These Millionaire Stats Make People SO ANGRY! - Dave Ramsey Rant
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- Опубликовано: 20 сен 2021
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Accept Jesus Christ as your Lord and Savior and you will be saved. John 3:16 (share the good news of the gospel around the world!) Have a wonderful day/night, may the LORD bless you all, and farewell!,.,,,,,,.,,..,.,
Haha this was one of the few recent Dave Ramsey videos that I actually enjoyed and LOL’d at
Has Ramsey ever actually released the data from his study, or do we just have to go on his hearsay?
@@Michael-vf2mw you can literally buy it
Why don’t you continue this study gathering data via your website. You data is on point but getting stale and dated as each day passes.
As a nurse, I often wonder why doctors and nurses aren’t millionaires… then I look around me in the parking garage.
Exactly! I'm a male nurse doing quite well, on my way to millionaire status, but most of my colleagues take multiple vacations a year, are always eating out and have huge car payments. They also complain about not having any money.!
Funny enough, one of the worst careers for people who build wealth is…
*DOCTOR.*
Yep. I traveled and enjoyed my work too. But I was not investing. Perhaps I could have done back then.
This is a great comment! I would say that it applies to ANY job. I can tell you that at my workplace, most of the people who make considerably less than I have much nicer cars than mine. I drive a beater by choice. The guy who works next to me has a BEAUTIFUL car but is so worried about driving it (he literally won't drive it if it rains) he got ANOTHER car to daily drive. Double the bills LOL!
@@franko8572
They have a lot of school loans
My wife had no school loan and we’re frugal (she’s a doctor) most of her classmates are Asians and no school loans and savers
I’m a 39 year old engineer in NJ and can proudly say I’m a millionaire just from working 17 years and being responsible with my money. Dave is exactly right.
Congrats, dude. Well done. I'm right there with you, same profession, same age, same status. I started investing in 2006. Not much at the time, but consistently. As soon as I could I maxed my retirement accounts. Responsible living and consistent saving.
No one works harder than veterans yet over 20 commit suicide everyday and many more are homeless. Life is not a math problem.
Can I have a dollar
Do you have kids ? Because I am 38 and I would have been a millionaire already if I did not make the decision to have kids 😂
@@Matys1975kids are god’s blessing and they will keep you motivated and feel younger. You are one of the lucky people to be a parent. God bless you and may they make you proud and feel blessed, worth much more than a millionaire who has an emptiness in their life🎉🎉
As a financial planner I can confirm that my engineer clients don't let emotions get in the way of their logic
I wonder why we are logical like Spock ?
This is true I am one
While recently dirving, I heard this again, engineer, accountant, teacher, attorney, very few from VP ranks/Corporate managment, he said.
Exactly ❤❤❤
@@DanTheManIOMthat makes perfect sense, there are, comparatively, very few of each of those in comparison to professions like teacher, engineer, doctor, lawyer or accountant and such. That is one of the faults of this study is that it does not normalize the data to look at all things in an equal way.
As a retired systems engineer who worked hard all my life and lived within my means… I totally agree! I retired at age 58 with several million in savings and assets and now enjoy a comfortable retirement. Paid for my kids education, weddings… but avoided the temptations of McMansion house, vacation home, new car every few years, latest tech toys, lavish vacations… Living within your means is key to having the money to save and invest for the future.
that’s great, but the cost of living is skyrocketing past incomes, it can still be done, but it won’t yield the same returns
Great job 👍🏼
Hopefully you can bring yourself to enjoy spending some of that.
My husband is a systems engineer. He is the best. We are trying to live like that. Avoid the mcmansions and be able to pay for our Kiddos college and wedding. We are on our way out of all debt except the house. Baby step 6 and investing aggressively. I hope we can get there. 20 yrs to retirement
Sad that things are so overpriced that you have to wait until you’re almost dead to do anything enjoyable
I think when the average broke person hears "millionaire" he pictures a guy in a silk suit, driving a luxury car, and a $1mil+ house. Thats the deceptive image a lot of people have.
I try to explain that to people but it's no use If you have $5 million dollars you are secure, but you aren't wealthy. Heck even with $10 million you aren't driving your Ferrari to your private plane.
Exactly.
@@blackworldtraveler3711 that's not the definition of wealthy. That's the definition of being comfortable.
@@monikabennett
It's wealthy.
Just not stupid hung up on material things.
Not buying a Ferrari. I don’t need to impress anyone.
@@Corkfish1 10mil u can for sure drive a ferrari, just not a private jet lol
It's 90% discipline and 10% knowledge. Like Dave says. You need a big "why".
no, its 85% spendable, 15% to savings LOL
Yep
Facts
I’m not a millionaire, but close. I did it all on a hourly wage as a HVAC tech. Raise four kids and sent all four to two years of college. How you ask how; I knew to live frugally, saved regularly and the magic of compound interest starting at a young age.
I love to hear it. You should be proud.
