It’s funny how Dave’s accent gets thicccer when a country boy calls in.

The older I get, the more I realize that the key to success isn't being brilliant, it's just not screwing up too badly. As long as this guy doesn't get fancy and over leverage money on options or crazy real estate loans he's set for life.

Clear the debt Set aside the tax Leaves $850k Put $250k in mutual funds With the remaining $600k buy two properties @ $300k each. Live in one and let the other. Add all the rental income into the mutual fund. Continue to do your day job and live on the $70k. If you ever lose your job you can live off the rental income until you get back on your feet again.

Dave was like damn I wish I caught that deal 😂

Nice to see calls like there that we can all relate to in our daily lives.

Glad they're putting him through FPU. He sounds thrilled yet scared, so hopefully he can learn more about managing this money in the coming months.

My wife's cousin won the Irish Sweepstakes. It was a million less taxes. He bought a $500K home and a new 'vette.

I hope this guy actually saw that money and didn’t get scammed.

This guy said he's 27. Sounds like 67

Make a revocable living trust for the estate plan. With that amount upfront and a lot more growing over the years, have it all in trust and make passage of it more private and efficient.

Excellent walkthrough and tips !! Never do anything with money that you don’t fully understand 👍 👍

Dave says something here that is important. People think that because real estate prices are high, they are going to come down. I doubt that. They did in 2008 but that was under a completely different set of circumstances. My expectation is that they will stop going up so fast, but they won't crash. As a very smart friend said recently: Houses haven't increased in value, dollars have decreased in value.

Hilarious he calls these grown men honey! 😂🤣

Best wishes to the caller. That would be a nice challenge to face.

I like the advice of the younger guy,, spread it in savings through out the years, such emergency funds and life stages, like getting married, you never know what is gonna happen

Dave had got to stop telling people that house prices are not coming down. In many areas they are falling right now. Bad blanket advice.

SAY NO TO CONDO!!!!! That is paying for the right to pay rent and have someone else tell you what you can't do with your home. Better off buying a house and hiring a gardening service.

Congratulations to this young man. I'm rooting for him to invest some. Purchase a primary home. Maybe a rental or two. AFTER he takes care of his tax burden. Lastly don't get married and or date expensive women. Cause they will help you spend that money FAST. Literally know a guy who was hurt on the job. Got a multi-million dollar settlement. Quit working and spent in all innless than 10 years. To this day. He personally doesn't regret it. But he's obviously a little crazy lol.

Mature caller 👌🏼👏🏻

27? I thought he was 50.

Don't wait till next April to pay the taxes. I'd recommend June, as they are due quarterly.

How do you "find land"? Isn't most everything already discovered and, if not owned by private entities, owned by the county/state?

He could invest 60% in S & P 500 index fund and 40% in Nasdaq 100 non-fin index fund. At ~14%, it will double every 5yrs. He will be financially free by 40 with lavish yearly withdrawal amounts.

Pay off the debt, buy 250k home in cash, and invest the rest then retire at 40 :). With no house payment and no longer savings for retirement he should be good.

Bruh 1mil gross does not warrant hiring a “team” of financial experts 😂😂😂

Do more land deals 💰💰💰

Best investment return is to start a business doing what your good at and enjoy that pays a good return.

Yeah. I'd agree with some of this advice. Definitely set aside the taxes in some kind of high interest account. Nothing too risky and noting you can't get to when tax season hits. Get advisers. Pay off all your debts. Note that the amounts you have will exceed fdic insurance for regular people. So wherever you park it you need to consider that. I would let as much of it as I can sit in something like a high interest account. Or cd. For like a year. Maybe even 2. And really think about what it is you want. 850k for you is basically half way there to fund your retirement. It's a lot. If I got it. I would put as much as I could in my investments & retirement accounts. And continue working & living as I make my standard income. I don't think I would buy a house with it. You could. But if you put in 15% and even with a conservative 7% average return. You could potentially be able to retire in about 10 years. I personally would probably go 20 years just to make sure. And at part of that. You might earn enough interest to just buy a house then. Or 20 years time. It's a lot of time to save money for your own house later on. Or in 20 years you should have enough invested if you pulled out 500k for a house, it wouldn't be an issue. But that's just me. I don't hate the idea of him buying a house. But to me. I'm thinking about that money as something I would prefer to use in the future. Not right now. 850k is a lot in the context for retirement. But when it comes to buying groceries & houses. 850k is nothing. In my area that buys you a slightly better than average house. Left to my own devices I could burn that entire 850k in one week. To me it has way more value in protecting my future financial needs and goals rather than my immediate needs. I definitely agree that using a small percentage of it to adjust some lifestyle needs absolutely makes sense. Like paying off bills or buying a more reliable car than the one you have within reason. Don't buy a tesla. But it's just my opinion.

ETF or mutual funds? What is better for investing in for 20+ years?

Finders fee?! No Wade, you see this is my deal here.

I think the best thing to do also is to put it in a trust.

Dave literally just said house prices are not gonna go back down😩

I feel 20-30k is not quite enough for an emergency fund when you own a house...we've had to write checks for some big home repairs.

I guarantee Paul won't be getting a $million plus commission check. The other party is never going to pay that amount. They will negotiated it down considerably. I hope it really happens for him, but don't spend it before the check clears. If it miraculously happens, don't spend a dime until you get a clear idea from your CPA on the tax burden. You're also going to find that $1M is not as much money as you think.

