Baby Steps Millionaires summary

How many of your peers have told you that they’d be a millionaire by the age of 55? Not a single one? Well, that isn’t surprising. After all, it’s a common belief that becoming a millionaire is about as likely as finding a dodo bird in your backyard. Translation: it’s impossible. 

But the truth is, hitting seven figures is actually very attainable, and all you really need to do is two things: change your belief and follow the Ramsey Baby Steps. 

What do we mean by “change your belief?” Well, firstly you have to stop thinking that being a millionaire is getting to live the lavish life of Elon Musk and Jeff Bezos. Those two are billionaires, not millionaires, and yes, there is a world of difference between these two terms. 

For starters, billionaires typically run at least one national company. Millionaires, on the other hand, are found in more common professions like engineer, accountant, and teacher, as reported by the National Study of Millionaires by the author’s company Ramsey Solutions. 

Billionaires own multiple houses on sprawling estates and drive top-of-the-line car models. Meanwhile, millionaires have a house in your typical residential neighborhood and only two cars. 

Billionaires go dining and shopping without asking for discounts. On the flipside, the Ramsey Solutions’ study found that most millionaires still use coupons. 

See the gigantic difference? Millionaires are just as ordinary as you are, and if they could do it, there’s no reason why you can’t do it too.  

Aside from drawing a clear line between millionaires and billionaires, part of changing your belief is also switching from a sense of helplessness to a sense of control. If you think that you can’t become a millionaire because you’re poor, an immigrant, a person of color, or buried in six figures of debt, then think again. Everyone faces their own set of challenges, but only those who take ownership of their life emerge to become millionaires.

In Ramsey Solutions’ millionaire study, not all of the 10,000 millionaires they surveyed come from white privileged families. Instead, they were composed of different races, education levels, and backgrounds. This just goes to show that no matter the kind of situation you’re in, it’s possible for you to reach millionaire status. You don’t need to graduate from an Ivy League, get an executive-level job, or have a six-figure household income. 

What you need is to stop letting the odds hold you back, and start believing that you can and you will. Once you’ve done that, then you’re ready for the second step to becoming a millionaire: following the Ramsey Baby Steps to a tee.