Dave Ramsey: "You don't get to negotiate with math!"
Half of America: "That's just like your opinion man!"
Math is rayciss
P loop
Hey well teachers make good money, but maybe their results aren't so good.
Opinions very.
About 20 years ago I decided to add up ever asset my hubby and I had. We were shocked to find out we were millionaires. He was a blue collar guy and I was a pink collar worker. No college. No inheritance. We took inexpensive vacations every year. We started saving when we were in our early twenties and kept on saving what we could. We retired wealthy and happy.
shouldn't it be every asset WE had ? the two become one flesh...
With or without friends???
@@maximumwoof8662 Oops. I’ll correct that. 😜
@@nervotica7991 Both.
So happy for you! Please share your experience with young people. They need to hear that.
Hah, I'm a teacher, but I'm not going to argue. We are all about learning. I'm going to pay attention and make myself a millionaire!
YES!!!!!!!
I am a plumber and I feel the same way....race you to a million?
You're all about learning? 😄😄😄😄😆😆😆😄😄😄😆😆😄😆😆😄
@@stephenshelton4267 why is that funny
That’s all you Gotta do.
Tis true. Worth 2 million, no debts, a good teacher's pension, and retired at 58! Loved teaching for 32 years. 😊
My dad it in an assistant principal salary. Retired at 58 as well
It helps too that rent did not take up as much income as it does today. Same with cars, hell anything
Oh so you’re one of the overpaid babysitters who has contributed to the declining performance and their arrested development over the past generation
When I was 25 years old as an enlisted military member, I was reading a Kiplinger's magazine of how much you would have to save and for how long in order to become a millionaire. It was at that moment, I decided to save ...save ..save. Even after divorce and financial reset, I kept at it and am living a debt free lifestyle with CHOICES...brand new truck paid in cash...paid off house...investing $4500 a month and taking several vacations a year with ZERO DEBT..... YOU CAN DO IT TOO !!!
Lol I’m debt free at 25 and military teach me
the brand new truck is borderline retarted!..but its your money!
Yup! Learned my financial stuff from Kiplinger and Money Mag...did the same thing...just live within my means and actually being able to buy stuff that I really wanted - with no debt or agony about making that purchase because it all takes care of itself. God is Good!
What makes you a millionaire isn't how much money you earn, it's what you DO with your money after you earn it.
My dad always said, it is not how much money you make, it is about how much money you save.
@Town Crazy no, I believe there is also "investing' your savings wisely. And if you don't, you will most likely not become a millionaire. And using Dave's investment pro's is NOT the answer.
@@johnSmith-uz8nl You are very anti-Dave Ramsey (obvious in multiple comments you've made) So why are you even here?
@Town Crazy It is expense to die in America. Something that is never discussed. Expect nursing homes to charge you about $200k a year when you need one. I want to leave wealth to my kid(s)... change the family tree, I would like my kids to live in the good area (the expensive area) and I want money so I can help them achieve this.
@Town Crazy I never had a rope for a belt . And my parents have helped me out as much as they can. Entitled kids is not about wealth IMHO, it is about how they were parented. And just because no one gave you a dollar does not mean you should not give your kids a dollar.
Beware of little expenses; a small leak will sink a great ship.
Yuppers like all those monthly subscriptions lol.
@@Retiredmco pirated websites is the way to go
@@samysamy566 ROFDLMAO
Oh yeah 😎
well said
My husband and I have lived on 70% of what we make, regardless of how much our income grew. We are 60, married 40 years and have been millionaires since our late 30's.
"If you read comments on posts like this, you understand why some species eat their young." ~Dave Ramsey
He isn't wrong.
@@xrunner55 I love it
Took the air out of my lungs 🤣🤣
He stole this quote from the famous comedian Rodney Dangerfield in the classic movie “Caddy Shack”
@@michaeljohnson2922 internet existed back then with comments under posts?
Aeronautical engineer. Paid my own way through college. Debt free at 29. Millionaire at 36 (net). No inheritance, parents are still alive, and yes, I love my job.
Life sounds good for.
Many congratulations.
Many space cadets chime in on Dave's channel. Where is Saul?
Way to go! Thanks for dropping a comment. Maybe convince Elon that chemical rockets aren't the key to making humans a mulitplanetary species? 😉 Cough, warp drive...
@@AustinRides7264 Haha, don't need a warp drive to travel between the solar system. Plus, even though we figured out how to bend space-time, we don't have the power to properly do it.
@@alinatamashevich3354 Sounds like one of the "Commenters" Dave was talking about...
My grandmother was a single mother and taught her entire career. She retired with a net worth of 2.1million. If you would have seen her you would have never thought she had any money. She was so disciplined!
Maybe too discipled
@@Jane5720 discipled ? she should have disciples >
@@maximumwoof8662 Bazinga! Well played !
