Baby Steps Millionaires audiobook cover - How Ordinary People Built Extraordinary Wealth-and how You Can Too

Baby Steps Millionaires

How Ordinary People Built Extraordinary Wealth-and how You Can Too

Dave Ramsey

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Money & Investments

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Baby Steps Millionaires
The Millionaire Mindset+
Laying the Foundation+
Building Wealth+
The Pinnacle+
Proof It Works+

Quiz — Test Your Understanding

Question 1 of 7
According to the Ramsey Solutions' National Study of Millionaires, which of the following best describes a typical millionaire?
  • A. They are usually high-level executives who drive top-of-the-line luxury cars.
  • B. They generally inherit their wealth from privileged family backgrounds.
  • C. They often work in common professions like teaching or accounting and still use coupons.
  • D. They typically achieve their millionaire status within three to five years.
Question 2 of 7
How long does it take, on average, for someone following the Ramsey Baby Steps to reach their first million dollars?
  • A. 3 to 5 years
  • B. 11 years
  • C. 17 years
  • D. 30 years
Question 3 of 7
In Baby Step 2, how should you approach paying off your debts?
  • A. Pay off the debts with the highest interest rates first to save money over time.
  • B. Pay off all debts, including your home mortgage, as quickly as possible.
  • C. Consolidate all your debts into one manageable monthly payment.
  • D. Use the snowball technique, paying off the smallest debts first while allocating all extra funds to debt elimination.
Question 4 of 7
When upgrading to a fully-funded emergency fund in Baby Step 3, who is advised to save six months' worth of living expenses instead of three?
  • A. People who rely on commission or are self-employed.
  • B. People who have a stable, salaried income.
  • C. People who are planning to send their kids to college soon.
  • D. People who have more than $60,000 in consumer debt.
Question 5 of 7
What is the recommended first priority when allocating the 15% of your household income for retirement in Baby Step 4?
  • A. Maximize your contributions to a Roth IRA.
  • B. Maximize the company match offered by your employer's 401(k).
  • C. Invest equally into four types of mutual funds.
  • D. Fund your children's Education Savings Account (ESA).
Question 6 of 7
How should you prioritize Baby Step 4 (retirement) and Baby Step 5 (kids' college fund)?
  • A. College funds should take priority because education costs are rising faster than inflation.
  • B. You should fund both equally to ensure your children don't graduate with student loans.
  • C. Your retirement plan always comes first, and it is acceptable to skip the college fund altogether if necessary.
  • D. You should delay retirement savings until your children have completed their college education.
Question 7 of 7
What is the primary takeaway from the stories of Tiffany, Jackie, Ben, and Rafael & JoBeth?
  • A. Only those who start saving in high school will successfully reach millionaire status.
  • B. Reaching a million-dollar net worth requires a six-figure salary or a large inheritance.
  • C. Immigrants and single parents must take significantly more risks to build wealth.
  • D. Ordinary people from diverse backgrounds and financial struggles can achieve millionaire status by taking ownership and following a plan.

Baby Steps Millionaires — Full Chapter Overview

Baby Steps Millionaires Summary & Overview

Baby Steps Millionaires (2022) is a straightforward, practical guide to how anyone can become a millionaire. It lays out seven simple steps that you can follow to get yourself out of debt, grow your net worth, and improve your life. 

Who Should Listen to Baby Steps Millionaires?

  • Anyone who wants to make money
  • People struggling with mounting debts
  • Generous souls who want to be able to give more

About the Author: Dave Ramsey

Dave Ramsey is an American money expert and the host of the popular financial show The Ramsey Show. He is also a bestselling author, with close to ten national bestselling books to his name. 

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