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Posted: 5/7/2024 1:30:18 AM EDT
[#1]
Quote HistoryOriginally Posted By Notcalifornialegal: Most teachers are in two income households. Ding! ding! ding! We have a winner who knows how to think logically! |
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CO, USA
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Posted: 5/7/2024 1:30:59 AM EDT
[#2]
Quote HistoryOriginally Posted By neshomamench: That is a shitty way to become a millionaire and in reality doesnt work. That is like closing the deal on a hot chick and not fucking her. Most people do not have much money. That is why people say so much stupid shit about money. Dave Ramsey is an addiction and crisis counselor....and a pretty good one, in the sense that if you do what he says, you will get his results. However, he is a horrible finanical advisor. He teaches people how to become free, not rich. Almost everyone who has ever become rich, would not have, had they done it Daves way. Worked for me. I mean, it is the actual definition of a millionaire. |
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Posted: 5/7/2024 1:31:48 AM EDT
[#3]
Quote HistoryOriginally Posted By SparticleBrane: What if you don't include home equity? Home equity should be included. Think about Net Worth like this: If I die, what would my heirs get? HE isn't liquid, but it's real. |
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Posted: 5/7/2024 1:32:51 AM EDT
[#4]
Quote HistoryOriginally Posted By 545days: Anyone who has read the book "The Millionaire Next Door", wouldn't poop on the skilled trades. As I said before, I would never poop on ANY honest work. |
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Posted: 5/7/2024 1:37:12 AM EDT
[#5]
Quote HistoryOriginally Posted By migradog: Dave Ramsey's net worth is around 200 million dollars. I'll take his advice over GD's. That is horrible wisdom. Of all the ways to get that kind of money, doing it Dave’s way is among the least likely. In other words, it is among the hardest ways. Again, once more, for those not paying attention, Dave helps people in crisis. He is really good at that. His financial advice is horrible for anyone who wants to get truly rich. |
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CO, USA
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Posted: 5/7/2024 1:37:29 AM EDT
[#6]
Quote HistoryOriginally Posted By StevenH: Pay yourself first. Say you are unemployed and living in your car, eating at the food bank. You get a job and your first thought is I can rent a room and buy groceries? Fuck that. Keep living in your car, get a $10 planet fitness membership for the showers and free pizza, keep eating at the food bank and max out your Roth IRA. I’m not joking. Most men will make their first million by age thirty. The problem is they don’t keep enough of it. That’s 83k post tax a year from 18-30 |
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Posted: 5/7/2024 1:38:41 AM EDT
[#7]
Quote HistoryOriginally Posted By Colo303: Worked for me. I mean, it is the actual definition of a millionaire. Yeah, some people can live modest lives and save money. |
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LA, USA
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Posted: 5/7/2024 1:44:12 AM EDT
[#8]
Quote HistoryOriginally Posted By FALARAK: I’ve never heard that before, but it absolutely makes perfect sense. https://i.postimg.cc/FFy4QWvg/screenshot-833.jpg Quote HistoryOriginally Posted By FALARAK: Originally Posted By CVO: According to ARFCOM, its the guys that replace HVAC capacitors. I’ve never heard that before, but it absolutely makes perfect sense. https://i.postimg.cc/FFy4QWvg/screenshot-833.jpg You should be buying Honeywell refrigerants not DuPont. Nevermind I just realized I don’t like my company. Lol |
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Posted: 5/7/2024 1:46:08 AM EDT
[#9]
Quote HistoryOriginally Posted By neshomamench: Yeah, some people can live modest lives and save money. But most won't, and that's the point. Ramsey shows them how to do it, but most will ignore his advice. A nutritionist can show people how to eat healthy and be fit, but have you been to a Walmart lately? |
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Posted: 5/7/2024 1:56:17 AM EDT
[#10]
Quote HistoryOriginally Posted By Lou_Daks: But most won't, and that's the point. Ramsey shows them how to do it, but most will ignore his advice. A nutritionist can show people how to eat healthy and be fit, but have you been to a Walmart lately? I have said that those who follow Dave will get his results. Which would be a disaster for people trying to get rich....or the vast...VAST majority of people who seek to intruduce things that improve our lives. Almost everyone who becomes wealthy and/or builds a good sized business does so with debt. |
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Posted: 5/7/2024 1:59:50 AM EDT
[#11]
