Dave Ramsey Best MILLIONAIRE STORIES Compilation - Part 1

so forth at the commercial break and said hey he would jump on hey Dan how are you good sir how are you better than I deserve where do you live south of Washington DCS other Maryland okay cool so you want to join the conversation because you've done this - yeah I happened to be walking in heard the topic it's like wow I knew answers in some of the questions so how much is your net how much is your nest egg my wife and I were a little over two million or right at that amount okay excellent and how old are you 51 just if t1 okay so you've been working what 25 years about 27 about 27 years all right cool and your income now household income that's a little over 200 okay and what was your average through that 27 years would you say I would say our average household was 90,000 okay all right she never you didn't average over a hundred and what do you do for a living what do y'all do for a living both of you I'm a systems engineer and my wife's a financial analyst okay very cool very cool and so did you what is the money and is that your 401ks and my mutual funds or what what's it in it's a 1.2 mil in all retirement pretty much mostly mutual funds a little bit of stocks I would say it's conservative as well relatively conservative not full-bore stocks the rest is real estate we have a home rental property and also we bought a condominium at that Beach about five years ago and started listen to you about five years ago and a lot of that was a leveraged or debt just recently paid off a couple of weeks ago I would have tried to do the debt-free scream piece but my wife said you're not doing that without me unfortunately she couldn't be here today okay well we'll schedule that later for you we'll get you back on that's fun so you're debt-free of course I haven't asked the other people that and then I should have done that but um they all are okay James study that we did check with them all right and so this is 401k money in return rental real estate basically and your home and so you have a good match at your companies over the years not spectacularly a three to five percent and okay did you have any one big hit or did you inherit money or did you start with wealth no didn't start with wealth but uh you know I grew up in Maryland went to University of Maryland my parents did pay I lived at home but my parents did pay for tuition then which when I started in 1982 it was like about $700 a semester and so I did have to had no college debt or anything like that uh-huh so I took advantage of being in state I guess I've always thought financially and the compound interesting the interest piece on my eye and what kind of things it does inspire you the first time you understand I put Ben and Arthur in my first book and I've tried to use that chart ever since when we're teaching about this because it just shows you the power of saving money and when you start talking about saving a hundred bucks a month you know that that turns into a million dollars you know and you know for those for that number of years and really that's right where you are you're a little obviously double that but but so you don't attribute this to any one big thing I mean you didn't like strike it rich at the poker table or have one stock that went through the roof or something like that no there's no get-rich-quick and that shooting hit the lottery not at all it was all live below I mean some some of my family I'm sure thinks I've been chief through the years but uh the only new car I bought was right out of college got kind of signed up it's like that's the thing you do but we bought one other new one but that was a with cash everything else has been with cash never had a car loan or anything it's kind of nice to go in there not have to worry about that so no student loans no car loans the whole time no okay so staying out of debt enabled you to do this you guys take vacations modest modifications we're looking to take more now well you got a beach house so yeah yeah we go there a few times a year for sure very cool so you're listening I'll say the same thing to you I said to the other guys there's a 24 year old version of you out there listening right now what do you tell them how did you become worth two million dollars don't try to keep up with the Joneses live below your means always before looking apply yourself at whatever your career goal is and uh as I've gotten older and I wish I had known younger you know really work with your spouse and be a team that helps a great deal very cool dan thanks for jumping on the mic hey Allen tell me your story what's your net worth hi Dave it's great to speak with you thanks so much what you do thank you then that works I guess my pocket compared to those last year I'm just a 1.2 million now I'm not 60 years old okay and what's it invested in well 800,000 retirement accounts roughly 200,000 and liquid assets and then the balance of it is in my house cars etc there's no good all right very cool very cool and what was your average income through your working lifetime sir it vary greatly during most of that time I was 100% Commission salesman and so it if I had to average it out it probably between 80 and 90 okay did you inherit did you guys inherent money now no money inherited no all right so what do you attribute the fact that you're a millionaire in America where people say that can't be done now well it's it was pretty simple for us really we we just never changed our lifestyle to any great degree because I was 100% commissioned you never knew you know you're only as good as your last sale so you always try to keep a good rainy day fund well the rainy day fund just kept growing and growing and growing the rainy day fortunate because God has been very very good to us and we give him the glory the rainy days have had been few and far between so we've just