Sure she did
Thats how I feel when I walk thru my neighborhood, I see all these expensive cars in the driveways because people keep their expensive toys in the garage and can't part their new car inside. I'm pretty sure all my neighbors think I'm flat broke, I live in one of the smaller homes, don't own a car, normally wear an old tee shirt and shorts. they literally have no idea..... and I'm honestly ok with that.
My wife and I made our first investment at age 30 with a $50 a month investment into a growing mutual fund. This was all we could afford, but it made us take notice of where our money was actually going. At the end of the first year we were amazed of how money actually grows. From that point in life, we made every effort to save first, and consume less. We still took vacations, but we budgeted for our standard of living. We retired five years ago debt free. The secret is not earnings, but consumption and priorities. When my daughter started working part time at age 15, we taught her about investing in a Roth IRA. We matched whatever she contributed. She’s now 34 years old and you would be amazed at the value of her Roth IRA. Time and budgeting are the biggest weapons in fighting poverty and working your whole life for the man. Cheers!
There is a RN on RUclips who does a personal finance vlog trying to get nurses to increase their savings to reach financial independence. She is constantly trashed with trolls saying it can't be done. As a CPA, I finally interjected that her detractors would be better served by asking how she accomplished it rather than telling her that it cannot be done.
My father was a millionaire at retirement working in a non-union factory as a forklift operator. And he sent all five children to Catholic schools and to college.
Personal finance is a taboo topic for a lot of people. If you acknowledge there's something you could do, you're also admitting to some culpability for your situation.
Yes, this is something that I wonder the most about. Everybody needs money, everybody has some money to manage. Why are the most people not even able to talk about the simplest steps that can be made… A closed heart will not be able to hear. But why are so many not even asking themselves what they can do? It has to be the victim mentality. I witness the learned helplessness a lot in my teacher profession. And I see it in almost every person around me in the topic of money. They do not talk about it. They will miss a lot.
Well said Ben!
Dave has lots of love - mostly tough love. But it is important to get one's financial priorities straight. Wishful thinking and vague hopes don't accomplish anything on their own.
Accountability is kryptonite -Kevin samuels
Exactly! It's easier to blame the "system.". Absolves them of personal responsibility.
If only people would just take the time to learn this stuff instead of crying on social media.
If they spent half as much time working as they do whining and complaining then their problems wouldn’t even be there.
i guess im a bit of hypocrite here as youtube comments is kinda social media... but social media is a cancer. An addictive cancer thats killing our joy and motivation.
Yup lots of babies
@@plantface510 so wrong the key is the formula work hard and not complain in the wrong formula you will never be wealthy. That is how generations change.
Social media is the real problem
Quit HS in 12th grade, spent 8 years in navy, became technician and worked(read) my way to engineering manager position for an international company (never obtained degree). Retired at 62 with 1.5 million & zero debt. Now 10 yrs later I’m at 1.8 million and zero debt. Living great!
My Aunt was a teacher in New York City and she retired a millionaire. She was frugal, lived in the same townhome for over 30+ years and grew a lot of her own food.
Engineers are logical, planners and good with math. It doesn't surprise me that many of us purposely live within our means.
My husband is a CE and I totally agree.
@Sarge Rattlesnake Hmm, sort of a vast generalization, but I'll somewhat agree.
@Sarge Rattlesnake also, most engineers aren't going to do fun, expensive social things like go to Coachella, take up golf or get a boat big enough for friends. It's less expensive to make space for less people in your life.
Agree. My uncle is an engineer. He makes good money but lives modestly and keeps vehicles a long time.
Tbf, I'm an engineer and mostly socially distant, mostly go straight home after work and then back again. It's a lot easier to save when you don't do anything.
I did Engineering. one aspect of engineering is being able to plan ahead. works for money too.
I agree. It takes a lot of discipline to get through all the tough engineering classes. Engineers are trained to think logically and with long term planning skills.
How ln earth d'o you "plan ahead"?
My wife and I taught for 40 years. We lived in a modest home, drove reasonable cars, didn’t do expensive vacations. We started a TSA in the early 80s. We always contributed the max and when we retired it had seven figures. Now we did inherit some wealth, but treated it as an old age, untouchable principal and we were in our mid 50s when we go it. So it did not figure in our quest to be financially independent. If we never inherited a dime we still would have the seven figure account. So here was our strategy. Save as much as possible in the TSA. Get vested in a pension system with health benefits. Treat raises as an opportunity to increase savings. Act as though Social Security would not be there. Never, ever spend principal. Never ever count on what you might get from your parents. It’s not yours and anything else you get is gravey. So Dave is right. If you are a teacher you can become a millionaire. We have many friends who are educators that are wealthy and secure and used the same approach.
Well said!
I am not a victim, I came into this world with a disability and I am a very strong and happy person.
Proud to say my husband is a physician and I'm a nurse. Now before you say "oh well he is a dr". And? Most drs we know are drowning in debt. Its not about how much you make per say. We reached a M'naire net worth very early in our marriage when we started with great debt.
