I'm Worth About $1,7000,000, Do I Really Need a Financial Advisor?
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He's so rich they put 4 digits between the commas.
I want to be that rich someday.
😂
I also observed that
😆😆😆
LOL
Interesting amount of zeros in the title.
LOL saw that also (too many zeroes there bucky )
17 million haha
Looks like they also have a comma problem.
@@heaven-is-real Never understand why these rich people call in to humble brag. $1.7 million??? You don't have any problems in the world dude. Hate these tone deaf calls.
🤣🤣
Caller: I’m an Arabian prince.
Dave: Sell the car.
Well played, fake Ramsey account, well played.
Hahaha i laughed out loud to this comment! Sell the cars fam!
sell the camel walking is cheaper
😂
🤣🤣
Caller: I'm worth 17,000,000
Dave: Beans and rice
Also Dave: Rice and beans
😂🤣 yep but only bc he still had a mortgage and got caught investing. lol
And I better not see you in a restaurant unless you're workin' there.
Correction! 1,7000,000*
LOL
$200,000k -> $1,700,000 in 5 years? Sounds like he needs to do some financial advising lol
From whom ? You ?
Read it again.
@@Shatteredsosa ty lol
@@JerimarGonzalez I talk about PF on my channel but I think he already does what I preach lol
$1000/ month for 5 years in the S&P (let’s say 15% yields) is only around $530,000. Not sure I believe this caller.
The caller didn't explain how he turned 200k to 1.7 million in 5 years. Not investing in the S&P and only putting in 1k per month.
Exactly
Probably had some Nvdia stock. I bought some around that time and it is up over 8000% in that time. I still have 85% of it. I used a bit of the gains to pay cash for a new Tesla. My current net worth is a bit over double his right now. By the time I start collecting social secuirty, it should be around 7 or 8 million. Although I have a financial adviser, I don’t use them for advice on my singular stock purchases, but they have been useful over the years as well.
200k turned jnto 900k in the fund. The rest of his wealth must be in home, work retirement etc.
Never hurts to discuss ideas with other people. But this guy is doing fine on his own.
Imagine being so rich you can afford an extra zero in the middle.
Lol
Who is this person and how can I reach him
Thanks, I'll contact him asap, hopefully he could make me those extra zeros😉😉
@Cesar Moreno lied
@Cesar Moreno i made $5000 with his signal today, thank you so much, I'm so excited
The short answer... if it ain't broke, don't fix it.
If he ain’t broke, don’t fix em lol
I don't agree, wealthy people run into all kinds of things other of us don't worry about, like exceeding FDIC limit.
@@ironmonkey1512 Not just that, for him to go from 200K to 1.7M, he took some risk. If he's not diversified, he could lose just as big.
@@dodgeplow - fact.
Trust is certainly the most problem that am facing towards getting a financial advisor. I mean, I'm currently managing my finances wisely and being frugal. In the last 19 months, my investments grew by 43%. However, I've had losses in the past month, making me anxious. I'm unsure whether to sell everything or wait.
The market is volatile at this time, hence i will suggest you get yourself a financial-advisor that can provide you with entry and exit points on the shares/ETF you focus on.
Very true , I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.
Please can you leave the info of your investment advisor here? I’m in dire need for one.
‘’Jenienne Miniter Fagan’’ is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment
Thank you for this amazing tip. I just looked up Jenienne, wrote her explaining my financial market goals and scheduled a call
Exactly - these callers are NOT flexing, they are looking to bounce ideas off of people.
One million, seven thousand hundred thousands is quite an impressive number
America is ranked 31st out of 79 countries in Math, as of February 2020. Floating comma is the new math discovery.
@@shqa574 LOL. Was it an American who counted 79 countries?
The title has 7,000 thousands (for a total of $17M, including the ‘1’ in front) not 7,000 hundred thousands (which would be $1.7B, including the ‘1’ in front). If you’re going to comment on the inaccuracy of the title, at least be accurate yourself.
That made me laugh out loud
Caller: "I have $1,700,000 net worth"
Dave: "How much do you owe on your truck?"
