You're Wrong About Becoming A Millionaire!
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- Опубликовано: 18 сен 2024
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I am almost a millionaire. I have all the zeros. All I need is a 1.
Lol too funny.
🤣
In that case im almost the worlds first trillionaire
Lol. I love it! Too funny.
Join the club.
You know what I hate? People who think wanting to become wealthy is a bad thing. I’ve been working on becoming a millionaire for 3 years (since I was 16, I’m 18 now) and some of my friends shame me for it. I save everything, I invest, I never spend money if I don’t have to, I work 2 jobs, going to college and I never have time to go out. I have the money to go out, but it’s having the control over the money that’ll get you there. Like Dave says, don’t get your financial advise from broke people.
Get help with investing from people that are above average in investing. The advice I got from reading books was just buy an index fund like the s&p 500 or the total stock market index fund if you are in average investor like 98% of people. 2% of people can pick indivual stocks and beat the market long term.
I can relate. I’m 21 years old now and I told my ex friend (we stopped talking because of that) that I’d be rich one day and she told me that I’m stupid and should set smaller goals😂 anyways,
I opened my first business in January 2019🤷🏽♀️ she said all that in July 2018.
Don’t let people tell you what you can and can’t do.
@@chrisbaker2669 No, don't use an index fund. Find an actively managed fund that beats the market (by a rate greater than that fund's fees). YOU may not be in the 2% who can beat the market, but you have access to a fund run by somebody who DOES.
Example, TPLGX has beaten the market 16 of its 17 years. VMRGX has beaten it 47 of 56 years.
97% of the time actively managed funds dont be the market after fees. Warren Buffet famously made and won a million dollar bet with a hedge fund manager to pick 5 actively managed funds if they outperformed the s&p 500 over 10 years as a group Warren Buffet would lose the bet if they underperformed the market Warren would win the bet and the money won was donated to charity. Warren Buffett won.
I AM BEBE Congrats! What type of businesses?
I started a full-time making $8.50 hr when I was 21. I am 49 and still a factory worker now and almost a millionaire!
Factories can be good
Thats awesome man good job🤙
Yeah, I’m 35 and work as a travel consultant on the railway and will be a millionaire in 12 years. I have plenty of property and I still drive a 10 year old car. No one knows how much I have yet they are suspicious as I have lots of property :)
Right on. You don’t need a college degree or a big income to be successful. You just need discipline and the same financial principles Dave Ramsey uses.
When I was young I started saving in 401k, Roth IRA, savings bonds, etc. Then about 10 years ago I added everything up since I wanted to retire 10 years from then. I found I was almost a millionaire. Now I’m retired and have over a million dollars. Slow and steady wins the race.
You have more than a million, you have pride, peace of mind, and happiness. You should be proud.
A million is enough to retire?
@@pk3 It is for me. I haven’t touched any of it yet. I live comfortably on my Social Security and a small pension
I just found your channel. I have one debt that. I'm currently working on to pay off. After this I NEVER PUT MYSELF IN DEBT AGAIN. I'm 26 yrs old. I realized if I can't pay Cash for it. Then I can't afford it. Thanks Mr. Ramsey!
It's great you came to this understanding while you are so young.
I study and work full time while in school, and I thought I couldn’t save. I saved $1,000 in one semester and I’m going to try for $2000 this semester. Don’t give up!
How is it going?
It’s been tough, I’m hovering around $1500 because of spring break. I’ll be breaking it back in April!
@@rerungirl good luck dude 🍀
Keep on that track. I spent a lot of money on worthless things back in college
I'm 40 and I've been financially stupid for over 20 years. Just starting the baby steps now (on step 2). I'm committed to being a millionaire by 50. Thanks Mr. Ramsey.
Recovering_Californian I was thinking I’m 34 is it too late to start?
chief tp millions are still millions. Better to have it late than not at all.
@@justthisguy1948 never too late.
@@justthisguy1948 I was 49 when I learned this. I now have a plan and will be a millionaire into my retirement. Never too late. Just gotta put your plan into place.
How’s it going so far? Hope you’re doing well.