Sacrifice, work hard to get rid of debt, live BELOW your means, and invest!
Ikr ,many MBAs lawyers doctors or even businessness owners make a lot of money or have w high annual income but they're in debt so they have an overall negative net worth
More of us nurses should be on that millionaire list. Great job to you and your hubby!
@@calinursingable I absolutely agree with you! And, thank you! We have worked together to get where we are. It's a team effort no matter your income. One can drag you down or raise you up (financially, emotionally, etc.).
In other words, follow the DR baby steps!!!
You know who inspired me the most? The guy who mowed yards for a living - not a large landscape guy - just a guy and his mower ... he was on one of the millionaire hours ... impressed the heck out of me and made me realize I was goofing off and making excuses ...
I remember this one and than I started mowing
For me it was a janitor here at Union Public Schools in Tulsa while I was working and going to aerospace school full time. He was married with a great family as well.
Heck if it was 5k years in the future this guy would have been raising my starship out of the swamp using the force.
I’m an engineer who mows his own lawn.
Video Link?
I’m a millionaire and I sell tickets at my local train station 🤣. I even had a guy once complain to me about his season ticket and when I got his customer info, I realised I was his landlord…. I obviously kept it to myself, but due to his rudeness and condescending attitude, I was tempted to insist his rent goes up 100% .
LOL. This is a great story. You made me smile and laugh out loud. Bravo to you.
I'm with Marty on this one! You totally made me laugh - isn't life crazy fun - you just never know when something like this can happen - just good to know you went easy on the guy and didn't raise his rent 100%!!
Lol
I'm am engineer who was undisciplined and spent most of the money I made. I started following Dave Ramsey's program.....and within 3 years paid off my car and home by being very disciplined and doing exactly what he said to do. Thank you Dave. I now own rental Homes and am close to a comfortable retirement all accomplished within about 12 years thanks to Dave.🙏
Wow!
If these people read “The Millionaire Next Door” instead of “The Communist Manifesto” they would be millionaires too.
Millionaire teacher works too
What about the book, The Millionaire Joshua? I'm now in my 50's and received it when I was a kid in my teens. I skimmed through it when I was a lot younger, but not since! I don't have it in my possession yet but will soon!
I wonder if I'm too old to become a millionaire!?🤔🤷🤦
Sorry for my ramblings 😊
I had a friend that wanted me to read the "communist manifesto" and a book on Marxist. I never read it but I did read millionaire next door.
Read both. 🙏🏾
@@DaisyBnr ah cause "grab em by the ***** is better to you?
I'm a registered nurse that will be a millionaire! I'm on my debt free journey now. As you stated it's all about behavior and you're right educators can do it too!!
Single?
@@droolalot5795 LOL but nurses probably don't like droolers. 😅
@@KathyAZ but I don't drool a little
🌟
sure as long as the people around them arent draining them dry
I grew up poor as a child and I always had people telling me I couldn’t afford certain things and I’d never be able to.
The negativity made me want to strive to prove these people wrong, and I have.
In a hopeless world, you have to create your own sense of hope and fight for that every day. Living hopeless isn’t living at all.
I grew up in the hood. Always made less than a teacher's salary but still managed to become a millionaire with zero debt. Oh well.....😊
😍
@@AK-ne4og 😊😊
Consistency over time. There is no replacement.
Indeed.
Earlier the better.
My wife and I had nothing in our 401K in 2000. Both turned 40 and started putting money in our 401Ks. Got laid off for 2yrs between 2000 - 2021. Now combined worth over 1.4M. Slow and steady!
Like training a dog or a child.
@@robedmund9948
Already have twelve years of school. Just utilize the reading and math skills you’ve acquired before 7th grade.
At 62 I am right on track to retire very comfortably at 102 .
Sometimes people don’t like hearing the truth. Facts hurt sometimes
Yeah! Reminds me of that movie moment (from "A Few Good Men"): "You can't handle the truth!" 👍
And you think Dave knows the truth????? WOW.
you summarized politics and how brains work.
Facts hurt in a time of emotions prevailing.
@@OGWanderingNomad The issue is... can you trust the facts. I think we can not. BUT the big picture in what Dave is saying I do agree with... just not his own research.
One of the older fellows at church was a painter and wallpaper hanger. While in the military his folks lost their home and he purchased a row home for them to live in. He and his bride eventually got the home, raised their family, and lived there until old age. He always had a garden and sold tomatoes off his front porch. He and his wife rarely ate out, lived simply, yet we're very generous. He was a millionaire.
That is amazing.
“If your mouth was shut, you wouldn’t be making noise” had me rolling😂
I used to tell students that their ears don't work when their mouth is going.
So tired of hearing about the victim. Everyone is a victim these days.
Im on disability from PTSD ... my whole family is on disability from living with one aonther
@@everymanrepeatsastory5188 LOL
Dave speaks the truth. Love him for that.
