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Everyone quotes the Dave Ramsey Millionaire Study like it's gospel but here's the problem: the numbers don't tell the whole truth. In this episode, I break down what that "largest study of millionaires" actually was, what it wasn't, and what real millionaire data suggests about paying off your mortgage, investing, and building wealth faster than the standard 30–40 year track.

Before anyone grabs pitchforks, I'm not here to bash Dave. He's helped a lot of people get control of their budgets and get out of debt. But when it comes to creating wealth, there are cracks in the logic behind the study that's often cited to justify "always" paying off the home before investing more. Words matter. In a viral clip, Dave says millionaires never invested instead of paying off the house then seconds later says almost never, then less than 10%. Which is it? That shift alone should make you ask better questions.

So I did. I dug into the study. It wasn't an independent, randomized sample of American millionaires. It was a survey of Ramsey's own audience run over roughly six or seven weeks (late 2017–early 2018). If you survey your own followers people already primed to use 401(k)s, pay off mortgages, and avoid leverage you'll get exactly what you taught them to do. That's not "the nation's millionaires"; that's your community.

What does broader data say? The Federal Reserve's Survey of Consumer Finances shows a significant portion of millionaire households still carry mortgages. Many build wealth with a mix of assets not just a paid-off house plus a 401(k). Other sources that look at higher net worth households Spectrum Group, Capgemini, and even communities like Tiger 21 show meaningful allocations to real estate and alternative investments, along with business equity and cash. In other words, there isn't one narrow path.

From nearly 25 years in the trenches first as a traditional advisor and since 2006 helping clients create passive income with alternative investments I've watched people accelerate their timelines by deploying capital into cash-flowing assets: rentals, real estate-backed funds, and businesses. I've seen clients go from a few hundred thousand in retirement accounts to million-plus net worth in a handful of years, without "swinging for the fences." Not get-rich-quick get-rich faster (and smarter).

Do some millionaires end up with paid-off homes? Absolutely. Often after they've already built substantial cash flow and net worth. That's a phase decision, not a cause of wealth. Personally, I've got a low-rate mortgage and plenty of investable opportunities. If one day I'm long on cash and short on compelling deals, sure I might kill the mortgage. Until then, capital works harder elsewhere.

Bottom line: don't accept "always" and "never" in finance. Understand sequence, strategy, and stage. If you want work-optional freedom sooner, you need assets that pay you now not just someday. Run the numbers. Question the narrative. And build a plan that matches your goals, risk, and timeline.

If you're ready to explore alternatives to the one-size-fits-all approach, let's talk at MoneyRipples.com. And if you found additional studies on millionaires and asset allocation, drop them in the comments I read them.

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