Slow and steady wins the race
They might not work at high-paying jobs, but millionaires are an educated bunch, with 88% having graduated from college. However, few went to elite schools (only 8%). And 52% earned a postgraduate degree, the study shows.
What they all have in common is the steadfastness to invest in the long term and stick with it. They’re also methodical shoppers: 85% of respondents use a grocery list. Nearly a third (28%) always stick to their list, while 57% sort of stick with it.
One way to invest your money for growth over a period of time is through certificate of deposits (CD) – which offer competitive interest rates for fixed terms. But if you withdraw the money before the end of the term, you could face a penalty fee.
If you’re looking for another steady way to watch your money grow in the long-term, consider placing it in a high-interest account that will help you earn money.
If you want to make your accessible cash work for you, consider a higher yield, no fee checking and savings account with SoFi. SoFi emphasizes high returns, low fees, and convenience, offering competitive rates on daily accounts to help you grow your savings.
Many Americans might overlook their daily accounts, only to find that their savings aren’t where they want them to be. Instead of losing out, you can earn up to 4.60% APY on savings balances – which is up to 10x the national average — and 0.50% APY on checking balances.
With SoFi, you can enjoy no-fee overdraft protection, early paycheck deposits and access to over 55,000 ATMs within the Allpoint network.
Speaking of deposits, sign up now and you can earn a bonus up to $300 for setting up direct deposit.
“They are systems people. They work with a set of principles, and they don't have free rein to make up their own rules,” Ramsey said in his on-air review of the results. “When you are a lawyer and you go before the judge, you have to follow exact procedures… You don’t have a choice. You don’t have a choice when you are designing a bridge. There is one way; otherwise it falls."
If you also consider yourself a “systems person,” a high-yield savings account might just be the ideal entryway to your prospective millionaire-hood. A high-yield savings account could deliver returns of more than 4%, while the U.S. Bank's standard savings APY is 0.01%. As long as you ensure you’re setting savings aside, opening up a savings account will make that money grow.
For a streamlined look at what high-yield savings account is best for you, you can check out our guide to the Best High-Yield Savings Accounts of 2024 to see which is the best place to witness your financial status soar.
Kiss your credit card debt goodbye
Millions of Americans are struggling to crawl out of debt in the face of record-high interest rates. A personal loan offers lower interest rates and fixed payments, making it a smart choice to consolidate high-interest credit card debt. It helps save money, simplifies payments, and accelerates debt payoff. Credible is a free online service that shows you the best lending options to pay off your credit card debt fast — and save a ton in interest.
Explore better ratesPassion finds a way
It’s likely that teachers love their jobs, and they’ve figured out a way to create a lifestyle to support their work — not the other way around.
“Don’t pick your career based on how much money you can make only,” Ramsey said. “Also, don’t pick a career that says you will be happy but broke. That won’t work either. You should make more money if you are doing something you love, because you are good at it, you care about it, and you are creative and you have energy. You should make more money, not less.”
That being said, you don’t need to be bringing home a huge paycheck to forge a solid financial future. As long as you manage your money purposefully, you can build up your wealth — and Zoe Financial can help with this.
Zoe Financial is a free online platform that makes connecting you to a vetted financial advisor easy. To get started, just answer a few questions about yourself and your financial situation. From there, Zoe Financial will match you with a curated list of professionally vetted fiduciaries, financial advisors, and financial planners.
You can then book a free, no obligation consultation with anyone on your list to see if they’re the right match. With Zoe Financial, you don’t have to worry about going it alone. Instead, you get professional guidance as you build up your bank account.
Pent-up need to spend
The average physician comes out of medical school with $200,000 in debt, and takes 13 years to pay it back, according to Brent Lacey, who hosts the podcast The Scope of Practice, which coaches physicians on their finances.
Consequently, doctors can miss out on years of investing as they work towards establishing themselves and eventually commanding a big salary.
And even when they get the payday, they might feel pressure to buy the big house and the fancy car, Lacey said on a recent episode. After so much sacrifice, a young physician might think, "It's my turn.”
In contrast, Lacey said, his own grandmother was a frugal public school teacher who retired a millionaire.
But if you dismiss these crucial things, your finances could suffer. Luckily, 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.
It may seem like nickels and dimes in the moment, but that spare change can add up quickly and help you start growing your wealth systematically.
The richest 1% use an advisor. Do you?
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