I Just Became an Unexpected Millionaire

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  • เผยแพร่เมื่อ 25 ธ.ค. 2024

ความคิดเห็น • 461

  • @kevinrtres
    @kevinrtres 10 หลายเดือนก่อน +182

    Whenever people get to hear of someone they know suddenly come into money, that person amazingly finds himself surrounded by wonderful friends. Best to just keep mouth shut.

  • @dealforbet8888
    @dealforbet8888 10 หลายเดือนก่อน +30

    I can't imagine the pain he must be going through. Losing a loved one in such a tragic way is heart-wrenching. Sending prayers and strength his way.

  • @douglasrau5094
    @douglasrau5094 7 หลายเดือนก่อน +5

    I'm kind of amazed that the first questioning wasn't, "Have you been to counseling?" Because he would have to be dealing with some form of post traumatic stress. There's no way he isn't. This violent thing happened in the place he grew up in, a place (I'm going to assume) he felt was always safe.

  • @herbiehusker1889
    @herbiehusker1889 10 หลายเดือนก่อน +54

    Wow. So sorry for his loss. I can't imagine a step father killing your mom.

    • @SubToRandomVideos101
      @SubToRandomVideos101 10 หลายเดือนก่อน +9

      He dosnt seem to butt hurt about it😅

    • @HOLDXSTEEL
      @HOLDXSTEEL 10 หลายเดือนก่อน +3

      He’s happy as can be 😂

  • @9liveslisa
    @9liveslisa 10 หลายเดือนก่อน +7

    I am so sorry to hear about his mother. What a nightmare. You just never know what life will throw at you at any given time.

  • @FTG2Eli
    @FTG2Eli 10 หลายเดือนก่อน +24

    You are strong.........God Bless you. Just continue to be strong and smart for you children...........

  • @rharris8429
    @rharris8429 หลายเดือนก่อน +1

    Man. Dude needs more people in his corner. He’s spending like crazy and has never seen money like that before.

  • @KiLLED5639
    @KiLLED5639 10 หลายเดือนก่อน +76

    These stories just get crazier and crazier. My goodness.

  • @ddonewright
    @ddonewright 10 หลายเดือนก่อน +20

    I have rental properties and I would never rent out my new 1.2 million dollar home. Please look for more guidance from an advisor with wisdom. I wish you the best and I’m sorry for your loss.

    • @ritapearl-im3wv
      @ritapearl-im3wv 10 หลายเดือนก่อน +1

      That's exactly what I was thinking! Generally speaking,renters do not care and will tear up the place on purpose. Not all. But probably 50/50.

    • @michaelmurphy2112
      @michaelmurphy2112 9 หลายเดือนก่อน +1

      Buying 2-3 $300-500k homes to rent out would have been more cost effective than having a a $1.2 million home built with the intention of renting it out.

    • @mathiasm8489
      @mathiasm8489 หลายเดือนก่อน

      @@michaelmurphy2112 unles he builts an appartment

  • @PinballPreparedness
    @PinballPreparedness 10 หลายเดือนก่อน +26

    Savings accounts right now (no risk/no tied up) are paying around 4.35% makes him 150K/year. He lived on 85K. That nearly doubles his previous income. Dave is talking about taking risk. MFs DO NOT average 10%/year consistently. If this is the top of the market and it drops for the next couple years, he may need ten years to get back to his original investment. Remember the old adage, pigs get fat and hogs get slaughtered.

    • @emoney1231
      @emoney1231 10 หลายเดือนก่อน +6

      It all depends if you have a long-term outlook. The WORST 30-year period of the stock market averaged 8% a year. Statistically he will live another 40+ years, so he should absolutely invest a large portion of this. Who cares if it takes 10 years to recover when he has 40 left to live and maybe 20 years left to work?

    • @AH0160
      @AH0160 10 หลายเดือนก่อน +2

      My retirement has averaged 15.05% over the past 10 years. With two years out of 10 being negative years.....

    • @LawrenceTimme
      @LawrenceTimme 10 หลายเดือนก่อน

      ​@@emoney1231if you have an actual long term outlook you would realise that empires like the American empire don't last forever and they always collapse with a 100% success rate, so when china nooks you your stonks aint going up 8% no more.

    • @jmanrock11
      @jmanrock11 10 หลายเดือนก่อน +1

      No savings account is paying 4.35% on a multimillion dollar account. They'll pay that much for someone with a few thousand but after a certain amount that rate starts dropping.

    • @joechang8696
      @joechang8696 10 หลายเดือนก่อน +2

      there is couple caveats. I would be wary of a bank offering FDIC insured account having high interest. Banks will have CD's with up to 5%. These have terms. You can open a brokerage account with one of the major firms. Any "cash" you have in these accounts is in short-term treasuries or similar, and currently have rates of about 5%. Unlike a bank CD, there is no term limit, you can move money around on short notice.
      Assuming your overall income is 100K+, your tax rate is fairly high, 30% incremental, plus state. Interest collected in an account has taxes that need to be paid annually. There are various MF options, dividend heavy, growth oriented.
      You could look for one that holds stocks long term. The point here is value growth is largely unrealized, meaning no taxes due until sale.
      So, 5% interest, highly reliable, but you pay 25% tax ( that is overall tax divided by income, even though your incremental rate is 30%+)
      or, mostly unrealized capital gains, untaxed until sale, then at long-term capital gain rate. So even if return is 5%, there are tax advantages
      life is complicated. learn math

  • @tkbreen1381
    @tkbreen1381 10 หลายเดือนก่อน +51

    If you straight up have 2 mil and you put it into a savings account you can pay yourself above 80k a year salary off of interest alone. I don’t understand why people instantly start chucking money at random places

    • @michaelpowers6632
      @michaelpowers6632 10 หลายเดือนก่อน +5

      I’ll offer you up what my personal scenario would be if I got $2 million.
      My savings account has currently has an interest rate of 4.35%. That’s the highest it has ever been. The lowest it has ever been is 3.20%. Let’s base this off the smallest percentage as an example. This will give me $64,000 over one year for income. This however has not been taxed yet, meaning I need to make sure I save about $16,000-$20,000 per year so the government can take its slice. Now that’s about $46,000 per year take home. Now that amount is livable, but it’s not necessarily comfortable.
      What I believe would be better and also safe is you can put that money into T-bills because those grow state tax free, and I live in Illinois so that means a lot. Those frequently offer slightly higher interest rates, are backed by the U.S. government, and buying a bunch of them for say $5,000 a piece gives you regulated income that is slightly less accessible, and it feels like you’re getting paychecks every month or 2 weeks however you spread them out.

