For anyone who is jealous that he has a mil, I guarantee you he would give it all up to get his dad back. Count blessings and spend time with your dad.
My dad tells me all the time ‘when I’m gone you get it all!’ Probably like half a million between the house and assets. As if that’s a consolation prize for the fact that he’d now be dead…. 🙄 he doesn’t even understand why I sarcastically say ‘oh yeah. Can’t wait.’
Love Dave's advice not to invest in anything he doesn't understand. Also I agree with the comments not to tell anyone. People treat you differently if you have money, or so it seems.
Also I'm a representative of the Beans and Rice Association and I resent Dave not recommending the usual for this caller. He could keep us in business for awhile
My cousin recently passed away from ALS ( Lou Gehrig Disease ) RIP Ben. It’s extremely hard to watch your Dad / loved one suffer from a debilitating terminal illness that has no cure. RIP to all of those who have suffered from ALS & any other terminal illnesses..
my mom died of cancer recently and set me up for my future...Coming from someone who likes money (me) it does not buy you happiness and I would give every penny to have my mom with me.
I once took a personal financial management class and on the first day’s session, the professor asked a ponder-worthy question: If you had $1M, what would you do with it? You never heard so many gears ⚙️ working in everyone’s heads click so much.
I ask myself that every day just to see if I am doing what I love doing. just with 10 million , would I change what I do now? If so I am on the wrong path.
As a 25 yr-old multi-millionare, this is definitely one of David's better videos. Great advice in general. One thing: Don't rely on advisors. If you need an advisor for a subject you know nothing about, then you don't have enough knowledge to know whether the advisor you choose is making sense or is even working against you. Ex: I self-learned everything I need to know about Single-Member LLC's and my taxes, but I still then chose an attorney and CPA respectively to make sure nothing slipped through the cracks.
@@monsterous289 you said you self learned everything. So if your attorney says your work is wrong are you going to get a 3rd opinion to see who is correct?
@@teeduck Not typically. I try to learn as much as I can, but if there's something, say, my CPA does that I don't understand and still can't after some research, I'm on a call/meet-up basis with my CPA, attorney, etc to where they're happy to take as much time as needed to explain something they did that I can't figure out/understand after the fact. I've actually corrected my CPA once. Had a small back and forth because I didn't understand why they selected a certain category on a form and turned out something he did wasn't actually correct for my situation. This philosophy is actually one of the best ways to learn any subject in my opinion.
Very important, listen when Dave says of investment planners, professionals, etc. A good investor realises what they don't know. If someone tells you they know exactly how things will go, listen to a point. Someone who looks at what they don't know will make more thought through choices.
First piece of advice - When you get the million, don't act like you have it. Play your cards right and that million could be tens of million. If I woke up tomorrow and I was 25 I would pay cash for a couple houses, rent them out for cash flow, throw a couple hundred grand in the S&P, then start a business.
Do your homework. Get a financial education. Don’t invest all of your money in mutual funds so you can finally enjoy it when you’re almost dead. Again, financially educate yourself. Read books. Start compounding while you’re young.
@@achavez78 Stop giving negative advice about getting married, probably just because you have had bad experiences. I've been married for 17 years. Me and my wife work as a team to build our wealth with hard work and a mutual understanding! There are plenty of decent women out there that stand by their man. You've just got to do your due diligence in finding the right partner who you can build a solid healthy & wealthy relationship with.
This is a recurring caller and Dave missed some opportunities again. Finish your degree, take a lot of finance courses while you're there, and ask yourself how would your dad want you to manage all that money and what would he approve or disapprove of. After all he worked all his life for it.
Nothing wrong with Dave's advice. Principles is the bases to success, and to manage that much money he needs to focus on that. I agree with you about finishing school and honoring the memory of his dad but It all boils down to principles.
Hindsight bias. I’m sure Dave would answer many questions, maybe all, somewhat differently if he had the time to analyze and properly deliver each case individually.
