How Wealthy Do You Want To Be?
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- Опубликовано: 15 июл 2021
- How Wealthy Do You Want To Be?
Listen to how ordinary people built extraordinary wealth-and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, Anthony ONeal and John Delony.
Great content in your channel, I’m 63 and my wife and I reached $1M net worth in 2017, five years later it’s $2.4M. Our yearly salary is a little over $100K. We drive older cars, cook at home, eat leftovers, and have 2 in college. We saved for college and our boys help by working. They will graduate debt free.
Right there with you. I'm retiring early, no debt. Kids are taken care of. Building my dream home on 11 acres, looking over the river valley. there are loads of ways to make a killing right now, but such high-volume near impeccable trades can only be carried out by real-time experts.
@Mussa653 I read inflation is near 10% but as we know it's definitely way more than the media would like to admit, my plan is to earn more passively and ride this out, can you investment-advisor assist?
excellent share, just confirmed her page online after inputting her full name on my browser, she seems valid. very much appreciate it.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@PilouBen However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.
@@SammyIglesias4665 Oh please I’d love that. Thanks!
@@PilouBen Judith Ann peace is her name
Lookup with her name on the webpage.
Investing more also shortens the time between today and work optional status.
@@caribbeanbound8357 You want a decade of no investment growth while you accumulate. Actually, a decade of market crash and depression is good for an accumulator.
@@caribbeanbound8357 yes, the accumulator interests are the opposite of the retiree interest
So where’s the Instagram scam recommendation comment?
That's a great goal
@@ptrs41653 LOL right? I was expecting... but John Smith has never failed during market crash times!!!
Wow. Buying your own building that costs $150 million in cash.
Great Job Dave. Great job.
I bet he bought it for well under that and it’s appreciated + cap ex adding value
Brendan Fitness and Money Yeah for sure. Pretty sure he bought it around 60m still tho
Baller
@@BrendanEvan It's a liability. Imagine those property taxes...
He didn't buy the building. He built it like a baller. 💪
In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.
That's impressive! I could really use the expertise of this manager for me. Who’s the guiding you?
Thanks for the efforts you put in these. I found her and i leave her a message i await a response
Baby steps are working for me! Baby Step 3 will be done 1st August - am almost halfway to financial freedom. God bless you Dave Ramsey.
Rob
London England
Don't follow 4 through 6 once you are debt free do no waste time paying down low interest mortgage debt. Invest that money and allow time to put compounding interest to work. Your home is not an asset it is a liability.
@@aaront936 I think he should just follow the plan and pay off his home. You can invest so much more when you don't have any debt at all, no matter the interest rate.
I am 55 and have hit the independence level (work optional), and it feels good. After 40 years of working, it is difficult to stop that routine. Now I am planning on using the time I have with my kids before they leave home (approx. 10 years).
When Dave Ramsey tells you touchdown you should be very proud of yourself
"Survivor guilt" is a real thing.
I'm not there yet, but I can believe it.
I can't wait until we become Everyday Millionaires. Goals. 💗
"Adults devise a plan and stick with it. Children do whatever feels good at the moment." Work Dave's system and good things will happen : )
@@coniccinoc no lie. I paid off my first rental this may I’m 28. This system works
That shirt suits Dave perfectly
I paid off my house at 33. What do you do next? Keep saving, loving and spending. I’m not rich, I just no longer have a house payment.
Buy a multi unit property and do it again. Pay it off and keep doing it.
Build wealth I guess. Think about retirement from now. You’ll have millions for retirement if you start now. Also try to buy assets. Assets will appreciate over time and make you money in the mean time.
Imagine what you would have if you didn't give up the last 10 years of gains in the market to pay off low interest mortgage debt.
@@aaront936 it took a lot less than 10 years. This comment makes me think you’ve never listened to Dave Ramsey. He answers this question all the time.
Own property, a house, toys all payed off and enough to be very comfortable raising my children.....literally so simple
How old? I’m confused I’m 27 and I will be there in 2 years. 55 years old?