Quote HistoryOriginally Posted By neshomamench: I have said that those who follow Dave will get his results. Which would be a disaster for people trying to get rich....or the vast...VAST majority of people who seek to intruduce things that improve our lives. Almost everyone who becomes wealthy and/or builds a good sized business does so with debt. People who know how to get very rich already have a vision and a plan. Most people aren't those people. Most people are terrible with money. Ramsey teaches them how to not be terrible. 50%+ of American adults is no small demographic. |
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CO, USA
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Posted: 5/7/2024 2:03:43 AM EDT
[#12]
Quote HistoryOriginally Posted By neshomamench: Yeah, some people can live modest lives and save money. Well he advocates for the 95% to do just that. In my experience going from $5k net worth to $1m improves your like much more than $1m to $10m plus. |
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Posted: 5/7/2024 2:08:48 AM EDT
[Last Edit: neshomamench]
[#13]
Quote HistoryOriginally Posted By Lou_Daks: People who know how to get very rich already have a vision and a plan. Most people aren't those people. Most people are terrible with money. Ramsey teaches them how to not be terrible. 50%+ of American adults is no small demographic. I also dont disagree with most of that.... But Dave says some really shitty things that hurt people. For example, (as i said) the advice he gives young people to put off or not go college or graduate school (even if they are going into a lucrative field) is insane. Fucking insane. "Hey, I just got into medical school...." Dave tells such people "You cant go if you have to borrow...." that is criminal bullshit and absurd from a financial standpoint Or telling someone to drop out and deliver pizzas or whatever their last year of nursing school instead of taking on debt. Fuck him for that kind of stupidity. Among the other things he does that are hypocritical, and if I were his version of his Christian god, I would slap him for doing, is his class envy. He is a smug fuck that says stuff like "you will be in your beater cash car knowing the guy next to you in the BMW is in debt...." and yet tells people when they can pay cash for stuff, they can have the BMW. He teaches people to be smug fucks as well. Fuck him for that. Yes, if you follow his plan, you will get his results. Which for lots of people is the best they will ever be able to do. For some, he is probably ruining their lives and twisting peoples thinking. |
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TX, USA
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Posted: 5/7/2024 2:16:44 AM EDT
[#14]
Quote HistoryOriginally Posted By Colo303: Well he advocates for the 95% to do just that. In my experience going from $5k net worth to $1m improves your like much more than $1m to $10m plus. But $1m ain’t shit anymore because GD said so. |
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Posted: 5/7/2024 2:16:57 AM EDT
[Last Edit: neshomamench]
[#15]
Quote HistoryOriginally Posted By Colo303: Well he advocates for the 95% to do just that. In my experience going from $5k net worth to $1m improves your like much more than $1m to $10m plus. For the risk adverse, maybe. But in terms of lifestyle, not even close to being true. Starting at 35, I am making 75K a year. And I scrimp and save, having a life of rice and beans and board games or walks in the parks for 15 years, I am now 50, with a million bucks, in a few more years, I can stop working at still make 75K a year and still live a modest life Hurray for me I guess. Or, at 35, I can manage debt properly and live within my means, while still living a little bit....and I wont be that far behind the other guy, even if he dies with more money than me. The reality is, neither one gets to 10M or more....even doing it daves way. All but the top few% can scrimp and misery their way to 10 million or more....and then what? You spent 20-30 year living poor in order to one day be the richest guy in your working class neighborhood? The math is what it is. You want to be 10 million or more guy, almost everyone who makes it from a middle class or lower background does it with debt. |
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Posted: 5/7/2024 2:21:20 AM EDT
[Last Edit: neshomamench]
[#16]
Quote HistoryOriginally Posted By Shooter66: But $1m ain’t shit anymore because GD said so. Its math. For an overly simple rule of thumb ( and its a moving target) a million is 50 grand a year. It works both ways. If you make 50 grand a year, you need 1 million to be free. If you want to make 100 grand a year without working, you will need 1 million bucks. If you have that 1 million and think you can buy that boat and truck you always wanted and pay off the house....well, you no longer have a million. You are still not free, even if things are a bit better. If that is a lot to you, ok.....but it isnt a lot. |
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Posted: 5/7/2024 2:24:11 AM EDT
[#17]
Quote HistoryOriginally Posted By Kingstrider: Lol teacher what is that guy smoking? Most teachers I know don't make squat. The pension plan though.... 
