Bob Goff wrote, you ought to read. That's good. I love Bob Goff. He's wonderful. And he's that way in person. He's that guy. Oh, that's awesome. I would love to meet him.

He is an incredible guy. Very, very cool. Good. That's a good word right there. So what advice? Young engineer out there listening right now. And I saw a funny meme the other day. I just can't help.

It was a lady engineer out on the phone. And it was a funny lady tweeted a thing. She said, yeah, if you don't want to be broke, don't get your degree in feminist dance therapy. Become an engineer. So true. That's a true statement, that is. So what advice do you have to the 25-year-old version of you listening? Okay, I would say don't ever go into debt.

Your father might be the best investment advisor you've ever had, but when he says use Discover because it pays you back at the end of the year, don't listen. Just keep moving past that and invest as much as you can as early as you can because the power of compound interest is awesome. That's strong, strong. How much TV do you guys watch around your place? We're big sports fans, so other than that, probably not much. It's off most of the time. Got it.

Love it. All right. There you go. That's how it works. Hey, congratulations. You guys have killed it. I'm very, very proud of you. Very well done.

Good stuff. That's impressive. $3.1 million. It really is. I mean, and looking at it, you know, for her to be able to stay focused as her income grew, her being intentional. I love her advice, right? Ignore bad advice, which is so important. They teach you some silly stuff in school, especially in grad school.

But invest as much as you can as early as you can. The power of compound interest. It's magic. It is. It really is. Eighth wonder of the world, Einstein said. Yes. There you go. It's good stuff. So if you want to calculate your net worth, you put a thing on your website to help folks do that. I really did, Dave, because there's a lot of confusion out there about net worth. You're hearing people say all

kinds of stuff. So I want to explain it to you. Net worth is what you own minus what you owe. That's it. And so the first step to becoming an everyday millionaire is knowing exactly where you stand right now today, because that's your start point. And so to help you, our team developed another free tool for you. It's called the net worth calculator. It's only got six questions. Dave, it takes less than five minutes and you're going to get some practical advice on how to help you to become an everyday millionaire. So all you have to do to get started is check out the net worth calculator at my website, ChrisHogan360.com slash net worth, or you can text the word Hogan, H-O-G-A-N to 33789.

And Dave, I think it's so important for us to know where we are right now, because when you track your journey and you stay plugged into the numbers what it does is it helps you to stay motivated so you don't get distracted you realize that it's right about three weeks from now we're going to be shipping your books wow it's here yeah everyday millionaires will be on the shipping on the on the loading dock in three weeks uh that's the book, Everyday Millionaires, How Ordinary People Built Extraordinary Wealth and How You Can Too. Chris's take and summary and white paper, if you will, on the largest study of millionaires ever done.

Over 10,000 millionaires studied. Find out how they did it so you can be one. That's right. That's how you do it. You want to be skinny, talk to skinny people. This is how you do it. You want to grow hair? Talk to skinny people. This is how you do it. You want to grow hair? Don't talk to Hogan and me. We can't help you. Not on top of your

head, anyway. This is The Dave Ramsey Show. Can you believe this real estate market? Home shopping has become so competitive. There's a ton of new buyers in the market, and bidding wars are the new normal. Folks are under a lot of pressure to offer more money to get into that house. Don't do that. Get certified instead.

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Chris Hogan, number one bestselling author, Ramsey Personality, joins me as we talk to real millionaires and ask them how they did it. This is not a political agenda. It is not a news channel that's not a real news channel. It is not anything where somebody has a political ideology going on. This is the truth. These are real human beings that are real millionaires. And how did they really do it? Jackie is in Dayton, Ohio.

Jackie, what's your net worth? Hi, Dave. Hi, Chris. My net worth is $1.2 million. Cool. And break that down for me. How's that invested? Retirement, real estate, what?

Yeah, about half of that is in my 401k, so about $600,000, and that's invested in mutual funds. Then I have an IRA that includes mutual funds and some individual stocks, and then I have about $100,000 in my health savings account. I invest in it and invest in mutual funds, and I have about $100,000 in home equity. Okay. All right. Very cool. How old are you?

I am 49. 49 years old. And how much of the $1.2 million did you inherit? That would be zero. Okay. And, Jackie, do you remember your worst income year and your best income year? I do. I do.

The worst was right out of college. I was making about $15,000 a year, and my highest income year was about $96,000. I've never made over six figures. Wow. Okay. And what line of work are you in? I am in sales for a data analytics company. Okay, and did you attend college?

