What Secret Millionaires Don't Tell You - Dave Ramsey Rant
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I live in the mid west. Number one indicator of wealth, patched bib overalls đ€
I own 12 rentals not including my home. Drive a 1998 nissan Quest ( bought used for 4,500) net worth about 5.5 mm. I have been called unassuming before. Net wealth Trumps savings -always !
Your good looking to me ducky. I could not imagine Dave Ramsey looking like anyone else.
Youâve been reported for falsifying info and reporting people. You may love cancel culture, but weâre not having it.
â@@davida9878Happy for you :)â
My goal is to be a millionaire and dress like I have no money. I have the 2nd part down.
Thank you for that comment because it made my dayđ
Chuckle đ€Ł. You made me laugh out loud!!!!!!
Congratulations you are halfway there đ
Doug Demuro enters the chat
I didn't know I was a millionaire until I listened to Dave Ramsey. I still buy my clothes on Ebay (used) or Goodwill and love driving my 2000 Toyota 4Runner! A million dollars is nothing to brag about now a days. "Just buy what I need, not what I want..."
Talk about freaky. One of the coolest feelings in the world is when you know you can pay cash for something you want, but you don't buy it cause your content without it. That's a feeling money cannot buy even though you have the cash to buy it. Freaky fun.đș
Amen...
WELL SAID
That's right. You know that you don't need it---and wanting something is a passing emotion!!!
@@kaohsiung99, doesn't matter if you need it. You have the cash to pay for it cause you just want to buy it but you don't cause you can buy it later if you want to. In other words you have the power to buy what you want but your still content without it. Or you know you could buy it anytime you want. It's really freaky. That's the true definition of wealth. It's like the more money you get the less you want to spend. That's what happens to me. The more cash I get into savings the less I want to spend. It's a weird phenomenon.
@stevenstrumpf7 Not true. I have two minimum wage jobs and walk by stuff all the time. You need discipline
I started to listen to Dave in 2007 at age 52. I wasn't a basket case, but I had some bad money habits and was in debt. He changed the way I looked at money. I'm 65 now and I have been retired for 10 years. I'm not a millionaire, but I'm debt free and all my needs are met. Thanks Dave.
did you have to live like a dog?
Congratulations Rick, I hope you're good man!
Well done mate ,that's the real dream not all of us will win the lotto but being debt free is just as good
I wonder if youâd have been a millionaire if didnât retire at 55?
I got debt free at 45, and in hindsight would have contributed more to Roth IRA vs. aggressively paying low interest debt, including a 2% - $200 car note I was years ahead on.
I didnât start putting money in until 48, and at 50: Iâm between $150k-$200k in Roth/401k/HSA/Rollover IRA, with a milestone goal of hitting $250k.
I did career pivot and invested money back into myself & skills training, making low $100k, and the only debt I carry has been 12-month interest free balance transfer debt which I only used to max out contributions of $30k & $7500 with catch-up. Iâll do it again this year as well, because I canât go back in time for annual contributions, but I do pay that interest free BT off.
June 2021 is when I successfully was hired for new position in IT at $84k as contract & FT in February 2023. Not even 3 full years - I get annual bonus & even a 4% raise, and Iâll pull off another $40k+ into portfolios again this year, with goal of 2 more years - hit 5 years at Fortune 100 company, Iâll definitely be able to leverage myself in job market better & go up $10-$15k.
In meantime, donât be stupid, continue to work hard, and Iâll be on course to surpass $1M before 60.
My only regret was not investing sooner.
My brother, who is a CPA, tells me this all the time. That many of the people you think are wealthy, are broke, and many of the people you think are poor, are loaded.
Same, my father is a CPA.
NFLClip2019 whatâs a cpa , Iâm not from America
@@hhhjjjj1065 Certified Public Accountant
That's awesome
I am a millionaire and I always feel broke.
If I was a millionaire I wouldn't want anyone to know.
That right . All you would have is people trying to scam you out of money.
Scully Fox yup. I am a millionaire a few times over and not a single person I know knows it. I drive a 15 year old Honda with 260k miles on it. I like being anonymous.
You donât need a million dollars to do that. My brother in law is broke and donât know anyone
* when you are a millionaire... =)
All you going to have is people trying to scam you all the time if they know you have money. Dave must question himself all the time. Does this person likes me because I have money? Is this person trying to scam me? I don't even Tell my Girlfriend how much money I have I play poor all the time.
"Very few people who look like they have money actually do."
That's some truth right there. I was a bank teller for a few years and seen first hand how true that statement was. It was always the Escalade drivers and the people with a new iphone every time one come out, that were kiting checks from one account to another. Taking out whatever loans they could and putting up every asset they had, these people would always be overdrawn and begging not to be closed out. The folks that really did have money were flannel shirts and oldsmobiles, ball caps and calloused hands. I was glad for my time at the bank, it was very eye opening..
This is a wonderful observation and should be a hi-lighted response!
Heh, as a bank teller you saw how true that *statement* was?
I just started a bank job a month ago. I definitely know what youâre saying. I always have a good feeling when I talk to an elderly man or woman with hundreds of thousands of dollars in the bank. All I can think of is âgood for you!â Way to manage your money and enjoy your retirement!