    • @Ria24Ria
      @Ria24Ria 10 หลายเดือนก่อน +3

      That’s what I would do as well and get a part time job if I still wanted to work.

    • @keiranninjaspirit
      @keiranninjaspirit 10 หลายเดือนก่อน

      ​@@michaelpowers6632you wouldn't keep 2 million in an average savings account if the bank failed you could lose the lot up to 120k

    • @crissd8283
      @crissd8283 10 หลายเดือนก่อน +3

      The biggest problem with this scenario is inflation. If you put it in the savings and make 50k today, your money in savings certainly won't keep up with inflation. You will only get $50k in 2050 and that won't be enough to live on. You need to grow the money enough to keep up with inflation and still have enough to live on. You need a lot more money to do that.

    • @linjy2
      @linjy2 10 หลายเดือนก่อน

      ⁠@@michaelpowers66324.35% is low when last few months cash accounts been paying 5.5%. I suggest doing more research. I only keep my liquid money there. For the rest it’s in the market earning 10-20% easily. Then tech stock returned even higher.

  • @CockyGaming
    @CockyGaming 10 หลายเดือนก่อน +48

    Man I don’t know what’s worse. The fact that he killed his mother and himself (gets out with no real repercussions), or the fact that he basically tried to buy forgiveness by giving them over a million dollars too.

    • @nataliepope3286
      @nataliepope3286 10 หลายเดือนก่อน +26

      There will be repercussions for what he did on the day of judgement. He may not have to answer to anyone on earth but he will definitely have to answer just like all of us before God. I assure you his punishment will be far worse than anything he could get on earth.

    • @CockyGaming
      @CockyGaming 10 หลายเดือนก่อน +3

      @@nataliepope3286 this is true. I was definitely thinking of earthly repercussions.

    • @liberty4392
      @liberty4392 10 หลายเดือนก่อน +4

      I agree Natalie Pope. There is a commandment by the LORD: Thou shalt not murder. Murder is probably the worst sin someone can commit in this mortal life. All murderers will answer to the LORD God for their sins.

    • @amireallythatgrumpy6508
      @amireallythatgrumpy6508 10 หลายเดือนก่อน

      On the "day of judgement" it is all over, end of section. Regardless of the verdict. @@nataliepope3286

    • @Mnil52
      @Mnil52 10 หลายเดือนก่อน

      @@nataliepope3286when we die nothing happens, you just rot in the ground. Religion is just made up fairy tales by ancient people to trick other stupider ancient people into giving them money.

  • @src4409
    @src4409 10 หลายเดือนก่อน +4

    It's hard to go back to work after any unexpected family death... period. But working in the service industry is exceptionally hard after such a thing, especially in his circumstance.

  • @lyndabrown3402
    @lyndabrown3402 10 หลายเดือนก่อน +35

    I retired 17 years ago and my Ira is the same amount as when I retired and I’ve taken $600 out each month. Wish I’d realized the power of compound interest a little earlier 😢

    • @DeepestQuotesAnd
      @DeepestQuotesAnd 10 หลายเดือนก่อน +1

      Do you mean you would have taken $600 out each month earlier, or you wouldn't have taken anything at all?

    • @stevenporter863
      @stevenporter863 10 หลายเดือนก่อน +2

      Think he is saying invest more when he was working.

    • @MrTmenzo
      @MrTmenzo 10 หลายเดือนก่อน +5

      ​@@DeepestQuotesAnd she meant invest more so she can pull more than 600 monthly

  • @valerieann2751
    @valerieann2751 10 หลายเดือนก่อน +41

    Building a 1.2 million house for a rental? That’s seems very weird to me. Invest the money instead of the headache of a rental, that could possibly get trashed

    • @Anonyme67
      @Anonyme67 10 หลายเดือนก่อน +1

      Rental is not always rental. I own 4 in class A- and B. Only single homes. So far no headache. But don’t invest in poor neighborhoods tones of headaches.

    • @bluesfan6862
      @bluesfan6862 10 หลายเดือนก่อน +2

      Maybe a beach property? He’s from FL.
      It sounds dumb to me, and it sounds like he will be broke in no time.

    • @Mnil52
      @Mnil52 10 หลายเดือนก่อน

      Yeah he's an idiot obviously. My rentals average 1300 rent and are worth about 250k each. Much better cap rate

  • @daveblackman816
    @daveblackman816 10 หลายเดือนก่อน +457

    Dang that’s the worst way to become a millionaire.

    • @brandonwilliams5353
      @brandonwilliams5353 10 หลายเดือนก่อน +14

      Literally!

    • @crashtestdummy1972
      @crashtestdummy1972 10 หลายเดือนก่อน +5

      For sure. Man, what a crazy scenario.

    • @brad368
      @brad368 10 หลายเดือนก่อน +1

      Onlyfans is up there

    • @NewGuy2024
      @NewGuy2024 10 หลายเดือนก่อน +9

      People with "TOXIC" parents have entered the chat.

