net worth millionaire here. owners of a 17 year old Acura and a 3 year old Subaru. But honestly I felt richer 5 years ago. We buy most of our clothes at the thrift shop, make 90% of our meals, and do most of our home repairs. Our multi-millionaire neighbors still coupon.
People throw around the term millionaire a lot but in some cases it means nothing. I live in an area where there are a lot of older people with paid for houses. Yes, they have a paid for beach house worth 1.5 million dollars but they have no money. They can’t keep up with the maintenance on the house. It’s an eyesore because they need what little money they do have to pay taxes, eat and pay medical bills. Having a networth of a million means very little if you don’t have actual cash.
Many people get attached to their homes even when they are too large for them. They could exchange out to some income producing properties to create an income for them.
Two words…real estate. Not only is it a real asset, but rents typically go up so your giving yourself a raise if not every year then every few years. And it could take care of your family for generations as long as you’re teaching them some pretty simple basics.
@@Jumpman67 no she’s not a TV nor and engineer, I work in quality assurance nothing special. Just live below your means and invest your money, it’s not how much you make but how much you save.
What we thought of as rich when we were kids seems so funny now. I recall when I was a child in the early 1960s, my dad was in the greenhouse business and one day he came home with a payment for some cut flowers he'd just delivered. He counted out $100 in cash. Being so young and having no concept of what wealth was, I remember being in awe. I ran outside to our back yard and spun around and landed on my back in the grass. "$100!!! OMG!! We're RICH!" I thought to myself.
Same thing as weight loss. Someone who takes Ozempic will undoubtably gain all the weight back at some point versus someone who takes years to eat healthy and exercises everyday. I've done both financially and physically and have achieved millionaires status as well as being very healthy.
The main disconnect is that the survey data are from anyone with a $1m+ net worth. And there are obviously way more people with net worths that make them barely millionaires than there are people with $10m+ net worths. If you are retiring at 65 with a $1.5m net worth with 500k of that coming from a paid off house then you are not living some grand life nowadays. I think if the survey looked at people with $10m+ net worths (or perhaps even 5m+) you would see very different data.
i think Ramsey people "mission" here is different . They dont want to describe to you the lavish life of millionaires just like in an old "MTV CRIBS" episode from the 90's . I think they are rather trying to show you / prove to people who struggle to even save up ANYTHING that even if you are a simple "working class hero" you can one day have a net worth of 1 mln (perhaps half in the house and half in cash) and have ZERO worries . I think this is their goal . Their audience is not mostly those who are doing "fairly well" but mostly those who are doing "pretty bad" or "very bad" with money .
@@thedopplereffect00 It is just to get you started. They have discussed this point several times. Later, people save 3--6 months in case of a job lay off or an emergency.
@@thedopplereffect00You know that they do know $1000 won’t fully cover an emergency, right? They have talked about that multiple times. The end goal is still 3-6 months. The $1000, is to light a fire under you while still having some sort of buffer. And obviously most people are either good savers and don’t have a problem bringing it back up. Or are terrible with money and haven’t had $1000 saved for years.
Fav 90s movie: "A Million to Juan". Juan (Paul Rodriguez) is selling 🍊 🍊 on a street corner, a stranger (Edward James Olmos) in a limousine drives up and hands Juan a check for $1 million. 😯 BTW. It's a modern spin on Mark Twain's 1893 story "The Million Pound Bank Note". 😜
Ramsey people are usually very congruent in their logical reasoning behind their money rules, except when it comes to to Rachel saying she wants teachers to be paid more, but, not necessarily her, other Ramsey personalities rant against taxes. How do you think teachers, police, firefighters, and social workers (the least paid of them all) are paid? Through taxes!
The thing is, the country use to be taxed a LOT less and everything ran smoothly. Now we are taxed to death and it’s still never enough. It’s ridiculous! There’s too much waste and fraud and we should not have to give the government half of more of our wages!
