Wealth Blog Post

How to Get Rich: The Secret

George Grombacher May 4, 2023

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How to Get Rich: The Secret

Wanna know the secret to getting rich? Lean in, I’ll whisper it in your ear. 


What do Dave Ramsey, Yahoo finance, and Jim Cramer have in common? Very little. George breaks down the danger of click bait headlines and online financial advice, and what it truly takes to become wealthy. 


Here’s the Yahoo article George mentions. 




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Episode Transcript

george grombacher 0:02
I have what can only be thought about and considered groundbreaking news. I was on Yahoo Finance a couple of minutes ago and it came upon an article. And the title of the article is see if I could find the title of this article. I know that you’re on the edge of your seat, you’re dying of suspense. What is he going to say? What is so groundbreaking title is Dave Ramsey, he shares his secret to the fastest path to millionaire status. So oh my goodness, amazing. Dave Ramsey’s gonna share a secret to making that happen. So obviously, I clicked on it. I like you. I couldn’t wait. Here to unlock all of it. The hack, the secret, the secret to millionaire status. Here’s Dave secret. According to this, according to this author, Dave Ramsey’s secret to millionaire status is a couple of steps to it. Number one is have a budget. Number two, get out of debt, stay out of debt. Number three, invest consistently over time at 15%, and to IRAs and 401. Case. Well, there you go. That’s a secret. That is the worst kept secret in the world. I love Dave Ramsey. Uncle Dave is amazing. He is the most important financial person in the country, a probably the world, and certainly just on the Mount Rushmore of personal finance and education. Dave is right there. And those things are not secrets. That’s very, very well known information. It’s good to be reminded of it consistently. I think that, that you and I need to be reminded more than we need to be educated. But then I realized that that’s not necessarily true. There are a lot of folks out there that do not have the level of financial literacy that I have or that you have. And so that’s a very, very essential thing. And then how do we take and apply that financial literacy and that’s really what financial wellness is all about taking it apply and information versus just having it not doing anything about it. But it just struck me as it’s like, really, this is amazing. This is the headline, Dave Ramsey shares his secret. I don’t like secret knowledge, especially when it’s not a secret. I don’t like hacks. I don’t like shortcuts. I don’t like anything like that. Like it does way more harm than it does good. That’s the reality of headlines and advertising and click driven stuff is that need to give you and feed us exciting salacious controversial titles that are emotional and drive us to click and read. Because that’s how money is made. And my heart goes out to them. I’m not really necessarily bagging on. You know, whoever wrote the article or whoever published the article, you know, you got to do what you got to do. More important than that is you need to do what you need to do. And that is to be aware of if you’re not already of the danger of paying attention, following financial input advice, however you want to think about it or frame it that you get from sources that are driven by advertising and clicking. Now, I’ve been guilty of that I was guilty of this in my 20s I had no idea I just didn’t know. I would watch TV shows called like fast money. I don’t know Fast Money is still on. It’s very, very entertaining show talking about the markets kind of like a market recap show. And I would read magazines like Forbes and fortune. And I would literally make investment decisions based on what I read and what I saw. And is terrible decision. Terrible, stupid. A lot of the time most of the time. Again, just recognizing what recognizing the stuff for what it is, which is emotionally driven headlines that make you click on it. And also recognizing that you Yahoo and every other financial blog out there has a new cycle every 24 hours, that they must create new content and create new, emotionally driven, shiny things to click on to get your attention, attention grabbing stuff. And while I’m not saying it’s bad, and not rarely wrong or bad information, but not, but it’s probably not right for you, it’s probably not the right information for your financial situation. It’s oftentimes very short sighted, not taking into consideration the other important variables that go into your personal financial situation. So many reasons to not pay super close attention to this stuff. So anyway, I don’t know that does you a ton of value for me to poke fun at big, great big successful websites for you know, doing whatever they need to do to remain relevant and to continue to, and to continue to get eyes and clicks. But what I do think is important is for you to know, the actual secret to getting wealthy, the actual secrets to financial prosperity. And Dave is right. Everything that I told you a minute ago is absolutely spot on. But it’s an open secret. You know, what does that saying? If two people know if more than two people know the information, it’s no longer a secret. So what Dave Ramsey is talking about, he’s been talking about since the 90s. And it’s always been right. And it’s always been effective. So I don’t think any of it’s a secret, the trick is just taking and applying it. But here’s another secret for you secret to getting wealthy is you have to do the work, you must do the work. Step number one, and I think I’m pretty close with with Dave’s baby steps, but it’s establishing an emergency fund. I don’t know if he talks about having $500 in an emergency fund or $1,000 in an emergency fund. But that’s step number one, your secret to getting wealthy is to get $1,000 saved up and get that in an account that is separate from your everyday checking account. It is your emergency fund, it’s the beginning of it. So do that. Step number two, from my perspective, I may be a little bit off from Dave, but it’s what I think is start paying yourself first. And so that means a couple of things. It means enrolling into your company’s 401 K plan. If you work at a company that has a 401 K plan, enroll in it, even if it’s just 1% Get in the habit of saving money for you. If you don’t have a 401k plant, open up an IRA and set up automatic contributions into that IRA the first of every month so you pay yourself first, develop the habit of doing that that is the golden rule of personal finance. Really, step number one. So, number one, save $1,000 Step two, pay yourself first and roll in your 401k. Step number three, figure out what your total monthly expenses are and get one month’s worth of expenses saved up. Okay? however long that takes you to do put a plan together for making it happen. Step number four, get out of your consumer debt. Get out from underneath credit card debt revolving debt, it is crushing us it is the worst. Dave Ramsey is the best because he helps people to actually do that. So put a plan together we’ve got a free course money lemon academy.com that will help you to do exactly that to help you to get out of debt. The course is called get out of debt. One of my unique abilities is like I have many one of my unique abilities. Easy there George. One of my unique abilities is naming things and courses. So it’s called get out of debt easy to find free. Check it out, put a plan together for getting out of debt. Step number. Kind of lost count their $1,000 pay yourself first one month, get out of credit card debt. Step number five, get two months worth of expenses saved up. You can do six step number 6789 10. The next step is get to six months worth of expenses saved up. I don’t just casually throw that around. I know how hard that is. I know that it’s a lot of money. But here’s the thing. I want you to get rich I want you to have whatever you want when it comes to money and personal finances. I’m here for it. Whatever you want is your your desires. They are not mine. I am not putting my values on you. I want you to get what you want.