@@RBTMOTORSPORTSLLC my wife an I are both 23yo. we paid off 150k house 20k down in 2y 6mo. we both make ~45k/year each. no other debt just house. had 2 cheap cars. it can be done way faster than what Dave teaches. but... at a cost of LITERALLY no life..... but now its all worth it
@@Howdy762 wouldn't be worth it to me. I use debt to buy properties. When I put 25% down, I get appreciation on the other 75% as well. Buy a 4 unit, that cash flows $20k a year, appreciates 3-5%, depreciates to reduce your taxes, and has principle paydown, you're getting around 25-40% returns on your investment. But you paid off your 3.5% mortgage, for what?
Most sadly cannot comprehend the rationale of your simple investment approach that I also took. So long as there's sufficient emergency money, the key is to invest excess cash in retirement accounts like 401K, rental property and mutual funds. It's soo foolish to rush to pay off a 2.5-3.5% mortgage.
@@WoodUCreate enjoy being in debt lol
People are always waiting for that one big thing that will net them money, but the truth is it is a series of little decisions that get you there. For instance clean living: never drinking, smoking, every trying drugs or gambling, have saved me so much money now that I am 50 years old.
What I love now is being so unassuming. At church no one even talks to us and we have very few friends, none know my wife and I have what we do. But when a church project comes up we are interested in, we go through our lawyer to fund it. We love doing that but want no one to know.
But everyone can do this. God put Dave Ramsey on this earth to tell others how.
I'm in this same situation and the hurdle for me is not financial it's the things people don't really address which is the "what now?" question. I'm actually taking a course on "taking the weirdness out of retirement" that is helping on this. The biggest eye opener for me was retirement doesn't take you away from work, it frees you up for other opportunities. Whatever that might be.
I retired almost 4 months ago and still freak out everyday, second guessing walking away from a great job. It just feels so weird, dream come true but weird.
@@coniccinoc I am in the middle of a course called “taking the weirdness out of retirement”. Seems to be helping so far.
@@rickchandler2570 I have respect for people continually try and better themselves : ) Cheers!
It'd be cool for Dave (and the rest too) to do a list of books that he's reading or has read this year or in the past.
WHo care what books he or anyone else reads.
I think they may have a reading list on their website
@@saulgoodman2018 🙄 a lot of people
@@smeevers thanks
Absolutely! I read about a book per month but it’s always very difficult for me to find the books. It’s definitely good to read what successful people are reading.
My personal goal atm is to reach a point where my investments pay off any monthly costs (food, bills) before im 40, even in years of low return. so i effectivly could retire, even tho i probably wont.
Money is a resource, and i want to use it.
They don't mention if they have any retirement funds at all. If they have none, even with a paid off house, at 53 its still not the best situation. with 275K of income they should be find, but you still need discipline to call yourself wealthy.
They have some kind of retirement but we just don’t know what exactly. She mentioned ‘bumping it up’.
“Bumping it up to 50% of income”
Great information
success story, ,right here! way to go, lady!
That shirt looks good on Dave, very rugged look!
Yeah since I'm beginning to actually have a little money there's just no way I want to spend. I mean I have a spending category in my budget but my spending money usually goes to investments. Hahahaaa, it's freaky.
"touch down, do the dance, spike the ball" - 🤣💪
We are doing very well. My wife still feels poor. She hesitates to buy clothes she needs. We could buy a new car every other month if we wanted.
Your wife and I would be besties. Did she grow up poor by chance? Does she feel incredibly guilty after spending money that you guys have saved up to make the purchase?
If so, it's a trauma to her to spend money. She feels like she is jeopardizing your future. It doesn't make logical sense to you because it's not logical, it's emotional to her.
@@ellencox8415 i have the same issue jus trauma from the past
Weird flex but ok
Ellen Cox grew up in Vietnam while the war was going on. Dads business was damaged more than once by bombing. So trama is real.
What careers do you have? Total income?
A mortgage on my primary residence does not feel like debt to me. You have to pay to live somewhere. That could be because we got a 20 year mortgage ( sorry Dave ) but we are on point to pay it off by the end of this year which would be at the five year mark. I can't wait until we can travel again and have some breathing room again. LOL my second house cost six times more than the first one but I was less scared this time ( 30 years later ) than I was the first time.