LOL
😂
Sell the car
😂😂😂😂
Dave: You'll make 12% in the market
Also Dave: No you won't make more than 3% in the market if you have a mortgage
100%
I got 165k in my retirement and started putting 1k away for one year now . Still got til 2044 to retire .
The dude is so rich he broke the decimal system lolz
Great freaking comment. 😂😂
Metric comma! LOL
im so certain that everyone clicked on this vid just because of the amount of zeros
Wanted to find out if it was 1.7 mil or 17 mil
yepp
I wanted to know where he invested.
No matter the amount of zeros we have we still looking for means to make more money.
Mans quest for financial freedom are insatiable.
Professional advisers were hindering my wealth creation. Firing them was the best thing I've done. Just buy when others panic.
Yes!
I think it's wise to hire a fee only advisor to review your portfolio periodically. That may or may not mean a standing relationship. I think it makes sense to do a one time review of what you're doing for a flat fee. I'm all about doing it myself and saving on excessively high advisor fees, but I also appreciate an extra set of eyes and a neutral opinion from time to time.
If you are knowledgeable and confident in your investing skills, you are correct. It is a good idea to have a professional, either a planner or a tax specialist, help with the eventual RMDs from IRAs, 401(k)s, etc.
Paying off your mortgage is FREEDOM. No car payment.
It gets to you even don't like paying for internet.
I'm genuinely carious. If I can pay off my mortgage but I rent out the place on a profit, should I really pay off my mortgage rather then invest that income and why? I'm actually genuinely carious.
He seems like he he doesn't need one... he'll be taking advice from someone who is likely much poorer and probably financially less intelligent
@C&G/G&C no chance he started with 200k with 1k each month in S&P from 2015 to now and has 900k. Its not hard to do the math on that with S&P returns... dude has 440k not 900k
like you?
@@coreydeluna5258 like me?
@@7Wharton I'm pretty sure he knows how much he has. I'm sure you do.
Having a lot of money doesn't make you financially intelligent. That's like saying someone who is really healthy probably knows more than a doctor.
Wish he would let the man talk, he keeps interrupting.
On purpose
Then it would be the 'Joe in Milwaukee Show'.
Guy: "Dave, my mortgage is only 3% and I make 7%+ in the market!"
Dave: *hangs up on caller* "No, I hate debt and it is the devil. I don't care if you're making money."
@@ivanthemisunderstood6940 thats like saying its not the joe rogan experience when he lets the guest actually speak
@@fitybux4664 Ramsey KILLS me with that... he use to to take the most stupid risks, and now he projects his previous missteps onto competent people who are already on the right path.
I like how he cut him off right before he was about to explain how he makes more money than what Dave was suggesting.
Exactly
Twice
I like how every smart person in the comments noticed this also! :-D Dave is going to have to step up his game.
Starting with $200,000 and contributing $1000 per month for five years would require a 49% annual rate of return to become $1,700,000.
WRITE MR ALEXANDER HOFFMAN ON WHAT SAPP HE MADE AROUND $10,500 FOR ME
HE WAS RECOMMENDED TO ME BY DAVE HIMSELF.
+1 3-0-5-5-2- 9 -6-2-9-5
I hate when Dave interrupts people talking.
Dave wouldn't let the guy finish a sentence.
My guy told him to pay off his mortgage and hung up on him
Right?! Lol
@@justinacase2623 Of course is Dave's show but why have callers if you don't want them to finish speaking?
@@rchavez5056 because most people get super nervous calling in and ramble on like crazy, so it'd be super boring if every phone call was 20 to 30 minutes long. He has to keep them between 5-10 minutes each. Yes sometimes he gets a little aggressive with cutting off but for the most part he does a great job keeping the convo flowing.
@@texast2595 exactly this. The guy also sounded like he was going off on tangents that would then have to be further explained. Some people are also super wordy and can't get to the point quickly when you have a limited time on the air.
The first person to have 4 zeros then the comma. Insane wealth.
I'm at $2.5 million with no advisor. Just minimize spending, eliminate debt, and then invest the rest in index funds. Am i missing anything?
Only thing you're missing would be to keep expenses low. Never pay a high ER and never ever pay a load. I'm with you - I cracked seven figures on my net worth earlier this year. Feels great.