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Posted: 5/7/2024 2:27:30 AM EDT
[Last Edit: Scoobysmak]
[#18]
Quote HistoryOriginally Posted By nightstalker: Dave Ramsay thinks teacher's manage money well? Interesting They marry well, then take half.....  ETA...6 pages, see I was late to this party..... 
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Posted: 5/7/2024 2:29:40 AM EDT
[#19]
Quote HistoryOriginally Posted By Kingstrider: Lol teacher what is that guy smoking? Most teachers I know don't make squat. I was asking myself the same thing. Maybe as a college administrator. |
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TX, USA
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Posted: 5/7/2024 2:33:29 AM EDT
[Last Edit: Shooter66]
[#20]
Quote HistoryOriginally Posted By neshomamench: Its math. For an overly simple rule of thumb ( and its a moving target) a million is 50 grand a year. It works both ways. If you make 50 grand a year, you need 1 million to be free. If you want to make 100 grand a year without working, you will need 1 million bucks. If you have that 1 million and think you can buy that boat and truck you always wanted and pay off the house....well, you no longer have a million. You are still not free, even if things are a bit better. If that is a lot to you, ok.....but it isnt a lot. It is not to me but to most folks if used properly it could greatly impact their lives or as you say set them free. Buying a bunch of shit with it isn’t the answer. 80% of Americans make 100K or less a year. 1 million utilized properly would be life changing for most of those folks. Especially if it happened earlier in their life and they had the discipline to put it to work for them. |
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Posted: 5/7/2024 2:37:59 AM EDT
[#21]
Quote HistoryOriginally Posted By Shooter66: It is not to me but to most folks if used properly it could greatly impact their lives or as you say set them free. Buying a bunch of shit with it isn’t the answer. 80% of Americans make 100K or less a year. 1 million utilized properly would be life changing for most of those folks. If you are not buying anything, what is life changing? Are all these people alturists? Are they misers that crave the security? By the nature of this question, they dont have debt, so it isnt debt they are worried about. So, ok, they have a million bucks, and make 50 grand a year. Now they can have their same frugal life but dont have to work anymore. That is free, that is retirement. That is great.....but it isnt rich. |
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TX, USA
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Posted: 5/7/2024 2:57:01 AM EDT
[#22]
Quote HistoryOriginally Posted By neshomamench: If you are not buying anything, what is life changing? Are all these people alturists? Are they misers that crave the security? By the nature of this question, they dont have debt, so it isnt debt they are worried about. So, ok, they have a million bucks, and make 50 grand a year. Now they can have their same frugal life but dont have to work anymore. That is free, that is retirement. That is great.....but it isnt rich. I never said it was rich but if you think being free isn’t life changing you are nuts and the sooner you can be free in life the better. For some folks that is their goal. That million is the first step to greater things and there is a huge swath of the population that will never ever sniff it because they can’t control themselves and their spending. |
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Posted: 5/7/2024 5:04:21 AM EDT
[#23]
Quote HistoryOriginally Posted By Kingstrider: Lol teacher what is that guy smoking? Most teachers I know don't make squat. All the retirement/FIRE forums are loaded up with teachers/professors that have amazing retirement savings. They own homes, they've saved consistently. A lot of them are married to teachers (2 very consistent income households). Of course a huge part of their retirement success is the pension plans. And it seems like many live in high cost of living areas. They probably worked many summers, too. |
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Posted: 5/7/2024 5:23:04 AM EDT
[#24]
Quote HistoryOriginally Posted By StevenH: Pay yourself first. Say you are unemployed and living in your car, eating at the food bank. You get a job and your first thought is I can rent a room and buy groceries? Fuck that. Keep living in your car, get a $10 planet fitness membership for the showers and free pizza, keep eating at the food bank and max out your Roth IRA. I’m not joking. Most men will make their first million by age thirty. The problem is they don’t keep enough of it. Just be homeless, bucko! |
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Posted: 5/7/2024 5:23:57 AM EDT
[#25]
Lol.
