I’m a Millionaire but Still in Debt!
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- Опубліковано 21 вер 2024
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“Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets.” - Robert Kiyosaki
I totally agree. I put $250k into stocks with my advisor, and now I've made over $4 million in profits. I used the profits to buy properties, and they're bringing in great income. It just shows how important it is to invest in things that grow over time. It's like I'm living out the lessons right from the start of his book- Guide to investing
Despite the ups and downs in the stock market, you've managed to turn your investments into good profits. Could you share the name of your advisor? I have $300k saved up and ready to invest, but as a beginner, I don't know my way around the market.
She is well known as - Chasity George Charles. please do your own research.
I found her contact details through a web search, and I'm pleased to see she is well recognized by AdvisorCheck. I've already sent her an email, hoping she can find some time in her busy schedule to assist me. Thank you for not gatekeeping.
I am on the look out for experts and after doing my research online will say she meets my requirements, Thank you for sharing with us. I already sent her a mail hoping she can make out time in her busy schedule to assist me.
Man if he can’t even muster up $1k but has a net worth of 1M, he needs to rethink his approach and life.
I’m wondering where he’s getting his net worth number…. The guy owes hundreds of thousands of dollars. Unless his properties are worth well over a million or he’s sitting on a 1.5 million dollar 401k he’s not a millionaire.
@@OhYeaMistaWhat are you talking about? He has $300k equity in his home, and would profit $160k from the rental. Even if he's underwater on the car, that's $400k easy, so he'd need around $600k invested to be a millionaire.
Edit: He said they have $650k in retirement later in the video.
He said they have over $1000.
@@emoney1231hadn’t heard the $650k part when I commented. So he’d need like $550k in equity to just get there.
Yeah you weren’t listening
Aspires to be a financial coach when he's eye deep in debt, sounds about right.
😂😂 I was thinking the same thing.
He’s changing his path and has a nice nest egg. Maybe he’s seen a new light. I wish him well
A financial coach with experience doing dumb things are usually the best.
Ok $650k in the retirement makes the math work. But only having 1k in savings is absolutely crazy especially with a rental.
Girl math....LoL
^ Nope dude math
I wouldn’t sell the rental tbh. I’d take the money out of retirement to pay off the rental mortgage and also the CC/student debt. Is this caller just dumb or something?
He’s the example of a cash poor millionaire because their assets are mostly tied up with retirement and real estate. After they sell their investment property to pay off their debt, they should boost their cash savings and after tax investments to balance their net worth.
Yep, highly illiquid
Equity and real estate should be a component of wealth, not the wealth. What about diversification? Having all wealth tied up in just equity is like holding a 30-year million dollar CD you can't touch principle or interest until it matures. Except the CD value is guaranteed (the house value is dependent on the current market) and you don't need to pay maintenance, repairs, high insurance premiums and utilities.
@@stevenporter863 You're getting wrapped around the axle about something that is already clearly defined and well understood. Net worth says *nothing* about the liquidity of the underlying assets. If you want to discuss liquidity, then you can break it down into "Current Assets" (those that are usable in the current year) and long-term assets. Or you can divide into liquid and illiquid assets. But not counting equity in a house doesn't make sense because you could sell the house this month and get access to that equity. Just because you choose to not sell doesn't mean that the asset isn't saleable, and it certainly doesn't mean that it's not part of your net worth.
@@funtechuThe point is house poor 'millionaires' who sometimes can't buy groceries.
@@stevenporter863 The fact that you are still putting millionaires in quotes shows you still don't get it. There are people with liquidity issues at all levels of net worth. That is completely orthogonal to net worth or whether someone qualifies as a millionaire, multi-millionaire, or billionaire.
7:00 Nobody in the comments has acknowledged that he went 4 years without work due to a health issue.
I had a similar experience and used that time to work on myself and my family and transformed into a totally new and better person.
Formal education and over a decade of corporate America success was less impactful for me than was focusing 100% on my family and myself.