met able to put the money away very cool how much debt do you have now and how much debt have you been in through the years zero and the debt now we pay the house off over ten years ago and I just I could never tolerate that even before it was it was cool I just I just couldn't take that I couldn't I couldn't reconcile in my mind increasing my lifestyle through debt I it just bothers me to the point where now I don't care everything is everything is paid for and that's the way I like it how many new cars of y'all bought in your life well we keep our cars for ten years so we general will buy newly I we plucked three two cars and truck okay and trucks will work it's it's 2008 it's got a hundred thirty thousand miles on it still nothing like the day I bought it so I'll keep it for quite a while what part in your financial plan does generosity play well we tried of course and we've got to the point now where we can we can help out our family members when they need it and it's such a blessing to be able to do that to be a resource for people when they truly made it my mom I had issues with my mother she says she's in poor health and I'm able to help out and it never is a burden for us so we praise God that were able to do that what's the most ridiculous expensive thing you all have bought most ridiculous expensive thing I guess it'd have to be one of the cars I mean we bought a top-end car and we probably could have saved a little money by buying a little model but it was just a Honda Accord top car yeah if we never we never spent a lot of money we just my wife is very frugal I had to give her a lot of the credit because she'll come home with the American 37 years she'll come home proudly from the grocery store every time and tell me how much she saved with coupons she's a coupon clipper from way back and she never paid full price for anything so would you pay for your last pair of blue jeans well it was in high school so you don't wear blue jeans at all yeah I wear blue jeans but my wife okay what's your wife's pay for your last pair of blue jeans he'll probably 10 bucks the ones you're wearing like today well you know khakis today the ones that get one day probably $20 okay all right what is your recommendation to a 25 year old listening to you right now don't change your standard of living when you get a raise put the money away don't bite on the and all the commercials and say you need to you need this you need that to be happy because it's just what do you say to people that say oh I need to live today if da heck with tomorrow I don't want to be sixty years old for them and joining this well tomorrow will get here and when it does it's gonna hurt so you got to be satisfied with the small things it's like God tells us in Hebrews 13:5 keep yourself free from the love of money and be satisfied with what you have very cool now contentment is a key thing in people that build wealth I've noticed that over the years and it's it shows up often in these hours Alan you're a great American success story you and your wife God has blessed you sir and he's blessed the the diligence that you put into this and I appreciate you sharing your story Rachel's with us in Denver Rachel welcome to a millionaire themed era thank you for joining us thank you Dave glad to be on what is your net worth just actually a little bit over three million now awesome very cool and what's that invested in it's invested in real estate and 401ks IRAs annuities funds how much of its in your 401k I'd say probably about a bit ten percent about ten percent yeah about three hundred thousand so where's my where's most of the three million real estate we've got actually quite a bit in cash the IRA and pretty much so how much did you inherit zero and how old are you guys I'm at this turn 57 and my husband just turned 66 okay so throughout your working life time what was your average household income about 95 to 150 thousand a year but right now we actually are earning two hundred seventy five thousand year with four income sources different things we're doing yeah you should if you make if you have three million dollars in assets yeah that's right and what career field were you guys in well I started off in marketing but now in my IT program manager and my husband has been in sales the whole time marketing and sales and IT okay and what's your degree in my degree is actually in marketing what about his in liberal arts English gotcha and what was your GPA mine was actually I worked full-time and with the school at night but still ended up with a 3.6 okay what about his about 3.2 okay cool and how much debt have you guys used in order to build this wealth I mean we have two homes and we paid off one home already so just two mortgages on homes that's it mortgages resolved how many new cars have you bought in your life we well that's interesting I've bought a lot of cars in my life but we have five cars now all but one to two years old and one of them to our current one is we bought from the dealership manager she was using it as a demo but before you had the wealth how many new cars did you buy - probably about ten okay so you bought a new car brand-new cars a lot no no never new we're gonna you know 0-0 new o 0 and you have five cars now yes very well you showed you have three million dollars good for you that's cool what's the most expensive pair of jeans either one of you have ever bought well I've purchased at high-end consignment stores that's only where I shop mm-hmm and I'd say the most expensive is 30 but they were high-end so they were very nice but they were still 30 at consignment stores so that no one knows yes you're wearing them so it might have been a $200 pair of jeans yes exactly what you paid 34 right so what is your generosity pattern you're giving pattern look like in your life no Dave my generosity has been to our synagogue and then the Diabetes