The Ramsey Show - App - Want To Learn To Build Wealth? Start Here (Hour 3)

Episode Date: June 26, 2024

Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. Ken Coleman, Ramsey personality, is my co-host today. This is a Baby Steps Millionaires theme hour. If you're unfamiliar with our Baby Steps Millionaires theme hours, this is when we talk only with millionaires. Regardless of how you got a million dollars or more, we want to learn from you where it came from, who you are, so that some of us out here can be like you. And so it's a lesson from real people that have really done it.

We need to start with the idea that we're going to define millionaire. It is an accounting definition. It's a math definition. A millionaire is not someone that makes a million dollars a year. A millionaire is someone with a net worth of $1 million or more. A net worth is determined by your assets, things that you own of value, minus your liabilities, your debt, what you own minus what you owe. And regardless of what it is, if it is a value, it is an asset. And so what you own minus what you owe, when that equals $1 million, you are a millionaire. Well, nobody should be a millionaire. It's not a moral construct. It's a math formula. Well, a million dollars isn't enough. Maybe, but that's a different discussion it's a math formula you either is or you isn't what you own minus what you owe it's not an emotional thing and your little left-wing

crazy professor communist professor in college doesn't get to redefine it it is simply a math formula you either is or you isn't is it enough probably not but it's more and it's not as much as it used to be because of inflation but it is more than most people got there's about 26 million millionaires in america today and we talk to them all the time so if you are a millionaire because your grandmother left you money, because you hit the lottery, because you've worked your tail end off for 842 years, whatever it is you did that made you a millionaire, we want to talk to you and learn from you how you did it and see if it's something that is replicatable for other people who have not done it yet to build a level of wealth. This is the first level of wealth where you would start

to say someone is, in air quotes, wealthy. Now, they're not billionaires. They're millionaires. A billionaire is a thousand million. They have five houses, a a private jet and seven cars millionaires have two cars and one house and fly commercial okay so let's just keep let's keep in mind how this works all right and so don't get confused about what this stuff is david is our first one online in tulsa oklahoma david what's your net worth? Hey, Dave. Net worth is $1.2 million. Very cool. Would you break that down for me by category, like how much real estate, how much retirement, and so on?

You bet. So in retirement, we have got a little over three-quarters of a million. College fund for the kids, we've got right around $46,000. Real estate is a little over $300,000. Vehicles, right around $33,000. Liquid, we've got $50,000, and then there's about $13,000 in other assets. Very cool. How old are you? 41. 41-year-old millionaire. How much of this 1.2 million did you inherit? We received a gift from a family member for $85,000. We got that pretty close to when we were approaching the $1 million mark. So mathematically, you did not become a millionaire because of inherited money. That's correct. Most of this was your doing, and the 85 just kind of put icing on the cake?

Yes, sir. Okay, cool, cool. And so what's your best year working household income and worst year since you've been working? Best year was around $160,000. Worst year, first year out of college, was right around $50,000. Cool. What do you do? What's your career? So I spent 13 years in the oil and gas industry. Um, and now I am in a real estate. Cool. What's your degree in? I have a degree in

industrial safety. Okay, cool. And you're that a four-year degree? Yes, sir. Your GPA was what? I almost would rather not say, but I think it was like a 2.8 hey i had a 297 it's okay i'm still pissed about that three one hundredths of a point i think beer was so close okay cool good for you man way to go and you're a 41 year old millionaire all right and you or your wife what's the most expensive pair of blue jeans you ever bought i'd say probably around 80 okay and what do you drive i drive a 2011 toyota camry with 253 000 miles on it good lord i hope she's got a good car she does what she drives she drives a uh a minivan a honda odyssey oh nice one okay good because you're a tightwad man way to go i'm having fun with you that's that's impressive man you're a

hero look at you well thank you very cool not rolling up in a five hundred thousand dollar lamborghini i can tell okay to be fair Camry's probably got another 250,000 miles on it. Yeah. Those things will go into the millennial, yeah. Okay, so I've got to ask, because I think we're here. This is a natural place to jump off. Why not the nicer car? Does it even matter to you with this net worth and where you are financially? It really doesn't. And knowing that vehicles go down in value, it just doesn't make sense to us to do it.

