I’m On Baby Step 7! Now What?
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- เผยแพร่เมื่อ 19 ธ.ค. 2021
- I’m On Baby Step 7! Now What?
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Listen to how ordinary people built extraordinary wealth-and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, and John Delony.
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At this point they need to exchange money for time (I.e. housekeepers, online grocery shopping, outsourcing labor etc), and go places/do things they want to do while they are still young/able
Interesting point! next step is free up as much time as possible
@ Gabe Smith, this is great advice. I started doing this when I became debt free. Landscaping took me hours per week. Now I easily pay someone to do it and I get time in return. Time is our most precious thing!
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Before deciding to give to an organization, look up their IRS Form 990 to determine if they're responsible and actually doing what they purpose to do. It's tough to find a decent non-profit. Be diligent.
How do I do that?
We try to run toyota corolla until the wheels fall off. That thing just keeps going (we do change oils & other maintenance items at defined intervals)
Hope you like the color, it will be around a long time! One of my employees sold a Camry with 330K miles, bought a new one....same color! She put it out front with price of 1K. Guy came in offered 700 cash. He drove away a happy man.
They are killing it. Time to make generational wealth and fill your life with meaningful experiences. A huge bank balance is nothing without enjoying it.
Replenishing my emergency fund has been a challenge. Got it up to 20k then life happened. Needed new roof and entire hvac system.
You can plan for these repairs.
Maybe look into tax lost harvesting to replenish your emergency fund if you have investments in a taxable account.
I hear u man thank god u had the money in emergency fund and didn’t have to put it on credit. Just build it back up u got this. I had something happen my car needed two repairs thank god I had the money in emergency fund and didn’t have to put it on credit minor unconvinced would I have liked to save that money to build up my emergency fund more yes. But that’s why we have it for emergencies keep pushing Man U got this !
Outstanding and just plain amazing. Congratulations to anyone at any age feeling that level of success. ❤️
WOW! ✨
Great advice thank you
Since I am already on baby step 7 I invest about 40%.
Did you invest in only the S&P 500? Or you expanded to more in investing?
@@stephanieb5019 I invest in ROTH 401K, Roth IRA, and a brokerage account.
Time to live like no one else
So that later she can live like no one else.
Oh wait, she already on that part.
What's their household income? That's the question that should have been asked.
Average engineer in Dallas with 10 years exp is like $106k, but if they are talented (which based on their financial success they probably are) they could be each earning $150-180k... so I'd guess probably ~$300k/yr
Awesome video👏🏿👍🏿 Give Save n Spend
Congrats! They say your first 5 million is toughest to get.
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Baby step 8: gamble it all away and start the game over!! :)
Stupid advice
Ah... I knew there would be a toyota truck man somewhere in the Ramsey tribe
If enjoyment, charity, and investment allocations = 100%, then that leaves 0% for food, shelter upkeep and taxes.
Clearly means AFTER that stuff
Nope, pretty sure he means don't eat and don't pay your taxes.
Have some fun with the money
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Anyone got a link to when she speaks about what she did to get where she is?
Dave : “ you got this ?”
Rachel: “ give, save and spend.. now wha..”
Dave: “ naaa I got this , so take a percentage”
Classic Dave loves the center of attention.
I love Dallas tx
Time to buy some income producing real estate.
How does millionaire work for married couples? 1 million net worth together, so only 500k per person, or does a couple need 2 mil to be millionaires?
I think about this too.
My take is that if married, one might say the two have become one, and legal documents also can bind you together, therefore as soon as you reach a million together as a couple you are considered millionaires.
As for retirement and living expenses, you two only have one house payment, and perhaps share other things, lowering your individual costs of living. Therefore reaching a million dollar mark is not quite split in half, but is still shared and you may want a little more for a comfortable retirement.
Its together. 90% of the millionaires they surveyed were married and owned homes. Makes it easier
in their case and (how dave does it) they are worth over 1 million together now. But i would say the way they are going in a matter of couple years it will be 1 million per spouse. and pretty soon they will be deca millionaires.!
Two engineers in pre-covid dallas area (when single family house in nice area used to cost 350k) would do it. If they are software engineers, they probably had combined income of $300k or more.
That's the point where you get people -- butlers, nannies, landscapers, chefs
The Fisher House is another good charity
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How can I call? I have an interesting story for the show.