Write a book of your experience
I was also a bank teller and I can verify what you are saying. Usually people who had money were also way more relaxed and did not have need to be rude or treat you badly. Usually the ones who thought they got much money were the rude ones. But there is a reason why those Escalade drivers with fance new iphones did not got any money. Their money went to those gadgets.
Save and invest. The hardest part is getting started. Once you do it's amazing how fast it starts adding up.
@@talentoso2212 Really? What its like?? I am young and I dont know anything about investing
@@BlackGoddess143 its very comforting and relieving. It brings a sense of security and a faith that things will work out. It gets rid of the feeling of being trapped. Seeing yourself putting say 300 a month in and in one month you see you've saved 12 000, then a few months later you see 18,000 due to investments paying off. Its like, hey, I might actually get to buy a house or car in cash.
@@crownary3537 a Charles schwab retirement plan/401k. Ive made decent money off of amd and enphase on the stock market. And nio/tesla, and Cleveland cliffs but those are riskier. Solar power companies are also nice.
It gets easier as you build. The toughest part is getting to the 1st million. The 2nd million is half as easy. Getting to $3mil even easier and getting to $4mil even easier. Each $1mil after the initial mil milestone only gets easier. Takeaway: hit the 1st mil as quickly as you can!
Aidan Hodge Science quick question do you stock as full time or part time? Because I am young too and want to do stock but I donât want to do it as I full time job.
Wealthy donât post their vacation on Facebook and social media because they didnât take you on vacation they were just doing their vacation. I love that!
Amen...
Lol yes they do.
Tell Floyd âMoney â Mayweather that.
@@goat7844floyd mayweather is in the 100+ million dollar category lol
There's the old joke where a guy says 'We'll never be rich because my wife wants people to think we already are'.
never heard that one but can relate.
One of my exes was like that. Unfortunatly for her, after we split up, I made my deal of a lifetime and now am what she always wanted us to look like - financially secured for life.
The wife is America. And so is the husband.
Rob Allison My friend's ex was horrible at money. Her whole family was. Her aunts and uncles and dad all filed for bankruptcy to not pay bills. He had to leave that family. Too many baby showers, vacations, restaurants...my head would spin as he told me.
@@sdrjr3562 Hope your friend is doing alright now. I hate the whole 'spend money before you have them'-mentality that plagues so many. In the long run it affects us all when these stressed out debters takes out their frustration on the surroundings.
Money talks, wealth whispers
Cash sings. Always offer cash for deals.
Another lame copy and paste comment made by another poor person. How original.
@@LaSombraa I didn't copy and paste this and I am not poor. I think you are sour and projecting friend.
@Buster
I love that
@@LaSombraa and why do you insult the poor? The poor have more chance to be in the Kingdom of GOD. But if you're arrogant then u only enjoy this life for what... Not even a 100 years
Best financial advice I've heard:
Same house, same spouse, same car.
Commitment is important đ
Agree. Only thing I did differently is I bought a new minivan after I drove my first one for 18 years.
And of those three... same spouse is the most important, if you got the right one!
Kinda prefer same house, no spouse, no car.
Same house, no spouse, new car đ
Being wealthy is not about how much money you have its what freedom it gives you
Correct. Also, the stuff you do not have to put up with.
This exactly. This is why I have invested from day one of getting out of college and going to work for 30 years straight. I could retire now at 53 if I wanted. It's all about freedom.
Exactly.
@@ms8742 No BS...lol
What freedom it gives you
As Wesley snipes said, âdonât let the internet rush you, nobody posts their failuresâ!
I see what you are getting at... But there are thousands of people posting their failures online
@Joe H its not ironic because what you're saying has nothing to do with the quote
@Joe H lol
I posted my failed 1RM squat yesterday
@Joe H He is still rich . Dont get it twisted. He just isnt wealthy or as wealthy anymore.
Every time my bank account gets low, Dave Ramsey videos start to show up in my feed.
There is no fork.....
Lol. Use your fingers, there's no spoon.
đđđ
Are you using your phone or Google to check your bank account? You know Google đ everything you do. If Im on the internet looking for a product to buy & if i do not buy it when I go to CZcams, the first ad is products similar to what I was looking for & I feel like the ad stalks you to buy.
đđđ
When I was younger, I wondered what it must feel like to be a millionaire. I invested, saved, lived below my wages. When I turned 54, I became a millionaire. I did not feel any different the day this happened, the day before or 30 years prior. Life is a marathon, not a sprint. One day at a time.
You and I have that in common. The way I see it, the $ just lets you not have to be perfect. By that I mean, a parking ticket is no longer going to break the bank. Or breaking your arm, etc. I still get anxious when something unexpected happens (which is nearly every month, lol), but I don't constantly have to think, "Ok, where can we cut expenses this month to pay for that fill-in-the-blank problem."
same
agreed but the key, always enjoy the journey. Be smart, stay in your lane and prepare for your future
@@jimhandler1129 Same here as well. đ
@@jays9196 It was always a goal of mine. Took me awhile to achieve. Slow and steady wins the race. No one would ever guess, as I live a very frugal, but debt free life.
