Survey Reveals Paths to Wealth for 22 Million American Millionaires

A survey reveals the financial habits of 22 million US millionaires, highlighting the importance of saving, investing, and debt avoidance. The insights provide valuable lessons for individuals seeking long-term wealth.

Safak Costu
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Survey Reveals Paths to Wealth for 22 Million American Millionaires

Survey Reveals Paths to Wealth for 22 Million American Millionaires

A recent survey conducted by Ramsey Solutions has shed light on the financial habits and strategies employed by the 22 million millionaires in the United States. The study reveals that the path to wealth for these individuals often involves a combination of saving, investing, and avoiding debt.

According to the survey findings, millionaires prioritize saving a significant portion of their income and investing it wisely to grow their wealth over time. They also stress the importance of living within their means and avoiding excessive debt, which can hinder financial progress.

Why this matters: The insights from this survey provide valuable lessons for individuals seeking to improve their financial well-being and achieve long-term wealth. By adopting the strategies employed by millionaires, such as saving consistently, investing prudently, and managing debt responsibly, more Americans can work towards securing their financial future.

The Ramsey Solutions survey aligns with the advice often shared by Dave Ramsey, a well-known personal finance expert and syndicated radio host. Ramsey's financial principles, including his "Baby Steps" plan and "Gazelle Intensity" approach, have helped countless individuals eliminate debt and build wealth.

A separate survey by GOBankingRates found that Ramsey is the most trusted money expert among Generation Z, with nearly one in five Gen Zers placing their trust in his financial guidance. The article features success stories of Gen Z individuals, such as Caleb Dueck and Ozzy Akpek, who have applied Ramsey's advice to pay off debt and establish savings.

"78% of people who follow Ramsey's plan pay off all their debt within 18-24 months," the survey highlights. Akpek, for instance, became debt-free in just 15 months by adhering to Ramsey's methods.

The path to wealth, as demonstrated by the 22 million American millionaires, involves a disciplined approach to personal finance. By prioritizing saving, investing wisely, and avoiding the pitfalls of excessive debt, individuals can work towards achieving financial security and building long-term wealth.

Key Takeaways

  • 22M US millionaires save, invest, and avoid debt to build wealth
  • 78% of Ramsey's followers pay off debt in 18-24 months
  • Ramsey's financial principles help Gen Z eliminate debt and save
  • Consistent saving, prudent investing, and debt management are key
  • Adopting millionaire strategies can improve financial well-being