The Ramsey Show - App - You Don't Have To Inherit Money To Become a Millionaire! (Hour 3)

Episode Date: June 2, 2021

Everyday Millionaire Theme Hour Sign Up for a FREE trial of Ramsey+ TODAY: https://bit.ly/3rZTUAx Tools to get you started:  Debt Calculator: https://bit.ly/2Q64HME Insurance Coverage Checkup: https://bit.ly/3sXwUn5 Complete Guide to Budgeting: https://bit.ly/3utmVXi Check out more Ramsey Network podcasts: https://bit.ly/3fHhbVE

Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, it's the Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. I'm Dave Ramsey, your host. This is a special edition of the Ramsey Show, where we call on everyday millionaires to call in. If you are a millionaire, you have a net worth of $1 million or greater, regardless of how you got the money, I want you to call in and tell us your story. I'm going to interview you.

In other words, we're going to talk to wealthy people real wealthy people not people with a political agenda not people who were trained by a socialist professor on a socialist college campus not people who vote improperly not your broke brother-in-law with an opinion not some blogger living in his mother's basement, but real people who have built real wealth or inherited real wealth, wherever you got it. So we're going to ask them how they became wealthy, how much wealth they have, and learn a little bit about them, with the idea being that you then, if you have not yet attained the level of wealth that the people you're listening to have, could possibly do some of the things that they did, which would give you a probability of joining their ranks.

It turns out if you eat what skinny people eat, you're very likely to be skinny. It turns out if you do what successful people do in 60-year-old, 50-year-old marriages that are happily married, that you will join them someday. If you've been married 14 times, I hope this one works for you, but I'm not reading your book on marriage. I don't want your opinion. If you have a keg and not a six-pack, I don't want you as a personal trainer. I already have a keg. I don't need another one of those. I need someone to show me how to get rid of my keg

and trade it in for a six-pack. This is not hard, folks. Find folks that are winning at something and emulate, steal their habits, character qualities, and processes, and use them, and you get to join them. This is called best practices. So we're talking to real millionaires on Everyday Millionaire Theme Hour. Now, for those of you who are newly initiated, a millionaire is not someone that makes a million dollars a year. You can make a million dollars a year and not have a million dollar net worth

because you blow it all. A millionaire is someone who has a one million dollar or greater net worth. Your net worth is calculated only one way. There is only one kind of millionaire. You don't need to say net worth millionaire because there is only one kind of millionaire. A millionaire is someone who has a net worth of a million dollars. What you own minus what you owe equals your net worth. Your assets minus your liabilities equals your net worth. Jay is in Tucson. Jay, what is your net worth? Hi, Dave.

We're about at $2.2 million. Awesome. Break that down for me in the mix of it. Is it 401Ks, real estate? What'd you do? Yeah, we've got our personal residence is paid for. It's worth about $650,000. We've got 401K at our current employers. That totals about $200,000.

Our traditional IRAs are at about a million dollars. Those came from direct transfer rovers of our previous 401ks. And then we've got Roth IRAs at about $300,000, and then some non-retirement accounts at $70,000. Cool. Good for you. How old are you? 58. Cool.

And how much of this $2.2 million did you inherit? Zero. Zero. Cool. And how much of this $2.2 million did you inherit? Zero. Zero. Cool. And what has been your average, or not your average, your range of working income, your household income from worst year to best year since you started this whole process? Well, I guess since I started the process, it's been about $100,000 to $180,000 of household income. Okay.

What do you do for a living? I'm an engineer. Okay. Is that what your degree is in, I assume? Yeah, I have a bachelor's in mechanical engineering, and I have a master's in science and finance. Cool. And what was your GPAs? In my undergrad program, it was about 3.0, and in my master's program, it was 3.98.

Cool. Very cool. How much of this $2.2 million is there because you borrowed money to do investing that made you wealthy? Zero. If we hadn't borrowed any money, we would have been much further ahead. Okay. So you made some mistakes with borrowed money. Yes.

Yeah. What was the mistakes? Well, we borrowed on a 401k to buy a rental house. We bought timeshares on loans. Yeah. So, yeah, we made some big mistakes that we wouldn't repeat. Yeah. Who'd you buy your timeshare from?

Who didn't we buy them from? We bought a couple of them in Mexico. We had four at one time. Oh, my gosh. How'd you get out of them? Well, one, I was able to sell on eBay. For a dollar? About that, yeah.

