Baby Steps Millionaires: How Ordinary People Built Extraordinary Wealth | Book Review

Baby Steps Millionaires: How Ordinary People Built Extraordinary Wealth | Book Review

The book “Baby Steps Millionaires: How Ordinary People Built Extraordinary Wealth–and How You Can Too,” is written by the best-selling author and financial guru Dave Lawrence Ramsey. 

Ramsey is well-known in America and internationally as a financial expert who is open about his investment style. When he was 26 years old, Ramsey was cashing in a quarter of a million dollars annually. But two years later, he had to file for bankruptcy. 

Today, Ramsey is in his 60s and has accumulated more wealth than he did in his youth. He owns a syndicated program known as The Dave Ramsey Show, one of the top five most listened-to shows in the U.S. He has a net worth of over $200 million and has invested in mutual funds and real estate without acquiring any debt. 

If there’s one thing that Dave Ramsey hates, it’s debt. He built his wealth from the ground up without accumulating any debt. Ramsey advocates for financial prudence, investment in mutual funds, and savings. This book is a must-read for anyone struggling to gain financial independence. 

About the book 

This book was released in 2022. The author was inspired to write the book as he was getting questions from his listeners on which step one should begin with when it comes to becoming a millionaire. Readers of the book refer to the seven steps mentioned in the book as life after debt.’ The author also asserts that the seven steps to becoming a millionaire are the proven plan and the shortest distance to realizing that dream. 

In the book, Ramsey discusses his roadmap to financial success and explains the concepts behind building wealth. The book reveals Ramsey’s baby steps to get out of debt. He recommends that readers clear all debts (except mortgage) to begin investing on a clean slate without struggling with the high-interest rates associated with loans. Ramsey’s favorite methods for paying debt are: The debt avalanche and snowball methods. Once the debts are cleared, the next step is to save a minimum of 15% of your income. This money should be placed in several accounts, such as your retirement account and emergency funds. After that, the author talks about investing and the steps you can take to make smart investments. 

Ramsey’s books offer practical solutions that can help anyone, regardless of background, gain financial independence. In it, the author talks about how discipline and consistency are vital in personal finances. He discusses good money habits and outlines how individuals can create long-term financial security. 

Dave advises anyone struggling with finances to ‘have a plan and stick to it.’ He admits that the path to wealth takes work. Yet it is achievable for anyone willing to put in the work and stay disciplined. He also emphasizes that being debt free is a step towards building wealth. The book concludes by presenting real-life millionaires and how they achieved success. 

One thing that stands out about Dave Ramsey is that he advocates for generosity. He states that if you follow the seven steps in the book, you’ll be able to achieve a life where you give generously. 

This book is a must-read if you want to stop living from paycheck to paycheck. The book costs $16 on Amazon. You can search for it in one of the leading stores (e.g., Carrefour) or the leading bookshops (e.g., Prestige Bookshop). 

I will conclude this book review with one of my favorite quotes from Dave Ramsey. He says, “We buy things we don’t need with money we don’t have to impress people we don’t like.” You can also check out his podcast if you are new to Dave Ramsey. Check it out here

This Post Has One Comment

Leave a Reply