Similar boat here. You are missing nothing. A bit of mortgage debt can be okay. It’s cheaper than paying it off. Otherwise, you got it made.
any suggestions on what is the best index fund invest into? Im new to this
@@nicknedeoglo4611 I'm in QQQ
@@nicknedeoglo4611 VTI/VXUS 80/20
Using caller's numbers, I believe it's impossible to get that kind of ROI using Dave's investment advice. Am I missing something? He should ask him how he made so much and then tell him the error of his ways. Dave keeps interrupting him every time caller tries to explain his investments.
Agree. “$1000/mo since 2015”. How does $60k translate to $1.7M?
I think it’s because Dave can’t give personal detailed investment advice - like which mutual funds to buy - due to regulations around that industry
@@justinacase2623 Correct. People seem to forget that investment proceeds accelerate as your capital base grows. Dividends and stock splits are magnified.
@@katazack And you seem to forget what is possible even with stock splits. These gains are not feasible solely from index funds.
@@FloydofOz Correct - no one seems to understand this
Dat title 🤣🤣
"I'm worth 1,7000,000 do I need financial advisor"
"No, need a math teacher or typing teacher"🤣🤣🤓
1.7 Million at 45...Superb. 😳 Can he be my financial advisor?
He's ripping up trees...👏👏
You could do it too if you were putting away 10k/month like he was.
@@MrErzberg only 1k a month
@@jimhandler1129 you're right! I misheard. My bad.
I wanna know his allocations
I don’t get it. starting off with $200k and adding $1k per month for 5year. Even with 10% return I’m getting less than $500k. How did he end up with $1.7mill
The last thing you need is a financial advisor.
This guy wins at life. Don't question it.
Let me get this straight. Starting balance = $200,000. In 5 years, investing $12,000 per year, the account is now $1,700,000. Is that what I heard?
He made that up lol. I invest way more than $12k/year and I didn’t get nowhere what he’s talking about. I think he’s trying to get a reaction out of Dave
Unless he bought individual stocks and got lucky.
I was thinking the exact same thing. No way unless invested in some super risky stuff and got lucky every time which still is a stretch to reach that amount. I have over 525k invested and my well balanced plan places me at 1.6 in 6-7 years with a 6-9 percent return on average with 4600 invested monthly. I think he's lying about his net worth.
I just did a calculation of what Apple and Amazon, and the S&P 500, two of the biggest gainers in the past 5 years , and the biggest broad market index, and neither of them would have got him close to those returns, so I don’t want to say he is lying but the numbers don’t add up
Tesla was only $10 a share 5 years ago. If you invested $15k, it's worth about $1 million today.
It takes knowledge to know what to ask when interviewing a financial planner. By the time you know enough to intelligently question a financial planner, you know enough to simply manage yourself. You don't need to do much to manage it yourself. 15 minutes a year is all you need. Buy and hold. The end.
Agreed. I just buy ETFs and hold. Learning more all the time. I'm not paying for them when I'm making over 13 % over the last 5 years
12% is not consistent with overall stock market returns! More like 7%. I like Dave, but over stating long term stock market returns is not healthy for financial planning.
He constantly talks about 10-12% like it's a given. It's not
agree and a 12% annual gain in today's conditions (and probably the next 5 years at least ) will be tough
He always does. Dave has Madoff type numbers.
Unless the financial advisor is fee based, you don't need one. Never get one that's commissioned based. 100% Total Market Index is definitely the way to go. I don't need a financial advisor to tell me this.
Yessir
But those sector etfs tho 😝
Index investing has an important role to play, but it also has pitfalls. It buys everything at highs (S&P funds just had to swallow Tesla at astronomical levels), and when everyone wants to exit during a crash, watch what happens. Find a couple of good managed funds (they are out there) to put a little of your investments into. They are more expensive, but they have far more flexibility.
@@katazack Funny what the yearly Spiva Scorecard constantly shows the managers can't beat their relevant index over time. If they could, we'd all be rich. The S&P 500 index is self cleansing. In other words, the components which are currently overvalued will become smaller components or will drop off the index, while new companies will be added to the index.
