Nix the guesswork and scrolling. We’ll connect you with investment pros we trust: bit.ly/3hc6Pgt

My outlook on money changed when I realized someone making $300,000 can retire broke & someone making $80,000 can retire a multi-millionaire. Living within your means and living a frugal lifestyle is the first step to financial independence. I just hit the one million mark last year, cheers to everyone striving to get there someday.

Caller: how do I become a billionaire Dave: what's your income Caller: $15/hr Dave: good lord

Mark Cuban once said that to become a billionaire requires not only business skills, but it also takes an incredible element of luck. He said that he himself got lucky that he became a billionaire because he sold his company to Yahoo right before the big crash in 2000. He also said that he had no doubt that he would become a millionaire one day, but to become a billionaire he most likely wouldn't have made it had he not been in the right place at the right time. I think he nailed it spot on.

One thing I have noticed reading biographies of billionaires is that most of them have been focused on a vision for over 20 years. Example Phil Knight worked at PwC as an accountant and was in the Army reserves while founding Nike. (Referenced in his biography Shoe Dog). In Phil's biography, he also stated that founding Nike came at high price to his family. Everything comes at a cost.

I realized that the secret to making a million is saving for a better investment. I always tell myself you don't need that new Maserati or that vacation just yet. That mindset helped me make more money investing. For example last year I invested 30k in crypto and made about $246k, but guess what? I put it all back and traded again and now I am rounding up close to a million.

Very difficult to be a billionaire. Business 101- you need to provide something in the marketplace that has a competitive advantage and everyone can access, especially the middle class.

Your real wealth is your health. Many people are realizing that right now.

Caller: I just went through your financial peace university so I can get out of debt. now, how do I become a Billionaire? This guy was so pumped after the course, he was ready to skip thousener and millionaire status.

100% of the Forbes 400 would have used debt to help them build their businesses

The real question is would you want to do what it takes to become a billionaire…I.e. working 100 hrs a week for 20-30 years with very little breaks.

Future billionaires sure AF dont call into a radio show!

If you want to become a billionaire, you need to solve a big problem.

Errr.. people who become billionaires were NOT passionate about becoming billionaires.. they were passionate about their product. To this guy, NO, you will not be a billionaire.. unless inflation gets you there. 😂

I am healthy, have a wonderful family and I am free every day. That’s a multi billionaire in my book.

Bill Gates has said in many interviews that he had no intention of becoming a billionaire. He liked software. It was almost a coincidence that it became so valuable.

For some reason I’m skeptical this caller has a chance to become a billionaire.

I think the idea that someone did nothing and became wealthy is based on the reality of generational wealth and how some people end up getting a financial head-start (and also a head-start typically in understanding financial basics like savings & investing) because of that. Generational wealth + skills + motivation does put people ahead.

Jordan: first rule of becoming a billionaire is to stop uptoning. Second is to provide something of value to society. Third is to leverage.

To be a billionaire, you need to provide something extremely valuable. Like be a successful businessman, or athlete, or entrepreneur.

To become a billionaire you have to provide, what I call, an "inevitable need". There's very few opportunities for these because they only come up in the gaps of big society changes. For example, Elon Musk did this twice. People think of him as the Tesla guy, but forget he founded PayPal. It was inevitable that society would need a digital money transferring product with the creation of the internet. Then he did it again with the electric car which is an inevitable product. Jeff Bezos did the same thing. An online marketplace to purchase products digitally was always inevitable once the internet was created. No matter what timeline you go to, there's going to be a billionaire that made the car, electric car, railroads, online marketplace. It's not about being creative. In fact it's the opposite. It's about fulfilling a huge inevitable need. If you see an opportunity like that, go full force. Unfortunately you can't create those opportunities, they have to present themselves based largely on timing and the ability to act on that opportunity.

You have to be the founder of a successful business. Even people who work their way to become the CEO of a large company only make a few million a year. Thats not enough to become a billionaire.

If your goal is to become a billionaire, you won't make it. People that have the goal of providing a valuable product or service to hundreds of millions of people are the ones that become billionaires.

Dave and caller: *having an intriguing conversation* Caller: did any of these billionaires use fi- Dave: *ends call*

Great question and great insight. Thank you, Dave.

How about set yourself a goal to become a millionaire, then a multi-millionaire after that. Then possibly set a goal of being a billionaire. That's like saying my goal is to win the Tour de France before you win a single local city bike race.

If you need to call Dave to ask how to become a billionaire, you probably need to adjust your goal.

I'm a Zimbabwean Billionare.

Anything is possible. I learned that the hard way.

