meta_pixel
Tapesearch Logo
Log in
Ramsey Everyday Millionaires

Don't Let Cost Of Living Paint You Into A Financial Corner

Ramsey Everyday Millionaires

Ramsey Network

Careers, Investing, Business

4.6 • 3.6K Ratings

🗓️ 18 December 2023

⏱️ 9 minutes

🧾️ Download transcript

Summary

Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Rachel Cruze, John Delony, George Kamel & Jade Warshaw. Helpful Resources: Need Help with your investments? Click here to connect with a SmartVestor Pro. To learn more about how to plan for Retirement click here To learn more about Investing click here Create a college savings plan for your child’s future. Click here to connect with a SmartVestor Pro. Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Transcript

Click on a timestamp to play from that location

0:00.0

This episode is sponsored by SmartVester. Connect with an investing pro for free at Ramsey Solutions.

0:11.0

Com slash invest.

0:22.0

You're listening to Ramsey everyday millionaires where we talk investing, retirement, building wealth and outrageous generosity. So I want to get your take on this, I'll set you up,

0:25.0

I've got an article in my hands, this is a

0:28.0

CMBC article, this is written in kind of the first person, a reporter, and I'm just going to

0:37.6

skip all over that and get to the reality here.

0:40.8

Over half of Americans earning more than $100,000 a year are living paycheck to paycheck.

0:48.0

This is according to a recent report by Payments and Lending Club.

0:51.0

Earning more than $100,000 a year would put you well ahead of the median American

0:55.0

household which brings in $74,780.

1:00.4

So assuming you're an individual with the pendents at salary would qualify you as upper class through three different definitions

1:06.4

But if we skip the whole upper class, middle class all that we're talking about people

1:11.6

Making over $100,000 a year that are living paycheck to paycheck.

1:15.8

According to data from the Bureau of Labor Statistics, you'd have to earn about $129,000 today

1:21.6

to have the same purchasing power that a salary of $100,000 had just a decade ago.

1:27.6

So how for your dollar goes depends on cost of living? And George, we say things like cost of living, but then that just

1:36.2

assumes it's like, well, this is just what it is. No, you determine your cost of your living.

1:41.6

Just because you live in one reason of the country or the other

1:44.9

doesn't mean that you have no responsibility or no say in your cost of living and you

1:49.1

were just telling me something which I want to cite because I think this is a great example and you said that you were in a little which I don't know why you do this but that's not the point you were in a little

2:00.0

little a little TIF if you will with someone on social media today and the guy was giving you

2:05.6

the business about how in the world can you say that you can live in a New York City

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from Ramsey Network, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Ramsey Network and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2026.