All the money! ;)
they could invest $200k a year and live off of $75k very comfortably since they already have a paid off house, vehicles etc their living expenses are pretty low.
Good advice.
"You should be able to buy something silly guilt free." Oh good because a couple of months ago I bought a $500 litter box. I justified this expense as, "It's worth it to pay $10 a week for someone else to scoop the litter box clean every day for a year." I'm not a spender, I don't like shopping but I do enjoy quality things and will pay a lot of money for them.
Misread your post . But will still state 1.40 a day for litter box cleaning is a great deal I don't even think that's an option in my country
@@Kangaroojumper Litter Robot. Look it up. The $10 a week is the $500 divided by 52. It comes with an 18 month warranty. I just bought one for my daughter with 2 cats. I justified that as a house warming gift. lol They just bought a house on land contract from us and moved in last weekend.
Can’t wait
"I don't know what to do with all the money I have" a lack of passion, exploration, and inner peace will cause this problem to arise
Odd comment. I can explore without squandering my resources.
With their income i would pay it off put of my income and not sell the rental. Keep it for income in retirement.
Same here.
Bad advice Josh.
We just past $1M in the stock market after growing paid rentals to 28 doors. I thought after we spent so much on rentals the the stock market thing would never happen but grew $135k to $800k in IRA in 3 years and back!
Turning saving to spending may be hard. We plan to only spend over the $1M.
Instead of spending anything over the 1 million! Only live off 4% of the portfolio every year! By doing that your portfolio will grow more then you pull from it
@@savvyviral9681 yes. Well at $1.2M now and don not think we need the money at this point. Maybe w run it up to $2M!
@@sellputs7976 lol awesome. Shows how quickly you can make serious money once you've got it. You just made 200k in 3 months doing nothing and when young it takes forever to get the first 200k.
@@ln5747 Absolutely true!
Good job! I consume the majority of my income
What do they do for work?
I think a lot of callers call to brag.
“I have a ton of money, no debt, I’m following all of your guidelines. WHAT DO I DO?!?!”
Lovely women with a wisdom
I just want enough to live on my own terms, I want to continue living rice and beans for the rest of my life in exchange for early retirement. Need $40k a year and I can travel most of the year. That's my dream.
Rice and beans won't do your health any good long term to enjoy it.
@@ln5747 it's a figure of speech ..kinda, try to keep my meals less than $1/lb.
@@xfhnhhgjbvcfg nutrition is the one thing you shouldn't skimp on, in my opinion. Nothing without health. Healthy living compounds also.
@@ln5747 why do you think eating cheaply necessarily means it's bad for you? First of all beans are a great source of protein. You don't have to shop at whole foods to have healthy food
@@xfhnhhgjbvcfg generally it is. Organic, good quality food is expensive. I don't agree beans are all that healthy, certainly not to be living on them and rice.
Half empty yes give me more please 😌
Having all the money in the world means nothing if you wait until you are 65-70 years old to use any of it :). You might die around that age with nice life insurance for your kids to profit but what about you? You work all your life and now you are dead... with no travel experience that you wanted to do once retired, etc.
Fool
@@wread1982Strong argument :)
@@MaxSujyReact you’ll wish you would of put some money in an S&P 500 index fund, it would replace years of work for you in the future when your back and brain don’t work as well as they do now
Very
My mom has this problem. We aren’t rich but well off. She feels guilty about having nice things or spending money on something.
@@LittleMopeHead It parylizes her. I think she feels guilty she’s can have nice things. I tell her her and my dad worked hard and invested right she needs to enjoy that hard work in retirement.
We struggle with this too. We're debt free everyday millionaires but the old habit of saying we don't really need "xyz" dies hard. Dave's advice on being generous really helped. We set up a monthly donation to the German Shepherd rescue where we got our dog. Now we feel a little less guilty about spending money on ourselves.
DR should question why the primary residence is not yet paid off with that level of income. How can advice be given without hearing the numbers -----retirement fund, amt of remaining mortgage etc. The question is actually complex and requires more than just an airbrushed answer.
Interesting….with no debt, a small retirement fund (she asked if they should ‘bump up retirement’ so i assume they have one) and a $275k income a year, wouldn’t you want to keep the rental, assuming it’s affordable? I guess it depends on when the homes are projected to be paid off but i feel like with that income and no debt, the rental should be a keeper. ????
