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On The Ramsey Show - Highlight YouTube channel, he discussed with viewers his “secret” to building wealth. The way people use their hard-earned money is going to determine whether they

become rich or at least financially secure. The American finance personality conducted some research into 100 millionaires to collect data about how they became rich. He explained people who

end up being millionaires are the ones who steadily invest. Mr Ramsey said: “The irony is a lot of millionaires we studied were not expert investors who maximised rates of return. More

times they had decent mutual funds they were invested in. “Majority of them could have done better with their mutual fund selection yet they still became millionaires. READ MORE: CARER’S

ALLOWANCE: RISHI SUNAK URGED TO GIVE UNPAID CARERS EXTRA £500 TO HELP WITH BILLS “74 percent of the reason that someone becomes wealthy is their savings rate. “It’s not the rate they make on

their savings, it is that they constantly save a set percentage of their income towards their investment.”. The personal finance expert stressed the “secret” to wealth is investing. He

continued “They [the millionaires] keep doing this over and over again and no one can talk them out of it - they actually invest. DON'T MISS GET OUT OF DEBT According to Ramsey,

there's one tool people absolutely must make effective use of if they want to build wealth: their income. "Your income is your greatest wealth-building tool," he has

repeatedly said. When people get out of debt, they are able to use their money for them. He suggested when getting out of debt, people need to pause all other money goals first and

priorities this. To get out of debt, people need to review their spending and make a tight budget to see where they can save some money to pay things off he suggested. LIVE ON LESS THAN YOU

MAKE He suggested people should not spend everything they earn. If someone feels like they do not make enough money, they need to find ways to make more. “You’re only stagnant with wages if

you continue to stay there and keep getting those wages,” he said. SAVE MONEY He explained 100 percent of the people that build wealth save money on purpose a lot. People can do this by

investing into mutual funds that out perform the stock market. He said: “Don’t be stagnant, save money and invest it. There is money in the budget, it’s called margin.” Mr Ramsey believes if

someone can use their income wisely by investing 15 percent of it, they can build the financial security they deserve and perhaps even become a millionaire one day. He concluded:

“There's no secret trick or magic formula when it comes to investing, if you invest every month, it will add up. In fact, about 80 percent of millionaires consistently invested in their

employer-sponsored retirement plans.”