But the first step to financial prosperity or getting rich or whatever is financial security. You and you get to financial security once you are out of credit card debt, and you have six months worth of living expenses saved up in your emergency fund. Believe you me, I know how hard it is. I also know that once you’re there can let the tension come out of your shoulders. You can release it. It’s no guarantees. But you have that your audit done six months of expenses, you feel better, that’s financial peace of mind. And that positions you to pursue financial prosperity in whatever form that that takes for you. That is the trick. But there is no secret to it, you must do the work. Is that right for you? You know what, until you do it, let’s just put our head down and not worry about anything else. Until you get to that point. Your Money, let’s just let’s assume that it takes you six months to do that, or it takes you a year to do that it’s worth it. You will have developed self confidence you will have developed self discipline, you will have some money saved up, you will just have the benefit of momentum, you’ll have the wind at your back be moving forward to a brighter tomorrow. All good things. Then it’s saving and investing for your future. So getting super clear to what your goals and your objectives are. And all of that I talk nonstop about this kind of stuff, because I know how important it is to remind you of how important it is and inspire you hopefully, to start doing it. Then it is knowing what your financial goals and priorities are and making plans and starting to fund those plans. So you make the decision, you want to retire at 65 years old awesome. The plan means that you need to know how much you are saving on a month what how much you need to be saving on a monthly basis, the rate of return you need to get investing in the appropriate type of mutual funds or exchange traded funds within your IRA or your 401 K in order to get to that number at 65. And then also for the down payment on a home kids education. Whatever your financial goals and priorities are. All of those should be super boring. The investment approach for all of those goals and objectives should be super boring. It should be well diversified mutual funds or ETFs. You know, passive low cost. Boring. That’s the idea. Not supposed to be exciting. Once you’ve done that, then let it rip. Start investing in individual stocks, crypto, NF T’s, gold bars, copper, silver, pork bellies, orange juice futures, I don’t care. Because you’ve set yourself up, you’ve positioned yourself for success. So if you lose money, things go sideways with speculative type investment, which it will, again, I promise you, once you start investing in individual stocks, or individual securities or crypto or whatever, you’re gonna lose money. Not always, you’ll eventually figure it out, and you will end up paying your tuition. But that’s okay, because you’ve given yourself permission to do that. Because you’ve positioned yourself for success by taking a prudent approach to achieving all your financial goals and objectives, like I was just talking about. So that’s the secret, do the work. And until you’ve done that, stop paying attention. Stop reading and scrolling through, you know, talking financial heads about, you know, what’s happening with the market today. Because those people have no idea. You know, look at Jim Cramer. If he’s not the most famous market commentator out there, I don’t know who is and he’s always wrong. It’s, there’s, there is literally, you know, so many wonderful memes and investment approaches that just take the opposite advice of Jim Cramer, and again, you know, game recognize game Good, good for him. He’s made himself wealthy by being an entertainer that happens to be entertaining around the world of investments of personal finance. Dave Ramsey is not that is essentially the opposite. not sexy, not exciting. no whammies or sound effects. Just Dave dishing out tough love on a show, telling you to get out of debt, telling you to stop doing it. stupid stuff with your money. It’s like I’m doing a commercial for Dave Ramsey, but if you haven’t checked out his stuff, go check out his stuff. Even though I already told you a good portion. I’ve already let the cat out of the bag and what the secret is Dave secrets. Of course they’re not secrets. It’s just great, great financial. I don’t know if Dave’s given financial advice or not. I don’t know if he says that he does or not. But it’s great financial advice. So like Dave talked about is for the most part, great financial advice. So anyway, do the work. Get yourself some financial security. Once you’ve done that, you can move on to financial prosperity. Let it rip. Again, you want to get rich. That’s awesome. But first things first. Do the work that your budget it’s your emergency fund setup. Start paying yourself first. Get on track. Not rocket science. Stop reading BS headlines. And as always, do your part by doing your best

Transcribed by https://otter.ai

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