Millionaire Theme Hour - $5.5 Million Net Worth - Glenn from Oklahoma City, OK

[@edj8709]

We recently decided enough is enough and we decided that we will be debt free. We have 4 credit cards and 2 of them didn't have any debt. So against our normal thinking, I called and canceled 2 of them that had no debt on them. The other 2 will be paid off shortly and canceled the same day or as soon as they let me. Thank you Dave and God Bless

[@dobattlers]

Ed J sorry to hear that

[@DrogoBaggins987]

This guy has got it together.

[@hannamand]

Love the Millionaire calls. I'm on steps 4, 5, and 6 and these are my motivation to keep going!

[@TheRamseyShow]

Thanks for watching! Don't forget to push that subscribe button to get the latest highlights from the show. kzbin.info

[@moriahsawesomevids935]

:) you are amazing WHEN we get dept free I am getting a shirt that says me and my family are weird i love watching your show you rock

[@jvolstad]

As a retired soldier and disabled veteran, I am leaving six-figures to my favorite charity.

[@amystull8386]

Thank you for your service and congratulations on being able to leave a very generous donation to your favorite charity!! What an inspiration!

[@Jasiel.95]

jvolstad THANK YOU! ❤🇺🇸🇺🇸

[@7shukur]

Haw manny people did you kill

[@Johndoe-us8ob]

No!!!! Leave it to me.

[@beaushug]

@@7shukur that is a disrespectful question. Plus you spelled nothing wrong, so you also sound like an idiot. Good job...👏

[@explorecalifornialife]

Thanks for sharing this story! Glenn and his wife did really well, congratulations and more success to them!

[@maryyellen]

I love these videos!

[@TheRamseyShow]

We have a whole Millionaire Theme Hour Playlist! kzbin.info/aero/PLN4yoAI6teRNHlVsLUYTquLdh3kh1VXES

[@blaakcoffee]

Congrats Glenn and family!!

[@Enrique6299]

Google has created 4,000 new millionaires in 12 years.Most of the billionaires in the U.S. live in California and New York not Alabama and Mississippi.

[@kzimmerman2211]

But the technology created by those CA billionaires can be used by innovative entrepreneurs in AL and MS to create businesses which will make new billionaires. The world grows smaller with technology. We don't have to be locked in by our physical locations anymore. You just have to have the right product or service for the right time.

[@kevinyoung947]

And yet California has the worst poverty rate when cost of living is included

[@TommyTombstone]

So what? They have $1m, you don't.

[@brianmcg321]

False

[@supersport22]

wow...that's an impressive amount of wealth for $140,000/year. Must have made some good investments. Congratulations guys....

[@michaelsmelt5218]

tommy hall 140k is a lot..

[@gargoyles9999]

tommy hall there's comes a time when money snowballs just like the debt snowball. There's an old saying "the first million is the hardest", the larger the amount the faster it can grow. Basically it's just a more complex version of the "double a penny everyday for a month" story

[@phpcrafters]

In theory with a 10% return, your money will double every 6 years if you do not touch it, it will double sooner if you keep adding to it. They can have 11 million in 6 years if they keep it invested.

[@steveballa6831]

Joe Elyahchouchi Doesn’t the rule of 72 say the amount will double, approximately, every 7.2 years, with a 10% return? This is also with no further contributions.

[@speakingtruths4215]

Can B No, 5.5 million is a lot. You’ve got the numbers mixed up. Not many people at all have 5.5 million with a 140k a year income.

[@Anglophile2012]

If you live in a very low cost of living area and work remotely you can increase your savings A 4k house costs 500k in Oklahoma

[@LoriFoster]

I told a similar thing to my niece when Hillary lost! I told her if she is lucky she’ll be around for 15 or more Elections so don’t get depressed over one! Presidents will come and go and not one will make you or break you!

[@joesph9748]

This is amazing- really would love to dig in further. Doesn’t seam likely as I do the math using standard growth compounding.

[@jack-ss1ig]

God Bless you all it giving us something to work towards . Many Blessings 👏👏

[@rajnishrao]

He gave some answers that Dave was not expecting.

[@janefromthecountry1820]

Its too bad millionaire theme hour is not content Dave does today in 2022. What you own vs what you owe! 💯Savings rate is key.

[@bigd9040]

Imagine being a pharmacist and just "not working that much!" :D good for these guys. In 35 years when I'm their age I hope to be close to where they're at.

