Dave Ramsey Says What You Do With Your Money Matters More Than How Much You Make

©Dave Ramsey

In a Twitter post, financial guru Dave Ramsey said, “What you actually do with the money you make matters more than the amount of money you make. There are plenty of people making a LOT of money who live paycheck to paycheck.” Ramsy noted in the same post that, “1/3 of millionaires NEVER made six figures in any single year of their career.”

Also: How Much Does the Average Middle-Class Person Have in Savings?

Read More: 7 Common Debt Scenarios That Could Impact Your Retirement — and How To Handle Them

Interesting facts, but how does one become a millionaire without earning a ton of money? Ramsey has some advice for that, too. From a survey of 10,000 millionaires, Ramsey found there were eight habits they had in common. It stands to reason that adhering to these eight habits could put you on your way to becoming a millionaire as well.

Here’s what Ramsey suggests millionaires have in common.

Wealthy people know the best money secrets. Learn how to copy them.

Avoid Debt

Loans and credit cards make you pay interest on something you’ve already bought and may no longer have (think: dinner out or gas for your car — gone before you even get the bill). Instead, save up for what you want so you can buy with cash.

Learn: How To Eliminate $100,000 of Debt

Invest Regularly

And start today. The earlier you start, the more time you have to take advantage of compound interest. Automating your savings makes it easier to save regularly without feeling the pinch.

Prioritize Savings

Ramsey says to aim to put 15% of your income into your IRA or 401k. If you can’t save that much right out of the gate, increase your savings every time you get a raise until you reach that 15% goal.

Earn More

There are two ways to improve your financial position: earn more or spend less. If you do both, you’ll get there faster. Ask for a raise, apply for that promotion, or pick up a side gig for more income.

Eliminate Unnecessary Spending

This can include little changes, like canceling subscriptions you don’t use or even clipping coupons, or big changes, like keeping your old car for an extra year or two before you replace it.

Keep Your Eyes on the Prize

Look at every expenditure and evaluate it against your savings goal. If it’s less important than reaching your goal, pass it up.

Get Help

Ramsey recommends you work with a financial advisor for professional advice on how to reach your goal.

Make it Automatic

Create your plan — eliminate debt, save regularly, earn more, rein in spending – and keep doing that over and over again.

Ramsey’s plan shows that, even if you don’t have a big income, you can still set yourself up for financial success.

More From GOBankingRates

• 20 Best Cities Where You Can Buy a House for Under $100K

• These 10 Used Cars Will Last Longer Than an Average New Vehicle

• 5 Signs You're the Financially Savvy One of the Group

• 5 Myths About Debt That Nobody Should Believe in 2024

This article originally appeared on GOBankingRates.com: Dave Ramsey Says What You Do With Your Money Matters More Than How Much You Make