    • @rebelandboltman
      @rebelandboltman 10 หลายเดือนก่อน +2

      Facts

  • @Primitive_Code
    @Primitive_Code 10 หลายเดือนก่อน +86

    He's not going to do any of what they said. He just called to let everyone know about his situation.

    • @desiputtar89
      @desiputtar89 10 หลายเดือนก่อน +12

      Yeah, could be.

    • @drn13355
      @drn13355 10 หลายเดือนก่อน +23

      Agree. He is going to just live off the money and do nothing else.

    • @JustinCase780
      @JustinCase780 10 หลายเดือนก่อน

      ​@@drn13355He isn't just living off the money. He's starting a tour business this spring, has a rental property and finishing up a second rental property worth 1.2M.

    • @jimmymcgill6778
      @jimmymcgill6778 10 หลายเดือนก่อน

      Yeah right

    • @adamm2091
      @adamm2091 10 หลายเดือนก่อน +3

      What is your thought process? Can you explain why you believe this?
      I ask because death is a profound experience. I lost my mother and it changed me forever. Like this guy I spent a good year solid in mourning, then needed a talking to similar to this to get to a semblance of normality. I would like to believe this chap will do the same.

  • @canadianjatti
    @canadianjatti 10 หลายเดือนก่อน +58

    im conservative with my money. Id throw that entire 3 mill into a high interest savings and just live off the interest plus do a fun pt job to help with boredom. easy peasy.

    • @Ria24Ria
      @Ria24Ria 10 หลายเดือนก่อน +4

      That’s what I would do as well

    • @MaxJ260
      @MaxJ260 10 หลายเดือนก่อน +5

      FDIC only insures up to 250k. If anything were to go wrong you'd be out all but 250k. I suppose you could use up to 12 account and add all the interest together in a separate account.

    • @Zach_Lechevalier
      @Zach_Lechevalier 10 หลายเดือนก่อน

      @@MaxJ260there are banks that charge an annual fee that have up to $5 million in FDIC insurance. Check out M1 Finance.

    • @Sombra_Azul_
      @Sombra_Azul_ 10 หลายเดือนก่อน +1

      L

    • @canadianjatti
      @canadianjatti 10 หลายเดือนก่อน

      Im in Canada and bank with a credit union. They have 100% deposit gaurantee so that wouldn't be an issue.@@MaxJ260

  • @JCW_06
    @JCW_06 10 หลายเดือนก่อน +1

    So blessed my grandmothers new husband is a great man. Couldn’t imagine my dad being in this situation with kids.

  • @catherinedicus5792
    @catherinedicus5792 10 หลายเดือนก่อน +95

    "Don't put money into something you don't understand"

    • @clarifyingquestions
      @clarifyingquestions 10 หลายเดือนก่อน +3

      Yup - like turbots.

    • @catherinedicus5792
      @catherinedicus5792 10 หลายเดือนก่อน

      do you have 600 million in real estate? @johnSmith-uz8nl

    • @blakorican
      @blakorican หลายเดือนก่อน

      That’s the investment advice I live by. Simple, nothing complicated.

  • @Love-like-Lucy
    @Love-like-Lucy 10 หลายเดือนก่อน +218

    I would love to become an unexpected millionaire as long as it does not involve anyone I love dying. 😢

    • @ladyraddxjbs5893
      @ladyraddxjbs5893 10 หลายเดือนก่อน +7

      Yeah but he didn't get a choice no offense so this comment is kinda annoying

    • @RCGuitar982
      @RCGuitar982 10 หลายเดือนก่อน +3

      "I would love this to happen to me except the main thing that happened to you" what a douchey comment

    • @sendit3251
      @sendit3251 10 หลายเดือนก่อน +6

      Dumb statement

    • @handleyobusiness
      @handleyobusiness 10 หลายเดือนก่อน +2

      Not happening, bud. Get to work.

  • @ndanundanu7182
    @ndanundanu7182 10 หลายเดือนก่อน

    Thanks!

  • @DavidAmodt
    @DavidAmodt 10 หลายเดือนก่อน +16

    The tour boat biz is a bad idea. See Ramsey shaking head on that

    • @TonyStark-wr7ob
      @TonyStark-wr7ob 9 หลายเดือนก่อน +1

      He doesn't need the money. It would be something to do and have fun

    • @jmorris023
      @jmorris023 8 หลายเดือนก่อน +2

      His finances are sunk.

    • @jmorris023
      @jmorris023 8 หลายเดือนก่อน +2

      @@TonyStark-wr7ob He'll lose it all eventually.

    • @joshroa9111
      @joshroa9111 5 หลายเดือนก่อน

      Great business for the boat builder

  • @JustinCase780
    @JustinCase780 10 หลายเดือนก่อน +10

    Show: You need a job, get back to work
    Caller: I'm already starting a biz
    Show: You need to invest your money
    Caller: Finishing up a 1.2M house to rent, have another rental and paid off house to live
    Show: You need...
    Caller: Already hung up

  • @lot2196
    @lot2196 10 หลายเดือนก่อน +18

    Anything with a boat scares me. Lots of expenses and insurance operating a boat with paying passengers. Plus all the licenses and safety stuff you need to satisfy government requirements.

    • @ericwright3798
      @ericwright3798 10 หลายเดือนก่อน +7

      The fact the boat is fully paid off should help. One giant over head expense lifted. Main question is if this guy has the mindset to operate his own business. Going from bartender to running your own business is a huge leap.

    • @stevenporter863
      @stevenporter863 10 หลายเดือนก่อน +3

      The saying about boat owners: the two happiest days are the day you buy it and the day you sell it.

    • @CrazyTobster
      @CrazyTobster 10 หลายเดือนก่อน

      ​​​​Sure he does, none of us know him, but it is always important to give confidence and self-esteem. A positive mindset leads to success, a negative mindset leads to failure. This is not just words, it does affect behaviour; real world cause and effect.