What do you think when you're pulling up to the old stoplight in Tulsa, Oklahoma, and some dude drives up in a gigantic truck that you know he's paying $1,200 a month? What goes through your head when you look over at that dude? I'm just grateful that I don't have a car payment like that. That was so kind. I thought, yeah, I set you up. I was like, wow. Way to go. Okay. What advice have you got to the younger version of you that's listening? So when my wife and I got married, we had, uh, I think close to $92,000 in debt. And, um, we went through financial peace. We followed the baby steps. Um, like you said, they have kind of a tight wall and we, we buckled down for two and a half years,

um, got the debt paid off and then, um, contributed to my company's 401k. They had a pretty good match. So just continually did that um to really just follow a plan if you find a plan follow it and um and now you're over a long a long period of time it'll it'll pay off and now you're a baby steps millionaire way to go man proud of you baby stepped right into it at 41 years old wow well this is why we do this. Just to remind you folks, this is possible. Some of you are in the middle of that two and a half year buckle down time right now, and David is telling you what your future looks like. That's pretty encouraging if you'll let it be. This is a Baby Steps Millionaire's Theme Hour on The Ramsey Show.

Hey, you guys. Health insurance costs are only moving one way, and that way isn't down. And if higher costs aren't enough, the wait times to see your doctor are longer, and it's harder than ever to get anything approved through the bureaucracy. So, if you feel like the system is working against you,

try a biblically-based alternative to health insurance. Christian Healthcare Ministries. CHM is a health cost-sharing ministry that's helped hundreds of thousands of families like yours take care of over $11 billion in medical bills since 1981. And CHM has also helped them stay true to their values and avoid miles of red tape. And CHMM support goes far beyond meeting financial needs. They'll also help meet spiritual needs. Members become part of a family who will pray with them and for them when they experience a medical event. So listen, y'all,

there's no better way to take care of health care costs. CHM programs start as low as $98 a month. So learn more today and join at chministries.org slash budget. That's chministries.org slash budget. It's a Baby Steps Millionaires theme hour. Ken in Manchester, New Hampshire. Ken, what is your net worth? As of today, it's about $2.9 million. Good for you. Give me a little breakdown by category. So I have an IRA rollover. It's worth about $1.7 million. We have money in our mutual fund that's about

$2.44. S fund that is about $244,000. SEP IRA is about $39,000. I have an inherited IRA, which is $29,000. My wife's IRA is $88,000, and we have about $155,000 in checking. And our house is about $600,000. Good for you. Very good. All right. How old are you? 59. Very600,000. Good for you. Very good. All right.

How old are you? 59. Very cool. Okay, good. And how much of this did you inherit? Obviously, you got a $29,000 inherited IRA. What else? That's it, just that inherited IRA.

And I'm guessing that came after you were already a millionaire. Yes, got that a couple of years ago. Okay. Haven't touched it. Yeah, and what was your worst year of income during your working life and your best year? Well, I was in the Army, so my worst year was about $7,000.

Mm-hmm. And my best year was $231,000. Okay, cool. What was your career other than military? And thanks for your service. I was an aircraft mechanic. Oh, okay, cool. What was your career other than military, and thanks for your service. I was an aircraft mechanic. Oh, okay, cool. That's good. And a four-year degree, no? No, just trade school after I got out of the Army.

Cool, good for you. And a great choice, obviously. Very well done. What's your wife do? She's been staying home for uh most of the time she worked a little bit while i was in school to support us so um let me get this straight a 59 year old aircraft mechanic aircraft mechanic makes a quarter million dollars a year at the end yeah yeah that's it that's where we are yeah i mean that's pretty impressive i mean just uh talking about our friend mike rowe in the trades right so exactly right cool very good very good so what advice would you give to uh people that want to be you when they grow up it's all

about uh discipline saving discipline saving um you know and looking at it as more of a marathon than a sprint. And we never really let, you know, lifestyle creep affect us. Yeah, you've dumped money consistently for a long time. I can tell by these numbers into your retirement plans. I have. It's advice I got from my father years and years ago to, you know, no matter what you make, 10%, 15% goes, you know, no matter what you make, uh, 10, 15% goes, you know, he used to say, feed the pig. Yeah. That's a good word. I like your dad. Good word. What's the most expensive pair of blue jeans you or your wife ever bought?

