Dave Ramsey: Why Millionaires Are ‘Fairly Boring’ With Their Money

Money expert Dave Ramsey has discovered a couple of rules about wealthy people in the 30 years he has spent working with them. 

In a clip from The Ramsey Show, Ramsey said the first rule is almost no one, statistically, becomes a millionaire from an inheritance. The second rule is millionaires do not do risky things and keep their money. 

“The millionaires we have studied are fairly boring,” said Ramsey.

Why are millionaires “fairly boring” with their money?

Here’s What Millionaires Do With Their Money

According to Ramsey, millionaires put money in things they understand and like. Ramsey uses himself as an example by sharing how he buys growth mutual funds and real estate, which he pays for using cash. 

“I’ve got several hundred million dollars’ worth of real estate,” said Ramsey, adding that he grew up in a real estate family and obtained his real estate license at age 18.

Tips for Becoming a Millionaire

Aside from investing in things you understand and are comfortable with, how can you become a millionaire? A post on Ramsey Solutions recommends following eight steps to build your net worth.

Stay Out of Debt

Ramsey has said many times your most valuable wealth-building tool is your income. Avoid tying it up in credit cards or by taking out loans. Put your income towards reaching your financial goals.

Make Your Money Work Better for You

Invest Early and Consistently

The minute you’re debt-free and have a fully funded emergency fund, the post on Ramsey Solutions recommends that you start consistently investing.

Build Your Savings

According to Ramsey Solutions, 70% of millionaires saved more than 10% of their income throughout their working years. If you’re saving for retirement, the recommended percentage is 15% of your income saved in tax-advantaged retirement accounts.

Increase Your Income

Increasing your income — with a few options for doing so including asking for a raise or getting a new job — allows you to make more money. Making more money means you have more money to invest.

Get Rid of Unnecessary Expenses

Review your expenses to find any categories that have gotten more expensive over time or where you are leaking money. Once you know which expenses aren’t necessary and are increasingly expensive, cut back on this spending.


Don’t compare yourself to what you see on social media or how you see other people acting around you. Maintain your focus on your goal to become a millionaire. 

Work With an Investment Professional

You’ll likely have questions or need some guidance with your finances in reaching your goal to become a millionaire. Don’t try to go it alone. Work with a trusted investment professional who can help you reach your net worth.

Put This Plan on Repeat

Keep repeating each step in this plan, including the steps on staying out of debt and investing, year after year. Those who do it, the post on Ramsey Solution reads, will be able to keep going and hitting their financial goals.

Make Your Money Work Better for You

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