And then the other two, I had to pay somebody like Timeshare, although I don't think that was the company. Yeah, but you paid a company to get you out. Okay, wow. Yeah. Wow. So that was the worst decisions you've made financially then. All right, cool.

Good for you. By far. Good for you. Okay, so what would you tell the 25-year-old version of you if they want to be you when they grow up if you want to have 2.2 million at 58 years old yeah i would start by getting a copy of the total money makeover and then following all those steps oh i love you man you're awesome you're so you're a smart guy well to be honest you know i was at 44 and i didn't know you know how i was going to retire i we had very little money saved we were pretty good about staying out of debt but you know I was a little worried about

you know what our retirement looked like and and uh when I got a hold of that book it just sort of brought everything into focus uh it's like having a GPS on on the trip you know I knew exactly where to go and how to do it so that's cool it uh it just made all the difference for me well I appreciate the compliment and I'm so proud of you, man. Very well done. I mean, you've changed this all around in 14 years, which, by the way, is about the average that it takes for someone to become a millionaire in the millionaire study that Ramsey did. We found about 17 years to be the average time from the time someone starts being serious. And it sounds like that happened to you 14 years ago. Very, very well done.

Oh, by the way, folks, in that study, we found the top five vocations of millionaires. It's the largest study of millionaires ever done in North America. Over 10,000 millionaires were studied. You know what the number one vocation? Engineer. That's what he is. You know what number three was? Teacher.

Yay. You know who was not in the top five? Doctor. Doctor. Broke doctors are everywhere. They're like broke athletes. They're everywhere. It's like a stereotype. And there's a reason for some of these stereotypes.

Very interesting. Now, actually, doctors came in at number six, but they just did not make the top five. But everybody thinks, you know, lawyers first, doctors second. Doctors first, lawyers second. Nope. Barely made the top five. Attorneys were number five. Just barely squeaking in there. Very interesting. So it turns out that methodical application of a system is very indicative of being your everyday millionaire. Interesting. This is an Everyday Millionaire theme hour on the Ramsey Show. Ever wondered how to save more money or pay off debt faster? What about the right way to invest? Listen, I've been there asking the same questions with no idea where to

turn for answers. But here's the good news. You don't have to keep searching for answers. Ramsey Plus shows you every step of the way so you know what to do with your money. Get the plan and the tools you need to make consistent small wins with money and even some big ones so you can see exactly We'll be right back. a plan for your future. To start your free trial of Ramsey Plus, text TRIAL to 33789. That's TRIAL to 33789. 33789. It's an everyday millionaire's theme hour. We're talking to real millionaires, people with a net worth of greater than $1 million, asking about them, how they did it, what they look like, where the money comes from. Because there are great lies in the land.

There's mythology in our culture. People are telling you all the time that want to control your life and tell you that Washington is going to supply your needs, your wants, and your dreams. They want to tell you that the little man can't get ahead, and yet the proof is in this actual statistical data that says the little man can't get ahead. All the wealthy people have inherited their money. Almost none of them did, statistically. Ninety-three percent of America's millionaires are not millionaires because of inherited

money, based on the largest study of millionaires ever done. Airtight research. The research methodology on this study is airtight. By the way, 1,000 people studied would be statistically significant. There are only 15 million millionaires. To study 10,000 of them is unheard of, but we did that to shut up the left-wing liberal critics who want to say that government and socialism is where prosperity comes from.

It does not come from there. It comes from the sweat of your brow and your personal habits and your character and your steadiness and your processes that you use to build wealth. That's where wealth comes from. That's where prosperity comes from. Still, after all these years it's still true greg is in philadelphia hi greg welcome to the everyday millionaire theme hour what's your net worth hey dave anthony great to talk to you guys thanks for having me on sure

it's 1.2 1.2 million all All right. And break that down for me. Give me some categories and some amounts. So $650,000 is in 401ks and about $450,000 in house equity. We're still paying off the mortgage, so that should be done in about a year and a half, two years. Okay. And that gets me to $1.1 million then you got about another 100 and something else? We got another 100 in emergency fund cash and other retirement savings. Got it.

Okay, cool. How old are you? 39. 39, young millionaire. Good for you. And what was your best working year household income and your worst working year household income? So the lowest was right when I graduated college. It was about $25,000 when I was 23.

And our best year is about $300,000. Cool. What do you do for a living? I'm an insurance underwriter, and my wife is a research scientist. Okay. Very cool. All right. I'm an insurance underwriter, and my wife is a research scientist. Okay. Very cool. All right. And how much of the $1.2 million did you inherit? Zero.