@@huskiefan06 a fellow Felixer?
If financial advisors were actually useful, they'd be running their own funds rather than advising small time people
He started with $200K in 2015 and now has $1.7 million in 2020 from investing in S&P 500? Or $900K in his brokerage account? That’s still an insane amount of growth!!
Love these Dave ramseys short vids but i hate when he just talks over people when there trying to talk.
never trust a broker or financial advisor
Caller : I am almost a multi-millionaire at 25
Dave : get rid of your leased car and buy the used one from Karate Kids mom that has to be push started.
Thanks Dave
And find a Mr Miyagi who has spent a fortune on keeping and maintaining several classic cars
Danielson....look in eye.
I love that movie lol
When Dave interrupts the caller who is explaining how he saved so much I was like Noooooooooooooo
Agree to pay off the mortgage. After paying off my mortgage 10 years this coming January it is a great stress reducer. I don't worry about what will happen to me if I lose my job and I have now reached the point where I am ready to retire and don't need to work. I will retire the end of next year. Also contributing the maximum to my 401K including the catch up contribution has allowed me to have a 401k in excess of million after 30 years. I don't even think about putting the money into a 401k and my wife and I have a sizeable stock portfolio in addition to the 401k. Having no debts is one of the best things that you can do for yourself.
Thanks. And congrats.
Dave ramsey never lets anyone talk
Joe: "Hello this is Joe from the future, 4 years later. Just buy and hold. I'm worth 7M+ now in 2024"
❤😊
Wow this a very direct answer from Dave Ramsey, from my perspective adding another set of eyes in the quest to keep growing his portfolio won't hurt. I currently have a portfolio worth of $682k which I have managed grow this past eighteen months thanks to my wealth and financial advisors Jeff A DAKIN, and also different one which I singlehandedly manage for six months now which is currently at $47k. Their is always a huge difference but I can't doubt he has done a great job on his portfolio to grow it up to that figure.
His number are quite impressive, I think he gave it his 💯
What I don't understand is why be in debt if his portfolio is worth $1.7m
@@pedropio3838 I think it for the same reason Dave Ramsey school him to settle his debts, their is always a feeling you get when you debt free.
@Tion our thoughts is always going to be different compare to that of a financial expert who is very involved in the market, with him their are numerous opportunities to diversify our Investments but with us there are just limited.
Seeing people make good money in the market amuses me, got me wondering what I've been doing wrong.
Dave Ramsey is here to help people he has been doing this a long time. Pay attention to the call Dave identifies right away this is a troll call so all he can do is stick to his script and brand and exit the call immediately. Dave is smart and Caller obviously a troll. Nobody makes 200k into 1.7 million it’s must stupidity and for you people to buy into it just shaking my head. Click bait by the trolls.
Lol
Does anyone ever get the feeling that Dave seems a little arrogant at times?
Yes. He is.
At times? You mean all the time .
Yep. He is so anti debt that it annoys me. There is good debt from 0-4% interest and there is bad debt at 5-25% he just sees all debt with the same view...
This caller is my hero!
Probably time to start a emergency fund 😆
I recommend putting 3 to 6 months aside for emergencies.
I know Dave can’t let people ramble for 30 minutes but the interrupting is killing me. I clicked on this video to hear from an everyday guy who made 1.7 million without an advisor.
I came across something today, in the comment section on how hard it is to find a well trained BTC trading expert, well I recommend you to my administrator on crypto trades Harry, just what you have to do is reach him out on Wats...app.
*🌟+ 1 . 5 . 6 . 7 . 2 . 8 . 1 . 9 . 4 . 0 . 1*
One area where a Financial Advisor can help is to protect his wealth more than growing it faster than he has been. Some factors could be:
- Finding good tax havens so that he's growing his wealth without paying too much in taxes
- Diversifying outside of the stock market to protect during market crashes - Real Estate as an example
- Starting/Building up an HSA to have access to tax free money in case of emergency medical expenses
- Life Insurance Policy - Either a fixed cost policy or even a variable account that can grow tax free like a Roth IRA but without limits or penalties upon withdrawal, short term & long term disability insurance etc.
