Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.<\/em><\/p>\n It turns out, there might be some justice for school teachers, who have the dubious distinction of playing a vital role in society while earning a comparatively low annual income.<\/p>\n 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, a research project by personal finance expert Dave Ramsey\u2019s company, Ramsey Solutions (1).<\/p>\n In an interview with podcaster Theo Von back in 2024, Ramsey explained that teachers ranked third, behind engineers and accountants (2). In fourth and fifth? Working in business or management and being an attorney.<\/p>\n So how can it be that teachers are frequently millionaires, while earning an average annual income of $72,030 according to the National Education Association, and yet physicians don\u2019t even rank in the top five (3)?<\/p>\n Ramsey\u2019s top five list came from a survey of 10,000 millionaires. The majority \u2014 79% \u2014 had not received an inheritance. Eight out of 10 had invested in a 401(k) plan, and most millionaires surveyed didn\u2019t have high-salary jobs. Instead, 3 out of 4 said they\u2019d created wealth simply by working hard.<\/p>\n \u201cIn other words, you can\u2019t earn your way out of stupidity,\u201d Ramsey said of the study results (4).<\/p>\n They might not work at high-paying jobs, but Ramsey\u2019s survey found that millionaires are an educated bunch, with 88% having graduated from college. However, only 8% attended elite schools, and 52% earned a postgraduate degree.<\/p>\n What they all have in common is the steadfastness to invest in the long term and stick with it. They\u2019re also methodical shoppers: 85% of respondents use a grocery list. Nearly a third (28%) always stick to their list, while 57% sort of stick with it.<\/p>\n A surefire way to increase the odds you\u2019ll make a list and actually stick to it is by preparing a budget.<\/p>\n If managing a budget feels overwhelming to you, apps like Rocket Money can simplify the process.<\/p>\n<\/p><\/div>\n Rocket Money tracks and categorizes your expenses, providing a clear view of your cash, credit and investments in one place. It can even uncover forgotten subscriptions, helping you cut unnecessary costs and save hundreds of dollars annually.<\/p>\n For a small fee, the app can also negotiate lower rates on your monthly bills, making it a valuable tool for keeping your finances on track.<\/p>\n \u201cThey are systems people \u2014 they work with a set of principles and they don’t have free rein to make up their own rules,\u201d Ramsey said. \u201cTeachers have a lesson plan they have to follow.\u201d<\/p>\n If you also consider yourself a systems person, a high-yield account might be an ideal way to kickstart your prospective millionaire-hood.<\/p>\n An account like the Wealthfront Cash can be a great place to grow your emergency funds systemically and take advantage of compound returns.<\/p>\n Wealthfront offers both competitive interest rates and easy access to your cash when you need it.<\/p>\n They offer a base variable APY of 3.30% as of January 30th, 2025 \u2014 and new clients can get a 0.65% boost over their first three months for a total APY of 3.95% from program banks on your uninvested cash.<\/p>\n That\u2019s 10 times the national deposit savings rate, according to the FDIC\u2019s January report.<\/p>\n Ramsey\u2019s advice for picking your career? \u201cDo something you love, and find a way to do it in an unusual way. If you\u2019re a teacher, it doesn\u2019t necessarily mean you\u2019re in a classroom.\u201d He explained that there are ways to follow your dream while building a stable financial lifestyle.<\/p>\n It\u2019s likely that teachers love their jobs, and they\u2019ve figured out a way to create a lifestyle to support their work \u2014 not the other way around.<\/p>\n \u201cDon\u2019t pick your career based on how much money you can make only,\u201d Ramsey said. \u201cAlso, don\u2019t pick a career that says you will be happy but broke. That won\u2019t work either. You should make more money if you are doing something you love, because you are good at it, you care about it, and you are creative and you have energy. You should make more money, not less.\u201d<\/p>\n You don\u2019t need to be bringing home a huge paycheck to forge a solid financial future. As long as you manage your money purposefully, you can build up your wealth. And a financial advisor can help you crunch the numbers to build a plan that works.<\/p>\n But hiring an advisor is a long-term commitment that could make or break your retirement. That means finding reliable advisors is crucial.<\/p>\n That\u2019s where Advisor.com can help. The platform connects you with an expert near you for free. Advisor.com does the heavy lifting for you, vetting advisors based on track record, client ratios and regulatory background.<\/p>\n Just enter a few details about your finances and goals, and Advisor.com\u2019s AI-powered matching tool will connect you with a qualified expert best suited for your needs.<\/p>\n Set up a free initial consultation today to find the right fit for you.<\/p>\n Read More: Approaching retirement with no savings? Don\u2019t panic, you’re not alone. Here are 6 easy ways you can catch up (and fast)<\/strong><\/p>\n You might be surprised that many high-paid professions \u2014 like physicians \u2014 didn\u2019t make Ramsey\u2019s top five list.<\/p>\n But the average medical school debt in 2025 is $216,659, and 30% of physicians expect to take more than 10 years to pay it off, according to the Education Data Initiative (5).<\/p>\n This means doctors can miss out on years of investing as they work towards establishing themselves and eventually commanding a big salary.<\/p>\n But if you just keep waiting for that bigger salary to come, then you will be missing out on the potential for incremental gains along the way.<\/p>\n With Acorns \u2014 an automated saving and investing app \u2014 securing your financial future can become second nature.<\/p>\n Acorns is a mobile app that automatically invests your spare change for you so you can reap the benefits of compounding interest with recurring investments.<\/p>\n All you have to do is open an account and link your cards. Then, whenever you spend as you normally would, Acorns will automatically round up your recent purchases to the nearest dollar and invest the difference in a diversified portfolio.<\/p>\n Sign up now and you can get a $20 bonus investment.<\/p>\n We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.<\/em><\/p>\n Ramsey Solutions (1); Theo Von (2); National Education Association (3); Ramsey Show Highlights(4); Education Data Initiative (5)<\/p>\n