No, not really. Teachers could get paid more if school systems were treated and run as businesses and their salaries were negotiated competitively rather than by unions that don’t actually care about the teachers. Teachers would get paid more if school systems didn’t flippantly waste money. Teachers could get paid more if outcomes improved. There’s lots of ways we can increase teacher pay outside of immediate increase to community taxes.
I feel like there is a lot more to the story concerning teachers being in the top profession for millionaires. First, I'm assuming that it includes college professors and teachers at expensive private schools. My next question would be how many of those millionaire teachers are actually public school teachers, which seems to be what Rachel is counting on you assuming.
K-12 teachers generally make more than private or charter school teachers. Most professors are adjunct, and they are poorly paid. The term "teacher" usually references K-12, though. I think there are some misconceptions here regarding teacher income. Many teachers have excellent planning habits from the nature of the profession, and they are comfortable living a modest lifestyle. They have good saving habits because they do not get paid over the summer. I agree there is more to the story, but I don't think the "more" is the inference that there are high-paid teachers skewing the data.
@eli-bt4he I worked in an expensive private elementary school. The pay was lower than public schools. There were other factors that made it worth while to work there.
When the bell rings and every investor heads for the exits, see how many millionaires are left, diversify, most of the millionaires I know made it in real estate.
So the richest man lives a modest lifestyle. He's not enjoying it himself and isn't leaving it to his children. When it becomes just numbers on a bank statement, why bother accumulating more?
Millionaire net worth and no loans is like an emotional emergency fund. Single paycheck teacher living paycheck to paycheck while raising family. Said NO to cosigning, divorced, remarried, and now debt free as of this week. Physical and emotional emergency fund in place. The grass does feel better.
we adopted our son and his birth mom asked us to cosign a car loan. I had to say no. Broke my heart. I worked for a bank a couple years later and if she'd defaulted I wouldn't have been able to get the job I needed to raise her son.
If your house is worth $500,000 and you owe $300,000, then your equity is $200,000 in the house. If you combine the $200,000 from your house with a $200,000 investment portfolio, then your net worth is $400,000.
Please bring back Act Your Wage game!!! Is the most played game in my family and I cannot find another one for my in-law nephews. They played it with us and want theirs..😭😭🙏🙏🙏🙏
The most dangerous thing to be is a millionaire on a middle class income. You would have no wealth replacement once you started acting your wealth even within reason.
How are BMWs and Lexuses reasonable cars? They are luxury cars! We are net worth millionaires and there’s absolutely no way we would spend our money on those cars…
I chuckled at that too. Those are luxury cars. The yotas fords and gm were the only reasonable cars for a true middle class. Her father’s company makes money off the false illusions of millionaire status. 1 million doesn’t get you very far nowadays it’s actually quite subpar if you have aspirations.
Well she said her herself that you would think Lamborghinis when you hear millionaire. You wouldn’t expect Toyota or Acura. I think some people are jaded to the idea that Ramsey is wrong that you search for anything to discredit them. I personally don’t agree with EVERYTHING, but they have made a lot of people debt free and financially free. I’m on my way to join that number.
In 2016, I bought a 2010 BMW sedan with only 40k miles on it for 16k. I'm in sales, I can attribute over 100k in sales just due to having that car, so that was the price of a used Toyota and Honda when I purchased it.
Things People Don't Know About Millionaire: They are CHEAP. Money is the most important thing to them. They don't do ANYTHING that is not making them a buck. I give my brother-in-law and his wife a $50 gift card at Christmas that is $100. total I got $25 back, and was told I have no money. I'm a loser. The gift cards and visits to his home stopped. They were mad! The gravy train stopped.
@@Jumpman67 I do pay attention. But I like doing a lot of things. I have expensive hobbies and when I watch their recommendations of lifestyle seems very penny pinching.
“A few years ago….”. I like the advice that Ramsey offers, but this “study” has been being regurgitated for many many years. Much longer than a few years ago.
The more you listen to the Ramsey team the more you see them contradict themselves and each other. Rachel said millionaire secret and Dave said there is no secret. They push buying a house, and this video Rachel made says millionaire's #1 secret is investing regularly in the stock market. Seems each personality is just seeing what idea will stick. Dave made his money in marketing (books, peace university, etc.), not investing or real estate. Real estate increases his wealth, not established it.
net worth is a worthless number, i don't care what my house is worth, it's actually a liability. it's more to maintain, more to tax, more to insure.....a million dollars might as well be 100K at this point. it's nice but it's not F, U money..