I'm not a Financial Advisor by the way but I'm in a similar situation where growing my investments & outperforming the market hasn't been an issue at all but have been looking more into these other areas to protect them.
Life insurance is only needed when you DONT have money. That is so false. You take one out for cheap early on when you have a family and passing away early could cause their lives to be troublesome. You build wealth as you go so you no longer require it.
Dave is a bit too anti-mortgage. My monthly mortgage payment is less than taxes and insurance on the house. Yes it will be nice when it's paid off but I don't expect to feel a huge weight lifted because I will still have the other payments to maintain.
hilarious. Caller is smarter then Dave.
Dave- Pay off your mortgage
Caller- I'm at 3.5%, I'm making more investing that money?
lol and just a minute before he was explaining to the caller how the S&P averages about 10% a year.
Dave-No you're not...
Huh? he's making 50-100% returns and paying 2.5% on his mortgage but he's not making more? Dave is so singularly focused on paying off your mortgage that there's no other option. Do as I say, not as I did. Well he was churning loan shark monies, we're just talking low interest mortgages here. Keep that mortgage as long as you can at these rates. Build up your investments instead.
@@WoodUCreate Id like to see Dave directly respond to this scenario more. There is risk, and possibly attitude differences to paying mortgages off rather than investing it. But I think it’s a good talking point.
I agree with Dave on paying off your mortgage once you are financially stable pay off the house it is a huge weight .The amount of money you can start to save is amazing .
If I had 1.7M in a brokerage (non-retirement), I agree - from a psychological standpoint, own it free and clear - secure your possession 100%. However, if the money's in a 401K I won't touch it until I have to, penalties are huge.
Part of my software I use to manage investments is tracking the S&P and comparing it to all my investments. The S&P is not peak performance, it's baseline performance. It's not hard to beat it. Most people just have no idea if they are or not. Webull is the only investment platform I know of that tells you how you're doing relative to the S&P. Which is why I have my own software so I can pull in transaction data from all my accounts and see how all my accounts are doing versus the S&P.
I think the quick massive win has triggered impostor syndrome. You don't know if you know what you're doing or are just lucky. This is why paying off your mortgage is important. This allows you to further diminish your emotional investing. And it frees up monthly capital to invest rather than to pay off debt which makes working a heck of a lot more fun. So you'll work harder and make even more money. Read investment books. Give some money to a professional to manage if you want to see how you're doing in a controlled test. And just relax for the next few years while you learn and boost your confidence that you're a good investor, not just lucky looking to lose everything if you keep pushing it.
Guys! Stop making jokes about the title
*i can’t like them all*
@Sponge Bob Yeah! It would be nice if all our salaries and bank accounts had extra zeroes, with comma.
I love how Ramsey just throws out horrible advice like it's a no brainer. Yep, just sell out of whatever you have to, take on whatever taxes that'll create, and pay off your $235k mortgage today, which is only costing 3.5% interest on a 30 year fixed loan. Which after the taxes of selling his assets, that's likely going to cost him $329k of his investments. Of course the carry cost of a $235k loan at 3.5%, assuming he still has 20 years left, is about $98k of debt service over that period, and that's $98k he get's to take a tax deduction for. Verses paying $94k of tax now, and depriving his accounts of $329k of capital growing at 8% to 10%. So to save that $98k of debt service, and have the privilege of losing the associated tax right off and getting to pay $94k in tax now, he's going to lose $1.6M to $2.4M in asset appreciation over that period. This is the textbook definition of stupid, and Ramsey just talks over him in his condescending "it's obvious this is what you do" voice; he should be ashamed.
It really would have been good to hear more from the caller. I love DR and his philosophies but the guy was not able to get a word in. He was gonna share about his journey.
I’m in Canada looking for a financial advisor. I’ve met w 2. None were salesy but I’d like to see some more and I assume there are no Dave Ramsey advisors in Canada? The ones I saw one charged .7% the other w a larger firm charges 1.35%
This guy sounds like he's never going to be content with being a passive investor in index funds. He's in it for the adrenaline of trading. Bet he doesn't pay off his mortgage, either.