Give 10 accountants the books for a company and each one will come up with something different and each one will be correct. I've seen a lot of this guy's BS pop up in GD, and I will continue to believe he's a moron. |
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Posted: 5/7/2024 5:24:45 AM EDT
[#26]
Quote HistoryOriginally Posted By EvilApplesauce: https://www.ar15.com/media/mediaFiles/268968/IMG_2188-3207708.jpg According to the average they actually make more than squat. You must know the only teachers that bad with money. In 2024 dollars that's shit money. |
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USA
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Posted: 5/7/2024 5:45:59 AM EDT
[#27]
If your god is the dollar, which is fiat currency - meaning fake - then you already lost.
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Posted: 5/7/2024 6:00:58 AM EDT
[#28]
Quote HistoryOriginally Posted By Robertpistol: If your god is the dollar, which is fiat currency - meaning fake - then you already lost. Yeah. It's funny one of the guys I mentioned earlier that makes $2000/day drives a Tacoma and lives in a double wide. All the materialistic bullshit just doesn't really do it for him. |
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NY, USA
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Posted: 5/7/2024 6:02:16 AM EDT
[#29]
I LOVE reading Arfcom Financial Threads. They bring out a bigger bunch of bullshit artists than any other type of thread.
So many of our biggest Trolls have missed a golden opportunity by not just starting a new one every day. |
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Posted: 5/7/2024 6:10:41 AM EDT
[#30]
Quote HistoryOriginally Posted By Mech2007: I LOVE reading Arfcom Financial Threads. They bring out a bigger bunch of bullshit artists than any other type of thread. So many of our biggest Trolls have missed a golden opportunity by not just starting a new one every day. Why bother? There's rarely a day goes by there isn't at least one to shitpost in. |
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Posted: 5/7/2024 6:28:23 AM EDT
[#31]
Quote HistoryOriginally Posted By Kingstrider: Lol teacher what is that guy smoking? Most teachers I know don't make squat. Two words: Pen sion. |
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MS, USA
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Posted: 5/7/2024 6:28:32 AM EDT
[#32]
Quote HistoryOriginally Posted By neshomamench: That is horrible wisdom. Of all the ways to get that kind of money, doing it Dave’s way is among the least likely. In other words, it is among the hardest ways. Again, once more, for those not paying attention, Dave helps people in crisis. He is really good at that. His financial advice is horrible for anyone who wants to get truly rich. Quote HistoryOriginally Posted By neshomamench: Originally Posted By migradog: Dave Ramsey's net worth is around 200 million dollars. I'll take his advice over GD's. That is horrible wisdom. Of all the ways to get that kind of money, doing it Dave’s way is among the least likely. In other words, it is among the hardest ways. Again, once more, for those not paying attention, Dave helps people in crisis. He is really good at that. His financial advice is horrible for anyone who wants to get truly rich. Define truly rich. |
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Posted: 5/7/2024 6:31:22 AM EDT
[#33]
Quote HistoryOriginally Posted By CVO: According to ARFCOM, its the guys that replace HVAC capacitors. Joking aside, if you're in your 20s and in the trades and are competent with a good work ethic and are smart with your money, you can make bank...especially if you wind up owning your own business in the trades. |
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Posted: 5/7/2024 6:33:38 AM EDT
[#34]
Quote HistoryOriginally Posted By Middlelength: He's 100% right. A million bucks is worth half or less what it was if you grew up in the 80s or 90s. Saving that mount is doable for most people anymore, but that presumes you try to live in lower cost of living areas and, at lower income levels, are exceedingly frugal. It is doable for most people in the trades, and just about any job that requires a degree. But delaying today's gratitude for tomorrow's benefit has proven to be illusive for most people. If you own your house, in most places in America, and you have a partially funded retirement, you have a million bucks. Heck, most folks who do 20 in the military have anywhere from 800k to 1.5 mil in pension value these days. Yep, a millionaire in the '80s was a big deal. A very big deal. |