FU money is at a much HIGHER LEVEL. What most people think of being a millionaire is a DECA Millionaire. So, $10,000,000 is the minimum for that level.
I'm 28. I started investing 3 years ago.
Listening to you and Dave Ramsey gives me the motivation to continue my savings and investing
I find the videos really inspiring too.
net worth millionaire here. owners of a 17 year old Acura and a 3 year old Subaru. But honestly I felt richer 5 years ago. We buy most of our clothes at the thrift shop, make 90% of our meals, and do most of our home repairs. Our multi-millionaire neighbors still coupon.
People throw around the term millionaire a lot but in some cases it means nothing. I live in an area where there are a lot of older people with paid for houses. Yes, they have a paid for beach house worth 1.5 million dollars but they have no money. They can’t keep up with the maintenance on the house. It’s an eyesore because they need what little money they do have to pay taxes, eat and pay medical bills. Having a networth of a million means very little if you don’t have actual cash.
That’s the classic definition of being house poor.
Many people get attached to their homes even when they are too large for them. They could exchange out to some income producing properties to create an income for them.
Two words…real estate. Not only is it a real asset, but rents typically go up so your giving yourself a raise if not every year then every few years. And it could take care of your family for generations as long as you’re teaching them some pretty simple basics.
Net worth millionaire here, with 2 old Hondas.
What’s your line of work. Engineer?
@@chaselesser3191 He's clearly a tv.
@@Jumpman67 like a Transvestite.
@@Jumpman67 no she’s not a TV nor and engineer, I work in quality assurance nothing special. Just live below your means and invest your money, it’s not how much you make but how much you save.
Bit why bother accumulating money and not enjoying it?
What we thought of as rich when we were kids seems so funny now. I recall when I was a child in the early 1960s, my dad was in the greenhouse business and one day he came home with a payment for some cut flowers he'd just delivered. He counted out $100 in cash. Being so young and having no concept of what wealth was, I remember being in awe. I ran outside to our back yard and spun around and landed on my back in the grass. "$100!!! OMG!! We're RICH!" I thought to myself.
Absolutely.
Great movie❤
Omgggg Blank Check. I watched that movie dozens of times as a kid.
Same thing as weight loss. Someone who takes Ozempic will undoubtably gain all the weight back at some point versus someone who takes years to eat healthy and exercises everyday. I've done both financially and physically and have achieved millionaires status as well as being very healthy.
The main disconnect is that the survey data are from anyone with a $1m+ net worth. And there are obviously way more people with net worths that make them barely millionaires than there are people with $10m+ net worths. If you are retiring at 65 with a $1.5m net worth with 500k of that coming from a paid off house then you are not living some grand life nowadays. I think if the survey looked at people with $10m+ net worths (or perhaps even 5m+) you would see very different data.
Exactly. They still live in a mindset where $1,000 would cover an emergency. It won't.
Agreed. Liquid assets, you can't eat your house or the equity.
i think Ramsey people "mission" here is different . They dont want to describe to you the lavish life of millionaires just like in an old "MTV CRIBS" episode from the 90's . I think they are rather trying to show you / prove to people who struggle to even save up ANYTHING that even if you are a simple "working class hero" you can one day have a net worth of 1 mln (perhaps half in the house and half in cash) and have ZERO worries . I think this is their goal . Their audience is not mostly those who are doing "fairly well" but mostly those who are doing "pretty bad" or "very bad" with money .
@@thedopplereffect00 It is just to get you started. They have discussed this point several times. Later, people save 3--6 months in case of a job lay off or an emergency.
@@thedopplereffect00You know that they do know $1000 won’t fully cover an emergency, right? They have talked about that multiple times. The end goal is still 3-6 months. The $1000, is to light a fire under you while still having some sort of buffer.