@@JaredHoutsma risks not being acknowledged? You are making an assumption. There are also risks to paying your house off early that are not being acknowledged.
@@franklintyler4652 there are risks to NOT paying your house off early as well. If he is making risky investments and loses everything, including his job, he could get his house taken away.
That's a long shot, but so is saying it's risky to pay it off early. It's really not. He has more than enough money to not worry about opportunity cost to pay it off.
@@rrrrrfffff paying off your house early isn’t just advice Dave gives to people with 1.7 mil. I would also pay off my mortgage. That being said young people with long time horizons (a lot more of his audience than people with 1.7 mil) will drastically decrease their net worth over 30-40 years. People with low income making extra payments have a lot higher chance of losing their house due to lack of liquidity than a person who uses that same money to invest in Roth IRAs and brokerage accounts.
@@rrrrrfffff this guy is in a position that 99.9% of Dave’s audience will never be in. So, Dave’s advice for this guy should not be applied for 99.9% of his audience.
@@franklintyler4652 - No, I don't think there are "risks" with paying off your house earlier. There might be opportunity costs that are missed. But that's not a risk per se.
I have not had a good experience with smart vestor pro. He kept telling me Dave Ramsey would do this. I told him my husband was against it and he told me to go against him, Dave Ramsey said to. No Thank you
Dave, If I'm you I'm looking at the people who you call Smart Vester Pros.
WRITE MR ALEXANDER HOFFMAN ON WHAT SAPP HE MADE AROUND $10,500 FOR ME
HE WAS RECOMMENDED TO ME BY DAVE HIMSELF.
+1 3-0-5-5-2- 9 -6-2-9-5
"Over half the funds do not beat the S&P 500."
Try more like 90% of active funds don't beat passive index funds, net of fees.
So yeah.. over half is correct then?
But it sounds like around 50% and not nearly as drastic as it should have been said
@@alexc5369 It's technically correct, but misleading. If someone hears that statement and isn't familiar with the actual numbers, they're likely to come away thinking that around 55% to 60% of actively-managed funds, rather than 90%, don't beat the indexes over time. Consequently, they're likely to think that their chance of beating the market, particularly if they invest with the "right guy", is around 40% rather than 10%. With the actual statistics in mind, a person is far more likely (rather than just marginally more likely) to succeed just investing in low-fee passive index funds.
And here's where I have a problem with the statement referred to above. Dave heavily pushes the idea that people should hire one of his ELPs / Smartvestor Pros and pay the associated account management fees for the advisor to put them in actively-managed funds, which usually come with their own set of load charges and high annual maintenance fees, to try to beat the market. Dave also gets a kickback from these ELPs for the privilege of listing them through his site. And while I don't have a problem with referral fees in general, I do have to take note of the fact that he has a personal financial incentive to encourage people to invest in actively-managed funds through his ELPs rather than self-managing their portfolio in passive index funds, the latter of which is statistically better.
Yeah Dave claims he can beat the index. Maybe he does but I doubt it. And he no doubt pays more in expense ratios and commissions which lowers the return.
To the caller Joe, listen to Dave in the first part when he said "just keep doing what you're doing" and listen to your gut and mind and ignore Dave in his obsession with ridding mortgages, regardless of how low the rates are. You're correct, you'll make more in the market!! Keep using that money to build your wealth, not to pay off an asset that won't appreciate as much. When you are ready to completely retire and the income won't exist beyond your investments, that is the time to get rid of the mortgage. Just keep in mind, Dave is ONE OPINION, he is not correct in his advice or opinion on everything and has a long obsessive history with giving bad advice in regard to low interest mortgages. DO what you've been doing!
Exactly, to say you want people to pay off their mortgage because they will have less stress is fine. To make the claim that his money won’t do better in the s&p 500 is a flat out false statement.
@@franklintyler4652 The S&P500 is also not a very good measure of success either. More like the baseline. When he says his advisors make more money, then he says they're into index funds, well any idiot can invest in index funds and make more than the S&P. Do a Morningstar 5 search and pick a couple, its unbelieviably easy. Another measure Dave missed, something like 80-90% of the financial advisors can't beat index fund performance, unless of course that's what they're doing for you investing in index funds.
