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from my arms, you solutions, it's the rams issue that is down and paid. Our homework has taken the place of the Bmw status. Some lonely, ramsay personality is Michael vote. Today is a show real people build wealth, do work that they love and create a may using relationships. Thank you for joining us. This is also a baby steps, millionaire theme, our order to real millionaires and fine.

how they really did it. Not someone broke with an opinion or a political agenda. There's a lot of people are running their mouth about where wealth comes from its always inherited, which is Absolutely statistically. Data based bogus so we're not talk about this stuff and talk to real millionaires, a millionaire and more than one million dollar net worth. There is no other definition, making a million dollar income does not make you a millionaire to me and our income does not make you a millionaire. They could help you get there but a million dollar net worth is the only true definition. of a millionaire millionaire, a million dollar net worth or greater. Your network is defined as your assets minus your liabilities. Not in producing just assets, I produce an income, there's still an asset if you can sell it and turn into money, it's an asset

a lot of people, argue about what you can count in that or can't count in that. Listen. If it's an asset and you can sell it, you can count it whatever. It is you've got to collection it? It's it's an ass you could salad, inter than the money so That's my liabilities! What you own minus! What you owe equals a million dollars or greater than you are a millionaire sunshine. starts us off on this millionaire theme, our in greensborough north carolina sundry. What's your network, I thought about one point- one: five point one five, ok, you're Miller Down on that, how's that invested or what's it, but how did you to a million one five sure about the house homeward about four sixty two, I wonder, depending on the day of the week, and rest of it is now in the stock market, the maritime and funds and, ah

were any day money and so on and so forth about six hundred and seventy, er thousand in that ok, pretty simple hooker howled area. I am see for this model? the for the it that my wife of sixty two look I am at all. I mean. Why need to bring something to do you notice that we only came to the united states and my demanded for em back here only I was allowed to work and I will be making a whole of eighteen thousand dollars a year. What the four miles to read- two young young children, my life, and I and you came with no wealth with you I can tell them dollars that we had feared by working in the by one. She's. My ok sure I'm an idiot, I'm an indian but are looking into by ok, are, and so what has been your career, Most of us are graduates from attend school

so we are in the service industry. I also talk some at you in fiji I'm a hospitality courses and one of my catalyze is we got it oh don't school, because they were not good enough to get into my schools and colleges. However, we are I feel the eagle, because we keep russia everybody's ego and make them happy, and that makes us money. Oh gosh, what a burn, dude who's, a fantastic and right alike that got a phd in ego, Somebody else has very good show what was. The driving force. Why do you? Why did you want to come to the? U s, it was just a chance that we look, we had no plans, we had no great goes about, isn't the the country the end so on and so forth. something that happened.

And had a job about. You have become up now why decided, live, let's died, we are young we can take. That is if we fail in days right, we can always go back and that's all He ended up here because even at that point in time we had that we have nothing to worry about again. In terms of an all, I bet rachel limo, very young children adopted we are today Jewish already very welcome that all being body is doing well, So what are you a tribute me when you look back on you say: ok, I was, mulder become a millionaire, because fill in the boy ally primary My wife and I we worked together. Had always we live with a nod means just just

recently my ninety five year old mother, at a stroke in india, and we had to travel at short notice week. We no to finance that ticket I'll wait. we just decided. We have to go all, may god vacations from our perspective jobs, because we so lyle and so working all the time, and he got the ads for something we get it. no, I wasn't business. What for some time to have I've decided to come back into to employment and because that works best for my personality attack so the data, the data that I've seen that if someone comes to amerika from another country legally, they are four times more likely to become a millionaire than one of us that was born here. I think you're, right, but you know about me in north have met I'm in the middle. Fine. I did it goes without your daughter,

guidance, it would have been a much tougher task to achieve was working together with the spouse and and the other aspect is not having multiples by spouses very, very important in late your marriage is grand divorces, fifty grand that's what you're saying. Ok to fund was so. What would be your theory as to why someone who emigrate legally is more likely to bill wealth than one of us than was born here? I've got my eerie, but I'm curious what you think I I'm good we leave. We come here because we want to achieve something we all look forward to ourselves. And our families back home Then we can do it. It is not just that the you wherever we have achieved, but but at the same time also people