And obviously most people are either good savers and don’t have a problem bringing it back up. Or are terrible with money and haven’t had $1000 saved for years.
Love the blazer look!
Thank you 🙏
Fav 90s movie: "A Million to Juan". Juan (Paul Rodriguez) is selling 🍊 🍊 on a street corner, a stranger (Edward James Olmos) in a limousine drives up and hands Juan a check for $1 million. 😯 BTW. It's a modern spin on Mark Twain's 1893 story "The Million Pound Bank Note". 😜
Ramsey people are usually very congruent in their logical reasoning behind their money rules, except when it comes to to Rachel saying she wants teachers to be paid more, but, not necessarily her, other Ramsey personalities rant against taxes. How do you think teachers, police, firefighters, and social workers (the least paid of them all) are paid? Through taxes!
The thing is, the country use to be taxed a LOT less and everything ran smoothly. Now we are taxed to death and it’s still never enough. It’s ridiculous! There’s too much waste and fraud and we should not have to give the government half of more of our wages!
If the government was run half as well as any barely profitable business, they could afford to reduce taxes and give teachers a pay raise.
Bet property taxes are one of Dave's biggest expenses. Wonder if he wants to up his taxes to pay teachers more.
No, not really. Teachers could get paid more if school systems were treated and run as businesses and their salaries were negotiated competitively rather than by unions that don’t actually care about the teachers. Teachers would get paid more if school systems didn’t flippantly waste money. Teachers could get paid more if outcomes improved. There’s lots of ways we can increase teacher pay outside of immediate increase to community taxes.
@@abbyk8mc I see your point but even if all those things happened the funds have to come from somewhere.
I feel like there is a lot more to the story concerning teachers being in the top profession for millionaires. First, I'm assuming that it includes college professors and teachers at expensive private schools. My next question would be how many of those millionaire teachers are actually public school teachers, which seems to be what Rachel is counting on you assuming.
I'm one. Elementary P.E. teacher to be exact :)
I think it is a common profession and many are married.
K-12 teachers generally make more than private or charter school teachers. Most professors are adjunct, and they are poorly paid. The term "teacher" usually references K-12, though. I think there are some misconceptions here regarding teacher income. Many teachers have excellent planning habits from the nature of the profession, and they are comfortable living a modest lifestyle. They have good saving habits because they do not get paid over the summer. I agree there is more to the story, but I don't think the "more" is the inference that there are high-paid teachers skewing the data.
@eli-bt4he I worked in an expensive private elementary school. The pay was lower than public schools. There were other factors that made it worth while to work there.
Teachers at private schools often make less than public schools, actually
Equity is something you earn and respect. A windfall is not the same.
Thank you 🇧🇷
Blank check, hubby and I were talking about that movie the other day!!
In today’s money, a million dollars buys you a block a cheese, half a dozen onions and a pair of socks
When the bell rings and every investor heads for the exits, see how many millionaires are left, diversify, most of the millionaires I know made it in real estate.
Warren Buffet lives in his first house. The book, The Millionaire Next Door explained the habits. It was an interesting book.
No he sold it a few years ago, plus he has a mansion in southern CA on the beach…
@@2Greenlidhe also never really pulled off his investments and is in his 90s.
So the richest man lives a modest lifestyle. He's not enjoying it himself and isn't leaving it to his children. When it becomes just numbers on a bank statement, why bother accumulating more?
No millionaire engineers or teachers in the uk. Working for yourself is the way to get rich, better still having people work for you.
Millionaire net worth and no loans is like an emotional emergency fund. Single paycheck teacher living paycheck to paycheck while raising family. Said NO to cosigning, divorced, remarried, and now debt free as of this week. Physical and emotional emergency fund in place. The grass does feel better.
we adopted our son and his birth mom asked us to cosign a car loan. I had to say no. Broke my heart. I worked for a bank a couple years later and if she'd defaulted I wouldn't have been able to get the job I needed to raise her son.
@@cometasporelcielo Drawing the line at cosigning can be tough. Better to get heart broken than breaking your finances.
