I'm a decamillionaire. I drive a modest 6-yr old car. I shop at Walmart. None of my middle class neighbors has any idea I could buy every house on the street for cash. No one is impressed by my lifestyle. And that's okay.
@@miketheyunggod2534 You must live a sad life if you need brand name logos to be happy. Some of us have figured out there's more to life than buying stuff that says "hey, look at me! I spent a lot of money on this stuff!' If you lived a good and happy life, you wouldn't be so desperately seeking approval from people you don't even know.
Negative 10k net worth in 2019. 300,000 positive net worth in 2024. Debt free besides the house. 100,000 invested, 5k emergency fund. Rest in equity in the house. It’s not too late people, buckle down and make it happen. I’m 39 and so hopeful for the future it’s exciting.
It's definitely possible to get to a million. I don't make a lot of money and I've only been intentional with my money for 4 years and I'm halfway there.
Wow, you go, Jumpman67!!! We might have been born the same year if that's what your name indicates... With my income, I don't have enough time to make a million now. But I like to encourage others on their way. Keep going; you'll (soon) make it to that first million for sure on that track. May GOD continue to bless you, and may you have a fantastic new year! Whooohooo!
We hit the millionaire milestone some years back and haven't stopped celebrating. We celebrated so hard we forgot to make another goal. We realized last week that we are about to hit 2 mil. It has reignited the need for goals. Rachels right that the number on your goal should be associated with something more human than just a number. So we are reverting back to basics and taking Dave's advice. Our new goal is to live like now one else.
awesome! May I ask how long it took you to reach $2m after hitting the $1m? I've heard that the magic of compounding makes each million arrive sooner than the last. Cheers!
@@drewo6388, five years. We made a lucky home purchase which shaved probably a year off. Other than that and topping out contributions every year, it’s mostly compound interest.
Drew: in our case, it took us about 7.5 years to get to our first million (and that’s 7.5 years from the time we got serious about the Ramsey plan), and a little over 2 years to get our second million (though that included some unusual positive events). So yes, that was definitely our experience.
Wow! We are almost to where you are, paid off the house last April and just hit a million in retirement savings a couple of months ago. Very good suggestions!
Great video, a number of the most eminent market experts have been expressing their views on the severity of the impending economic downturn and the extent to which equities might plummet. This is because the economy is heading towards a recession and inflation is persistently above the Federal Reserve's 2% target. As I'm aiming to create a portfolio worth no less than $850,000 before I turn 60, I would appreciate any advice on potential investments.
There are many other interesting stocks in many industries that you might follow. You don't have to act on every forecast, so I'll suggest that you work with a financial advisor who can help you choose the best times to purchase and sell the shares or ETFs you want to acquire.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
I’m so grateful for finance RUclips. When school failed us and a lot of our peers failed us, the good people like George and Rachel are there to educate on us on how stupid we’ve been with money and how to fix it!
I'm 40 and currently venturing into the stock market, my ultimate goal has always been to retire at 55, is it possible to raise over $8million in portfolio size before my retirement at 55, I earn about $800k annually.
Generally speaking, a good number of people discredit the effectiveness of financial advisors in retirement planning, but over the past 10years I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $3million in gains… might not be a lot but retirement doesn’t seem so farfetched anymore.
Definitely, Heather Ann Christensen is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
Thanks for sharing. I curiously searched for Jessica Annabelle Rupp and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.
Net worth millionaires here🎉 Happy to say we couldve done it sooner than last year had we followed the Dave plan circa 2005 when we downloaded his audiobook on my ipod instead of ish but we made it following his principles. I dont miss having a car payment, credit cards, etc.
Everything you said here in none of my business. My only focus is on how to keep growing my portfolio. Thankfully i'm in good hands with Wealthwise Capital...
Net worth millionaire here. Been Davish for a few years but because of mostly following his principles I have gained so much financial freedom. Very grateful to the Ramsey crew!
Us too, a few years ago we calculated our net worth and our jaws dropped when we were 1M+! Not long before that we were praying for financial peace. It’s real y’all, I promise! ❤️
George, you should have bought a Honda Accord. My 2021, purchased in 2021 with all cash, is still valued at the $$ I paid according to KBB. These are weird times, but it hasn't lost any of its value (yet).