come here from such a lamp like india, south east asia. What part of the world not all of us there either, but people who come here highly educated. That's why you will see we will not be easy to use and mps are from india or pakistan or with is countries so there, heidi village, gauges and Then they come here and they have already learned the basics of exotic most of their parents, war living within that means we never carry a date or state. and

earlier in our life, when my wife was a homemaker, we never ever hired a babysitter when wow came one game, an honor to speak with you, sir, what a blessing man has five son and very very well done one point: one: five million: it's a baby steps millionaire theme hour, the I've laughed a lot over the years and now people are trying to call me at ramsey solutions an overnight success. Yeah you work your butt off for thirty years, you're an overnight success. One of the things we did many years ago was. We were trying to communicate to our team that you know what

as the things that you do in business and leadership in your life. For that matter, there's a cumulative effect of them. They begin to build up, build a build up and then suddenly theirs. Through and it appears to be suddenly and it's not suddenly it's up. Accumulation of a work of art a lotta years, suddenly Yet a great marriage suddenly raised great kid suddenly become Success and if you do it very seldom lass so we developed called the momentum, the roma munich to our team that there's focused intensity. Overtime multiply. I got equals unstoppable, unstoppable momentum. It's a great marketing principle great principle for any area of your life and I've taught now for years and andrzej leadership and utterly upsetting, since a talk that I do periodically on how that works and what it is team decided that we need to put that into a ramsay, quick reed which undoubtedly little short books are basically a chapter.

Not a book and so we wrote, though I wrote the low but the little em. They know that the description of the momentum theorem, we put a big cover, but and made it deal about it and John, not much, but there's a lot. Is it's pretty thin right you ve been making fun of redefining anxiety about being a PAMELA that that's, like it encyclopedia compared to your blow this, the out that thing that aims at home. I compared to this forty one page pullet prize winning not banned here, but I'll tell you what the information in it I will stand by, and I will tell you it's worth ten bucks, okay, because if you get one good idea or something it's worth ten bucks and it's forty one pages, so you can read it and I dunno six It would, I think but hey I'll tell you this, though the feedback continuing to receive all of the country by redefining anxiety is

So in so wooden reed the people on my team, don't like reading big books, then like complicated stuff, my college, did like three and so its reaching a group of people who need something I did digest as an own it. Now that's enough for tonight, and one setting- I'm not gonna, read a book in eight setting right, I think that the smaller books or a guest might suck someone in india end actually becoming a reader. if you never idea because it it's a whole, forty one page is also our ten dollars it for him. She solutions com scary thing is we put up for sale monday, it's great Of course it is fidelity so funny Oh and I'm not I'm, not dissing you guys for buying it, I'm glad you bought it. Thank you. I appreciate that and it is worth ten bucks on it. Just humorous to me that I wrote a book. This, that's a pamphlet. Some not shown area in the bureau, you'd be minimised, new make fun of that one. For years and urgent, you wrote it in iceland

come on John, its legitimate piece of work. It is bitly because it is legitimate piece of work and then than I do, it's even thinner. So there you go what's going to be graded at the end of the year when we, when we do the the the year sales numbers and it big salary to tell you the momentum theorem, crushed baby steps, millionaire that now won't be pissed. I don't want to hear that at all. Oh, my gosh, all right, it is a baby steps. Millionaire's theme our were talking to real millionaires. Joe is next on the line in ST louis joe, you're not worth. two million good for you gimme a little breakdown on that by category so one and a half million is in my four o one k and mutual funds. I have some stock grants and the rest five hundred ks and a house and cars okay perfect how old are you Fifty five are much Did you inherit

euro. What was your household income working year in your worst household income working here. started. Making seventeen five m, Funny thing is I psychology, thirty years ago, no way? He has lived in national currency, thirty years ago I was pretty too college student got out of college, got married, bought a brand new car got credit card debt, then a culture and a you gave me great advice. I was probably nicer, then nah, yeah you're nice, but you are stern. Okay, you told me to get on a budget or put money away in my emergency fund and then start stuff and money and maximizing my following came that's what I did

