More than a recap of the Largest Study of Millionaires, Baby Steps Millionaires written by Dave Ramsey, is a book 30 years in the making. This book looks at millionaires that have followed the Dave Ramsey plan to see if the 7-Baby-Steps hold true. Much like the Total Money Makeover, this read peppers in accounts of people who followed the plan with information from the Ramsey Solutions study on millionaires. In the back of the book is a complete recap of the study with all details provided.
Baby Steps make millionaires, not billionaires
If you listen to media you may think that a millionaire is just like Donald Trump, Elon Musk, or Jeff Bezos. However, these individuals are not millionaires, they are billionaires. A millionaire is someone who has a million dollar net worth. This could be a mix of cash accounts, equity in real estate and retirement accounts totaling 1 million dollars or more. Someone who lives on less than they make, saves wisely, and gives generously.
Millionaires are Lifelong Learners
Based on the National Study of Millionaires, these people generally commit to improving their knowledge and improve over time. Additional schooling, learning new skills, reading, or venturing into something new, millionaires aren’t complacent and yearn to learn more from mentors and alternative sources. This is typical of a millionaire.
Millionaires Give
Giving not only helps others, it helps you as well. Humans aren’t meant to be alone. Giving helps bring us closer to our creator by sharing some of what has been given to us. This is commonplace with millionaires. If you like to read more on giving, check out my post on the Go-Giver here.
Book Summary
Baby Steps Millionaires is an inspiring read that’s quick to flow through. With the millionaires study at the end you have plenty of material to digest for the habits of millionaires.
Check out my previous blog post here.
You can find yourself a copy of Baby Steps Millionaires here.
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