Okay. But, yeah, I had help from my parents with student loans and things, which was awesome, but I didn't inherit anything. Okay. All right. And your degree was in what? My degree was in psychology, actually. Okay. And what was your GPA? It was about a 3.6, if I remember correctly. It was a long time ago. Very cool. Very cool. How many nonfiction books do you read in a year? I read a few nonfiction books a year i i read at least a fiction book a month okay very cool i love it i love it so what was the biggest mistake with money that you've made

and overcome and still became a millionaire well i think leasing cars at a younger age was kind of a financial pitfall for us with that income. Having to lease car payments to have to pay really, you know, it was a strap that I didn't fully understand. And now, you know, I've know kind of on your program for seriously for five years or so i've been listening to you every day since i was 26 you think a 23 year old listening to you and me right now can still be a millionaire by the time they're 40 yeah for sure uh yeah i would say you know with hard work kind of sacrifice on the front end you're starting when you're young, living below your means, and staying out of debt.

That's the main part here. Yeah. Has you used all your income to live and build wealth? Yeah, for the most part, yeah, for the past five years, and I've noticed that that's when things really changed was, you know, when we started to really focus on, you know, each step at a time. Baby steps. So you're a baby step millionaire. Excellent.

Very cool. Good job, man. Thanks for calling in. I'm proud of you. Good work. Mark is in Denver. Mark, what's your net worth? $1.15 million.

Good for you. Break that down for me by category. We've got $325,000 equity in our home, $600,000 in retirement accounts. I've got $160,000 in business equity that I'm a partner in, $30,000 emergency fund, $35,000 college, and about $25,000 in paid-for vehicles. Excellent. How old are you? My wife and I, we're both 44. Oh, good.

Another young millionaire. Good for you. What was your worst household income year and best household income year since you started? We both started from the absolute bottom at somewhere $25,000, $30,000 and worked our way up from there. And the best income, our average income the last couple of years has000, $30,000, and worked our way up from there. And the best income, our average income the last couple of years has been, I think, about $150,000 a year. This last year, we made $240,000.

Wow, good for you. What do you do for a living? I am in construction management, and my wife is an environmental scientist. Cool. And how much of this $1.1 million did you inherit? We inherited $7,000. Okay. So it's safe to say you're not a millionaire because of inheritance.

Okay, cool. It'd be safe to say. And you have a four-year degree? I have a four-year degree and an MBA. Okay, cool. And your four-year degree is in what? My four-year degree is in philosophy. Okay. Then you went and got an MBA.

Good. What was your GPA on the MBA? On the MBA, it was quite high. I loved the program. It was probably 3.7, 3.8. Okay. Very good. Good for you.

Yes. Good for you. So what do you attribute the fact that you became a millionaire before you're 50 when you hear on the news every day that it can't be done in America? Dave, 11 years ago, I was completely broke and desperate, hopeless, and really worried about my future, single dad. Right about then, somebody gifted me your class. And from that point, I got a plan. I married a great spouse, and we were exactly on the same page

turned off the news got organized set goals became really generous and just and just went at it and can't believe how fast we accomplished all this you know from where we started yeah you did it quick that's amazing i'm proud of you so So you're a Baby Steps millionaire. Very good. We sure are. Okay. We sure are. So tell me about the generosity piece. How does that play in? Well, we give 10% either to our church or to other causes that we support every month, and that's one of just the great joys of everything we do. We're a foster family, so we give a lot of our time and our energy in our home. And as soon as we pay off the mortgage, we're set to increase our giving quite a bit. Yeah, that'll change everything again. And your wealth will double pretty quickly then, too.

Yeah, I'm so proud of you guys, man. Well done, hero. The class was a life changer for us, and just being on the same page. We've been married for eight years, and just being on the same page. We've been married for eight years, and just being on the same page and doing what you guys teach and just working real hard got us there. Well, I'm so proud of you, man. You did it. Way all done.

Well done. I'm glad that we had a small part in showing you how to get there, but you're the one who walked the road. Good stuff. The average millionaire pays off their home in 11.2 years. The average millionaire takes about 17 years to get there. 93% of millionaires, as I told you earlier, are not millionaires because they inherited money.

Now, a few of them did inherit money, but mathematically it did not cause them to become millionaires like he got $7,000. 97% of millionaires when surveyed say that they believe they control their own destiny. When the public is interviewed that are not millionaires, only 69% believe they control their own destiny. Turns out Henry Ford was right.