Oh, probably not me, but probably a hundred bucks for my wife. All right. That's good. I'm glad you're taking care of her. And what do you drive? I drive a 21 Chevy Colorado, and my wife drives a BMW, 21 BMW. Which model? 330 iX. Nice.

Very good. You are taking good care of her. Good job. Of course. three million dollar net worth yeah she needs a beamer man well done that's good i like that and you're definitely a chevy colorado guy i can tell i love it very well done yeah yes yes good car you you understand that you are like a case study template for america millionaires You're like the, when we studied 10,000 of them, we found almost all of them are exactly like you. The wife gets the good car. He drives a junker and doesn't care what anybody thinks you, you have zero care about what people think at a stoplight.

Exactly. I mean, my wife was always the, uh, ran the, and I was always the earner. You know, so we've been married a long time. How many years? 38. Nice. Good for you. I can hear, if you listen closely, folks, you can hear Bob Seger like a rock in the background. That's what I'm, Ken is a rock. Isn't he?

No doubt. No doubt. He's awesome. Hey, man, we appreciate you. You're a hero you prove america's great people like you are proof that this works i love it trent and taylor are with us in philadelphia what's your all's net worth going on dave 1.7 1.7 and give me a little breakdown by category all right we got 350 got $350K in an IRA or both of our IRAs combined, $600K in a brokerage account, $400K in cash, house equities around $300K,

and we started from $529K for our future kids at $20K. Got it. Good. How old are y'all? 33 and 34. Whoa, young millionaires good for you and how much of this 1.7 million did you all inherit none of it zero and what was your best working year and worst working year of income uh i mean right out of college it it was bad, 60, 70K. But we've been able to make, you know, just by saying approval,

we've been able to take some chances with our careers, and we're actually approaching the 500K mark this year. Cool. What do you all do? I'm an engineer, and my wife's a dentist. Oh, great, great. I love it okay and you maximized both of those very very quickly so uh what was your gpa as an engineer not great uh like a two nine maybe something like that okay all right very good like shoes up for trees like three six yeah so what motivated you guys to do so well because a lot of people the engineers do a great job uh a lot of dentists don't do a great job with their

money but you two have obviously been geniuses well done what what what what lines you up on this i don't know we're we've always been we're very aligned and in how we spend. We're just very frugal people. And even as our, we've been married for four years, but even before that, I thought I was frugal, but she makes fun of me for drinking Folgers. She calls me Pooh G for drinking. I've had some Folgers before, bro. Don't knock it. I love it.

I'm telling you. She wants me to drink Maxwell House because it's like two bucks cheaper at Costco. Golly, y'all aren't tight. I didn't know there was a fight about Folgers or Maxwell House. You guys need something better to fight about. Wow. That's great. Who's the most frugal? This is a great argument.

She beats me. I didn't know I could find a woman that would beat me in that. What do you drive? So I knew you were going to ask that. I'm a seasoned veteran in beaters. I've had a bunch of, you know, old Civics and Jeeps and whatever. I just sold my 08 Civic with 300,000 miles on it.

Wow. But I have a new truck now. I've still got a baby on the way. All right. What'd you buy? What kind of truck? Silverado. Yeah, nice.

Good car. Very good. What's she drive? She drives a Beamer. Okay. So if you guys were talking to a younger version of you, can this still be done or is the American dream dead? Yeah, absolutely. you guys were talking to a younger version of you can this still be done or is the american dream dead yeah absolutely you know i think i think it's a lot of just being in alignment i think it's you know just just us working together and putting it away and not allowing lifestyle creep to get

you know creep up on you is really helpful it puts you in four-wheel drive you know but you know with even with our increased income over like the past 60 years we're still living off 50 60k in expenses so we're we're putting away like 23 000 a month into this brokerage account so it's pretty awesome wow quarter million dollars a year saving yeah that adds up quick at the age of 34. Yeah. That's how you end up being a 33-year-old millionaire, man. That's pretty incredible. So well done, guys.