Foundation and quite frankly we give to the Republican Party you know CH I'm sure the American Dreams gonna be there for our kids I view better giving it as well I don't disagree or investing one of the two but giving is a type of investing so I love it good for you all right fun so what do you attribute your ability to start with nothing all those years ago averaging a hundred and twenty-five thousand dollar a year income and now you're 57 years old with three million dollars how do you tell people how you did that I treated it to my parents they were great role models they are great role models are still living my mother has an incredible work ethic and my father that always told me to purchase items with cash only so I would say a great you know intact family really good parents but also sacrificing I sacrificed a lot I worked well I went to school and overall that's what I would say but always living the low way below your means talk to me about the math though because a lot of people sacrificed a lot of people work hard and they don't have three million dollars well how'd the math work on this how did you end up with three million dollars well doing two three four sometimes five jobs at a time okay my husband gets security now he also has a full-time position I have a day job as a IT program manager but I also have a side business as a career adviser so you know then you guys are sorry yeah accordingly there's a bunch of this was in real estate so you throw it to real estate hard didn't you like you do yes yeah okay so you've made some money on your real estate I guess yes sir okay all right good good so real estate is investing and saving but a lot of hard work and a lot of just living on less than you make and exactly to be able to know the cash flow both kids of ours are in State University right now so cash flowing that sounds going to go to medical school and we're going to cash flow that and whenever when you're hearing when you hear one of these people in the political realm say stuff about the wealthy the wealthy the wealthy the wealthy how does that make you feel you know it really is disconcerting because they don't get it and it's it's a shame because if more people really understood that they can do it too versus thing you can't do it you're just a ninety-nine percent IRR and you're always going to be minimum wage they kind of almost keep them down but the true story is working hard does pay off sacrificing does pay off and I think the politicians need to get on you know on the task with the fact that there are people doing it and they need to stop mining yeah amen all right very cool thanks for sharing with us Rachel I appreciate you joining us hey Dave thank you for all you do we really really love it we appreciate you very much for being part of this it's a it's a big deal to do these millionaire themed hours Jeremy and Victoria are with us in Denver Colorado welcome guys thank you Dave good to have you so what's your all's net worth about 1.2 million about 1.2 very good and what's that invested in part of that is retirement investments about four hundred thousand there and then another little over six hour thousand in real estate oh we oughta rent a property our primary residence okay very cool very cool and how old are you guys 36 and 33 Wow you're young millionaires excellent and what has been your income through your working life average average is about 150 but started out you know in that 50 60 thousand and when I started my working career and I've been in sales and every year have been able to increase and increase and really increase here the last couple years so you're in sales and what does Victoria do full-time mom okay yep and so Jeremy what's your degree in how about marketing degree okay and what was your GPA somewhere around 3.5 okay alright and talk about that what part debt has played positively or negatively in this equation no the only that we've ever had we both came into our marriage debt-free with no loans college loans loan we had outside of our mortgage was a was a car we bought one new car when we first got married and that was the only time paid it off early and and and that was that so we we we've done our best to live by your principles going through FPU early on in our marriage and then going through it again here about about in three years ago that's kind of where we got on this path the wine to uh to get rid of the remaining debt okay so that's when you got the house paid off huh yes we paid the rental off and then last year we paid off our our primary we were lucky enough to get to call and give you our debt free straight I'll see you there that free screen very cool so you've done by things now that free scream in the millionaire hour that's neat yes sir well there's probably a correlation there that's awesome so did you inherit money no no we neither one of us did we're first generation okay all right and what part did giving play in your all's building wealth it played a large part you know our once you learn that early on that this our money anyway kinda like you talked about it's a lot easier to give it away and so we try to manage it the best that we can some months are giving is equal to or more than what we live on and when we started our journey we committed to increasing our giving as a percentage of our budget each year and so God has just continued to bless that Wow so you start with the tithe and then you go up from there yeah okay I love it very cool what's the most expensive jeans you buy Victoria Oh probably 50 $60 very cool that's good good how's it feel does it feel weird to be a millionaire yeah a little bit I mean at 33 years old you're a millionaire we've been very very blessed yeah you have been that's how it feels is blessed so talking to people that are your age group or are you know in their late 20s or whatever what what do you what