Reaching the million-dollar mark is possible for many people, even those who have chosen careers that are not inherently lucrative, but are often associated with the saving, investing, and conscious spending habits necessary to begin paving the path to financial success.
“They are not people with high salaries;Treating people who learn rules and follow them“, to explain Renowned personal finance expert and television personality Dave Ramsey in a recent interview with actor and comedian Theo Vaughn, host of the radio show “This Past Weekend.”
“These are all process people, so they figured out…the process of living on less than they earn, living on a limited budget, starting to invest, being generous, paying off their house, things like that,” he said.
Ramsay backed his claims with a reconnaissance It was conducted in 2023 by a team of researchers and experts who run its financial advisory platform “Ramsey Solutions”. The study interviewed 10,000 millionaires across the United States to find out what they do and how they built their wealth.
Interestingly, the research found that the majority of millionaires surveyed did not hold senior management positions (such as CEO, CFO, or COO) or receive high salaries. Only 15% fell into this leadership category, and 93% said they earned their wealth through “hard work,” rather than the salaries of their profession.
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1 in 3 millionaires have not reached six figures in their career
Of all participants, only 31% said they earned an average of $100,000 per year throughout their career, and a third of them never made six figures in any year of their career. Ramzi said these results They deconstruct the myth that to be a millionaire you need to have a six-figure income or come from a wealthy family.
So what kind of salary do rich people earn? Not as much as you might think. Based on the survey, the expert listed the five professions that are most likely to make a person a millionaire. Surprisingly, doctors and healthcare professionals, known for their high commissions, were left behind in the counting.
At the top of the professions with the highest number of millionaires are those who work as engineers. According to 2024 data from the job search platform actuallythe Engineers In the United States, they can earn an annual salary between $62,178 and $165,339, with an average of $101,393. And he follows them Chartered accountants (CPA), with a salary ranging from $60,071 to $154,673, with an annual average of $96,392.
The third profession with the highest number of millionaires is perhaps the most unexpected on the list: teachers. Nearly 30 thousand salaries were registered in actually They show that teachers will earn an average annual salary in 2024 of just $32,712, which is well below the national average annual salary in the United States, which is $59,428 USD.
They also ranked the positions on the list administration And Lawyerswho earn annually on average $76,555 USD And 105,870 US dollars, respectively. Healthcare workers came in sixth place because, Ramsay said, even though they “make a lot of money,” they are “very bad” at managing it.
“If you're an engineer, there's only one way to build this building. [para que] do not fall. If you're an accountant…there's a way to do this. Teachers have a lesson plan they must follow, and companies have a set of practices [y] Lawyers [siguen] Ramsey explained about the choice.
“We all have a chance”
What do these millionaires have in common? Well, most of them said they got rich through consistent investments, avoiding debt, and spending wisely. “The typical millionaire (89%) was first generation, meaning they did not inherit their money.” […] “It's good news: we all have a chance.”
For the financial guru, there it is Two main components What helped these people reach the million dollar mark: investing in 401(k) plan. From your company (or a similar tax-advantaged savings mechanism, such as an individual retirement account) and Buying a house and paying it off.
“I'm a big believer in home ownership,” he said, noting that it's a powerful advantage as long as buyers understand what they can really afford. “Property of A Housing constitutes a major portion of the first $1 million to $10 million “From the net worth someone builds,” he said.
“There's a lot of misinformation out there. [con respecto a lo que se necesita para convertirse en millonario]. I don't know where it comes from, [pero] It's a lie that you can't move on. “When you convince someone that what you are saying is true, you deprive them of hope, and that is a bad thing.”
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