User Panel
User Panel
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GA, USA
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Posted: 5/7/2024 10:28:40 AM EDT
[#1]
The issue I see with his data is by its very nature, it is outdated. "The list of professions that if you would have gotten into 30yr ago would have led to you being a millionaire."
In recent decades, tech jobs have been taking over. $100k and $200k building websites and apps or doing SEO, all while working from home. So zero commute and getting to eat cheap meals from the grocery store. These careers set you up really well to hit that $1M mark. But will take time for it to happen. Maybe when Dave re-does his study in 15-20yrs the tech jobs will be reflected. |
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Posted: 5/7/2024 10:29:57 AM EDT
[#2]
Quote HistoryOriginally Posted By Wineraner: While working 100-hour weeks. This place is mostly ridiculous when it comes to financial advice. As usual, some of the specifics from the SMEs/practicioners that don't get run off can be useful though, like @SiVisPacem walking us through gift tax the other day. @Wineraner I'm glad to hear the time and effort were noticed and appreciated. |
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Posted: 5/7/2024 10:30:27 AM EDT
[#3]
Quote HistoryOriginally Posted By miseses: 5% of the general population claims to never use a list, which means millionaires favor not making a list over the proles and not making a list indicates slight statistical leaning towards you being a millionaire. I will say when I worked as a delivery boy millionaires did give me a list because that's how they got their servants to go buy them food. The list was usually to whole foods or some other insanely expensive foodstuff retailer. Perhaps at the upper end of millionaires it's basically always a list -- for the maid. As usual, Dave Ramsey is an entertainer with a rather elementary understanding of stochastic analysis. https://blog.fieldagent.net/hs-fs/hubfs/Campaigns/Shopping_Lists/ShoppLists-Chart1.jpg?width=800&height=484&name=ShoppLists-Chart1.jpg Quote HistoryOriginally Posted By miseses: Originally Posted By R_S: This is an interesting tidbit from the Ramsey study: https://cdn.ramseysolutions.net/media/blog/retirement/investing/national-study-millionaires-infographic-6.jpg A bit of advice from the top... make a list for ALL your shopping. Keeps you from wasting money on shit you don't need or will later regret. 5% of the general population claims to never use a list, which means millionaires favor not making a list over the proles and not making a list indicates slight statistical leaning towards you being a millionaire. I will say when I worked as a delivery boy millionaires did give me a list because that's how they got their servants to go buy them food. The list was usually to whole foods or some other insanely expensive foodstuff retailer. Perhaps at the upper end of millionaires it's basically always a list -- for the maid. As usual, Dave Ramsey is an entertainer with a rather elementary understanding of stochastic analysis. https://blog.fieldagent.net/hs-fs/hubfs/Campaigns/Shopping_Lists/ShoppLists-Chart1.jpg?width=800&height=484&name=ShoppLists-Chart1.jpg Interesting point. Here's the rest of Ramsey's study if you want to do that next: Retirement The National Study of Millionaires |
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Posted: 5/7/2024 10:42:42 AM EDT
[#4]
This bit from the study is I think pretty relevant:
Eighty-eight percent of millionaires graduated from college, compared to 38% of the general population.2 And over half (52%) of the millionaires in the study earned a master’s or doctoral degree, compared to 13% of the general population. |
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GA, USA
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Posted: 5/7/2024 10:49:06 AM EDT
[#5]
Quote HistoryOriginally Posted By R_S: This bit from the study is I think pretty relevant: See my post at the top of the page. This information is dated. 88% of the people got degrees and started their careers 30yr ago. That does not translate to today's situation. Where 88% of young people are going into $87k of debt for a gender studies degree with a minor in feminist dance theory. The people who are included in this study got their degrees back when the price of a degree was 1/8 of the current price, and universities hadn't really started convincing young adults to buy such retarded degrees. |
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AL, USA
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Posted: 5/7/2024 10:54:45 AM EDT
[#6]
Quote HistoryOriginally Posted By Tras: Pretty much. Quote HistoryOriginally Posted By Tras: Originally Posted By OregonShooter: A million dollar net worth isn't much really. I'll need 2.5M in a retirement account to feel comfortable retiring. It's highly lifestyle dependent but I would say for me comfortable retirement starts at around $5M. Definitely agree that a million isn't enough for anything meaningful. Sitting at home watching TV and eating microwaved food until death comes for them may be some people's idea of retirement but it's not mine. |
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Posted: 5/7/2024 11:01:14 AM EDT
[#7]
Quote HistoryOriginally Posted By giantpune: The issue I see with his data is by its very nature, it is outdated. "The list of professions that if you would have gotten into 30yr ago would have led to you being a millionaire." In recent decades, tech jobs have been taking over. $100k and $200k building websites and apps or doing SEO, all while working from home. So zero commute and getting to eat cheap meals from the grocery store. These careers set you up really well to hit that $1M mark. But will take time for it to happen. Maybe when Dave re-does his study in 15-20yrs the tech jobs will be reflected. You're not wrong. As a professional tax preparer, I see more tech people hitting the millionaire mark than anybody else, especially teachers and even lawyers. Teachers don't usually make enough to buy a house and invest wisely enough to have a net worth of more than a million dollars unless they've got a spouse making much better money. They may have a house worth $500k, but they're in debt up to their eyeballs in credit cards, car payments, and expenses to get the kids ready to apply for a good college. There have been so many law school grads pumped out over the last couple decades that they're fighting each other just to have a steady paycheck. One of my favorite stories about a tech client was from a couple years ago. This young man (late 20's) was a software designer who worked three days in 2021 for a social media company and received just a hair over $22,000 for those three days. He didn't work the rest of the year because he received a little over $6,000,000 in stock options from another company for whom he developed the software the members of this site were discussing within the last week. He became a millionaire overnight because the software he wrote is used by a lot of people. |