💪😎
yeah "at his age" and he's 6 years younger than me. He's not really old enough to have health problems and just act like it's normal for his age.
Don’t have a $ 1,000 emergency fund and you’re a net worth millionaire. Confusing.
If you listen to the call again, he has more than $1k in savings actually.
@@funtechu he has No savings,,, “”” what he has is Retirement account of
650k. And if it’s in. 401k account,, he only has access to it at 59/half,,, unless he takes out a loan ,,,
@@dummgelauft First, you don't have to say "net worth millionaire", you can just say "millionaire" because millionaire is a net worth term. Second, it means precisely what it means, namely that you have net assets in excess of a million dollars. If you want to talk about liquidity, that's a completely different topic.
70k in debt, minus the house, and 225k income. Just pay off the debt with their income.
I wound not sell the rental. In Boston he's pulling in a profit. He only owes 40k. I'll keep it.
I agree. In 2-3 years he can pay off everything and then he can have some sort of rental income for the rest of his life. And later if he gets tired of that, he can sell anytime. Boston is a hot market anytime. He will always come out positive.
Agree, but I don't think he's capable of "beans and rice" to do that. He's probably been trying to pay the debt off for years too and couldn't do it so he had to make the call.
There is no nuance in this show 😑
@@harshshukla3226he doesn’t want to be in real estate anymore. Sure he’s making some money off it but if he plain doesn’t want to do it and would rather use that money to get out of debt, that’s entirely his choice. And it’s not a bad one. Not everyone wants to be in real estate.
They seem to be missing the fact that selling the rental property means you lose the rental income as well as the mortgage payment. He's not better of each month by all the payments.
Yes, assuming he's actually receiving enough rent to cover the cost of owning the property (including taxes, insurance, and maintenance).
@@debbieholoquist2059 Regardless of what the rent is, he's not better off by the amount of the debt payments. He's better off by the amount of the debt payments minus the rent.
He doesn’t want to be in real estate anymore. That’s enough to sell right there.
With their income, they should be able to get rid of the student loans, pay off the car and own the rental property outright in 3 years max. Then work on paying off the mortgage. I know that's not Dave's way, but you'll find that the vast majority of millionaires followed some of Dave's approach, but then deviated as well in certain areas. I certainly did - carried mortgages on rental properties for years. The world didn't end.
How do you consider yourself as a millionaire but still have all that debt? You have to subtract the debt. He can't figure it out for himself but already wants to help others with their money.
You can have debt and be a millionaire. Net worth is assets minus luabilities. That's it. If you are unemployed and have 9 million in debt to the mob and you just inherited a 10 million dollar house you are technically a millionaire. I wouldn't want to be you though.
@@robloxvids2233 Yep. wouldn't want to be in debt to the mob either but still. Still, if you are "worth" a million dollars and owe that much money you should not be considering yourself a millionaire. He makes so much money he should not have any debt other than a house payment. He should be able to pay those bills every month. Obviously blowing a bunch of money on things they should be living without and paying the bills. Wonder if he also has a student loan he want's the government to pay off for him.
He did. $650k in retirement. $350k in home equity. Less than $100k in student loans and car loans.
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Kimberly Smith.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
She is my family's personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
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she's mostly on Telegrams, with the user name.
Ksmith6 💯
This took way too long. Dave would have cut to the quick. Also, start with their salary and go from there. My goodness.
They just wanted to plug the book 'The Proximity Principle'
Sorry so much of your time was wasted
@@zunedog31 Apology accepted.
I'm favoured, Getting my own Truck has always been my Dream for my business. I just acquired 2 recently, earning $32K weekly has been really helpful. I can now give back to the locals in my community and also support Charity Organizations. I really appreciate your videos
Ms. Elizabeth Cabral has been my financial advisor for a long time and I must say that she is truly impeccable at her job. May the good Lord continue to bless you for everything she does.
