Become a Millionaire Making Less Than $60,000?

[Music] well hey you guys a 2023 Yahoo finance survey found that nearly 68% of Americans earn $60,000 a year or less so this just proves that despite what social media is telling you the average person is not making six or seven figure salaries on average so today I thought it would be encouraging and maybe a little fascinating to take a look at some of my favorite millionaire stories from the ramsy show that proved to you that you can win with money making an average salary as the kids would say don't gatee around here so watch till the end if you want to hear the number one secrets to Building Wealth according to the millionaires themselves but before we dive in I'm going to tell you about one of our sponsors Christian healthc Care Ministries because this is a faith-based alternative to health insurance that can make healthc care more affordable and that is Christian Healthcare Ministries chm allows members to share each other's healthcare costs and it's as easy as 1 two three step one choose the healthcare provider that you want step two submit your eligible bills and step three get reimbursed chm members take care of your eligible medical bills with no networks and the freedom to choose your healthcare provider chm is the best option for Christians who want to take care of their families and help other believers find out more at chministries.org budget so if you haven't heard of the r Ramsey Show historically it was the Dave Ramsey Show and that's where my dad would host a radio show every day 5 days a week all over the country and then it shifted a few years ago to the ramsy show and there's other hosts including myself I love this platform because we get to hear from real people their real success stories the success stories as well as the struggles and so if you want to hear these calls and hopefully maybe encourage you when it comes to your financial success make sure to check out the ramsy show and if you've never watched a clip of a debt-free scream which is probably the best it's where people tell their stories about getting out of debt and they get to scream at the end of the call that they are debt free if you haven't heard that I promise you will want to so I will leave one of my favorites linked for you below so make sure to check that out so when people call in to the ramsy show every week again it usually has to do with their money or they need guidance in a certain area of their life but sometimes we hear from people who have just been implementing these financial principles and they're able to share all of they've learned which is just amazing and so a few years ago while we're in the middle of doing our national study of millionaire survey our research project where we surveyed more than 10,000 millionaires Dave took a call from a guy named Dale and he had a net worth of almost $3 million and you're never going to believe how he got there so here's Dale's breakdown he's 69 years old living in Orlando he has 1.6 million in retirement Investments he has $450,000 in real estate $260,000 000 in annuities a $250,000 settlement from an accident a $160,000 in cash so all in all Dale has around a $3 million net worth but those numbers were not the wildest part you guys because my favorite part of the story is that he did all of that by making no more than $48,000 a year yeah you guys I mean that's the that's the highest salary that he ever earned when he was in the military it was right under $50,000 and he's married but his wife never worked outside the home or added to their household income so again it's amazing when you stay the course and you see the progress like that another one of my favorite stories was David the plumber so David was 70 years old and again as you hear these ages you guys these are these are men that have you know done this men and women that have done this over periods of time right so you're hearing the success over years and Decades of doing this so in his case he's 70 years old in San Antonio Texas and has a $1.8 million in retirement through mutual funds he also owns his home and says that he got there by investing a little bit every single month now this call was several years ago and today the average starting salary for a plumber is around $60,000 which is where his average was and he worked hard and enjoyed his time but he was really good at what he did and he was constantly investing again in mutual funds over his lifetime and ended up being in an amazing spot where he was able to retire so you don't have to make your yourself miserable by climbing the professional ladder in a job that you absolutely hate to to earn a great income you guys and to be able to invest for the future so again it's this hustling of feeling like oh my gosh I have to make six figures right out of college and go go go there are people in all walks of life who have different stories experiencing different parts of the world and their talents and their passions and they're making an average mid-range salary but they're still retiring millionaires in fact onethird of millionaires that we surveyed never made more than $100,000 and the fact that teachers are constantly in the top five careers of millionaires it speaks volumes because teachers currently make on average $51,000 a year so it proves again that when you are in a system of Good Financial choices and you're making great habits that is more powerful than having a surplus of cash coming in every month now if you have a surplus of cash that's great if you have great habits but creating those great habits is where you need to start so if you stuck around to hear the number one Secret to Building Wealth it's really simple eight out of 10 millionaires that we surveyed invested consistently in a 401k throughout their career and three out of four millionaires say that regular consistent investing is what ultimately brought them success so it almost is never this get-rich quick scheme that brings you that financial piece it is regular people just like you developing good money habits over time and speaking of good money habits if you've never taken Financial Peace University make sure to do it this is our course it's 9 weeks long and it is so so helpful it teaches you the basics when it comes to money and again it's for real people that we talk about every single day here on this show here on the ramsy show so make sure to check it out I will leave a link for you so again just a little encouragements yes is having a higher salary great sure but not if you don't have great money habits and you're making the right choices when it comes to your lifestyle and your money so you guys can do this remember to take control of your money and create a life you [Music] love

Channel: Rachel Cruze

Views: 51,935

Keywords: the rachel cruze show, the rachel cruze show youtube, money, budget, how to save money, budgeting, personal finance, rachel cruze, save money, how to budget, debt, saving money, save, how to make money, ramsey, finance, how to get out of debt, debt free, Become a Millionaire Making Less Than $60000?

Id: kYQ4zxZtSzo

Length: 6min 37sec (397 seconds)

Published: Wed Apr 10 2024