If you think you can or you think you can't, you'd be right. Everyday Millionaire Theme Hour here on the Ramsey Show. I'm Mike Pearson. It's an everyday millionaire theme hour. All millionaires inherited their money. Eh, false. All wealthy people are crooked. Eh, false. All wealthy people are famous people.

They're rock stars, country music stars, actors, or professional athletes. Less than 1% of millionaires fall into that category. All wealthy people are brilliant. They have 4.2 GPAs. Average GPA of a millionaire is right around 3.0 in their four-year degree i got a 2.97 i'm still pissed about that three one hundredths of a point probably beer involved but no one has ever in my working lifetime i'm 60 years old now, ask me what my GPA was in regards to whether I got to get money or not from them. They only cared if I could add value

to their life. They only cared if I could help their company if I was working for them. They only cared if I had good common sense and critical thinking skills. It does not require unbelievable, almost unnatural brilliance to build wealth in America today.

It doesn't hurt. So if you got a 4.2, I'm not mad at you, but most of us that are millionaires or multimillionaires had right around a 3.0. We were not inordinately brilliant. Now, we weren't a 1.2 either i mean i had one relative who graduated from college after two semesters with a degree in beer pong they got flunked out i mean this is not smart so you know you do need to study you do need to actually apply yourself you do need to acquire academic and intellectual skills along the way, and critical thinking

skills, meaning you can think for yourself. You don't need Fauci telling you how to think. You learn to do math, which they don't teach in med school. We learned during the pandemic. So you learn to think outside the box because the box is where normal people live. These are the people who build wealth in America today. And they really do do it. It's not a false dream.

It's not positive thinking. And I'm not some kind of baby boomer bootstrapper who doesn't know what it's like in the real world. Honey, I'm so stupid. I had to do it twice. I went broke after I became a millionaire the first time because I borrowed too dadgum much money. I got a PhD in DUMB. That's my degree.

This time I built our wealth. We don't borrow money. We don't borrow money. And you don't have any payments, and you pay attention to where your money's going, you end up with some. This is really not a deep formula. But you don't need to get rich on GameStop or AMC stock.

You don't need to get rich in Bitcoin. You don't need to get rich in gold bars, because almost no one does. Statistically, get rich quick doesn't work statistically among the millionaires the number of them that got rich quick and easy was very very small turns out that God

is not in the microwave business he prefers crockpots he who hastens to be rich will not go unpunished. This is how wealth is really built in the real world, boys and girls. Now, I know it doesn't work on CNN, but very few things do, including their ratings. So here's the thing, guys. You really need to look and say, what are real people doing who have really

built wealth how do they operate their lives how do they think how do they treat their spouses what kind of character these people have because you know really a lack of integrity is actually a a huge statistical indicator that you're not going to build wealth. Because people don't want to work with crooks. Duh! Now, it does happen. Crooks become wealthy. But that's not normal.

It doesn't normally happen. Normal is steadiness, consistency. These are the things that cause people to build wealth. Kathy is with us. Kathy is in Topeka, Kansas. Kathy, what is your net worth? Hi, Dave. It's such a pleasure to talk to you. Our net worth is $1.4 million. Good for you. Give me a little breakdown on that by category. Well, thanks to the housing market, our house is about $000. The rest is just retirement, 401Ks, IRAs, cash. So you got a million dollars in what, mutual funds and retirement? Yes.

Good for you. How old are you? Yep. I'm 49, and my husband's 49. Good. Not even 50 in your millionaires. Love it. How much of the $1.4 million did you inherit?

Absolutely nothing. Zero. Okay. Zero. All right. Cool. And what was your all's best household income year and worst household income year since you started adult life? Well, before we were married, you know, starting out probably $24,000. Our best, about $280,000. Good for you.

What do you guys do for a living? We both work in IT. My husband is actually a director, and I work more on the business side, but in the IT department. Very cool. Good for you. Four-year degrees in that or in something else? No, I actually went to a technical college, and my husband, who is in IT, but actually majored in radio and TV. Okay, broadcasting. Okay, cool.