    • @TheFlyingZulu
      @TheFlyingZulu 10 หลายเดือนก่อน

      and it's probably very seasonal... Spring, summer time only would be busy.

    • @keiranninjaspirit
      @keiranninjaspirit 10 หลายเดือนก่อน

      He had enough money to persue this business🎉

  • @cashway0420
    @cashway0420 10 หลายเดือนก่อน +4

    just invest the money and live off that if you have no idea what you're doing with business and don't know the headaches and stress that come with business

  • @deonleopard8199
    @deonleopard8199 10 หลายเดือนก่อน +2

    I respect him asking him how he’s doing

  • @chelsyjones4017
    @chelsyjones4017 10 หลายเดือนก่อน +4

    My prayers go out to this man. So brave .. such an emotional thing that money can never touch..

  • @RUdigitized
    @RUdigitized 10 หลายเดือนก่อน +23

    Bro could make a day job for himself writing an autobiography what a tale

  • @willleslie2745
    @willleslie2745 10 หลายเดือนก่อน +18

    When someone says theyre making a business and dont immediately explain the expected realistic returns with citations to local similar businesses then they are going to lose all their money.

    • @Sombra_Azul_
      @Sombra_Azul_ 10 หลายเดือนก่อน +2

      THIS☝️

  • @jeffreywhitaker5154
    @jeffreywhitaker5154 10 หลายเดือนก่อน +25

    This is weeeeird. Fishy. He will blow this money. Def needs a follow-up call.

    • @semosancus5506
      @semosancus5506 10 หลายเดือนก่อน +2

      Yep most inheritances don't survive the next generation.

    • @Run4Ever77
      @Run4Ever77 10 หลายเดือนก่อน +2

      He built a house for $1.2 million and intends to rent it out?

    • @lombardo141
      @lombardo141 9 หลายเดือนก่อน +2

      He called in the show so I have hope he has a good head on his shoulders

    • @jeffreywhitaker5154
      @jeffreywhitaker5154 9 หลายเดือนก่อน

      I agree. I hope his intentions are well. I wish him luck.@@lombardo141

    • @jmorris023
      @jmorris023 8 หลายเดือนก่อน +1

      You're not going to go for a ride on the duck boat?

  • @Phoenix-wy3qi
    @Phoenix-wy3qi 10 หลายเดือนก่อน +4

    Making $85k from bartendering is mindblowing for us from the UK. Equivalent job in UK would probably be paid about £20k max

    • @ForAncientKingAndElvishLord
      @ForAncientKingAndElvishLord 10 หลายเดือนก่อน

      Uk salaries are stupid.

    • @Weakeyedominant
      @Weakeyedominant 10 หลายเดือนก่อน

      ​@@ForAncientKingAndElvishLordUK salaries are horrific but shows how much bartenders make in tips.

    • @bighands69
      @bighands69 10 หลายเดือนก่อน

      UK is a high tax high regulations economy which means it suppresses working class wealth.
      There is a reason why V8 American cars over the last several decades cost half an average salary but in the UK such vehicles were 10 times the average salary.

  • @uwone7778
    @uwone7778 10 หลายเดือนก่อน +22

    I feel like he's in step 3 of a 6 step plan where he has no money in 10 years or less.

    • @Eric_Bassett
      @Eric_Bassett 10 หลายเดือนก่อน

      I agree, the boat thing just seemed like a risky move. That and that fact that he’s been living fully off what he has in the bank AND has too much money into houses he doesn’t live in for what he has overall. Like what are you doing with a 1.2 million dollar house being built with no income and a net worth of only 3 million.

  • @ryancraig4811
    @ryancraig4811 10 หลายเดือนก่อน +16

    Already spent about 1/2 the money on high risk stuff, and the business could easily swallow the rest. Great plan.

  • @MachaLatte123
    @MachaLatte123 10 หลายเดือนก่อน +34

    Not working and wanting to start a business without prior experience is a huge flag. It's better to work for a tour boat operator first just to understand the business. I hope he doesn't squander the nest egg.

    • @jimmymcgill6778
      @jimmymcgill6778 10 หลายเดือนก่อน

      There's no flag. You have to take a chance when you start a business.

    • @Kysen10
      @Kysen10 10 หลายเดือนก่อน +7

      he will squander the money for sure.

    • @kevinrtres
      @kevinrtres 10 หลายเดือนก่อน

      @@jimmymcgill6778 With no experience, super way to make a small fortune - just start out with a big one.

    • @jimmymcgill6778
      @jimmymcgill6778 10 หลายเดือนก่อน

      @@Kysen10 Projecting much?

  • @jarrettpierce5626
    @jarrettpierce5626 10 หลายเดือนก่อน +37

    I have a feeling it’s not gonna end well

  • @MohammedAhmed-bc7zd
    @MohammedAhmed-bc7zd 10 หลายเดือนก่อน +5

    Wow so sad! Hope he can recover.

  • @livingunashamed4869
    @livingunashamed4869 10 หลายเดือนก่อน +29

    I'd be done working. He could easily live off of 150k a year for life.

    • @gamingwitharlen2267
      @gamingwitharlen2267 10 หลายเดือนก่อน +8

      Then you will fall into a depression

    • @livingunashamed4869
      @livingunashamed4869 10 หลายเดือนก่อน

      no lol got plenty of friends who retired at 40 or before lol they are just fine lol. @@gamingwitharlen2267

    • @thedopplereffect00
      @thedopplereffect00 10 หลายเดือนก่อน +1

      ​@@gamingwitharlen2267is that what happens to everyone that retires at 55-65?

    • @13ikea
      @13ikea 10 หลายเดือนก่อน +6

      The way he’s talking, that money will be long gone in 2 years. He bought a 200k boat and 2 million dollar properties to rent..