There is a quote attributed to legendary Green Bay Packer coach Vince Lombardi, that says, "Perfection is unattainable, but we will chase perfection and in the process catch excellence! When Rachel mentioned the process of reaching a net worth of one million I thought of changing that quote for myself to this, "Reaching a net worth of a million dollars may not be attainable, but I will chase that net worth of million dollars goal and catch financial freedom." It's all about the steps you take to reach the goal.
My goal wasn't to be a millionaire but to have $2 million in my retirement accounts. I missed it because of the market issues of 2001 and 2008 and being laid off before I was ready to retire. I was an engineer but my salary was under $80k until the last 4 years before becoming a millionaire or 6 years before retirement. It can be done! Yes, I live in a $250k house that has been paid off for years. It is great to be retired with money not tied up in housing.
Listened to this episode in the podcast and immediately came here to ask this question. Baby step 4:.Your website states in one location that the 15% is based on your gross income. Another section of the website states it is the net (or after taxes) that you base the percentage on. I know in the end it comes down to just doing something but if we’re going to follow the plan to the T, which one is it? Thank you so much for everything you’re doing!
That’s weird that you think having a specific number in mind. Setting goals and specificity, helps so much. Perhaps the systems getting there may vary. But it helps.
medical doctor here- just be very careful consuming all this creatine and protein. make sure to get routine labs to check your liver. I have had some of my patients destroy their liver by consuming creatine and protein.
I so rarely hear anyone talk about the difference between being a millionaire as a married couple vs someone who is single. If my wife and I are married and have a net worth of $1 million, it doesn't seem unreasonable that we each have a net worth of $500k. In the episode its mentioned there are 24 million millionaires in the USA. If my wife and I have a $1 million net worth, do we count as 2 people who are millionaires? It doesn't seem that way. It DOES SEEM LIKE I AM BEING A DEBBIE DOWNER ABOUT THIS. But it feels like a reasonable thing to bring up. As is mentioned once in the episode, I think we just need to more actively say "household millionaires", or "millionaires as a couple".
😂 watching Rachel is priceless!!! If you’re just listening you’re missing out so much! I always eat a snack and laugh at their comments and facial expressions. Thank you both for making money always sounds so fun! Definitely the happiest hour in my week 💕 xo
When Rachel said that she doesn't think a number is a goal, made me take a step back, because I've always been taught the requirements for a goal are: specific, measurable, attainable, realistic, and time-based. (S.M.A.R.T. goals) So saying you want to be a millionaire by 40, fits exactly the definition of a goal.
Maybe it’s the difference between a short term goal and a life goal? Like how do you have a goal to say… be a good husband? Or more polite? Idk. Interesting thought
Yes you're right, it is a goal. I think she's saying that a certain number shouldn't necessarily be your goal for fulfillment in life. Money, after all, is a tool. So you would never make a goal to have tools and never know what you're going to use your tools for.
@@Davefitz04 How do you measure being a better husband or being more polite? Those are not specific or measurable, therefore not goals. Now saying I'm going to help every little old lady I see crossing the street tomorrow. Would be a goal, as it's specific and measurable (as well as attainable, realistic, and time bound)
@@ddraissI agree. Those are ambitions. You can have the ambition to be a better person…but what does it really mean? If the meaning can be different to different people, it’s not a defined goal. We set a goal to have our home paid off within 10-12 years when we purchased it. We met that goal. That’s a fact. No one can deny that our home was paid off in that period. They can disagree with it, but it doesn’t change the fact that it was done. Further to that….i believe the comment in the video was meant more along the lines of “Don’t set a goal to become a millionaire, when what you really are looking for is freedom.” Our net worth is currently just over $1 million, and we have no debt. We could sell everything we own, and buy a $2 million home and still have a $1million net worth…but now we’d also have $1million in debt sitting over our head. Same net worth number in the end….but a far different picture looking forward. In one situation, we are completely free, and our income is all ours. In the other, we have major debt commitments every month, and our income is virtually all eaten up with no margin to spare. On paper though, they seem very similar.