People now want to be treated as 'victims' to avoid doing the hard work.
You nailed it! When my peers ask me how to get financially free I tell them about the sacrifices they need to make to get started and they usually go full-on victim and make excuses for why it's impossible for them. To achieve what few have they need to be willing to do what few people actually do.
Love to see you guys shoot back at the negativity. Honestly I find it refreshing. Keep to your ethics, techniques, and approach and the benefit will continue for the folks who wish to do the real work required. Thank you!
12 single family homes with no mortgages...retired teacher...beautiful "stuff"....blessed and winning.Follow the plan..it works.
My hubby is an engineer, and yes, we have a pretty decent net worth. I used to work in a library. We have been able to retire comfortably because we were frugal, lived below our means and saved and invested through the years. Good video, and I agree with the points here.
Where did you invest?
@@Fman5555 Tesla, dumped my broker.
I've thought that librarians ought to be wealthy - they have access to all sorts of useful information.
Dave is coming for all us today 😂😂😂😂😂😂😂 and Ken is sitting there cosigning the shade lol
So true!! 😂
Drag us, Dave! 🤣
I heard a really scary statistic recently, 20% of the US population could not get their hands on $400 in an emergency!
My wife's grandfather never earned more than $32000 in a year, but retired with just over a million dollars because he was very careful with his money and saved $75 out of every paycheck for 45 years. He grew up during the depression and was terrified of the stock market so all his interest was from cds. He would have been worth several million if he had invested in mutual funds. It isn't about how much you make, it's about being intentional with your income.
Technically, if we all lived below our means we can make it to millionaire status. But so many spend way more than they earn so they are going the opposite direction.
Totally agree with you.
How dare you bring such outlandish ideas onto this forum!
“Wants a narrative that declares them a victim “ ….
So True Dave ! Utterly 100%
Agreed. It is like a pity party competition. I think social media has really magnified this phenomenon.
@@coniccinoc The news media helps them spread the pity party as well. Everyday you see articles about these evil millionaires. I’m no where close to being worth a million dollars, but it’s quite sad that they control the narrative.
It’s sad that people are 😢getting dumber. My wife was a teacher for 35 years and built her 403b to over 1.5 million on her own on her small teacher’s salary
54 years old. Automotive engineer that retired last year. Put myself through college, never married, never budgeted, had credit cards for 30+ years, new cars every 4 years. Lots of expensive hobbies and travel. 25-35% charitable giving annually. No inheritance, no help from parents.
Retired last year with multiple millions.
All you have to do is spend less than you make and invest the difference. That and being blessed.
I'm a janitor and on my way. Learn to live within your means.
Good for you. Invest as soon as you can. Mutual funds will serve you well (choose carefully) for building your foundation. And keep it to yourself. Your colleagues don’t need to know what you’re doing.
I always told my kids when they were teens that “self inflicted wounds hurt the most”…. We all can trip, we can stand up after we trip and move on! Love your show, Mr. Ramsey!
Great quote! Will share with my kids. Thanks 😊
heard a couple more that always stick with me:
you regret what you don't do more than what you do.
so wise choosing is key ......
also, the perception of half glass full vs half empty is a false one; remember you can fill the glass ...
of course, it is up to you to be able to have the stuff to fill the glass
I am forever grateful for D. Ramsey. Following his guidance, I have only mortgage debt and that's it. Feeling energized!!!
You didn’t need Dave to learn how math and personal finance work.
One doesn't need Dave to learn how to handle money, but he does a solid job at teaching, and the best part about Ramsey Solutions, is they are great cheerleaders.
The wife and I are changed because we quit living the way we were and changed to what we learned from the Ramsays.
Currently working on my CPA after 10 months in tax with a respectable firm. The study stating that CPA was number two reaffirms my decision and I’m glad i stood by it. Wishing everyone here success.
Just use what you ve learned as a cpa.
Being an engineer I love this study and I agree ☝️ Engineers rock !! 🙂
We move the world 🌎 forward 😎
@@rodrigofernandez9055 Exactly
If it wasn't for engineers we would be still living in caves.
With houses at $500k, it’s hard to believe that there are only 17 million millionaires in America. Sad.
If you owe the bank $450k, then the net worth is only $50k. That is why zero debt is so liberating.
@@araslintakas9135 and sometimes a persons house is all they have, they consider their house as their “retirement.”
Remember a lot of them include the value of their home in that calculation
@@darbyohara Yes, that was my point
It killed me when tan shirt jacket guy didn’t know what a median is.
I was laughing so hard.
He thinks it's the average, or Mean.
It's hard to find good workers. Lol
He didn’t know what median was but his asset:debt ratio is higher than most, that makes him wise in my book.
He’s more of a motivation job search guy lol
Millionaire boat repair guy here! Dave’s system is how I got here! Live on less than you make, invest and don’t use debt - boom!