“Make moves or make excuses” - Andy Mineo
Tommy 1•1•Six Orozco no. He say"ed make movies.
Tommy 1•1•Six Orozco -Sal Mineo
Wow I haven’t heard that song in forever lol
Facts. Thomas Stanley said this in Millionare Next Door back in 1996. He said, "80% of America's millionaries are first-generation rich" (pg. 3). 23 years later, we see that the facts are still same. I look forward to reading the new book.
Yes, exactly us. In our 20s, we saved 50 K for a down payment on a 75 K starter home, back in 1992. Paid mortgage down in 2 years. We still live in that same home. We never made more than 80 K per year, usually less. We drive nice used cars until they die. We just retired at 55 years old....feelings of gratitude, freedom and peace. Just learned about Dave Ramsey.
You're so smart to stay in that house. I paid 52,000 for my house (cash) in 1993 and wouldn't dream of moving even though the value of the house has gone up astronomically (which is partly why I'm a millionaire).
It’s sad bc ur not gonna find a decent home worth buying for 75k these days :/
It is a bit strange bragging how easy it was in 1992. If you were in your 20s today all your money would be going to rent. We don't live in that world any more.
@@meadowsirl you’re hella late and there was no bragging. Being proud of yourself and leaving a comment is okay. Silly goose. Go get some new perspective 😂
After years of dumb mistakes, I finally got my first million by living below my means, saving and investing. No inheritance, no college degree, and a horrible inner city high school education. Every get rich quick thing I tried put me further behind.
Well done! It's great to hear about "everyday millionaires."
It inspires me to see people succeed. I don't know why I had no hope for so many years when getting there is so achievable.
how old were you when you hit your first million... does it count if you're a millionaire with a spouse... or do we need to hit 2million
@@666dynomax Yes it counts assuming you both share the money you have
Wow, you're inspiring!! :)
I will be a millionaire thanks to your books, videos and advice. Thank you in advance
Fundamentalist American. Luck is fake
Manny Jean Pierre sad
Let’s do it bro!
Me too! Still 14k in the hole but eventually il be debt free and saving towards the goal
Juan Jay You’ve already won half the battle. Good luck.
Mindset is everything
Its about luck
There is one thing in this world that is the scarest ............
It's called " Continous Growth".
@@grizzlybear2702 there's no luck involved here
mindset is nothing without knowledge and action
Mindset is everything. The ice salesman in Alaska is a rediculous example. If his mindset was to sell ice, with the right mind set he would find a way to do so. Move to another state where ice is desired, find a platform like making icees/slurpee drinks etc. There are tons of ways to sell ice.
You find a way to make things impossible. You dont have the right mindset to be successful as you look at the reason why things cant be done. The ice salesman thinks of ways to sell ice. Everything is impossible until someone does it.
The man who thinks he can and the man who thinks he cant are both right.
After listening to Dave I have a lot of hope at 44ys old.
I’m a multi thousandaire
im a centeranar
Me too! I have 3 large in the bank lol
I may just be a bum with a roof over my head
Me too🙋🏾
I'm a multi dollarair! Lol
This is why I agreed with Dave's message from the start. When I discovered Dave I was already following his general principles because they are common sense.
Me too. I was always confused why 20-30k in student debt was so bad for people to get out of. I'm like all you have to do is live below your means, then Dave offers the same advice and I'm like well duh.
I projected my net worth and was very conservative. It's likely I'll come out even further ahead because of my conservatism but I calculated that I'll become a millionaire within 15 years. I'm 32 right now and graduated college at 29. I paid off student loans, I'm debt free and almost done with 6 months of living expense. It's happening very fast for me, but people also look at me like I'm weird. Because I am weird. I reuse other people's broken golf tees, that's how weird I am! Weird = Future Millionaire
Awesome.
Rock Financial Congratulations! You’ve caught the “disease”😂😂😂😂😂
Me too, I save £2400 a month and that grows every time I buy another property. Technically in dollar terms I’m already halfway there as I only need about £750k to be a $1m and have about £450k so far . I done this from 2012 when I lost everything in a divorce
How has your journey been since you posted this comment ?.