I can't wait to be a millionaire! My husband was that guy that set money goals. He started his own business in 2001. The first year in business he lost money. I kept us afloat. Each year he would set a income goal. He always met it. We have a six figure income and working on being debt free. We built our house with no loan. Three cars paid off. Our only debt is our boat, a camper and a memorial car we bought after our son passed. 😢 Oh wait, hang on. My house and three cars are paid off. My house is worth $600,000. I have a paid off suburban and a paid off Jeep Wrangler. Oh I have so many questions now....
😂😂😂 even better than I thought it was going to be! After listening to this on Apple pod I couldn’t wait to see it on RUclips hahaha You guys are great!
I'm going to be the Debbie Downer troll here. I think a lot of paper millionaires out there may lose that status this year as the houseing market comes down. I don't think the home you live in should be 100% counted towards your net worth. Any profit you make when you one day retire and sell it will likely have to be taxed, and the 6% commission is also lost. Also, you shouldn't count the entire 401k if you are going to have to pay taxes on the distributions one day when you take it out. To be accurate, you should remove taxes and commissions from property and investments to get you your real net worth. If you had to sell everything today and start renting or go into assisted living, what you have left should be your net worth. (Over a million Americans just lost their millionaire status 😢) And no, I'm not a sour broke person, just saying it how I see it. 😅
Steve Martin's Father of the Bride I and II are actually remakes. The original is from the 1950s and has Elizabeth Taylor. The sequel is called Father's Little Dividend.
I love these two people , they are so down to earth and i also learn a lot from them , i can honestly say i think so much like them and we are also debt free, it a huge blessing t be debt free , we can be generous, saving and invest and have a peaceful blessed life , all the best to u in 2024 🎉🇨🇦
Haha I was wondering why the drink was called a “royal war”. The first word was hard to figure out - thought an attempt at “Guerre” until the “Kir” showed up.
Ha, my grandfather brought a 200 pound mortgage in the 1930thirthys, and still did well. I really do reckon you both are right with this discussion. Thank you.
Even though 79% say they didn’t inherit their million dollar net worth, how many of them worked for a parent’s business making more money than they would have in the same position somewhere else? Also how many of them just lie about not inheriting a material portion of it? Or how many of those who actually do inherit a large chunk of money would admit that’s what boosted their net worth over 1M?
I usually listen to this show via podcast but after listening to the end of this show I had to see it on RUclips. OMG that was hilarious 😂!!! Thanks for the great belly laugh, I really needed that 😁.
Can you do an episode with examples (because I know each job has different websites) on how do you literally invest your 401k? Hoping to hit BS4 this 2024!!!
I'm 49 and earn about £2M ($2.5M) per year and save about 30% in HYSA's. I've been reading a lot of articles mentioning how worthless 'cash savings' are in this current unstable economy. Do you suggest I invest in real estate, stocks or Gold?
😂😂😂😂😂😂😂Last 2 mins 37 secs are epic. September 17 and I can't stop laughing at the 10 times Rachel tried to close and then everyone just cracked 😂😂😂😂😂 Will love this dor the next few years❤❤😂😂
*The wisest thought that is in everyone's minds today is to invest in different income flows that do not depend on the government, especially with the current economic crisis around the world. This is still a good time to invest in gold, silver and digital currencies (BTC, ETH.... stock,silver and gold)*
I do agree that becoming a net worth millionaire should be a mix of liquid and what you own. However the comment Rachel made about selling the house and it’s liquid 5 mins later lol
My wife and i are taking a huge dive in our net worth this year. We have our second baby due in February and are selling our ritzy condo in the hipster suburbs to rent a larger place in the countryside where we work. Unfortunately while my home is valued at 133k doing the heavy lifting on our net worth statement, but will probably sell for 120k. After realtor fees and deposit on the new place everything goes to student loans, hospital wipes out current non emergency savings for baby, and ill leave February with a net worth hovering at 0. 3.2k retirement+2k in cars+1k emergency-6.4k remaining student loans 😢
I have a 3 fund portfolio consisting of 33% S&P, 33% Total stock, and 33% international. I feel a need to focus on complete growth so I went 100% stocks, but does the SP500 and TSM overlap too much to make sense holding both? However I’ve been in the red for a month now. I work hard for my money, so investing is making me a nervous sad wreck. I don’t know if I should sell everything, sit and just wait but watching my portfolio of $450k dwindle away is such an eye -sore.
