Dave Ramsey (28:45)
But she does make. I'll tell you, the conversation is a good point for everybody listening though. Okay. When you have to have enough of your net worth tied up in income producing assets to be able to live off of that income, in their case, it's a very simple formula. 2.7, 10%, 270. Right. But let's say you had 2.7 and it was in real estate that was generating rents. Are the net rents net of all the expenses in enough to live on and are you okay with that? And those of you that are small business people, you need to have assets outside of in addition to your small business when you retire. No, that's my retirement. No, that's not your retirement. That retirement has to be done some. Then you're gonna put your kids in debt when they try to take it over from you because they got to buy the old man out because the old man hadn't saved any stinking money. So you need some stinking money. You need to have invested and created income producing assets that you can live off of at retirement. So one of the guys I was ran through my head. One of the guys we found was worth $12 million in the. When we did the millionaire study. Yeah, for the millionaire next. Not millionaire next to it. That's Tom Stanley's book. My book, Baby Steps Millionaires. Right. And so that study, one of the guys, he was one, he was an unusual millionaire. And that's why I remember him. He bought a tract of farmland, he was a farmer in Kansas for cash. And then the next year he bought another tract. And then the next year he bought another track. And then the next year he bought another track. He had $12 million in dirt. Oof, dirt. And if he's not farming it, it doesn't create an income. It goes up in value, probably because it's apparently good dirt. Right. And he's been doing that. But if you've got it all tied up in dirt, you know, we had a family one time, we were coaching in entree leadership. They were third generation and they started with like 500,000 acres in New Mexico and it was part of a land grant thing three generations ago. And every generation they had to sell off blocks of it to pay the estate taxes. And now we're down to the third or the fourth generation and they're all trying to live off of this land, only it doesn't create an income, but they have this massive net worth. To Kayla's point, she makes a good point, but no income. And they sat and argued what they did about what to do next because basically the thing between someone trying to eat and the federal government taking estate taxes every generation, the half a million acres had been disbanded and was gradually eroding. So sad for those things because nobody ever bothered to create an income. You got to create an income and you gotta do that. So she makes a great point on that and she was a lot of fun. That's great. Hold on, folks. Don't panic. Buying a home in today's market doesn't have to be complicated, but it does take more than hope and a quick Internet search to get the right home. One that will be a blessing and not a burden. You need a trusted mortgage partner who will listen and serve you, not push more debt. You need the professionals at Churchill Mortgage. I've personally recommended Churchill for over 30 years and they're the only mortgage company. That's Ramsey Trust. Churchill stands out because they operate the Ramsey way with transparency, integrity, and a commitment to doing what's right for the customer, not what's profitable for themselves. Churchill aligns with Ramsey's values by focusing on education, responsible mortgage lending and helping people make smart long term decisions that enable them to build lasting wealth. Go to ChurchillMortgage.com today to begin a better mortgage experience. ChurchillMortgage.com this is a paid advertisement in MLS ID 1591 in mlsconsumeraccess.org equal housing lender. If you want to help us out, you could. We'd appreciate it. Leave that five star review. Subscribe. Click the subscribe button. Follow button. Click that button. The share. Do some sharing. Sharing. Share the show, tell people about it just with your mouth. Or clip, clip out the, cut out the, you know, the link and send it to a friend and go listen to these guys. They're a little crazy, but they're fun and I learned stuff. So there you go. Hey, we appreciate it if you'd spread the word for us. It helps a bunch. We know a bunch of you do that because our numbers are up ridiculously. We appreciate you very much. Andrew is in Washington. Hi Andrew, how are you?