Rich people seek wealth.
Poor people seek validation.
it's how my old man was. had no idea how much he was worth until he passed away and then we were like whoa. the most important thing i inherited from him is to live frugally.
How much was he worth ?
God he should have taught you about money
How dare you...your story is incomplete
khadijah jones $500,000
But at the same time we dont take it with us so its definitely a balance thing. Whats the point living frugally and having millions in the bank but never spending on any luxuries and nice holidays. Theres loads of very rich people that have developed the habit of never spending so they are very stingy. Balance is the all important way to go. Otherwise your children and grandchildren will spend it anyway.
I come from the third world. In the third world if you show you have money you get robbed. I live the same way in the US as I used to in the third world.
@Gazpacho Suave We like to travel so there's where our money for fun stuff usually goes
Us, too. I don't buy luxury purses, I don't buy jewelry, and I don't wear expensive clothes or buy them. I don't want to get robbed.
That's why the 3rd world ought to be nuked off the planet.
Traveling is best way to spend your money .
@@glorymanheretosleep Pepega
I have met two millionaires at a personal level. Two millionaires where I have sat down for dinner and met their families.
The first one was someone I met at my church. He was an old fashioned gentleman probably in his 60âs. He owned a coal mining company of some sort and had a side hustle of making man made lakes. He drove an old beat up Chevy pick up.
The other is my current boss. He owns the company that employs me. He drives a beat up Toyota sedan. Wasnât even the nicest car the year it was manufactured. Heâs one of the most charitable person Iâve ever met.
What's driving an old car got to do with it? If you are a multi millionaire than what's the difference between a beaten up car or a $20K nicely used Lexus? Pennies on a millionaire's dollar. Millionaires who drive an old car don't drive it to save money. They drive it because they don't care about cars. And that's fair...
@@mathisnotforthefaintofheart It's not just "cars" that they don't care about. They don't care about fashion, entertainment, expensive food, exotic vacations, etc. *THAT IS THE REASON THEY ARE RICH*. They keep their money!
You've met many more than that, you just didn't realize it.
I always used to look around at what our friends and neighbors had and I would ask my husband where in the world do they get all this money from. He always replied âthere is wealth and then there is the appearance of wealthâ.
So true.
The more you ARE, the less you NEED.
Jean Shepherd i love this quote!
Wow this is profound! Thanks!
Could you be more specific?
The rich stay rich by living like they are poor, the poor stay poor by living like they are rich đ€
@Snow 123 Did you watch - or should I say listen - to the video?
Snow 123 He literally says heâs not talking about people who make over 10 million. You are talking about the mega rich.
Well said.
For those who are complaining about billionaires not living like that, they probably live more like someone trying to be a millionaire, than a millionaire trying to be a billionaire, if thqtmakes sense. Take a look at Bill Gates, Warren Buffett, even Jeff Bezos and Elon Musk - and then compare their lifestyle to that of celebrities/actors, etc (Hollywood types) who make a fraction of what they make. I bet the Hollywood celebrities live more extravagantly, even though they are multimillionaires and not multibillionaires.
For the rest of us normal people, I think the pattern holds true. The thing is that even when rich people DO live extravagantly, buy expensive cars, etc, it's a smaller percentage of their wealth (Dave literally just mentioned this as I was typing it)
It's the classic living below/above your means
True.
I interviewed once at a brokerage where a relative worked. She introduced me to the junior brokers who were...broke...but wore the fancy suit, carrying a latte and wearing a shiny watch. Then while walking to her office, we walked past one of her high network brokers who I later found out was getting seven figures annual commissions and above. The guys wore polos, had coffee from the nearby food court and wore a casio watch.
He did have a suit ready in case he needed to meet clients, but he told me it was bought off the rack.
Years later my relative asked me to drive her to this senior broker's house for a social gathering. He was staying at the corner unit of a long line of attached units. His unit was bigger than the rest but it was nothing fancy. I later found out, he owned all the units, stayed in one and rented the rest out.
Great story. It appears that people with real wealth understand how worthless so many of these status symbols are.
I love it! Thank you for sharing the story.
"Not wanting something is as good as having it" - Socrates
Wow.
Hey stranger on the internet, that quote blew my mind.
Thank you â€ïž
@@trachbeba3488 No problem! Thanks for writing back means a lot :)
Probably better.
thats a bar
Reminds me of âThe Millionaire Next Doorâ by Thomas Stanley. Lots of millionaires are very unassuming, frugal people, who live for themselves rather than for flexing on social media!
Ross Campoli - Leadership & Business Videos yep , great book
That book really helped change my life. At the time I worked for a guy who was wealthy, had a nice but not pretentious home and drove a chevy. He was a great example.
"Stop Acting Rich: And Start Living Like a Real Millionaire" by Thomas Stanley is another great book about this subject.
Exactly! Everyday millionaires really don't have egos, I've noticed. Can't wait to be one!
Bragging too much about your wealth is a great way to get friends and family begging you for money
here's a little secret, we never tell you we're the owner either, just the manager. That way when there's a problem, I have to get 'approval' before I can reduce anything or make any decisions.