Thirty years later I'll tell you Dave. I, it hasn't been a perfect right, but I got here later along the way, but every time I made mistakes, I got right back into the programme and get back to my budget. Go back to everything that you teach wound up I have a very cool dude done thirty years and are worth couple million dollars very good. So what's been, Career, I made in computer science in college and Simon and technology iverson. Ok, What was what was your highest income earning year. Probably last year, end his salary and in stock option or start grants was about to fifty good for you well done not bad from seventeen vivier jericho, absolute Ok, you're gonna, look back and I'll you're. Talking to Joe, like I did thirty years ago,

thirty year of the thirty year old, thirty year ago, version of Joe twenty five years old What would you tell him you're tribute, two million dollars to how do you get there? What what should he do? What you say? I did this and it worked. so I would say you know, adopt a tree and I stayed to free m and then, when I slipped, I got back and I I work hard to get debt free and then maximize. In my four o one k, I'm I'm I'll, tell you! I'm married the person. I married a beautiful, intelligent financial, responsible, christian wife with five wonderful kids, two of which are now on a budget just like you taught me thirty years ago and and are in in building up their emergency fund and maximizing their four one ks, I'm You know the mistakes are made along the way I didn't save enough for college. As you, I have five. Kids

I totally underestimated how much it would be for college. I would definitely focus there for my. If I started over thirty years ago, and I would have saved earlier- and I would say more now, while well done, Joe proud of you, man, great job, very good job. Given Wilmington north carolina rick, what your network Dave minor worth is approximately two point: seven, five million good for you. go wreck gimme low. Down that by category we'd have about one point: six in two homes we own. We have a one point three, mutual fire, stock accounts and then the balances in four one k an ira. Low cash on the side about one hundred thousand cash gotcha. Ok, while good for you, ok how old are you

and he seven years and how much of this two point: seven: five, the jew inherit, not a man, I did? I will carry out that my dad did. Leave me twenty thousand when he passed away, which we used to retired debt. We had, credit card tat at the time, and so we ve been dead for either the mortgage car since that time. That's to say you're, not a millionaire because of inherited money? Oh no it. I love my dad- and it gave me a great step forward, but not not the reason we're here sure And you're a range of income, bashir and worship. you? Gotta? Do my work years work it out? Twenty twenty five thousand back in the eighties. My best year was twenty twenty one. I made two point: two million bow itself for. Ok What was your career. I work security, internet security, authentication authorization I call arrived on area fast, moving rocket ship in debt,

it quite well: yeah cells, Congratulations while downsizing your degrees in technology I might degrees in the small hard knocks days to college several times, but never got a degree in law. technology went to technical school to learn technology because that's where the money was in the nineties when I was broken and hurting so you tech students who doesn't have a four year degree in information systems. She asserts from going to school. Just my two point: three million just just letting everybody know how this worked: okay, wow good job rick dont, sharp. This is around you.

Doktor, John, a lonely, ramsay personality is Michael holmes. Today I don't know whether it is in the name of victim ology or whether it was in the name of winning or whether it was in the name of evil political intent. It was in the name of the spread of communism somewhere out there whatever reason, whatever the motivation was, began, This narrative, that is absolutely false about what

wealth comes from. It's a lie. all. Rich people have inherited their money now where's? The underlying statement that that says is that if you don't have a rich uncle, your screwed so now need to work hard, no need to save your money, no need to invest because the real method of building wealth is to inherit money, and so the system is broken, and so the rich people should have all the money taken away from them and given to the common people. Is that it's a very common? stick, socialistic underlying message and the it The interesting thing is is based on an absolute stood to go. Why we did largest study of millionaires ever done in north america. My friend I'm stanley passed away a few years ago. His daughter Sarah still does research for the the millionaire. Next door came out in nineteen ninety two thirty years ago, thirty years ago, and you know