I was thinking that as well but maybe it's more of a headache for them.
It sounded to me like both properties had mortgages but by selling the one she could pay off the mortgage on the other
@@InvestToLive That is true. I have been lucky to have good renters for most of my time as a landlord.
@@m4tt5678 Right, but it also didn't sound like they were desperate to sell, given they have no debt, a retirement account, and they make pretty good money for where they live. I just think real estate is insurance for early retirement but maybe it also depends on your age.
@@kcc3985 Same, knock on wood!
VTSAX
Being rich and being wealthy are two different things
What's the difference if I may ask???
@@Lilbit2215 being rich means you have a high income or a lot of money, being wealthy means you have enough money that you never have to work again I guess 😅
@@Lilbit2215 Being rich means, you can go on a nice vacation a couple of times a year, drive a nice car, and live in a big house. But if you lose your job, your way of life dramatically changes. In this instance, you are rich, not wealthy.
Being wealthy means you are not tied to one job, and you can weather volatile economic conditions without dramatically restructuring your life. That is the reason wealthy people generally get wealthier in tough times.
@@MillionaireMindsetClub so a pension is the difference? Good to know
If you are smart with your money you go from rich and retire wealthy. But dont neccesarily need a big home or expensive car to qualify as rich or wealthy some dont care about those things.
Why would you pay off your mortgage at at 3% interest rate when you can earn 10 to 12% in the market?
Liability. When a major financial incident impacts you, you have lower liability. You're less likely to default to debt when you can't keep up with payments, etc. Of course that can damage long term investing, but you need to protect your four walls before you invest.
Index funds over rental properties? Someone advise me please
I’ve done both. In my experience, dollar cost averaging index funds over 10 years has been truly passive and I’ve made about a 15% return. Renting has been way more labor intensive and time consuming and has netted me about a 8% return after expenses. I’ve also used debt for rentals (which I don’t recommend) it kills the monthly cash flow. Paying cash for real estate gives you much better returns. I’d probably make about 15% without debt but again you’d have to consider your time and effort as a landlord.
Long term debt at low interest in quality rentals produce cash monthly for ever. Buy better rentals
@@winz1697 lol. 👌🏼
@@JorgeRamirezFinance take profit from rentals buy stock
I only wish to be financially independent.
Dave got too excited talking about himself and never answered the ladies question 🤣🤣
One caller, please respectfully tell Dave to change that intro music.
Agreed.
The intro is still LOUD, imo.
I think it's fine and calming
Dave really needs to update his advice for the times. Selling the rental to payoff the main in sub 3% mortgages is horrible advice. He just cost those people atleast a million dollars over the next 20 years .
de-risking your life (no mortgage) is price-less, same as retiring without the house payment. And you'll need less income during retirement for the living expenses
They are in mid to late 50s...you dont want mortgages at that age. They should already have millions and live off that interest now...why add more risk and landlord hassles.
That’s why they need to pay for their own personal financial advisor instead of calling into a radio show. They can afford it. 🤷🏾♂️
It's easy to forget that Dave isn't all about making as much money as possible. He's really about helping people to be debt free and financially free. The caller was already thinking to sell her rental (he just agreed) so she wants to be completely debt free at 55 and perhaps retire early. That still gives them 10-15yrs of investing and a whole lot of peace of mind. It's not for everyone I agree, but this caller's main goal was to be completely debt free ASAP.
@@markg999 several reasons. They probably already have a ton of equity in both properties. They could easily get 10 year loans on both. 2 paid for properties by 65 for the husband 60 for the wife. At 275k the only tax deduction you get is mortgage interest basically. 10 yrs you are probably looking at 2.25% max after tax deduction probably 1.5% net. Figure in Inflation and loss of investment capital to payoff house. Plus the rental diversifies their portfolio. The move to safety by paying off their house for these people is next to nothing. There is good debt and bad debt. Houses at sub 3% is good debt.
I thought the building cost 70M?
Maybe he is saying it is worth 150 million now?
Christy Wright is pretty. I can't stop looking at her.