Y'all are rock stars, absolute heroes. So proud of you. So just to let you guys out there know, when we did the largest study of millionaires ever done in North America, 10,167 of them, the white paper is in the back of my latest bestseller called baby steps millionaires if you want to read the details on the research it's airtight research the research methodology no questioning it if you disagree with it you're what's known as wrong okay so i mean it's air it's a fact what we found was 79% of America's millionaires inherited precisely zero. Another 5% inherited a small amount like $5,000 from granny that did not make them millionaires.

And another 5% inherited money after they were already millionaires. So 89% of America's millionaires did not become millionaires because of inherited money. So don't let your crazy nutburger TikTok friend tell you that all the opportunity in America is gone. It's not. This show is sponsored by BetterHelp. All right, so I was born and raised in Texas, and I love the myth of the lone cowboy. You know, the guy who doesn't need anyone or anything. It's a fun story, and it's a lie. In our self-obsessed society,

we're obsessed about our own diets, our own workout routines, our own jobs, our own social media feeds, everything. It's easy to forget that no one can do life alone. And I don't care if you're an introvert, an extrovert, or whatever you want to call yourself, we all have to have a community and a support system to do life with. It's time to shift the focus from doing it all by ourselves

to knowing that we can only be well and whole when we ask for help. Therapy can be a great source of help and support for any area of your life. And if you're thinking about starting therapy, try BetterHelp. Thank you. cost. This month, start to build your support system with BetterHelp. Visit betterhelp.com slash Ramsey Radio to get 10% off your first month. That's betterhelp, H-E-L-P dot com slash Ramsey Radio. It's a Baby Steps Millionaires theme hour. Thanks for being with us, America. One thing we know about millionaires is they tell their money what to do instead of wondering where it went.

That's called a budget. It's called a plan. They make their money behave. Give every dollar an assignment, every dollar a name, every dollar a mission. That's why we named the world's best budgeting app

EveryDollar. You can download EveryDollar. tens of millions of people have, in the App Store or Google Play or go to EveryDollar.com and get it for your desktop, whatever you want. You can keep a pulse on your spending, and we will show you exactly how to walk through the baby steps, the fastest, right way to become one of these baby steps millionaires. Heidi and Sean are in Cleveland.

What's your all's net worth? Our net worth is $1.2 million. Excellent. Give me a little breakdown by category. So our house is worth $400,000. We have $845,000 in retirement and about $30,000 in cash. Excellent. Perfect. How old are you guys? I am 49 and Sean is 50. All right. Way to go. Good job. And how much of this 1.2 did you all inherit? We inherited about $32,000. That was about 10 years ago from my aunt who had passed away and then inherited IRA, but that's it. Okay. So mathematically, did that cause you to become a millionaire? No, it did not. Okay. All right. And your best year of working income and worst year of working

income? So our best year is probably this year. We're at $206,000 this year, and our worst was probably when we first started out around $70,000 to $80,000. We've been married for 22 years. Good, good. Early on. And your career, what do you all do? I'm a physical therapist, and Sean works in higher education. He's an administrator in higher education. All right.

Very good. So both of you have done postgraduate work. Correct. Yep. Okay. And what were your GPAs? So my GPA was a 3.9, and Sean's was a 3.6. Very good.

Very good. She's the smarter of the two. Well played, sir. Yeah. Yeah, you just hit the smarter of the two. Well played, sir. Yeah, you just hit that out of the 22-year park. That's great. I like it. Good work. Good work.

All right, so what do you tell people if they want to be you when they're 49 and they want to be a millionaire? Can they still do it? Oh, absolutely, 100%. Definitely staying out of debt and living within your means and following a budget. And that is definitely, I would say, the keys to achieving millionaire status for sure. And you need to invest. And invest. You have to invest. I mean, you know, $850 of your 1.2 is your retirement.