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Posted: 5/7/2024 6:44:59 AM EDT
[#35]
Quote HistoryOriginally Posted By Kingstrider: Lol teacher what is that guy smoking? Most teachers I know don't make squat. Don't fuck up and you have a job when the economy goes to shit and workers are on unemployment. During the Obama years the local schools is where all of the new cars were parked. Retire after 30 years and have an income and medical paid by the state. |
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Posted: 5/7/2024 6:45:44 AM EDT
[#36]
Quote HistoryOriginally Posted By Bourbonator: Lol. Give 10 accountants the books for a company and each one will come up with something different and each one will be correct. I've seen a lot of this guy's BS pop up in GD, and I will continue to believe he's a moron. He didn't explain it very well, and it's possible he doesn't really understand it, but for many of the groups he mentioned, including engineers, the "only one way" concept is that person's self-imposed process/limitation. As he said they are process people. In my job as an engineer, I developed my process that worked for me, and followed it religiously because it worked for many years. Other people in my office/trade have their own process (order of operation, quality control, etc) that works for them, and we would often discuss it between ourselves, and sometimes even tweak our processes. Some new manager coming in, trying to tell us how we had to do things was never met with any agreement, but it is a medium sized family owned operation, and we had a core group of really experienced, very competent designers...and the owners supported our individuality and quirkiness because they made lots of money as a result. |
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IL, USA
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Posted: 5/7/2024 6:48:21 AM EDT
[Last Edit: makintrax73]
[#37]
Some of the most life changing information I ever learned: Future value of annuity calculation
https://www.calculatorsoup.com/calculators/financial/future-value-annuity-calculator.php Example: 40 year working career. $5,000/yr and increase savings by 3% every year. 5.25% return which I picked as an example of "real" returns after inflation. End result is just at $1M (in 2023 dollars) if you can make 5.25 in real returns. There really isn't any trick or special knowledge needed. Start immediately when you begin working because early savings are compounded by returns. Make retirement savings a higher priority than luxuries. A $1M or even $500k nest egg would be life changing for the vast majority or retired people. That is simply a plain fact whether you feel like it's enough for you really doesn't change that. |
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USA
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Posted: 5/7/2024 6:48:22 AM EDT
[#38]
Quote HistoryOriginally Posted By Shooter66: But $1m ain’t shit anymore because GD said so. Yet most Americans don't have it, and most who do don't have much liquidity. |
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Posted: 5/7/2024 6:48:28 AM EDT
[#39]
Quote HistoryOriginally Posted By Kingstrider: Lol teacher what is that guy smoking? Most teachers I know don't make squat. I know several making a 6 figure salary. They also tutor in the summer for pretty crazy money. |
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KY, USA
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Posted: 5/7/2024 6:48:59 AM EDT
[#40]
Quote HistoryOriginally Posted By Scoobysmak: The pension plan though.... What are you guys talking about? I retire at 51 after 27 years in the system. I'll be making about 90k+ and my pension will be about 60k/year AND i'll probably start a second mini career. 1 salary for my fam of 5. |
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MS, USA
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Posted: 5/7/2024 6:56:49 AM EDT
[#41]