100% correct and I am a restaurant owner.
Ok makes sense now, they would always tell me the owner is never here đ€«
I had a high school teacher who looked like a mad scientist and he wore your regular walmart jeans and flannel shirt. It later comes out that he's a millionaire from the construction industry đđđ You would've never known that someone as quirky as him would be worth that much. He was a great teacher as well.
Haha. nice!
I will be part of the 1%. I am an immigrant from Mexico. I will do everything I can to help my family and the people of this great nation. Thank you for your guidance Mr. Ramsey.
And, that is the promise of America. Not welfare for life as some believe.
Welcome! Weâre happy to have you! đșđž
USA! USA! asi debe ser!! saludos!
Good luck, Brother,Kick some ass!
I made a lot of money in my business early and I lived like it for a number of years in my twenties. Nothing but misery, both from the stress of having so much to maintain and all the leeches that came out of the woodwork trying to take it, borrow it, guilt it etc. Now we live a modest life making 10 times as much and I've actually heard from friends that others have assumed I must have went under to downsize so much. I love it, it means the only people that contact me actually want to talk to me.
Rob great job!! Proud of you
đđŸđđŸđđŸ
"it means the only people that contact me actually want to talk to me." very sad and true...money doesn't change you it changes the people around you
@@TopFlightSecurity415 That is a WHOLE word right there
heya Rob how ya doin ;) jk happy for you man!
I'm 60 and have a net worth of just under 5 million dollars. I still don't view that as a lot, but friends and coworkers would be shocked to know that. I still go to the bottle return at the grocery every Saturday.
Love that đ
Excellent - great job. What was/is your secret?
Please teach us your ways
@@sgist7824 im afraid that the thing that contributed the most was staying single and not having children. That allowed me to max out my 401k every single year. I also invested in the stock market outside of my 401k for decades. Ive always lived a minimalist life Buy a modest car and drive it for at least 10 years.
When we were kids and dreamed of being a millionaire, we didn't know what that would look like 50 years down the line. 1M in my neighbourhood is a good start. It is not considered wealth.
Dave Ramsey's insights have been a game-changer for me! His practical approach to financial management has empowered me to take control of my money and work towards a debt-free life. The Total Money Makeover is my go-to guide, and I appreciate how he breaks down complex concepts into easy-to-follow steps.
From Leo: I had an old man in work clothes looking at a car on our lot. He picked a nice car and wanted to write a check. I called the bank to verify the check and the branch manager said if that guy wanted to buy our dealership, his check would be good. I learned then that not all millionaires are the Hollywood Glitz types.
Love this story! đđ
Brilliant..how old is this story ??
Great story.
@@virtuosowins 1977
YES! YES! YES! I've been saying this for decades. I used to be a loan officer & underwriter for quite a few years and after digging through a thousand peoples income/ debts & other financials, most people are one paycheck away from ruin. Especially the guy that pulls up in a Mercedes.
Of all my wife and my siblings, the brokest one drives a three year old Mercedes. The richest one, many millions, and his own construction company, drives a five or six year old Ford F-250 pick up truck.
@ Phil 556 sorry, but that's a silly statement. You used to be loan officer and you tell us that MOST PEOPLE are one paycheck away from ruin.? No. Maybe that's true of the types of people who were applying to you for loans, but they are not "most people". You are like a hospital nurse claiming that most people are sick, because that's all they see every day.
@@daleviker5884 Your opinion, that's fine. But all of the macro data suggests that I'm right, in addition to my personal observations.
â@@phil5569I think Dave Ramsey would agree with you.
When people know your financial status they dont hesitate to find ways to access your money without the slightest care for how you manage your money! The less people know the better!
TRUUUUTH!
Very true indeed.
Yep which is the core reason young pro athletes are prime targets
Truth. My ex was extremely frugal and loaded but I had no idea how much he had because he was very secretive about it. showing off only attracts the wrong type of people.
Just like the government
Flashing your money is one sure way to lose it quick. You'll get every gold digger, con artist, and down-on-their-luck distant family member knocking on your door.
Thatâs why a lot of big lottery winners go bankrupt or get killed.
@@choreomaniac Even get killed? Really? If true, that is awful.
You can be miserable in a big house , nice car and in a relationship, but you can also be happy in a small house , old car and no relationship.
My Dad used to always say "No one needs to know what you have". I've always taken that to heart.
I always come here when I start to fall into the mind trap of wanting to spend more just so I can have nicer things. Dave Ramsey's rant is always a nice slap in the face to bring you back to reality.
Amen to this đ€
Yes!
If you have money get some nice things. Don't let this clown stop you
Me too
@@calebmelton5989 t. Broke
I used to be an office manager for a plumbing company when we got a call from the "up scale" part of town we toold them the terms were CASH. A lot of them hung up. If we got a call from the working man's part of town we would leave them a bill and it was always paid by the end of the month!
My brother told me a story about an investor who would not pay the contractors, fire them 1/2 way, etc. One way to get rich I guess..
@@josephrichardson4678 You don't get wealthy messing other people over. You may get that way for a few years but it will catch up to you eventually. Mainly because no one will eventually want to deal with this person.