    • @amireallythatgrumpy6508
      @amireallythatgrumpy6508 10 หลายเดือนก่อน

      People who retire before the age of 40 avoid having friends. Such people want to stay as far away from the rest of the world as possible. Your BS is easy to call. @@livingunashamed4869

  • @Fedgery007
    @Fedgery007 10 หลายเดือนก่อน +10

    I have a feeling a lot of This money is gonna be gone.

  • @GAFB1122
    @GAFB1122 10 หลายเดือนก่อน +12

    Great advice on the working. At that young of an age, if you don't work or have a positive purpose in your life, then your soul will suffer. Idle hands are the devil's workshop. And besides, playing as your life at 30 something is not a good message to send your kids.
    Don't allow some others to tell you any different.

    • @SalisburySnake
      @SalisburySnake 10 หลายเดือนก่อน

      What kind of world are we living in where the only "positive purpose" is to help someone else get richer?

  • @iddddaduncan
    @iddddaduncan 10 หลายเดือนก่อน +11

    He's going to blow through the money

  • @joeriveracomedy
    @joeriveracomedy 10 หลายเดือนก่อน +37

    Lottery winners quit their jobs too. Give that a few seconds of extra thought.

    • @amireallythatgrumpy6508
      @amireallythatgrumpy6508 10 หลายเดือนก่อน

      Why? They clearly don't.

    • @quill444
      @quill444 10 หลายเดือนก่อน +8

      _The problem with lottery winners is that they still possess the brains of people who play the lottery._ 🧠 🤔 🥴 🐔 - j q t -

    • @brock5946
      @brock5946 10 หลายเดือนก่อน

      Thats why many lottery winners go broke in a few years after and or become depressed / kill themselves

  • @myrohitc100
    @myrohitc100 10 หลายเดือนก่อน

    Uncle Dave, I would invest most of it in mutual funds, debt funds and commodities such a way that I will work only for humanity and charity. My time won't be wasted for putting food on the table.
    Especially when I am on the baby step 6 at present.

  • @ClaxtonBay123
    @ClaxtonBay123 10 หลายเดือนก่อน +1

    I recommend sharing with the comment section

  • @pamlaenger6870
    @pamlaenger6870 10 หลายเดือนก่อน +7

    My heart breaks for this man. 🙏🏼🙏🏼🙏🏼

  • @ashleyjones5396
    @ashleyjones5396 10 หลายเดือนก่อน +3

    I hope he listens to Dave’s advice!!!

  • @tongl274
    @tongl274 10 หลายเดือนก่อน +19

    He acquired too much wealth too quick; and at 36 years old, I think this guy is going to be broke by 46. It also sounds like he has spent more than half of his inheritance.

  • @Njs32
    @Njs32 10 หลายเดือนก่อน +2

    My goodness I know exactly how he feels. My mother was also murdered by a new husband who then committed suicide…it’s a terrible terrible feeling…

  • @donaldnederman
    @donaldnederman 10 หลายเดือนก่อน +6

    $3,000,000 times 4% equals $120,000 per year. Why would anyone work. He can live handsomely with a money market account and never touch the principal.

    • @SalisburySnake
      @SalisburySnake 10 หลายเดือนก่อน +1

      Exactly. He probably should stay busy, but Dave and John think you need a W2 or you're worthless. Managing $1.8M in rent houses will probably keep him pretty busy, plus the boat thing on top of that (which is probably not going to make any money, let's be real).

    • @FortuneSeek3rz
      @FortuneSeek3rz 10 หลายเดือนก่อน +3

      ​@@SalisburySnakeno he's not saying that the guys going to be worthless if he doesn't work, he's telling him to go to work to keep his mind occupied after the loss of his mother and stepfather. It is very much mental health insurance.

    • @amireallythatgrumpy6508
      @amireallythatgrumpy6508 10 หลายเดือนก่อน

      Why 4%? Don't you know how asinine the 4% rule is? You should never withdraw more than 1% a year. If you can't afford to live on 1% you have no choice but to work.

    • @Josh-lp2ng
      @Josh-lp2ng 10 หลายเดือนก่อน

      @@amireallythatgrumpy6508that’s nonsense. You planing on living forever?

  • @rooster5755
    @rooster5755 10 หลายเดือนก่อน +23

    dudes going to piss it all away along with his kids when they get old enough..guy is spending it already on all garbage stuff.especially at 36

    • @Mnil52
      @Mnil52 10 หลายเดือนก่อน +1

      Yeah he didn't want a job, he wanted a boat

    • @Denverian
      @Denverian 5 หลายเดือนก่อน

      he was an average Joe with hos life turned upside down. Give this man a break, he will have to pay some expenses for valuable lessons

  • @BrianCassidy-hb9pg
    @BrianCassidy-hb9pg 10 หลายเดือนก่อน +4

    I was wondering how long it would take Dave to recommend a smartvestor pro so that he could get a slice of that sweet inheritance from his murdered mother!

    • @bighands69
      @bighands69 10 หลายเดือนก่อน

      Dave does not need a slice.

  • @bullfrog6926
    @bullfrog6926 10 หลายเดือนก่อน +1

    I hope I'm wrong but the sounds like a case where that 3.5 million could be squandered fairly rapidly unless he gets some good people in his corner to make sure he's managing this money correctly.

  • @Greenlights111
    @Greenlights111 10 หลายเดือนก่อน +3

    So sad. I assume he’d trade every penny of it to get his mom back. God bless him and heal his heart. Give him strength Lord ❤

  • @crazej213
    @crazej213 10 หลายเดือนก่อน +40

    Guarantee this guy will be broke in a few years

    • @irvinsanta
      @irvinsanta 10 หลายเดือนก่อน +4

      I don't think so he seems level headed

    • @cumberlandquiltchic1
      @cumberlandquiltchic1 10 หลายเดือนก่อน +6

      Building 1 house that’s gonna be worth about 1.2 million thst he plans to rent out….
      What?!???? Why? Such a bad idea, in so many ways.