There are many other interesting stocks in many industries that you might follow. You don't have to act on every forecast, so I'll suggest that you work with a financial advisor who can help you choose the best times to purchase and sell the shares or ETFs you want to acquire.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I have always been a natural saver (I had a Folgers can full of Toonies and Loonies while growing-up). The thing I never learned and am still puzzled by is *how* to go-about investing. Stupid question: Is a professional required in order to invest in mutual funds? or can this be done via an app or web site? If so, what are these apps/web sites called? (I have tried researching this but I am still very confused). I am in Canada, so I assume investing in Mutual funds is the same as in the states ? I also get confused about how/how much to put into a Tax Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP). Can anyone help me out? I'm losing-out on valuable investing time because I don't know where to start. Can someone please point me in the right direction? *Thank You*
Abercrombie isn't even cheap. Try thrifting lol I actually buy all my clothes used, and purchase special items once or twice a year. *obviously buying underwear new and I also purchase new concert tees at each one* but otherwise, 90%+ of my wardrobe is used. I would recommend it for others. Us as a country have soooo much for clothes constantly coming in for consumers also, it's actually quite insane now when I look at malls, khols and target with different eyes. Just cheap clothes everywhere.
I'm a decamillionaire. I drive a modest 6-yr old car. I shop at Walmart. None of my middle class neighbors has any idea I could buy every house on the street for cash. No one is impressed by my lifestyle. And that's okay.
Show me proof 😊
If you live like that, what’s the point of having money? You’re poor dude.
@@miketheyunggod2534 You must live a sad life if you need brand name logos to be happy. Some of us have figured out there's more to life than buying stuff that says "hey, look at me! I spent a lot of money on this stuff!' If you lived a good and happy life, you wouldn't be so desperately seeking approval from people you don't even know.
@@miketheyunggod2534 Money gives you freedom to do what you want, free of worry-.That's the point of money, not mindlessly buying stuff.
Cap
Negative 10k net worth in 2019. 300,000 positive net worth in 2024. Debt free besides the house. 100,000 invested, 5k emergency fund. Rest in equity in the house. It’s not too late people, buckle down and make it happen. I’m 39 and so hopeful for the future it’s exciting.
It's definitely possible to get to a million. I don't make a lot of money and I've only been intentional with my money for 4 years and I'm halfway there.
Wow, you go, Jumpman67!!! We might have been born the same year if that's what your name indicates...
With my income, I don't have enough time to make a million now. But I like to encourage others on their way. Keep going; you'll (soon) make it to that first million for sure on that track. May GOD continue to bless you, and may you have a fantastic new year! Whooohooo!
May I please ask your age?
Me too.
What a signature SMHH trainwreck ending that was 🤣🤣
It was HILARIOUS!!! 😂 I am now subscribing. Lol
there are some french listening to you. At least I am😅
We hit the millionaire milestone some years back and haven't stopped celebrating. We celebrated so hard we forgot to make another goal. We realized last week that we are about to hit 2 mil. It has reignited the need for goals. Rachels right that the number on your goal should be associated with something more human than just a number. So we are reverting back to basics and taking Dave's advice. Our new goal is to live like now one else.
awesome! May I ask how long it took you to reach $2m after hitting the $1m? I've heard that the magic of compounding makes each million arrive sooner than the last. Cheers!
@@drewo6388, five years. We made a lucky home purchase which shaved probably a year off. Other than that and topping out contributions every year, it’s mostly compound interest.
Drew: in our case, it took us about 7.5 years to get to our first million (and that’s 7.5 years from the time we got serious about the Ramsey plan), and a little over 2 years to get our second million (though that included some unusual positive events). So yes, that was definitely our experience.
Well done!!!
Wow! We are almost to where you are, paid off the house last April and just hit a million in retirement savings a couple of months ago. Very good suggestions!