How
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Wow I'm just shocked you mentioned Elizabeth Cabral, thought I'm the only one trading with her
I think I'm blessed if not I wouldn't have met someone who is as spectacular as expert Elizabeth Cabral
After I raised up to 325k trading with her I bought a new House and a car here in the states 🇺🇸🇺🇸also paid for my son's surgery (Oscar). Glory to God.shalom..
Wife and I are 33 with about $800k in investments, excluding home equity and rainy day funds. I've always strived to stay on top of my finances, hoping that being disciplined in my 20s would allow me/us to have more breathing room in our 40s+ but it gets hectic, should we get a partner?
I do hope to help educate younger people on finances after I leave my corporate 9-5.
My wife and i (mid 30s) just did our net worth calculation and were astonished to find out that combined we're net worth millionaires, with ~450k in retirement/investments. Years of driving 20+ year old cars with multiple shades of paint (or as i called it, "custom" paint jobs) and knocking out $170k in student loans literally paid off. To people going through the struggle, take it step by (non trademark) baby step. You'll get through it. Its worth it.
I’m 42 with $997k in my 401k. I started working full time right out of high school. I'm still with the same company. I've been in their 401k plan since I was 18. I contribute 10% and get a 4.75% company match. My f/a who isn’t very traditional taught me that compound interest is you best friend. The sooner you start, the better off you are. I didn’t feel the need to mention the roi on brokerage account used under guidance of Monica but surely get a partner.
Who is this person you work with ? Monica ? Can I get a phone number?
Can’t divulge much, I advise you do your own research, browse for Monica Mary Strigle.
If you told this guy the moon was cheese, he would ask what kind?
They're millionaires on paper but can't afford to put gas in their leased car because they're too busy servicing their debts. Pretty sad.
Hood Rich 🤑
This is why net worth isn't useful in the real world, only on paper for banking purposes. Liquidity is a more accurate and depicts the real position.
@@stevenporter863 Both are important. To me, it's only if you refuse to sell something ever that its market value doesn't matter.
Agreed. That is why I also think Dave's rules on car depreciation are pointless unless the car is planned on being resold - it is based in resale value.
@stevenporter863 Disagree. Liquidity is just one subset of your total net worth. I'm a multi millionaire who operates on minimal liquidity. Couldn't be happier.
I guess his sales pitch for being a financial planner will be "don't do what I did!"
It just proves what Vanguard been saying,,, in order to have money and in retirement accounts,, you have to make money ,, he has 650k in retirement at 45,, is because he and
His wife have a house hold income of 225k ,,, “” Not the national average of 60k ,,like
So many U.S household,,
How is it that every book published is a number one best seller. I don't believe anybody read the proximity principle
I read the Proximity Principle. Great book. It’s the only Ramsey book I read though. It’s specifically targeted at people on BS 7 though, so it’s a niche book IMO.
When Dave did his biggest millionaire study did he ask how many millionaires were happy? If not he missed the biggest point of the study, which is that money doesn't buy you happiness and money doesn't make you smart with your money...you get collect a lot of it and still be bad at managing it...
He actually did. He’s said before the ones who were married & working the plan together ranked highest in health, happiness, and wealth! Which is what science has been saying
If I knew his past, no way would I use this guy as a financial planner.
I wouldn't either.
His past could be a valuable tool. He understands now why debt is dumb. And he is a millionaire at such a young age.
Wait until you hear about Dave's past 😂
This guy wants to be a financial coach? Yeah, I’ll pass. 😅
I wasn't financially free until I was 40 and I'm still in my 40s, already bought my 3rd home, earned monthly through passive income and achieved 4 out of 5 goals, just hope it encourages someone not to. It doesn't matter if you don't have any of them right now, you can start TODAY regardless of your age. INVEST and change your future! Investing in the financial market is a great choice that I made. I plan to retire at age 58 with a dividends portfolio valued at $4 million.
Some investors would still make more money even with the right strategy and significant capital, but as a prospective investor, you should already be aware that experience is the best teacher there is. I had to seek advice from an investment advisor in order to grow my account to $1 million, take my profit just before the market correction, and then start investing again.