@@WoodUCreate Even then, after the fees you're still going to make less by hiring a financial advisor to actively manage your money.
I'm Worth About $1,7000,000, Do I Really Need a Financial Advisor? If you are not willing to own a stock for 10 years do not even think of owning it for 10 minutes. - Warren Buffet.
She is a regulated FINRA broker so she is very much accessible to the public, just search her name online " Amanda Katherine Leff" Just search her name online, check out her website for financial or tax professional information, and mail her concerning her educational services.
WRITE MR ALEXANDER HOFFMAN ON WHAT SAPP HE MADE AROUND $10,500 FOR ME
HE WAS RECOMMENDED TO ME BY DAVE HIMSELF.
+1 3-0-5-5-2- 9 -6-2-9-5
You don’t need a financial advisor. People in the industry complicate finance, thus push advisors and the like onto us for our money.
I don't think so.....in only 5 years, 1.7 million??....There's a whole lot more to this story and I don't think this guy's telling all of it...
That's what I think.
That’s because Dave wouldn’t let him finish. He was about to explain more of his strategy when Dave cut him off cold. Really annoying, on Ramsey’s part.
Imagine being so rich that your numbers baffle the Dave Ramsey TH-cam Titling team....
Dave cut the guy off on paying off of his mortgage because, despite the caller being correct, Dave can't answer that question any other way. He's built a career off of telling people to pay off their mortgage. Fine for 80% of the people, but Dave not recognizing the other 20% does a disservice to his credibility, and is why many in the investment community laugh at him.
Thank you. Yes it is laughable. Dave is telling the guy to basically throw away free money by paying off his mortgage. If stable mutual fund investments (plus or minus volatility) give you a higher ROI on average than mortgage rates, of course you throw money at it.
@@fitybux4664 Thanks for letting me know I'm not the only one that noticed that. He would have been much better off acknowledging it as a realistic option, but share more of the emotional benefit side of things. It is why I've generally been favorable of what he's promoted over the years because it fits for a large portion of the population who have limited will power. He dismissed it entirely. Never once stated the downfalls of it (borrowed money being a good inflation hedge if the interest rate is low, etc.)
This Labrador is making a lot of sense....
Awesome job keep up the great work
Dave!! LET HIM TALK!!!
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing below the $100k mark and in the first 2 months, my portfolio was reading $234,800. Crazy right!, I decided to reinvest a huge percentage of my profit and it got more interesting.! For over a year we have been working together making consistent profit just bought my second home at the beginning of summer.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@Kendrawebb-m2f However, if you do not have access to a professional like Suzanne Gladys Xander, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.
@@Kendrawebb-m2f Oh I would love that. thank you.
@EthanCarter-n2y Suzanne Gladys Xander is her name .
Lookup with her name on the webpage.
He has one determining asset that most people don't have: Ability to defer gratification!
You either have it or you don't.
I have it
4:20 most powerful argument in the video. (honestly I'm still battling this too)
If it was such a good idea to get a $250k mortgage at 3.5%, you should have borrowed a million [to invest], but [at the time you got the mortgage] it made you perceive risk.
A little $250k didn't feel so risky. You don't yet know what it's going to do inside your brain and inside your sprit when you don't have ANY debt.
People rarely plan for the very real risk from their liabilities and debts, and what those risks will do to them if their income suddenly went to zero, or, as it can very well happen, a life-altering change demands even more than your net worth and income could sustain.
Why did this guy even call Dave. He should have his own show.
Hi Dave. Respectfully, when your daughter speaks, you interrupt her - every single time.
He interrupts the caller too
Yea ik
He has to control the time of the video/caller to keep it in a manageable time frame. If he lets the caller carry on too long people will tune out and go to the next video of choice.
@@zimway57 Nah. There is plenty of time left, especially when the 'gotta go music' isnt even playing yet.
