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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Baby Steps Millionaires summary
How Ordinary People Built Extraordinary Wealth-and how You Can Too
15 mins
Brief summary
Baby Steps Millionaires by Dave Ramsey is a practical guide on building wealth by following simple yet effective principles. It emphasizes the importance of budgeting, saving, and investing for long-term financial stability.
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Baby Steps Millionaires
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Becoming a millionaire is well within your reach.
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.
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What is Baby Steps Millionaires about?
Baby Steps Millionaires (2022) is a straightforward, practical guide to how anyone can become a millionaire. It lays out seven simple steps that you can follow to get yourself out of debt, grow your net worth, and improve your life.
Baby Steps Millionaires Review
Baby Steps Millionaires (2020) is a book that offers practical advice on achieving financial freedom, even for those starting with little. Here's what makes this book worth reading:
- It provides a step-by-step plan for building wealth, breaking it down into manageable and achievable goals.
- With its inspiring success stories of people who have successfully followed the author's methods, it proves that financial independence is within reach for anyone.
- The book's emphasis on taking small, consistent actions makes it accessible and motivating, ensuring readers stay engaged and motivated on their journey.
Who should read Baby Steps Millionaires?
- Anyone who wants to make money
- People struggling with mounting debts
- Generous souls who want to be able to give more
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Baby Steps Millionaires FAQs
What is the main message of Baby Steps Millionaires?
The main message of Baby Steps Millionaires is that everyone can achieve financial success by taking small steps.
How long does it take to read Baby Steps Millionaires?
The reading time for Baby Steps Millionaires varies, but it typically takes several hours. The Blinkist summary can be read in just 15 minutes.
Is Baby Steps Millionaires a good book? Is it worth reading?
Baby Steps Millionaires is worth reading as it provides practical advice and strategies to build wealth and achieve financial freedom.
Who is the author of Baby Steps Millionaires?
The author of Baby Steps Millionaires is Dave Ramsey.
What to read after Baby Steps Millionaires?
If you're wondering what to read next after Baby Steps Millionaires, here are some recommendations we suggest:
- Dave Ramsey's Complete Guide To Money by Dave Ramsey
- Smart Money Smart Kids by Dave Ramsey & Rachel Cruze
- Fiber Fueled by Will Bulsiewicz
- The Total Money Makeover by Dave Ramsey
- The Power of Habit by Charles Duhigg
- The Warren Buffett Way by Robert G. Hagstrom
- Getting Good with Money by Jessi Fearon
- 5 Types of People Who Can Ruin Your Life by Bill Eddy
- The Millionaire Next Door by Thomas J. Stanley and William D. Danko
- The Danish Way of Parenting by Jessica Joelle Alexander