Great video, a number of the most eminent market experts have been expressing their views on the severity of the impending economic downturn and the extent to which equities might plummet. This is because the economy is heading towards a recession and inflation is persistently above the Federal Reserve's 2% target. As I'm aiming to create a portfolio worth no less than $850,000 before I turn 60, I would appreciate any advice on potential investments.
There are many other interesting stocks in many industries that you might follow. You don't have to act on every forecast, so I'll suggest that you work with a financial advisor who can help you choose the best times to purchase and sell the shares or ETFs you want to acquire.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
@@mikegarvey17Mind if I ask you recommend this particular professional you use their service? i have quite a lot of marketing problems.
Credits to "Gertrude Margaret Quinto", she maintains an online presence. Just make a simple search for her name online.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
I can’t even tell you how hard I laugh when Lindsay is just dying laughing at the chaos that is Rachel and George sometimes. I love it.
IKR. Her laugh is contagious
I so love Rachel! I love how much she laughs! You two are so awesome together. Thank you for sharing your successes and shortcomings with us. ❤❤
I wish I could actually hang out with them. They're hilarious.
And sometimes the hehehe comes out
I have tears rolling down my face as I laugh!!! Totally made my week!!🎉
I’m so grateful for finance RUclips. When school failed us and a lot of our peers failed us, the good people like George and Rachel are there to educate on us on how stupid we’ve been with money and how to fix it!
I'm 40 and currently venturing into the stock market, my ultimate goal has always been to retire at 55, is it possible to raise over $8million in portfolio size before my retirement at 55, I earn about $800k annually.
with the current state of things in regards to inflation and economy $8million might possibly not be enough for retirement
why won’t $8million be enough? it basically boils down to your expenses and maintaining a healthy budget after retirement.
Generally speaking, a good number of people discredit the effectiveness of financial advisors in retirement planning, but over the past 10years I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $3million in gains… might not be a lot but retirement doesn’t seem so farfetched anymore.
Definitely, Heather Ann Christensen is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
Thanks for sharing. I curiously searched for Jessica Annabelle Rupp and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.
Y'all need to make Lyndsie a drink so she can drink with you guys. We all know she's the 3rd host 😂
Net worth millionaires here🎉
Happy to say we couldve done it sooner than last year had we followed the Dave plan circa 2005 when we downloaded his audiobook on my ipod instead of ish but we made it following his principles. I dont miss having a car payment, credit cards, etc.
Everything you said here in none of my business. My only focus is on how to keep growing my portfolio. Thankfully i'm in good hands with Wealthwise Capital...
Wealthwise Capital are the best by a million miles. Only known them for a while but my God have they been so heIpful!
Right? 100k profit in my first year.. only very few companies can match that
You definitely should
Net worth millionaire here. Been Davish for a few years but because of mostly following his principles I have gained so much financial freedom. Very grateful to the Ramsey crew!
Best ending to an episode yet🤣 Hearing everyone in the background laughing makes me laugh even harder!! 😂 So good!
Us too, a few years ago we calculated our net worth and our jaws dropped when we were 1M+! Not long before that we were praying for financial peace. It’s real y’all, I promise! ❤️
May I please ask your age?
I've never laughed during an episode of Smart Money Happy Hour as much as I did at the end of this one 🤣 These always make my week!
Great show George, Rachel and Lindsay. It's really fun, entertaining and educational. 🎉🎉
The ending was gold, so fun! Cheers!
George, you should have bought a Honda Accord. My 2021, purchased in 2021 with all cash, is still valued at the $$ I paid according to KBB. These are weird times, but it hasn't lost any of its value (yet).
More money more time for family! 2024 money goals
Great episode; phenomenal ending. Laughed so hard I cried. 😂😂😂😂😂😂
Yup, it finally happened. Rachel has cracked under the pressure.
There is a quote attributed to legendary Green Bay Packer coach Vince Lombardi, that says, "Perfection is unattainable, but we will chase perfection and in the process catch excellence! When Rachel mentioned the process of reaching a net worth of one million I thought of changing that quote for myself to this, "Reaching a net worth of a million dollars may not be attainable, but I will chase that net worth of million dollars goal and catch financial freedom." It's all about the steps you take to reach the goal.
New resolution for this year save $20,000
You can do it!