Love the term "keyboard warriors" and the message that you don't get to argue with math - this country is drowning in misinformation and "make up your own reality" - thanks for a great clip and common sense
Dave, being a millionare is a pipe dream for a lot of people in a world where $8 caramel lattes exist. Change your habits and change your life.
So true. People don’t want to change their habits because “they deserve it”. Those little expenses do add up. Being debt free is an absolute freedom.
I live in a world with $8 caramel lattes.
I am FINALLY reaching the
$1 mil mark.
I have NO IDEA what a $8 caramel latte taste like.
Caramel lattes are awesome… so are the caramel frappes…. And they cost my
@@marku5w ---- feel hooked as i read thru it -- then, ---- LOL great - I can compare - I like mine better
One time I ordered a simple coffee at the same company that sells $8 caramel lattes. She asked so many questions I felt interrogated. Don't come there anymore
Dave I can really blow their minds and tell you that I’m a truck driver that never went to college for a single day and I’m debt free living in a paid off house. I haven’t hit a million dollars net worth yet but I’m on my way! Thank you for all you do
Thank you for putting this out there! If enough people understand these facts our country will have hope for the future. Keep up the good work. 😊
I'm a professional musician. Musician obviously does not make the list of top 10 careers that lead to millionaire status. However, instead of whining about it, I'm out there hustling and grinding. I make $70k per year as a musician, providing for my family, and we invest in a Roth IRA every month. My wife and I are on track to become millionaires by the time I retire. It's just about focus, sacrifice, and hard work: the stuff Dave has been teaching for 30 years.
Basically, it is just first getting out of debt, and then living below your means & investing for about 150 months. A bit depends on the income of course. Engineers probably get to 1M in 10 years, teachers could take closer to 20.
By the time you retire? YOU NEED TO DO BETTER.
Awesome 👌
Kool, I’ll bet you do better than anticipated because you have a plan.
You should put some of your performances on your RUclips channel.
I'm a nurse who teaches. Its a great income with great benefits and easily, we can be millionaires following the baby steps. Thank you, Dave!
As a teacher myself, I can tell you that while I did not begin my career as a teacher, but rather as a salesperson, then became a teacher at 34....most teachers start their career quite early; usually even before their mid-20s...like full time. Teachers are very unlikely to face joblessness, or even have long periods between jobs, even when moving if they're highly qualified, which most are...me excluded. Some teachers have like 5 certifications..Bilingual, Speech, Administrative credential, Counseling degree added, art, single subject, on and on. Teachers are boring, wake up early, get married early, and almost every single one has a pension AND a 401K....and they buy boring ass cars. And almost all of them are married to someone that makes more money, but the teacher is the one with the steady job....an awesome combo if you think about it. So, you will be a millionaire in the mid-50s or so.
I'm a teacher. I'm on my way to becoming a millionaire!
My friend who is a teacher was asking me about investments before he was even out of college. Teachers are great planners (the ones I know) and having to budget for the summer probably keeps them money conscious
They constantly whine about being underpaid while doing such a universally terrible job that you can paint with a broad brush without exceptions.
Many teachers spread their salary across a year’s time. The schools will do that for them, which would help…I bet Dave would not like that idea! Also, many go-getter teachers work somewhere else during the summer. 🙂
Interesting. I'm Mr. Interesting. My sister and her husband are both teachers and they're broke lol. In their mid-forties too which is kind of concerning. I will agree they both are good planners... just not with money.
My high school math teacher taught us a lot about money. He told us all the time about how some sacrifice while very young makes building wealth much easier.
@@stephenshelton4267 Many (not all) teachers are underpaid. What normally makes teachers underpaid is the fact we are on salary and don't punch a timeclock. If you somehow never work at home (ex grading papers, making lesson plans, answering emails, ect...) you can make 25-30 per hour or more depending on the district. Many do work a lot at home which means that not only are they making about 15-20 per hour, but they are also missing out on all that overtime pay that people who punch a timeclock enjoy. Sorry just the facts like Dave just talked about.
I still find it impressive that teachers were in the top three career fields of millionaires. 🧐
Teachers RULE...Love them..under paid under appreciated. The deserve to win!
Slow and steady wins the race.
There are a LOT of teachers. And in some states they get paid very very well.
I wanna know what they define as teachers. Because there's kindergarten teachers all the way to Harvard professors and if you wanna get technical there's people who teach like OSHA or Safety or medical stuff in the field. There's a lot of educators in the world not just in the public school system, also there's all of the charter schools, and are principles and stuff considered teachers? You can tweak a lot of numbers if you want to.
I'm sure it includes private school teachers and college professors
As a doctor, I'm not surprised teachers are higher on the list. Many of my classmates were partiers and wanted to "live like a doctor" despite being six figures in debt.
I became a millionaire following Dave Ramseys advice. Hourly worker in a factory, not a 6 figure paycheck guy.
Watch it Dave! I was watching this with my three year old. You said Stupid! My little one said; “ That was naughty!” Lol!