I have miraculously just skipped from step 0 (borrowing money) to steps 5-6 where I have a nice chunk to put into something and watch it grow. How can I turn say 20k to $200k in the next 5-10 years? How can I learn the stock market or investment strategies with the little chunk that is left ?
By the way, my former boss put me onto Dave about a year or so ago as he himself is a millionaire
I'd state in high yielding dividend ETFs.
Unless you're planning to pay high fees to Dave's "smart vestors" I'd say skip the call and put it in a low cost index fund.
I would advise reading his book Total Money Makeover to give you a cleared picture. You may not need to call after reading the book.
Honestly, if I were them, I would keep pushing the $ limits. Inflation is high now and even if you completed some program (baby steps), Murphy's law is still out there to affect you. I am actually really afraid for the husband if a divorce happens because he can lose a lot. But yes, just keep pushing, keep making $. It never hurts to save and keep it going.
Wow. 7 figures net worth in your early 30s. If in doubt where to send extra money, there are a whole lot of worthy private charities that help the less well off.
St. Jude is definitely one of the best. I prefer the Animal shelter in Wedowee Alabama
Just send it right to my bank account! Very charitable donation 😁😁😁 (Please don’t take this comment seriously….)
What would have happened if Rachel didn't remember those 3 things ! 😉
spank
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He woulda grown some hair back, grown a 6-pack and yelled YOU'RE FIIIRRREEEEDDDDD!!!!!!
Give. There's a lot of less fortunate people out there.
enabling
Don't go to college. Go get a trade. They said.
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Rachel was born on baby step 7
Actually she wasn't. She was born as Dave and Sharon were losing everything and declaring bankruptcy
yep only dave's son was born when dave was on step 7.
I love having a super rich 32 year old admitted "spender" telling people how to handle money. Very genuine.
Allen. I guarantee you shes never had to worry about money. She may not of been born on third base but she got there pretty quickly. Dont blame her at all.
@@philfalgout1 Never forget, she slips up she is out. Dave would kick her to the curb quick. It put some high earning co-host out the door quick as well.
If her and her husband are both engineers they are very likely earning too much to contribute to their Roths but she said they were maxing them out. She’s either not being truthful (not on purpose) or they are contributing when they are not allowed.
$208,000 is the income limit for married filing joint. It’s possible they make under that and have just been saving lots every year.
It also might be a Roth 401k? Those have no income limits.
@@joeberg5248 agreed. And the 208k limit is ridiculous. Too low for married couples with college degrees.
if you make too much you can invest in a traditional IRA then convert it to a Roth
@@josephsantangelo2801 I'd say most couples with college degrees are not making that much.
@@jasonisbell7181 Maybe not in their 20s or 30s but in 40s at peak earning/career I’d guess most are. But I have no idea or data. Just a guess
Wow, 2 high income married people who paid off their house, who would have guessed? What about the single parents who make little income? Guess we eat rice and beans and be lucky if i payoff the house in 22 years by paying a little extra on the principal each month. My employer doesnt have a 401k so i do my own mutual fund but cant do much. So i will be on step 4-6 for a while and may never get to 7
Baby step 8 - back on beans and rice, rice and beans. Sell your call too.
And deliver pizzas at night and drive Uber. Sleep isn't part of Baby Step 8. 😂
Hahahahaha, thanks for this joke!
You realize they make $500K per year. Thats why. You people who make under $100K have no chance.
It’s kind of annoying how Dave is talking over the caller
LOL - he's actually advising her to waste her money on stupid things?
Why wouldn't he? They can afford it unlike most Americans
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A percentage, yes. She's 32 and already wealthy - time to enjoy life.
Your constant need to prop up and validate people with over a million dollars is unhealthy. No one, really, has a shot at doing that unless they've been given special circumstances in life. She is married. Single people don't stand a chance, especially with how rigged life is against those who never marry. Stop making everyone constantly feel like failures just because they don't have a million dollars. It's wrong!
Your mindset will keep you poor.
@@aaront936 Ditto!
@rnt45t1, you need to change your mindset. Sit down list all your financials on a whiteboard. Then set a goal and a plan. Do not be afraid to get advice. The mountain looks really big until you climb it.
Even if life was rigged against you, the mindset that it’s just not worth trying because of that means you’ll miss the few opportunities that might have let you break through. Be positive and work hard.