Teaching is not typically associated with wealth accumulation. However, a study of 10,000 millionaires titled Ramsey: The National Study of Millionaires states that many teachers have managed to achieve a significant net worth.
According to the study’s findings, teachers rank as the third most likely profession to have millionaires within their ranks, despite an average salary of $71,699. (Teachers rank third, behind engineers and accountants, while business professionals, lawyers, and doctors (who often face high tuition debt and later career start) came in fourth, fifth, and sixth, respectively.
Fast Fact: 69% of all millionaires never earned over $100,000 annually at any point during their careers
So, How Do Teachers Become Millionaires So Often?
- Teachers who become millionaires likely earned their degrees and certifications without overspending, resulting in smaller student loan payments.
- Long-term money management, financial proficiency, and a pension/403 B plan—combined with an aversion to “get-rich-quick” schemes and shouldering large amounts of debt—foster a “tortoise vs. hare” mentality toward building wealth.
The Teaching Vocation
Teachers are driven primarily by a dedication and desire to make a positive impact on students’ lives. This commitment often extends to a justified frugal lifestyle, making them somewhat immune to the “keeping up with the Joneses” mindset and a reduction on frivolous spending.
Teacher millionaires are experts at managing their expenses. For example: 94% live below their means, 85% use a shopping list, 93% use coupons.
The Rellevate Boost
Rellevate can help teachers save more money by paying them every day at zero cost (to you or your teachers)
Rellevate’s revolutionary Pay Any-Day platform offers a new way for teachers to access a portion of their wages whenever they need it, providing them with even better cash flow control and money management options
Pay Any-Day Is Proven To Boost:
- Yearly savings by approximately $1,200 per year
- An 82% reduction in financial stress
- A 32% increase in meeting basic needs