"Jill Marie Carroll" is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
Then he’s not a millionaire
HE IS A MILLIONAIRE! >:( HE SAID NET WORTH DANG IT!
Cash poor, though. @wewhoareabouttodiesaluteyo9303
@wewhoareabouttodiesaluteyo9303 unless there is more stuff, I don't see how it adds up to a mil.
@@pepperonishHe literally said everything. $650k in retirement. $300k in primary home equity. $160k net if he sells the rental. $60k ish in debt = $1.05 million not counting the value of cars, cash, etc.
He’s a millionaire if his total positive net worth is over a million.
It's possible to have debt and still manage well. There are two problems, though, and maybe more. The two I thought of are:
1. Most people who lack the discipline to avoid debt also won't manage well.
2. The feelings of security and self-worth that come from being debt-free are seldom mentioned here but have been the real payoff for me.
Makes 250 grand per year, millionaire on equity, but struggling with 1 thousand dollars emergency fund? ? There is always something else to the story!!!
Sorry, they're not millionaires yet. (And he wants to be a financial advisor?)
Assets
Retirement.........650k
Prop #1 equity...336k
Prop #2 equity...190k
Emer. fund.............1k
Total assets = 1.177m
Debt
Stud. loans...........37k
Car loan................35k
Mort. #1..............214k
HELOC...................42k
Mort. #2.................40
Total debt = $368k
So their net worth = $809k
If he can payoff the car loan quickly, and has a reasonable emergency fund, I would not hugely worry. Even though the heloc has high rate, the principal amount is small in relation to the property, meaning that even at moderate property value appreciation rate, it is still larger than the heloc interest in dollars
I think Dave would have approached this call completely differently.
They’re making 225,000. They’ve got a modest home for their salary.
The biggest issue has got to be their budget and where this salary is actually going.
The car should also have gone before the rental property.
Ken
I agree with your insight after yesrs of not being able to work....that the soul needs to work! This same experience was a time when I re-evaluated my 30 year career goals and sought after meaningful time spent on the job 😮
Bring back Chris Hogan!
What happened to him?
@TheSUPERHAPPY1 He vanished from the show and Dave didn't say why.
Everybody knows why. He was cheating on his wife. @@thomasorchard
@@thomasorchardHe knocked up an unmarried coworker and they were both let go.
@@TheSUPERHAPPY1He had multiple adulterous affairs with several different people, including at least one other person that worked for Ramsey. He and that person were subsequently fired for violating the ethics code.
Student loan$37k
Car Loan$35k
1st house $550
Left on loan $214k
Heloc $42k
2nd House $230k
Loan $40k
Retirement $650k
650k+230k+550k= $1.430m
1.430m-37k-35k-214k-42k-40k= 1.062m
One bad stock dip or sell that rental he won't be a millionaire anymore. Never look at Net when you still have debt. Makes him feel a lot safer than he should.
They dicked around way too long. Get to the point
He should be a marriage planner and tell guys how to get a wife who is 13 years younger! Forget financial planning, bro.
And a wife who stayed put for 4 years while he was out of work and medically impaired. 🤒
My wife is 16 years younger. What's the big deal.
Too much debt to be a legit financial coach,no financial degree or training.
Don't take on any more debt & stay the course. The scale will flip eventually. Let your investments work for you.
You must 1M in cash. Equity means nothing if you don’t sell.
He's questioning paying off his debt, and he wants to go into financial planning? I wouldn't use him. I don't hear that he has the right mind set.
Nothing in this guy's situation says sell everything to get out of debt. That debt load with a $225k combined income, with one of the debt components generating cash flow, does not spell panic mode to me. This caller is blaming debt, but it sounds as though he and his young wife are blowing through money like crazy and then, at the end of the month, they don't have the cash to pay the bills.
If he wants to be a "financial advisor"or "part time comptroller", he should learn about the importance of cash flow and how it drives EVERYTHING financially.
