Dave Ramsey told podcaster Theo Von about the ‘secret sauce’ for those who want to join the millionaires club. Here’s how to do it — even if you don’t have a six-figure income

Ramsey said that at first, his researchers couldn’t figure out what these professionals had in common. But they soon realized “they are process people.”

“They learn the rules,” Ramsey said. “That’s the way [their] brains work. They do process, and that’s the secret sauce.”

He also noted that 33% of the survey respondents made less than $100,000 per year.

“They are not earning their way into it,” Ramsey told Von.

This is heartening news for Americans at every income level who want to build long-term wealth. Here are some key takeaways from Dave Ramsey and his study for those who want to join the millionaire’s club.

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.

Retirement accounts and real estate

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.

Typically, gold is more stable than stocks during economic downturns and recessions. In fact, gold has increased in value sevenfold over the last 100 years.

These days, you don’t even have to go to a bullion shop to buy precious metals. Plenty of online platforms offer a wide selection of gold and silver bars and coins and fair pricing.

A gold IRA is one option for building up your retirement fund with an inflation-hedging asset.

One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of American Hartford Gold.

Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account — combining the tax advantages of an IRA with the protective benefits of investing in gold. This makes it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties.

Even better, you can often roll over existing 401(k) or IRA accounts into a gold IRA without tax-related penalties. To learn more, get your free 2025 information guide on investing in precious metals.

Qualifying purchases can also receive up to $20,000 in free silver.

To Ramsey’s second point: paying off, or even buying, a home is more difficult for many Americans right now. While the real estate market can be prohibitive for first-time buyers due to still-cooling mortgage rates and rising home prices, there are still options for would-be real estate investors.

One way to invest in real estate is by purchasing rental properties and becoming a landlord. But for the average American who wants to avoid the need for a hefty down payment or the burden of property management, crowdfunding platforms like Arrived make it easier to slice yourself up a piece of that pie.

Backed by world class investors like Jeff Bezos, Arrived allows you to invest in shares of rental homes with as little as $100, all without the hassle of mowing lawns, fixing leaky faucets or handling difficult tenants.

The process is simple: Browse a curated selection of homes that have been vetted for their appreciation and income potential. Once you find a property you like, select the number of shares you’d like to purchase, and then sit back as you start receiving any positive rental income distributions from your investment.

For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

With risk-adjusted internal returns ranging from 12% to 18%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

Diversification and risk

Smart investors also look for ways to diversify and spread their risk with their investments.

In the Ramsey Solutions study, the researchers wrote, “They didn’t risk their money on single-stock investments or “an opportunity they couldn’t pass up.” In fact, no millionaire in the study said single-stock investing was a big factor in their financial success.”

Instead, prudent and diversified investments are the name of the game for the millionaires surveyed.