I did, I did. I have a bachelor's in communications. Okay, and do you recall your GPA? Yes. Now, when I was in high school, I did pretty great. I was at about a 3.5. But in college, I worked my whole way through. I worked 40-plus hours a week and didn't do as good as I had hoped. So my GPA was probably right around 2.6, whatever the lowest amount, the lowest GPA I could get to be able to get the degree, that was mine. Okay, gotcha.

And do you do any giving? I do, I do. That's a really important thing to me. I give both time and money and I really love donating and contributing to financial literacy projects and also a wonderful memorial foundation that was started by a very close friend of mine who lost her daughter at the age of 20 when she was in college. Wow. Well, you did it young.

You did it quick. Congratulations. Very well done. Thank you. Thank you. Very well done. So what advice do you have for the 23-year-old version of you? Wow, that doesn't seem so long ago, but I would just say you really have to have the

right mindset, and once you decide, hey, this is possible, the steps are pretty simple. Get your income up, get your debt down, increase your savings rate, and invest on a regular basis. Okay. Very cool. Good for you. So the mindset is to believe you can and then take the steps. Is that what you're saying? Yeah, that's exactly what I'm saying.

Because when I was younger, I didn't even think it was possible. So there was no way I could do it. But once I got my head around it to say, I can do this. It doesn't matter where I came from. It doesn't matter how I was brought up. If I follow these steps and I do these things, I can get there just like anybody else. How did you figure that out?

Oh, gosh. You know, I think it started just like anybody else. How did you figure that out? Oh, gosh. You know, I think it started when I was young. I was raised by a single dad with six kids. But he still had good money habits. And one big thing, even though we didn't have a lot of money, we didn't have debt either. So I almost feel like I got a head start because I didn't have the debt to deal with. That's what my dad taught me. So I hustled my way through school, and I almost ended up with no student loans. But was it him that told you that this could be done? Who told you you could

do this and it made you believe it? You know, I think reading and listening to a lot of podcasts and exposing myself to things outside of the way that I was brought up. And with the Internet, that's pretty easy to do. So I think that really opened my mind. Jackie, do you remember the age you were when you decided you were going to do this? Not that just that it was possible, but that when you said, this is the direction I'm going, I'm going to become the first millionaire in my family. Well, I think the big awakening for me

was when I got divorced. I've been divorced for about 12 years and I had a daughter. And that was the moment where I realized this is really going to get tough. So I need to do something different, not just for me, but for my daughter. And over the last 12 or so years, I have drastically changed the way that I did things, and it really worked. Do you spend time talking to your daughter about money?

Oh, all the time, all the time. And she's 23 now, so it's really starting to sink in. When she was a teenager, I would have questioned it. Oh, well, that's what we question whether we're going to let them live or not when they're teenagers. Yes. Yeah. Very cool.

Very cool. Very cool. Jackie, I am very proud of you. Yes. I really am. You're amazing. You're a rock star, kiddo. Very, very well done.

Good stuff. Kiri is with us, Boise, Idaho. Hi, Kiri. What is your net worth? Hi, Dave. It's just over 1.4. Cool. Break that down for me.

Retirement, real estate, what? Mostly real estate, and it's just happened in the last two or three years how much how much in real estate uh 1.2 oh wow okay yeah wow you did it quickly boom just like that okay and so you got 200 and what 200 in the other 200s and what um my husband uh was in in heavy equipment. He's excavated business before we changed our lives in 2010, so we still have $161,000 in heavy equipment that's paid for and still usable, and we also have a ranch, so we have horses and tack. That's about $8,000, and then I have some jewelry worth $20. Gotcha. Okay. And so how old are you guys? I'm 59, and my husband Valdeen's 62. Okay, cool.

How much of this did you inherit? $175,000 from Valdeen's dad over the course of three years. How long ago? It started, let's see, 2014. Were you already millionaires? No. Okay, so this really helped you propel you then. Lots of things, yes.

There's lots of things that we were up against that we didn't think that we were going to be able to overcome. And just listening to you, Sogan, I'm so excited he's there today. Listening to you guys gave us the hope and the tenacity to not fall into the, what are we going to do? Because we got into a legal battle, and we were making, I don't know, $40,000 together that year in total, and the legal bills were $66,000. And that's a pretty formidable problem. And I remember listening to you, you have an income problem.

So what is your best and worst year on income? Okay, so in 2010, our combined income, because we changed our lives, was $10,500 with $3,000 in past relief. So $13,500 total. Yeah. And your best year ever? This year is 110. Way to go. Good for you.

