Dave Ramsey told podcaster Theo Von that people in these 5 professions stand the best chance of becoming a millionaire but all Americans have ‘a shot’ — here’s how

Dave Ramsey told podcaster Theo Von that people in these 5 professions stand the best chance of becoming a millionaire but all Americans have ‘a shot’ — here’s how
Dave Ramsey told podcaster Theo Von that people in these 5 professions stand the best chance of becoming a millionaire but all Americans have ‘a shot’ — here’s how

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Dave Ramsey has shared some sage advice for Americans striving for entry into the millionaire club: drown out the “loud noises” that say it can’t be done and be real about what millionaires really look like today.

“Millionaires don’t have jets,” Ramsey told Theo Von on the ‘This Past Weekend’ podcast. “Millionaires don’t have seven cars and houses. They’ve just got a paid-for house and some money saved in their retirement accounts. That’s what it amounts to.”

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Hitting the million dollar milestone is possible for many Americans, according to Ramsey, as long as you save and spend your money wisely, avoid bad debt and strategically invest part of your income to help it grow.

It also helps if you have a certain type of personality and work in one of these five professions that are populated by millionaires per a 2023 Ramsey Solutions survey:

  • Engineer

  • Accountant (CPA)

  • Teacher

  • Management

  • Attorney

Ramsey said there’s one thing that people in the top five professions share in common, which is that they are “process people.” By that, he means “they learn the rules and … follow them.”

Here's how you can follow in their footsteps at any level of income and make your way to millionaire status:

Busting a million-dollar myth

The Ramsey Solutions survey busted the myth that, in order to be a millionaire, you need a big six-figure income or to come from a rich family where you’re set to inherit a pile of cash. Instead, most of the millionaires surveyed got rich through consistent investing, avoiding debt like the plague and smart spending.

The two main items that helped these people hit the million-dollar mark: investing in their company’s 401(k) plan and buying a house and paying it off. Not every employer offers a 401(k) plan, but there are alternatives out there that can offer similar tax advantages.

For instance, if you opt for a gold IRA you can benefit from the tax advantages of a traditional IRA alongside the inflation-hedging properties of gold. Goldco — a precious metals dealership — makes setting up a gold IRA easy.

Once you have your initial consultation, you can fund your gold IRA through direct contributions or roll over your funds from an existing retirement account.

Buying a home and fully paying off the mortgage is easier said than done, especially in today’s high interest rate environment.

Ramsey said he’s a “huge believer in homeownership” as long as buyers aren’t stupid about what they can truly afford.

That being said, if high home prices and mortgage rates have priced you out of buying right now, there are still other ways to invest in residential real estate.

Fundrise is an investment app that makes investing in REITs easily accessible with a minimum investment amount of $10 — one of the lowest available for private real estate.

Fundrise’s eREITs are designed to seize private real estate’s consistent income generating potential and deliver dividends on a quarterly basis. Plus, they will allocate your portfolio to a mix of eREITS so your account is tailored to your risk tolerance and goals.

It is worth noting that your investing options are not limited to the residential market — commercial real estate deals through First National Realty Partners are an inflation-hedging option for those looking to make a larger investment.

FNRP’s online platform gives accredited investors the chance to diversify their portfolio with necessity-based real estate without the effort it takes to find the deals yourself. Their team vets every deal against a set of rigorous investment criteria, and since the properties are necessity-based — like grocery stores — the investments have a better shot at withstanding economic volatility.

Read more: ‘You didn’t want to risk it’: 80-year-old woman from South Carolina is looking for the safest place for her family’s $250,000 savings. Dave Ramsey responds

Learn from the best and get advice you trust

Ramsey concluded by saying: “There’s a lot of loud noises out there. I don’t know where that comes from [but] it’s not true that you can’t get ahead. When you convince someone it’s true, you’re stealing their hope and … that’s evil.”

In terms of what voices you should be listening to, experts are the way to go. And with Masterclass— an online education subscription platform — you can learn from Wall Street legends like Ray Dalio, Meredith Whitney and Mark Cuban.

Getting started with Masterclass is easy. Just pick your preferred plan, choose a class that interests you, and start learning.

However, sometimes you need more personalized guidance. If you want financial advice catered to your specific financial needs and goals, don’t hesitate to search for a professional advisor through Advisor.com.

Advisor.com is an online service that matches you with vetted financial advisors suited to your unique money goals and needs.Simply answer a few questions about your financial situation and Advisor.com will match you with a handful of qualified experts.

You can then book a free, no-obligation consultation to help ensure you find the right fit that will help you with your unique financial circumstances.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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