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In October 2024, financial guru Dave Ramsey made a lofty claim: any American could become a millionaire if they followed his eight principles.<\/p>\n
These guiding pillars are all based on Ramsey\u2019s National Study of Millionaires, which surveyed 10,000 millionaires across the country in 2017-2018.<\/p>\n<\/p>\n
The research found 79% of millionaires didn’t receive an inheritance at all. That\u2019s why he emphasizes that becoming a millionaire has nothing to do with generational wealth (or lack thereof). The study also uncovered that 62% of millionaires graduated from public or state schools. So, Ramsey says the place you got your university degree from is really irrelevant. too.<\/p>\n
What does matter, according to Ramsey, is how you handle the money you do have. Here are his top tips for achieving a seven figure net worth<\/a>.<\/p>\n If you want to become a millionaire, you may spend a lot of time thinking or even fantasizing about reaching that seven-figure mark. But the above steps are often against our urge to spend, and the temptation to get sucked into comparison culture.<\/p>\n Working with a trusted professional is a great way to avoid those traps. And according to Ramsey, it\u2019s one of the smartest things you can do for your money.<\/p>\n With Advisor.com<\/a>, you can find the right financial professional to help you fulfill your wealth goals. It\u2019s a free service that helps you find the right financial advisor for you,by matching you with a small list of the best options for you to choose from.<\/p>\n Set up a free, no-obligation consultation<\/a> with one of their pre-screened financial advisors today.<\/p>\n The research also found that most millionaires relied on making a grocery list, and sticking to it, when shopping. Ramsey suggests this is because they stay focused on buying what they need, not just what they want.<\/p>\n This strict spending also applies to bills and monthly or yearly expenses. With both home and auto insurance, you want to ensure you\u2019re not overpaying for protection.<\/p>\n You can compare rates offered on auto insurance by various lenders through OfficialCar Insurance<\/a>. All you have to do is enter some basic information about yourself and the vehicle you drive, and OfficialCarInsurance will show you rates offered by leading insurance providers like Progressive, Allstate, and GEICO. You can then compare the rates and select one best suited to your budget.<\/p>\n You can find rates as low as $29 per month<\/a> for free through OfficialCarInsurance within minutes.<\/p>\n Refinancing or finding a better auto loan rate is worth considering, too.\u00a0 Over one-in-four Americans owe more on their car loans than the vehicles are worth, according to the Washington Post.<\/p>\n Securing a good refinancing deal now can protect you from future market ups and downs.<\/p>\n You can compare auto loan refinance rates<\/a> offered by lenders near you through LendingTree.<\/p>\n Here\u2019s how it works: Just answer a few simple questions about yourself and the vehicle you drive \u2014 and LendingTree will connect you with two to five lenders from their network of more than 300 lenders.<\/p>\n You may be eligible for refinance loans starting at 3.50% APR, through LendingTree\u2019s network.<\/p>\n The best part? The process is completely free<\/a> and won\u2019t hurt your credit score.<\/p>\n Another expense that likely takes a big chunk out of your monthly paycheck is home insurance premiums. In 2023 alone, home insurance costs rose by an average of 12%, according to the S&P Global Market Intelligence analysis. On top of this, insurance rates rose by 6.9% in the first half of 2024.<\/p>\n But you don\u2019t have to keep overpaying for this expense. You can shop around for rates and save up to $980 per year<\/a> through BestMoney.com.<\/p>\n The process is simple: Enter some information about your home and finances, and BestMoney.com will show you a list of lenders near you offering competitive rates. You can review all the offers in one place and find the coverage you need<\/a> at the lowest possible cost.<\/p>\n Read more: Nervous about the stock market? Gain potential quarterly income through this $1B private real estate fund \u2014 even if you\u2019re not a millionaire. Here\u2019s how to get started with as little as $10<\/a><\/strong><\/p>\n Dave Ramsey will be the first to tell you: Once you\u2019ve started saving, you have to stick with it.<\/p>\n According to Ramsey, the goal should be to put at least 15% of your income into tax-advantaged accounts like a 401(k) and Roth IRA<\/a>. Investing 15% of your income toward retirement can shorten the time it takes to hit the millionaire mark by 20 years or less. That\u2019s the power of securing high-interest accounts and capitalizing on compound returns over time.<\/p>\n An excellent way to grow your savings safely is with a certificate of deposit. CDs offer a guaranteed rate of return, and those rates are usually higher than your typical savings account. You can choose how long to lock in your investment, and so they\u2019re suitable for both short- and long-term savings.<\/p>\n However with CDs, if you withdraw the money before the end of the term, you\u2019ll face penalty fees.<\/p>\n Once you\u2019re debt-free (that doesn\u2019t include your mortgage) you want to start saving as early and often as you can.<\/p>\n In fact, most of the millionaires Ramsey surveyed said they reached that milestone through consistent investing.<\/p>\n Platforms like Acorns<\/a> make consistent investing easy by allowing you to save and invest just by making your everyday purchases. When you make a purchase on your credit or debit card,<\/p>\n Acorns automatically rounds up the price to the nearest dollar and places the excess into a smart investment portfolio. This way, even the smallest spending translates to money saved for the future.<\/p>\n Sign up now and you can get a $20 bonus investment<\/a>.<\/p>\n And the first step to money management is avoiding debt, according to Ramsey. Of course, that\u2019s easier said than done for most Americans.<\/p>\n According to the U.S. Department of Labor, 77% of households have at least some type of debt. If you\u2019re among this group, you\u2019ll want to make sure you\u2019re getting the best possible rate.<\/p>\n Credible<\/a> is a free online service that shows you the best lending options to pay off your credit card debt fast, while saving interest.<\/p>\n