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Dave Ramsey has shared some sage advice for Americans striving for entry into the millionaire club: stick to your plan and be process-oriented to grow your nest egg.<\/p>\n
Speaking with Theo Von on the This Past Weekend podcast, Ramsey noted that, per a a national survey from his firm Ramsey Solutions, the millionaires studied were most likely to be in the following professions: Engineering, accountancy, teaching, management, and law.<\/p>\n
Ramsey said that at first, his researchers couldn\u2019t figure out what these professionals had in common. But they soon realized \u201cthey are process people.\u201d<\/p>\n
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\u201cThey learn the rules,\u201d Ramsey said. \u201cThat\u2019s the way [their] brains work. They do process, and that\u2019s the secret sauce.\u201d<\/p>\n
He also noted that 33% of the survey respondents made less than $100,000 per year.<\/p>\n
\u201cThey are not earning their way into it,\u201d Ramsey told Von.<\/p>\n
This is heartening news for Americans at every income level who want to build long-term wealth. Here are some key takeaways from Dave Ramsey<\/a> and his study for those who want to join the millionaire\u2019s club.<\/p>\n The Ramsey Solutions survey busted the myth that, in order to be a millionaire, you need a big six-figure income or to come from a rich family where you\u2019re set to inherit a pile of cash. Instead, most of the millionaires surveyed got rich through consistent investing, avoiding debt like the plague and smart spending.<\/p>\n The two main items that helped these people hit the million-dollar mark: investing in their company\u2019s 401(k) plan and buying a house and paying it off. Not every employer offers a 401(k) plan, but there are alternatives out there that can offer similar tax advantages.<\/p>\n For instance, if you opt for a gold IRA you can benefit from the tax advantages of a traditional IRA alongside the inflation-hedging properties of gold.<\/p>\n Typically, gold is more stable than stocks during economic downturns and recessions. In fact, gold has increased in value sevenfold over the last 100 years.<\/p>\n These days, you don\u2019t even have to go to a bullion shop to buy precious metals. Plenty of online platforms offer a wide selection of gold and silver bars and coins and fair pricing.<\/p>\n Story Continues <\/p>\n A gold IRA is one option for building up your retirement fund with an inflation-hedging asset.<\/p>\n Opening a gold IRA with the help of industry leader Goldco<\/a> allows you to invest in gold and other precious metals in physical forms while also providing the significant tax advantages of an IRA.<\/p>\n Goldco offers free shipping and access to a library of retirement resources. Plus, the company will match up to 10% of qualified purchases in free silver<\/a>.<\/p>\n If you\u2019re curious whether this is the right investment to diversify your portfolio, you can download your free gold and silver information guide today<\/a>.<\/p>\n To Ramsey\u2019s second point: paying off, or even buying, a home is more difficult for many Americans right now. While the real estate market can be prohibitive for first-time buyers due to still-cooling mortgage rates<\/a> and rising home prices, there are still options for would-be real estate investors.<\/p>\n For accredited investors, Homeshares<\/a> gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.<\/p>\n With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund \u2014 without the headaches of buying, owning or managing property.<\/p>\n With risk-adjusted internal returns ranging from 12% to 18%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties<\/a> across regional markets.<\/p>\n Read more: You’re probably already overpaying for this 1 ‘must-have’ expense \u2014 and thanks to Trump’s tariffs, your monthly bill could soar even higher. Here’s how 2 minutes can protect your wallet right now<\/a><\/strong><\/p>\n Smart investors also look for ways to diversify and spread their risk with their investments.<\/p>\n In the Ramsey Solutions study, the researchers wrote, \u201cThey didn\u2019t risk their money on single-stock investments or \u201can opportunity they couldn\u2019t pass up.\u201d In fact, no millionaire in the study said single-stock investing was a big factor in their financial success.\u201d<\/p>\n Instead, prudent and diversified investments are the name of the game for the millionaires surveyed.<\/p>\n The team of former hedge fund analysts and experts at Moby<\/a> spend hundreds of hours each week sifting through financial news and data to provide top-tier stock and crypto reports to keep you up-to-date on what\u2019s moving the markets \u2014\u00a0so you have access to extensive research, broken down into simple, easy-to-understand formats.<\/p>\n The platform has already helped over five million users uncover stocks before they deliver multibagger returns<\/a>.<\/p>\n Moby\u2019s success speaks for itself. The platform\u2019s stock picks have outperformed the S&P 500 index by an average of 11.95% over the past four years. And that\u2019s on top of the S&P\u2019s already consistent annualized returns \u2014 about 10% a year, on average, since the index\u2019s 1957 inception.<\/p>\n When asked by Von if he felt that the American Dream was dead, Ramsey noted that nine out of 10 of the millionaires they surveyed did not inherit their wealth, but instead earned it.<\/p>\n \u201cThat\u2019s good news for everybody,\u201d he said. \u201cWe\u2019ve all got a shot.\u201d To shoot your shot at millionaire status, you may need financial advice catered to your specific financial goals.<\/p>\n With Vanguard<\/a>, you can connect with a personal advisor who can help assess how you\u2019re doing so far and make sure you’ve got the right portfolio to meet your goals on time.<\/p>\n Vanguard\u2019s hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals.<\/p>\n All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard\u2019s advisers will help you set a tailored plan<\/a>, and stick to it.<\/p>\n