When people think of millionaires, they often picture CEOs, doctors or professional athletes. However, new research suggests that some of the careers most likely to produce millionaires are far more ordinary—including one that is widely known for modest salaries.
A survey conducted by Ramsey Solutions involving 10,000 U.S. millionaires found that the five professions producing the most self-made millionaires are engineers, accountants, managers, attorneys and teachers.
While the inclusion of engineers and lawyers may not be surprising, teachers stand out because they typically earn far less than many other professionals. According to U.S. government data, elementary school teachers earn an average annual salary of around $72,650, only slightly above the national median income for full-time workers.
Wealth Is Built Through Habits, Not High Salaries
Financial experts say the findings highlight an important lesson: long-term financial success depends more on behaviour than income.
According to the Ramsey Solutions survey:
- 80% of millionaires consistently contributed to their employer-sponsored retirement plans.
- Three out of four credited regular, long-term investing as the primary reason they became millionaires.
Greg Welborn, Principal at First Financial Consulting, believes discipline is the defining characteristic of wealth builders.
He argues that consistently saving and investing—even relatively small amounts—over several decades can produce significant wealth through compound growth.
For example, someone who invests $325 per month from the age of 25 into a diversified equity fund could accumulate approximately $1 million over a 40-year career, assuming long-term market returns.
Why Teachers Perform So Well
One advantage many public-school teachers enjoy is automatic participation in government pension and retirement plans.
These defined-benefit pension schemes and employer retirement contributions encourage regular saving from the very beginning of a teacher's career. Automatic enrolment also increases participation rates, helping educators build retirement wealth steadily over time.
Financial experts say these employer contributions—often referred to as "free money"—can make a substantial difference over several decades.
High Income Doesn't Guarantee Wealth
The study also challenges the belief that earning a large salary automatically leads to financial security.
Welborn says he has worked with professionals earning several hundred thousand dollars annually who were still unprepared for retirement because of excessive spending and lifestyle inflation.
According to financial planners, increasing income is less important than maintaining consistent saving habits and avoiding unnecessary debt.
Student Debt and Marriage Also Matter
Another factor affecting wealth creation is student loan debt.
Many high-paying careers require expensive postgraduate education, delaying retirement savings. Medical graduates, for example, often leave university with student debt exceeding $240,000, while many teachers also carry education loans, although typically at much lower levels.
Researchers also point to marriage as an important contributor to long-term wealth.
Sharing household expenses, benefiting from tax advantages and maintaining joint financial discipline can significantly improve financial outcomes. Teachers have one of the highest marriage rates among major professions, a factor some experts believe contributes to their strong representation among millionaires.
The Bigger Lesson
The study concludes that becoming a millionaire is less about choosing the highest-paying profession and more about developing consistent financial habits.
Regular investing, living below one's means, avoiding lifestyle inflation and allowing investments to compound over many years remain the most reliable path to long-term wealth.
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