@@Rocky-uy7sd I'm not sure he would. He has a formula, and it works if you can stick to it, and he generally doesn't deviate much from it. even if there are special case adjustments around the edges that might work out a little better. Sticking to the plan might slow you down a little bit, but you're extremely unlikely to end up anything but wealthy if you keep at it.
We all pay atonement, sometimes our Father needs to test that payment upfront. It’s part of his mercy and grace, the man was suffering, he was living for his son, but at what cost? Terrible emotional pain on all sides, yes, But don’t question Him, he has your best interest at heart, that’s why he’s the Ultimate Leader. He already gave us hard choices to overcome and show Him how we can be more like Him.
I’d diversify it in ETF’s… ever hear of VOO I’d be cautious putting it all in one bank account… I’d not have more than FDIC limit in a bank account, but that’s just me.
Owning real estate is a headache. With that free money just invest in dividend index funds and watch your money grow. In ten years, quit your job and live off of only your dividend income and pay a 15% tax. That is how billionaires do it. They live off of dividends and pay very little tax.
6:18 Disagree and agree. Using the word leverage in this context is not leveraging, it’s called giving it away to stupid ideas. Proper leverage would be as simple as throwing it into the market. That’s it. Leave it alone.
@4:52 Board of advisors recommendation (that ALL are hungry fish desperate to take a percentage) ... "heart of a teacher" 🤔🙄... Say what? They will clean his clock. He needs to self educate starting yesterday.
100% agree. You wouldn't be surprised nor I but many folks out there would shocked to find out how stupid some of these so called professionals are. I was at a dinner with some friends (years ago) who had their friends with them and one was a Registered Investment Advisor I mentioned the Dow to Gold ratio he was embarrassed that he never heard of this valuation based indicator! The Dow to Gold ratio is NOT some off the wall indicator but a valuation method letting you know if the stocks or gold is under or overvalued! Most of these guys and women also I just SALES PEOPLE and will sell whatever is the popular at the moment pulling in commissions!
This caller has a different problem: he must take distribution from the inherited 401(k) plan within 10 years. Only spouses are allowed to roll it over.
@@RAJohnson713 yes, but It’s important to know… I would rather take advise from someone with hundreds of millions of dollars, than some one who doesn’t
Avoid debt. Cut cost. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. I have purchased growth stocks this past few weeks. I'm going to sit back and observe how this plays out, adding more at a time. My investment strategy with my F,A Rita Wildrin Mora gives me the best returns even during recessions. Its been a year of steady growth.
Our mentality is messed up, we validate ourselves with wasteful vanities. I'm also on my way to the millionaires club from investing in stocks. It's a long term plan for me.
shit this put a million in the market, find a job with his college degree, put in to 401k, and then just live you life, maybe work less hours if you want, buy a house when ready, maybe buy a aprtment building when ready, enjoy life.
Do not put your money in the stock market. As far as trading. If you do. Only 10 percent or less. The stock market is a scam and heavily manipulated. I’m nvest in a high int savings.
Dave did alright* but I guess he has the brains to pick the right person to be the mother of his kids and a wonderful life partner. I guess we call that being an adult as opposed to being bitter. Hope your life gets better.
I'm pretty certain DR has no clue how to set up a studio, contracts with minions, could not even change the oil on his daughter's car if his life depended on it.
Never seen a high net worth individual (like Dave) always remind ppl of his wealth or when he got his real estate license. It reeks of insecurity. Dave doesn’t know everything and there are plenty of ppl less successful and quite a few who are more successful. Let’s bring back humility and hard work without having to point out all of our accomplishments
Some people misinterpret when you mentioned about your hardship and became successful. I’ll do the same to encourage that everyone can be successful by following Dave steps.
I will forever be indebted to you 😇 i was able to build a big income stream investing with Mrs Natalia Watson , you've changed my whole life, Thanks so much
Amazing I also just started trading with Mrs Natalia Watson, she is the best at what she does with an initial investment of $1400 i made up to $5230 in just a week of trading with her, her strategies are mind blowing
For anyone who is jealous that he has a mil, I guarantee you he would give it all up to get his dad back. Count blessings and spend time with your dad.