Yep. And what was your GPAs? Mine, I have no idea. It probably wasn't that great maybe three of that um my husband was 3.4 good good for you okay do you think this can still be done the younger version of you that's listening oh yeah yes definitely what would you tell them they need to do? Well, I actually, when I've been at the same company for 31 years, and I actually started in contributing to my 401k right off the bat. So I would say, do that, but stay out of debt. I actually did stay out of debt as far as credit cards,

but I was just normal and had the vehicle loan and the mortgage and all of that stuff, and my husband had a student loan. And I should say that we were divorced from a previous marriage, so we pretty much started over 14 years ago. Ah, so you did it in 14 years. Yes. Good for you. So starting over at 30 years old, or 35 years old.

Yeah, about 30, yep, 35, yep. 35 years. So if a 35-year-old newly divorced person is listening and has started over with nothing, this should give them hope. Yes, for sure. You just have to. The main thing is just don't worry about what other people do, what other people think. You know, everybody's out buying new cars every year and, you know, the designer jeans and the latest fashions. And you just have to say, I don't care.

Just be your own person. Yeah. I'm not setting my standards based on other people. I don't want to be like them. Good for you guys. I'm so proud of you. What was the biggest mistake you ever made with money in your whole life? I don't know what it would be what about your husband what's the biggest what's the dumbest

thing he ever did do you have a dumbest thing he's right here here i'll let you talk to him hi mr ramsey hey i was asking her a hard question what's the dumbest thing you ever did with money oh dumbest thing i ever did with money well d, dumbest thing I ever did with money? Well, Dave, I did the whole dot-com boom thing back in the late 90s. So there was a lot of playing with money back then. So it went from InstaRange to InstaStupid to InstaNothing.

Yeah, I bet there's a whole bunch of people listening that lost their butts in the dot-com bubble. Oh, my gosh. We were betting on companies that didn't even have a revenue stream. Oh, kind of like some people are doing right now. Oh, my gosh. That's beautiful, man. Thank you.

I'm so proud of you guys. You're heroes. Very, very well done. This is an Everyday Millionaire Theme Hour here on The Ramsey Show. Our scripture of the day, John 3.27, John answered and said, A man can receive nothing except it be given him from heaven. C.S. Lewis said, hardships often prepare ordinary people for extraordinary destiny. This is an everyday

millionaire theme hour. We've talked to everyday millionaires, some of which were baby step millionaires, meaning they followed our path to become millionaires starting from nothing. A lot of them did it in 14 years today. Today we've had an engineer, an insurance underwriter, a construction manager, and an IT specialist. That's who we've talked to so far. Michael is in Dallas. Michael, what's your net worth?

$1.33 million. $1.33. Give me a breakdown on that by category. Okay. About 1,041,000 is in our 401k stocks and mutual funds. And the other 300 is in the home we live in. Gotcha. Cool. How old are you? 51 and my wife is 48. Awesome. And how much of this did you inherit? Not a penny. Not a penny. Okay. And what was your best year working household income and your worst year working household income? 39, is what I started my career at, and 156, 9. Cool. What do you guys do for a living? I'm an engineer. I'm a mechanical.

And my wife is a homemaker. She works part-time sometimes. Cool. And so you obviously had an engineering degree. Yes. And your GPA? 3.4. Cool.

Can this still be done? If somebody's 25 years old and listening to you? I'm amazed. Just looking at it this morning morning i can't believe it's growing that big it has seemed like it happened overnight now you just steadily invested in your 401k is almost all of it right that and got your house paid off yeah well we always get 8 000 our house we're close to being done with the house but not quite okay we'll be done another two months with the house gotcha very cool okay what's the dumbest thing you ever did with money

you know why when i talked about this i think we had too small of a house payment for too many Gotcha. Very cool. Okay. What's the dumbest thing you ever did with money? You know, I talked about this. I think we had too small of a house payment for too many years. We refinanced to a lower rate 30 years before I started listening to you. And we should have never done that. It was only in the last about five years we've gotten pretty intense about paying off the house. Ah, okay. By too low a payment, you mean you just paid as little as you could instead of paying extra and getting a knockout. Correct. I see what you're doing. Correct. Yeah, we did 30 years and made it as low as we could. We should have paid more. Yeah, you did great, man. I'm proud of you. Very, very well done. All right. Janie and John are with us from Cincinnati. Hi, guys. What's your net worth?

Hello, Dave. It's 1 net worth? Hello, Dave. It's 1.2. Good for you. And give me a little breakdown by category on that. Well, just in quick summary, we've got just under $1 million in retirement accounts, both 401Ks, Roth IRAs, and taxable mutual funds, as well as some cash. Sorry, I'm a little bit nervous. That's okay.