He wouldn’t get $2k in payments back. His Rental income should be covering the cost of the payments on his rental. The $500 number he gave is probably accurate
Right
Sell the stuff you don’t need, you can do this.🕊️
Let's keep saying "were networth millionaires" when it doesn't actually mean anything
5:25 650K of you his net worth is in retirement accounts.
Wife and I own single home family rentals. we have 200,000 U.S left on mortgages. We are now the possibility of maintaining 70,000 U.S annual income by selling and investing in stocks and bonds. How does this work out?
Real estate is a solid investment but demands effort and lacks liquidity compared to stocks and bonds. Long-term market trends should guide decisions.
You find eal estate isn’t as liquid as cash or cash-equivalents, or even stocks and bonds. But I rather the latter. Just as you’re experiencing, real estate can be a lot of work.
monicamarystrigle, a ny advsior, significantly grew my protfolio by 347percent by me modelling trades and replicating on my IRA
Something is wrong. Lots of assets, apparently $625,000 invested and still so much debt? I dont see the balance sheet adding up on the answers George got. And, Dave would have drilled down on why he has a $35K car debt.
They're running pretty close to the wire. I understand prioritizing investments but you've got to leave yourself some wiggle room and I'd be uncomfortable buying investment real estate iwth that much borrowed money. They've got the income and they're young. They don't need to take on that much risk.
This guy wants to be a financial coach. LOL Dying 🤣These are the people you want managing your money?
Hey, he tried becoming a landlord with absolutely no skillset and failed. Why not try becoming a financial coach without any skillset? You never know!
Part time controller and controller should get him 6 figures honestly.
His financial situation isn’t as concerning as his wanting to advise others on finances.
They are collectively a net worth millionaire, singular.
If you have a lump sum of money using the debt snowball makes no sense. You can wipe out high interest debt immediately
What happened to Cristina,the one with the pretty hair and beautiful smile? She wasnt in the show too long
Probably still employed there.
Just given the opportunity to try out for the show.
I was wondering the same thing. She did pretty good, but maybe not good enough.
She was far better than Jade.
@@blackworldtraveler3711she’s no longer with Ramsey. She was not a fit
@@danieljohnson4418LOL NEVER. Jade has gusto, motivation, she’s compassionate, feisty and tells it like it is. She’s also relatable. All Christina did was get grants…she did no real work which is what this plan is about.
million in assets is great..but me personally with that type of income i would have at least 50-100 thousand in a liquid account..that would make him feel more comfy!!
if you are a millionaire then, why do you have all this debt? I don't understand.
No he’s not.
650k in retirement savings but nothing in instantly-accessible savings? And he wants to be a financial planner? Guy doesn't even need to sell his property he just needs to reduce pension payments and save up a bigger emergency fund. Seems like a very minor issue so why is he even calling.
$1 million isn’t worth that anymore
4:08 You can tell just by his facial expression that George is currently saving for a 2nd property as an investment 😅 Fear not George, as you get older the days get longer and the years! You’ll get there in no time 😉
Today, you really need a special income to and plenty of time to pay for rental properties outright with cash. That takes a great deal of patience....
He wants to be a financial coach and he hasn't cleaned his own finances yet, not sure I would take advice from him.
$250K income, net worth millionaires, and barely $1K in savings? Thank goodness they've been disciplined about retirement contributions, because they're obviously not with their spending.
If this guy can't figure out how to pay off his 70K debt with his salary, then he's just plain stupid.
The drawers look like they are not straight. Not sure if you have the drawers in the right spots or not.
boring call
If I can continuously create credit to exchange for tangible goods, aren't these items essentially free to begin with?
He's not qualified to be a financial coach. Not even close.
He's kinda broke but a paper millionaire who can't do any mathematics to figure out his financial situation and now he wants to be a financial advisor? Ok..
He wants to be a financial coach but he is not a net worth millionaire with the numbers he gave.
And for that reason I'm out.
Dave's' "financial coach" does not make any money. They are all volunteers.
If you are a millionaire but have debt, you arent a millionaire.
