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There is some justice for school teachers, who have the dubious distinction of playing a vital role in society while earning a comparatively low annual income.<\/p>\n
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 \u201cNational Study of Millionaires,\u201d a research project by Ramsey Solutions, whose CEO is the personal finance expert Dave Ramsey.<\/p>\n<\/p>\n
Teachers rank third, behind engineers and accountants, on a top-five list of careers most likely to have millionaires within their ranks.<\/p>\n
How could it be that teachers, who earn an average annual income of $61,690 according to the U.S. Bureau of Labor Statistics, take the third spot, while physicians don\u2019t even rank in the top five?<\/p>\n
The top five list came out of a survey of millionaires that drew upon answers from 10,000 participants. The majority \u2014 79% \u2014 had not received inheritance. Eight out of 10 had invested in a 401(k) plan. And contrary to expectation, most millionaires surveyed didn\u2019t have high-salary jobs. Instead, 3 out of 4 said they\u2019d created wealth simply by working hard.<\/p>\n
\u201cIn other words, you can\u2019t earn your way out of stupidity,\u201d Ramsey said of the study results.<\/p>\n
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.<\/p>\n
What they all have in common is the steadfastness to invest in the long term and stick with it. They\u2019re 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.<\/p>\n
One way to invest your money for growth over a period of time is through certificate of deposits (CD) \u2013 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.<\/p>\n
With MyBankTracker, you can shop and compare top certificates of deposit rates<\/a> from various banks nationwide.<\/p>\n Their extensive database shows the most competitive rates<\/a>, with daily rate updates and personalized recommendations based on your risk preferences and time horizon so you can find the right CD to meet your retirement savings goals.<\/p>\n If you\u2019re 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.<\/p>\n \u201cThey are systems people. They work with a set of principles, and they don’t have free rein to make up their own rules,\u201d Ramsey said in his on-air review of the results. \u201cWhen you are a lawyer and you go before the judge, you have to follow exact procedures\u2026 You don\u2019t have a choice. You don\u2019t have a choice when you are designing a bridge. There is one way; otherwise it falls.”<\/p>\n If you also consider yourself a \u201csystems person,\u201d 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\u2019re setting savings aside, opening up a savings account will make that money grow.<\/p>\n Read more: Warren Buffett says you can’t buy time \u2014 but real estate investors have found this 1 loophole<\/a>. See how they\u2019re buying back hundreds of hours a year (for absolutely free)<\/p>\n It\u2019s likely that teachers love their jobs, and they\u2019ve figured out a way to create a lifestyle to support their work \u2014 not the other way around.<\/p>\n \u201cDon\u2019t pick your career based on how much money you can make only,\u201d Ramsey said. \u201cAlso, don\u2019t pick a career that says you will be happy but broke. That won\u2019t 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.\u201d<\/p>\n That being said, you don\u2019t need to be bringing home a huge paycheck to forge a solid financial future. That\u2019s where a professional can help.With Advisor.com<\/a>, you can find the best advisor for your needs \u2014 both in terms of what they can offer your finances, and what they\u2019ll charge to work for you.<\/p>\n Advisor.com is a free service<\/a> that helps you find a financial advisor who can co-create a plan to reach your financial goals. By matching you with a curated list of the best options for you from their database of thousands, you get a pre-screened financial advisor you can trust.<\/p>\n You can then set up a free, no obligation consultation<\/a> to see if they\u2019re the right fit for you.<\/p>\n 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.<\/p>\n Consequently, doctors can miss out on years of investing as they work towards establishing themselves and eventually commanding a big salary.<\/p>\n 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.\u201d<\/p>\n In contrast, Lacey said, his own grandmother was a frugal public school teacher who retired a millionaire.<\/p>\n But if you dismiss these crucial things, your finances could suffer. Luckily, with Acorns<\/a> \u2014 an automated saving and investing app \u2014 securing your financial future can become second nature.<\/p>\n Acorns is a mobile app that automatically invests your spare change for you<\/a> so you can reap the benefits of compounding interest with recurring investments.<\/p>\n 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.<\/p>\n