Correct. So you proved that. I mean, you guys, 850 of your 1.2 is your retirement. Correct. So you proved that. I mean, you guys did it. That was your lift right there, mathematically anyway. Yeah. Yep. Great job. Great job. How early did you guys get started on investing? What were your ages? So I probably started when I first got out of school, like 25, 26, but didn't know what I was doing. We probably got more savvy once we really started following your plan. In 2009, we had $48,000 worth of debt and then got out of the debt in 2011 and then started more regularly investing, going towards the 15% and everything. So basically from zero to where we are is about 13 years. Correct.

Wow. That's what I want people to hear. That's very doable. That gives you a lot of hope. So if you're listening and you're 50 and you think time has run out, 13 years later you'd be 63 and be a millionaire if you follow the stuff. That's it right there. Way to go, y'all.

What do y'all drive? I drive a 2007 Toyota Sienna. It's got over 200,000 miles on it. And Sean drives a 2011 Toyota Santa Fe, and that has 135,000 miles on it.

It is time for the upgrade. Y'all need better cars. I mean, really. Come on. I'm going to help theall need better cars. I mean, really. Come on. I'm going to help the car companies today out. I'm just saying. But, wow. We do have one going off to college and then another two that are coming up, too. So that's part of it.

Yeah, you're just watching it, making it happen on 200 grand. You've got to watch what you're doing. That's right. Well done, y'all. Very, very well done. Congratulations. You're heroes. I'm proud of you. Very, very good. David is in Los Angeles. David, what's your net worth? My net worth is $1.1 million. Very cool. And give me a little breakdown on that. I've got $80,000 in cash and high-yield savings, $700,000 in individual stocks, $175,000 in an IRA, $30,000 in bonds,

and $140,000 in my state retirement fund. Okay. No real estate? No real estate. Okay, cool. And your age? 54. Good, good. Okay. And how much of this did you inherit? $2,000. Okay, so that is not why you're a millionaire. All right, good. Not at all. And your best year working income and worst year working income? My best year is going to be this year at $120,000. My average income is $65,000, and my lowest income year was $20,000.

Wow, okay,000. Wow. Okay, cool. What do you do for a living? I'm a teacher. Ah, excellent. Excellent. Very good.

Okay, and so you have a degree, I'm assuming, in education? I have a degree in, a couple degrees in art. Oh, okay. Cool. Art teacher. All right, good. What was your GPA? I'm proud to say you're the first person that has ever asked me that.

3.91, and I'm still pissed I didn't get a 4.0. Yeah, but obviously it didn't hold you back. No, it did not. Because I'm the first one that ever asked. Nobody cares is your point, and I don't disagree. So true. Exactly. Very good. Very good. so can this still be done can an art teacher still become a millionaire in america even in california whoa yeah i was gonna say david's the poster child for what we teach an art teacher in california yeah in California worth $1.2 million.

Yeah, making $120K. That's the highest income ever. Yeah. Because we see TikToks every day of someone making over $100,000. What he's making, saying they can't live in California. David, what do you say to that? You got to budget. You got to live on the budget, do the every dollar,

and move at the speed of cash. Oh, there we go. That's the game. That's the game right there. I like it. So for those of you that didn't catch it, the last caller or two callers ago was an engineer, and this was a teacher. So the number one category of career category, people become millionaires in the study that we did, is engineer. Number two is accountant. number three was teacher number four business executive number

five lawyer medical doctors didn't even make the top five they're number six so uh because they're notoriously bad of handling money so the art teacher has a higher probability of becoming, based on the study that we did, of becoming a millionaire than a doctor does. There we go. So, you know, teachers can't survive. I know. Listen, I wouldn't mind if teachers made more money. I'm not mad about this.

