Baby Steps Millionaires
by Dave Ramsey
Ramsey presents his study of ten thousand millionaires who followed the baby steps: most were ordinary earners, debt-averse, consistent investors in retirement accounts, and none credited inheritance as the main source. It is encouraging evidence for the plan and a rebuttal to the idea that wealth requires luck or high income; the survey has selection effects.
Read it if…
you are following the baby steps and want proof they lead somewhere.
Skip it if…
you want unbiased research; the sample is his audience.
Three things you will actually use
- Ordinary incomes build wealth through consistency.
- Debt-free plus steady investing is the whole formula.
- Stop waiting for a windfall.
Do this first
Calculate what consistent fifteen percent retirement investing from your current income produces by sixty-five.
Our verdict
Encouraging, with a biased sample.
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