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In an episode of The Ramsey Show, Dave Ramsey shared that“the number one and two reason people become millionaires is they're investing in their retirement and their paid off home.”

According to him,“these are the two elements of the first one to five million of net worth.”

That being said, saving for retirement and paying off a home are two of the hardest things for Americans to do in the current economy.

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Along with the average 30-year fixed rate mortgage hovering around 6.25%, the median sale price in August for a new home was $413,500, according to the U.S. Census Bureau. On top of these high prices, a study by AARP found that 61% of adults aged 50+ are worried they won't have enough money to support them in their retirement, and 20% have no savings at all.

These realities may be enough to deter you from thinking you can get to that millionaire milestone, but in a recent blog post titled 'How to Become a Millionaire' Ramsey said it himself:“No matter how old or young you are, it is never too late or too early to get started.”

A paid-off home

In the second quarter of 2025, the total American household debt was $18.39 trillion, rising by $185 billion from the previous quarter according to the Federal Reserve Bank of New York.

The more debt you're burdened with, the more difficult it will be to pay off your home. Hence, paying off your other debts leads to paying off your home and getting one step closer to reaching a seven-figure net worth.

To make the task of debt repayment easier, consider consolidating your debts with a personal loan through Credible. Credible is an online marketplace of vetted lenders that connects you with the best loan rates near you so you can consolidate your debts and pay them off faster and at a more affordable rate.

If you don't yet have a home, you can still invest in the housing market and take advantage of its passive income opportunities through platforms like Arrived.

Through Arrived, you can invest in rental homes and vacation rentals without having to play landlord. Arrived offers a low minimum investment, making it an accessible investing option with a strong potential for collecting quarterly deposits.

REITs are another great way to invest in real estate by leveraging the housing market. They offer the chance to diversify your portfolio and earn passive income without having to pay for a property in full or manage tenants.

Read more: Warren Buffett used 8 simple money rules to turn $9,800 into a stunning $150B - start using them today to get rich (and then stay rich)

Saving for retirement

Studies show that Americans believe they'll need to save roughly $1.8 million for retirement. This is a pretty hefty number, so getting started sooner rather than later and ensuring you're putting your retirement fund in the most effective savings vehicle is important.

Ramsey is a proponent of using tax-advantaged retirement accounts - like IRAs - for building your retirement fund. In fact, in a blog post he proclaimed“invest[ing]15% of your income in tax-advantaged retirement accounts” as the second principle of his investing philosophy. He wrote:“You'll get the most bang for your buck by using tax-advantaged investment accounts.”

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

Opening a gold IRA with the help of Goldco allows you to invest in gold and other precious metals in physical forms while also providing the significant tax advantages of an IRA.

With a minimum purchase of $10,000, Goldco offers free shipping and access to a library of retirement resources. Plus, the company will match up to 10% of qualified purchases in free silver.

If you're curious whether this is the right investment to diversify your portfolio, you can download your free gold and silver information guide today.

If you feel unsure about the best way to save for your retirement, you can easily connect with a professional through Advisor.

Advisor is an online service that matches you with vetted financial advisors suited to your unique money goals and needs.

Simply answer a few questions about your financial situation and Advisor will match you with a range of qualified experts. You can reach out for a completely free consultation to ensure you find the right fit that will help you devise a plan to reach the net worth milestone of $1 million.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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