Interrupter CheckmarkInterrupter IconFacebookGoogle PlusInstagramGroupRamsey SolutionsTwitterYouTubeExpand MenuStoreCloseSearchExpand MenuBackStoreSign in
Skip to Main Content

Tax Pro vs. File Your Own? Take Our Quiz!

Millionaire Secrets

When we think of millionaires, we envision the lifestyle of a Hollywood movie star. We think of big houses, fancy cars, and "champagne wishes and caviar dreams."

But here's the secret few people know: Most millionaires don't live a Hollywood lifestyle. Most millionaires are people just like you who work hard, don't live in fancy houses, and drive used cars. In fact, you never would guess that they were millionaires.

It's true. A research study conducted by Dr. Thomas Stanley and Dr. William Danko revealed this fact in their book, The Millionaire Next Door. The findings by the two researchers support what Dave has said for years: your biggest wealth-building tool is your income. It almost sounds too simple, but it's absolutely true!

Right now you might be saying to yourself, I work hard and have a steady income. Why am I not a millionaire? The answer might be that you spend more than you make. If that's true, you're essentially giving your money to someone else so they can become rich while you live paycheck to paycheck. If you want to be a millionaire, you need to change your lifestyle to mimic most millionaires.

The lifestyle of the average millionaire

Most millionaires live well below their means. They don't worry about driving the nicest cars or living in the biggest houses. They believe that true financial independence is more important than showing off their social status. What does that mean to you? It means you must get out of debt and stay out of debt!

Be confident about your retirement. Find an investing pro in your area today. 

But they don't stop there. Most millionaires also plan the routes their money will take. They spend a lot of time, energy and money toward budgeting, saving and investing. They set financial goals, make detailed plans to reach those goals, and never give up.

How you can become a millionaire

Did you take special notice that most millionaires invest their money? It's not enough to live below your means and save money; you must invest that money. Dave recommends you invest in mutual funds because they offer several advantages over individual stocks. Here's a quick breakdown of his suggested investments:

  • 25% in a growth mutual fund
  • 25% in a growth and income mutual fund
  • 25% in an aggressive growth mutual fund
  • 25% in an international mutual fund

For more details and to find high-return mutual funds, talk to one of our investing Endorsed Local Providers (ELPs). Our ELPs are professionals who think like Dave when it comes to investing and have promised to take care of his fans. Our ELPs will explain everything to you in plain English and never try to pressure you into anything you don't understand.

I have been guiding my aunt through a rough time after her husband died suddenly. Fortunately my uncle left behind an amount of money that will get his young 63-year-old wife through without worry. Having never written a check, she was scared, and I was worried for her. Your ELPs have been wonderful. They have taken unbelievable time with her and refuse to sign her up for anything she does not completely understand. They have given my aunt and I a wonderful experience. Thank you, Dave, for recommending them, and I thank your ELPs more than they will ever know. – Tammy from TN

Start planning to become a millionaire with one of Dave's Investing ELPs in your town.

Brought to you by Dave's subscription-based site,

Ramsey Solutions

About the author

Ramsey Solutions

Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books (including 12 national bestsellers) published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners.

Related Articles

Understanding traditional IRA withdrawal rules.

What Are Traditional IRA Withdrawal Rules?

6 Minute Read | Retirement

In exchange for the tax benefits that come with investing in a traditional IRA, there are some rules on withdrawing your money that you need to know. Let’s walk through it.

Chris Hogan Chris Hogan

What is a SIMPLE IRA

What Is a SIMPLE IRA? And How Does It Work?

9 Minute Read | Retirement

Whether you run a small business or work for one, trying to figure out how to get started with retirement savings can seem tricky. But it doesn’t have to be! Here’s how a SIMPLE IRA can help.

Chris Hogan Chris Hogan

A rolling pin.

How to Roll Over an Old 401(k)

8 Minute Read | Retirement

Did you know that the average person will have 12 jobs over the course of their careers? All that job-hopping could leave you with 401(k)s scattered all over the place. A 401(k) rollover can fix that!

Chris Hogan Chris Hogan

Thank you!  Your guide is on its way.

Build Long-Term Wealth 

Build Long-Term Wealth

Work with an investing pro and take control of your future.
Get Started

Build Long-Term Wealth

Work with an investing pro and take control of your future.
Get Started