5 Takeaways from “Baby Steps Millionaires”

“Baby Steps Millionaires” by Dave Ramsey looks at folks who became millionaires by following Dave Ramsey’s Baby Steps. It is genuinely intriguing to see the power of avoiding consumer debt and living below ones’ means. I believe that everyone who follows the baby steps can become millionaires.

However, I am more of a Robert Kiyosaki disciple. I love the terms debt, leverage, passive income, and taxes. Dave Ramsey’s baby steps are decisive steps for 90% of the population. Most people don’t spend 3-5 hours a day learning about money like me.

This is a motivational book that gives you real examples of people with humble beginnings who used the steps to become millionaires. I particularly love how he calls out media outlets that make it seem “rich people” are bad. 

Faith also plays a prominent role in your wealth-building success. Growing a large amount of money means nothing if not rooted in faith and giving. With that, let’s get into my five takeaways.

1) The first Baby Step is to save $1,000 in an emergency fund as fast as possible. This cash prevents you from falling back into the credit card and debt trap.

2) Baby Step Millionaires are generous. The media will have us believe that rich people are immoral and greedy, but that is mostly not the case. Most rich people pay it forward by hiring staff and giving to people they know.

3) The Bible says it’s okay to seek wealth. It is our mission to take care of our family. The “love” of money is the root of all evil—not money. Seek money to be generous, and you are doing God’s work.

4) Paying for your home is step number six. At the moment, I do not want to pay off my primary residence, but I can see the value in doing this. It gives you that top-line form of personal security. 

5) Baby Step four is investing 15% of your household income into retirement funds. This is a considerable amount for the average family and sound guidance. I believe in more like 50%, but I also believe in building passive income streams to contribute to your saving rate.

I love Dave Ramsey’s Baby Steps because they are simple and easy to understand. The power of the steps is that you have to change your mentality and perspective—you can’t start the same as you finish.

As I said earlier, I am an avid Robert Kiyosaki disciple. His ideas are more complex and require additional study and knowledge to use things like leverage, debt, and taxes. I just absolutely love studying financial education to leverage throughout life.

However, I am now a big proponent of Dave Ramsey’s Baby Steps. The average person, who will not spend 3-6 hours a day studying, will do very well following Dave Ramsey. Mr. Ramsey clarifies how he feels about consumerism and the movement to blame everyone else but ourselves for our woes.

Taking ownership of our financial situation is probably the number one way to turn things around. No one is coming to save us—thus, we have to do it ourselves. This fantastic book can motivate everyone, including people already on the path. 

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