    • @joaoph9391
      @joaoph9391 10 หลายเดือนก่อน +5

      ​@@irvinsantathe guy doesn't have experience in real estate and builds a million dollar house to rent, doesn't have experience boating and buys a 200k boat....
      He may have good intentions, but he needs to start slower, everyone makes mistakes on the beginning, but it's better to have cheaper mistakes and only risk big when you already have the knowledge.
      He should get a 9-5 that pays his children's health insurance, and use the new money to compliment the salary until it meets his prior wage.
      Only then he can start making plans about investing in riskier businesses

    • @stevenporter863
      @stevenporter863 10 หลายเดือนก่อน +1

      Dave didn't correct him because of the circumstances he inherited the money and he said 'real estate' and 'his child''.

  • @alexg3348
    @alexg3348 10 หลายเดือนก่อน +2

    what an absolute tragedy... losing your Mum to a m-s crime.. horrible. God bless the family left behind.

  • @mcmane4230
    @mcmane4230 10 หลายเดือนก่อน +1

    I usually watch the Ramsey show on TBN, but it hasn't been on this week...where did it go?

  • @JEP-Tech
    @JEP-Tech 10 หลายเดือนก่อน

    Every money you don't immediately need, put in Bitcoin cold storage. Done. Easiest investment advice ever. Having the will power and good judgement to save and budget so you don't tap into long term savings is the hard part for most people.

  • @desiputtar89
    @desiputtar89 10 หลายเดือนก่อน +2

    I am 37 and I am planning to get back to work.

  • @EricMoore790
    @EricMoore790 10 หลายเดือนก่อน +3

    My wife became an unexpected millionaire by dating her yoga instructor.

    • @jessy7884
      @jessy7884 10 หลายเดือนก่อน +2

      Good for her lol

  • @timmythecat7478
    @timmythecat7478 10 หลายเดือนก่อน +3

    I do not believe that this caller is going to follow any of the advice you have given to him. He's confused and does not want to work.,

  • @AlanH2B
    @AlanH2B 10 หลายเดือนก่อน +8

    Wait, so the guys plan to get into real estate was to spend $1.2m on a new build house and then rent it out? Not sure if thats the best idea.

    • @Aquilasdev
      @Aquilasdev 10 หลายเดือนก่อน +1

      I’m trying to think of what kind of person could afford to rent a 1.2 million house and wouldn’t just buy something

    • @justinstevenson2061
      @justinstevenson2061 10 หลายเดือนก่อน

      @@Aquilasdevman these days a detached new build in my area costs this.
      Not a mansion, a 4 bedroom detached.
      Nice home don’t get me wrong, but neighbours right up your ass and barely any yard.

  • @sleepyjoe1685
    @sleepyjoe1685 10 หลายเดือนก่อน

    He's going blow everything.

  • @janstolk486
    @janstolk486 10 หลายเดือนก่อน +15

    i have been living of the money !
    he will be broke soon !

  • @SarahNTheRanch
    @SarahNTheRanch หลายเดือนก่อน

    Law N crimes meet Dave Ramsey this show is so captivating 🍿👀👌🏻

  • @Kysen10
    @Kysen10 10 หลายเดือนก่อน +9

    Starting a tour business, about to blow all the money and go broke.

    • @Mr_Fairdale
      @Mr_Fairdale 10 หลายเดือนก่อน +1

      He's also got two rentals and a primary all paid for. He should be fine.

  • @ZeroMajor01
    @ZeroMajor01 10 หลายเดือนก่อน +2

    Dave was too nice to this guy. He's going to go bankrupt.

  • @kimberlygorgoglione9237
    @kimberlygorgoglione9237 10 หลายเดือนก่อน +4

    Why did he call in if he's already made his plans and spent so much of his inheritance?

    • @rachelhoag7573
      @rachelhoag7573 10 หลายเดือนก่อน +1

      Yeah, it was weird to me that neither Dave nor John picked up on exactly how much of the inheritance is gone/tied up already. Dave asked how much he had altogether, and the guy said $3.5 million. But then when you parcel it out, he's spent more than half of that already--$1.8 million on real estate, and $220,000 on the boat per his own assessment. So he's got $1.5 million in cash max, if he hasn't spent money on anything else. Dave ran all the numbers based on $3.5 million in investments, when he's probably got much closer to $1.2 million. That's a whole different ballgame, investment wise. Quite frankly, I would be surprised if this guy had anything left five years from now. With no prior experience as a landlord or a business owner, he has already made a series of very, very bad decisions on what to do with this money.

  • @jaimiethor3602
    @jaimiethor3602 10 หลายเดือนก่อน +2

    Dreadful story…I am so sorry for such a traumatic loss of your mother and bless you and your siblings (if you have any) all of your souls - slow recovery is ok - and bless your kids - tough on you all.

  • @Susan00197
    @Susan00197 23 วันที่ผ่านมา +268

    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.

    • @Lourd-Bab
      @Lourd-Bab 23 วันที่ผ่านมา

      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

    • @Susan00197
      @Susan00197 23 วันที่ผ่านมา

      @@Lourd-Bab 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.

    • @Lourd-Bab
      @Lourd-Bab 23 วันที่ผ่านมา

      @@Susan00197 Oh please I’d love that. Thanks!.

    • @Susan00197
      @Susan00197 23 วันที่ผ่านมา

      @@Lourd-Bab Suzanne Gladys Xander is her name .

    • @Susan00197
      @Susan00197 23 วันที่ผ่านมา

      Lookup with her name on the webpage.

  • @jimmycrackcorn99
    @jimmycrackcorn99 10 หลายเดือนก่อน +12

    This guy needs a financial advisor and some sort of accountability partner.

  • @jimroscovius
    @jimroscovius 10 หลายเดือนก่อน +2

    That's a horrible way to become a millionaire. Having kids when not married was the first stupid thing. Not working was the second stupid thing. Wasting the money on a boat was the third stupid thing. I hope he gets smarter with his money.