If i become a millionaire my kids aint getting a dime untill they have completed all the baby steps.
Be sure to teach them.
XD
But why not teach them from go not to get into debt.
eukaryotic 070
Though I mean it can take decades to do that?
My wife an I actually wrote that into our will. Before kids get any inheritance at all, they must complete FPU or similar. We have been teaching these principles all their lives, and 1 has taken it already. But inheriting 7 figures without financial discipline, will curse their life. One child may not inherit anything because of mis behavior.
Baby step 5 is unnecessary if you dont have kids. Baby step 6 is unnecessary if you're renting. Baby step 7 is perpetual and really can't be completed.
I am starting late at 38. But cashflowing back at school. Cashflowing buying my property and all my savings
LJ Still better than starting when you’re 48!
Get the book at the public library, now that’s saving the Dave Ramsey way!
Haha thats how I got it. Then asked for it for a Christmas gift and received 4 of his books
Lol that's how I read Total Money Makeover.
Nicolas Lamer dang u stingy n cheap. Thus you'll always be poor n broke.
i use the library for fun reads, but something like Dave's books you will want your own copy because you will refer to them several times and there are useful forms in many of them
judas brute I appreciate the advice but I am also putting my house on a diet. In other words, I am decluttering my home. Books can clutter one’s home.
Wealth may not buy happiness but neither does poverty. I will settle for enough to live comfortably,
This makes sense!👍
So true
Yes, as the old saying goes I would rather be rich and miserable than poor and miserable.
I'm so glad I started listening to you a when I was 17 I realised that I'm not going to go to college because I can't afford it. Got an apprenticeship in gas engineering and I'm happy to say I'm on baby step 2 already at 19. Never gotten a car payment never had a credit card and buy everything in cash
Rad nice job man! I didn’t go to college either! I did a apprenticeship as well! Living debt free. Just saving for a house
My husband and I have been debt free and multimillionaire since we were 40ish. He never went to college and I only went to Jr College. Our total inheritance from my husband's mother was about 10K. My husband learned a trade and we both had our own businesses at different times. We earned money with jobs, through our businesses and with real estate investments with a smaller amount from stock investments. Anyone willing to work instead of wasting time and who lives below their means can be wealthy.
Janet Calming Clutter stupid greedy humans want millions not 4 security but rather to brag and boast and show off.
Janet Calming Clutter you're under satan
Janet Calming Clutter liar
Janet calming clutter, that is amazing. Way to go!
Brittany Sundberg liar
I became a millionaire two years ago.. All of my friends tell me financial success is not important to them ... Love your friends & family but DONT invest like them !
investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good??>>>>>>
I understand your concerns, my friend. I recommend exploring passive index fund investing and expanding your knowledge in this area. Personally, I experienced both successes and challenges when initially seeking a reliable passive income......,
how do I get in touch with this consultant that assist??>>>>
STEPHANIE KOPP MEEKS, that's whom i work with look her
Thanks for these recommendations.....,,,
People who make those excuses will never become millionaires, simple as that !
The same ones that say the rich get richer and the poor get poorer.
@@u-l-t-i . Which 90% go broke.
@@u-l-t-i . Yeah and I am going to flap my arms and fly to Hawaii.
@@u-l-t-i . Your missing the point obviously.
Investing Hustler stupid greedy humans want millions not 4 security but rather to brag and boast and show off.
So many people want to be millionaires to "spend spend spend!" In reality, the only way to become a millionaire is to "save save save" so you can enjoy an easier life as you age. But by no means can you then go "spend spend spend" like you are raking in 100 million. However, you can RAISE the amount you can spend daily, while still being secure. The more you save, the more money you can rake in through very simply investments. Every dime you spend needs to be calculated as such. Is this dollar going to not allow me to save this month, which will prevent me from spending 10x this dollar in 10 years potentially via market returns.
I'm in control of my destiny...I needed to hear this. Thank you, Dave.