Amen money 💰 doesn't make people come back
For real. I didn't even have a "good dad" and yet I miss him
FACTS
My dad tells me all the time ‘when I’m gone you get it all!’ Probably like half a million between the house and assets. As if that’s a consolation prize for the fact that he’d now be dead…. 🙄 he doesn’t even understand why I sarcastically say ‘oh yeah. Can’t wait.’
True - he has his whole life to go through without his dad. No Grandpa. This is heart breaking.
Love Dave's advice not to invest in anything he doesn't understand. Also I agree with the comments not to tell anyone. People treat you differently if you have money, or so it seems.
It is true. It's honestly sad/kinda annoying
Do not tell your “friends” you have that much money. Please. God bless you and guide you.
Most importantly: Don't tell any of your friends or relatives about this money (except those who already know).
This 👆🏽
100% CORRECT!
I would be curious to see where he is in ten years. Best of luck to him. Hope he doesn’t blow it like some of the lottery winners we hear about
The fact that he's calling Dave to ask him gives me hope
Most lottery winners were living paycheck to paycheck before they won. So it makes total sense that they'd lack the experience to NOT spend it all.
His first piece of advice is perfect
As usual Dave good sage long in the tooth advice! I hope he educates himself well and takes your advice Principal’s!
Also I'm a representative of the Beans and Rice Association and I resent Dave not recommending the usual for this caller. He could keep us in business for awhile
when you grow to CEO of your association, you plan to eat more beans & rice or less? Trying to understand if this association is set up differently.
🤣
Dave is soooo right. I learned this the hard way
My cousin recently passed away from ALS ( Lou Gehrig Disease ) RIP Ben. It’s extremely hard to watch your Dad / loved one suffer from a debilitating terminal illness that has no cure. RIP to all of those who have suffered from ALS & any other terminal illnesses..
And don't tell anyone!!!!!!!
my mom died of cancer recently and set me up for my future...Coming from someone who likes money (me) it does not buy you happiness and I would give every penny to have my mom with me.
I once took a personal financial management class and on the first day’s session, the professor asked a ponder-worthy question:
If you had $1M, what would you do with it?
You never heard so many gears ⚙️ working in everyone’s heads click so much.
I ask myself that every day just to see if I am doing what I love doing. just with 10 million , would I change what I do now? If so I am on the wrong path.
First time I ever heard anyone asked that question, the answer was "keep farming until it's gone."
As a 25 yr-old multi-millionare, this is definitely one of David's better videos. Great advice in general.
One thing: Don't rely on advisors. If you need an advisor for a subject you know nothing about, then you don't have enough knowledge to know whether the advisor you choose is making sense or is even working against you. Ex: I self-learned everything I need to know about Single-Member LLC's and my taxes, but I still then chose an attorney and CPA respectively to make sure nothing slipped through the cracks.
How’d you become a multi millionaire ?
So you still didn’t understand things so you hired an attorney and CPA. Go figure
@@teeduck There's no shame hiring a professional to double-check work done
@@monsterous289 you said you self learned everything. So if your attorney says your work is wrong are you going to get a 3rd opinion to see who is correct?
@@teeduck Not typically. I try to learn as much as I can, but if there's something, say, my CPA does that I don't understand and still can't after some research, I'm on a call/meet-up basis with my CPA, attorney, etc to where they're happy to take as much time as needed to explain something they did that I can't figure out/understand after the fact.
I've actually corrected my CPA once. Had a small back and forth because I didn't understand why they selected a certain category on a form and turned out something he did wasn't actually correct for my situation.
This philosophy is actually one of the best ways to learn any subject in my opinion.
Your dad would be so proud of you young man.
Very important, listen when Dave says of investment planners, professionals, etc. A good investor realises what they don't know. If someone tells you they know exactly how things will go, listen to a point. Someone who looks at what they don't know will make more thought through choices.