Not sure a three year old should be watching dave
This is not children's content.
My dad is a millionaire engineer. He sent his kids to good schools, lived frugally otherwise, and saved. He's a millionaire, has his house totally paid, and has a loving family. He lives the American Dream and anyone can do it.
To be fair, not everyone is intelligent enough to be a professional engineer, and that's simply genetic. However, even with many lower paying jobs than engineer, you can make good choices, save money, and invest. No matter your salary, you are responsible for what you do with it.
@@nicodimus2222 Amen! As a financial planner, I think anyone can be financially independent for the record. See Warren Buffet's story of the millionaire librarian! Yes. The intelligence to be an engineer is mostly genetic. But I'm a believer that anyone, if they make good choices and invest wisely can be a millionaire.
Dave, I’m a retired COP , I had a dream, I worked side jobs to afford the training to be a flight instructor. I’m about to retire again as an airline pilot. I’m a member of your club a couple of times over due to investing. My favorite quote BTW it’s mine “ you can look like you have money or you can actually have money. It takes a whole lot of money to do both”.
I'm a teacher. This was incredibly encouraging!
I'm a teacher and a multi millionaire. I was fortunate enough to work with many investors early on in my career. All of these mentors of mine were unassuming people.
How did you surround yourself with these types of people?
I am a nurse and I know nurses are bad managers of money. When I was in nursing school, all I would hear other students say is “I am going to buy a new car when I graduate” or “I am going to buy a new house when I graduate”. I had plans to save my money and buy a used vehicle (since the vehicle I had in school was falling apart). 13 years later, I still have that vehicle and am on the way to a good retirement. I also built a tiny home debt-free. I feel you Dave! I agree. I hope anyone reading this is inspired. YOU CAN DO THIS!
Bankrupt at 41. Millionaire at 61. Working as a utility worker. Saved and invested. Used a financial planner. It can be done.
Even through I never heard of you until last year, I've followed your principles for my financial life. Now we own our Silicon Valley home free & clear, have put two sons through college, free & clear and are looking at a retirement that does not depend on Social Security.
Here's the thing: It did NOT happen overnight. We worked at it for 33 years to get to this point.
For the record, the authors of The Millionaire Next Door did a similar study and found the exact same results. The key to building financial wealth is discipline. Living below your means and investing well. That's it. No magic involved. And for the record, they mention engineers as being number one in their findings for everyday millionaires. I am living proof of that. I am an engineer and I am a millionaire; multi-millionaire actually. Not trying to boast; just stating the facts. If you aren't stupid with your money, invest in yourself and your career and have a long term horizon, you too can be a millionaire.
Yes, lots of people have done similar studies and gotten similar results. Jean Chatzky did a survey of 5000 people over a decade ago and came up with similar results, which she talked about in her book "The Difference".
I'm a retired teacher...same results.
Enhale Cigs,Junk food,gamble and live above your means is a recipe for failure.
I love people like Dave are so direct. These days people are soft.
You hurt my feeeeeelings.
LOL, I know not to cry to Dave about it!
I’m a 50 year old Biotech Reimbursement Manager…. Been in the industry 20 years. Income in Pharma/Biotech is good money! I make more than some doctors…. And I am a multimillionaire!
I met a lady who was a millionaire at 52 while working a $33k/yr job while I was an apprentice.
She now owns two investment properties and a home repair business (buying, renovating and reselling beatup houses) and is now making over $200k/yr and it's still rising steadily.
Anyone can do it if you'd get your head out of the phone and into the game.
My observation of people's money habits convinces me that most of them don't think long term when making financial decisions. It's just a case of I want this or that now, and I really don't care how much it costs as long as I can make the payments. But now I really don't have anything left after bills to save for retirement. They have it all backwards because they should pay their savings first and then budget the money that's left.
It is simply about delayed gratification.
Proverbs 23:4-5 - Do not toil to acquire wealth; be discerning enough to desist.
@@sarahscroggins2793 Proverbs 22:7
people who are stressed and poor find it difficult to make good financial decisions but its not their fault, its really quite hard if everyone in your social safety net is poor too
Teachers are also one of the most common professions and are also often a second income earner married to someone making even more
And in some areas use part of their income to fund school supplies.
Yes, they utterly skip any useful breakdown of the data from the study and launch right into attacking their go-to boogey-man "people who have negative stories" where that group will include many actual victims of abuse.
@@ensignmjs7058 I know a lot do, but its not required. I find thats more of a thing for young teachers who feel like they need to fo everything. Every profession ppl spend money on things to improve their career or work environment
It’s unfortunate but in this day and age starting teachers can not even afford to pay basic expenses on their salary
@@craigadair128 what are you taking about? They make more than enough
Mr. Ramsey, I am disabled (two strokes) and I believe that I will be able to get out of debt in the next few years using your basic principles.