Dave I just inherited a billion dollars what should I do with it? First you need to sell your car then get on beans and rice, rice and beans - immediately if not sooner.

4:06 honey ?? Lol

Pay your home first :-) hi subscriber here !

Taxes is theft. My god.

He needs to become a millionaire quickly so he can keep the money.

He should keep renting and invest that money. I used to work for a small business, the owner was a famous artist. He's a billionaire or at least very close to it. He owns Picasso's, Warhol's, and a mansion in Manhattan. Yet he rented until he was in his '60s. After that, he built his own mansion in Manhattan for about 50 million dollars. The point being that even the ultra rich would rather use their money to invest than dump tons of money into their home when the home does not bring in income.

Rental properties seems like a hassle to me...

He should go to Vegas and put it on his lucky number 🤣

I like George

Idk, I feel like that money could fall through for some reason, but I hope it didn't.

I wonder if houses will retreat in the west, because of no water.Because of no water,and then power,(Hydroelectric)What a mess.

Put the money on a dividend strong stock, get paid one a year , you nevertheless to work in your entire life

Shouldn’t he invest 250-500k in mutual funds. Then in 20+/- years he will be set financially.

Dave just screwed him over by telling him to pay full for a condo or home. He should put a down payment and get a mortgage on a home and leverage the money and invest in index funds.

VTSAX and Chill!

If I were him, I would put all of my money into CD or high yield saving account that gives me 4%-5% or 40K-50K a year, which then can be used towards a house and monthly payment. Then, in the meantime, I will go to college to take a class or 2 about personal finance and investing so figure out how to best used my $1M cash.

Don’t stop investing and pretend you have nothing. Help others and travel more

Pay off your debt. House hack a 4 plex., Rental property! Put 35% down and get a mortgage for the rest.

Congratulations man! The people in Zimbabwe all became billionaires!

I’m a skeptical guy, wish I wasn’t it’s not a good color on me, but I would like to hear if this million dollar deal goes through. If it’s too good to be true, probably is. You also don’t need that much money to carve out your best life.

Payoff the debt and throw the rest in VTI

Where can he get 10% av. per year, Dave?

Better save some money for taxes.

He should not get married...ever. And practice some form of stealth wealth to keep scavengers away

This is my current predicament albeit a tenth of the amount. Searching What to do with £100k” led me to this channel just weeks ago.

I live in a country where It's impossible to become a millionaire. Not sure how can I leave since no wealthy country will give me Visa.

How did he just find land for a developer?

Hello Dave, why not put some of it in a good dividend ETF?

Help !!! Wich loan is best for disabled people. Want to fix my 1940 paid off old house. I have no downpay right now

Don't go on radio show because now all your friends cough cough and relatives will come out of the woodwork. Pay off the debt. Why in the freak anyone would buy a condo just a glorified apartment, to many rules.

Seriously

Pay home First, in Full ....... - Pay Debt in full if you can ....then

Pay off every bit of debt you have Invest the rest of it in a VTSAX or something similar. Reinvest the dividend. Work until you want to retire. Dont blow it on stupid things.

I would pay my tithes, pay my taxes, pay off my debt, buy a home, set aside a healthy emergency fund, and put the rest into a mutual fund and let it grow.

I just found this here land and made more money that most people make their entire life working in the factory.

beans and rice SELL THE CAR!!

Happy for him ! Hope he gets some tax advice first before he mentally plans all this out

Consulting Dave Ramsey for financial advice after reaching a new milestone is a surefire way to never reach the next milestone.

Dave, u still Hating on bitcoin?

Good ol' Uncle Sam slurping 30% because F.U.

❤❤❤

Run You own business

27 sounds 47

I call BS call !!!

Since I'm single and if I ever got a million dollars, I would still purchase a tiny house. I am NOT interested in keeping up with the Jones.

The caller sounds older than 27.

He's 27 and sounds like he's going on 57.

Avoid debt. Cut cost. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. I have purchased growth stocks this past few weeks. I'm going to sit back and observe how this plays out, adding more at a time. My investment strategy with my F.A Rita Wildrin Mora gives me the best returns, Its been a year of steady growth.

Bitcoin hasn’t gone to zero

Let’s Take A Ride To The Casino & Celebrate 🎉

Dave is DELUDED if he thinks house prices aren't gonna drop, but everyone likes to believe him because most people own a home and like to think its true.

if it can retreat twice why cant it retreat once more. maketh no sense.

See how fast you can spend it.

I enlisted to the Army National Guard at 34 y/old, so I can go back to school for free. If I did it at 34 my kids can do it at 18 y/old. I'm paying for nobody 🤭😎

I'm a millionaire but I cannot touch the money until I'm 60.

Nope you wrong about the housing

I have a condo I'm selling. Just saying! Lol.

Being a millionaire in the age of inflation isn’t much of a flex

This guy doesn't sound 27.

Dave may be good in giving financial advice, not business ideas.

Why does a good old boy like Dave sometimes call other men "honey"?

I want to puke every time I hear him say "Better than I deserve"

😎😎😎

You're 27. Don't buy a house. There's nothing wrong with renting

I thought he was going to say, "I am becoming a millionaire from being a billionaire because my wife is divorcing me. "

I’m about to be a multi millionaire with AMC!!!