are you attribute this to tell them the secrets of the millionaire because they're not secrets right but tell them what the principles are right I think what Jeremy said it's assuming you realize that that's not your money anyway just makes it so much easier to manage it well um live within your means you know no matter what you make you have to live on less than what you make and you know be able to save and give and assuming you will figure those you know a few key principles out the sooner it can happen does it sound weird when you when I say out loud that if you keep on the track you're on with no huge catastrophes or tragedies that you're probably going to have 20 million dollars when you're 70 because that's where you're headed you realize that mathematically that's what should happen and that's with no huge you know that's without you know you know maybe you don't make five hundred a year you just keep making about what you're making you don't even you don't double your income or anything and you probably will do that actually the is my guess but congratulations you guys thanks for thanks for being a great American success story first you talking about these and giving us a chance to come on and share we hope it's encouragement to others it absolutely is no question about that Carolyn is with us in Allentown Pennsylvania another one of our millionaires what's your net worth Carolyn hi Dave our net worth is about 1.25 cool what's it invested in our house is worth about a half a million dollars we have about six hundred fifty thousand in our retirement we have forty five thousand dollars in the college fund for our daughter sheets we have saved twenty five thousand dollars for our next car how old are you guys what 43 years old whoa young millionaires good for you and what's your average income been through your wrong working lifetime we've probably averaged about eighty thousand what do you guys do for a living what's your current yet my husband is an electrician and my background is nursing I work for a health education company now okay and what are your degrees in so I I have my undergraduate Bachelors of Science in Nursing and then I have a master's degree in health psychology and my husband my husband didn't go to college okay and your GPA okay my undergrad was 2.9 and my graduate was 3.8 oh and how much debt have you guys used to ëcause this net worth to be here we we did buy our first house when we were first married at 22 was 94 thousand dollars and we didn't have any money I just about I mean I was through a lot practically but we paid that off in four years and that motivated us to just stay out of debt so you didn't have any other money you don't have student loans we had my my didn't go to college so I paid my way through college and and so we didn't really have we had like two thousand dollars to pay off when we got married and when I'm right away new cars have you bought two but our last car we paid for in cash and it was used and that's the way we're going going forward and did you inherit money we the only I wouldn't say we inherited money but I worked really hard for a startup company and when they went public I did get from the stock I got a hundred thousand dollars and that was about ten years ago and we paid off our mortgage at that time but that's not an inheritance yeah that's just no it was part of the immigration package okay yeah that was good and what part did giving play yeah when we were first we got married at 22 we didn't have any money to give but we we gave a lot of our time we volunteered a lot but as the years have gone on it's really been real easy to just give things away and then yeah we give you give at least ten percent of our of our money away now and it's fun now could we we have certain causes that are important to us and we can we can give to them so that's a good thing what's the most expensive jeans you buy i buy all my clothes from a consignment store I would say my average pair of jeans is about four dollars and fifty cents that's ridiculous go get you some good jeans [Laughter] all right Carolyn you told me twice that a couple of these things like buying the house and so forth scared you so fear was kind of in the picture as maybe maybe as a positive motivator I don't know to tell the younger Carolyn how she should do this and that she can do this the younger version yeah I would say try to get more sleep and stop worrying so much because it will work out and and to say thank you to your husband my gosh she's such a hard worker what were the principles that caused you guys to be millionaires if you're talking if you're talking to the younger you do this do this don't do this don't do that I would say work very very hard when you're young because you're going to get more tired when you get older and you don't have the energy to do the overtime but those early years pick up as many hours as you can and and just work and work and work and hang onto your marriage it's roller coaster and then eventually things will calm down and you'll have more time for everything and you won't need to be working so hard and it works out you know yeah it works out so were you steady in your investing or as most of that been in the last few years we're steady but we we definitely have been able to invest more since we've now we make more we don't pay anybody any we know has it occurred to you that you're only 43 and so by the time you're 63 you're probably gonna be worth 10 million I look at those calculators with disbelief I don't know I'm scared about that I will be fine I know we'll be fine it's a comfort I can sleep well at night yeah you're on your way there's no doubt if you keep the same without the same work ethic that I mean crazy amounts of work but just if you just keep the same disciplines and your financials out of your life that's where this is headed in 20 years if