[@reesercliff]

my Father who is a retired surgeon says this is actually a problem in the medical field, too many females getting into medicine becoming doctors then only practicing a few years before having children and quitting and staying at home, causing a shortage of doctors

[@Atlanta718]

5.5 Million Stocks, IRA and mutual funds Real estate 500k and cash 5% 140k yr at 52 & 56 250k life insurance inheritance Petroleum engineering 3.4 GPA Mortgage Giving, tithes Scholarship funder 2 books a month Founding fathers of leadership John Maxwell

[@marthashalom-aviela721]

So inspiring.

[@calvinmiller3044]

It’s always engineers on these calls lol

[@blaakcoffee]

Go Oklahoma!!!!

[@middleagegladness8092]

This Is Awesome!!!😀

[@bbtank3000]

They look so happy and healthy.

[@brianmcg321]

This guys probably worth almost $10 mil if he had kept everything invested given the returns the past four years.

[@aneiciahawkins4352]

inspiring

[@adamtki]

How did he get to 5.5 million on just a 140k salary? That's quite an investment achievement!

[@rajnishrao]

I am truly happy for these guys but I don’t see the numbers adding up.

[@sppati123]

Which numbers are off?

[@sigmaoverglocks]

That's the truth. Only God and you can fix your life.

[@yeshuafeeds8184]

guysandgirlscloset agree ! He gives us the strength to do it and he opens our eyes !

[@devinparker1748]

I identify as a millionaire.

[@andraewhych7966]

why did you ask him about his GPA? is it really that important im building his wealth ?

[@goldsilverandiamonds]

andre whych Yes GPA can play a part but he generally he asks to show that most millionaires weren't 4.0 student's many are 3.00 to 3.80 some are below that too. Generally millionaires tend to be average to above average in GPA. Most people watching will fall into those groups so to mention it gives people hope that they can accomplish and do similar things.

[@andraewhych7966]

oooh. i thought he asked just to see how smart the guy was or if he was an over achiever in college

[@kevinyoung947]

No that’s why he made that point though it has to do with the delayed satisfaction thought process

[@jenniferreynolds3232]

Mr. Ramsey is conducting a survey to try and identify a pattern amongst the Everyday Millionaires. He asks this question of all the Everyday Millionaires now.

[@Nicefswagg]

Seems like all these millionaires make well over 100k/year. For anyone who does make over 100k/year and is debt or doesn't have a net worth of at least half of what you make in a year you're a DISGRACE. Just kidding But you're still pitiful. :)

[@michaelsmelt5218]

Can it not be done without 100k a year?

[@kzimmerman2211]

It definitely can, it will just take a longer amount of time, the less you make.

[@ericgilmore5949]

If you can save $150 per week, regardless of your income, every week, for 40 years, at 12 percent interest in the markets, you will have over $7,000,000 in 40 years. Yeah, you can do it with less than $100k income

[@remysonders406]

@thomas samson I don't believe in 12percent

[@rachelhagen9176]

JordanJ I did it I pretty much worked at low income jobs and I managed to pay off everything my net worth is about 6 hundred grand, the key is to live way below your means it can be done

[@rgood1204]

Pharmacist $120k plus a year and his over 250k combined. No wonder at 5.5. Where is the rest of the money?

[@istvanpraha]

The stock market skyrocketed over the past 20 years. Not to say these people didn't save, but money definitely multiplied in the market since the 90s. My grandma used to make less than $20 and retired in 1992 and died a multi-millionaire. Very smart to put it in stocks, but it easily could have been 1/2 or 1/4 of what it actually was if the stock market didn't do as well. God rest her soul though!

[@mrbearman108]

The stock market had averaged almost 10 percent over the last 50 years accounting for the highs and lows, more than likely not your grandmother saw some lows as well, not saying your wrong just saying it's not difficult to grow wealth via stock market

[@mrbearman108]

Not to mention it also took a big old dump in '07-'08, just an example of there being lows sprinkled in there to, yeah bubble bursting as well in the early 2000's

[@jdkoz98]

Networth excludes primary residence does it not?

[@stevenroshni1228]

Definitionally yes includes primary residence. Anything that can be sold for the amount of money that it could be sold for. But it might be better to say only things that produce income or that you wouldn't need to replace if sold.

[@jdkoz98]

Aboubacar Okeke - Diagne no because if you sell your primary residence where you gonna live.

[@steveballa6831]

Daniel Kozma So, if someone has put their entire life savings into their primary residence, including renovating, and also paying off the mortgage, you’re saying the person has a ZERO net worth, even though the house is worth $3 million and they have no other assets?

