How To Build Wealth On A Low Income

How To Build Wealth On A Low Income
Nix the guesswork and scrolling. We’ll connect you with investment pros we trust: bit.ly/3kwqrhf
Listen to how ordinary people built extraordinary wealth-and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, and John Delony.
Ramsey Network (Subscribe Now!)
• The Ramsey Show (Highlights):
kzbin.info...
• The Ramsey Show (Full Episodes): kzbin.info...
• The Dr. John Delony Show: kzbin.info?...
• The Rachel Cruze Show: kzbin.info...
• The Ken Coleman Show: kzbin.info...
• The Christy Wright Show: kzbin.info...
• EntreLeadership: kzbin.info...

[@TheRealMEEDABEE]

I've seen a lot of the more recent episodes where they seem to just recite the same platitudes and take callers who want to brag and ask basic questions, but this time Christy flipped the script and made this a call you can actually learn from - genuinely good call, hope they do more like this in the future

[@AtomicQuotient]

Yeah hate the people who just call in to brag, this was awesome.

[@chrisose4585]

I went from homeless to millionaire in 4 years 11 months 5 days on a $20k US Navy salary. Too many people think you need $100k+ per year in order to just survive. Change your mindset and anything is possible.

[@grantstacy1084]

How you turn 100k into 1mm?

[@chrisose4585]

Hello random person on the internet. It’s called investing $53k into Tesla stock back in 2018 at a cost basis of $55 post split. Like I said, change your mindset and anything is possible. Less doubt and more belief can get you so much further than the KZbin comment section

[@mayyang8350]

Congratulations! That's wonderful. Thank you for sharing and inspiring.

[@bojan553]

@@chrisose4585 So you gambled your way to 1 million? Congratulations but this is not consistently repeatable. People win the lottery every year and yet it is not a recommended way to ensure future financial independence.

[@Lagann0]

@@bojan553 yea, all he did was get lucky lol. Tesla stock doesn't even reflect the real world. How does a tesla stock be worth more than Ford, GM, or Toyota? Most people who buy tesla don't even look at a budget sheet of each company, just buying to sell higher. That is very inconsistent investing and not recommended unless you have play money like 5% or less your net worth

[@toothybj]

My wife makes around $95-$100k as a Kindergarten teacher. Not sure why people always assume that teachers make very little money. It’s a blessing in our house.

[@siegfriedbraun5447]

In the US or Canada? I know folks up north are making that and more.

[@jimroscovius]

Average fulltime teacher pay in Sioux City, IA, is $71,000/yr.

[@heatherdawn3344]

Hmmm, I've never heard of any Teacher making anywhere near that! I make 36k a year teaching kindergarten

[@jimroscovius]

@@heatherdawn3344 A beginning teacher in the school system might start out with that, but when you add on pension, SS taxes being covered, vacation, etc, they get a lot more than $36,000. I'm not complaining, but it's not as bad as teachers make it out to be. I'm a college instructor, and I wish I could make that.

[@absaloncastellanos9665]

I have 5 Years of experience making 63,000 as a math teacher in the south Texas.

[@AndrewDanielsFinance]

It's pretty cool to see someone willing to work and stay disicplined and for that to finally pay off after years of effort! Good for you, Robert!

[@JustinCase780]

"You can shave, you can save" Rock on Robert. Love this cool cat.

[@Polo22546]

It CAN be done regardless of your income!! What a great story!

[@RavnerRavner]

3:30 that's what gets brushed past in this. He *already* *has* money.

[@skatershaner]

Step 1: Have good paying job Step 2: Amass big nest egg Step 3: Quit job and work something less taxing that pays only 40k Calls into Ramsey: "I am wealthy and only make 40k!" Ramsey: "Amazing! See, everyone? Low income people can get rich too!"

[@livingunashamed4869]

You can be wealthy with low income if you start investing early. My question is he mentioned he made quite alot of money early on, so has he always made 40k or is he just making 40k now? Plus how old is he sounds like 50s maybe 60s?

[@alp.9672]

The reason I don’t like this convo is because the reality of this caller is not the reality of a young person who is only making 40k today. Inflation and cost of living are much different and I guarantee his student loans were no where near as bad as modern Gen Z and Millennials

[@Ratkill9000]

Define by early though. 30s? 40s?

[@clarifyingquestions]

It sounded like he made a lot and was in a lot of debt. Cleaned up the debt and took a job that paid less but with no debt and more time to cut is own hair and shave expenses he was able to life a more peaceful and "richer" life.

[@FatherAndTeacherTV]

Robert: "Keep it simple." "Live below your means." Me: I like it. I can do it.