Quote HistoryOriginally Posted By neshomamench: If you are not buying anything, what is life changing? Are all these people alturists? Are they misers that crave the security? By the nature of this question, they dont have debt, so it isnt debt they are worried about. So, ok, they have a million bucks, and make 50 grand a year. Now they can have their same frugal life but dont have to work anymore. That is free, that is retirement. That is great.....but it isnt rich. Quote HistoryOriginally Posted By neshomamench: Originally Posted By Shooter66: It is not to me but to most folks if used properly it could greatly impact their lives or as you say set them free. Buying a bunch of shit with it isn’t the answer. 80% of Americans make 100K or less a year. 1 million utilized properly would be life changing for most of those folks. If you are not buying anything, what is life changing? Are all these people alturists? Are they misers that crave the security? By the nature of this question, they dont have debt, so it isnt debt they are worried about. So, ok, they have a million bucks, and make 50 grand a year. Now they can have their same frugal life but dont have to work anymore. That is free, that is retirement. That is great.....but it isnt rich. The dream of having 10mil for most people is completely out of reach and unobtainable, for most people. If you advocate for most people to take risk and use debt, then you're going to get more people in debt, stressed about their finances and broke by the time they get to retirement. They aren't going to get one mil much less 10mil. |
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Posted: 5/7/2024 7:11:59 AM EDT
[#42]
My wife's a teacher and will be a millionaire in a few years.
Because I make double her salary and handle our finances
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Posted: 5/7/2024 7:17:32 AM EDT
[#43]
Quote HistoryOriginally Posted By Mech2007: I LOVE reading Arfcom Financial Threads. They bring out a bigger bunch of bullshit artists than any other type of thread. So many of our biggest Trolls have missed a golden opportunity by not just starting a new one every day. No kidding. Everyone here knows more than Dave Ramsey. Just ask them. The guy is telling people positive things, about how to attain the American Dream. The whiners aren’t. All they know is tearing down. |
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USA
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Posted: 5/7/2024 7:39:06 AM EDT
[#44]
What he says seems right to me from what I have seen and personally experience. Also, it’s never too late to start a new career if you need it. Do it.
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Posted: 5/7/2024 7:43:16 AM EDT
[#45]
Quote HistoryOriginally Posted By Lou_Daks: I agree with everything quoted in the OP. I am living proof it works. It wasn't mentioned, but the book "The Millionaire Next Door" was life-changing for me. Get it. Read it. Love it. Live it. |
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PA, USA
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Posted: 5/7/2024 7:52:25 AM EDT
[#46]
Quote HistoryOriginally Posted By Kingstrider: Lol teacher what is that guy smoking? Most teachers I know don't make squat. Depends on state. In the Northeast teachers easily make 6 figures with a Masters at suburban schools. |
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USA
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Posted: 5/7/2024 8:05:33 AM EDT
[#47]
Quote HistoryOriginally Posted By justsayin: Sooooo, People who have very structured, methodical mindsets/careers are good at saving.... And people who wing it/improvise constantly, by and large, aren't? Inconceivable. Yep, just look at those highly paid travel nurses that have absolutely nothing but baggage |
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NC, USA
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Posted: 5/7/2024 8:05:57 AM EDT
[#48]
Quote HistoryOriginally Posted By CVO: According to ARFCOM, its the guys that replace HVAC capacitors. To be fair, they do charge $150 to replace a $9 cap in ten minutes... |
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LA, USA
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Posted: 5/7/2024 8:06:46 AM EDT
[#49]
Doctors like fancy cars and go on vacation to really stupid places.
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Posted: 5/7/2024 8:08:07 AM EDT
[#50]
Quote HistoryOriginally Posted By OregonShooter: A million dollar net worth isn't much really. I'll need 2.5M in a retirement account to feel comfortable retiring. Came here to say a million isn't shit anymore. |
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