Money comes and goes, but not your parents man. Family is priceless. I wouldn’t give up my Dad for any amount of inherited money.
First piece of advice - When you get the million, don't act like you have it. Play your cards right and that million could be tens of million. If I woke up tomorrow and I was 25 I would pay cash for a couple houses, rent them out for cash flow, throw a couple hundred grand in the S&P, then start a business.
Ayeee S&P
Invest it all! Create a plan that has you walking away from a job or corporate America by the age of 40 or before! Do that!!!!
I second this comment.
Do your homework. Get a financial education. Don’t invest all of your money in mutual funds so you can finally enjoy it when you’re almost dead. Again, financially educate yourself. Read books. Start compounding while you’re young.
And above anything else: do not get married!
@@achavez78 is it really that bad?
@@achavez78 facts!!! Unless he wants to lose half of his assets lol
@@achavez78 Stop giving negative advice about getting married, probably just because you have had bad experiences. I've been married for 17 years. Me and my wife work as a team to build our wealth with hard work and a mutual understanding! There are plenty of decent women out there that stand by their man. You've just got to do your due diligence in finding the right partner who you can build a solid healthy & wealthy relationship with.
@@asim9738 exactly. There seems to be a substantial overlap between people who are anti marriage and people who are broke losers
My advice: connect with financial advisor, and set a goal to finish college using the interest on the money only.
I’m 25 about to get a million thanks for the video!
Ive always been curious what he was worth. Now I have a ballpark. Congratulations Dave! Well done sir!
Down payment on a tank of gas maybe? 🤷♂️
Severly underrated post🤣
Time and place man, c’mon
Or join a limited family partnership double backflip
This is a recurring caller and Dave missed some opportunities again. Finish your degree, take a lot of finance courses while you're there, and ask yourself how would your dad want you to manage all that money and what would he approve or disapprove of. After all he worked all his life for it.
Nothing wrong with Dave's advice. Principles is the bases to success, and to manage that much money he needs to focus on that. I agree with you about finishing school and honoring the memory of his dad but It all boils down to principles.
Hindsight bias. I’m sure Dave would answer many questions, maybe all, somewhat differently if he had the time to analyze and properly deliver each case individually.
@@Rocky-uy7sd I'm not sure he would. He has a formula, and it works if you can stick to it, and he generally doesn't deviate much from it. even if there are special case adjustments around the edges that might work out a little better. Sticking to the plan might slow you down a little bit, but you're extremely unlikely to end up anything but wealthy if you keep at it.
@@peterrose5373 yea I agree with you I dunno why I said that tbh
Index funds, reinvest dividends, boom that’s it
Yep! No need to do anything fancy. Nice and easy, and he is set for life many times over with being only in his early 20s.
That’s what I’m saying. Easy money
This question has been answered almost a million times in the same way 😂
Thanks for Watching ^^Hope to read from you immediately for more guidanceⓇ Don't forget to smash the like button
~~~whatsap below! !🌙🌙🚀..~
Best dad may he rip
Very nice Dave. Good show.
He's a millionaire but at what cost 😔😟
We all pay atonement, sometimes our Father needs to test that payment upfront. It’s part of his mercy and grace, the man was suffering, he was living for his son, but at what cost?
Terrible emotional pain on all sides, yes, But don’t question Him, he has your best interest at heart, that’s why he’s the Ultimate Leader. He already gave us hard choices to overcome and show Him how we can be more like Him.
I’d diversify it in ETF’s… ever hear of VOO
I’d be cautious putting it all in one bank account… I’d not have more than FDIC limit in a bank account, but that’s just me.
Owning real estate is a headache. With that free money just invest in dividend index funds and watch your money grow. In ten years, quit your job and live off of only your dividend income and pay a 15% tax. That is how billionaires do it. They live off of dividends and pay very little tax.
Great advice dave
6:18 Disagree and agree. Using the word leverage in this context is not leveraging, it’s called giving it away to stupid ideas. Proper leverage would be as simple as throwing it into the market. That’s it. Leave it alone.
