Dr. Phil left his psychology practice to start his nine-figure talk show career after Oprah gave him his big break. Here's how Phil McGraw invests his money.
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Phillip Calvin McGraw, AKA Dr. Phil, is a well-known American television personality, author, and psychologist with a long-running talk show, Dr. Phil. In addition to his salary for hosting the show, Dr. Phil also receives a percentage of the show's profits and has made wise investments, like his company Stage 29 Productions which owns and produced the Dr. Phil show.
Dr. Phil is not only a TV star but also a shrewd businessman who used his prowess to build his immaculate wealth. But how did a psychologist become the wealthy and successful TV personality we know today? Let's take a deeper look into the man behind the brand and find out just how Dr. Phil made and invested all that moolah.
September 1, 1950
Became a millionaire at
Psychologist, talk show host, author, and media personality.
Sources of wealth
Talk shows, book deals, and media companies.
Real estate, startups, and collectibles
Dr. Phil was born in Vinita, Oklahoma, on September 1, 1950. He was raised around oil fields in North Texas, where his father worked as an equipment supplier. Phil McGraw attended Shawnee Mission North High School in Overland Park, Kansas, before accepting a football scholarship at the University of Tulsa, where he played middle linebacker.
He later transferred to Midwestern State University where got his Master's degree in experimental psychology in 1976. He later got a Ph.D. in clinical psychology from the University of North Texas in 1979. Dr. Phil worked at private psychology practice for several years after graduating.
In 1976, Dr. Phil married his second wife, Robin Jo Jameson, long before he first appeared on television. Dr. Phil is still married to Robin, with whom he has two children, Jay and Jordan McGraw. Jay McGraw followed in his father's show business footsteps by working as a television producer and serving as president and CEO of Dr. Phil's production company.
McGraw quit being a professional psychologist to found CSI Courtroom Sciences, Inc. in 1990. The company provided plaintiffs with settlement advice to help fight their court cases. After launching CSI, he kept his Phycholigist's license active until 2006.
In 1995, Oprah hired Phil's company to assist her in a libel action she was facing after making derogatory remarks about meat while discussing mad cow disease on her show. In 1998, Oprah Winfrey invited Dr. Phil to appear on her program, which led to him making weekly appearances as a relationship and life strategy expert every Tuesday on The Oprah Winfrey Show.
Dr. Phil and Oprah Winfrey in a 2002 episode of 'The Oprah Winfrey Show.'
His early performances on Oprah’s show made him a household name and eventually led to the creation of his own show, which first aired in 2002. Today, The Dr. Phil Show is still broadcast and syndicated across the U.S.
Dr. Phil went on to produce TV series such as The Doctors, which focuses on health and medical issues, and Bull which is based on Dr. Phil's time working as a trial consultant for Courtroom Science, Inc. McGraw is also the author of a number of the best-selling relationship and diet books including Life Strategies, Relationship Rescue, and The 20/20 Diet.
Dr. Phil reportedly earned up to $80 million annually on his shows.
Dr. Phil with guests on his show, “Dr Phil” in 2002
Dr. Phil's home in Beverly Hills, California is a testament to his financial success. The luxurious mansion located in one of the most prestigious neighborhoods in Los Angeles is worth an estimated $29.5 million.
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Stage 29 Productions has been a lucrative venture for Dr. Phil. Stage 29 Productions produces the popular talk show Dr. Phil, which has aired on CBS since 2002. The company owns 100% of the show's content and pays CBS to distribute it in exchange for 50% of the advertising profits.
In total, the Dr. Phil show generates an estimated $43.3 million in revenue per year in advertising income. Based on that, it's reasonable to estimate that the Dr. Phil the show is valued at around $130 million, which makes it a significant contributor to Dr. Phil's net worth.
Dr. Phil's classic car collection includes a 1957 Chevrolet. The value of these types of cars can range from $32,000 to $90,000 depending on the model and condition. Dr. Phil's 1957 Chevrolet likely falls somewhere in the middle of this range, with an estimated value of around $55,000.
Dr. Phil has been seen riding his '57 Chevrolet in Beverly Hills.
One of Dr. Phil's flashiest investments is an 18-carat rose gold Rolex Daytona wristwatch. Similar Rolex watches retail between $45,000 and $55,000 depending on the condition and whether the dial has diamond-encrusted indices. Assuming Dr. Phil has the standard version with Everose dial and bracelet, then his Daytona is likely worth around $50,000.
Dr. Phil wearing a 40 mm Everose Rolex Daytona.
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