• Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

Choose the right career

The Ramsey study found that five careers produced the most millionaires: engineers, accountants, management, attorneys and teachers.

While these professions strongly correlate millionaire status to a higher education, that didn’t necessarily mean having to attend a swank school. In fact, only 8% of those in the study attended “prestigious private schools,” with 62% attending state schools.

And one crucial detail to note: Millionaire status doesn’t equal a sky-high salary.

“Only 31% averaged $100,000 a year over the course of their career,” the study found, “and one-third never made six figures in any single working year of their career.”

Just look at the story of former custodian Ronald Read for a perfect example.

On top of that, the millionaires in the Ramsey survey didn’t necessarily hold senior leadership roles: Only 15% belonged to that category. By contrast, more than nine in 10 (93%) said they got wealthy because they “worked hard.”

Need cash fast? Turn to Credible for hassle-free personal loans!

With competitive rates and transparent terms, Credible makes borrowing simple and stress-free. Whether it's for a new car, home improvement, or debt consolidation, find the perfect loan for your needs

Find the best rate for you

Where hard work meets smart finance

Great job performance goes into financial hyperdrive when teamed with savvy preparation for retirement. In fact, the study found eight in 10 invested in their company’s 401(k) plan. These plans not only offer tax breaks as you build up savings but also feature, in many workplaces, an employer match that may run as high as 6% of your paycheck.

Careful spending is also crucial as 94% of respondents revealed that they “live on less than they make,” while about three-quarters “never carried a credit card balance in their lives.”

That insight surely pleased Ramsey and his staff, who advocate strongly against carrying debt.

The key is to create a budget and stick to it. These millionaires spend less than $200 each month on restaurants, and 93% use coupons while shopping. (Something even billionaire Warren Buffett is known to do.

(Consider, though, whether there’s a higher value way to spend your time. You might do much better putting in an extra hour of work than spending that time clipping $10 in coupons.)

Waking up to the American Dream

If Ramsey’s survey highlights any salient fact, it’s this: A negative attitude, inaction and bad spending habits may present the biggest roadblocks to attaining the millionaire status.

To put it differently: You have to believe it. You have to take action. You have to guard yourself against frivolous spending and embrace smart saving. This is the stuff the American Dream is made of, and what turns it into a million-dollar reality.

Find a financial adviser in minutes

Are you confident in your retirement savings? Get advice on your investment portfolio from a certified professional through WiserAdvisor. It only takes 5 minutes to connect with an adviser who puts you first.

Get Started

About the Author

Amy Legate-Wolfe

Amy Legate-Wolfe

Freelance contributor

Amy Legate-Wolfe is an experienced personal finance writer and journalist. She has a Bachelor of Arts in History from the University of Toronto, a Freelance Writing Certificate in Journalism from the University of Toronto Schools, and a Master of Arts in Journalism from Western University. Amy has worked for Huffington Post, CTVNews.ca, CBC, Motley Fool Canada, and Financial Post. She is skilled at analyzing trends and creating content for digital and print platforms. In her free time, Amy enjoys reading and watching British dramas on BritBox. She is a mother and dog-mom to a Wheaten Terrier.

What to Read Next


The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.