Popular television host Dr. Phil, whose full given name is Phillip Calvin McGraw, graduated from Midwestern State University in 1975 with a bachelor’s degree in psychology.
McGraw’s zeal to further his education led him to pursue and earn a Master’s degree in experimental psychology and a doctoral degree in clinical psychology. His recognition as a doctor is due to this degree.
He became the co-founder of Courtroom Sciences, Inc., (CSI) in 1990 and soon gave up his practice as a psychologist. The trial consulting business eventually led him to a meeting with television host Oprah Winfrey.
McGraw was no longer a practicing psychologist when he appeared on her show and when he began hosting the “The Dr. Phil Show.”
He impressed Oprah so much that she hired CSI to help her during her Amarillo Texas beef trial, which she won. After her victory, McGraw became a frequent guest on “The Oprah Winfrey” show.
His folksy comments and personality helped him become a popular television celebrity. He published “Life Strategies“, a bestseller, in 1998. Following its success he wrote several more books and workbooks.
“The Dr. Phil Show” was a product of his own production company known as Peteski Productions while Oprah Winfrey’s Harpo Studios produced the show.
All that aside, how did the Dr Phil net worth amount reach an estimated $500 million?
Table of Contents
Dr. Phil Books
Dr. Phil is a prolific author. His books have rewarded him well financially, and it is estimated that he has already earned over $10 million from his book sales.
- Adaptability breakdown
- Physical health
- Mental health
- Existential crisis
Anyone can experience one of these crisis moments at any given time. When a day suddenly turns into a crisis, a person may not know what to do or how to react.
McGraw believes that, by following a practical plan, it is possible to prevent these crises from destroying someone’s life.
Instead of merely offering a coping plan, Dr. Phil offers details about how to create the proper mindset before a situation takes place.
He believes that challenges strengthen a person’s ability to cope with life’s difficulties.
The book contains short narratives designed to help readers conquer the challenges they face.
- Real hunger
- Food cravings
- Feeling restricted
- Expensive food
- Boring diet
- Temptation to eat other foods
- General disappointment
People who want to try the 20/20 diet begin by eating 20 foods to the exclusion of all other items.
The list includes coconut oil, olive oil, apples, garbanzo beans (chickpeas), lentils, leafy greens, prunes, yogurt, eggs, pistachio nuts, rye and green tea.
New foods are gradually introduced during a later phase.
Dr. Phil also offers practical advice for conquering temptation. Dieters can perform errands in lieu of eating junk foods and brush their teeth as a preventive way to avoid eating snacks that do not belong in the diet.
He also provides reasons why people have been unable to shed unwanted pounds and how people can focus on developing healthy eating habits throughout their lives.
Wisdom from another era does not always work when a person tries to apply it to today’s pressing issues.
In this New York Times best-seller, Dr. Phil writes about people who cause problems. He focuses on abusive individuals and how they take advantage of their innocent victims.
He calls these people “baiters,” which stands for the following types of abusers: backstabbers, abusers, impostors, takers, exploiters and reckless individuals.
Plus, he offers tools to help victims defend themselves from further abusive attacks.
In the book, you learn how to identify what he refers to as the “evil eight” individuals who possess a “secret playbook” containing more than a dozen cleverly designed tactics specifically used for exploitation purposes.
The “evil eight” abusers love to make a person feel incompetent in every way.
Dr. Phil then goes on to explain how victims can use his “sweet 16” strategies to overcome abuse.
Although the book displays a touch of controversy, Dr. Phil defies conventional rules and teaches readers how to become winners in life.
Dr. Phil TV Show
According to Forbes, Dr. Phil McGraw earns $79 million a year. Most of his earnings stem from the proceeds of his popular television show.
However, he has amassed large sums of money from many other avenues.
In 1991, he had a capital gain of $325,000 for selling his Pathways seminar stock holdings.
He sold his Beverly Hills mansion in 2002 for $7.5 million.
Dr. Phil also signed a $15 million contract in 2005, and he earns approximately $167,544 per year from selling his books.
Dr. Phil Podcast
McGraw plans to launch an interview podcast entitled “Phil in the Blanks” in January 2019. Talk show host Jay Leno is his first planned guest.
The podcast is expected to cover a wide array of topics, including a discussion with spine surgeon J. Patrick Johnson about traumatic brain injuries as they pertain to high school athletes.
Each podcast will provide information about the topics covered.