you don't do much else if you just keep control of what you're doing and that's where the math will take you so very very impressive thank you so much for being a great American success story Glenn's gonna start us off in Oklahoma City hey Glen how are ya oh man better than I deserve Dave good so what's your net worth sir my wife and I award 5.5 million dollars very cool and what is that primarily invested in one of the big chunks yeah 75% of course is in stocks and mutual funds part of it in the IRA and part of it just in and other money that we can get you without penalty 20% in real estate and about right now about 5% in cash okay and so what's like your home worth as an example about half a million dollars okay cool and what's been your income throughout your working lifetime average arrangers something yeah it's probably you know about a hundred and forty thousand a year for the last thirty years okay cool and how much of this 5.5 million did you inherit my money that I inherited was when my father passed about nine years ago he had a life insurance policy and proceeds from that were about two hundred fifty thousand dollars to me okay but you were already a millionaire by then weren't you yeah yeah so it was just you know just a little bit extra gave us you know got you and how old are you now you and your wife I'm 56 and my wife is 52 okay very cool and what has been your career in your working life time so I was a Drilling Engineer for an oil company and started out as the roughneck you know working on the rig and then went back to university and and then we lived all over the world and came back to Oklahoma here about a year ago to be close to our children my wife is a pharmacist but she worked very little because she stayed home took care of the children mostly and then she went overseas she wasn't able to work that much don't you well and what was your degree in that engineering or chemical engineering or petroleum engineering petroleum engineering okay all right cool and what was your GPA 3.4 I believe overall okay and how much of this wealth is was caused by you borrowing money to invest we never borrowed any money to invest like in the stock market I think one time one time we bought a rent house when we were in Canada we bought a rent house so and we borrowed money to do that actually Dave you know I years ago I did a stupid thing you know I I I bought my house with the cheap and got a mortgage so that I could quote get the better return in the market and you know that did work out so well so I was that so debt has paid very little very little part in it don't you okay what about giving what has been your giving patterns so of course we're Christian so we've tithe you know when I was making 4 bucks an hour I was tithing and you know now we're still tithers we've supported the same missionaries for 30 years and you know give to our family of course to meet their needs and then we funded a scholarship in my father's name that's Perpetual so that it's even if we never give any more to it you know it'll go on and yeah so what's the most expensive pair of jeans you ever bought hundred dollars ok cool and how many brand-new cars did you buy prior to having at least a million dollar net worth before having a million prior probably I bought eight new cars total in my life prior to being a millionaire probably four or five of those okay so you bought cars new cars okay cool all right and how many non-fiction books do you read here well I tried to read a couple of months you know so I'd say 24 I got a list of books you know that I have read and I need to need to read still but yeah so a couple of months not counting Dave Ramsey books what's the best book you've read in the last 12 months oh man the founding fathers on leadership it's the bottle of George Washington and those guys and you know yeah and then of course failing failing forward or intentional living by by Maxwell yeah I love Maxwell he's gonna be at our entree summit in the in the spring so I'm very cool well Glenn you and your wife are great American heroes you have leave lived the dream do you think that if somebody starting out today was working a roughneck they could work their way up like you have oh yeah I mean it's uh you know it's the pay yourself first right you know ties and then put money aside and then live on the rest live below your means and delay gratification and yeah yeah so it can still be done that well it's an honor to talk to you sir thank you for calling in and participating in our Millionaire theme our five point five million dollar net worth and they were made over 100 or average 140 thousand dollar income this is the Dave Ramsey show Jack's gonna start us off he's a real millionaire not a fake one not a fiat not a theology and not an ideology a real guy and he's in Huntsville Alabama hey Jack how are you hello there I'm well thank you go to talk to you what's your net worth sir four million 2.4 million way to go hero good job man what's that invested in how'd you get that you'll find the real estate we got it just by saving Britain below our mean they even like crazy my wife had a good career they both had good jobs but Lisa had a good career and actually get get some stock options it were a big start but yeah what was her career she was a distribution director okay what do you do for a living I'm an electronics technician okay and how old are you guys I'm 43 and she's 46 Wow you're young millionaires good so how much of the 2.4 million did you guys inherit and zero okay and what's your range of income been since like you were 23 to 43 the last 20 years or so household household income sure we've been a stay-at-home mom for the last 10 years prior to that her income was about 60 and my income in the last 20 years has range from mid sixties to the low 90s oh you guys have made a hundred 150 thousand dollars a year yeah