What job do most millionaires do?

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 highest marketing qualification?

Institute of Data & Marketing (IDM) The Postgraduate Diploma is also focused on digital marketing and is said to be their most challenging course....

Last updated Jul 21, 2022

Can you see someone's SNAP score without being their friend?

The only way you're granted the ability to see someone else's snap score is to add them as a friend and have them accept you as a friend in return....

Last updated Sep 18, 2019

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!

What are the publishing tools?

Pressbooks and LaTex are arguably the two most commonly used publishing tools in open textbook publishing. It's also common for authors to write in...

Last updated Jan 15, 2021

Which social media site is the most toxic?

Social media was initially thought to be a great way for people to keep in touch with each other, but over the years its sinister underbelly was...

Last updated Oct 12, 2022

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

What not to do at an interview?

15 Things You Should NOT Do at an Interview Not Doing Your Research. ... Turning Up Late. ... Dressing Inappropriately. ... Fidgeting With...

Last updated May 25, 2021

What age girls fall in love?

They found 55 percent of people fall in love for the first time between the ages of 15 and 18. So it's more than half, but that means 45 percent of...

Last updated Nov 27, 2021

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

How can I go viral on TikTok?

How do I get my TikTok to go viral? Keep up with the latest trends. Use trending and relevant hashtags. Hop on trending audios. Create your own...

Last updated Mar 16, 2019

How many views do I need to get paid on Instagram?

Instagram pays out Play Bonuses based on the views you get on your Reels. Eligible creators with a business or creator account can earn money on...

Last updated Sep 13, 2021

Promotion

How can I make 10k passive income?

Image source: Getty Images. Start small. The first step is to buy your first property. ... Create an automatic saving plan. Every month, one of our...

Last updated May 1, 2021

Promotion

Which job has high salary in Google?

Consider all the procedures that take place daily at Google. There are the researchers, developers, engineers, coders, logisticians, and...

Last updated Jan 5, 2018