Personal finance guru Dave Ramsey stirred a hornet's nest on X, formerly Twitter, with his “top five” career millionaires list, and some career professionals weren’t happy about it.
Upon further review, it’s not surprising to see why.
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Here’s the list.
The top 5 careers of millionaires:
- Engineer
- Accountant (CPA)
- Teacher
- Management
- Attorney
Here's what Ramsey had to say about his list.
“Yes, these are surprising, but very real statistics,” Ramsey noted. “My team conducted the largest study of millionaires EVER done. They talked to 10,000 millionaires about who they are and what helped them achieve that goal.”
“Only 15% of millionaires had a career in which they held a senior leadership role like a vice president or CEO of a company,” he added.
While few followers had issues with engineering, management, and a law career, many took Ramsey to task over teachers being included – along with calling the personal finance guru out on common occupations that should have made the list.
“Teacher? Can someone break down how a teacher creates millionaires,” one X user pointed out.
“(I’m a) teacher and definitely not a millionaire. Married to software engineer, that is where the $$ are,” said another.
Others stated serious omissions on the list.
“How is sales not on this list?” asked one Tweeter.
“Surprised no technology jobs are up there,” noted another.
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In Ramsey’s defense, any prudent teacher who maximizes their retirement contributions over a 30-year career, takes full advantage of compound interest, doesn’t spend a lot, and lives in an area where the cost of living is low can accumulate $1 million.”
On the other hand, the same goes for career professionals whose occupations aren’t on the list, including doctors, sales professionals, software developers and data analysts, and self-employed business owners, among others.
Any max savers and low spenders in those careers would likely hit the $1 million savings mark faster than a teacher or even an accountant.
Still, it’s a good money management conversation to have and maybe that was Dave Ramsey’s point all along.
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