Meet The $700,000,000 Man Who Lost Everything | Dave Ramsey

"And so, like one portfolio we bought like almost $10 million worth of stuff for 2 million and that was just one little grouping of properties. Lucky or timing or cash position or whatever we drop coin into that and it just took off. So that's what I mean when I'm talking about your portfolio."

"We have a really easy asset test is does it help [clears throat] people? We're 100% have figured out if we help enough people, we don't have to worry about money. And so if we can find new and better and more efficient ways to help more people, even if it's at a lower price point, uh we'll end up with more money."

"And yeah, we've got some products that are in beta and some stuff that's going to come out in scale in 23 that Yeah, it's going to be fun."

"It's harder than you think it's going to be. So, perseverance is one of the key qualities of people who are able to do that. Uh you persevere through an amazing amount of manure and an amazing amount of pain that you know that breaks your heart and hurts your feelings and mean people and [laughter] everything else. um number one. So expect that expect the climb to be hard but expect it to be worth it. That would be our advice."

"Uh the second thing is do it this moment in time economically in America with the things that you can do with the digital world that we now live in versus 30 years ago when I started. You have so many tools that you can get your hands on. I mean think about it. You and I can just turn on something and all of a sudden we're on YouTube. Yeah. I mean, you can just turn on something and I I can launch an app and put it in the Apple store and I mean the cost the the access to free distribution of ideas and man it's a great time to be alive and run a business."

"The third thing is I call it failing but you're failing. You're going to my friend John Maxwell says you're going to fail forward. Everyone I know that has an inordinate level of success in any endeavor, whether it's ministry or music or business or anything you want, you want to name a name of a household name of somebody that that I some of them I've gotten to spend time with. You know, they have they've sold a bazillion books. Whatever it is, every one of those people are standing on a pile of their mistakes. The gleaming mountain of success, it turns out, is actually a big pile of garbage and you're just standing on it rather than laying under it. And it didn't defeat you. You just kept climbing on the garbage and producing more garbage."

"Ramsey is now a household name. And yet I am personal knowledge that uh about 90% of our ideas in the last 30 years have sucked. everything you know about us that's positive was probably less than 10% of the ideas that but they all sound great in the morning when you're on your walk hey I'm an entrepreneur this is going to work it it didn't [laughter] it didn't it didn't it didn't it didn't and then you put something out there that you kind of thought eh and then it goes big and you got [laughter] crap I don't know nothing you know so you just keep at it you just keep at it you keep at it and you fail forward"

"You know, I hit one of mine the other day. I had always wanted to give a million dollars in a year and I did that several years ago. We were able to do it year before last in one day. That was a blast. That was fun."

"And when 2008 happened, I bought a bunch of property. ... we were buying those things for a nickel to uh 20 cents on the dollar. And so like one portfolio we bought like almost $10 million worth of stuff for 2 million and that was just one little grouping of properties."

"I haven't worried about that, but the net result has been that I've got mutual funds that can pay. I'm 62, so I can take whatever I want. Uh I own it just sitting there. And I've got real estate income. I've got royalty income off of books and we've got Ramsey as income. I mean, as far as I'm concerned, you got a whole bunch of different properties. Uh those are all different income sources even though they all fall in the bucket of real estate, but the the chances of all of them simultaneously going sideways is very very low."

"Well, if you look at the Force 400, they're all billionaires. Now, when you start studying through those guys and gals, you find almost all of them grew some kind of business. Almost none of them did it purely on investing. I mean, you can't put enough in your 401k to be a billionaire. It's it's mathematically impossible, but you can do that to get a millionaire for sure. And you can probably get to deca with, you know, couple of uh properties that you rent, couple properties that you enjoy and live in. uh lake house in a house or something like that and uh you know and you load your 401ks and you load your mutual funds and they're all paid for. You could probably get to 10 million doing that pretty pretty conservatively."

"The valuation of the business, in other words, was a key component of that."

"we've got some products that are in beta and some stuff that's going to come out in scale in 23 that Yeah, it's going to be fun."