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The Automatic Millionaire – How to Become One

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The Automatic Millionaire

Who doesn’t want to become an Automatic Millionaire? While becoming a millionaire looks easy on paper, the hardest part is getting started and sticking to it.

Becoming a millionaire is actually not as hard as you think. In fact, there are a few simple steps that can make you an automatic millionaire. So read on and find out how to make this happen for yourself! (And no, becoming a millionaire doesn’t involve winning the lottery.)

Nobody ever became a millionaire by accident. It takes hard work, dedication, and financial savvy to amass that kind of wealth. What if there were a way to become a millionaire without doing any of those things?

Disclaimer time: Becoming a millionaire is not easy. It takes hard work, discipline, and sacrifice. There are ways to do it without all the hustle and bustle.

The Automatic Millionaire

“We buy things we don’t need with money we don’t have to impress people we don’t like.” 

Dave Ramsey

I highly recommend getting out of debt as your first step. Many people have achieved getting out of debt and becoming millionaires by following the principles of Dave Ramsey.

Dave Ramsey Financial Peace University – What Is It?

Dave Ramsey started Financial Peace University (FPU) to help people get out of debt. For 25 years FPU is nine lessons long and has taught almost 10 million people like you how to get out of debt.

FPU uses biblical principles applied to how you manage your money. If you work the principles they will work every single time! You will gain money confidence and the FPU community will be there to support you along the way.

The FPU plan costs only $59.95 for three months. If you commit to six months the price drops to $16.66 per month, prepaid.

Here are the modules of the FPU course:

  • Baby Step 1
  • Baby Step 2
  • Baby Step 3
  • Baby Step 4, 5, 6 & 7
  • Buyer Beware
  • Understanding Insurance
  • Building Wealth
  • REal Estate & Morgages
  • Outrageous Generousity

Amazing FPU Plan Stats

  • Within 90 days the average house pays off $5,300 worth of debt!
  • The average household funds an emgency plan of $2,700

How to get out of debt following in 7 steps

Ramsey’s strategies are simple but very effective; by following his seven baby steps, you will learn how to make sacrifices to pay off what you owe.

You may have heard Dave Ramsey state that his plan will have you debt free in 7-years or less, but what does that mean? It means you make sacrifices now to live debt free later.

What are the Dave Ramsey principles? They are simple changes to your spending habits that will motivate you to save money and pay off debt.

How do the Dave Ramsey principles work?

You will begin by paying off your smallest debts first; this strategy is known as the snowball method.

After the smallest debt is completely paid off, you will move on to the next smallest debt. Apply the payment you had been making on the debt you just paid off plus the regular payment to that bill until it is gone as well.

Here’s an example using two debts totaling $1,500. This example does NOT include interest.
The example assumes you will pay $350 a month. The goal is to pay off CC #1 (credit card #1) first:

MonthCC #1
CC #1
CC #2
CC #2
Total MO
# 1250250100900350
# 22500100800350
# 300350450350
# 4 00350100350
# 5001000100 Paid Off!

Of course, adjust the payment amounts to suit your needs. Make sure to make all minimum payments due and apply additional money to the smallest debt.
By eliminating your debts, you gain more control over your finances and make positive changes in your financial future.

What steps do I take to follow dave ramsey principles?

  1. Start an emergency fund. Put at least $1000 in a savings account for emergencies. This money is only for emergencies.
  2. Pay off all debts except your house. Start by making a list of all your debts. Start by paying off the smallest debt first. As the debts are paid off add the amount you were paying on the now paid off small debts to the next smallest debt. Create your debt snowball by listing all of your debts from smallest to largest, paying extra will help to knock debt out fast.
    1. How fast can you pay off your debt? Use this debt calculator to find out.
  3. Build up a 3-6 month emergency fund.
  4. Save for retirement. Contribute at least 15% of your gross pay to your retirement account.
  5. Save for your childrens college fund. I personally think this is optional but doing so will help keep your children out of student debt and set them up for adulthood debt free. consistently pay your bills
  6. Pay off your house. All money you had been paying towards debt should now be thrown at paying down your mortgage by making extra payments applied to the pricipal.
  7. Build wealth. This is when your money will accumulate quickly. Without the debt or house payment your money will grow.

Dave Ramsey gives tips and tricks to help you get out of debt; he encourages people to work hard and make sacrifices to reach their goals.
To get a jump start on paying off debt he recommends picking up extra work such as delivering pizzas at night, working overtime, and or getting a part-time job in addition to your regular job.

What to do if you can’t follow all the principles?

