Why Teachers Consistently Become Millionaires

foreign comes from Brad in Idaho why are teachers consistently in the group of people that become millionaires I'll just I'm going to add to this question he's referring to the Ramsey Solutions study the largest group of millionaires ever done over ten thousand and they were in the top five School teachers of net worth millionaires that's what he's referring to he goes on to say is it because they marry well and have a spouse with a better income or is there another reason are there other career Fields I should look into that consistently make it into the millionaire club uh you know I can't wait for Dave's take on this I'll tell you one thing that I believe is absolutely reason that teachers are in that group is because they are missional they care deeply about their role we also found in that same study that 96 96 percent of net worth millionaires love their work and in the teacher case they're very dedicated to be instructors they care deeply about serving kids and they've chosen work that is Meaningful to them and thus they've decided that what they make is enough and they've made the choices to live on less than they make and choose a lifestyle that actually supports their work not the other way around and I think it's about deep meaning and purpose and thus they've been disciplined and they're very methodical and I think that's a part that plays too Dave what would you add to that or do you does that square with you I think that's you know when we got the data in it was interesting to us um you know the the top five career fields of the millionaires in the largest study a Millionaire's ever done in North America number one was engineer number two is accountant number three was teacher number four was business professional which can mean almost anything um and number five was um lawyer medical doctor didn't even make the top five the number six and they are stereotypically worse with money than music artists I mean it's ridiculous and so um not all in other words not all of them but I'm saying The Stereotype is is there for a reason so what we figured out is is that okay why is it why do these five land there and and even if we look at further down the list why do some of these top what what is what do they have in common and what it does disprove is that your income causes you to become a millionaire because one third of the millionaires that we studied 33 percent of them never made over a hundred thousand dollars so it's not your income in other words you can't earn your way out of stupidity so what did those what does an engineer an accountant a lawyer business professional teacher have in common and I think you hit it on the head when you said method there they are systems people they work with a set of principles and they don't um they don't they don't have free reign to make up their own rules there when you're a lawyer and you go before the judge you have to follow exact procedures even exact ways of addressing the court if it pleases the court your honor you don't talk to humans out in the at the gas station that way it's a set of procedures that you use there's a proper set of emotions that and you don't have a choice you don't get to you know well I'm creative you're you know old man in the robe you don't get to say that okay you get to say if it pleases the court your honor I mean you don't have a choice in this you don't have a choice when you're an engineer designing a bridge there's basically one way otherwise it falls yep and you know and accountants don't say uh well this is creative they call that embezzlement you know what I mean it's like right and so accounting is a set of generally accepted accounting principles Gap and the the process of doing counting there's one process and you submit yourself to proven principles and methods to be successful in any of those careers and money works exactly the same way right you have to submit yourself to a set of proven principles you live on less than you make you're generous you invest you have a written plan you're in agreement with your spouse these are set principles that you don't get to be creative well in my I don't think it works yeah yeah I don't agree who gives a crap if you agree this is the way the bridge is built yeah this is the way that you do a lesson plan if you're a teacher this is the proper methodology for instructing it is so structured and so they're used to functioning in in a structured environment and submitting themselves to proven structured processes which money and wealth building are and that's what the correlation was it took us a little while to figure it out and let's also understand that they have to be intentional to win with their income because they can't they can't rely on big increases in income no there are no bonuses one third of the millionaire has never made over 100 let me keep that in mind and here's but Brad let me address one other thing are there other career Fields I should look into that consistently make it to the millionaire Club no that's right do not pick your field because you think it's going to make you rich yeah never do that but are there processes that you can submit yourself to yes that will get you into the millionaire Club absolutely there are but you don't pick your career field because what you'll be is a miserable human being with a big income if you pick the you know I'm doing this just for the money money wears off man you eat enough Lobster it tastes like soap so true there's just not there's only so much money so much money will do and so you you know you don't pick your no you know it's like you don't pick your wife based on the net worth of her father you know that's a bad way of doing it you know you're going to get yourself in a mess you know that won't turn out well no it's going to go poorly so yeah you you know you pick your career field based on purpose and meaning and can you actually do it you know and so what you've got is again with teachers or any accountant they enjoy process accountants enjoy process and they're talented at it teachers enjoy instruction they're good at it that's the mix and then you choose to make your money work that's what I love by the way in case so we got a lot of new people joining all the time we love this we're here we're growing like crazy all over the place podcast YouTube everywhere here's the thing the median salary right now for teachers in the United States is about sixty one thousand dollars you need to understand net worth millionaires at that level it can be done and there's this generation that's watching too many Tick Tock videos and Instagram videos Dave where it says you've got to make millions of dollars a year uh to be wealthy and it's just simply not true you can't out earn your stupidity that's a fact I've tried it didn't work you just gotta not be stupid and so you can't make enough money to be stupid it won't work you'll lose it I know I did it I did it I did the zeros on the end I know what it looks like exactly how it feels I know whatever every bit of that experience no thank you I don't want to do it again so um you know this is what you need to dial in on do something that you love and find a way to do it in an unusual way yes okay yes doesn't necessarily if you're a teacher it doesn't necessarily mean you're a classroom teacher there's a lot of ways to be a teacher and a lot of things you can do I have a I have a gift of teaching yeah absolutely Dan so I'm a teacher if you teach financial principles in a lot of ways yeah and I've done it on 60 Minutes and you've done it in 600 000 600 stations for years and then you've done it in front of hundreds of thousands of people and this gets a very good point you know if I love instructing I'm not limited to a public school classroom but that is also a wonderful place to do it yeah yeah but it's not the only definition of a teacher that's correct so um now again the purposes of that study these were probably classroom teachers yeah yeah that's what we talk a lot about sure yeah but the uh I mean I don't think someone identifies in a survey of millionaires that they are a teacher if they're on the radio that's not probably not what they're that's probably not what they're doing right so um but that's not the plan so that's a really good question don't pick your career based on how much money you can make only it should be a consideration but um but but don't pick it based on that only and go oh I'm going to make a lot of money and that'll make me happy while I'm doing stuff every day that I hate doing no that won't work but also don't pick a career that says oh this is going to make me happy and it's okay if I'm broke that's not necessarily either no you should make more money if you're doing something you love because you're good at it because you care about it because you're creative because you've got energy you should make more money not less yeah so that's the way to get at it good question

Channel: The Ramsey Show Highlights

Views: 483,209

Keywords: the dave ramsey show, budget money debt cash, real estate, insurance, how to make money, dave ramsey, save, credit card, compound interest, buying house, buy, snowball, Why Teachers Consistently Become Millionaires

Id: 1h_Vbq1YHig

Length: 8min 49sec (529 seconds)

Published: Sat Jul 22 2023