  • @jacquelinelawrence4462
    @jacquelinelawrence4462 หลายเดือนก่อน

    Mr Ramsey how can I get one of your book? I am living in the UK

  • @TheFlyingZulu
    @TheFlyingZulu 10 หลายเดือนก่อน

    Time to use the money wisely and now he has a lot of money to get some great training in.

  • @irenicmebe3214
    @irenicmebe3214 9 หลายเดือนก่อน

    Where are you getting 10% interest in investing? Serious question.

  • @Robertgriffinne
    @Robertgriffinne 10 หลายเดือนก่อน +77

    These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $109k now to put in the market.

    • @belljoe
      @belljoe 10 หลายเดือนก่อน +3

      Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.

    • @Alejandracamacho357
      @Alejandracamacho357 10 หลายเดือนก่อน +2

      Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2019, and I return at least $121k ROI, and this does not include capital gain.

    • @rannyorton
      @rannyorton 10 หลายเดือนก่อน +3

      true, A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.

    • @Robertgriffinne
      @Robertgriffinne 10 หลายเดือนก่อน

      I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.

    • @rannyorton
      @rannyorton 10 หลายเดือนก่อน +2

      Haha. I definitely share your sentiment about these firms. When I was starting out, I checked out a couple of freelance investors online, so you could do the same. I personally work with Julia Hope Marble, and she's really good.

  • @rajbeekie7124
    @rajbeekie7124 10 หลายเดือนก่อน +7

    In 10 years this dude will be calling in telling Dave how broke he is.

  • @jennifermeybaum4142
    @jennifermeybaum4142 9 หลายเดือนก่อน

    Great comment by these guys to tell him he needs to go to work to have purpose!

  • @JasonGroom
    @JasonGroom 10 หลายเดือนก่อน

    He doesnt necessarily need a job, he just needs somethinf to do with his life. He can comfortably live off the investments, manage the properties he owns, and do something that brings him joy, even if a pay day doesnt come with it.

    • @bighands69
      @bighands69 10 หลายเดือนก่อน

      Not at that age and that amount of money.

    • @JasonGroom
      @JasonGroom 10 หลายเดือนก่อน

      @@bighands69 basically, so long as the properties he buys, and any market investments are performing at the average, he is fine forever

  • @Dad-in-WA
    @Dad-in-WA 10 หลายเดือนก่อน

    a nice little financial surprise. unfortunate path to getting the financial surprise..Hope he invests, pays off any debts, saves for his and family future's.

  • @jackmack276
    @jackmack276 10 หลายเดือนก่อน +3

    Not going to end well. Hes blowing money faster than a kid in a candy store.

  • @joemunch58
    @joemunch58 10 หลายเดือนก่อน

    No mention of increasing that wealth with planning to minimize / eliminate estate tax.

    • @divemanred
      @divemanred 10 หลายเดือนก่อน

      No estate tax for that low of an amount of money

    • @joemunch58
      @joemunch58 10 หลายเดือนก่อน

      @@divemanred With existing law, yes. The increase in the applicable exclusion amount expires in 2026. There's also been trial balloons about decreasing the exclusion amount to $3 million and $1 million.

  • @yourgooglemeister6745
    @yourgooglemeister6745 10 หลายเดือนก่อน +12

    This guy is going to be in the news very soon just like the lottery winners that lose all their money

    • @machutson5493
      @machutson5493 10 หลายเดือนก่อน +2

      Probably

    • @jessy7884
      @jessy7884 10 หลายเดือนก่อน +2

      What are you talking about? In 2 years he has not spending much. He has 1.8 mi in real state, and is open a business!

    • @yourgooglemeister6745
      @yourgooglemeister6745 10 หลายเดือนก่อน +4

      History of working in the restaurant business and I doubt he actually made 85k shows he has no Financial knowledge

    • @Mr_Fairdale
      @Mr_Fairdale 10 หลายเดือนก่อน +3

      It's weird how commenters seemingly root for the caller to fail. Call me crazy but I want the guy who's mom was taken from him to win in the end. Just my .02

    • @yourgooglemeister6745
      @yourgooglemeister6745 10 หลายเดือนก่อน +1

      @@Mr_Fairdale that's because there are lots of rational people here looking for solid Financial advice. but you also have the beta Simps and emotional women because of all the psychology BS they've added into the shows

  • @homeboy391
    @homeboy391 10 หลายเดือนก่อน

    That story about the murder-suicide...OMG! Crazy!!!! What the heck??

  • @GodwinIsaac
    @GodwinIsaac 9 หลายเดือนก่อน

    I was not ready for this story 😩

  • @jimmymcgill6778
    @jimmymcgill6778 10 หลายเดือนก่อน +5

    They told me it's a 3 hour tour.

  • @Donnafrank-k6e
    @Donnafrank-k6e หลายเดือนก่อน +291

    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.

    • @lennoxmutterick6434
      @lennoxmutterick6434 หลายเดือนก่อน

      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

    • @Donnafrank-k6e
      @Donnafrank-k6e หลายเดือนก่อน

      @@lennoxmutterick6434 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.

    • @lennoxmutterick6434
      @lennoxmutterick6434 หลายเดือนก่อน

      @@Donnafrank-k6e Oh please I’d love that. Thanks!.

    • @Donnafrank-k6e
      @Donnafrank-k6e หลายเดือนก่อน

      @@lennoxmutterick6434 Clementina Abate Russo is her name

    • @Donnafrank-k6e
      @Donnafrank-k6e หลายเดือนก่อน

      Lookup with her name on the webpage.

  • @tammylain7754
    @tammylain7754 10 หลายเดือนก่อน

    Wish the country i lived in had interest rates like that.. they have even been under 0 percent so it cost you to have miney in the bank..