[@peartfaldo]

It's NOT what you make it's what you spend

[@noregertsyamsayin8011]

I'm happy for this guy. No mortgage or rent is a deal changer. An average 20 year old kid making 40k can't afford to buy or rent, electric, water bill, gas bill, phone bill. INFLATION is also at a 30 year high.

[@joycehomesandproperties1272]

This is exactly what I was looking for

[@buckybarnes3803]

Love these stories. The flip side we learned from this channel is someone can be making a quarter million but be in big trouble.

[@jeroslawberthold6784]

He really got a point there

[@sweis12]

George is great ... he needs more air time !

[@jessyjay9892]

Amazing video

[@jeffcoleman5160]

We are like Robert .We paid our house off in May and have been giving away money to everyone.He’s right when you have no payments you cane help others out.Our House is 18 years old and we are slowly fixing it up with cash .GODblessed us with House and no major problems along the way as we paid it off .My only hiccup was new knee and new hip that set me back since we self employed so our healthcare’s not cheap

[@modestogarcia5995]

I'm glad I saw this video

[@gabesmith9171]

🙌 Robert

[@mikedroz2301]

40k a year is a dream come true for me. I've never made more than 29k a year

[@jimdango123456]

You can make 40k at any warehouse job. They usually pay around 20 bucks an hour.

[@Spladoinkal]

@@jimdango123456 Depends on where you live

[@jimdango123456]

@@Spladoinkal I live in the South. I'd imagine if you lived in an extremely expensive area that would be significantly higher. The way the job market is now theres no reason not to make more money. The opportunities are everywhere.

[@tracywalker244]

Wish I could hear more calls like this.

[@jme92685]

It can be done, it just takes a ton of discipline. You’re having little to no fun for a lot of years. Or you can do what I did, eliminate as much overhead as possible: no wife, no kids. I’m having a ball! Hahahahaha!!

[@MitchellMakesVids]

That’s a man right there

[@krups4372]

He is 1000,% currect .life feels different after becoming debt free . After started listening Dave sir in October 2020 .all debt paid in 8 months hahahaha.

[@karimelmoutawakil7295]

Very possible as long as you are healthy. If you have health issues even if you make 70k health care will take your money.

[@larrydastooge]

They missed the comment where he said he made good money when younger.

[@youknowwithMartyKauffman]

This is great yeah anyone can save money you just need the right mindset

[@marieabner]

Not everyone.

[@youknowwithMartyKauffman]

@@marieabner why not

[@marieabner]

@@youknowwithMartyKauffman no income, or no "extra" money leftover if you're lucky enough to cover everything. You just can't save what you don't have 🤷🏽

[@CaseyBurnsInvesting]

With intentionality it’s still a possibility.

[@appleforever6664]

With intentionality it’s still a possibility for you to stop spamming.

[@appleforever6664]

Casey the Spammer!

[@rlopez2626]

Casey just spammed the video after this one without watching the video! Casey the Spammer!

[@Teamshmo]

The only way is live in a dirt cheap area and have a sucky life. Easiest way is keep working on ways to increase your income. Save as much as you can while trying to increase your income.

[@buckybarnes3803]

Also I want to see this guy's hair style lol!

[@ponolovefarms3926]

Possible mullet 😆

[@billdemaineiii6979]

I cut my own hair. I get compliments on it all the time.

[@chrisw2514]

That income goes a lot longer in rural Tennessee than major cities.

[@jenniferremy7854]

❤️

[@djpuplex]

Mathew McConaughey alright alright. The grass feels greener between my toes. 🤔 Wonder what grass?

[@user-jy7yw5kw3w]

Have as many roommates as you can, don't be a big spender, and invest.

[@Polo22546]

And there it is!

[@saulgoodman2018]

Notice at the end of the call, he said he made good money before. I'm not saying it can't be done. But not on 40k.

[@TryNSave]

Yes, it absolutely can be done. 40K is not low income. Again, 40K is not low income.

[@theGrayArea2]

Okay before we jump to conclusion about how great and positive this guy is, he failed to let everyone know he’s a litter bug

[@marcenelj]

Wait..im confused. What was this call really about?

[@jimroscovius]

It was about how even people with lower incomes can be debt free and live comfortably.

[@EDUAROSOLAS]

Before even watching, It's going to take a long time.

[@ashepe]

Soooooo he didn't build the wealth on a low income. He's living on the a low income and using the wealth hevbuild when having the high income. Misleading title.

[@motoryzen]

Um... what? Legit.,what are you talking about exactly?

[@ashepe]

@@motoryzen the title indicates that we're gonna learn how to build wealth on a low income. However the person calling the show only build wealth while he had a high income. Thus the title is misleading.

