I used to enjoy listening to Ramsey, then one day I realized if I followed his advice I would only be half as far along as I am! There is many ways to build a substantial nest egg under our system.
Also he was doing a survey of people with 1 million + in assets and he claims his statistics include 10,000 + people. That got my attention so I spent some time reading the stories.....
The vast majority consisted of two working couples making $200,000 + a year in wages. They invested in stocks and acquired a million plus in assets..... duh
Try making a million in assets starting at minimum wage and working up to a modest salary..... now that get's my attention
We like the Ramsey show and mostly follow his plan. I really like hearing the every day millionaires call in, but the above is mostly true. Every once in awhile he’ll have someone who made an average wage and saved a million but the vast majority made way over 100k. He always asks them what part debt played in helping them make a million and every one but one I’ve heard says none. But if you hear more of their story some of the net worth is in their home and almost all had a mortgage on it at some point. So debt did play a significant role in their wealth building.
That said I’m investing every month and am in it for the long haul. There’d be more millionaires or even just folks with decent retirement funds if they’d invest every month. Most won’t.
Ramsey’s answers to potential lawyers and doctors on how to pay for school are laughable though. He pretty much gives a non answer and says just do it debt free. If they all listened to him we’d run out of lawyers and doctors.
He is pretty upfront about loving real estate and that it’s not for everyone as well. I wouldn’t want to deal with renters.
