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| Economy | |
| 'You can't outearn stupidity': Dave Ramsey just explained why teachers ‐ with a median salary of $61K ‐ become millionaires so often | |
| 2023-08-15 | |
| [MoneyWise] 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," a research project by Ramsey Solutions, whose CEO is the personal-finance expert Dave Ramsey. 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. How could it be that teachers, who earn an average annual income of $61,000 according to the U.S. Bureau of Labor Statistics, take third spot, while physicians don’t even rank in the top five? 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. And contrary to expectation, most millionaires surveyed didn’t have high-salary jobs. Instead, 93% said they’d created wealth simply by working hard.
"In other words, you can’t earn your way out of stupidity," Ramsey said of the study results on a recent episode of The Ramsey Show, his syndicated radio program. He’s quoted in the text of the study as saying something similar: "It turns out that math works for all of us, especially when you understand your income is your most powerful wealth-building tool." | |
| Posted by:Besoeker |
| #1 Uhem.. Washington DC |
| Posted by: swksvolFF 2023-08-15 20:07 |