@@josephrichardson4678 Not sure how true this could be, Contractors can place Mechanics Liens on properties when customers don't pay. Mechanics Liens are available in all 50 states and the District of Columbia. Although each state will have different laws regarding these types of liens.
@@lanmandragoran8552 I personally think that folks that stiff a working person are the lowest of low.
Manager at an auto dealer in Phoenix once told me about Alice Cooper riding his bicycle to the dealership in his long hair and jeans. Couldn't get the time of day from anyone there and went across the street to buy the nicest car on the lot.
'The valet isn't impressed - until they get the tip.' Love it! So true.
I remember an episode where D.R. congratulated a caller for being an everyday millionaire. The caller was polite and asked if it was ok to buy a tablesaw. Thatâs the kind of humility I appreciate.
Iâm 21, invest half my yearly into Roth and am paying for school in cash. Iâm debt free and building my saving for my first house (hopefully a duplex, to rent half).
You're way ahead of your time!! Good for you!!
you got this!!
Fantastic đ
If you are doing that now at 21, you are going to be a millionaire. No question about it. Keep it up.
You can buy up to a 4plex with an FHA at 3.5% down. Good luck :)
"Too many people spend money they haven't earned to buy things they don't want to impress people they don't like"
Will Rogers.
Will Rogers never said that. I started it on Zerohedge a few years ago. Spending money you don't have to buy things you don't need to impress people you don't like. It's the American Way.
@@mrdanforth3744 you should take a queue from one of his other quotes, âNever miss a good chance to shut up.â Will Rogers said that more than 75 years before Zerohedge even existed. I think you are mixing him up with Roy Rogers...
@@insideoutsideupsidedown2218 Citation please? I know what I said and it was original at the time, if I was anticipated I would like to know about it.
@@insideoutsideupsidedown2218 âBetter to say nothing and be thought a fool, than to open your mouth and remove any doubt,â Mr. Danforth. Iâm quoting someone, I know not who, but everyone knows did not come up with that quote. You werenât even born yet.
Health is the greater wealth along with time.
Buying too many things isn't good for your health.
Iâve literally only watched Dave Ramsey videos for a few days straight, I donât even have debt or money issuesđ
Bianca Bee which baby step are you on
Something brought you here for a reason...
think of how you can improve something in your life with his content
Have a great day =]
Bianca Bee - That's good, this way you will never fall into the same financial mess most of his callers are in. Preventive medicine đ€
Yet
Allah The Moon God Nah
I have a co-worker who always brags about branded stuff he owns. He doesn't believe in savings or investment. A month after he bought a brand new suv, Covid-19 strikes. Wife lost her job. He became a very different person. Can't think straight anymore. Always worried about losing his suv.
Sometimes wanting things is more fun than actually owning them.
I felt that about my wife.
Exactly. Like the bread maker that gathers dust on the kitchen counter.
I know exactly what you mean. The world would be a depressing place if you only had the best of everything and had nothing to admire.
Spock from Star Trek episode, "Amok Time": After a time, you may find that 'having' is not so pleasing a thing as 'wanting'. It is illogical, but it is often true
100% true.
People who become millionaires didnt get there by buying designer clothes, going on vacations all the time, driving fancy cars
Tyler Hern can you call my wife right quick?
Plus, most of the people he is talking about have the majority of their money in retirement. They donât look like millionaires because they canât spend any of it. There is a huge difference between a million in non-retirement money and a million in your 401k.
Dawn T exactly thatâs why Iâm mostly investing in a taxable brockage account so I can touch it anytime I want
I'll be an everyday millionaire and I do all those except the fancy clothes.
fake it til you make it
If Dave saw me in WalMart right now he'd tell one of his guys "That's an Everyday Thousandaire..." but I'm getting there.
2skyland ??? You dont have a thousand right now?
Gotta start somewhere!! đđŸ
I just copy what the rich do. My first two houses cost less than my annual salary. I bet you can guess what I am planning on. Next stop business owner.
No need for the explanation
If a person/couple is out of debt, including their house, and have 6 months of expenses, I'm impressed.
' They seldom post their vacations on Instagram for you to see because they didn't take you on vacation'. I do love this. I wish more ppl would follow this advice on social media.
Thatâs us. People donât need to see what we did and where we went to spend and enjoy our time.
Plot twist:
Quit social media all together and then youâre not even troubled with seeing people of that mindset
What Dave said here is so true. Back when I was in my 20s making $33k/year, I was driving a $40K car. Today I am in my 50s making $200K and am driving a $28K car. In my 20s, I was trying to impress people, even if it made me broke. Today I enjoy finding the cheapest way I can to live and watching my assets grow.
You got to the point where you could afford most of the things you want, and realize that you don't need much.
This guy is in here preachin.
"Act your wage." Had me rolling
My spouse and I drive a 2011 and 2014 automobile. Every time I want to buy new vehicles I have to watch Dave. There is no better car than the one paid off.
"The valet is seldom impressed... until he gets the tip". Should be printed on tshirts. By the way, I want to thank Mr. Ramsey because a little over a year ago my wife and I promissed to pay off our debt of almost 30k. We paid it off this month, following his advice on his podcast.
