How many educators are millionaires

They did it through consistent investing, avoiding debt like the plague, and smart spending. No lottery tickets. No inheritances. No six-figure incomes. Not only that, but three out of four of those surveyed invested outside of company plans.

The people in the study became millionaires by consistently saving over time. In fact, they worked, saved and invested for an average of 28 years before hitting the million-dollar mark , and most of them reached that milestone at age So, the story about the young computer genius who developed an app that earned millions overnight is the exception , not the rule.

Ninety-four percent of the people we studied said they live on less than they make, and nearly three-quarters of the millionaires have never carried a credit card balance in their lives! According to the survey, eight out of 10 millionaires come from families at or below middle-income level. In step 4, I will talk more about what to do with these savings, but for now, just know this will be the foundation on which you grow your fortune. Which brings use to our next step.

Step 4. Compound interest is the 8 th wonder of the world. First off, saving nearly half of your pre-tax income is HARD. Simple, easy enough right? I do my passive investing with index funds through a company called Wealthsimple. I highly recommend them — check out my review of them to see why!

Becoming a millionaire as a teacher is no small feat, so once you get here, crack a beer or 10 and give yourself a pat on the back. A million dollars is a lot of money, and depending on your lifestyle and how old you are, it could last you for the rest of your life — but you have to be careful. Make sure you speak with a fiduciary finance professional about the best way to manage your money and then determine what kind of lifestyle you want to live!

Below I am going to outline a process where you can set your own timelines for when you wish to become a millionaire based on your own unique situation.

A good portion reported having second income through working spouse. Few more became teachers after becoming millionaires because they had the financial flexibility to do whatever they liked.

So there you have it. One in six teachers in US are millionaires but if you want to become a millionaire by choosing teaching profession your chances are less than one in twenty.

Not sure what chance has to do with it. Almost anyone on any salary without complicating factors such as illness can attain that goal. Like Like.