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American TV personality, author, and former psychologist Dr. Phil has a massive net worth of $460 million. He was able to built his massive fortune through his numerous ventures as he earns about $60 to $90 million from his various endeavors. He has built production company and owns 100% of his show's content. He used to be a regular business man practicing as a psychologist on his firm until he met Oprah. He helped her win a lawsuit and Oprah then helped Phil break into the entertainment world by making him a regular on her talk show in 1998.
Early Life and Earning His Education
Phillip Calvin McGraw was born on September 1, 1950 in Vinita, Oklahoma. He is the son of Joseph J. McGraw Jr. and his wife, Anne Geraldine. He grew up with his three sisters, Deana, Donna and Brenda. His father was an equipment supplier for the oilfields of North Texas. When Phil turned 13, he decided to work at an A&W Root Beer stand and a local chain in Oklahoma City called Pizza Planet. His father then decided that their family would move to Kansas so that he can pursue his lifelong dream of becoming a psychologist. Phil attended the Shawnee Mission North High School in Overland Park. While in High School, he played as a linebacker on their school’s football team. With his talent and potential, he was granted a football scholarship to the University of Tulsa where he played as a middle linebacker.
Phil decided to transfer to Midwestern State University in Wichita Falls, Texas where he graduated with degree in B.A. in psychology in 1975. He pursued his studies further and earned an M.A in the field of experimental psychology in 1976. He still went on to further his knowledge by pursuing a Ph.D. degree in clinical psychology in 1979 at the University of North Texas. While doing his Ph.D. degree, he did a dissertation which is titled Rheumatoid Arthritis: A Psychological Intervention. He did one year of post doctoral training in forensic psychology at Wilmington Institute. At the time, his PhD advisor was Frank Lawlis who is currently the primary contributing psychologist for the television show Dr. Phil.
Early career and Exposure in Television
When he obtained his doctorate, he decided to rejoin his father in Wichita Falls, Texas. His father has already established his own private psychology clinic. Phil and his father saw a business opportunity when a Texas businesswoman proposed that they do a presentation for self-help seminars. They have established Box in 1985 and just after six years of joining the team, he decided to sell his shares in the company for $325,000 in October 1991. He decided to quit Box because he had co-founded the Courtroom Sciences, Inc. with lawyer Gary Dobbs in 1990. It is a trial consulting firm that provides services in the US litigation psychology, trial consulting, witness training, jury selection and depositions. They are the advisor of numerous trial lawyers, all of the major airline worldwide and some Fortune 500 companies.
During his time with Courtroom Sciences, Inc., he joined a team to create the TV show Bull which is based on his experience as a trial consultant. He then started working with Oprah Winfrey through Courtroom Sciences, Inc. Oprah Winfrey hired Courtroom Sciences, Inc. to prepare her for the case against her. At the time, Winfrey saw the potential of Phil as she was impressed with him and thanked him for her victory on the Amarillo Texas beef trial. Soon after the trial ended, she invited him to be on her show. His appearance became a huge hit that he started appearing on a weekly basis as life and relationship strategy expert since April 1998.
Accumulating Massive Fortune Through His Shows
After about four years of appearing on TV, McGraw formed Peteski Productions in September 2002. He has launched his own syndicated daily television show, Dr. Phil. The producer of the show is Oprah Winfrey's Harpo Studios. The show Dr. Phil is an advice show where Phil tackles on numerous topics and offers advice to the studio audience. He was offered a syndication deal with his show's distributors, King World Productions, Inc. He signed the contract with a five-year extension where he will earn about $15 million annually. His show is a massive success from the start and records million viewers per episode. During the height of its success, the only talk show more popular than his show was The Oprah Winfrey Show.
Dr. Phil saw the potential of the show so he decided to establish Stage 29 Productions in 2005. They announced a TV show called Moochers which is similar to ABC’s Kicked Out but the show did not panned out. The following year, they announced the show Dr. Phil House which is similar to CBS's Big Brother which began airing as part of his TV show, Dr. Phil. However the neighbors protested against it which resulted in the shutdown of the Los Angeles house and they continued the production on the sound stage of a studio back lot. It also did not succeed as they it would be.
Through the years, they have created shows through Stage 29 Productions but not one show gained the same success Dr. Phil earned. Until they created a Dr. Phil Show spinoff series called The Doctors. The show is hosted by ER physician and television personality Travis Stork. The show debuted on September 8, 2008 and was renewed for its 12th season in 2019. Another successful show they had created is House Calls with Dr. Phil which aired on CBS. The show involves Dr. Phil visiting numerous families at home and offering his advice in the comfort of their home. Thanks to the syndication, he has be among the highest-paid personalities on television which helped him earned his massive wealth. Since 2006, he has been earning annual salary of at least $45 million. His annual fee increases as the year goes by and today, he has an annual salary of $80 million.
Sources: Celebrity Net Worth, Oprah, Wealthy Gorilla
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