[Music] so did you know that it's actually possible to become a millionaire without ever making a large salary it is true you guys and I recently came across a video that went viral of a parking lot attendant whose net worth was $500,000 and growing and he was just working an hourly job with pretty much an average salary so it's very hopeful out there and we're going to dive in and talk about this subject because I really do believe that anyone can build wealth over time become a millionaire with the decisions they make with their money right now and to prove it we're going to look at some incredible stories from the ramsy show callers that have called in to talk about this very thing now before we get started make sure to like And subscribe to this Channel and share it with a friend who comes to mind and needs some of this encouragement all right you guys so let's start off with our first caller and this was Jessica and let's see how she did it Jessica is in Mobile Alabama hi Jessica what's your net worth oh go hi um 2.3 good for you and give me a little breakdown by category 1.2 is in Investments and 1.1 is in real estate and tax leans okay good for you all right and uh how old are you 52 52 and how much of this did you inherit 100,000 for my father's death in ' 91 and 200,000 for my mother's in 21 one all right now your best year in working income and your worst year working income best year was 80 worst was 12 okay what do you do I'm a chiropractor ah okay what do you uh uh attribute this net worth to at 52 years old what would you say the secret sauce is being so scared to be poor again I was poor till I was 40 and I didn't never want to go back there I don't want to rinse out my Ziploc bags anymore I want to buy new ones wow so once you started making money you just lived on very little and saved and invested the rest totally and so what you will see though when you dig into stats around millionaires is that actually 79% of them do not inherit anything and I would say even in her case you know sure that helps for sure what she inherited but what you do with that money if you have any inheritance again shows the habits of your life and your money is it going to be wasted or are you going to use it to actually help your life and your future and so the idea again that she kind of just worked on average right 80 grand was the most she ever made and she is killing it all right for our second caller here is Brandon Brandon in Leck Texas Brandon what's your net worth uh 1.2 million cool give me a little breakdown by category on that Brandon most of it is real estate or home with acreage and a shop and some Farmland is right at about a half a million MH and and then we have savings Investments IRAs college funds just regular uh retirement savings is 345,000 and then I have a farm equipment and truck that uh conservatively estimates worth about 200,000 if you were to sell it all today gotcha and then the rest of it is uh just cash in the money market at the bank at 170,000 cool how old are you I'm 44 good for you what was your uh best year that you've incomewise since you've been working in your worst year since you've been in working well worst year was being in farming uh there's some years that were pretty lean uh had down to net operating loss a couple of times and then the best year has been the past couple years have been around 100 or 12,000 okay cool how much of this did you inherit by the way uh I did not inherit anything uh my grandfather did let me use his older equipment when I started and he basically over time uh gifted that to me but it was older and not worth a lot but it did help immensely getting started yeah but yes uh yeah that's the way to do it um just start slow uh be real careful with uh expenses be careful with lifestyle creep it's easy to you know have a good year couple good years you start increasing your lifestyle and then you have a drought or failures and so forth and then it's it's really hard pretty easy in your world to have a combine that cost more than your house that's that's absolutely right yeah he did not not have any inheritance but he really avoided lifestyle creep and I think that is one thing that is so easy to do is as you're income grows you take that margin and use it for yourself right and that's not a bad thing but I think being intentional that it doesn't just all go to spending and going to things that go down in value but use some of that and say yeah I'm going to give a little bit more save a little bit more and enjoy some of it but again it's not this like hey I'm going to make this much more so that means I'm going to spend that much more so but lifestyle creep is real and he did a great job kind of taming that and using his money well and he's killing it too so great but before we talk about what's most surprising about these calls I do want to tell you about one of our sponsors delete me want to know something that absolutely blew my mind well 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the top five careers for millionaires were engineer accountant teacher manager and attorney so when you look at this again it's not like these flashy big careers I mean attorney is kind of nice we'll be honest with that but in general you guys I mean you look to see okay the habits of the person with the money they make is everything so you don't have to make a crazy big salary you know or be like a venture capitalist or like something just like wild so again investing overtime consistently is what it is all about and if you're not currently investing maybe you're hearing about this for the first time this is a subject when it comes to your money that is so key about Building Wealth so once you are debt-free everything but your mortgage and have a fully funded emergency fund of 3 to 6 months of expenses then you want to start investing 15% of your income into retirement so when you are investing your money what's happening is compound interest so when you put money in the markets what it makes that year the return that it makes you know it's anywhere from like 8 to 12% depending on the year but let's say 10% you make 10% of your money and then if you never even add another dollar to that investment then the next year you make 10% on not not just what you put in but also with the 10% growth you had the year before so it just ends up compounding over time which is phenomenal and if you consistently keep money putting money towards all of that your money continues to grow and it is one of the best ways to build wealth long term but it does take some discipline and you have to have the margin in order to invest because a lot of people are like oh my gosh I mean I don't have enough money with my income to cover my basic needs so getting yourself in a financial position where you don't have debt and all those payments are freed up you have a great cushion of savings in the bank and then from there you're really in a great spot to start investing and we have a great tool called the investment calculator that you can check out I'll put a link down below but you're able to put in some numbers and actually see this in real time okay so if you take the national average salary it's kind of in the mid you know 60,000 if you will and you invest 15% of that every single year from age 35 to age 65 with compound interest you're going to have around $ 1.8 million in retirement and during that time you really only contributed 16% of that so $290,000 of your own money everything else is compound interest that is the beautiful thing about it and if you think that that's amazing what if you started even sooner so let's say you started at 22 years old and you invested the same 15% of that $65,000 salary just 13 years earlier you would have $6.9 million at retirement you guys I mean that's over $5 million of an increase in the example before so that is the power of starting early so the consistency starting early is what is so so key so get yourself in a position to be able to do that because it is one of the best ways to build wealth long term so by now you should start feeling really Empower that you can do this and becoming a millionaire is actually easier than you think it does require some discipline over time but anyone can do it and that's the amazing thing so if you're wondering if it's the right time for you to start investing then take the get started assessment me to find out more about the baby steps which is going to help you get in a position to invest so I'll put that link in the show notes all right you guys remember to take control of your money and create a life you love
