Hitting the million dollar milestone is possible for many Americans, according to Ramsey, as long as you save and spend your money wisely, avoid bad debt and strategically invest part of your income to help it grow.
It also helps if you have a certain type of personality and work in one of these five professions.
Ramsey told Von about a 2023 Ramsey Solutions survey, which quizzed 10,000 millionaires across the U.S. to find out what they do for work and how they built their wealth.
The top five careers for millionaires turned out to be:
- Engineer
- Accountant (CPA)
- Teacher
- Management
- Attorney
Surprisingly, medical doctors and physicians didn’t make the top five. They came in sixth position because, as Ramsey put it, even though “they make a lot of money” they’re “notoriously bad” at managing it.
“The interesting thing is, one third of them, 33% made less than $100,000 a year,” said Ramsey. “They were not making bank. They were not earning their way into it real quick.”
Ramsey said there’s one thing that people in the top five professions share in common, which is that they are “process people.” By that, he means “they learn the rules and … follow them.”
“If you’re an engineer, there’s only one way to build that building [so that] doesn’t fall. If you’re an accountant… there’s one way to do it. Teachers have a lesson plan they have to follow, business has a set of practices [and] attorneys [follow] the law,” he told Von.
“All of these are process people so they discovered… the process of living on less than they make, living on a budget, starting to invest, being generous, paying off their house, that kind of stuff.”
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