Congratulations!
My husband and I read a life changing book early in our marriage, The Millionaire Next Door. It has influenced greatly how we live and save. Wonderful to hear you with the same message many years later. No one would guess that we are well off, except maybe those charities we support.
I'm 50 years and I retired at 46 as a Millionaire. The secret on how I was able to do this was because
I understood Four Principles of Financial Planning Success
Think long-term with goals and investing. Spend less than you earn.
Maintain liquidity (an emergency savings).Minimize the use of debt.
All you need is a pro.
Michael Adams Jay would help you out
with all you need to know he is a guru.
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"They are not living their life to impress others." Such an important concept to building wealth and enjoying life.
I would call the first level of wealth being debt-free and not being worried about regular bills. When I got that far I gained incredible peace of mind. Dave is right in all this; it's typical living below your means. I am doing very well, but my car is 20 years old, I bought my shirts for this entire year on a post-Christmas 60% off Gap sale, and I bring a bagged lunch to work with me. I could quit now but plan to keep going for about another 10 years. The average person wouldn't think I was wealthy based on how I carry myself.
Stealth wealth is what it's all about. I buy ties at Salvation army, never use vending machines, never get food delivered, and add water to my juices. It's all about spending less than you make, staying out of debt and investing as much as possible for the long term.
Great for you, but perhaps you should consider loosening the purse strings a bit.
And your frugal habits will ensure you stay financially comfortable. Good for you!
@@slmunney7760 why
I like how he always talks about his âfriend worth 200 million dollarsâ and itâs really about him lol
When you finally reach the point when you can afford that fancy car or the trophy house you get them and realize that it doesnât make you any happier. Itâs just stuff.
G : exactly.
100% More people need to know this. I grew up lower income 1 bedroom 1 bath duplex with mom, dad, sister and myself. Slept in the living room until I was old enough to move out. A couple of years ago I started earnings life changing money and started buying stuff: Nice guns, atvs, new truck, 2nd car, etc. None of it made me happier. I even went into depression because I couldn't understand why I wasmy happier.
When you finally reach the point when you can afford the fancy car.....you dont want the fancy car. Hahahaha đâ€đ§Ąđđđ
@@heatherluna5075 Facts
@@chrisginoc yep....yep....and yepđ
"What Secret Millionaires Don't Tell You"
That they're millionaires?
Lol
Shhhh don't tell
Yes. Read the Millionaire Next Door
Josh Armstrong exactly đ
Exactly
Money does not bring you happiness it brings you options, what you do with those options may bring you happiness.
it buys you a certain amount of freedom.
@ Hilden Johns That's well put.
Being rich is not the road to happiness, being happy is the road to riches.
Maintaining your health adds to keeping that happiness going.
I have a small house, a 13 year old car and retired early. I'm not a millionaire but I'm blessed and grateful. I don't buy designer clothes, take one really nice vacation a year and try to save as much as I can. I wasn't a saver when I was young but got real in my 40's and never looked back. You can do this. Just prioritize and stop living above your means.
This inspired me thank you!
This is so motivating!
Iâm aiming to hit 100K net worth at the end of this year đ€đœ
Here here!
@@AlexBridgesKiev Here here what? :P
@ It means congratulations. Its slang.
@integr8er66 oh, I really did not know that! Thanks!
Iâm curious about the origin of that expression
@ ya, I think it's origen is English, meaning brittish, but not sure, I have heard it in theaters, as people clap
Always remember, donât get so caught up in becoming a millionaire that you forget to enjoy life. Manage your finances well and treat yourself from time to time.
I am becoming wealthy because of this man! Thank you Dave Ramsey for being you!
You are becoming wealthy because you changed your thinking.
True, but Dave's a good cheerleader that helps some to stay focused.
I'm still not clear why this isn't obvious to all adults
"One person pretends to be rich, yet has nothing; another pretends to be poor, yet has great wealth."--- PROVERBS 13:7 KING SOLOMON
There is that maketh himself rich, yet hath nothing: there is that maketh himself poor, yet hath great riches.
Sheesh đ„đŻ
@@Drummerjl1 I LOVE the Book of Proverbs and Ecclesiastes. Biblical wisdom does it every time for me.
One of my financial advisers told me I have been blessed with the gift of thrift. He knows my wife and I both drive used Hondas. He knows we don't spend $180 on a pair of jeans with holes in the legs. He knows how we paid for our kids' college. He knows how we paid for our house. He also knows our net worth and how we accumulated it. I told him we buy quality stuff when the quality matters.
It also helps not to have expensive hobbies, like fast women or slow horses.
The bigger the holes, the higher the price !
I would never purchase jeans with holes in legs....so laughable!
@@Javeec đđđ think this went over a lot of heads tbh
I genuinely mean it when I express my stress and concern regarding the market crash and high inflation, particularly in relation to my retirement. I have been experiencing losses for quite some time, and while some may argue that crises can present opportunities, I am feeling overwhelmed. However, I understand that investing is a long-term endeavor, and it is crucial to maintain focus on the bigger picture and the long run.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $760k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
how do I get in touch with this consultant that assist?
