'You can't outearn stupidity': Dave Ramsey explained why teachers — with a median annual income of $60K — become millionaires so often. Here's what we can learn from them

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.

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“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.

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Passion 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.

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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.