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Research published in Thomas J. Stanley, Ph.D.s book The Millionaire Next Doorconfirms this.
So, while some people certainly inherit money and become wealthy, most millionaires build fortunes on their own.
However, Ramsey explained that becoming a millionaire is within reach if people follow certain principles.
Instead, he explained they stick to simple investing methods that they understand.
Then, Ramsey shared his own investing strategies.
He explained that he invests in growth stock mutual funds and real estate that he buys in cash.
These are two types of investments that he understands well.
Ramsey explained that most millionaires only invest in what they understand.
This is also advice that Warren Buffett, one of the wealthiest people in the world, believes in.
In fact, its one of Buffets longest-standing investment principles,according to Inc.
The takeaway is that simplicity works.
Additionally, most people dont become millionaires overnight.
He calls his framework The 7 Baby Steps.
Here they are in order of how Ramsey recommends people complete them.
By following The 7 Baby Steps, Ramsey explained that people can work towards becoming a millionaire.
Again, they dont have to inherit wealth or choose stocks they expect to skyrocket overnight.
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