Dave, IRA, Unibond Sohn discussed on Dave Ramsey

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Paid for seven hundred fifty thousand dollars worth of real estate at sixty years old can. The twenty four year old version of you. That's listening still do this. Absolutely. You just you can't be buying new cars. The latest nudist greatest ipod or iphone on her. You know, you start getting and all that stuff. Man. You this still your money ways will eat out constantly started doing that? You can't do it. But if you save a little bit each each pay period, you can do it. And it's hard when you're young. I know that. When did you start saving? How old were you? Probably twenty six. What made you do that since you came from a family that didn't have money? What made you decide to start at twenty six years old? Well, we decided to start planning for retirement. And and I it was it was probably in my when I was thirty five forty. I don't know how long you've been doing. It seems like it was maybe forty when I we took your class and me, and my wife has tried to have a budget and we've used all over the years. And you know, we we just tried to stay out of debt and not pay interest on stuff. So you you went to financial peace twenty years ago. It seems like it was that far. Yeah. It could have been. I mean, we've been doing it twenty five years. So that's very possible. Yeah. It was it was that's about when it was. Yeah. Okay. All right, cool. And so really you're you're twenty years. The other side of your are fifteen years the other side of your debt free scream, and this is where we're sitting. So you're you're walking proof text for a sham. Pretty cool. Very interesting. All right. And so what was the biggest financial mistake you've ever made your life? Well, I think it's probably not saving as much I should have saved more. And I've I've never used any my my retirement money for anything. But retirement, I know a lot of my friends have been tempted to our they've gone in used it for something. They get in crunch. They use it. And did you say what the biggest mistake? Yes. Yes. Not not saving enough. I would say that's probably the biggest one. Save too much. Okay. Eating out. So theme here. Okay. I love it. Very cool. Well, Robert, thank you for calling in and sharing your millionaire story, we've got a copy of Chris Hogan's number one bestseller, everyday millionaires and a copy of the legacy journey for you to say, thank you Allen is with us in Chicago. Hey, Alan, what's your net worth five point five million. Dave. And by the way, this is great honour. Well, we're honored to have you, sir. That's a bunch. You did. Well, so give me a little break down on that. How much of that is in what kind of categories? Well, it's not counting our house, but the five point five million is comprised of role over IRA traditional IRA Roth IRAs a couple of as 4._0._1._K ATS, some Unibond Sohn's municipal, bonds and mutual funds. So all of that all the five point five is that. Okay. And then use your non-qualified and your homes paid for. Oh, it is. Of course. Okay. And what's that worth? Oh, I don't know between seven fifty and eight fifty. Okay. So that puts you like it realistically at about six six three me net worth right? Nah. Nah. That's probably about right? All right. And how old are you fifty nine? All right. You've done very well, brother. Good job. So much of the Scott. Dave. And I mean, I wish I was like you. So how much six million dollars so much much of this? Did you inherit nothing zero five point five million? Okay. I should say I inherited five thousand dollars my first year of college, and I inherited another one hundred thousand dollars after millionaire. I mean, so you're not a millionaire because you're not a millionaire because of inheritance so give me your household range of income top year and best moisture, oh, I started out at twenty four thousand four hundred. And I thought it might have been more meaningful for your your listeners might average salary for the first fifteen years was about seventy thousand dollars just the calculations and I was a millionaire by forty. Okay. So I thought it's significant because it shows you can build up while even though seventy thousand a year. Yeah. Is you got? Yeah. You got the first million out of the way. But what do you make nowadays? I make two hundred two fifty. Gotcha. Good for you. What do you do for a living? I'm a securities attorney. Okay. Excellent. So you got a law degree, obviously, I do and what was your GPA in law school? On law school. I you know, what I don't remember. It was about the top third of the class in law school and undergraduate was in business administration. And it was about three point three out of four upscale. Gotcha. Okay. And what part is giving play in your financial plan. My wife, and I are in the process of setting up a five a one c three organization for funding disadvantaged high school students to allow them to do Foreign.

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