An ability to create a loyal fan base should prove profitable and boost the Dr. Phil net worth figure.
With Dr. Phil McGraw’s rich history of knowing how to acquire wealth, the podcast might enable him to earn millions of additional dollars each year.
Dr. Phil Lawsuits
In the midst of his fame and fortune, Dr. Phil McGraw has not been immune to his share of lawsuits.
He removed his line of weight-loss supplements from the shelves in March 2004 after learning that the Federal Trade Commission had initiated an investigation.
Investigators were not convinced that his Shape It Up, Woo Woo! brand of energy bars and other dietary supplements were working.
Another aspect of the lawsuit revolved around critics voicing their concerns that Dr. Phil was not a medical doctor. They felt that his degree in psychology did not merit him the right to sell products designed to lose weight.
Adding to his woes, a group of consumers filed a class-action lawsuit. Each consumer claimed to have paid $120 every month for supplements that did not help them lose weight. In September 2006, McGraw reached a $10.5 million settlement.
In 2006, McGraw was also involved in the Kalpoe lawsuit. Two brothers, Deepak and Satish Kalpoe, filed a lawsuit in the Los Angeles Superior Court based on their appearances on “The Dr. Phil Show” in 2005.
They claimed that the interview with Dr. Phil was inaccurate in its portrayal of the brothers as having committed criminal actions against a woman named Natalee Holloway.
Their lawsuit was based on a defamation of character claim, including fraud, emotional distress and invasion of privacy. The lawsuit, which was filed against Dr. Phil McGraw and CBS Television Stations, was dismissed by the court in March 2015.
In 2008, Thomas Riccio sued McGraw.
Riccio was a memorabilia collector who taped the 2007 Las Vegas robbery that resulted in the conviction of O.J. Simpson.
Riccio’s lawsuit was filed in Los Angeles Superior Court for fraud, defamation of character and emotional distress. He claimed that an interview on “The Dr. Phil Show” in October 2008 was edited in a false light.
The case was dismissed by a judge stating that speech was protected according to the First Amendment.
Even though the Kalpoe lawsuit and the Riccio lawsuit were dismissed, the legal expenses may have harmed Dr Phil’s net worth.
Dr. Phil Wife, Son and Kids
McGraw married Debbie Higgins McCall in 1970 when he was only 20 years old.
She claimed that he dominated her life and that he forbade her to work in her family’s business, and he forced her to stick to domestic chores.
McCall also mentioned that he made her lift weights so that she would have a more attractive bust line.
She filed for an annulment in 1973.
McGraw then started dating a woman named Robin Jo Jameson. He married Jameson in 1976. Phil and Robin have two sons named Jay and Jordan.
Jay McGraw inherited his father’s passion for writing. Jay has already published books for teenagers mirroring his father’s psychological interests. Plus, Jay is the CEO and president of Stage 29 Productions, which is located in Los Angeles.
Jay married Erica Dahm, a Playboy Playmate triplet, in 2006.
Although Dr. Phil McGraw has expressed his negative views regarding pornography, he still served as his son Jay’s best man at the wedding. The occasion took place at Dr. Phil McGraw’s house in Beverly Hills.
Dr. Phil’s other son, Jordan McGraw, became a member of Organica Music Group in 2010. In 2015, he joined Hundred-Hundred as the lead singer. Jordan is regarded as a talented guitarist too.
Although having a net worth of $500 million seems exorbitant, his annual income closing in on $100 million per year is the primary reason that Dr. Phil has become so wealthy.
How Dr Phil’s Net Worth
Can Help You
Unless you’re a hot shot rock star, athlete, actor, or financier, you’ll be sledding uphill trying to catch up financially to Dr Phil. After all, he’s carved out a unique position as a popular TV host on the back of a lucky meeting with Oprah.
But you don’t need the stars to align for you in order to make a go of it financially. Unlike the old days when you had to pay a fortune to financial advisors to get expert help, you can ride on the bandwagon of low-cost robo-advisors like Betterment and SoFi these days. For low fees or no fees in some cases, they manage your portfolios using Nobel-prize winning strategies.
Over the long term, the stock market has been one of the greatest wealth generating mechanisms in human history. You get to own a piece of great companies like Amazon and Netflix and, as they grow, so too does your net worth.
And while stock market investing may not get you to the same wealth level as Dr. Phil, the good news is you don’t have to become a TV host and bump into Oprah to make a pretty penny either!