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Posted: 5/7/2024 11:10:41 AM EDT
[Last Edit: FALARAK]
[#8]
Quote HistoryOriginally Posted By midcap: I understand that Dave is trying to help people despite being a hippocrite, but here's the issue which should suprise no one. Your net worth is what you own minus what you owe. It's the total value of all your assets—including your house, cars, investments and cash—minus your liabilities (things like credit card debt, student loans, and what you still owe on your mortgage). These people may be millionaires...but they aren't liquid. I'd like to see the list again when you take out your primary residence. It will look much different. I don't take financial advice from people who can't afford $24. 
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Posted: 5/7/2024 11:14:00 AM EDT
[#9]
Quote HistoryOriginally Posted By giantpune: See my post at the top of the page. This information is dated. 88% of the people got degrees and started their careers 30yr ago. That does not translate to today's situation. Where 88% of young people are going into $87k of debt for a gender studies degree with a minor in feminist dance theory. The people who are included in this study got their degrees back when the price of a degree was 1/8 of the current price, and universities hadn't really started convincing young adults to buy such retarded degrees. Quote HistoryOriginally Posted By giantpune: Originally Posted By R_S: This bit from the study is I think pretty relevant: See my post at the top of the page. This information is dated. 88% of the people got degrees and started their careers 30yr ago. That does not translate to today's situation. Where 88% of young people are going into $87k of debt for a gender studies degree with a minor in feminist dance theory. The people who are included in this study got their degrees back when the price of a degree was 1/8 of the current price, and universities hadn't really started convincing young adults to buy such retarded degrees. Indeed. But there are still degree's worth having: 16 College Degrees With the Best ROI (Plus Salaries) |
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Posted: 5/7/2024 11:15:53 AM EDT
[#10]
Quote HistoryOriginally Posted By giantpune: See my post at the top of the page. This information is dated. 88% of the people got degrees and started their careers 30yr ago. That does not translate to today's situation. Where 88% of young people are going into $87k of debt for a gender studies degree with a minor in feminist dance theory. The people who are included in this study got their degrees back when the price of a degree was 1/8 of the current price, and universities hadn't really started convincing young adults to buy such retarded degrees. All of this is true but all you have to do to normalize it for those factors is apply the filters "STEM, pre-law track". It should clean right up, as all the people who wouldn't have gotten degrees back then get excluded. |
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Posted: 5/7/2024 11:16:20 AM EDT
[#11]
Quote HistoryOriginally Posted By FALARAK: I don't take financial advice from people who can't afford $24. Quote HistoryOriginally Posted By FALARAK: Originally Posted By midcap: I understand that Dave is trying to help people despite being a hippocrite, but here's the issue which should suprise no one. Your net worth is what you own minus what you owe. It's the total value of all your assets—including your house, cars, investments and cash—minus your liabilities (things like credit card debt, student loans, and what you still owe on your mortgage). These people may be millionaires...but they aren't liquid. I'd like to see the list again when you take out your primary residence. It will look much different. I don't take financial advice from people who can't afford $24. Yeah who df does this guy think he is? Looks like he's from Louisiana. Someone get @midcap to go hassle that guy. |
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Posted: 5/7/2024 11:25:52 AM EDT
[#12]
Quote HistoryOriginally Posted By Zak406: He calculates net worth as: House+ savings (retirement, brokerage, bank accounts ) - expenses. So if you paid 400 g for your house and owe 200 g you have 200 net worth + retirement and savings |
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PA, USA
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Posted: 5/7/2024 11:37:49 AM EDT
[#13]
Quote HistoryOriginally Posted By godzillamax: Wonder how he (Ramsey) calculates net worth of a teacher's public pension into his overall net worth formula. I told the story earlier. In my district there is a teacher who has a very successful side gig. He wants to do that full time and quit teaching. A successful business man looked at the numbers and told him he’d need to have 2.5-3 million in the bank to offer what the school offerers in retirement. Long story short my buddy is gonna teach and retire as soon as he can to go into the side gig. The pensions for teachers here is insane. It’s like 90% of there last years pay plus they cover health care for the teacher and spouse until Medicare kicks in. |
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GA, USA
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Posted: 5/7/2024 11:43:28 AM EDT
[#14]
It's always amazing how many people post in GD without doing ANY research. Plenty of topics get regurgitated talking points and the teacher salary is no different.
