Anyone Can Become a Millionaire (Even You)
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What is discussed at the start of this section?
Live from the headquarters of Ramsey Solutions, it's The Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. Our goal here is to completely indoctrinate you. into a whole new way of thinking called common freaking sense. We want you to join the cult, drink the Kool-Aid, or whatever other negative crap you've heard. Jump in. We'll help you. It's what we're here for. Ken Coleman, Ramsey Personality, is my co-host today. And, of course, the phone number here is 888-825-5225. You have stepped square in the middle of a Baby Steps Millionaires theme hour. What that means is we're going to take questions from millionaires this hour only. And we always have to help folks with that because people are apparently confused.
They took economics from their Karl Marx indoctrinated college professor, and so we have to explain to them how this wealth thing works. Uh, here's the way it works. Net worth is how you become a millionaire. It's not your income. You can make a million dollars a year and not be a millionaire, a millionaire by definition. It is an accounting definition. It is not, you don't get to make up your own definition. This is the only definition is what you own minus what you owe assets minus liabilities equals your net worth.
Uh,
When that number is greater than a million dollars, you are a millionaire. Well, I don't care how you feel. It's not a feeling. It's a math entry. I don't think anybody ought to have that kind of money. It's not a moral construct. A million dollars is not enough. It's not an economics lesson. It's a number. Called net worth. When you reach that, you are by definition a millionaire. Now, we can discuss the other parts of that if you want. But in the meantime, let's talk to people who actually achieve the milestone of becoming a real millionaire. Because people out there inquiring minds can want to know. They do. They do. Phone number, 888-825-5225. We're going to talk to real millionaires, not your broke brother-in-law who votes wrong.
We're going to talk to people who really did this stuff. Mike is in Woodstock, Georgia. Mike, what is your net worth? $11 million. Boom!
Wow!
And give me a little breakdown on that, dude. So I've got about $5 million in real estate.
My split of the business I own is about $5 million right now, roughly. And then I've probably got another million in rough assets between cash and... how to really do stocks or anything. So that's the rough numbers there.
Very cool. All right. How old are you? 28. Holy wow. And how much of this did you inherit? None. Zero. You did this from nothing by 28 years old. Yes, sir. Whoa. Okay. So what's been your range of income since you started working to your best year?
It's kind of hard to judge, but I would say starting at 18 was probably my lowest year around $80,000. And then my best year would probably have been last year was a little over $2 million.
Okay. Good Lord. What do you do?
I own a property restoration company. Oh. Specializing in water damage, mold remediation, fire damage, construction.
What does it mean to be a millionaire?
A lot of it, too.
Yeah, a lot of it. We have two locations.
Wow. You guys are doing some volume. Good. Good for you.
Wow.
So are you a college graduate? I'm not. I'm a dropout. Wild and proud. Hey, I'm with you, Pratt. I'm with you.
I'm with you.
Okay. So you were in college, though. What were you studying?
I was studying whatever made my mama happy. She was the first to graduate of our family.
And now mama's not happy. You're just highly successful is all. Oh, well.
We're past that now, but there's multiple years of you're not going to make it.
I love it. So what was your GPA? Do you remember in high school or in college?
It was always above a 3.0. I'd say average is about 3.5.
Okay. All right. Very good.
All right. Cool. Floating by.
Okay. So there's an 18-year-old out there listening that shows us over TikTok today. And so he might actually get some real information from you because you actually did this from 18 to 28 in 10 years, went from $80,000 to $2 million income with an $11 million net worth.
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Chapters
8 chapters
1
What is discussed at the start of this section?
0:27–4:00
2
What does it mean to be a millionaire?
4:00–8:54
3
How can young individuals achieve financial success?
8:54–19:40
4
What are the key choices that lead to wealth?
19:40–56:19
5
What challenges do young couples face when tackling debt?
56:19–56:45
6
How does one transition from a side gig to a full-time job?
56:45–57:26
7
What are the pros and cons of using savings to pay off debt?
57:26–57:47
8
How can effective communication improve financial decisions in a relationship?
57:47–1:51:55