Thank you. I absolutely refuse to live my life borrowing on credit and having the burden of paying off debt. No thank you. I’ll become wealthy by doing it Dave’s way.
Me too sis!
Benita Garnett I’m rooting for you!
@@leahjohnson9854 I am rooting for you too!!!🙌🏻🙌🏻🙌🏻
SURE U WILL. Good will hunting
Benita Garnett stupid greedy humans want millions not 4 security but rather to brag and boast and show off.
My parents died millionnaires. My father grew up in social housing (his father having been injured in ww2), my mom was the daughter of a man whose family was so poor his first taste of an orange was some peel he found in the street. They both came from nothing. Apart from a mortgage £3k in 1960 my parents never took anything on credit. They has their own engineering business and never spent more than they earned. I now have the challenge of not only retaining my share but growing it for the next generation. Thank god for Dave Ramsey.
Biggest mistake in my life is not investing early!
Me, too!
Me too.
Same here. The day my kids turn 18 I will be working with them to open a retirement account. Starting them out right can literally be life changing.
Same here.
@@Jonb01z28 Did this with all of my kids. Started having them automatically investing and maxing out their Roth IRA's every year since the age of 18
All wealthy people have one thing in common; they all own assets that produce income. Whether it be stocks, bonds, funds, rental properties, whatever; they all own something that generates income.
StockingUp intellectual property royalties is the ultimate asset
@@doomtomb3 You hit the nail on the head. Anything that produces income without constant exchange of labor.
StockingUp Warren Buffet "unless you can make money while you sleep you will work for it until you die"
Amen
I’ve intuitively known this since I was a kid. No problem there. The problem is in variables behind your control. Like other people. Relationships. Money is empty without significant people in your life. Learned the hard way.
Being an everyday millionaire is in our future! Thanks for your wisdom Dave! 👍🏽
Hyman Bjorn greed is sin. Sinners end in __________.
I’m gonna change my family tree. Thanks Dave.
I remember when i left home to go out on my own - my dad said to me in response to some debt aversion I mentioned - "you'll always be in debt" - from that moment I kept control over that and have very little debt and can do what i want when i want and it's great. Wife stayed at home with our kids for first 15 years - then went back to work. It can be done - just need to use your head and not allow others to tell you to buy anything you don't need...could have done a better job of saving, but even that remains within reach given a low debt level.
Never went to college, read any of their books, watched any of their videos and became millionaire at age 60. Hard work and using good sense with regard to spending is what was required.
I'm not a millionaire(yet) but I am a thousandaire on my way. No debt and in college while working.
Lol I'm also a thousandaire! Yay
Roll them thousands until it hits a million. Save $50,000 a year and in 20yrs you'll have $1,000,000 cashola!
@@luciogutierrezjr2452 Actually, if you save just $15,804 per year ($1,317/month) at 10% return in your 401(k) you will be a millionaire in 20 years.
My plan is to become a multimillionaire because I am in control of my own destiny. And it’s going fairly well right now. I feel like many over complicate things. Just do it.
RealLife Money you're not in control Satan is. You're greedy n arrogant. You won't be a millionaire quit acting like a self psychic!
RealLife Money LOL
@@OikPoinFive self psychic? As in he knows what he's thinking? I think that's just called being sentient, not a self psychic.
Congrats on the new book Dave Ramsey and Chris Hogan! I'm super excited to read it. My Dad pre-ordered it for me for Christmas. 👍
You can make progress, or you can make excuses - your choice.
Many millionaires actually worked hard for there money. And yes that is true no debt is the key to success.
Being a millionaire doesn't mean much if you don't have passive income.
My mom is a millionaire but Im only 200K away from breaching that mark and im 33. She has instilled alot into me. My path was much shorter mind you because I decided to stock pick and have been very successful at it. She still thinks Im crazy even though my growth speaks for itself.
Congratulations C. H. On official release of your wonderful book!!!!
I have been listening to you for around 1 year now, I am 15 now and I have always been fascinated by the different ways you can make money, and the different ways you can come into debt
1 million is is the new 300,000.
Not to brag, but Jeff Bezos and i have a combined net worth over $150 billion!