[@jdkoz98]

Steve Balla well yeah because they have to live somewhere

[@steveballa6831]

Daniel Kozma So, if the person decides to move into an apartment and rent out their $3 million home, then they are worth $3 million?

[@Josh_Roberts]

Glenn's wife has beautiful eyes.....

[@jennmenzel6365]

so does Glenn. Nice couple

[@fullbattlerattle2493]

Still didn't get a defiant answer on how to become a millionaire

[@DaltonHBrown]

clearly you need to listen more. Find Dave's list of baby steps.

[@TommyTombstone]

*definite. And as a soldier (I assume junior enlisted given the guidon), your most stable path to wealth is the TSP. Preferably Roth. I hope you opted into the BRS, because its a game changer. Put 5-10% of total pay into the (Roth) TSP automatically deducted by DFAS from your direct deposit. If you're in the BRS, they will match up to the first 5%, with the first 1% being automatic whether you contribute or not. THIS is the important part. Request your TSP isername in the mail, and then request your password. Set up your online account. TSP funds automatically go into the "G Fund" (government securities/tteasury bonds). The important thing to note about these is that they directly match inflation. You do NOT get the compound interest effect here in terms of actual purchasing power. Better than putting money into most savings accounts, but basically your money doesnt make new money since inflation is exactly the same as the interest. You have to adjust what's called "contribution allocation." This is what percentage of your TSP money goes into each of the different TSP funds. If you want to "set it and forget it," choose the year you want to start withdrawing from the account and pick the Lifecycle fund with that year attached to it. They will automatically diversify the risk in your portfolio and adjust it to be less and less risky the closer you get to retirement. This fund WILL make you money on top of interest that then compounds. I've run the numbers. Given average active duty base pay for a PFC with promotions at the absolute edge of the retention control points (RCPs, i.e. the absolute max amount of time you can be a certain rank before you MUST either be promoted or separate from service), 10% of total pay plus 5% matched, with zero contributions after 20 years of service and accruing interest until age 65, that young, smart PFC walks away with a 30k pension, Social Security (if its still around), and about $4.5mil. If you already have contributed to your TSP but haven't played with the funds, you need to start, NOW. Otherwise you only make enough interest to cover inflation, and your money doesn't grow. Moving money that is ALREADY in your TSP account is called an "interfund transfer" and is just as important as a contribution allocation adjustment. Lastly, do Roth. With any luck and financial literacy you'll be making much more money at 65 than you do now as a young Soldier in the 12% bracket. Going Roth means you pay the 12% tax up front, versus the 30%+ that you would if you had a traditional TSP account and made smart money moves. Best of luck man. -Airborne Infantry

[@truancyb0t]

I'm a bit skeptical with this one. 5.5 mil in 30 years doesn't really seem feasible on an average annual income of 140k minus expenses. I wish Dave had asked more about his budget allocations & expenses rather than "how many non-fiction books do you read".

[@ericgilmore5949]

You're making excuses. Do the math yourself. Open a compound interest calculator. See what it will take, and then do whatever it takes

[@ski-do]

Sounds like he worked overseas in which case Foreign Earned Income Exclusion applied.

[@xck799]

I agree 100% 140000 in certain areas is not very much once you take out the taxes you're looking at 115 or so plus he has kids theres got to be more to this I think he got stock in the Oil Company he works at and it took off only logical thing I could see.

[@brentshuffler1234]

Remember [1] that they reached their first million dollars by 37 years of age; [2]after they invested in their education and changed careers to much better paying jobs in I.T., their combined incomes were in the range of $100,000 up to $300,000. [3] They practised to live on just one income and to invest the other income.

[@cynicaltv2642]

Wym not feasible? At 140k a year u make around 11.5k A month before taxes. So around 6.5k a month after taxes or so. Lets say u live on 3k a month and invest 3.5k of those with an annual return average of 10% u will have around 6.9 million dollars after 30 years 👑🏆 so ye very feasible as long as u live under what u make instead of over

[@wendellhanes1]

Lies lies lies

[@johnmyer1368]

Your house is a liability, so you wouldn't really count it as part of your net worth.

[@chris000089]

Jesse Cartwright You still owe taxes

[@TommyTombstone]

Liability if not paid off.

[@sadieesther9721]

His wife went to school to be a pharmacist and then was a stay at home mom? 😐😐

[@remysonders406]

She is stupid

[@tylerwright754]

Both of you will understand one day when you have kids, hopefully.

[@TartarianTopG]

666th like