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It seems there might be some justice for school teachers, who have the dubious distinction of playing a vital role in society while earning a relatively low annual income.
That justice comes in the form of the millions of dollars that many of them consistently have in their savings and investment accounts, according to the National Millionaire Study, a research project of personal finance expert Dave Ramsey’s company, Ramsey Solutions (1).
In an interview with podcaster Theo Von in 2024, Ramsey explained that teachers ranked third behind engineers and accountants (2). In the fourth and fifth? Working in business or management and being a lawyer.
So how is it that teachers are often millionaires while earning an average annual income of $72,030 according to the National Education Association, yet doctors don’t even rank in the top five (3)?
Ramsey’s top five list came from a survey of 10,000 millionaires. The majority – 79% – had not received an inheritance. Eight in 10 invested in a 401(k) plan, and most of the millionaires surveyed did not have high-paying jobs. In contrast, 3 in 4 said they created wealth simply by working hard.
“In other words, you can’t earn your way out of stupidity,” Ramsey said of the study’s findings (4).
They may not be working high-paying jobs, but Ramsey’s survey found that millionaires are an educated bunch, with 88 percent having completed college. However, only 8 percent attended elite schools, and 52 percent earned a graduate degree.
What they all have in common is the determination to invest for the long term and stick with it. They are also methodical shoppers: 85% of respondents use a shopping list. Almost a third (28%) always stick to their list, while 57% stick to it.
One surefire way to increase your chances of making a list and actually sticking to it is to prepare a budget.
If managing a budget seems overwhelming, apps like Rocket Money can simplify the process.
Rocket Money tracks and categorizes your spending, providing a clear picture 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.
For a small fee, the app can also negotiate lower rates on your monthly bills, making it a valuable tool to keep your finances on track.
“They’re system people — they work with a set of principles and they don’t have free rein to make up their own rules,” Ramsey said. “Teachers have a lesson plan to follow.”
If you also consider yourself a systems person, a high yield account could be an ideal way to put your millionaire potential to work.
An account like Wealthfront Cash can be a great place to grow your emergency funds systemically and take advantage of compounding returns.
Wealthfront offers both competitive interest rates and easy access to cash when you need it.
It offers a base variable APY of 3.30% starting January 30, 2025 – and new customers can get a 0.65% boost in the first three months for a total APY of 3.95% from program banks on your uninvested cash.
That’s 10 times the national deposit savings rate, according to the FDIC’s January report.
Ramsey’s advice for choosing your career? “Do something you love and find a way to do it in an unusual way. Being a teacher doesn’t necessarily mean you’re in a classroom.” He explained that there are ways to follow your dream while building a financially stable lifestyle.
It’s possible that teachers love their jobs and have found a way to create a lifestyle that supports their work—not the other way around.
“Don’t just choose your career based on how much money you can make,” Ramsey said. “Also, don’t choose a career that says you’ll be happy but broke. That won’t work either. You should make more money doing something you love because you’re good at it and you care about it and you’re creative and have energy. You should be making more money, not less.”
You don’t need to bring home a huge paycheck to build a solid financial future. As long as you manage your money with intention, you can build your wealth. And a financial advisor can help you crunch the numbers to build a plan that works.
But hiring an advisor is a long-term commitment that could make or break your retirement. This means finding trusted advisors is crucial.
That’s where Advisor.com can help. The platform connects you with an expert nearby for free. Advisor.com does the hard work for you by vetting advisors based on track record, client report and regulatory background.
Just enter a few details about your finances and goals, and Advisor.com’s AI-powered matching tool will connect you with a qualified expert best suited to your needs.
Set up a free initial consultation today to find the best fit for you.
Read more: Approaching retirement with no savings? Don’t panic, you are not alone. Here are 6 easy ways to catch up (and fast)
You might be surprised that many high-paying professions — like doctors — didn’t make Ramsey’s list.
But the average medical school debt in 2025 is $216,659, and 30% of physicians expect it to take more than 10 years to pay it off, according to the Education Data Initiative (5).
This means that doctors can lose years of investment as they work to establish themselves and eventually earn a high salary.
But if you keep waiting for that bigger paycheck to come, then you’ll lose the potential for incremental earnings along the way.
With Acorns – an automated saving and investing app – securing your financial future can become second nature.
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.
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.
Sign up now and you can get a $20 bonus investment.
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Ramsey Solutions (1); Theo Vaughan (2); National Education Association (3); Ramsey Show Highlights (4); Education Data Initiative (5)
This article provides information only and should not be construed as advice. Offered without warranty of any kind.
