DAVE RAMSEY: Don’t wait for the Trump White House to fix your house. Do 5 Things Millionaires Do
NEWNow you can listen to Fox News articles!
Change is in the air. A new year, a new president and a new time to take your turn to win. I have spent the last 40 years studying rich, successful people and the principles that made them members of that club. This new day in America will be your best chance in a long time to apply those principles and live your dreams.
While I am confident new Trump administration it will improve our economy, it will not make you personally rich or successful. The truth remains that what happens in your house, not what happens in the White House, has everything to do with your ability to win and live your dreams. Successful people will tell you that government takes far more than it gives. So while you may be excited about the new administration’s approach to the economy, you can’t passively wait on the sidelines hoping that President Trump will somehow make you rich. They won’t. That’s not his job.
As a person of faithI am a big believer in prayer. The Bible is very clear that God does not financially bless the lazy or incapable. Praying for your grain to grow without planting anything is not a biblical principle or a principle of successful people. St. Augustine is quoted as saying, “Pray as if everything depended on God and work as if everything depended on you.” Proverbs 10:4 (ESV) says, “A lazy hand causes poverty, but a diligent hand makes rich.” My grandmother used to say: “You have a great place when you’re broke… GO TO WORK!” God loves you, but he won’t make you rich if you don’t follow his common sense principles.
DONALD TRUMP SWORN IN AS THE 47TH PRESIDENT OF THE UNITED STATES
Knowing that the new management, and not even God who loves you, will make you successful without your own diligence and ability, it is up to you to do something. Doing the same thing over and over and expecting a different result is the definition of insanity. It’s time for a change.
Our company, Ramsey Solutionshe did the largest study of millionaires ever done in America. The research methodology was tight and we had an outside firm make sure we didn’t have any confirmation bias or other issues with our process. The conclusions of this study are based on data, which makes them facts. So if you disagree with the findings, you are wrong.
Normally in America he is broke. In the most prosperous society in human history, people are making money and they are bankrupt.
I unpacked the white paper in my number one bestseller “Baby Steps Millionaires,” and we discovered many things that your common sense will tell you and very few things that would confirm your childish emotions about what it means to be a millionaire. Eighty-nine percent of America’s millionaires are NOT millionaires by inheritance. You can take hope in that fact because it means you CAN build wealth and live your dreams.
Millionaires drive used Toyotas and live according to a written plan for their money called a budget. Millionaires are generous. And their buying patterns show that they do very little to impress others. Their Instagram highlight reel would be utterly boring. They don’t care what other people think. They don’t go to the survey.
They are focused on the goal of financial security and are willing to make sacrifices to achieve it. They read more than watch TV. They are mostly debt free and pay off their homes in an average of 11.2 years from the moment they decided to get rich. While people generally become millionaires at the average age of 50, we also discovered a surprising number of young millionaires. They contributions to their 401(k)s in good mutual funds like it’s a religion. They agree on their goals with their spouse and work together, not separately. And they are both emotional adults, without the tantrums of a spoiled child to distract them from their goal.
They love their careers and don’t say, “Thank God it’s Friday.” They don’t say defeatist things like, “You’ll always have a car payment” or “The little man can’t get ahead,” because they started with nothing – they’re the little man! And they prove every day that you can live on less than you earn and build wealth in today’s America. It takes them an average of 17 years from the time they start their plan to reach a million dollar net worth. Most data sources we can find indicate that there are over 23 million millionaires in the United States today.
CLICK HERE FOR MORE FOX NEWS OPINIONS
All these data clearly tell us that you have every reason to hope that you too can build a good level of wealth in our country today. And yet, normally in America he is broke. In the most prosperous society in human history, people are making money and they are bankrupt.
Dave Ramsey’s book “Baby Steps Millionaires” was published in 2022. (Courtesy of Ramsey Solutions)
Fifty-five percent of people who have debt say they lose sleep over it. The average new car payment is over $700. Most people have had student loan debt for so long that they think of it as a pet. Credit card debt is over $1.14 trillion. The number one cause of divorce is stress and arguments over money. It’s normal to make money and be broke. It’s normal shit. It’s time for a change. It’s time for some new habits and principles. It’s time to try doing what millionaires do. Here are five things you can do right now.
1. Limit the budget
You need a detailed, written plan of your monthly spending. Check out our EveryDollar budget app for help.
2. Get out of debt
Your most powerful wealth building tool is your income, so stop giving it to credit card and car companies in monthly payments.
3. Live on less than you earn
Pay in cash. If you can’t pay for it in cash, you can’t afford it. You are not in Congress. You can’t spend more than you earn and win.
4. Give money
Be generous. Be a good tipper. Help others.
5. Save money
Build an emergency fund because you will have emergencies and they will become debt if you don’t. Invest in your Roth IRA or 401(k) in good mutual funds EVERY month.
You work too hard to be penniless. Personal finance is 80% behavior and 20% head knowledge. I’m sure the American dream is not dead because every day I meet people like you who have overcome incredible challenges to build wealth. It’s time for a change.
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
Don’t wait for The white house repair your house. Don’t wait any longer on the sidelines of your own life.
You have every reason to hope for – and work for – the American Dream.
Take control of your money: Author Dave Ramsey invites you to join him, George Kamel, Rachel Cruze and Jade Warshaw for free Take control of your money live event January 23rd at 7pm CST. You’ll learn, step by step, how to do what millionaires do to stop living paycheck to paycheck, open up some breathing room in your budget, and finally start building wealth. You are working too hard to feel this is broken. It’s time for action!