People buy the bullshit that they don't make any money hook, line, and sinker without even bothering to see what's publicly available at their local BoE. I've been part-time in my local school system for 21 years. I know a shit load of teachers and here in Georgia you can look up what ANY of them make on open.georgia.gov For example: I know a husband and wife who are both teachers in north metro Atlanta on the edge of the suburbs. He's a high school science teacher AND the boy's wrestling coach (important if you want to make more than average) AND has a master's (again, important to making more than average in education). His salary last year was $82,880.60. He's been there for ~14 years so I assume he's probably department chair which is another bump here. His wife is a math teacher at the feeder middle school and also has a master's. Her salary is $72,334.60. For those of you unable to do math, that's a combined household income of $155,215.20/year. The median household income in that county is $72,053 per census.gov It's also a given, that if you have a doctorate and teach at the HS level in our system, you will be over $100k/year. |
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Posted: 5/7/2024 11:44:59 AM EDT
[#15]
Quote HistoryOriginally Posted By R_S: This bit from the study is I think pretty relevant: Another poster here has claimed, falsely, that Ramsey advises against going into debt for a college education. This is grossly untrue. What Ramsey says is don't go into debt for a bullsh*t degree. Ramsey advocates strongly for investing in yourself IN A SUBJECT THAT MATTERS that will make you more valuable to an employer. If you want a degree in 3rd century poetry Ramsey is not going to support that. Mechanical engineering? Yup. Listen to Ramsey for yourselves. Ignore the naysayers. A million $ in liquid assets in retirement is HUGE to most Americans. There are millions of people who could do it, but won't. There are millions of Americans who could eat properly and exercise, but won't. Same same. Be a winner, not a loser. |
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Posted: 5/7/2024 11:46:00 AM EDT
[#16]
Quote HistoryOriginally Posted By FALARAK: I don't take financial advice from people who can't afford $24. Boom, there it is. Lots of those in GD. I notice. |
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Posted: 5/7/2024 11:47:14 AM EDT
[Last Edit: Lou_Daks]
[#17]
Quote HistoryOriginally Posted By miseses: Electricians have a high wage primarily due to predatory state licensing regimes, where various violent entities have conspired to send men with guns (police) to anyone who dares encroach upon their licensed turf. When I ran my own secondary 200 amp split-phase extension 300 feet, it cost me 1k in underground rated feeder cable and $500 of rental time on a backhoe for a day. Even the cheapest electrician would be $9k to do that. The only way to achieve such margins is to violently destroy the competition, such as sending state enforcers to check you've apprenticed or done slave work for the right people. I respect the *tradesmen* but the trades as organizations are half pyramid scheme and half mob. Maybe you could buy a $24 membership with all the money you saved. Just sayin'.