[@duckmusic]

This guy needs to leave some cool aid for the rest of us!

[@davidmiller2167]

Who falls for this BS? He finally said "I had the opportunity to make quite a bit of money early on." You don't get to $500k net worth on $40K/year net, while raising a family. It is just simple arithmetic. He already had money, and then left for a lower paying job that was more rewarding.

[@ln5747]

You can, don't be a victim.

[@davidmiller2167]

@@ln5747 I found the brainwashed Ramsey Cult member!

[@ln5747]

@@davidmiller2167 I found the brainwashed victim mentality member.

[@davidmiller2167]

@@ln5747 Lol. I was brainwashed by my ability to do arithmetic. Ok dude

[@ln5747]

@@davidmiller2167 you were brainwashed to believe you can do arithmetic clearly lol

[@clarifyingquestions]

So many interruptions.

[@botticelli728]

So he's the guy! I hate it when people pay for the next guy's food at a drive-up; it obligates the next guy to do the same for the next next guy, and the next guy might not be able to afford it. I don't want to be confronted by a moral dilemma at the drive-up at Dunkin'; I just want my coffee. Forty thousand bucks is not a low income.

[@saulgoodman2018]

And than it would stop at me. Unless you're my wife or girlfriend, or a family member, I am not paying for your food. And 40k is low income.

[@botticelli728]

@@saulgoodman2018 Higher than mine.

[@genxx2724]

No it doesn’t. Accept the gift and enjoy it.

[@jrwntctv8091]

@@saulgoodman2018 Then stay away from drive-thrus. You should anyway because a drive-thru is a stupid concept, made for lazy people.

[@cryptkeeper5027]

You seem to think that someone's gift obligates you in some way. If that were the case, then it wouldn't be a gift now would it. One of my pet peeves is when I give someone a Christmas gift, and they say oh I didn't get you anything. Uggghhh. It's called a gift, if I was expecting something in return, then it wouldn't be a gift now would it.

[@davidchester429]

🤣 So if I cut my own hair and do DIY I'll be a millionaire from 40k? Hmm

[@ttr8141]

Start at 2:18.

[@saulgoodman2018]

I don't know why, but this call seems fake. He makes 40k and have a half million? No way you can have half a million with only a 40k income.

[@abrahamflores2566]

Yes you can, $50 a month at age 18 to age 60 will get you there.

[@saulgoodman2018]

@@abrahamflores2566 He said he made good money before. I'm not saving you can't save. But that a half million on 40k.

[@siegfriedbraun5447]

We used our home's equity to buy many rentals. Hardly made more than Robert.

[@CDTucker336]

Very much possible if you are investing in your retirement. A lot of people get to the point where they make more in 401k returns than their paycheck.

[@tkdevlop]

This is called compounding & actually saving money.

[@cutlerylover]

Good for him but a teachers salary is NOT low income...He mentioned he has kids so I assume hes married so he has a wife or spouses income to help as well, talk to the millionaire who worked at wendys for $17k a year...Teachers are paid well for what they do IMO of course...Still an inspiring message glad he called in...

[@anniesshenanigans3815]

agreed. I think of 'low' income as around 25K or lower. THAT is the level that is extremely hard to get ahead and its getting harder with inflation. Also, most people at the true low income level usually do not have the mindset to save first and then pay the bills, which makes it a double whammy. I did not start saving until I had enough income coming in to have money that was 'left over' ... which is why I was broke to start with.. Once I learned that you save first (pay yourself first) I finally 'got it'. btw. 40K a year is over 3K a month.. which is a lot of money where I live...

[@cutlerylover]

"most people at the true low income level usually do not have the mindset to save first and then pay the bills" a very true statement and the reason they have a low in come in the first place they spend a lifetime chasing money and never get ahead but they are also lacking so much "stuff" they see the rest of the world having when they do get a bit of money they spend in on material possessions or "life comforts" which dont get them anywhere...

[@billdemaineiii6979]

$40,000…. For 10 years is $400,000 if you didn’t pay any bills, didn’t eat, didn’t pay for gas and so on. How then, would a person pay for a kids college….. pay off student loans, and save $500,000? It just don’t add up.

[@MichaelAveryMusic]

If he includes his entire net worth (including house, cars, etc.) it’s totally plausible. Don’t forget compound interest on retirement accounts. He never said he has $500k in cash.

[@ianmaem]

Or he could also be doing sidelines, as well as saving and investing a ton of his income

[@motoryzen]

And somehow got away with paying no taxes too

[@ShanerTheGrey]

Try doing this nonsense on 11k a year