We saved 24k in 2023 on a 5 figure single income. Can be done.
My goal wasn't to be a millionaire but to have $2 million in my retirement accounts. I missed it because of the market issues of 2001 and 2008 and being laid off before I was ready to retire. I was an engineer but my salary was under $80k until the last 4 years before becoming a millionaire or 6 years before retirement. It can be done! Yes, I live in a $250k house that has been paid off for years. It is great to be retired with money not tied up in housing.
French listeners over here! 😂
🍷😂
This episode is proof you can have more fun on less money! All you remember is the journey anyway! 😂😂😂
I need y'all to talk about the Royal Caribbean Ultimate World Cruise... it's so the rage on the socials
Listened to this episode in the podcast and immediately came here to ask this question. Baby step 4:.Your website states in one location that the 15% is based on your gross income. Another section of the website states it is the net (or after taxes) that you base the percentage on. I know in the end it comes down to just doing something but if we’re going to follow the plan to the T, which one is it? Thank you so much for everything you’re doing!
That’s weird that you think having a specific number in mind. Setting goals and specificity, helps so much. Perhaps the systems getting there may vary. But it helps.
medical doctor here- just be very careful consuming all this creatine and protein. make sure to get routine labs to check your liver. I have had some of my patients destroy their liver by consuming creatine and protein.
I so rarely hear anyone talk about the difference between being a millionaire as a married couple vs someone who is single. If my wife and I are married and have a net worth of $1 million, it doesn't seem unreasonable that we each have a net worth of $500k. In the episode its mentioned there are 24 million millionaires in the USA. If my wife and I have a $1 million net worth, do we count as 2 people who are millionaires? It doesn't seem that way. It DOES SEEM LIKE I AM BEING A DEBBIE DOWNER ABOUT THIS. But it feels like a reasonable thing to bring up. As is mentioned once in the episode, I think we just need to more actively say "household millionaires", or "millionaires as a couple".
If you are married it's likely that over 50% of your household expenses are shared. It's much more expensive for 2 single people to live separately
😂 watching Rachel is priceless!!! If you’re just listening you’re missing out so much! I always eat a snack and laugh at their comments and facial expressions. Thank you both for making money always sounds so fun! Definitely the happiest hour in my week 💕 xo
Congratulations! I know your dad is going to be SO proud of you!
When Rachel said that she doesn't think a number is a goal, made me take a step back, because I've always been taught the requirements for a goal are: specific, measurable, attainable, realistic, and time-based. (S.M.A.R.T. goals)
So saying you want to be a millionaire by 40, fits exactly the definition of a goal.
Maybe it’s the difference between a short term goal and a life goal? Like how do you have a goal to say… be a good husband? Or more polite? Idk. Interesting thought
Yes you're right, it is a goal. I think she's saying that a certain number shouldn't necessarily be your goal for fulfillment in life. Money, after all, is a tool. So you would never make a goal to have tools and never know what you're going to use your tools for.
It is A goal for sure.
@@Davefitz04 How do you measure being a better husband or being more polite? Those are not specific or measurable, therefore not goals. Now saying I'm going to help every little old lady I see crossing the street tomorrow. Would be a goal, as it's specific and measurable (as well as attainable, realistic, and time bound)
@@ddraissI agree. Those are ambitions. You can have the ambition to be a better person…but what does it really mean? If the meaning can be different to different people, it’s not a defined goal.
We set a goal to have our home paid off within 10-12 years when we purchased it. We met that goal. That’s a fact. No one can deny that our home was paid off in that period. They can disagree with it, but it doesn’t change the fact that it was done.
Further to that….i believe the comment in the video was meant more along the lines of “Don’t set a goal to become a millionaire, when what you really are looking for is freedom.” Our net worth is currently just over $1 million, and we have no debt. We could sell everything we own, and buy a $2 million home and still have a $1million net worth…but now we’d also have $1million in debt sitting over our head. Same net worth number in the end….but a far different picture looking forward. In one situation, we are completely free, and our income is all ours. In the other, we have major debt commitments every month, and our income is virtually all eaten up with no margin to spare. On paper though, they seem very similar.
