Unibond Sohn, IRA, Attorney discussed on Dave Ramsey


You're 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 can't be buying new cars and the latest greatest ipod or iphone under you. You know, you start getting and all that stuff. Man. You just saw your money ways will pass out. My started doing that. He 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 or forty. I don't know how long you been doing. It seems like it was maybe forty when we took your class and me, and my wife has tried to have a budget, and we've used all dollar over the years. And. We we have 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. Could've been could've been. I mean, we've been doing it twenty five years. So that's very possible. Yeah. It was it was that's how 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 outside of your debt free scream, and this is where we're sitting. So you're you're walking proof text for a sound pretty cool. Very interesting. All right. And so what was the biggest financial mistake you've ever made in your life? Well, I think it's probably not saving as much I should 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 and used it for something. They get in a crunch. They use it. And what did you say? What the biggest mistake? Yes. Yes. Not not saving enough. Yeah. Okay. I would say that's probably the biggest one. 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. And by the way, this is great honor. 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 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. Don't wait. It's of course. Okay. And what's it worth? Oh, I don't know. Between seven fifty eight fifty. Okay. So that puts you like it realistically at about six six three me NetWorth, right? Nah. Nah. That's probably about right? All right. How old are you? Fifty nine. All right. You're done. Very well, brother. Good job so much of this. Dave. And I mean, I wish I was like you. So how much you're six million dollars so much much of this? Did you inherit nothing zero five point five million? Okay, should say I inherited five thousand dollars my first year of college, and I inherited another hundred thousand dollars after a millionaire. I mean, yeah. So you're not millionaire because you're not a millionaire because of inheritance so give me your household range of income top year in best year and moisture I started out at twenty four thousand four hundred and I thought it might have been more meaningful for your listeners might average salary for the first fifteen years was about seventy thousand dollars. I just the calculations and I was a millionaire by forty. Okay. So I thought it's significant because it shows you can build up blouse even though seventy thousand a year. Yeah. Got. Yeah. You got the first million out of the way. But what do you make nowadays? Two hundred two fifty dot you good for you. What do you do for a living? Securities attorney. Okay. Excellent. So you got a law degree, obviously, I do and what was your in-laws school on law school? I you know, what I don't remember. It was about the top third of the class law school and undergraduate was in business administration. And it was about a three point three out of four upscale. Okay. And what part does 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.

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