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Chapter 1: 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!
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Chapter 2: 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.
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Chapter 3: How can young individuals achieve financial success?
This is a Baby Steps Millionaires theme hour. We're talking to real millionaires, not broke people with an opinion on TikTok. Real millionaires, what did you do? Who are you? We want to learn about you so we can be one of you. That is what America is saying to you. If you're a real millionaire, call us at 888-825-5225. Marsha's in Charlotte, North Carolina.
Hey, Marsha, welcome to a Baby Steps Millionaire's Theme Hour. What's your net worth?
Hi, Dave and Ken. It's so nice to talk to you both. My net worth is $1.29 million.
Good for you. And give me a little breakdown on that.
Sure. I've got $740,000 in retirement between 401k and a Roth IRA, $350,000 in equity in my house. And the balance is made up of this liquid cash and other non-retirement investments.
Good for you. Well done. How old are you?
I just turned 45 last month.
Cool. And how much of this did you inherit?
Well, the only thing I've inherited so far is just some knowledge and good old-fashioned walking around sense, but there's been no money.
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Chapter 4: What are the key choices that lead to wealth?
But in the other sense, it's sad. It's pitiful to live a life that thinks you're stuck and you can't win no matter what you do. People like me, we can't get ahead. The neighborhood I grew up in, you're always gonna have a car payment. You can't be a student without a student loan. Eeyore is my spirit animal. I mean, you know how these people sound. None of them sound excited.
There's never any crispness or sparkle or passion in their voice. It's always like somebody's dragging them around behind a car when you're talking to them. Oh, it's bad. And all the rich people and all the people in the other area of the country and all the people that are a different color and all the people that are a different sex and all the people. Oh, shut up. Really? That's just wrong.
And the data proves it's wrong. That's why we started doing these to introduce you to real millionaires because they're from every area of the country, every age group, every level of education, every color, every background, Cajuns to hillbillies to African-Americans to Chinese immigrants. I don't care. You just name whatever group you want to name. We find millionaires in them.
And we find victims in them. And we find hopeless people in them. You know, it's like... I'll never forget, Ken, the first time it blew my mind, when I first started doing this years ago, I got a speaking gig in New York City. And I had never spoken... I mean, I'd primarily spoken around the South. So pretty much, you know...
gomer powell goes to new york to speak right and so shows i am you know and it's like well golly but golly would you look at all them people help myself and so i go up to new york and i'm in this huge ballroom and i speak to this group of about 2 000 people and i had books and i'm signing books at the end and it looked like the united nations
I mean, you've got, and of course, New York City is a melting pot. You've got everything, right? It looked like any possible background or mix of backgrounds, right? And so I'm signing books, and I'll never forget this lady came up to me. She goes, you don't understand. What do I understand? She said, well... You know, the people like me, we all all my people buy new cars.
And I'm like, that's like everybody. What are you? And she said, I'm Puerto Rican. I'm like, it's not a Puerto Rican disease, baby. That's not unique to Puerto Ricans. It's like, but she had figured out that Puerto Ricans all had to have new cars in her mind because she was Puerto Rican. Isn't that funny how we do that stuff?
And that's why we do this hour is to defeat the kind of mythology, the tapes that we play in our heads that give us an excuse to not go leave the cave, kill something, drag it home and freaking win. No excuses. No. K-Twan is with us. K-Twan is in Houston, Texas. Hey, K-Twan, what is your net worth?
Right around 2.1.
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Chapter 5: What challenges do young couples face when tackling debt?
Only with a diamond ring. Just in high school, I may have recruited her a little bit.
A little bit. Yeah.
I love it. Way to go. Very cool. What kind of debt was the 90K? Oh, here's the area. So I have the story for you, okay? Okay. So it was my birthday weekend. We're at the lake with our financed boat, our financed camper, financed truck. We only owed 700 on the truck. But yeah, so we had boat, camper, student loan.
Chapter 6: How does one transition from a side gig to a full-time job?
I think our couch was financed.
A couch, vet bills.
I mean, we had everything. The dog's in there. Yeah, pretty much everything.
The dog.
Pretty much everything.
and what happened oh but yeah so um a friend of mine called i'm a car i love cars and so a friend of mine called and uh at the time we only owed 700 on our truck and he called me and he said hey do you still want a cadillac ctsv and i'm like well of course i still want a ctsv and he's like well who wouldn't all right yeah and uh i was like well i can't afford one he's like oh yeah you can so i
It was a good deal, so I had to try to prompt her.
On his birthday, too. On my birthday.
So it played in my favor.
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Chapter 7: What are the pros and cons of using savings to pay off debt?
It was my birthday.
Dirty.
I did. I came and I was like, look, deal of a century, all right?
Let me just figure this out.
So what did I do? I refinanced the truck to pay for the CTS fee. Of course. And then a month later, I got laid off.
Yeah.
So then we had all this stuff going on. Yeah, we can make these payments.
Wait, maybe not.
Yeah. On my birthday, he got laid off.
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Chapter 8: How can effective communication improve financial decisions in a relationship?
There's a lot of bad birthday vibes.
Right. Right before Christmas, too.
Y'all need to stay away from birthdays.
I know.
So that was kind of the, okay, we need to calm down a little bit. Yeah. And then how'd you find us?
I was actually looking at after he got laid off trying to figure out ways that we could save money so I had a list of all of our bills laid out and I just kind of thought oh my god if we didn't have all this debt we could live on one income and we would be just fine so then old Google I start looking at paying off debt and then
Dave Ramsey comes across, and I love podcasts, so I picked up the podcast. And once he got employed and we got income coming in, we started all up in February, and we were good to go after that.
Just like that.
Just like that.
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