Yes but did it just make them rich on paper? Did they get any cash flow from the stock in the form of regular dividends, or just an increase of stock value over time? They would have to sell shares in order to benefit their lifestyle.

Haha I like that one

Can you explain it? Is it meant to say that there is no way to double your money?

It's meaning you can grow your money only if you don't spend it.

Thank you for sharing this. I admire her. And stories like this. My father and MOTHER I got to be grateful for. I am learning budgeting now at 28 years old.😊

i am an orphan and widowed. what did she do, ''late in life, with her nest egg''?

Pay this knowledge forward and educate 5 young people about compound interest.

Im gunna let my nieces know about the whole investing world.

It is not waking up and discovering that you have nothing saved. It is a life choice. Most people want everything now and feel they are entitled to have more. I have always dreamed of owning a Porsche 911 S but said that I would not buy one until I had at least $1 million saved. After I passed that milestone I said wait until I have $2 million saved. Now I am pushing it off until $3 million. Pretty soon growing your money becomes more of a priority. I guess that I may never own the Porsche.

This! 👍🏻

Yea surprised they didn’t say pay cash for a house too

@@austomarvinthey don’t believe in that. 😂. You obviously have never actually watched he’s them much

That’s why you plan for a new one as soon as you buy your current one. Always have a sinking fund for a new car (well a new used car).

Stop complaining. My car cost $3,200 in 2021. It had a lot of damage, bought it salvage. The mechanic said it was in good shape under the hood, so I bought it. It's the most mechanically reliable car I've ever had. It's damaged on the exterior, but it gets me 37mpg on the highway and about 30mpg in the city. It's been a fantastic investment.

Yes. You take the value of everything you own and subtract all you owe and this gives you your net worth. Maybe google.....how to calculate net worth... and that will give you lots of into.

Everything material you own and you can sell for the money is your net worth.

It isn't always easy, that is why it is baby steps. Being aware of where your money is going and how much helps. Once you are debt free and living within your means, invest something then increase it gradually. Calculate what 15% of your income is and shoot for that. If you work for a company with a 401 K put money into it so you get the employer match. Even if you put $25 a paycheck into an account that earns interest, like online high yield savings accounts, over time the interest adds up, and you can gradually increase that amount and open a Roth IRA, then invest that money to get higher yields.

You still have 20-30 years of compounding. You can still double your money 3 or 4 times.

Some people define assets as anything you can sell.

It's a libility in the send that it doesn't bring or make you money. However, it's a depreciating asset because it still worth something, and over time it's worth less the more time goes and used.

The way I understand an asset is something you own. So a car is something you own (if it's paid off), but it loses value over it's lifetime (depreciation). If you still owe money (have a loan) on that car then it becomes a liability to you.

A liability is something you pay on, a paid off car may be going down in value but it’s still there and won’t completely ever disappear

A car is a liability becAuse it depreciates value unlike a house and lot which appreciates value overtime.

@@missgui4400In pure accounting terms, a car is an asset. Most tangible, fixed assets have a depreciating component to them. In short, an asset is something you own. A liability, in this case, is the loan to acquire the asset (if any). Your net asset value is the car value less the liability.

Yes!! This point frustrates me too. “Net worth millionaire”. I share your thoughts, you still need cash flow and if they sit on the property it’s not doing anything in terms of generating income unless the person moves to a less priced property. Then there are studies reflecting flatline for houses, no real appreciation due to inflation. AND, what about the total cost of a home considering interest. On average the cost of a home is 3 times that of its original cost when interest is factored in, without considering maintenance expenses. I wish “experts” would talk more about those aspects.

In the Ramsey universe being a millionaire is being housed in landport with a net worth of a million dollars but no income. When most other people out in the world think about being a millionaire they think about big cash flow that they can spend. This usually requires building a business that creates cash flow that can then give you the money to diversify your investments or increase your lifestyle. That's what I think of when I hear the word millionaire.

So what is your suggestion?

Yes you are right! How can you do all this on a 50 or 60,000 year income. You can't afford a house or even get a mortgage where I live.

You can where I live in Ohio 😊

Oh boy….. That’s terrible.

You need your house before you get retired, so... yes! You can always sell your house if you need money in retirement if you don't have savings.

They talk about choosing the best thing for you financially based on your individual numbers. Will it take 2 years to save for a down payment, that's probably fine to drop investing. If you need to save for 5+years to make a down payment, you need to be investing along the way too.

It's depend on country. Here in Europe real estates drastict changed value since last 2 year, we buy luxurious apartment in popular ski resort on mountain in 2021., Now we can't sell it for half of price we payed. If we only knew... It' s big fluctuation with prices for real estate in Europe right now.

True! That's why she says be intentional with your money. Most of us don't start out by mapping out exactly how much we get and exactly where we want it to go every month. When we're not intentional, it makes it even easier to impulse buy!

1 and a half anything is possible 😊

If they don’t have any other debt and can pay extra each month then it can be done.

In 20 or 30 years.

@@brandonchase1977 😂

I bought my house 12 yrs ago for $125,000, now it is worth $396,000. I lucked out.

Our home has more than tripled in value in 15 years. I wish it didn't because all it does is increase taxes and homeowners insurance, but it has!

Can never could unless they tried. If you save what would be a car payment each month then when you need to buy, oh would have the cash to do so. It’s really not that complicated of a concept.

Do you mean the in out in out of the camera angle?

@@affordableliving2756, no, the way she didn't look directly into the camera at us. I understand that it has been a practice for years to use a camera to the side while the speaker speaks to another camera, but what Rachel did looked like what a nervous speaker will do-look just above his audience's eyes instead of making eye contact.

Good grief!! Picky picky!

@@britchesmom, LOL, bless your heart!