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GA, USA
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Posted: 5/7/2024 11:56:17 AM EDT
[#18]
Quote HistoryOriginally Posted By 57fairlane: I've been part-time in my local school system for 21 years. I know a shit load of teachers and here in Georgia you can look up what ANY of them make on open.georgia.gov Neat. I just looked up a couple of my old high school teachers who are still at it. I graduated over 20yr ago. In my AO, median income is $50k. My old high school teachers are showing up as $64k and $82k. My old high school biology teacher is still at it, making $105k, but over in cobb county. |
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Posted: 5/7/2024 11:57:52 AM EDT
[#19]
Quote HistoryOriginally Posted By 57fairlane: It's always amazing how many people post in GD without doing ANY research. Plenty of topics get regurgitated talking points and the teacher salary is no different. People buy the bullshit that they don't make any money hook, line, and sinker without even bothering to see what's publicly available at their local BoE. I've been part-time in my local school system for 21 years. I know a shit load of teachers and here in Georgia you can look up what ANY of them make on open.georgia.gov For example: I know a husband and wife who are both teachers in north metro Atlanta on the edge of the suburbs. He's a high school science teacher AND the boy's wrestling coach (important if you want to make more than average) AND has a master's (again, important to making more than average in education). His salary last year was $82,880.60. He's been there for ~14 years so I assume he's probably department chair which is another bump here. His wife is a math teacher at the feeder middle school and also has a master's. Her salary is $72,334.60. For those of you unable to do math, that's a combined household income of $155,215.20/year. The median household income in that county is $72,053 per census.gov It's also a given, that if you have a doctorate and teach at the HS level in our system, you will be over $100k/year. Sounds like GA pays better than TX |
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GA, USA
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Posted: 5/7/2024 11:59:37 AM EDT
[#20]
Quote HistoryOriginally Posted By Zak406: I told the story earlier. In my district there is a teacher who has a very successful side gig. He wants to do that full time and quit teaching. A successful business man looked at the numbers and told him he’d need to have 2.5-3 million in the bank to offer what the school offerers in retirement. Long story short my buddy is gonna teach and retire as soon as he can to go into the side gig. The pensions for teachers here is insane. It’s like 90% of there last years pay plus they cover health care for the teacher and spouse until Medicare kicks in. Yup. You work in government for the retirement and because you have to truly fuck up to get fired. In GA its your years x 2% x the average of your last two years salary capped out at 40 years. I know a music educator who, after retirement, has several paid gigs doing a wedding reception band/plays at the local water park, judging for performance evaluations, and works several summer camps. In their last two years, they were making $81,434.74 so thats $48,860.85 a year |
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GA, USA
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Posted: 5/7/2024 12:03:06 PM EDT
[#21]
Quote HistoryOriginally Posted By Agilt: Sounds like GA pays better than TX It's possible. I'd imagine most of the counties around here won't have returning county commissioners and BoE members. Property taxes are a universal complaint and the school portion is the lion's share. Bunch of development and nothing to show for it except some people on boards got paid off. |
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Posted: 5/7/2024 12:07:02 PM EDT
[Last Edit: migradog]
[#22]
Quote HistoryOriginally Posted By neshomamench: That is horrible wisdom. Of all the ways to get that kind of money, doing it Dave’s way is among the least likely. In other words, it is among the hardest ways. Again, once more, for those not paying attention, Dave helps people in crisis. He is really good at that. His financial advice is horrible for anyone who wants to get truly rich. Quote HistoryOriginally Posted By neshomamench: Originally Posted By migradog: Dave Ramsey's net worth is around 200 million dollars. I'll take his advice over GD's. That is horrible wisdom. Of all the ways to get that kind of money, doing it Dave’s way is among the least likely. In other words, it is among the hardest ways. Again, once more, for those not paying attention, Dave helps people in crisis. He is really good at that. His financial advice is horrible for anyone who wants to get truly rich. And yet by working hard, investing well and living below my means. I retired early, own my home, my vehicles and have no debt. ETA: My means have changed so in the last year I felt comfortable enough to get A new car, new truck, a couple of UTV’s and am looking for a toy hauler for the utv’s. Nothing I own is financed. |
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Posted: 5/7/2024 12:12:26 PM EDT
[#23]
Quote HistoryOriginally Posted By aquaman67: It’s true. I got a $4000 bonus when I joined the Army. If I had bought Microsoft stock in 1986 it would be worth approximately $13,600,000 today. If you had put it in the S&P 500 you'd have $220,000 today. |
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Posted: 5/7/2024 12:14:56 PM EDT
[#24]
Quote HistoryOriginally Posted By ExFed1811: Ain't that the truth. We have a few million dollars net worth, and if you had told me the mediocre lifestyle that only a few million dollars of net worth gets you in 2024, back in 1985 when I first started saving and investing, I probably wouldn't have believed you. I know for sure it would have depressed me. Someone with $2.5 million can live where they like, drive a Lexus, and fly business class. |
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GA, USA
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Posted: 5/7/2024 12:17:50 PM EDT
[#25]
Quote HistoryOriginally Posted By giantpune: Neat. I just looked up a couple of my old high school teachers who are still at it. I graduated over 20yr ago. In my AO, median income is $50k. My old high school teachers are showing up as $64k and $82k. My old high school biology teacher is still at it, making $105k, but over in cobb county. If you want to start a gossip train, just run by what so and so makes in open.georgia.gov to another teacher. All of em I've met practically have it bookmarked. Cobb pays extremely well and really that whole radius does: Cherokee, Forsyth, Gwinnett, North Fulton . . . you won't get paid much just starting out but there's a reason why you rarely see advertising for teaching positions in those counties. Education is screwed up in plenty of ways and the tie-in to a master's over actual performance for a raise is one of them. You'll get capped out at ~$70k unless you have a master's. Doesn't matter how good you are. Ironically enough, if higher education isn't your thing, you could make more being a bus driver (although not in retirement). We just had a story in the local paper about a bus driver making $149,747/year as she drove as much as she possibly could. Field trips, LGPEs, summer programs, etc. Anything you could sign up for, she was there. |
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Posted: 5/7/2024 12:19:07 PM EDT
[#26]
Quote HistoryOriginally Posted By GunLvrPHD: Someone with $2.5 million can live where they like, drive a Lexus, and fly business class. I could fly first class and drive a couple of Ferraris. But, I don't. I do live where I want. 
