What are the top 3 Millionaire jobs?

The top five careers for millionaires include engineer, accountant, teacher, management and attorney.

ramseysolutions.com - The National Study of Millionaires - Ramsey Solutions

What is the most sacred oil?

*Spikenard – (Nardostachys jatamansi) Spikenard was regarded as one of the most precious aromatics in ancient times. Mentioned in the New Testament...

Last updated Oct 1, 2019

What are 7 factors that affect self-esteem negatively?

Everyday Things Sabotaging Your Self-Esteem Acne. Physical appearance and body positivity (or lack thereof) routinely land near the top of the list...

Last updated Jul 8, 2019

Awaken your dormant DNA ability to attract wealth effortlessly

The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.

Learn More »

Promotion

STUDY SUMMARY

Ramsey Solutions conducted the largest survey of millionaires ever with 10,000 participants.

Eight out of 10 millionaires invested in their company’s 401(k) plan.

The top five careers for millionaires include engineer, accountant, teacher, management and attorney. 79% of millionaires did not receive any inheritance at all from their parents or other family members.

Downloads

Infographics

Have questions about this study? Email us or visit our newsroom for more information.

The American Dream Is Alive

America may be called the land of opportunity, but few Americans today really believe they have what it takes to become wealthy.1 They’ve fallen for the myth that in order to be a millionaire, they need a big income or a rich family. But The National Study of Millionaires by Ramsey Solutions proves that these beliefs about how millionaires got their money are wrong. Flat wrong. So, how did all of these people hit the million-dollar mark? Most of them did it through consistent investing, avoiding debt like the plague, and smart spending. No lottery tickets. No inheritances. No six-figure incomes. Really. That’s great news for Americans who’ve lost hope that they can ever build real wealth in their lifetime.

How Millionaires Invest (and Spend)

According to the survey, 8 out of 10 millionaires invested in their company’s 401(k) plan, and that simple step was a key to their financial success. Not only that, but 3 out of 4 of those surveyed also invested outside of company plans. But they didn’t risk their money on single-stock investments or “an opportunity they couldn’t pass up.” In fact, no millionaire in the study said single-stock investing was a big factor in their financial success. Single stocks didn’t even make the top three list of factors for reaching their net worth. Three out of four millionaires (75%) said that regular, consistent investing over a long period of time is the reason for their success. So, the story about the young computer genius who developed an app that earned millions overnight is the exception, not the rule. Even when millionaires don’t have to worry about money anymore, they’re still careful about their spending. Ninety-four percent of the people studied said they live on less than they make, and nearly three-quarters of the millionaires have never carried a credit card balance in their lives!

Why do rich people cry?

Recently, a statement was introduced into the vocabulary of English-Language – 'The rich also cry'. The statement demonstrates, to a large extent,...

Last updated Apr 15, 2019

Does cinnamon help with joint pain?

Benefits for Arthritis Patients Cinnamon is also known to help patients with arthritis due to its heavy antioxidant and anti-inflammatory...

Last updated May 17, 2018

Awaken your dormant DNA ability to attract wealth effortlessly

The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.

Learn More »

Promotion

These milloinaires also said they spend $200 or less each month at restaurants. And 93% of millionaires use coupons all or some of the time when shopping. By staying out of debt and watching expenses, they’re able to build their bank accounts instead of trying to get out of a financial hole every month.

Millionaires Are Made, Not Born

Despite what society might believe, only a small number of wealthy people inherited their money. The overwhelming majority (79%) of millionaires in the U.S. did not receive any inheritance at all from their parents or other family members. While 1 in 5 millionaires (21%) received some inheritance, only 3% received an inheritance of $1 million or more. In fact, the majority of millionaires didn’t even grow up around a lot of money. According to the survey, 8 out of 10 millionaires come from families at or below middle-income level. Only 2% of millionaires surveyed said they came from an upper-income family.

Millionaires Don’t Always Make Big Bucks

The next logical question is: What kind of salaries do wealthy people make? Not as much as you might think. The majority of millionaires in this survey didn’t have high-level, high-salary jobs. In fact, only 15% of millionaires were in senior leadership roles, such as vice president or C-suite roles (CEO, CFO, COO, etc.). Ninety-three percent of millionaires said they got their wealth because they worked hard, not because they had big salaries. Only 31% averaged $100,000 a year over the course of their career, and one-third never made six figures in any single working year of their career.

Millionaires Go to College, but Not to Elite Schools

Can God listen to your thoughts?

Fifteen hundred years after Noah's great flood, King Solomon was receiving some advice from his father, King David, who said this, ” … for the Lord...

Last updated May 9, 2019

How can I attract God of Wealth?

7 Steps to Attract Wealth Believe your are worthy of happiness. Part of attracting wealth requires that you believe you are worthy of happiness....

Last updated Aug 27, 2018

Awaken your dormant DNA ability to attract wealth effortlessly

The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.

Learn More »

Promotion

The National Study of Millionaires showed that it’s the degree itself that matters, not where the degree comes from. Almost two-thirds of millionaires (62%) graduated from public state schools, while only 8% went to a prestigious private school. But the bulk of millionaires did get that piece of paper. Eighty-eight percent of millionaires graduated from college, compared to 38% of the general population.2 And over half (52%) of the millionaires in the study earned a master’s or doctoral degree, compared to 13% of the general population.3

Perception Versus Reality

Overall, The National Study of Millionaires showed a dramatic difference between how Americans think wealthy people get their money and how they actually earn and spend their money. The majority of the millionaires in the study said they earned their money through long-term investing. When it comes to spending, millionaires used a common tool for saving money: a shopping list. According to responses, 85% of participants in The National Study of Millionaires rely on a grocery list to some degree.

About the Study

The National Study of Millionaires is a research study conducted by Ramsey Solutions with over 10,000 U.S. millionaires to gain an understanding of personal finance behaviors and attitudes that factored into their financial success. The nationally representative sample was fielded November 17, 2017, to January 31, 2018, using a third-party research panel and our Ramsey Solutions research panel. It is the largest, most statistically significant research project of its kind ever conducted.

ramseysolutions.com - The National Study of Millionaires - Ramsey Solutions

What kind of crystal brings money?

What crystals are good for money? The best crystals for money are gems that invite abundance. Citrine is known as the merchant's stone, Pyrite is...

Last updated Jul 17, 2021

What is the spiritual symbol of olive oil?

Olive oil and rituals In Jewish tradition, olive oil symbolizes the divine presence. In the biblical text, olive oil is the main element of...

Last updated Jun 19, 2018

Awaken your dormant DNA ability to attract wealth effortlessly

The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.

Learn More »

Promotion

Who is God of abundance?

Having experienced the reality of this truth, Apostle Paul, in Philippians 4:19, penned these words to bear witness to the Lord's capability as the...

Last updated Mar 3, 2021

Awaken your dormant DNA ability to attract wealth effortlessly

The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.

Learn More »

Promotion

What are the 4 tips for developing your growth mindset?

Start cultivating and developing a growth mindset Reflect each day on what you've failed at (and learned from) ... Stop seeking approval from...

Last updated Apr 7, 2020