DO NOT SELL THE RENTAL!!! Bust it & keep that thing. George, come on now!
Right? I hate this show sometimes.
Agreed sometimes their advice is so not right
Owning a rental is literally the dumbest thing a person can do.
If it was going to take years to get out of their debt, I would have to them to sell it.
But...when they make 225K, they don't need to sell it. Sell the car they can't afford, buckle down, and in a year they can have the rest paid off. While still keeping their rental.
If this guy,,, has 2 mortgages,,, he Needs to have at least 6 months of savings account,,,
Maybe even more saves up,,,Because of Murphy Law,,, is going to show up ,,, at his front door,,, of both homes,,,
If hes a "net worth" millionaire, debt shouldnt even be an issue...
Rather than become a financial coach, maybe he needs to see one.
:/ I mean they are a MILLIONAIRE. He passed the Dave Ramsey test. Let them live their life!
The system I have in place is one month's worth in checking and investments that pay me enough in dividends to keep giving me that month's worth in checking. This way, if I miss a paycheck, I get paid it back in dividends. Start small with $1000. All you need is $1000 in dividends. You're welcome.
"I am 45...she is 32" lucky guy!
Pretty normal..
@@blake3606 Meets the half one's age + 7 rule with a couple years to spare
27 would also work. Would not recommend younger for marriage
he should nabbed a fresh college 22 year old grad. party time.
:Lucky? 32 is when females TANKKKKKKKKKKK in looks.
Amd he wants to be a financial coach? Lol what a joke
I don’t see how he is a net worth millionaire. About 400K in equity on the two properties maybe $500 but where is the other $500k In assets?
He said he has 650k in retirement.
@@sprint7412 missed that, Thanks!
This dude is dead broke, debt is just insane 😳 Don't care how much he makes
I really will never understand why anybody would choose to gamble on what their monthly payment would be for a loan with a variable interest rate. Like you are intentionally spreading your cheeks for Murphy.
HEL, home equity loan, fixed rate
vs,
HELOC, home equity line of credit, variable interest rate.
This guy,,, makes the same mistake,,, that everyone does,,, most of this earn income goes directly in a 401k account,,, or a 401k Ira,,, and puts nothing in a regular savings account,,,
Then when a Big financial emergency happens,,, he dips into his retirement for money ,,,
On what planet does this guy think that he is suitable to be a financial coach?
A BROKE millionaire is NOT a millionaire. Totally delusional.
You aren’t a millionaire bro and please don’t go into advising others
Boiler 📞 room! Hood Rich 🤑 ! Got a Porsche but can put $10 in the gas ⛽️ tank!
I make $60K a year, have no debt other than my mortgage and have more than $1,000 in emergency savings. Go figure. 😂
That white knit shirt looks terrible. Do better.
Freaking millionaire he said,Your Not A millionaire what is he talking about but all over the place with damn debt so your not a millionaire anymore your average now because of your crazy debts too much payments each month,Scary!!!!
Skipped the important step: stop GD spending so much money. Clearly not on an effective budget when you have lots of worth but can’t rub a nickel together and are dropping well into five figures on whatever BS that HELOC was for. Gonna be right back in the hole if you don’t stop,
This guy is loaded. He has the means to build up a lot of cash and dump it in a high yield savings account. Don't become a financial coach though.
Oh wow well the rental but honestly they don’t have that money 💰
So 1M net worth with two incomes? But only have $1k 😂 🤔 the math ain’t mathing..
It is mathing. He’s doing the plan in reverse
they make that kind of money with NO kids and cant make what they have going on float or just pay off?wow..i dont get it..
A million bucks isn't what it use to be.
It didn't used to be anything either
Sir you and your wife are broke clean up your mess
THEY ARE MILLIONAIRES
wow, millionaire eating Rice & Beans 😮
7:12 everyone thinks that George
Bruh just stop taking out helocs
How can u be a millionaire and have so much debt...madness
Networth millionaire and struggling financiall😮