Dave Ramsey: 'You can't outearn stupidity' — here's why teachers become millionaires so often and how to follow along

It turns out, there might be some justice for school teachers, who have the dubious distinction of playing a vital role in society while earning a comparatively low annual income.

That justice comes in the form of the millions of dollars that many of them consistently hold in their savings and investment accounts, according to the National Study of Millionaires, a research project by personal finance expert Dave Ramsey's company, Ramsey Solutions (1).

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In an interview with podcaster Theo Von back in 2024, Ramsey explained that teachers ranked third, behind engineers and accountants (2). In fourth and fifth? Working in business or management and being an attorney.

So how can it be that teachers are frequently millionaires, while earning an average annual income of $72,030 according to the National Education Association, and yet physicians don't even rank in the top five (3)?

Ramsey's top five list came from a survey of 10,000 millionaires. The majority — 79% — had not received an inheritance. Eight out of 10 had invested in a 401(k) plan, and most millionaires surveyed didn't have high-salary jobs. Instead, three out of four said they'd created wealth simply by working hard.

Ramsey's assessment was blunt: "You can't outearn stupidity." Since then, he's doubled down, and there's plenty to learn for those willing to take notes — and it starts with a written plan (4).

They might not work at high-paying jobs, but Ramsey's survey found that millionaires are an educated bunch, with 88% having graduated from college. However, only 8% attended elite schools, and 52% earned a postgraduate degree.

What they all have in common is the steadfastness to invest in the long term and stick with it. One of the key aspects of this is steady investments over decades, not just in the run up to your retirement. Making sure to set a little aside every month can scale your wealth massively in the ten years leading up to a traditional retirement, which is when compound interest really takes off.

But if you're struggling to build this habit, or just want to invest more day to day, there are easy ways to get going.

For example, Acorns — an automated saving and investing app — can help make securing your financial future become second nature.

How it works is simple: Acorns rounds up each purchase on a linked debit or credit card to the nearest dollar. Then, it invest the difference in a low-risk portfolio of ETFs . That way every purchase becomes an investment in your future, including that morning coffee for $3.50 on the way to work.

And if you want to supercharge your investments, Acorns helps you set up recurring monthly contributions on top of your round-ups. Even better, if you sign up now and commit just $5 you can get a $20 bonus investment .

But steady investing is just one good habit from this group of unexpected millionaires.

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.