Rest In Peace
So helpful to watch
Maybe fill up your truck and if your lucky you could top off your lawn mower.
That's optimistic
Lets go Brandon.
Sleepy uncle joe
🤣
Money not everything it's just a tool that we need to survive.
Money isn't everything, but everything costs money.
i would take the money and invest it in schd.
Just hire advisors and throw it all in real estate and stonks...you will be fine...
@4:52 Board of advisors recommendation (that ALL are hungry fish desperate to take a percentage) ... "heart of a teacher" 🤔🙄... Say what? They will clean his clock. He needs to self educate starting yesterday.
100% agree. You wouldn't be surprised nor I but many folks out there would shocked to find out how stupid some of these so called professionals are.
I was at a dinner with some friends (years ago) who had their friends with them and one was a Registered Investment Advisor I mentioned the Dow to Gold ratio he was embarrassed that he never heard of this valuation based indicator!
The Dow to Gold ratio is NOT some off the wall indicator but a valuation method letting you know if the stocks or gold is under or overvalued!
Most of these guys and women also I just SALES PEOPLE and will sell whatever is the popular at the moment pulling in commissions!
Much love
Our Rich Journey UA-cam channel has a new video on this that should help too. One of my fav pf channels.
This caller has a different problem: he must take distribution from the inherited 401(k) plan within 10 years. Only spouses are allowed to roll it over.
Keep feeding the 401k put the rest in mutual funds and maybe leave 100k for a more than solid down payment for some investment in real estate.
You're not in Kansas anymore Drake
"Dave Ramsey has several hundred million dollars."
Really? Congratulations! Good for you, man!
humble brag
@@RAJohnson713 yes, but It’s important to know… I would rather take advise from someone with hundreds of millions of dollars, than some one who doesn’t
Avoid debt. Cut cost. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. I have purchased growth stocks this past few weeks. I'm going to sit back and observe how this plays out, adding more at a time. My investment strategy with my F,A Rita Wildrin Mora gives me the best returns even during recessions. Its been a year of steady growth.
Pretty impressive, I have been on the wrong side for far too long and I'm willing to make consultations to improve my situation. Can she help me?
Our mentality is messed up, we validate ourselves with wasteful vanities. I'm also on my way to the millionaires club from investing in stocks. It's a long term plan for me.
@@jaynaparker8874 I did a quick search and found her web page. Her resume is quite remarkable, I wrote her and I'm waiting on her reply.
I would do baby steps, where students loans question, keep the 401k in a IRA.
Buy amazon or tesla, specially amazon before the split
the broke guy telling the wealthy what to do with his money🤔
@@Brian-hd4rb dave is mediocre wealthy
And his investment plan will never get anyone anywhere before 65
Simply pathetic
@@johndone8045 I'm talking about you. I agree that his investment advice sucks, so does yours.
$438k in cash with a 15% inflation rate..... ouchhhhh
the intro sound changed again. they are messing with our heads :)
Past history has shown that real estate and stocks never lose value...
D R is the 🐐
Me too I bought AmC!
Don't go crazy, be wise and get advice and educated.
Did he say he’s getting it now or when he’s 25? Big difference could be worth more by then
It looks like advice on how to be a prepper at this point...
Get a really good financial advisor that you totally trust.
I couldn't imagine my parents saving a dime for my development or future 😢
Instead of crying about it, make sure that stops with them, and provide for your descendants
Go short on Tesla
He also should keep it a secret and not tell his friends about it. People get excited and start blabbing
Buy VT. That's all he needs to do.
Ramsey rubs his hands together 🙏 “let me introduce you to my smartvestor pros.”
It’s $1 mil. I hope the caller doesn’t take the advice on lining up a bunch of “experts” to take his money in fees.
shit this put a million in the market, find a job with his college degree, put in to 401k, and then just live you life, maybe work less hours if you want, buy a house when ready, maybe buy a aprtment building when ready, enjoy life.