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Posted: 5/7/2024 12:19:10 PM EDT
[#27]
No shit, even a bum has a shot. It's a 1 in *insert powerball odds here* shot but it's a shot
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Posted: 5/7/2024 12:41:31 PM EDT
[#28]
Quote HistoryOriginally Posted By migradog: And yet by working hard, investing well and living below my means. I retired early, own my home, my vehicles and have no debt. ETA: My means have changed so in the last year I felt comfortable enough to get A new car, new truck, a couple of UTV’s and am looking for a toy hauler for the utv’s. Nothing I own is financed. You are free then. You are still not rich. You could have balanced it as you went along but you chose to have more later in life. I have been very clear that if you follow Dave you will get his results. |
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Posted: 5/7/2024 12:50:05 PM EDT
[#29]
Quote HistoryOriginally Posted By neshomamench: You are free then. You are still not rich. You could have balanced it as you went along but you chose to have more later in life. I have been very clear that if you follow Dave you will get his results. You seem to not understand the difference betwen "millionaire" and "rich". In the OP, Ramsey claims a lot of people can become "millionaires". Words have meaning. Millionaire has a specific meaning. The word "rich" does not have a specific meaning, it varies from person to person. Allow me to enlighten you. There used to be a radio program called "Money Talk" hosted by Bob Brinker. He retired in 2018-ish, but up to that time it was the longest running radio show of any kind in history - more than 30 years. BB used a term called "critical mass" to describe a financial portfolio that would allow the owner to live in the lifestyle he wanted. Obviously, that varies. Elon Musk's critical mass is not the same as yours. Critical mass, then, can be subbed for "rich" depending on the needs/wants of the owner. Ramsey is right - a LOT of people can be millionaires. Is that "rich"? Maybe, maybe not, depending. For me, having $1M makes me a millionaire, but not "rich". If you would stop conflating the terms perhaps we could get somewhere. tl;dr at no time did Ramsey say achieving a net worth of $1M would make everyone "rich". |
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Posted: 5/7/2024 12:50:16 PM EDT
[#30]
Quote HistoryOriginally Posted By ONETIMER: Guys full of shit. Please elaborate how. It sounds like pretty typical advice to me. <GD millionaire |
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MN, USA
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Posted: 5/7/2024 12:57:40 PM EDT
[#31]
Quote HistoryOriginally Posted By Lou_Daks: You seem to not understand the difference betwen "millionaire" and "rich". In the OP, Ramsey claims a lot of people can become "millionaires". Words have meaning. Millionaire has a specific meaning. The word "rich" does not have a specific meaning, it varies from person to person. Allow me to enlighten you. There used to be a radio program called "Money Talk" hosted by Bob Brinker. He retired in 2018-ish, but up to that time it was the longest running radio show of any kind in history - more than 30 years. BB used a term called "critical mass" to describe a financial portfolio that would allow the owner to live in the lifestyle he wanted. Obviously, that varies. Elon Musk's critical mass is not the same as yours. Critical mass, then, can be subbed for "rich" depending on the needs/wants of the owner. Ramsey is right - a LOT of people can be millionaires. Is that "rich"? Maybe, maybe not, depending. For me, having $1M makes me a millionaire, but not "rich". If you would stop conflating the terms perhaps we could get somewhere. tl;dr at no time did Ramsey say achieving a net worth of $1M would make everyone "rich". The word "rich" is not even in the article one single time. |
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Posted: 5/7/2024 1:00:12 PM EDT
[Last Edit: migradog]
[#32]
Quote HistoryOriginally Posted By neshomamench: You are free then. You are still not rich. You could have balanced it as you went along but you chose to have more later in life. I have been very clear that if you follow Dave you will get his results. Quote HistoryOriginally Posted By neshomamench: Originally Posted By migradog: And yet by working hard, investing well and living below my means. I retired early, own my home, my vehicles and have no debt. ETA: My means have changed so in the last year I felt comfortable enough to get A new car, new truck, a couple of UTV’s and am looking for a toy hauler for the utv’s. Nothing I own is financed. You are free then. You are still not rich. You could have balanced it as you went along but you chose to have more later in life. I have been very clear that if you follow Dave you will get his results. Maybe not rich, but my net worth has seven zero's. Good enough for the lifestyle I want to live. And I did balance my life out. Took the family Europe, the kids to Hawaii etc. And didn't go into debt to do it. So like Dave says, all Americans have a shot at becoming a millionaire. But not everybody has the drive.... And I'll always take Dave's financial advice over GD's. |
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NV, USA
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Posted: 5/7/2024 1:21:56 PM EDT
[#33]
Quote HistoryOriginally Posted By deanwormer: Boomers lived through a mostly bull stock market and had cheap houses that are now worth a ton. Any of them that aren’t >$1M net worth are massive financial losers. I know one that has married and divorced the same woman several times. His stuff has a half-life of about 5 years |
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Posted: 5/7/2024 1:24:19 PM EDT
[#34]
Quote HistoryOriginally Posted By GunLvrPHD: Someone with $2.5 million can live where they like, drive a Lexus, and fly business class. Gross |
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Posted: 5/7/2024 1:27:35 PM EDT
[#35]
Ramsey helped make me wealthy.