Cool story bro
Who picked out that shirt for David?
I know, I want them picking my shirts too! It looks great!
I don’t think the color complements his skin tone.
His 300 + lbs wife.
@@cancel.lgbtq.6892 She is not!?
Why give monet away? No one gives me money? I don't understand this .
Imposter syndrome not survivor's guilt
People love calling in just to boast about their money
I just bought a car that cost more than my first house!!!!!
Does anybody feel that it will never be enough? If I have 100,000 why not turn it to a million? If I have a million why not turn it to 10 million?
Why is everyone gaining mpre than 100k in ramsey shows?
When do Ramsey's baby followers become *adults?*
Never
Lol
At 270 a year you should be able to pay off your mortgage, and rental. I don’t agree with Dave. He’s getting soft.
I have to agree. My income differs from this example, but my only debt is my primary home and a rental, just like this example. I’ll have the primary paid off within 9 months, and will then tackle the rental after that. Reason being, if I sell the rental to fast track my primary, then I’ll have a surplus and then have to turn around an reinvest in something else, which for me would just be another rental anyway…not to mention the capital gains I’d lose. After I payoff the rental, my plan is to sell it at some point and roll it into a vacation home in the mountains or at the beach that I can use as a weekly rental whenever I’m not using it. I’ll get a vacation home and make more money, as the weekly rentals make a lot more than the yearly rentals, or so I’m told.
And yet you are not worth 250M!
Of course, absolutely you could, and Dave didn't say not to. She didn't pose it as a question, she said "we're doing this."
Is this Dave’s wife?
no, it's christy wright, a ramsey personality
I would take all the profits and buy GME.
And amc
Stonks
You can be a wealthy as you give yourself permission to be in this country.
In US? Not true at all
100% true. I was homeless 3 years ago at 17, and have a net worth of 70k today on a $65k salary. Anything is possible. You just gotta hustle, and play smart.
@@millsathn Just got to give permission to your mind, its the mentality
So long as your not raising a family and put them first
@@JonathanMichaelFleming good for you. But anecdotal evidence is worthless. I’m glad you made it out, but it doesn’t mean anyone can.
is a $1 Million Net worth at age 35 good?
I see the flex calls have not stopped he loves people who have a lot of money, not us middle.class.folk
To answer the question: wealthiest person in the world. Wealthy enough to own a professional sports team and have the highest payroll and win it all every year.
Dave, 42 owe $470k on a $900k house. Make $100k yr. have 200k in annuity 60k mutual 15k Roth IRA 13k in bank. Owe 12k on car. Is it to much house??
Yikes what's your monthly payment. I'd say yea that's too much house...unless you live in a very high cost area and there is nothing available in the 400k range or less.
Sell your house. Pay off your car and purchase a $400k house in cash. Your almost 50. Time to clean up.
Yes, too much house. Mortgage interest is choking your income. I’m assuming you live some place with a high cost of living.
if ur wife helped you decide on the house then it's 100% too much house.
Omg yes!!! Sell now in this hot market and downsize to something you can pay with cash!
You should buy gold and silver. Physical only
Wrong spot silver price isn't attractive even in recessions check the price history chart
I agree with both comments, it’s not a great investment but you should have some, maybe like 3% net worth in metals
You should check out the Graham Stephan Show episode "My twin brother made $10 million from bitcoin"
@@a-a-ronbrowser1486 I watched it but I don’t agree to yolo bitcoin either way too risky
@@dababycar2899 crypto is something you should research....its where the world is headed whether people can admit it to themselves or not.
I give 0 of my income away.
Same. I ain't giving my money away
Wow I'm so happy😅 I have been earning $14,000 returns from my $5,000 investment every 13 days.
Great video I really liked it! I’m a young investor learning as much as I can right now about the stock market. I invest in DIVIDEND PAYING STOCKS FOR PASSIVE INCOME! My passive income portfolio is up 48% this year!!! I’m a hard blue-collar worker and have always paid for everything myself in life. I believe in WORKING hard & PLAYING hard! I’m very interested in learning more wealth building strategy videos from your channel, any tips? Keep producing great content and I can’t wait to watch your next video. Good work!