STEPHANIE KOPP MEEKS, that's whom i work with look her up and thank me later
Thanks for the info . Found her website and it really impressive
Anytime I started to do well, I had friends and family climb out of the cellar asking for assistance as if I'm Bank of America. It is infuriating and frustrating...these same people couldn't be found when I was living on ramen noodles and using multiple blankets so I wouldn't have a huge heating bill! What's worse..they act as if I owed it to them. Now older and wiser...I keep my mouth shut, I am not as accessable. NGL..it still hurts. My finances are better now. If I was a millionaire, I would still keep my mouth shut!
I have more respect for a rich man that acts likes he is poor.
Eddie âacting poorâ sounds like a disguise. No one wants to âact poorâ which is rice and beans every day. Maybe Raman soup. 2 pairs of paints. Watering down soap and detergent to save. Rich people donât do that.
@@Brazillianboi69 thats not what he means man
I know what you mean...a person who doesn't flaunt what he has and is down to earth!
Like Dave said, the term is "unassuming".
@@Brazillianboi69 I am not talking about penny pinching. I am talking about people like Warren Buffett and Sam Walton.
I love my used Camry. Some of my friends have corvettes or jaguars, but when we go out together we usually take my car because it can actually seat more than 2 comfortably (or because theirs are in the shop getting repaired).
Not only that, Iâd be worried about people dinging the doors.
elmateo77 we take regular cruises to the Bahamas on our boat, but itâs used and our cars are all used and we already have our retirement income stream coming in (since age 52). But, we have friends who all drive brand new Cars, and who take one week vacations, and who spend like crazy on shiny baubles, who canât understand how we go away for a year. Many, like people here, assume we have family money we donât talk about. We donât.
99 camry and 2011 camry here. Cars are a waste of money.
This is so true! We are one of the "secret millionaires ". I drive a 16 year old Prius, usually buy my clothes from discount stores or even thrift stores, and we have a budget and actually follow it. The main thing is to ALWAYS live beneath your means and invest wisely.
Understated luxury......Toyota can have same features a Mercedes does.....and much more dependable.
Itâs very simple......do the opposite of what the majority does. Because the majority of people just look around and do what everyone else does.....and donât even realize that their thoughts are not their own. Think for yourself
Exactly. I owned a gorgeous MB but shuddered at the maintenance cost - I ditched that car asap and bought an unassuming Toyota that has 95% of the features. Love how cheap it is to drive it.
Iâm not wealthy but itâs so cool to have control of your finances and not have debt. Thank you, Dave!
I can usually tell when someone is secretly rich by looking at their face. they have faces that lack stress, worry and other negative emotions. they just have a flat face. that's how you know if they are rich, regular people or even rich people that are in debt have worried or unhappy faces.
Or they might just be plain rich idiots.
No happy faces?
The valet is unimpressed until he gets the tipâŠ
I like that.
Help others when you can
Coming for someone that used to work for tips, I truly enjoy tipping heavily to folks because I know how it really made my day back then.
When I was younger I too was fooled by thinking the people who have the nicest things had the most money, now that Iâm older I know itâs the exact opposite đ
There are millionaires that do drive expensive cars tho simply because they like it.
@@ClaireLoprensa Yes, though I assume that for the sensible ones, those cars are well within their means.
Absolutely true! My ex-father in-law was a very wealthy doctor, however, the whole family lived way below their means. He would even buy the demo cars at dealerships(with cash, of course). They lived in a nice suburban home, nothing flashy.
My goal is debt free with a house and any vehicle without peeling paint (unless it's an old pickup) and my wife and son not worried about spending to much at the grocery store.
@Gazpacho Suave Simple, yet awesome!
Once you get there, you can set your sights higher.
My goal now is $1,000,000 net worth by the time I'm 60, and 750k of that in cash and stocks. I'm 54 now and right on target. Can't invest in houses, they tax them too much, land is much cheaper to own.
I walked in the bank the other day in just what I wear, jeans and a sweatshirt and talked about how I needed to diversify my account to stay under the FDIC ins limit. The lady was funny, she was just talking normal to me, then once she pulled up my acct it was Mr. This and Mr. That. đ It goes to show you $ does make ppl treat you different.
@@integr8er66 You don't get to take it with you when you die.
@@SomeGuy-sy5sj But you do get to earn it.......
Unfortunately, I do have some family that would try to weasel their way onto my vacations, get me to "lend" them some cash, help make a car payment......I keep my finances private. I love my family no matter what, but that is a boundary I set!
(Not a millionaire yet but doing pretty well for myself now)
Got a bunch of weasel family and coworkers too. If they knew, they'd feel entitled. My secret is best kept that way. They worship fake rich people. I just keep my mouth shut and stay humble.
They don't tell you that they're millionaires
No shame on growing old Dave!! Shame would be not getting wiser!!
Keep sharing those secrets!!!
True!
I think he was just being self-deprecating.
I love seeing people in my small town that act like a million bucks with their big fancy cars. They try to impress me or whatever because I drive an old Toyota 4Runner. They are broke but look rich. It makes my day seeing how much people really care about impressing others. I could care less and I just want my kids and their kids to love a comfortable life financially.