Everyone can follow Dave’s plan for getting out of debt. Depending on your circumstances you may not be able to be as aggressive as you would like but that doesn’t mean that you can’t follow the plan.

List to The Ramsey Show Podcast or Watch on Youtube

You can listen to the Ramsey Show on podcast. It’s very motivating to listen to on your commute to and from work.

What is the danger of not getting out of debt?

Delinquent debt can cause individuals and families to lose everything! Vehicles and cars can get reposed and foreclosed on if not paid on time.
Sacrificing now will pay off later. Working hard now will secure your future and get you another step closer to becoming an automatic millionaire.

“If you will live like no one else, later you can live like
no one else.” 

Dave Ramsey

Why following the Dave Ramsey principles is the best way to get out of debt

Yes! According to RamseySolutions, the average American debt is $58,604 per US adult. So the average debt per household is a whopping $158,209! That’s a lot of debt.
The most common types of debt are:

How many millionaires does the world have?

According to the Global Wealth Report, the world currently has 20.27 million people who are millionaires in the USA. However, only 20% of these millionaires inherited their wealth. The rest all earned their fortune.
This number is expected to rise significantly in the next few years.

What is an automatic millionaire?

An Automatic millionaire is someone who has a net worth of at least $1 million US (not including their primary residence), with minimal involvement in the management and growth of that money. They earn money, pay their taxes, and let their money make more money for them.

Where did you get the idea to become an automatic millionaire?

Becoming an automatic millionaire has been a goal of mine for many years.
I remember reading Napoleon Hill’s “Think and Grow Rich” in high school, which started my interest in personal finance.

Later on, I read several books by Robert Kiyosaki, such as “Rich Dad Poor Dad,” His Rich Dad seminars helped get me fired up to learn more about finance and business.
That eventually led me to David Bach’s Finish Rich series, which most people say they got their inspiration from. I wouldn’t be where I am today without all of those wonderful mentors!

What is your interest in helping others become an automatic millionaire?

By now, it should be obvious! When we can help each other grow our wealth, we make this world a better place for many future generations to come.

What would you say to those who say they will never become millionaires? How do you convince them?

I’d say that becoming an automatic millionaire is much easier than most people think. The hardest part for most of us is getting started and taking the first few steps in the right direction.
When you get a raise, get a tax refund, or come into money apply this found money to your debt. Doing so isn’t glamorous or sexy but the peace of mind that you’ll have from paying off your debt feels amazing! Trust me you will NOT regret getting out of debt.
When debt is paid off, if you continue to live modestly, it’s amazing how fast your money will accumulate!

How do you become an automatic millionaire?

I still have a ways to go but my husband and I work on achieving our financial goals.
For most people, becoming an automatic millionaire is a process of accumulation.
That means you make more money gradually over time, whether through your job or investments, and it adds up to at least $1 million in net worth (not including your primary residence).
It doesn’t happen overnight.

  • Have a financial plan
  • Live under your means
  • Pay off debt
  • Invest money monthly
    • Stock market
    • Realestate – rentals, Airbnb‘s, etc.
    • Retirement accounts – should be maxed out every year
  • Side hustles – always have a side hustle

What kinds of actions must someone to become a millionaire?

There are three things you must do to become an automatic millionaire:

  • Spend less than you earn (living below your means).
  • Save at least 15% of what you make, and invest the difference.
  • Repeat those two steps over and over again, and let time work its magic.

What is the most difficult part about becoming an automatic millionaire?

The hardest part for most is getting started and taking the first few steps in the right direction.
It can feel like you are drowning when you first start but it’ll get easier as you build up momentum.
Once you get going, it becomes a self-fulfilling prophecy, and many things start to happen automatically. Everything eventually starts to work in your favor thanks to your dedication and compound interest.

The benefits of being an automatic millionaire?

When you have the financial freedom you are truly free.
You will live your life on your own terms, whatever they may be.
You’ll be free to give generously to friends and family in need.
Without stressing over money you will be free.
You’ll have the time and money to pursue your wildest dreams.

Examples of people who have achieved automatic millionaire status?

Dave Ramsey has a podcast called “Everyday Millionaires.” They are people who have followed his principles to become millionaires. You can listen to it here.

Your best advice for those who want to achieve automatic millionaire status?

Start following the rules and start taking action! You don’t have to be a genius or already wealthy and successful to make this happen.
All it takes is the desire to make it happen, working hard, and gradually increasing the size of your “financial snowball.” Start small if you have to.
Start taking action right now, without putting it off another minute longer!
You will never regret paying off your debt or becoming an automatic millionaire.
You will regret not taking action, so do start today!

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