and he did a study of seven and fifty millionaires news- all criticized for the sample size, John, done, have research and and studied enough research by his research, to know that seven hundred and fifty is statistically significant, but most people in the press don't understand that, and people with, called gender got well, you didn't study real millionaires. You just picked up some fifty wanted Information buys it just wasn't terms a solid study, but we do so do a similar study. Thirty years later- and we set out we know seven. Fifty statistically significant blush do ten. Mr seventy five hundred just shut the winners and we I got carried away when we ended up studying over ten thousand millionaires. Here's what we found. Seventy nine per cent in of america's millionaires. The largest study ever done. Airtight research, no confirmation bias, research me. Looking over her shoulder to make sure it's right cause anew summer, you would bitch moan and wine when I did it and so

when we we knew you were going to be out there. We knew you aren't going to like what we found, because we know these people we work with them every day. We know who they were. And so anyway, what ended up? Having was seventy nine percent inherited precisely zero. Five per aunt did inherit money, but it wasn't it significant amount, twenty thousand bucks- five thousand bucks- something like that, which is not mathematically to make you a millionaire unless you, when you're one years old, still won't make you a millionaire show They didn't inherit enough to become millionaires or another. Five percent did inherit substantial money like a tutor three thousand dollars inheritance or something like that after They were already millionaires, and so of course that did not make them there's so seventy nine zero seventy nine small sending on large after our thirty nine zero five percent.

Where a small five percent large. But after that's ten per plus. Seventy nine is eighty nine, that's nine out of ten of america's millionaires. Did become familiar because inherit galen meet. Let me let me put on ex question, then, so I'm sitting in my sociology class here, then I say: okay, so they didn't get money They all were able to pave can for brain surgery, med school, for all these brain surgeons that all became millionaires now actually did in one third of Thirty three percent of them never made over a hundred thousand dollars. As the top, the top five professions were engineer. Accountant, teacher. Manager and lawyer doctors, danny The top five of the professions- we started- and I was being sarcastic about anybody. This idea that you

Well, they're, coming billion? Are you you gotta make a million dollars you? Well you get what you ve got privilege there. You know you got clash, privilege or you ve got race, privilege education, really that they said you, you got a head start. We studied people. We found they had all kinds of different starting launch yeah. The only thing is, they all have the same finish line and of all Demographics, all age, demographics, all regional demographics, couldn't find anything. That said, if you live in this area, or, if you are this color, you are more likely Now we did fine. Why were more likely statistically on average, but not to worry, you? You could say you know racism is sufficient, blocker that the numbers there plenty of african americans plenty of asians plenty latinos becoming millionaires

it was really not. That was not the correlating thing. The correlating thing was what they did, that they found a system, a process and they followed it. So how can they believe they could do it helped me with this, because I've led organizations that lead teams I won. To communicate to the people that worked for me that they can do anything. Because it helps us is what is the point Nickel, motivation behind chow and to convince people that you are powerless. I dont stand that as a leader it does it make the computer for me, because then I get a team that more you're dependent on the government for your answers, then you're waiting on them to give you something and the ones they give you something the ones you vote for you know and so an that's why we just tell me all the time you know what happens in your house is also much more important than what happens. The white house, if you're waiting on the alzheimer's patron in charge to get you out of this, your screwed,

I hate that I hate that idea. That it is telling generations of people you can't make that's. Why did this? That's? Why? Because it it may the hopes dealers are out there. There are stealing people hope and if I may me angry and I also was running into these baby steps. Millionaires everywhere, like that gather called early. Should you not started thirty you got called you dont get up there, my car and get on budget And here I am thirty years later, with two million dollar net worth I'm a baby steps may not follow the baby steps and, oh by the way, my kids are on the same track. Now such a generational change, you know or sanjeev, reminds me, the international students used to work with it came in with their eyes light up and say, look at all of the opportunity when we do and work hard we have long ago it kid from czechoslovakia. The worked here years ago, just kill us so funny he he was. He was working on his m b a and he quit to go to college in another location, any he me about three weeks later and he goes,

