Dave Ramsey explained why teachers — with a median salary of $61K — become millionaires so often.
Teachers rank third, behind engineers and accountants, on a top-five list of careers most likely to have millionaires within their ranks. Business professionals and lawyers ranked fourth and fifth.
There is some justice for school teachers, who have the dubious distinction of playing a vital role in society while earning a comparatively low annual income. That justice comes in the form of the millions of dollars that many of them consistently hold in their savings and investment accounts, according to the “National Study of Millionaires”.
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How could it be that teachers, who earn an average annual income of $61,000 according to the U.S. High incomes don’t always add up to wealth.
The top five list came out of a survey of millionaires that drew upon answers from 10,000 participants.
The majority — 79% — had not received inheritance.
Eight out of 10 had invested in a 401(k) plan.
93% said they’d created wealth simply by working hard.
Most millionaires didn’t have high-salary jobs.
One third of those surveyed never achieved six figures.
Dave Ramsey discusses this study results on a recent episode of The Ramsey Show,