But teachers are process people. Lawyers are process people. Engineers and account teachers are process people lawyers are process people engineers and accountants are process people you follow a set of rules you follow a process you follow a plan and you execute and you don't reinvent everything and even the art teacher didn't reinvent everything and they would have a tendency to yeah so i mean be creative right don't be creative follow a system follow a process and plug into a proven process and that's how people become millionaires and this is the first one to five million dollars worth of net worth it sounds a lot like the callers that we've had today most of their net worth is their retirement and they're paid for home with most of these callers today, and that's what we found in the study.

It's nothing really fancy. Pay off a house and load your 401K and do it steadily and stay out of debt so that you can keep doing those two things. And real quick, Dave, for everybody listening, that last couple, I think they had about $845,000 in retirement. I think they were in their early 50s. What's that look like 20 years from now for them? Just that chunk alone. Well, it'll double about every seven years. Right. If you've got a $1 million net worth, in seven years, you'll have a two. In seven more

years, you'll have a four. In seven more years, you'll have an eight. Yeah. So that's a 21-year mark right there. Yeah. This is The Ramsey Show. Our scripture of the day, Romans 15, 2, our goal must be to empower others to do what is right and good for them and to bring them to spiritual maturity. Amelia Earhart said, decide whether or not the goal is worth the risks involved. If it is, stop worrying. That's good. She was next level right there. Moxie, I'm just saying. Yeah, I like it. Very good. This is a Baby Steps Millionaires theme hour. The reason we do this theme hour is to give you folks hope.

Because when you hear how people that really are millionaires, not your broke brother-in-law with an opinion who votes wrong, okay, real millionaires, how they really did it, it shows you that you can do it. That's called hope. The show is all about giving people hope hope if you're struggling and hope that you can get there and that the struggle is worth it that you can push through and that's what we teach it's that simple but there's a lot of lies out there about millionaires and about wealthy people and you know well they all inherited their money

well we've already told you they don't 89 of america's 26 million millionaires did not inherit their money nine out of ten did not that bodes well for us regular folk out here by the way i'm a millionaire and this is the second time i've done it i'm'm so stupid I had to do it twice. So there you go. All wealthy people are crooks. Nope. Crooks go to jail. People don't do business with crooks. People spread the word on crooks.

And they lose their wealth. In the real world, crooks don't prosper long term. Now, sometimes they have a windfall. But then Mr. Bitcoin ends up in jail, didn't he? Okay, Mr. Crook. Okay, Kentucky Fried Chicken. You all know who I'm talking about. He's not Kentucky Fried, but he was just fried, right? And so, you know, this is the deal.

Crooks don't make it long term. They become poster children for how not to do it. All millionaires and wealthy people are famous people. Nope. 0.8%, less than 1% of America's millionaires are celebrity types, sports figures or music figures or Hollywood figures. Almost no one becomes a millionaire doing that stuff because almost no one makes a living doing that stuff as a percentage of our culture

uh that's why we you know why they're in the spotlight because they're a big deal right they're rare they're rare birds they're birds for sure some of them. They are all millionaires are rich, are super smart. They're all got a, of course, they're rich. They all have a 4.2 GPA and they were valedictorian. No. No. Matter of fact, the average is right around 3.0 GPA. Most of us that are millionaires are right around the 3.0 so

listen if you got a 1.2 gpa because you played beer pong and you're not real smart you're probably not going to get there you haven't got enough gray matter to do it right but if you um it but you don't have to have you don't have to be some kind of uh minsa to pull this off as a matter of fact ken you were telling me off air about a study that people that are in the two, that billionaires, a lot of them are in the two and a half and valedictorians underperform. Yeah, high percentage of billionaires were less than 2.5. So somewhere between two to 2.5.

And interestingly enough, valedictorians go on to just do slightly above average as it relates to income. In other words, they aren't what they call world changers, people that are doing something go on to just do slightly above average as it relates to income. In other words, they aren't what they call world changers, people that are doing something really huge. And the reason is not knocking in any way valedictorians, but they are rule followers. So that's why they do very well in school. They follow the rules. They're test takers.

That's right. But they are not world changers. They never color outside the lines. That's it. And so it's why you don't see a very high percentage of valedictorians that are very wealthy. Do they do well? Yes. Sure.

