I love how every time Dave asks "What part of this wealth is in result of borrowing money?" to these callers, and they usually stutter and seemed confused for a second, as if they have no idea why they would borrow money to build wealth!
lol, I noticed that too... it's like asking a poor person how many promotions they received at work, to become homeless... Doesn;t seem to quite go together...
She inherited 50k when she was 22 yrs. Now she is 57 yrs. If she had invested that: Principal - 50,000 Investment Horizon- 35 years Interest Rate- 12% Current Value- 3.2 Million Dollars 👍👍
Dave’s analysis might be missing one thing-- those who inherited amounts (after becoming millionaires OR amounts that aren’t necessarily consequential to getting up to a milllion) might have gained their financial value system from those who they inherited from. There could be a secondary effect- attitudinal/behavioral influence (not influence of the inherited dollars $$$).
I know that your comment is two years old, but I just noticed it and I absolutely agree with you about inheriting behaviors rather than money. My grandfather didn't go to school past the 9th grade, but he taught himself how to fix radios and later televisions, and in addition to a job fixing teletype machines for a news organization, he worked hard on the side to make additional money. He raised 15 children (yes, you read that right--fifteen), and he never made more than about $30k in any one year. He drove ten year old cars, bought day-old bread from bakeries, and bought his clothing from discount stores. When he died a number of years back, I was shocked to learn that he'd managed to accumulate nearly $3 million, almost all of it in stocks. I was very close to him as a child and as he taught be about the intricacies of television power supplies (at probably eight years old...yes, you can laugh), he also taught me the importance of living below your means, investing, and making solid personal choices (the most critical according to him being finding the right mate). I eventually went on to engineering school, I found a woman who shares my values, and I'm now a millionaire myself, but while it may be easy to pat myself on the back, I'm confident that it was his words of wisdom while growing up that guided me in the right direction. What I inherited from him in knowledge and attitude was far more important than any money I could have received. I'm working very hard to do the same for my daughter (I opened a custodial brokerage account for her at age 16), and she's already investing 10% of all of her money from part-time jobs. It's important to keep that knowledge and attitude going--that's how you ensure intergenerational wealth...not just by giving money away.
where do people find these $25.00 jeans that fit? i buy expensive jeans but i only buy one pair (maybe two) and dont buy a new pair until they arw unwearable. my last pair $120 last almost 8 years. haha these are the cheapest pair that I have ever found fit well and comfortably. everything else i purchase second hand and once agiain only when my old clothes are unrepairable
+wolfen26 S never found any brands of jeans that fit me at any second hand stores. also they waistes are often stretched out or they are shaped odd. jeans are the only thing that i seems to have to buy new. i even buy workout clothes second hand
When Bernie talks about the wealthy, he's talking about the billiionares... I think if you are 50 and worth 1-3 million, that's really just middle class.
I really admire you for always being first. At "first" I thought it was annoying, but you've won me over. Congratulations sir, and may your good fortune of being first follow you throughout your life.
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I am 23 years old and finishing my engineering degree next year, this will be me in the future.
Alexander Vaughan congratulations. Well done sending many blessings to you
😊📚🎓📑🎈
Alexander Vaughan This will be me too brother! Good luck to you sir!
If you get married, don't have a lot of children & live on a tight budget.
I love seeing everyday people who slowly and realistically have been able to become wealthy.
I love how every time Dave asks "What part of this wealth is in result of borrowing money?" to these callers, and they usually stutter and seemed confused for a second, as if they have no idea why they would borrow money to build wealth!
lol, I noticed that too... it's like asking a poor person how many promotions they received at work, to become homeless... Doesn;t seem to quite go together...
Carol T. Because he did
At first I didn't like this because I was envious, but I got out of my bigot head, and realized. Birds of a feather flock together.
She inherited 50k when she was 22 yrs. Now she is 57 yrs.
If she had invested that:
Principal - 50,000
Investment Horizon- 35 years
Interest Rate- 12%
Current Value- 3.2 Million Dollars
👍👍
12% is high though
I love these !!!! So motivating !
But Gary, if you might notice, a whole lot of people were not saving anything, no matter how much they earn.
Dave’s analysis might be missing one thing-- those who inherited amounts (after becoming millionaires OR amounts that aren’t necessarily consequential to getting up to a milllion) might have gained their financial value system from those who they inherited from.
There could be a secondary effect- attitudinal/behavioral influence (not influence of the inherited dollars $$$).
I know that your comment is two years old, but I just noticed it and I absolutely agree with you about inheriting behaviors rather than money. My grandfather didn't go to school past the 9th grade, but he taught himself how to fix radios and later televisions, and in addition to a job fixing teletype machines for a news organization, he worked hard on the side to make additional money. He raised 15 children (yes, you read that right--fifteen), and he never made more than about $30k in any one year. He drove ten year old cars, bought day-old bread from bakeries, and bought his clothing from discount stores. When he died a number of years back, I was shocked to learn that he'd managed to accumulate nearly $3 million, almost all of it in stocks. I was very close to him as a child and as he taught be about the intricacies of television power supplies (at probably eight years old...yes, you can laugh), he also taught me the importance of living below your means, investing, and making solid personal choices (the most critical according to him being finding the right mate). I eventually went on to engineering school, I found a woman who shares my values, and I'm now a millionaire myself, but while it may be easy to pat myself on the back, I'm confident that it was his words of wisdom while growing up that guided me in the right direction. What I inherited from him in knowledge and attitude was far more important than any money I could have received. I'm working very hard to do the same for my daughter (I opened a custodial brokerage account for her at age 16), and she's already investing 10% of all of her money from part-time jobs. It's important to keep that knowledge and attitude going--that's how you ensure intergenerational wealth...not just by giving money away.
Borrowed no money to finish college? That's impressive. I need to learn how to do that.
Average American salary $56,516 in 2017.
Very inspiring!!! David
I'm curious how many of these millionaires are still millionaires today considering covid and inflation
Thank you that's awesome
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where do people find these $25.00 jeans that fit? i buy expensive jeans but i only buy one pair (maybe two) and dont buy a new pair until they arw unwearable. my last pair $120 last almost 8 years. haha these are the cheapest pair that I have ever found fit well and comfortably. everything else i purchase second hand and once agiain only when my old clothes are unrepairable
excuse the typos, I'm on my phone. anyway i love the millionaire theme hour haha i am always retelling these stories to others!
They usually answer with that price.. starting to question it a little
Goodwill.
+wolfen26 S never found any brands of jeans that fit me at any second hand stores. also they waistes are often stretched out or they are shaped odd. jeans are the only thing that i seems to have to buy new. i even buy workout clothes second hand
Then I probably just had good luck finding mine there. Then again, I am not real picky as long as it fits ok.
When Bernie talks about the wealthy, he's talking about the billiionares... I think if you are 50 and worth 1-3 million, that's really just middle class.
Especially if one lives in San Jose, CA.
Talking about having it easy
First
I really admire you for always being first. At "first" I thought it was annoying, but you've won me over. Congratulations sir, and may your good fortune of being first follow you throughout your life.
+Mike Hughes Thank you for the positive wishes Mr. Hughes.