Very cool. So what would you say your career is we decided to go into the back country of idaho in the wilderness where you can't drive and manage a back country dude wrench oh okay excellent that's fun and? Did you attend college? Yes, I did. I graduated with a VA in communication. Okay. And what was your GPA?

It was a commodity. Gotcha. Fantastic. Kiri, do you think looking at it, what all you've walked through, is it still possible for people to become millionaires today? Chris, there's no way anybody can't do it if we can't for what we started and what we were up against. It is completely mindset, and it's, I hate to say this, but it's turning off the social media, get off the TV, listen to you, listen to Dave Ramsey, and surround yourself with

people with hope. That's good. That is fantastic. That's the deal right there. Mic to Dave Ramsey. And surround yourself with people with hope. That's good. That is fantastic. That's the deal right there. Mic drop. Mic drop. It's mindset. Yes, it is.

This is the Dave Ramsey Show. our scripture today philippians 2 3 do nothing out of selfish ambition or vain conceit rather in humility value others above yourselves albert einstein said the leader is one who out of the clutter brings simplicity, out of discord, harmony, and out of difficulty, opportunity. It's a millionaire everyday millionaires theme hour here on the Dave Ramsey show. Chris Hogan, author of the book, Everyday Millionaires, How Ordinary People Built Extraordinary Wealth and How You Can Too, joins me this hour. The book will be coming out in early January. We'll be shipping it to you.

If you don't yet have your copy, I recommend you buy it ahead of time. Why would you do that? Well, you're going to get it about the same time anyway, number one. But number two, if you buy it early before pub date, the first week of January, we throw in a bunch of stuff. We sure do, Dave. We're going to get you the audio book, the e-book, and you're going to get two video lessons, one from Dave and one from me. So you're going to get over $50 worth of bonus items by ordering the book today. By the way, the audio book is unabridged, read by The Voice.

Chris. Oh yeah, oh I did it, Dave, about a month ago. Recording those things is a complete experience. Let's go with experience. It is definitely work. It's interesting. Yes, it is. It's a pain in the butt is what it is.

But I'm excited to have it done, and I want people to hear this. This information has the opportunity to change the game. It's going to help you become aware and even challenge some of the myths that you've been believing most of your life that's actually been holding you back financially. So we're going to bust that myth. We're going to tell you the truth. We're going to share stats with you. We talked to over 10,000 millionaires across this country. And you're going to also have a chance to hear the

stories of real everyday people that did it. My friend, Rabbi Lappin, who wrote the book, Thou Shall Prosper, says it's psychologically incongruent to work very, very hard to be something that you believe is evil. And one of the things you have to stop and think about is, have you grown up with this in your neighborhood, in your household growing up? Is this a script in your head? Rich people are evil. They're all crooks. They did something wrong.

See, it's very difficult to build wealth if you believe that all the people who have wealth did it by doing something wrong yeah and so one of the things we're destroying here is that because what we find is these are really good people yeah they are they're people of character there's they're not perfect but they're sterling character yeah they're they they tell the truth they take care of their families they're not toxic and weird. They're not thieves. They did not become wealthy by stealing. No, and they care about people.

I mean, we hardly found any crooks. Matter of fact, I guess crooks wouldn't respond to the research. They wouldn't do the survey, right? Yes, I'm a crook. But, I mean, really, we just 10,000 of these people. This is not two people. They're good people. The guy a. This is not two people. Right. They're good people.

The guy a while ago was a letter carrier. Right. You know what I mean? Come on. All right, Lynn is with us in New York. Hi, Lynn. What is your net worth? $1.2 million.

Awesomeness. And how's that invested? Break that down for me. How much is real estate? How much is retirement? So on. Okay. for me how much is real estate how much is retirement so on okay so uh about 200 000 is my house and uh about 800 000 is in self-directed iras and the remainder is just in regular money in regular money called cash okay all right and i'm interested in that i was so money it's a

self-directed ira that's interesting It's a self-directed IRA. That's interesting. $800K in self-directed. What do you got it invested in? Some individual stocks, a fixed income annuity, and some cash that I'm still trying to figure out where to put that. So you just decided you were going to take care of this yourself? Yes. That was the idea.

How old are you? Yeah, so those were 401k monies that I rolled over when I left those jobs. Yeah, okay, cool. How old are you? I'm 55. Very good, very good. And how much of the $1.2 million is there because you inherited it? It sounds like almost none or none.

None. Zero, okay, because, I mean, the $800 is in your self-direct. It sounds like almost none or none. None. Zero. Okay. Because, I mean, the $800 is in your self-directed from rollovers and so forth. Okay. Yeah. Very good. Very cool.