I can't wait to be a millionaire! My husband was that guy that set money goals. He started his own business in 2001. The first year in business he lost money. I kept us afloat. Each year he would set a income goal. He always met it. We have a six figure income and working on being debt free. We built our house with no loan. Three cars paid off. Our only debt is our boat, a camper and a memorial car we bought after our son passed. 😢
Oh wait, hang on. My house and three cars are paid off. My house is worth $600,000. I have a paid off suburban and a paid off Jeep Wrangler.
Oh I have so many questions now....
The ending was hilarious! My stomach hurt from laughing so much! 🤣🤣🤣
😂😂😂 even better than I thought it was going to be! After listening to this on Apple pod I couldn’t wait to see it on RUclips hahaha You guys are great!
I'm going to be the Debbie Downer troll here. I think a lot of paper millionaires out there may lose that status this year as the houseing market comes down. I don't think the home you live in should be 100% counted towards your net worth. Any profit you make when you one day retire and sell it will likely have to be taxed, and the 6% commission is also lost. Also, you shouldn't count the entire 401k if you are going to have to pay taxes on the distributions one day when you take it out. To be accurate, you should remove taxes and commissions from property and investments to get you your real net worth. If you had to sell everything today and start renting or go into assisted living, what you have left should be your net worth. (Over a million Americans just lost their millionaire status 😢) And no, I'm not a sour broke person, just saying it how I see it. 😅
Steve Martin's Father of the Bride I and II are actually remakes. The original is from the 1950s and has Elizabeth Taylor. The sequel is called Father's Little Dividend.
The ending 😂😂😂😂😂
I love these two people , they are so down to earth and i also learn a lot from them , i can honestly say i think so much like them and we are also debt free, it a huge blessing t be debt free , we can be generous, saving and invest and have a peaceful blessed life , all the best to u in 2024 🎉🇨🇦
Great Point--max out Roth IRA at beginning of year.
I wish y'all would do an hour long or a marathon episode.
Haha I was wondering why the drink was called a “royal war”. The first word was hard to figure out - thought an attempt at “Guerre” until the “Kir” showed up.
George, dumbbells and an incline bench is all you need. Plenty of youtube videos to demo workouts. Better than paying for a membership.
Ha, my grandfather brought a 200 pound mortgage in the 1930thirthys, and still did well. I really do reckon you both are right with this discussion. Thank you.
Thanks for the laughs at the ending 😂
I so remember watching that moment on TV!
Funny stuff esp at the end. Sounds like we need to see a bloopers reel soon
Even though 79% say they didn’t inherit their million dollar net worth, how many of them worked for a parent’s business making more money than they would have in the same position somewhere else?
Also how many of them just lie about not inheriting a material portion of it? Or how many of those who actually do inherit a large chunk of money would admit that’s what boosted their net worth over 1M?
the ending is amazing!!
Rachel should model for some J Crew clothes!🌟🌟🌟
How can this be a happy hour when the show is only 39:37 long?
I am literally shedding tears at this ending! 🤣🤣🤣
I usually listen to this show via podcast but after listening to the end of this show I had to see it on RUclips. OMG that was hilarious 😂!!! Thanks for the great belly laugh, I really needed that 😁.
Question: are we only allowed to invest 15% of our income or can we put more?
Uhm Abercrombie jeans are amazing, Rachel knows what’s up
Best episode EVER!!!🥤🎆
Someone tell Rachel that they make creatine chews (which are gummies) and they are life changing. So much easier and taste way better than the powder!
Give Lindsay a drink guys, come on! She's like "is it sweet?" 😅
I had tears streaming down my face! The ending was hilarious!!! 😂
I’m so glad I watched to the end 😂
The colors of the set reminds me of the 90s, I love it!
I like how Rachel always drinks her drink faster. ❤😊
As a french listener, I can't tell you how much I struggled and then laughed, about the "kir royal" 😂👑
Can you do an episode with examples (because I know each job has different websites) on how do you literally invest your 401k? Hoping to hit BS4 this 2024!!!
The haters doubted & that's delicious . Should literally be on a t-shirt 👕
Flexing began since then dawn of time.
French listener here! « Kir » 😂😂😂😂😂
I'm one of your French viewers :D
We love your show!