Being on $4000 worth of medication each month due to my disability and starting 10 years late at Dave Ramsey’s “baby steps” I would wonder if I could be a millionaire.
I own my own home and am paying it off quickly, and invest well over 15% of my income. I also have an emergency fund. But the medical situation persists.
Good grief. May I ask what you are suffering from that costs you so much money?
I am a retired Teamster. I have never had satellite radio. I can not tell you what a JOY it was to pick you up in the middle of the night on analog radio in the middle of the NOWHERE.
got my copy of "Everyday Millionaires". get it. best way to predict the future is to Create It. my fave part of "The Millionaire Next Door" was the fancy dinner they ordered for a group they were interviewing. gourmet food from expensive restaurants, fancy wines, the whole shebang. people get there and, "what is all this? we don't eat this way. we don't waste money on this stuff." was too funny.
I agree with a lot of things Dave says but not being in control of destiny. We don’t know what tomorrow brings. We have control of today, but just because your saving and budgeting doesn’t mean your future will be align with your present decisions.
24 year old full time student and full time pizza delivery driver. I’m gonna be a hundred thousandair by the end of this year.
That is just the start my brother lets get to that Millionaire status !!!
I appreciate you doing this a lot, hope you reach many more people. We need the positive change
Hi. I am from Suriname. I have been listening to your show for the past month. I tried downloading thw everydollar app, but its not available in my country so i am using the monefy app. I purchased the "everyday millionaire " book an amazon today and i am exited to read it and apply the examples to improve my finances too. God bless you and the work you do.
It's a beautiful symbiosis of two reasonable thoughts into a nonsensical one.
1. People who inherit ridiculous amounts of money often don't know a thing about hard work.
2. Some people who are millionaires got there money by inheritance.
And then, through some seriously impressive fallacious reasoning,
3. Millionaires don't know a thing about hard work.
I'm one and I have only a bike, no car. I own a house out of state and work for a startup in LA and rent a room+bathroom in a private house.
Thanks for making this study. People need to know that. Wealth is not a privilege, it’s a decision followed by massive action.
Absolutely everyone is in control of their own financial destiny. My wife and I are on our way, we save now all of what she makes as well as 25% of what you I make after paying our monthly expenses. It takes discipline and it’s actually fun watching our accounts grow and blessing other people that we see in need.
Hearing that people with advanced educations don't always turn out super rich makes me with an associate's degree sooo encouraged hahaha
The Millionaire Next Door is the book I read before I knew of Dave Ramsey that got me on the track to becoming a millionaire.
This is Inspiring! Needed to hear this
My father grew up in poverty transitioned from labourer to welder to pipe welder to entrepreneur to property owner/owner of a portfolio with stocks /bonds
I'm 19 and heading the right direction. Thanks Dave Ramsey
Working on it. This year increased my dividends to reinvest from 2% yield on price to 22% yield on cost. If I can keep reinvesting at this rate, I'll be a millionaire on only reinvestment if I want to wait 10 years or do it sooner if I add to it. Dividends are currently near 1/2 my job income and should exceed it in about 5 years.
Agreed to not carry debt. Driving a 2003 car with 192,000 miles on it. Been saving instead of making car payments. Can buy my next car from the dividends off the investments made by investing what would have been car payments.
If you live in America, have at least a slightly above average income or better, no major issues in your life, and you save/invest on a regular basis, you are virtually guaranteed to be a millionaire at some point in your life, it is actually pretty common
We need a book, "Millionaires Parents." What are common traits of the parents of these Millionaires?
And here I was thinking I had to get into the best university I could, this was a breath of fresh air!
Truth. So thankful for you Dave.
Yep, blaming your problems on other people is just a crutch to make you feel better. They don't wanna hear the truth about how they're not a victim and the reason that they're broke is not because of the universe, but because of their own poor choices. I don't blame them for avoiding reality, it's hard. Pain is inevitable, but you can either choose the pain of discipline now and reap great rewards later, or instant gratification now, but the terrible pain of regret later on.