Started in the 90's as a teenager, working jobs. Into an enlistment into the Navy. You know how hard it is for a early 20's man with a good paycheck not to buy a cool car like all his buddies in their Mustangs and lifted or sport pickups? Quads and flat screen TV's (back when they cost $4k in the early 2000's)? Asked myself WWDRD? And I did not do the things my buddies were doing. I skipped all that shit and drove my 12 year old dorky and rusted out Ford Ranger. 20 years later guys I served with ask if I still have that old thing - and as a matter of fact I do  Well, being debt free my entire life didn't make me wealthy, but it did help me start a welding shop and buy equipment debt free at the age of 30. By 35 I was easily a millionaire - and 100% debt free. I feel almost guilty how easy and fast it was. Now age 41 - it's easily double but COVID slowed us down significantly. I made a 1 million business decision on Jan 1st, 2020 and the timing couldn't have been any more fucking awful. So who knows where I could have been by now if it weren't for our slimy politicians and the Chinese. So I'm a DR fan. He sets a guy up to be financially free - in that if I was living the P2P debt lifestyle like all my buddies at age 30, I wouldn't have made the decision to quit my FT job and risk it all on a unproven idea that I needed a welding shop for. And Dave is a big gun guy. Holy shit would I ever be honored to spend a day on the range with him and bullshit about stuff. Millionaire welder checking in, and I pretty much fit DR's millionaire profile to the T. |
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Posted: 5/7/2024 1:35:54 PM EDT
[#36]
Quote HistoryOriginally Posted By EastRiverSD: Ramsey helped make me wealthy. Started in the 90's as a teenager, working jobs. Into an enlistment into the Navy. You know how hard it is for a early 20's man with a good paycheck not to buy a cool car like all his buddies in their Mustangs and lifted or sport pickups? Quads and flat screen TV's (back when they cost $4k in the early 2000's)? Asked myself WWDRD? And I did not do the things my buddies were doing. I skipped all that shit and drove my 12 year old dorky and rusted out Ford Ranger. 20 years later guys I served with ask if I still have that old thing - and as a matter of fact I do Well, being debt free my entire life didn't make me wealthy, but it did help me start a welding shop and buy equipment debt free at the age of 30. By 35 I was easily a millionaire - and 100% debt free. I feel almost guilty how easy and fast it was. Now age 41 - it's easily double but COVID slowed us down significantly. I made a 1 million business decision on Jan 1st, 2020 and the timing couldn't have been any more fucking awful. So who knows where I could have been by now if it weren't for our slimy politicians and the Chinese. So I'm a DR fan. He sets a guy up to be financially free - in that if I was living the P2P debt lifestyle like all my buddies at age 30, I wouldn't have made the decision to quit my FT job and risk it all on a unproven idea that I needed a welding shop for. And Dave is a big gun guy. Holy shit would I ever be honored to spend a day on the range with him and bullshit about stuff. Millionaire welder checking in, and I pretty much fit DR's millionaire profile to the T. Well done! |
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Posted: 5/7/2024 1:36:59 PM EDT
[#37]
Quote HistoryOriginally Posted By godzillamax: I'd be interested in seeing the data on teachers and how Ramsey ascertained so many are millionaires in retirement. My wife has been a public middle school teacher for 30 years and has taught in a very affluent school district for the past 17 years. She got her masters degree 20-22 years ago and in 2023 made $95k salary. Fresh grad teachers in her district start around $50-$60k salary. When my wife retires her pension + 403b will make for a nice retirement, but no way will her net worth even remotely be a million dollars (but I guess with a gov pension that depends on how it's valued over the course of her retirement). Your wife is already a millionaire. The value of her pension exceeds 1 million. |
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NC, USA
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Posted: 5/7/2024 1:41:37 PM EDT
[#38]