okay range all right cool and what is a Lisa's degree in she doesn't have one what about you I've got a two-year technical degree in electronics okay what was your GPA I don't remember it's been all good while back but I think it was around 3.0 I wasn't the smartest kid in class but I paid attention gotcha cool and how much of this 2.4 million is there because you borrowed money to get rich 0 ok yeah and have you been using an investment professional to guide you or have you done this on your own I have a guy yes at our credit union I have a guy that helps us okay gives you advice and then you guys listen to talk about it and pray about it decide what you're gonna do I guess yeah you know it's more of a he's a purveyor without a bunch of fees to help us put it in the right spot but a lot of time Angela sighs there's a little shy about getting your price if it goes wrong they don't like that they don't like accountability so you're kind of on your own look that's our expense yeah yeah they're they're scared to death of all the regulations that's for sure so what part has giving played in your financial plan for these last 25 years it's been a it's been an important part in fact that's a priority we make some commitment little part commitment so that it takes the decision-making at a sign of some of it yeah put things in place so it just happens every month that's been a real big part okay what's the most expensive pair of blue jeans you ever bought well I normally pay about 20 bucks at Costco for a pair of jeans that I have much of a much of outfit so one time I did spend 90 bucks thinking I was gonna impress my wife had quite the opposite effect I suspect yeah I impressed her how stupid I was for sentimental love it Oh before you were a millionaire how many new cars did you buy oh boy before as a millionaire we bought a couple probably two or three okay cool what advice do you have to the 23 year old version of you that's listening out there buy brand new cars budget do something same exact no matter how small it is whatever you can squeak out do it every month and then just be patient and that's how you guys did this I got that we did it Wow well congratulations you're absolutely impressive very cool hey it's an honor to talk to you sir we appreciate you calling in Jack from Huntsville worth 2.4 million dollars is with us in Huntsville hey Sean thanks for calling the Dave Ramsey show hi Dave how are you doing thanks for taking my call sure man so I'm gonna do the same thing with you how old are you I'm 51 okay and what's your net worth sir about 1.5 million okay cool and what's that invest it in mostly mutual funds some in some stocks just a couple of stocks and cash how'd you do that how'd you get a million and a half dollars at 51 yes slow and steady slow and steady investing strategy we made sure we made savings a priority every month to you know make sure we save that every paycheck lives way below our means all the time actually and so we you know we you know and just now works to kind of get in on the budget and so we can kind of plan that the second phase of our life did you uh did you inherit money no no anybody start out with money then didn't stir off no I I started off you know middle class the middle class parents they joined the military out of high school spend 26 years in the Army and through that process and thankfully I have a very very supportive wife and family that you know that we we kind of live the lifestyle that helped us to get to where we are today so you did the serving in the military yes yes sir and did you graduate from college I did yeah I went through college yeah while I was on active duty in the military korean erasmus degree what sorry a degree in what Business Administration what was your GPA about a 3.7 yeah that's about average okay yep yeah very very few millionaires have a 4.0 by the way yeah the average is about the average is about 3.1 I forgot to ask that of the others but that's very interesting so what was your income average through your working lifetime estimate about $70,000 what was the high the high is about 220 how many new cars have you bought I bought one in 1994 and I turn around and sold it two months later because I hated having the car so your anti debt anti debt yeah but yet it all today yes sir just our mortgage okay a little bit on your mortgage alright and well tell me about your generosity well that's an area that my wife and I you know now that we reached this milestone we're we're kind of focusing on that you know you say in maybe step seven you know you know live and give like like no one else and so that's an area now that we were bidding to focus on and and she's always been very generous and I tip my hat to her and so now the other team where we're coming together to to figure out how we can you know better live in in that philosophy and so are you are you telling me in the 1.5 million that the mutual funds are there that basically working in the military and your wife working or not working that you guys saved money into mutual funds into 401ks and that kind of stuff every month for most of your life and you have 1.5 million dollars or you tell me that's how it happened that's out happened Dave man thank you for the call I'm proud of you you're the American dream I'm honored to talk to you sir and thank you for your service to this country see you can be in the military and be a millionaire this is a study of millionaires you need to be real quiet and keep your opinions to yourself and listen you've been schooled a millionaire drove in to be in the lobby of Ramsay Solutions to do this interview right here in our lobby welcome Julie how are you oh I am wonderful Dave every day above ground is a good day I hear ya and you're from where Cincinnati Ohio Wow okay so four five hour drive I guess not bad yeah well thank you for coming in so what is your