I’m going to watch that one again
should i minus the home loan when calculating net worth
If your house is worth $500,000 and you owe $300,000, then your equity is $200,000 in the house. If you combine the $200,000 from your house with a $200,000 investment portfolio, then your net worth is $400,000.
Please bring back Act Your Wage game!!! Is the most played game in my family and I cannot find another one for my in-law nephews. They played it with us and want theirs..😭😭🙏🙏🙏🙏
Wealth is having $1mm in free cash flow annually. Million net worth means you paid off your house.
Millionaire here. 80% of it is in retirement that I can’t touch for another 20 years. It’s not a glamorous life.
same.
The most dangerous thing to be is a millionaire on a middle class income. You would have no wealth replacement once you started acting your wealth even within reason.
In the 1960s a Millionaire meant something, Let’s talk $5 million now, what did we do makes more sense…
How are BMWs and Lexuses reasonable cars? They are luxury cars! We are net worth millionaires and there’s absolutely no way we would spend our money on those cars…
A used Lexus is a good deal. Reliability and luxury.
I chuckled at that too. Those are luxury cars. The yotas fords and gm were the only reasonable cars for a true middle class. Her father’s company makes money off the false illusions of millionaire status. 1 million doesn’t get you very far nowadays it’s actually quite subpar if you have aspirations.
The point is that there a fewer of such brands on the list. Wouldnt non-millionaires have expected more of such including Metcedez Benz.
Well she said her herself that you would think Lamborghinis when you hear millionaire. You wouldn’t expect Toyota or Acura. I think some people are jaded to the idea that Ramsey is wrong that you search for anything to discredit them. I personally don’t agree with EVERYTHING, but they have made a lot of people debt free and financially free. I’m on my way to join that number.
In 2016, I bought a 2010 BMW sedan with only 40k miles on it for 16k. I'm in sales, I can attribute over 100k in sales just due to having that car, so that was the price of a used Toyota and Honda when I purchased it.
Good info with tips, but not a fan of the background music.
Things People Don't Know About Millionaire:
They are CHEAP. Money is the most important thing to them.
They don't do ANYTHING that is not making them a buck.
I give my brother-in-law and his wife a $50 gift card at Christmas that is $100. total
I got $25 back, and was told I have no money. I'm a loser. The gift cards and visits to his home stopped.
They were mad! The gravy train stopped.
But can you guys teach us how to actually have a million dollars and not a million in net worth.
Other way: net worth millionaires can be house poor and eating PB&J a dozen times a week.
work, save, invest, don't overspend .That's it .
Man that's all they do on this channel. Pay attention.
@@Jumpman67 I do pay attention. But I like doing a lot of things. I have expensive hobbies and when I watch their recommendations of lifestyle seems very penny pinching.
“A few years ago….”. I like the advice that Ramsey offers, but this “study” has been being regurgitated for many many years. Much longer than a few years ago.
It probably is still a valid study. What would have changed? Doctors, in general, are known to be bad at paying back student loans.
The more you listen to the Ramsey team the more you see them contradict themselves and each other. Rachel said millionaire secret and Dave said there is no secret. They push buying a house, and this video Rachel made says millionaire's #1 secret is investing regularly in the stock market. Seems each personality is just seeing what idea will stick. Dave made his money in marketing (books, peace university, etc.), not investing or real estate. Real estate increases his wealth, not established it.
I didn't know that my wife's yoga instructor was a millionaire.
It’s not a big deal. I am a multimillionaire and NOBODY at my job has any idea, but that’s fine by me.
🥰
net worth is a worthless number, i don't care what my house is worth, it's actually a liability. it's more to maintain, more to tax, more to insure.....a million dollars might as well be 100K at this point. it's nice but it's not F, U money..
Solution: live in a rental
FU money is at a much HIGHER LEVEL. What most people think of being a millionaire is a DECA Millionaire. So, $10,000,000 is the minimum for that level.
Unless those investments can generate a consistent high income, they aren't F U money.
Meh, a million bucks isn't wat it use to be.
Doctors did not make the list because they are multi- millionaire. Not just millionaire.