Quote HistoryOriginally Posted By Balu: It's highly lifestyle dependent but I would say for me comfortable retirement starts at around $5M. Definitely agree that a million isn't enough for anything meaningful. Sitting at home watching TV and eating microwaved food until death comes for them may be some people's idea of retirement but it's not mine. Quote HistoryOriginally Posted By Balu: Originally Posted By Tras: Originally Posted By OregonShooter: A million dollar net worth isn't much really. I'll need 2.5M in a retirement account to feel comfortable retiring. It's highly lifestyle dependent but I would say for me comfortable retirement starts at around $5M. Definitely agree that a million isn't enough for anything meaningful. Sitting at home watching TV and eating microwaved food until death comes for them may be some people's idea of retirement but it's not mine. I'm not going to need $5M to NOT sit at home and watch TV/eat microwaved food till death comes. I probably won't have that much, but I plan to stay pretty busy. Whether it's going back to work part time or having an immaculate garden and lawn, I have to do something. |
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Posted: 5/7/2024 1:54:32 PM EDT
[Last Edit: OregonShooter]
[#39]
Quote HistoryOriginally Posted By 15jonshoot: Where does this bullshit come from? How many people have retired without 2.5 million in the bank? Is everyone who retires going to become a jetsetter flying first class to luxury resorts every other week? Math? The Value of a median home in the US is ~412k. So you own a median home outright and have $588,000 in a retirement account and your a millionaire. That retirement account will pay out 4% or $23,520 a year. Add in the average social security payout of $21,500 and your millionaire has the equivalent of a $45,000 annual income. Retire early because you're a wealthy "millionaire " and your getting By on less than $2000 a month. @15jonshoot |
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TX, USA
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Posted: 5/7/2024 2:01:18 PM EDT
[#40]
Quote HistoryOriginally Posted By Rheinmetall792: Yet most Americans don't have it, and most who do don't have much liquidity. Exactly. That’s why it makes me laugh when folks say it isn’t shit. Most folks will never have it. |
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Posted: 5/7/2024 2:01:49 PM EDT
[#41]
Quote HistoryOriginally Posted By R_S: This bit from the study is I think pretty relevant: Quote HistoryOriginally Posted By R_S: This bit from the study is I think pretty relevant: Eighty-eight percent of millionaires graduated from college, compared to 38% of the general population.2 And over half (52%) of the millionaires in the study earned a master's or doctoral degree, compared to 13% of the general population. It's relevant, for sure. But it doesn't necessarily equal cause/effect. It could be that smart people go to college and also were taught to be smart with their money more often than poor people go to college and are also taught to be smart with their money. |
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Posted: 5/7/2024 2:24:36 PM EDT
[#42]
Quote HistoryOriginally Posted By deanwormer: Boomers lived through a mostly bull stock market and had cheap houses that are now worth a ton. Any of them that aren’t >$1M net worth are massive financial losers. |
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Posted: 5/7/2024 2:27:36 PM EDT
[#43]
Quote HistoryOriginally Posted By KILLERB6: Anyone who didn't take advantage of the last couple of decades of near zero inflation and interest rates are also massive financial losers. Damn me for playing with legos at age 10 instead of building my portfolio. |
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Posted: 5/7/2024 2:32:39 PM EDT
[#44]
Quote HistoryOriginally Posted By KILLERB6: Anyone who didn't take advantage of the last couple of decades of near zero inflation and interest rates are also massive financial losers. What time zone are you in? I'm on EST. Its a little early here to be halfway into a 30 rack. Well, I guess its 5 O'Clock somewhere. |
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Posted: 5/7/2024 2:35:35 PM EDT
[Last Edit: brasscrossedrifles]
[#45]
Quote HistoryOriginally Posted By eagarminuteman: Damn me for playing with legos at age 10 instead of building my portfolio. I finished my education just in time to have enough established work history and pre-OT income to get pre-approved for a $200k home loan in 2021. 