net worth four point three million way to go good job and what is that what's the breakdown of that what's it invested in well the point three is my house the rest of it is in the stock market primarily mutual funds that does include both my husband and my IRA and each of us have over a million our individual IRAs and those are Roth IRAs by the way so that taxes are paid very nice very nice and what are your age I'm 59 okay and how much of the 4.3 million was inherited you heard me just talk about that from a poor family zero zero oh you inherited was the desire to not be broke that's right yeah so what was the range of your household income through your working life well I have to break this down to the first million and then thereafter okay I was a millionaire by the time I was 37 okay and every time I say I I really mean to include my husband Mark he couldn't be here today okay but it should be weed but since I'm the person talking I'm saying I that's okay we when we had our first million we were millionaires by the time we for 37 how'd you do that frankly Dave unfortunately this was before the baby steps were out there and so we had to figure it out ourselves we read a lot but also we came down to a very simple strategy we had two incomes we lived on one and we paid off our debts with the other and then once we paid off the debt then we started investing sounds like our plan that's what we did very good so what was your income during those years it was between 40 to 50 K Wow yeah and that's how you got the first million that's how I got the first million and they say the second one's easier was it the second one is really easy my husband and I both switched careers uh-huh we went to IT I was an Account Manager sales and IT recruiting and he moved over to actually he's in big data now so so our incomes went up it's been anywhere from 100k some every once in a while we'll have a great year one year we had about 300 but that's you know abnormal for us and what's your degrees in well I have a degree in chemical engineering and then my husband has a marketing degree okay and GPAs mine was around 3 and my husband's was similar okay all right and how much of the four point three million is there because you borrowed money to create wealth none okay and what part is giving played in your your financial plan through the years Oh Dave I have to tell you this is something and you have to bear with me because I get choked up about giving because this is the best part of being wealthy my husband and I both believe that the Lord loves all his creation and because of that we decided that we were going to set up avenues to help people and we were going to set up avenues to help animals and most of our giving for people is through the church we've also been able to set up scholarship funds at our respective high schools Wow those were on our bucket lists that's what both of us wanted very cool and for animals my husband and I have both been volunteers this no-kill Animal Shelter its regional one its paws it's in Monroe Ohio we've been volunteers in one capacity or another for over 25 years we built a new shelter we had a mortgage and frankly I'm scared to death and mortgages mm-hm and so we have been able to issue a personal challenge in the amount of a quarter of a million dollars that we are meeting donations up to that amount one-to-one yes and pay off their mortgage good for you that's fun so anyway matching giving leveraging you're giving their and the matching idea that's a great idea very well done so how many brand-new cars before you were 37 before your first million did you buy none zero we had beaters okay very cool and what's your all's reading habits look like in a month May bucks you read oh my goodness my husband and I are both avid readers I would say both of us read six to eight books a month y-yeah your voracious yes we are both of us that's why I feel I feel shamed right now I thought I read a lot Wow very cool very cool and how much of the four point three million to draw steal here in the lobby I couldn't resist I'm sorry so your message to the 25 year old version of you guys can this still be done and what should they do well I have two messages one is to the 25 year old version and I would say it's incredibly easy but you I would recommend starting early you know the eighth wonder of the world is compound interest mm-hmm and frankly it only took us but if you put together a paying off debt and becoming a millionaire a total of seven years yeah that's not too long in your overall lifespan yeah but that would be my advice to my 25 year old self but let's say it's me talking to my 70 year old self 7 it's my say if I were talking to myself as an older person or 70 as a 70 year old the answer is thank you well Dave what I would also say is it's never too late oh I have a friend who was a single mom and she's a couple years older than me and about 10 years ago she went through a nasty divorce has some children you know you in that situation you're in the hole mm-hmm she told me just this week she's become a millionaire I love it well it can be done and the there are not structural flaws with the economy they keep the little men down and that stuff that you hear it's just it is it's being ridiculously weird and you all have been weird in your spending patterns your habit patterns are not normal they're not what most people do but you have an abnormal level of wealth and there is a causation there there is a correlation and a causation for those of you that struggle with statistical analysis in your ideologies but it really is this is what causes it because we see this theme all throughout our research and all throughout these people that we talk to Julie way to go congratulate

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Id: Q41xPghkBE8

Length: 46min 8sec (2768 seconds)

Published: Fri Jul 03 2020