What would Graham Stephen do?
Have an emergency savings, pay off all debt and the rest in index funds. I know he may be still recovering for his dad death, sorry for your lost.
rather keep my dad sorry for your loss
Voo, and a house
Good advice....GO SLOW....talk to old people WHO HAVE money already.
That's all I have is a couple funds and buy used cars.
Do not put your money in the stock market. As far as trading. If you do. Only 10 percent or less. The stock market is a scam and heavily manipulated. I’m nvest in a high int savings.
Calls on GameStop
Invest it
Ah the old introduction sound is back. Perfect.
Maybe they got too many complaints lol
What should he do? Donate to charity!
spend 250k on traveling, lady service providers and partying. Put the rest into savings and investments.
It's the same callers every time
They won't listen to my story when I called LOL
Draaaaake? Draaake?
roll to vegas in a rolls royce and bet everything on 25 black
Buy eggs, milk and bread! 🤪🤪🤪
Thanks for Watching ^^Hope to read from you immediately for more guidanceⓇ Don't forget to smash the like button
~~~whatsap below! !🌙🌙🚀..~
DO NOT GET MARRIED!!!
Dave did alright* but I guess he has the brains to pick the right person to be the mother of his kids and a wonderful life partner. I guess we call that being an adult as opposed to being bitter. Hope your life gets better.
I'm pretty certain DR has no clue how to set up a studio, contracts with minions, could not even change the oil on his daughter's car if his life depended on it.
Give it to me!
Buy luna 🤷🏽♂️
Take it to the casino , and attempt to double it!
Duh 😒
Buy cardano right now.
Sell the car... Beans and Rice
Never seen a high net worth individual (like Dave) always remind ppl of his wealth or when he got his real estate license. It reeks of insecurity. Dave doesn’t know everything and there are plenty of ppl less successful and quite a few who are more successful. Let’s bring back humility and hard work without having to point out all of our accomplishments
It's called ethos Karen
Daniel, thank you for taking the time out of your important day to write this very insightful comment that helped literally nobody.
Are y’all the Dave Ramsey apologists? Did I touch a nerve to your precious leader? Take criticism snowflake
Some people misinterpret when you mentioned about your hardship and became successful. I’ll do the same to encourage that everyone can be successful by following Dave steps.
It's a talk show. He's getting his credentials, not bragging. He also talks about his mistakes
Buy GME :)
I will forever be indebted to you 😇 i was able to build a big income stream investing with Mrs Natalia Watson , you've changed my whole life, Thanks so much
Amazing I also just started trading with Mrs Natalia Watson, she is the best at what she does with an initial investment of $1400 i made up to $5230 in just a week of trading with her, her strategies are mind blowing
I called Mrs Natalia and she stole all my money
Scams.
Get an iced out can of beans with a matching chain and a fresh grill. That’s about a milli
Whatever you do, don't get married. 👌
FACTS!
Don't get taken to family court!
Spend it on a Lamborghini
I’m more of a mclaren Porsche guy but he gets the picture
🤣 whattt
Smart guy !!!!! 🙏
Above all--- DO NOT GET MARRIED!!!
MOST DEFINITELY......never tell a woman that you're dating about it....
Unless you want to donate half your stuff to the thot...
@Delores B you are absolutely correct . Elevate you right on up to the family courthouse to get that payday!
@@quietsignal what woman hurt you bruh? 😂
@Delores B It's difficult..but you can find that RIGHT person....just be careful and vet them thoroughly....
Draaakkkeee!!!??
He will have to pay taxes on the 401k withdrawals. The IRS wants their money :-)
Hes still got a nice chunk of change. If I was him I'd buy a couple houses and rent them out.
Does anybody want to join my Limited family partnership double backflips partnership 😂
how about you upload real questions that people really need help wit i hope this channel is not like Jerry Springer
The people that really need help…get the same answer, every time. The baby steps. Rice and beans. Get a second job. No vacations.
i been told its not wat you make its wat you save