@@zimway57 yep. I think he does it because some people tend to start venting about things they shouldn’t be worried about. So he tries to keep them focused on what’s important
Extra "0" means when you're a certain level of rich, the actual # doesn't really matter that much 😅
We use our advisor to help us with tax strategy. How we can keep the money we have and let it grow and minimize taxes I.e. Roth vs IRAs etc, RMD etc…as well as overall investment strategy
The extra zero represents the amount of help he needs or wants from Dave. The caller is yanking Dave's chain or just wants to hear Dave say "Way to go. You're killing it".
if you have 1.7 million you can afford a 200k 3% debt.
but you should try to pay it as early as possible.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
@PilouBen However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.
@PilouBen Clementina Abate Russo is her name
Lookup with her name on the webpage.
@PilouBen You are welcome .
great episode
Dave alwats recommends smart vestor pros cuz he gets a kickback.
And why he throws around the term “mutual fund” like it’s the only way to go. It only means high fees and Dave gets a percentage of every referral.
And here it is, i’ve already expect it
In the end no matter what you are or how much you have, he will sell you something
Cover in “Helping” yet selling you the mutual funds
He told the guy not to have debt, yet told him to put his money on the mutual funds with higher fee and risk as well.
He already made alot of money his way, which is proven and he feel comfortable with it.
So why should he take risk going out of his comfort zone ?
Wild predictions on S and P growth by Dave again.
yah, another video said 12% average a year
I paid off my house. And eventually I realized it wasn't the best thing to do for us right now. I took out a HELOC for 2/3 the value of our house @2.99% and bought precious metals of gold and silver, about an 80/20 mix with silver being the 80%. Based on my research, I think we are going back to a gold backed currency, and if that happens, gold and silver will have massive jumps in price. If that doesn't happen, I'll sell it and pay off my house again. To me it's worth a shot, and doesn't cost me hardly anything.
Let the man talk. We wanna know how he did it. Dang!
Everything that Dave tells him to do or asks him comes with the response: "So, umm, yeah, so I..." changes subject d:
Oof the extra Zero threw me a phat curve ball
Me too!!! I don't think many people realized it.
If we pooled all our zeroes and commas, we might achieve 1,7000,000.
I like how every time... “pay off your house” “yeah but I make more money than how much the house is taking” “NOPE! Sell the house” 10% on 250,000 a year is $25,000... 2.7 is... $2,700
A lot of Financial advisers would need to hire him.
Starting balance = $200,000
$12,000 PER YER = 12000*5 = $60000
Total investment = 200000+60000 = $260000
Return = $1.7M
ROI = 553.85%
CAGR = 45.58%
My guess is he started with 200K. Did 1k a month consistently but also added more extra cash when available, bonuses, raises etc.
5 years his $1k a month is total $60k+200k= $260k=$1.7 M? those are good bonuses and raises etc
@@Xspeedspec yep. The numbers he's providing make no sense.
I put his numbers into an investment calculator and it definitely didn't add up. Even at 20% returns you don't hit 750k in 5 years. Something is off
@@mannyjeanpierre4062 Unless he invested his $200k into a single stock? That would perfectly make sense. Just look at Apple since 2015.
@@popcornto6032 he said in the beginning he started out putting 1k a month. maybe he increased it alot since then
Yes . Pay off the mortgage !!!!
I noticed when callers try to brag or boast about their saviings or THEIR PLAN1Dave cuts them off.
@@twocents2034 Im confused to this reply?/
Either the commas or not properly place or there is one zero too many...
Caller: I’m worth 2million dollars
David Ramsey: buy a whoopty
I can’t believe this was posted. They were trolled beyond belief, Dave swallowed the hook , the line, the sinker , the boat, and the dock, didn’t pause at the math, AND said you still need advice ..... Ha, and it still got posted. That’s either true ignorance or true balls , or perhaps he knows his followers are truly ignorant.
As a former sales guy, this is Dave finessing for a piece of the commission of the inbound $500k sale. Sheesh.
Exactly.
Investors like this are a DREAM COME TRUE for a smart vestor. $1.7 million at 1% is $1,417/month straight in the advisors pocket for doing next to nothing.
He's being very active and investing smart. He must have RE in his portfolio to have built that level of wealth. If he understands investing and like it, keep doing what his is doing, and get a good CPA and tax advisor. Tax strategies are extremely important at his and higher levels.
@@popcornto6032 real estate
@@popcornto6032 Real Estate