You have it together. You are smart
When people say or post that you are mean. No. You are honest. There are so many people who don't want honest, they want you to tell them that they are right when they are not. God bless you.
Blessing
I am an Engineer 62 years old. I came to United States as an immigrant with no assets or support in 1986. I brought $20 with me. I have sent money back home for supporting rest of the family since then. I am a millionaire many times over with $5 million net worth. . Just started making six figures recently. My wife has never made six figures but mostly worked. I achieved it mainly due to savings and investments in real estate and stock markets mostly in real estate. Yes, I have 2 kids I sent to college without any student loans..
Interesting talk show. Engineering teaches you to apply Math, Economics and logic to investing and not to invest with emotions.
Only 50% of doctors are millionaires according to Physicians financial websites despite of their extremely high incomes.
Can’t lie, I deal with the public a lot and a lot of us are dumb, even worse entitled.
It’s sad.
This is step one. The admitting.
Start putting a couple hundred dollars a month in an index fund in your 20s and by the time you're in your 60s you're a millionaire. It really is that easy.
Agreed
So true...BTW, most folks do not understand the definition of "entitled" or "privileged; it's quite an unproveable assertion to assume privilege plays any part.
Privilege denotes that you did not earn an asset...I know nobody who did not WORK for everything they have. I can afford decent things for my child because I EARNED the ability to do so. My wife and and work hard as parents to ensure the kids are raised properly...key word: WORK.
I am grateful for that opportunity, but it would not happen if I had not worked for it.
Working and Earning things in life (owning a house, car, affording to pay for things of your choice etc) is not privilege.
@@Corkfish1 100 dollars a month will get the job done 👍
When I was a poor college student my wife and I ate out a lot more than we do now. Despite make 4x's more than I did while in college, we don't spend as much on eating out, shopping and frivolous expenses. One of the reasons we discussed why that was, was because as a poor college student, despite the need for a budget being greater, we felt it was pointless cause we didn't think big financial goals were attainable.
Now that we're almost done with paying off our debt and saving up for a home, our behavior reflects those goals. It is critical to push back against the narrative that if you're a teacher you cannot become a millionaire because if that's what people believe, their retirement goals will reflect that. Income is 50% of the equation to prosperity, the other 50% is behavior.
My wife and I have a net worth of not one, but several million dollars. We started with nothing while putting ourselves through college and have good jobs. We worked together and reached our goals after decades of good decisions. We pay more than our fair share in taxes and support our communities. It was actually easy to do in this country. I appreciate all of the brave men and women in uniform that made this possible. I make no apologies to anyone. Thank you.
Growing well it's like growing thin if you follow the instructions they all will work
“It’s the law of averages” “no the median is not an average” 😂
Instead of angry they should be inspired by what is possible if they work hard/ smart too.
Asking an American to work hard is a stretch these days
@@handsomebarber424 And that is why we need more Mexican immigrants. Finding someone who is young and is willing to work for a low wage is hard.
There is plenty of workers.
I'm tearing into work and doing every hour they let me work. And when i'm not working i'm either working on a side gig or improving myself discipline wise. Love this kind of message.
In you zest, don;t forget to invest that money.
I'm a teacher and I will retire at a million dollars. Saving my money, not buying new cars, living frugal and smart investments made it happen.
“You can’t fix stupid”. Ron White😂
The sistema of baby steps is so simple that people mistrust and turn on the complicated mind and says "it can't be that simple, they are trying to trick me". We are not that important, or you chose to do it or not. Great job to Dave and is company! The world need people like you to continue to change life's!
People cannot accept that they are doing something wrong that is why they are not winning. You have to be brave and own up to your weaknesses and be willing to work on yourself. You cannot be doing the same thing and expect different results. I also met a lot of people that have conditioned themselves that they will always be broke and struggling with finances. It’s like they are hopeless and being broke is the norm. It’s kinda sad.
It is or it isn’t. It is amazing when even close people can’t believe the success that IS achieved following your system. It works! Thank you again! From the heart of a part time Special Education Teacher that has been a stay at home mom for a longer period. It is about how you decide to handle the money you get. Yes, it is to live below your means. And boy, it is soooo worth it! Living like no one else feels good. Even in the first phase. And CLEARLY in the second one 😀
I’m under pressure to grow my reserve that currently holds about $500k. I’m down by 20% already following the crash and I fear I could lose more.
Strategic investments are crucial. My ideal investment is a varied portfolio of stocks, bonds, and ETFs. It provides an excellent long-term return and has performed admirably thus far, but I needed to diversify my portfolio at some point, so I approached a coach who devised a system that aligned with my goals; so far, I've made a whopping $580k, and scaling my portfolio to a million by the end of the year does not appear too far-fetched to me.
Maria Leticia Monroe is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Market volatility is not a reason to restructure. The market ALWAYS recovers. Never sell low. Buy, buy, buy.
@@jc5604it’s bots promoting a scammer
What crash?