My step-father, who managed vacation properties for people on Cape Cod always said the same thing: "The people with real money here don't look like it, they don't flash it around."
We love Dave, he speaks the truth. When you visit Ramsey solutions and Dave is broadcasting . He will come out on every break to meet the visitors . Dave saved us and got us on the correct path follow his advice and it is possible to get out of debt.
I get the impression that he has advanced so far, and yet he has never forgotten his own mistakes and hardship. Top man.
My wife asked me to buy her a fancy purse. I reminded her we're not millionaires yet. So I gave her a biscuit instead. It's all about ratios..
What did she say when you gave her a biscuit?
Hes single now
@@SuperGabrielMorales Saves more money now
@@mcamila1993 she probably replied with something like "I'll do the same, so you can go *fcku* yourself with it next time you ask!"
Now she's with another man with bigger ratios, if you catch my drift.
When a potential financial advisor pulls in your driveway in his new leased Range Rover, don't open the door. He knows nothing about building wealth.
jrossi9250 Not always the case, though I know what you meanđ€ Only he really knows if he can afford that Range Rover or not. We can make a quick assumption and be totally wrong.
Donât judge a book by the cover. It could be a present, he won the lottery and still wants to work, itâs his partnerâs who has a great job and they are financially very comfortable.
In my country they've come yo realize that most financial advisors THEMSELVES are just scraping along, not much better than paycheck to paycheck AND MOST have bought shares that have lost them money...... people really question these guys ability to give advice.... starting to become known as "glorified accountants".
There are plenty of BROKE financial advisers.
The valets are very impressed with my 1985 Mercedes-Benz 300D. Recently in Montreal, the head valet stated the car was so meticulously maintained and such a classic. He understood. He was best happy with the tipđ
I live like an animal to save anything I can and I told a guy at work that is in love with debt that I'll be a multi millionaire by the time I'm 50 and he said no you won't. I feel bad for him because I'm 12 years younger and know more.
The millionaires that I know, including myself, don't live like one would think a millionaire would live. I guess billionaires live like millionaires. Millionaires that live big, usually end up poor and their millions usually came a little too easy and fast.
Well said.
Yes, good point. Hence why we see so many celebrities and sportsmen ending up broke.
My mom used to work in a department store and she used to say the customers with real money were understated and very courtious however those who wanted you to know they had money were rude and demanding. A lot of times those people could not pay their bills.
I knew someone years ago who was single, in his 40âs, and used to lease hire a Ferrari while living with his parents in their council house! Since then Iâve never trusted anyone with a flash car because so few people actually own them outright đ
100% right! .. Everyone on social media posts their lives like their living like a celebrity when in reality their broke.
Read âthe millionaire next doorâ changed my life and it tells the real story of how high net worth people behave and how they live.
I read it 2 years ago. We a good book. Very interesting.
In '79 I was in Rogers, AR - I was walking into the Walmart and saw some dogs in the back of an older green pickup. My little son (1.5 y/o) said "... oh doggies..." and was real excited to see them so we walked over - there was an older guy walking up (he looked harmless) and I asked if his dogs were friendly with kids; he said sure! We chatted a bit about what makes a good dog while my son petted them, and kids - then he asked what I thought of the store and I told him. We were laughing and chatting a bit before I said thank you but I had to go. This took all of about 3 minutes ... When I walked in there were 3 people I knew (who worked there) waiting and wanting to know what was said. I said " ..nothing - we just talked about dogs and kids and stuff .... why? what up?" they told me I had been talking to Mr. Sam .... I had no idea who he was at the time ..... unassuming? you bet ... and kind to me and my son ....
Great story! Thanks so much for sharing.
His kids are nothing like him.
@@glorymanheretosleep unfortunately that is often the case. The person who built the wealth respects it. The kids do not have the same resepct. Sad.
Great story from a time when people loved shopping at Walmart âŠ..fast forward to today, people resent the Walmart experience but shop there only to save10%.
PasadenaSue basically spoiled kids who grew up thinking(and possibly still think) that they're better than everyone else because they had rich parents.
I'm 28, hit $1m net worth this year through a combination of very prudent saving (helped having good finance job as a research analyst) + strong investment returns. Was a broke student with $50k student loan debt 6 years ago. Only people that know are my family. I live a pretty happy life without spending lavishly. I prefer going on holiday backpacking with friends (pretty cheap trips), live in a pretty normal flat with a friend (could get a bigger place, but having fun right now with this set-up). Only lavish thing really is my motorbike (c.$8k). Having the financial independence to pack it in any time you want is incredibly liberating and worth more than any designer watch, clothing or fancy iphone.
What investments?
@@Nick_Dole good for you
Now that you have a million net worth it's no big deal for you to go buy a fancy watch , designer clothing or iPhone now. Just buy one used at a good price so when you're sick of it you can get close to the same you paid for it maybe even more. Than it was free. When you have cash, you have the freedom to do that.
How did you do it man? Similar boat as you and Iâm 23 now
FireStrato a house that gains value and save