But they're not super wealthy. But it's not a prerequisite that you be the smartest person in your class to become successful. Hello. Yeah. Think about this, people. It's important. This is a hope-giving message, if you think about it. Joe and Ashley, what are your – in Greenville, South Carolina, what's your net worth?

$1.1 million. $1.1. I'm going to get you to speak straight into your phone. You sound like you're in a barrel. What's your net worth – I mean, what's your breakdown of that $1.1? Hey, Dave, $400,000 is in a paid-for house. $640,000 is in retirement and other mutual fund investments. $60,000 is in cash and savings, and we've got a whopping $9,000 in cars. Love it. Okay. And how old are you two? We're 35. Whoa, young millionaires. Good job. And how much of this 1.1 did you all inherit? About $74,000.

Cool. Okay. Was that early and it caused you to become a millionaire, or is it mathematically did not cause you to be millionaires? No, we were well on the way beforehand. It happened a couple years ago. Okay. All right.

So, again, it stands up to what we were just talking about. All right. So your income, your best year and your worst year working income? We were about $130,000 when we first got married, and our income now is about $270,000. Excellent. What do you all do for a living? So I'm an engineer by trade, but I'm actually going to be going out on my own and building decks soon.

And Ashley is an IT account manager. Very neat. Okay. There it is again. All right. Good, good, good. What was your net worth? I'm sorry, your GPA?

I was 3. Yeah, I was. Sorry, mine was 3.85. And I think Joe's was 3.85, and I think Joe was 3.31. Okay, so we know how that worked. Good job, you two. Good job. Well done, man. You're young millionaires.

What's the secret to being a millionaire by the time you're 35 in America? You know, we did the whole baby step process starting nine years ago. We took financial peace. We did everything you said to do. We actually have coordinated four classes since then. We've joined for the debt-free stream in 2021. And so we really just did what you told us to do

and we did it together and consistently. We budgeted every dollar every month for the last nine years while being diligent at our jobs and being content in our life wow sounds boring it's fun it's fun nine thousand dollars worth of cars what do you two drive so this is funny Dave when we came for our debt-free scream we talked about the cars and you told me to retire old Carla and get something new and it's some of the only advice that I haven't followed she's got 388,000 miles it's a Honda Accord wow and Ashley's driving a Toyota RAV4 with about 160 on it wow you know i think at this point joe you should drive it until the thing dies literally on the road and then call

and then call triple a or whoever you got and then just kind of bury it that's kind of i'd keep going now that's so high i gotta get to half a million right yeah at least let's go for it why not yeah wow good job you two that's awesome y'all are heroes man 35 year old millionaires i'm so proud of y'all way to go phenomenal very very very well done well ken that's it i mean none of these people were 20 million they were all i mean the highest one was three million that's right and so one uh two nine one seven one two one one and one one yeah well some of them just barely millionaires but I mean, the highest one was $3 million. That's right. And so $1, $2, $9, $1, $7, $1, $2, $1, $1, and $1, $1. Some of them just barely millionaires, but some very young ones, $32 and $35 today. Well, Joe and Ashley have, I think they said, over $600,000 in retirement.

You and I were just talking in the last segment. They keep contributing to that. That's going to add up to be a lot of dough when they're 70. I mean, you understand if if their stuff just continues to grow at around a 10 rate between their home and their retirement that kind of stuff that they're going to be worth 20 30 million dollars that's crazy that's i mean because you're just take the normal math and watch it compound oh my gosh it's incredible and they don't have to drive junk cars to do that by the way they don't but but i'll tell you what's really fun is to see that

they've got the money to go out and buy nicer cars, and they're the ones that are set up to be multi-multi-millionaires, and we got TikTokers bragging about having $1,200 car payments. Well, that's why one's on TikTok, and one's a millionaire. Driving a Honda with 388,000 miles. 388,000 miles. Hey, guys, this is how you really do it. Oh, that's great. You know, you can try to dispute this, but you'd just be know it's known as wrong. I mean, I've been doing this for 30 years and watching people do this over and over and over again. This is how it's done.

That puts us out of the Ramsey Show in 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. We'll see you next time.