" I have enough money to pay for a bridge to be removed so my yacht can get out to see" - Jeff Bezos

One man came to Mozart and asked him how to write a symphony. Mozart replied, “You are too young to write a symphony.” The man said, “You were writing symphonies when you were 10 years of age, and I am 21.” Mozart said, “Yes, but I didn’t run around asking people how to do it.”

I’m not saying it’s right or wrong but You would be hard pressed to find any billionaires who didn’t use some form of debt to grow their business. That’s reality, with that said you don’t need debt to become a millionaire and I think it’s a way more realistic goal than becoming a billionaire, for most people that’s a delusional goal.

The way inflation is going, being a billionaire might not be so out of reach in the future

Realistic answer is no. A future billionaire isnt calling in a radio show asking such questions...but are busy working nonstop on something that is revolutionary.

You can definitely become a millionaire without using debt but I would guess becoming a billionaire without using debt is next to impossible.

Can you? Yes, but it takes years of passion to build something to get a business that strong.

Millionares work an entire lifetime. Billionaires create a thousand lifetimes' worth of work for others.

This is a ridiculous call. Become a millionaire or build an industry or create a need then call back bro.

A 65 year old who maxed out their 401k since 1987, with catch-up contributions and 10% growth, would have an account value of $3,185,194.60

Possible but unlikely, even billionaires rarely can replicate that success.

Dave is so humble. I can’t believe people haven’t figured out that he already is a billionaire (pretty sure). If you do the math, the business of Ramsey solutions is a 700 million dollar business… okay, and he also states that half of his investments are in mutual funds and half is in real estate. He also states that he has “several hundred million dollars in real estate” soooo if you do the math he has already been a billionaire. He is just wildly humble and doesn’t flaunt it. He also probably gives more generously than most billionaires. He doesn’t flaunt that either.

Want to become a billionaire? Create a company that create a lot of value and scales very well.

A lot of billionaires were able to use connections and funds given by their parents. Just because they didn’t inherit hundreds of millions doesn’t mean they started from nothing

What a weird question from a guy that just took financial peace. Let’s take baby steps. Almost like a question a 8 year old asked his mom.

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

It's easy to become a billionaire with hyperinflation ^^

Anybody watching this video, GOD bless your hustle 👍

There’s no way for anyone to tell you how to be a billionaire. To be that financially successful you need to do the right thing at the right time, like Bill Gates with Microsoft. Then you need to work unreasonably hard and to have a bit of luck.

It’s not easy, but it’s simple. Persuade people to give you $1+ for a good/service (in profit, after all expenses)… a billion times.

Nobody has ever become a billionaire through saving money.

Start with a Million

Best advice Mr. Ramsey could give on this subject: forget it

I just read that Tom Brady is only a half a billionaire. While anything is possible, let’s keep our goals realistic

Possible? Yes Likely? No.

It seems like the only mathematical way to become a billionaire is by starting a business with a million dollar startup and lots of potential to grow. Start by doing the seven baby steps. Then start doing the giant steps you need to take to become a billionaire from there. You need to build a platform and then build a business and position your business platform as a monopoly so that you drastically increase your chances of earning your first billion.

The caller had to have been a troll. Lol

If I make it to mid 90s. I'll most likely be one and or very close. My children will be our 3rd generation of wealth. Parents started middle-class. Became multi-millionaires in their 50s. I am on the same trajectory as them. Between my parebts assets and mine producing/compounding. My children mathematically should become billionaires.

This caller will never become a billionaire, they need to just focus on becoming a millionaire. Billionaires dont plan to become billionaires, it's a consequence of them being great entrepreneurs and innovative. That level of entrepreneur is not something anyone can just choose to become. It's like the NBA of business, it's handwork but theres a genetic element to it also and if you aren't already doing entrepreneurial things you definitely don't have it.

To earn a billion dollars you need to make 20 million a year for 50 years, Which equates to $54,800 a day, $2,283 an hour, $38 a minute, or 64 cents a second. Consecutively for 50 years. Now, add 50-60% tax if it’s personal income and make that 75-80 years

This guy needs to know that there are shorter routes to getting a girlfriend than becoming a billionaire.

This [guy] Mr. Ramsey is simply Amazing. The Wisdom and Boldness that Ozzes thru him is Awesome.

Why do broke-as-a-joke people waste time sitting around asking these stupid pie-in-the-sky questions. Yes, you could be a billionaire, but it is about as likely as winning the mega-millions. Go back to work!