    • @quill444
      @quill444 10 หลายเดือนก่อน

      your only hope is that one day they invent something like an air-plane

  • @lisahinkofer2085
    @lisahinkofer2085 10 หลายเดือนก่อน +3

    So horrible. My heart goes out to you.

  • @edschmid7451
    @edschmid7451 10 หลายเดือนก่อน

    Listening to the guy. I think he is just on the verge of losing it all. 1.2mil rental house ain’t gonna work. 3 million doesn’t go very far any more. Tiki boat is a part time gig. Depreciation is huge on boat. In 21 years I think it will be a miracle if he has one of the 3 houses left free and clear.

    • @bighands69
      @bighands69 10 หลายเดือนก่อน

      His boat business if he is will to work hard can pay. That is the thing about this story he probably works hard hence why he earned 80000 in service industry. With that same attitude he probably will double that on boat hire. He is probably he sort that would work a Sunday afternoon and all evening.

  • @13ikea
    @13ikea 10 หลายเดือนก่อน +6

    Definitely go back to work. He’s gonna blow thru that 2 million. He’s planning this boat business and supporting a family of 3…

    • @FortuneSeek3rz
      @FortuneSeek3rz 10 หลายเดือนก่อน

      When those kids realize daddy is a millionaire they're going to harass him for cars and vacations the rest of their lives.

  • @siegfriedbraun5447
    @siegfriedbraun5447 10 หลายเดือนก่อน +20

    Something disquieting burbling in the background with this guy. The son of an older woman whose new husband kills her, he's a never-been-married dad of multiple kids, and has never held an "adult" job. And now he's embarking on another career (apparently) sight unseen? Lots for John to dig into here.

    • @tellmewhyaintnothinbutaheartac
      @tellmewhyaintnothinbutaheartac 10 หลายเดือนก่อน

      You don’t have to look into it, grief takes form in different ways. If this man is doing something, God will handle it on the day of Judgement

    • @CarnivoreStork
      @CarnivoreStork 10 หลายเดือนก่อน +3

      Yea, I’m a little worried about the
      $250,000 tiki boat being ‘built.’
      Sounds like a scam. 🤦🏻‍♀️

    • @adamseidel9780
      @adamseidel9780 10 หลายเดือนก่อน +1

      Never had a real job? He was a long time bartender and front of house restaurant workers. If he was working as a Somme, he was working at high end places. Career good front of house restaurant people like him make very solid money, which he was doing.

    • @siegfriedbraun5447
      @siegfriedbraun5447 10 หลายเดือนก่อน

      one word, @@adamseidel9780 "tips"

    • @siegfriedbraun5447
      @siegfriedbraun5447 10 หลายเดือนก่อน +1

      @@tellmewhyaintnothinbutaheartac uh, actually talking about all the stuff that was this guy's life *before* grief became a factor...

  • @leannejayne3545
    @leannejayne3545 10 หลายเดือนก่อน

    I believe this guy should do something , but he doesn’t need to work if he doesn’t want to. Maybe volunteer, give something back. But what is wrong with enjoying your life , seeing the world. We only get one life, why waste it working if you don’t need to. If he’s sensible, this guy (who is still mourning btw) is set up for life ❤

    • @bighands69
      @bighands69 10 หลายเดือนก่อน

      Not enough money to do that.

    • @leannejayne3545
      @leannejayne3545 10 หลายเดือนก่อน

      @@bighands69surely so if he invests wisely

  • @patriotdrone9566
    @patriotdrone9566 10 หลายเดือนก่อน +1

    I just don't get it. Don't tell anyone you have this money. Invest it. Work in a job that makes you happy feel fulfilled. Low stress. With no worries of being "let go". Maybe get married and start a family if that's something you want. Do this right and you can live a great life. Unfortunately, I have a feeling this is a gonna go south quick.

  • @scoutandscooter
    @scoutandscooter 10 หลายเดือนก่อน

    Taxes. They never address taxes or insurance. $300,000 is ~$52,000 in Federal.

  • @BO-dc4xg
    @BO-dc4xg 10 หลายเดือนก่อน

    I would put 5-20% of that money into the spot Bitcoin ETFs that have just come out.(split it between the 10-11 ETFs and several investment accounts)You will probably hit that $20 million in the next 3-7 years. Rentals have high over head and risk. Bitcoin is now not “risky” per say it is just volatile, hold long term.

  • @lowmax4431
    @lowmax4431 10 หลายเดือนก่อน +7

    Dude is a little sus with the way he's so nonchalant about it.

    • @mimidroy725
      @mimidroy725 10 หลายเดือนก่อน +1

      Hard to judge when someone is grieving. You become numb...ijs.

  • @JahAmericanNY
    @JahAmericanNY 10 หลายเดือนก่อน +5

    Was it weird the way he just breezed over yeah “My mother was killed by her husband and that’s how I became a millionaire” 🤔🤔🤔

    • @acpfeiffer6057
      @acpfeiffer6057 10 หลายเดือนก่อน +1

      I don't think so. My mom died in a similarly crazy situation. After a few years you're just used to the fact.

    • @Makalon102
      @Makalon102 10 หลายเดือนก่อน

      Even then getting that amount of money after losing someone would soften the blow

  • @BSM7702
    @BSM7702 10 หลายเดือนก่อน +3

    I'd be really excitedly confused and anxious damn. Crazy id still be working tho 3 to 4 mil is really not enough in this day and age. Always work. No matter what. Never stay lde especially when u have a (all of a sudden) lump chunk like 4 mil.

  • @chasewrenn7109
    @chasewrenn7109 10 หลายเดือนก่อน

    Rule of 72 for that quick math in his head if you’re curious. 72/.10= 7 years to double the investment

  • @andrewgoodman8161
    @andrewgoodman8161 7 หลายเดือนก่อน

    10% a year interest isn't a cake walk.