You're fine. This is a big deal for us. So we're excited and nervous at the same time. I understand. And then we have a paid-for home, and I have a small business. It's worth a couple hundred grand? Maybe like $130,000, $140,000. Okay, cool. And then we have some business assets uh some cash in my ever

growing small llc good for you and uh some uh software and computer equipment things like that okay cool how old are you guys janie um i just turned 50 this year last year december and i'm 55 good for you guys and how much of'm 55. Good for you guys. And how much of this 1.2 did you guys inherit? Not a penny. Zero, okay. It's been blood, sweat, and F-T-U tears. Oh, I love it.

And what was your best year? More than we care to admit. You've been in our life for a decade now, almost on a daily basis. So it's been fun. I'm honored. So what was your best household year income and your worst household year income since you've been working? When we worked, I mean, I've been working since I was 14, so I'll throw the first couple of decades out. But when Janie and I got married in 2011, we were probably just around 100,000 together. And our best year was probably 200.

Okay, cool. What do you all do for a living? I'm a registered nurse. And I'm a machinist by trade turned into a contract CNC programmer. Ah, good for you. Okay. Obviously,enny's got a four-year degree or more in nursing and do you have a four-year degree john i i do not i would like to say just the machinist by trade and when uh yeah high school diploma and when uh when covet

hit my company of seven years laid me off and when you're a millionaire with no debt, I thanked them for the walking papers and started my LLC, and I haven't missed a day since. Yeah, make more money than you've ever made in your life now. That would be the best thing that ever happened to you. You got fired from that stinking job. I got fired from my job, and I thanked them. And the HR lady, when I thanked them, she had this silence on the other end of the phone. I said, you just made this life dream a lot easier.

So thank you very much and best of luck to you. Wow. Way to go. You're a nice guy. I love it. Very cool. So do you think someone listening to us is 25 can do this oh yes golly in fact on on that note we've you know entered the give like no one else and um came across um fulfilling the idea through your um curriculum opportunities um we had a little money to tithe and decided, you know, let's spin it somewhere new and came across your curriculum opportunities to purchase for different schools. Oh, for the high school curriculum. And have them sooner than it doesn't take them as long as it took us to figure

this out. So the way you're being generous is to buy the high school curriculum for your local high schools. That's so cool. Thank you. Thank you so much. Yeah. Very nice.

Well, you guys are absolute heroes. I am so very proud of you. Very well done. What a wonderful story. Okay, our net worths today, folks, were 2.2, 1.2, 1.1, 1.4, 1.3, 1.2. None of these people were 10 millionaires. None of them were even 5 millionaires. All of them were between $1 and $3 million in net worth.

They were 30, 9, 50, 44, 49, 51, 50, and 52. They were not 80, and they were not 26. The range was from 39 to 55. The average time today was 14 years. Some people did it in 9 or 10. Some people did it in 17. There was a lot of people woke up in their 30s, and by the time they were 50, they were millionaires because they applied the baby steps that we teach.

Now, that's not to say the baby steps is the only way to get there, but they're baby steps millionaires. They started from nothing. Oh, by the way, the number of people that became a millionaire that called in today due to inheritance was precisely zero, which is statistically accurate as well, because our study found, as I've told you before, 93% of America's millionaires, according to the largest study, I'll say it over and over again so you can tell your friends who are stupid, 93% of America's millionaires, according to airtight research and the largest study of millionaires ever done in North America, are not millionaires because of inherited money. Why is that such an important statistic?

Because the lefties are lying to you and saying that the only way to become a millionaire is because rich people have all the money hoarded and you can't have any. And that is a lie. That is a lie. The data says it's a lie. It's not a philosophical moral thing. It's a data thing. It simply isn't true. Why does that matter? Because I don't want you to have your hope stolen by lies that are politically motivated. Your hope of building wealth and prosperity in this country today if you take control of your freaking life is real it's real it's real it's how it's done most often this is the message of this whole everyday baby steps millionaire movement They're everywhere, people. They're all around you.

I see rich people. I love it. Oh, what a great hour. That puts this hour 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.

Have a friend or family member that needs a daily dose of Ramsey advice in their life? Let them know about the Ramsey Call of the Day podcast. It's a quick hit of advice about life and money in under 10 minutes. Check out the Ramsey Call of the Day podcast. It's a quick hit of advice about life and money in under 10 minutes. Check out the Ramsey Call of the Day podcast wherever you listen to podcasts.