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Posted: 5/7/2024 2:36:43 PM EDT
[#46]
Quote HistoryOriginally Posted By brasscrossedrifles: I finished my education just in time to have enough established work history and pre-OT income to get approved for a $200k home loan in 2021. I started mine thinking everything would be great when I finished. I’ve never been more wrong. |
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Posted: 5/7/2024 2:50:03 PM EDT
[#47]
Quote HistoryOriginally Posted By neshomamench: I have said that those who follow Dave will get his results. Which would be a disaster for people trying to get rich....or the vast...VAST majority of people who seek to intruduce things that improve our lives. Almost everyone who becomes wealthy and/or builds a good sized business does so with debt. Quote HistoryOriginally Posted By neshomamench: Originally Posted By Lou_Daks: But most won't, and that's the point. Ramsey shows them how to do it, but most will ignore his advice. A nutritionist can show people how to eat healthy and be fit, but have you been to a Walmart lately? I have said that those who follow Dave will get his results. Which would be a disaster for people trying to get rich....or the vast...VAST majority of people who seek to intruduce things that improve our lives. Almost everyone who becomes wealthy and/or builds a good sized business does so with debt. Debt creates risk. Debt based investments certainly can work, but they also add risk. You might win big, but chances of failure go up. Millionaire mind's research shows that the fundamentals behind becoming wealthy are of course not spending lots of money and also not spending money on "status" items. Very mindset oriented. Probably in some ways easier to do if you start out poor, because you aren't used to spending a lot of money to begin with. I was born a poor white child in West Virginia and was used to not spending a lot of money. |
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Posted: 5/7/2024 2:51:21 PM EDT
[#48]
Quote HistoryOriginally Posted By eagarminuteman: I started mine thinking everything would be great when I finished. I’ve never been more wrong. It happens. My adult professional life has been a comedy of errors. Always in the wrong place at the wrong time, taking bad advice, getting jerked around by employers, getting outright scammed by one employer (no shit scamming, like he would have had legal consequences if he hadn't listened to his boomer dad telling him to correct my check. There's a lot of guys that would have just shown up at the office with that thing whipped out demanding interest and bussin rounds like whammy burger instead of complaining to DOL). The biggest hit by far was having to leave grad school for allegations of non-academic misconduct (I didn't do it, I was guilty of a lot of dumb frat boy shit but I didn't do this particular thing) while the industry my undergrad degree is good for was having a struggle, then wasting a bunch of time as a tradie trying to make a path into manufacturing engineering, because boomers told me Drumpf was going to bring manufacturing back. Well, anyway, I managed to get promoted instead of laid off during a pretty significant down turn, and my customer's on site rep started this morning's meeting with "yall seen the price of natural gas lately  "
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Posted: 5/7/2024 2:55:22 PM EDT
[#49]
Quote HistoryOriginally Posted By neshomamench: For the risk adverse, maybe. But in terms of lifestyle, not even close to being true. Starting at 35, I am making 75K a year. And I scrimp and save, having a life of rice and beans and board games or walks in the parks for 15 years, I am now 50, with a million bucks, in a few more years, I can stop working at still make 75K a year and still live a modest life Hurray for me I guess. Or, at 35, I can manage debt properly and live within my means, while still living a little bit....and I wont be that far behind the other guy, even if he dies with more money than me. The reality is, neither one gets to 10M or more....even doing it daves way. All but the top few% can scrimp and misery their way to 10 million or more....and then what? You spent 20-30 year living poor in order to one day be the richest guy in your working class neighborhood? The math is what it is. You want to be 10 million or more guy, almost everyone who makes it from a middle class or lower background does it with debt. Quote HistoryOriginally Posted By neshomamench: Originally Posted By Colo303: Well he advocates for the 95% to do just that. In my experience going from $5k net worth to $1m improves your like much more than $1m to $10m plus. For the risk adverse, maybe. But in terms of lifestyle, not even close to being true. Starting at 35, I am making 75K a year. And I scrimp and save, having a life of rice and beans and board games or walks in the parks for 15 years, I am now 50, with a million bucks, in a few more years, I can stop working at still make 75K a year and still live a modest life Hurray for me I guess. Or, at 35, I can manage debt properly and live within my means, while still living a little bit....and I wont be that far behind the other guy, even if he dies with more money than me. The reality is, neither one gets to 10M or more....even doing it daves way. All but the top few% can scrimp and misery their way to 10 million or more....and then what? You spent 20-30 year living poor in order to one day be the richest guy in your working class neighborhood? The math is what it is. You want to be 10 million or more guy, almost everyone who makes it from a middle class or lower background does it with debt. With 2 household earners with solid graduate degrees it is hardly impossible to do so without debt. The biggest issue is education is getting very expensive these days, so education loans would be a reality for most. |
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Posted: 5/7/2024 2:57:50 PM EDT
[#50]
He is not wrong. I have 2 friends who both have a net worth over $10 million and neither has a college degree. Both did it in the used auto parts business
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