I'm 49 and earn about £2M ($2.5M) per year and save about 30% in HYSA's. I've been reading a lot of articles mentioning how worthless 'cash savings' are in this current unstable economy. Do you suggest I invest in real estate, stocks or Gold?
😂😂😂😂😂😂😂Last 2 mins 37 secs are epic. September 17 and I can't stop laughing at the 10 times Rachel tried to close and then everyone just cracked 😂😂😂😂😂 Will love this dor the next few years❤❤😂😂
Who needs goals when you have Rachel's life?😂😂
We need a blooper segment!!!
The best show.
*The wisest thought that is in everyone's minds today is to invest in different income flows that do not depend on the government, especially with the current economic crisis around the world. This is still a good time to invest in gold, silver and digital currencies (BTC, ETH.... stock,silver and gold)*
It's literally never a good time to invest in digital currency
I would love to watch an episode about retirement.
My favorite show! Just so good.
How do we factor a pension into this?
“Apisode..” lmao 🤣🤣🤣🤣
I am french, and I am listening to you from Paris! I love your content! 🥐
I do agree that becoming a net worth millionaire should be a mix of liquid and what you own. However the comment Rachel made about selling the house and it’s liquid 5 mins later lol
My wife and i are taking a huge dive in our net worth this year.
We have our second baby due in February and are selling our ritzy condo in the hipster suburbs to rent a larger place in the countryside where we work.
Unfortunately while my home is valued at 133k doing the heavy lifting on our net worth statement, but will probably sell for 120k. After realtor fees and deposit on the new place everything goes to student loans, hospital wipes out current non emergency savings for baby, and ill leave February with a net worth hovering at 0. 3.2k retirement+2k in cars+1k emergency-6.4k remaining student loans 😢
Now that he has Mia he really needs to watch Father of the Bride, best movie
You all made me laugh 😂 thank you.
Happy raspberries Rachel
I have a 3 fund portfolio consisting of 33% S&P, 33% Total stock, and 33% international. I feel a need to focus on complete growth so I went 100% stocks, but does the SP500 and TSM overlap too much to make sense holding both? However I’ve been in the red for a month now. I work hard for my money, so investing is making me a nervous sad wreck. I don’t know if I should sell everything, sit and just wait but watching my portfolio of $450k dwindle away is such an eye -sore.
There are many other interesting stocks in many industries that you might follow. You don't have to act on every forecast, so I'll suggest that you work with a financial advisor who can help you choose the best times to purchase and sell the shares or ETFs you want to acquire.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
Mind if I ask you to recommend this particular coach you using their service?
Credits to 'Carol Vivian Constable' she has a web presence, so you can simply
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I have always been a natural saver (I had a Folgers can full of Toonies and Loonies while growing-up).
The thing I never learned and am still puzzled by is *how* to go-about investing.
Stupid question: Is a professional required in order to invest in mutual funds? or can this be done via an app or web site? If so, what are these apps/web sites called? (I have tried researching this but I am still very confused).
I am in Canada, so I assume investing in Mutual funds is the same as in the states ?
I also get confused about how/how much to put into a Tax Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP).
Can anyone help me out? I'm losing-out on valuable investing time because I don't know where to start. Can someone please point me in the right direction? *Thank You*
I came here from the podcast because I had to see how it went down with the beeps.
😂😂😂the ending😂😂😂
I don't mind using real estate as part of net worth; I just don't trust it not to change drastically.
Enjoy this podcast
I have never laughed so hard during an episode, I’m dead. That was freaking hysterical
its gonna be a long time
He has to value fitness and health the way he values financial stability.
Freaking HILARIOUS ending 😂😂😂
Abercrombie isn't even cheap. Try thrifting lol I actually buy all my clothes used, and purchase special items once or twice a year. *obviously buying underwear new and I also purchase new concert tees at each one* but otherwise, 90%+ of my wardrobe is used. I would recommend it for others. Us as a country have soooo much for clothes constantly coming in for consumers also, it's actually quite insane now when I look at malls, khols and target with different eyes. Just cheap clothes everywhere.
I think a kir royale is supposed to have a twist of lemon peel.
Not generally in France. Just crème de cassis and champagne.