And, Lynn, what was your worst income year and your best income year? Well, my best income year, I always like to start there, was 2017. I made $150,000 in wages. and then I made some money on my stocks. Okay, and what was your worst year? My worst year was 2002. I was pregnant and got rid of my very bad now ex-husband, and I was a stay-at-home mom. Oh, my gosh. So you made what that year?

Nothing? Zero. Zero. I don't think we've had a zero as ahome mom. Oh, my gosh. All right. So you made what that year? Nothing? Zero. Zero. I don't think we've had a zero as a worst year. That's pretty good. That's new information. Yeah. And, Lynn, what career are you in?

Oh, my degree is in mechanical engineering, and I've worked in manufacturing for the last 15 years. I've been in the pharmaceutical industry. Okay. And do you remember your GPA? My parents moved while I was in college. I never actually got my latest transcript, but the best I can come up with is I think it was 2.9. Okay. That's pretty good.

And do you do any giving in your home? I do. The biggest part of my giving is my children qualified for a camp scholarship at the Jewish Community Center. And when I signed up for that, I said I'd do whatever I could to give back, and I've made a point of giving them what I consider a significant donation every year since I've every year. Fantastic. Very cool. Camp scholarships.

That's good. Love that. Very cool. So are you a TV watcher or a reader? Well, so I listen to you often enough that I know why you're asking this question. I watch things on Netflix so that I don't have to listen to commercials, and I can watch it when I want to and turn it off and turn it on when I want to, so maybe one hour a day.

And I mostly read fiction, but I usually have a non-fiction going more so prior to this year. I don't know what's going on this year. That's okay. I'm reading less non-fiction.

Who's your favorite fiction author right now? Well, I'm reading Game of Thrones right now. Oh, wow. Is it better than the show? I have no idea. I don't watch the show. Oh, well, there you go. Okay.

Because almost always the book's better than the show when it comes to that kind of stuff. So very, very cool. Congratulations. Very well done. So, Chris, the mythology is if you walk down the street with a microphone and you say, where do millionaires come from? People say they inherited their money.

Yes. People say they're crooks. They stole their money. They're Wall Street barons, and they somehow ripped off the public. Nobody quite understands exactly how that happened, but they still did it. Or they're crooks. They stole their money. They're Wall Street barons and they somehow ripped off the public. Nobody quite understands exactly how that happened, but they still did it. Or they're famous. They're a rock star, an actor.

They have a 4.2 GPA. They're a rocket scientist. And out of studying 10,000 of these, we found that really none of that's true. None of it, Dave. Not even one. And we're not talking about talking to 100 people. We're not even talking about talking to true. None of it, Dave. Not even one. And we're not talking about talking to 100 people.

We're not even talking about talking to 2,000 to 3,000. We talk to 10,000, okay, all across the country. Detailed, airtight research technique. Yes. And so walking through this and beginning to understand the real reality, the truth is, America, that everyday people are becoming everyday millionaires by being consistent intentional with their finances using a financial advisor and investing consistently over time stay out of debt yes they didn't inherit their money they didn't graduate from an ivy league school no they're not people of privilege with a silver spoon um they're people of every race um every background dirt poor middle class upper middle class they're all over you can't you

cannot define them based on psychographic and say oh this is where you are this is where you are this is where you are that's right and when you realize this and when you read the book you're going to read the stories and you're going to see the statistics the reality is is that you understand that it's you that's holding you back. You have to look in the mirror. You have to sign your own permission slip. And Dave, I talk about that in the book, the permission slip. You remember those days?

I do, yeah. You couldn't go on a field trip without the parents signing it. Yeah. Well, this trip of becoming an everyday millionaire is a permission slip that you get to sign. For yourself. For yourself. Chris Hogan, Everyday Millionaire's author. The book is How Ordinary People Built Extraordinary Wealth and How You Can Too. slip that you get to sign for yourself for yourself chris hogan everyday millionaires author the book is how ordinary people built extraordinary wealth and how you can too

if you order it from us you get fifty dollars worth of stuff if you pre-order it it's coming out we're going to ship it in just three weeks so get it get your copy now at daveremsey.com immediately or you can order it on amazon i don't care what's free stuff hit us we'll take care of you that puts us out of the day ramsey showing the. 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, guys, this is Blake Thompson, Chief Production Officer for The Dave Ramsey Show. Here's a tip.

To keep from missing Dave's classic facial expressions to some of those calls, make sure you watch him live. Just visit DaveRamsey.com slash show each day from 2 to 5 p.m. Eastern. Enjoy.