I think people have forgotten the proverb " have mercy on the poor" everything is being put behind a payroll that is getting higher and higher

At that point you’re a caretaker of economic velocity.

Dave Ramsey likes to say most millionaires are self-starters (i.e., did not inherit the wealth). It would be interesting to see what proportion of billionaires inherited wealth, and whether the percentage is higher. Prominent examples include the Walton family children and Saudi royals.

So many people are so determined to become billionaires nowadays. Its like why, is a couple of million not good enough??

To become a billionaire, you either need to create a company or use debt as leverage.

"there is no indication debt.." 😂😂😂😂😂😂😂😂😂😂

Wegmans Supermarkets is not Public also. (Rochester N Y)

Although everything he said was true. It wasn't very helpful. It doesn't give you a very clear path. Here's a more helpful answer: There are multiple blogs, channels, books, podcasts, speeches, interviews etc on how to get rich. My personal favorite channels are called This Week in Startups, Y combinator, Productivity Game, and Franchise City. There are many more you should look for online. (Not just on KZfaq) I would start there and look to see what you are interested in or what clicks with you personally. Also there are tons of other places online that talk about this stuff (I know for certain with tech startups). Once you find something that clicks with you, I would start going down the online research rabbit hole. Oh yeah, beware some of the sources online give feel good and sound good advice. But don't really help or are just wrong or too company specific, and just waste your time.

It’s impossible under Dave plan since you never take on any debt. Billionaires take out all sorts of loans for investments

Most entrepenour billionaires, become billionaires as a byproduct of their success, but is never the goal, if you set out to make a million dollars you can achieve it in a lifetime(several times over in fact ) if you set out to become a billionaire the chances are pretty much zero

There is debt on the books for every example Dave gave...

We have no debt other than our house. No car payments. But we do have two kids in college which is making it difficult to Save. Any suggestion how to get through this without pilling on debt?

There is not one billionaire in the USA that does not leverage debt.

Elon Musk will be humanity’s first trillionaire.

Opm is definitely involved. I don't think leverage is the only way though. Setting up a business is pretty much the only way though.

"We hold these truths to be self-evident, that all men are created equal, that they are endowed, by their Creator, with certain unalienable Rights, that among these are Life, Liberty, and the pursuit of Happiness." Thomas Jefferson

I would have liked to of heard more on how Dave built such a large business without borrowing to do it.

Dave "Apple is not contributed to a single person." Neither is Microsoft!

Why even post this even Ramsey is not a billionaire

You have to almost always start a great business which grows fast. Then take it public and enjoy the stock appreciation.

Anyone can be a millionaire. Becoming a billionaire, however, requires a lot of luck.

😂 this must be a joke

I love Dave & his mindset is focused on the 9-5mindset that will create a millionaire. A billionaire mindset is in a completely different stratosphere & both of these guys don’t quite get it. Love them though.

To become a billionaire you have to provide the world such good value. I feel like people underestimate how much is a Billion dollars. I would be fine retiring with a 20 million dollar portfolio

using compound interest becoming a billionaire is possible for me if I live to 110. Million is simply just not enough and I dont know why we act like it still is today. Thats small thinking. also roth IRAs do not have minimum distributions yet so it is possible to do it in retirement accounts.

If you have the drive, talent, creativity to create a product or service the world wants and do it with integrity (so you don't go to jail) one could be a billionaire.

The risk of not taking risk is so huge it costs you billions

Why become a billionaire anyways? I get it if you wanted 10 or 20M, then you have all the freedom in the world, but what changes after 20M?

Billionaires - "I've 'studied' them" lol

I can’t imagine caring about having a billion dollars. I want financial freedom, and that probably means being a millionaire. I just don’t need that much.

To become a billionaire is easy. Just save a million dollars every year, and do that for 1000 years 😂

Serious question: 401k gets taxed at ordinary income whereas brokerage gets taxed at 15-20%. Why is a 401k better? It is tax deferred but you have to pay the full rate later on. Is that better than brokerage where you pay tax but then get to pay a lower rate?

I think Dave or at least his family overall are headed to a billion. At 300 million roughly now

These are just numbers they don't matter. If you have 900 million you are not a billionaire though your quality of life is probably the same as. I read somewhere that after 50 million your quality of life does not really get much better above that.

Not without leverage, straight up. Every single billionaire in the world uses leverage. I think Dave would be the first in the world, would be awesome to see.

These billionaires use debt to keep their lavish lifestyle, since majority of their wealth is in stock value, and would be taxed through the roof if taken out

Chance is almost zero to become a billionaire.

Dave needs to get a Tesla to smoke all his ice muscle cars axx.