My grandfather would write down every penny he spent. He could tell what he spent money on 2 years after he spent it. He and my grandmother were never hurting for money. They weren’t wealthy but they had what they needed and had money in the bank and the backyard cause my grandfather didn’t like or trust banks. Also this was way back before 1929.
Real millionaire here. It took me 24 years of regular investing to make my first million. Charlie Munger said the first $100,000 is the hardest, but I disagree. First million was the hardest.
The major thing I disagree with Dave on is not financing real estate investments. I wouldn't have joined the 7 digit club in my early 30s without conservatively leveraged real estate. If you are going to buy real estate cash and get a 7-8% cash on cash return, you might as well just invest in S&P 500 ETFs and not have to deal with tenants and repairs. You can very safely leverage real estate and double (or more) your returns if you keep a nice cash buffer.
Being worth one or two million today is not like it was 30 years ago. But having nothing in savings is even worse today than it was 30 years ago. Worked hard untill I was 58 to have two million to retire early, now at 66 and starting Social Security at 62 the savings have not decreased, but I have not gone out and started wasting money just because I retired, in fact I spend less because I do not have to go to work every week. Having all this does not make me feel like I am someone special, just a good feeling at night it is there if ever needed. Do I worry that my child will wast it when I am gone? Nope, that is her problem not mine, she is a grown woman and will have to live with her life the way she chooses. Good luck to everyone that wants to work hard at becoming a millionaire, but do take time to live along the way, life is a long journey, take time to enjoy the long journey along the way because when you get old some of us will not be able to drive, walk, run and remember as good as we could when we were young. I wanted to retire at 55, but it took me 3 more years because I stopped and took time to enjoy life along the way. The three extra years it took to get to 2 million was well worth it looking back.
This sounds like an update to The Millionaire Next Door. I'll be checking it out.
A millionaire ain’t what it used to be. Getting there ain’t that hard, just live bellow your means.
I'm early 50s and have a net worth of about $1.5m just from working a fairly normal job and saving and investing properly and not being stupid.
However do acknowledge how lucky I am. I grew up in a country free of disease and with free healthcare and education. Nobody ever tried to shoot me and no one ever dropped a bomb on my house. The money I saved was safe and my conservative investments profited. I have never been unemployed and never suffered any serious illness or injury - I've never had more than 3 days off sick in a row.
Good stuff!
You can make money, or you can make excuses, but you cant make both-Earl Nightingale
I believe that there are a number of people that don’t consider being worth a million, being a millionaire. They consider earning a million a year makes them a millionaire
That is kinda true? I mean technically having a million is considered a millionaire but having a million is one thing living like a millionaire is another thing.
Time in the market and consistency is key. I want to get rich slow 😛
Having $1 million in the bank doesn’t mean you’re wealthy anymore. That’s barely enough to get you by through retirement unless you have another source of income during retirement. Being wealthy means $15+ million; this is not what Dave Ramsey is describing.
Didn’t this book already come out? “Millionaire Next Door”
My thought exactly.
It’s the slow grind my friends. Small steps is still progress
Just to try to more fairly understand the point about prestigious colleges not necessarily leading to being a millionaire it would be worthwhile to look at the populations. For example if 9/10 are college grades ( 7 of those state, 1 went to a CC and 1 To a prestigious college) it would be worthwhile to checkout how many college grads came from each one. If 70 million people went to state schools and 1 million went to prestigious colleges then it does show that if you go to a prestigious college your chances of becoming a millionaire do increase.
I'm not sure if you see these comments or not, but on chris Hogan fb page there are numerous people who claim their house is an asset. This is not true a primary residence cannot be an asset due to it cost you more money than the property brings in (in a typical case unless people run a business out of their home). In order to be an asset it cannot cost you money, even though a mortgage is paid for the property still collects taxes every year at the very least. Can you touch on this topic, especially if you view differently. Thanks Dave!
I’m 22, on my path to millionaire status by the grace of God ! 🙏🏽
Tommy 1•1•Six Orozco God helps the poor. Sinner. God won't help u get rich. Satan will. You will never be a millionaire.