a new money from a tuition confer what to do. He should I went to roger sale and it wasn't I guess you sail sky. and he had all the samples- and he said I bought entire grudge of shoes for like two hundred bucks lest they should. I just finished shown among both for thirty four thousand dollars, Gregory, I'm going to Alex what a country that he liked. What a country you know the like a classic line because he's like there's so much abundance here and there by stand around and he he went, we're grouch sale, made one transaction version and then another hundred transactions on Ebay and goes to college what a country in our, but instead we toby bonner, you gonna, wait on Biden box. Because you're in or you're just screwed. If you don't have the government's going to get you out- and It's really the underlying evil of people, stealing people's hope, and that's, we do the babes, the showering theme, our you don't have to be famous. You ought to be an athlete. You don't have to be a rock star than one percent. millionaires, have recognisable household names in any

let that be a hard gpa. We We find the average g is right slightly above three and no, we don't find one point five I have some grey matter to build, pull this off. He had ever brain, ok, damned on work so, but the but also you don't have to be a four point, two you and I'm not I'm not. I graduated. Thank you, lahti. Ok, let's have you know, that's that's what you're, after her so The thing is you just you say: ok attributed to in the first two? Should our debt free my fora, one can live on less than a make unified with much bows stuff teach around here every day and that's baby steps millionaires and that's what the people are then, and there age. location

and the moral of the story is you can do it too, and we're going to talk to a couple more before we wrap this particular hour up. So don't you dare go anywhere? This is the ramsey show the the. the

power structure that I Joshua. One aid keep this book of the law, always on your lips, meditate on a day and night, so that you may be careful to do everything written in it. Then you will be prosperous and successful. jody modules at a person always do it doing his or her best becomes a natural leader, just by example. A baby steps millionaire theme, our roger and camera, whether she Columbus, ohio, hey guys, What you're not worse, red around three million dollars, Dave cool gamala, like down on that? Will ya in point three. In a moral one case, sir, we got six decay and rob turn and sixty cash? Three?

fifty thousand dollar paid for how sir some company start is not better about forty gay and about forty k and paid cars, go. How do you guys I'm fifty nine forty seven, excellent, This money did you inherit here it Just about zero, linda last year, my my dad gave me about twenty k that, though that came in from my has the estate, though that's about all we ve got. What's been the range of your working in time, I income, best best monsieur mercier. We start together about seventy five k. Fortunately is the high wage earners and she's a period where three and eight being k now amy but you would have been about a hundred and fifty care coca cola so what you guys do for a living work for a: u s: bait the peril retailer and the head of sustainability.

Ok, you norman over the road business to business sales, rep, the head of sustainability, yeah what does that mean? What do you do. My manage all of our social, human rights, environmental, energy and international community, giving programmes? Oh okay, wow, company, then ok, very cool alright. So what are your degrees in degree. Then organizational communication makes sense. And I was a history major way back when gadget. Ok, cool shovel. your tribute the fact that you have two million dollars at fifty nine and forty seven to what we know it's funny. We have to thank you, because what we did was we basically, nothing when we started out and we want to your classroom two thousand seven, two thousand age in every. He has grown from there, but it's been

Just about you, and live in your life with that you're not any more than you make taken and being content with what you out and that's where we, following the baby debt vertical sounds like you guys were on the same page. Yandah help law and that were not big spenders were pretty content in life than we didn't want to carry dead. We want to retire early, though we had a plan that you we were in agreement on beyond the same page, other big deal big deal, What am I gonna? Do you give to the mark? It go ahead. I'm sure I'm just saying we wanted to be out of debt before we put our kids through college, so they wouldn't have any debt coming out of college. Very good. What advice would you give to the younger version of you? I'm I would say stay My life motto is always been work, hard, be true and good things will happen to you again.

