When you think of millionaires, careers like tech entrepreneurs or Wall Street brokers probably come to mind. But, according to financial expert Dave Ramsey, that might not be true for most millionaires. In a recent study by his team, Ramsey revealed the top five careers of millionaires and they're not exactly what you'd expect.
Spoiler alert: these careers are not necessarily bringing in sky-high paychecks, but they seem to share something in common. Let's take a look at the surprising list.
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The Top five Careers Most Likely to Produce Millionaires
1. Engineer
Median Salary: $91,010
2. Accountant (CPA)
Median Salary: $77,250
3. Teacher
Median Salary: $61,030
4. Management
Median Salary: $107,360
5. Attorney
Median Salary: $135,740
Notice something? Doctors aren't in the top five – they come in sixth place, contrary to popular belief.
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High Salaries Don't Always Mean More Millionaires
People often think a higher salary means a quicker path to wealth, but that's not always true. For example, attorneys make a median salary of $135,740, the highest on this list, yet they're fifth in terms of millionaire-producing careers. Conversely, teachers, who bring home a median salary of just $61,030, rank third!
What gives? Ramsey's research shows that becoming a millionaire is less about making the biggest paycheck and more about what you do with your money.
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So, What Do These Careers Have in Common?
According to Ramsey, it's all about being "process people." These professionals stick to systems and processes, whether managing accounts, following legal procedures or teaching in classrooms. When applied to personal finance, this same mindset seems to help them build wealth over time.
The Millionaire Mindset Matters More Than the Paycheck
Here's the kicker: a third of the millionaires in Ramsey's study earned less than $100,000 a year. The take-away? Becoming a millionaire doesn't require a massive salary. Consistent saving, smart investing and living below your means are game-changers.
Why Owning a Home Matters
Ramsey also emphasizes homeownership as a key ingredient in wealth-building, especially for those with a net worth between $1 million and $10 million. For many, their home is their biggest asset and paying off a mortgage can help fast-track financial success.
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Becoming a Millionaire is More About the Journey Than the Destination
Dave Ramsey's study reminds us that wealth isn't reserved for people with highflying careers or high incomes. Millionaire status is more about adopting disciplined habits and sticking with them over time. Living on less than you make and consistently investing can do more for your financial future than chasing after the biggest paycheck.
Whether you're a teacher, an accountant or even an engineer, Ramsey's findings show hope for building wealth. If anything, it proves that becoming a millionaire is possible for more people than you might think.
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This article Can You Guess the Top 5 Careers Of Millionaires, According To Dave Ramsey? Spoiler Alert – They're Not The Highest Paying Jobs originally appeared on Benzinga.com
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