Tommy 1•1•Six Orozco grace of God. Lol. I can tell u never read BIBLE
although I read it daily ... hmmmmmmm lol what do you mean? im not saying God is going to make me rich, but while im being wise about how im spending GOD's money, if it is his will then it would only be by his grace and glory @@OikPoinFive
ouch lol . if I spend the money HE gives me HIS way with prayer and fasting , im not saying I will definitely be rich, im saying by becoming wealthy it is only by his decree and will because I am following him. @@OikPoinFive
@@OikPoinFive my love is not money , (root of all evil 1tim 6:10) but my love is God and from that love flow my compassion to give rather than always wanting to receive.
First generation Millionaires here. Did it ourselves. No inherited money here at all. Just 20 years of living below our means and keeping our eye on the target. High School education for me and my better half is a RN who used to work part time at the kids schools as the nurse. All it takes is time and effort. Yes, my 401K is the main investment vehicle. Debt free except what little remains on our mortgage.
I'm focused but not finished!
Officially I live under the poverty level (but I don't feel I lack anything). Several of my friends are on the political left. Not because they love poor people, but because they hate rich people. I don't share that sentiment. I am glad to some people are rich, for several reasons:
1. Because oftentimes they've gotten rich by doing useful things - by producing goods and services that other people want to pay for. I.e. they got rich by improving other people's lives.
2. Because their wealth doesn't hurt me.
3. Because they run businesses or invest in businesses that create jobs for people like me.
4. Because rich people create an initial market for new (initially expensive) inventions, which can then be developed and and improved, and 10 years later will be affordable for the general population, including myself.
the author probably knows that the vast majority of those who purchase his book will NOT become millionaires and make HIM a millionaire. First step to becoming a millionaire shouldn't involve wasting money on a book that probably contains information you can easily get for free.
People that complain want instant gratification. If they can’t get it today, they don’t bother. It’s a 25-30 year journey. And sticking to a plan. But the people that complain doesn’t have the discipline to stick to a plan that long
I’m surprised that you recommend mutual funds over S&P 500 indexes.
Becoming a millionaire is a lot like breaking out of Shawshank. Time and pressure.
I was furloughed in March, and I’m sleeping like a teenager because I’m a debt-free millionaire. 401(k)s aren’t the miracles we were promised, but they’re still pretty good for building wealth over time. I’m living proof.
I’m a poster boy Dave. Zero inheritance, did it slow over time on a paid for state college degree and a middle class income. No magic. Just absolute focus on the goal.
He or she who says they can’t, and he or she who says they CAN, are both usually right.
Great advice, but you need to aim a lot higher than $1M in a 401k. If you retire 20, 30, or 40 years from now with $1,000,000 in a 401k, you better be able to live on a tight budget.
Or move to mexico.
Plus people who are retiring today with a million had many great decades to earn that in. Today it's a lot harder to earn a good living, even if inflation makes saving a million easier every year.
Most of the millionaires on his show are 3--40 years old. By the time they retire, they will have $4-5 million and be fine
@@johnnyjameson3641 True, but my point is about those saving now for 20, 30, or 40 years who think that $1M will be sufficient. $1M of buying power today is more than $3M in 40 years if inflation averages 3%. So the target for people with a long time horizon should be A LOT more than $1M. I think in terms of the monthly income I'll need in 30 years. I'd like to have $25k/month as income when I slow down in 30 years. For me, there will be a component that comes from stock market investments, but the bulk of it will be real estate (like Dave).
@@Excalibur2 Why is it "harder" today than in the past? There are so many ways to earn money today that didn't even exist 25 years ago. It's probably easier today than ever.
I don’t follow Dave’s baby steps or his investments advice but the everyday millionaire book by Chris Hogan is a good read on building wealth. Thomas Stanley PH.D and his daughter Sarah Stanley Fallaw, PH.D books are more academic and I love their books a lot more on how they present the data and their findings. Both books are great. Everyday Millionaires | and The Millionaire Next Door their new book The Next Millionaire Next Door
What was the study? I'd love to read it and see what else they found.