It is always good man. Well done Good job, you guys congratulations! Thank you very much for sharing your story very good. If David is in Dallas David? What's your net worth. That is my no vote is about one point. Three to one point: depending on the on the day. These days to the wire works out, alright gimme a little breakdown. That by category. oh yeah. I have about nine hundred k in real estate with three hundred k and debt against that so net. A six hundred about half a million in foreign K. Retirement accounts. and then I have brought you to three k and my cache another like little. I didn't ask me encrypted before use all ok, as you say, was encrypted? I haven't got a hundred gay marriage, my deputy don't buy it for that, but if there are now soccer-

for less. I hope. Ok, oh yeah, is down and half so yeah. Ok, how much did you inherent, none of it mechanically. What you been your working income your best year working come and worship in more depth years, probably nowadays between polly too, the three hundred a year depending on the year and bonuses, and things like that man, my worst year, was probably right out of college. I made about forty five k here. What do you do for a living in accounting and then I have a few side hustles with rental income and something online for ebay. Do retail arbitrage types of little hobbes like that so you've got a degree in accounting. I assume correct janka. What was your g p? A around three point eight They show the direct my check. Some work

who is fire so to David meat? whoa. I wonder if I can recover from that one. So what do you think you're better than this girl? Look at your bank balance? Apparently minor you'll be justified. If you did this, you did this by thirty four very young millionaire. What are you doing? That too I'm just consistent I think on when you were here therefore, when K and retirement accounts you can put six thousand a year into an ira, and you can put nineteen thousand here too won t you just did that for ten years now, a quarter of a million dollars, basically stacked up, I'm so you have to do it every year, I think is the trick suggests consistency

and making sure that you yourself first, would be my best advice. I suppose okay arrogance You think it can still be done today, yeah. He can not that it's not difficult. I think there's a lot of things that you see now for young people that are challenges that even I didn't have the younger person. But that doesn't mean they're, not navigable, and you never knew things for me as a young person that weren't around for my parents that I'm sure there were things for them, no one around for their parents there's always a way about. I think it's just that determination and well defined. an then also listened. Others among men It's fun either. There certainly sacrifice that could be made? but be made that are difficult, but Why have you have you? Have you given up your quality of life at thirty four? In order to get here

No, no, certainly not I'm! Actually, even now, like I'm able to enjoy my life a lot more with the with the decisions that I'm able to make, and I feel like to have a lot more tools in my toolbox at this point that, ah my friends to maybe didn't make the same decisions are, you know just chose other parts, maybe don't have. Then I feel really lucky and black to have that meant, but I think my my past, for making the decisions that I did tat happen. For where I am now Even now, as I make decisions, the I would have one for canada in the next, and the next decade like what would what what fortier we'd be happy that thirty year old me does now and what's going to be happy that quantity only got what a great way to live. Man as beautiful well thought well thought out. Job David, proud of you man, proud of you. That's that I to me the key dave is to ask yourself right now

this time next week. What choices will be glad I made when it comes to eating an exercising in marriage and then next year, the ten years from now twenty five ecuador. What can I do right now? The so those seeds so they all harry cloud thing, what your desired future and what to be true to get to that desired. Future start, and right now- and you know that is our future- can be friday- but the longer you're planning windows, the more vision you have the high. Equality. Your life is gonna, be there. You have a better vision, a long term vision for your marriage

the long term vision for your kids, long term vision, your long term vision for your kids you're, not raising great kids, raising kids to become great adults is Andy Anderson. It changes the way you do everything, that's right. When you start looking out past the cusp good stuff, aka John maloney good show james and austin and Ben and zach and andrew and kelly great work. I am dave ramsey. Your host will be back with you before you know it in the meantime. Remember, there's ultimately only one way to financial peace, and that is to walk daily with the prince of peace. Jesus, the hey it's John alone: he co hosted the ramsay show. Did you know over eighteen million people listened to the ramsey show every week a lot of those people listen on one of our six hundred plus radio stations across the country. To find a station near you could arrange the solutions, dot, com, slash the hey if you're a fan of this podcast we've got more where that came from ever wondered how to win in business and leadership. I'm george camel host of the entree leadership podcast, where you'll hear exceptional advice, origin stories and practical strategies for success. These weekly conversations with america's brightest business owners thought leaders and entrepreneurs will help you succeed in all areas of business and leadership, listened to the entree leadership podcast wherever you listen to podcasts, hey, it's james producer of the ramsey show. This episode is over.