Valuetainment - ＂Teachers Beat Doctors＂ – Dave Ramsey Reveals the Careers Producing Most Millionaires

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00:00:30.000 Dave Ramsey and his organization did a survey, surveying 10,167 wealthy Americans.

00:00:37.020 The career that produced the most millionaires, the career that produced the most millionaires

00:00:43.480 isn't what you think it is.

00:00:46.880 Dave Ramsey told a 22-year-old caller, mark something most new graduates never hear.

00:00:52.060 We did the largest survey on millionaires ever done.

00:00:56.300 one of the things we researched was what occupation showed up the most amongst millionaires.

00:01:00.900 Number one occupation among millionaires, engineer.

00:01:04.320 We did a market calling in June 15 after landing his first electric engineer job in Lincoln, Nebraska,

00:01:09.360 making $89,000 a year, was asking about career advice.

00:01:12.960 The verdict, the job title is a clue to behavior.

00:01:16.720 Ramsey's claim is accurate but easy to misread.

00:01:18.760 Engineer was the most frequently occurring occupation in his national study of millionaires,

00:01:23.580 Detailed in Baby Steps Millionaires, the full top five in order were engineer, accountant, teacher, business, and sales.

00:01:30.780 Let me say that one more time.

00:01:32.340 The full top five in order, engineer one, accountant two, teachers three, teachers, millionaires, teachers three, business four, sales five,

00:01:45.960 and then you have attorneys that they wanted to put them in there in sixth place.

00:01:49.040 Medical doctors did not even make it in the top five.

00:01:51.860 Can you imagine you go become a medical doctor, you don't make it in the top five?

00:01:56.100 The teacher entry is the giveaway.

00:01:57.560 Teaching is not a high-income field, yet it outranks medicine that only makes sense once you accept a study's own conclusion.

00:02:04.680 Roughly one-third of a millionaire surveyed never earned a six-figure income in a single year.

00:02:09.520 Consistent behavior did the heavy lifting.

00:02:11.620 The mechanic underneath is boring and powerful.

00:02:14.060 A high savings rate compounded for a long time.

00:02:16.460 Mark's $89,000-a-year salary sits well above the $3,753-an-hour average for total private workers in May 2026.

00:02:23.740 Roughly double the $1,235 median weekly earnings for full-time workers in Q1 of 2026.

00:02:28.720 The income gives them room.

00:02:29.780 The behavior decides whether that room becomes wealth or evaporates into lifestyle.

00:02:35.020 So, Tom, when you read something like this, and at the end he says 25% of your take-home pay or less on rent alone pushed him lower,

00:02:42.700 saying the least possible rent that you can get by is the best number,

00:02:47.000 but 25% is your max.

00:02:48.660 What do you think about the study here with the top five?

00:02:50.640 Well, he's looking at people who are millionaires today,

00:02:53.520 so it took time to get there.

00:02:55.060 So you kind of have to look at where they started.

00:02:58.080 With the house.

00:02:59.000 Yeah.

00:03:01.840 Exactly.

00:03:02.800 So a teacher, you know, you could say, well, teachers have the summers off,

00:03:06.240 maybe they have a side hustle.

00:03:07.400 Maybe, or just maybe, some of these people I think are prudent living

00:03:12.160 and the other people on here, I think, was an engineer and accountant in sales,

00:03:19.340 I think those were just good professions that allowed you to scale your income.

00:03:24.220 But I think there's two things going on in the survey.

00:03:26.300 I don't have any quarrel with the survey,

00:03:27.600 but I think if you really pulled out the crosstabs, as we say during election year,

00:03:31.400 what you would find is some people that were very prudent in how they lived

00:03:35.620 and grew up at a time where that house equity, I bet you, is a part of this.

00:03:39.880 And then other people were in the professions that they were leveraged over time.

00:03:43.900 Yeah, I agree with that.

00:03:45.080 And by the way, is this the clip by Dave?

00:03:46.440 If you want to play the clip, let's watch this clip together.

00:03:48.340 Go for it.

00:03:49.300 Real millionaires, 10 freaking thousand of them, who they are, where they come from.

00:03:54.460 And one of the many conclusions we drew from this was the top 10 career fields that we found according to frequency within the study.

00:04:06.360 So what career field did we find most often, second most often, and so on?

00:04:12.020 The most often we found was engineer.

00:04:14.380 The second was an accountant or CPA.

00:04:16.160 I want to know what the top ten is because I registered a five.

00:04:17.560 The third was teacher.

00:04:18.500 The fourth was management.

00:04:20.420 The fifth was attorney.

00:04:22.100 So not even making the top five is medical doctor.

00:04:24.860 By the way, there were six.

00:04:27.360 Okay, so medical doctor made it six.

00:04:29.320 What do you think about this?

00:04:30.200 I was very surprised by this study to see teachers were in there.

00:04:33.140 My mom was a teacher.

00:04:34.700 Is she a millionaire, by the way?

00:04:36.360 No.

00:04:37.660 But did she get close with her pension, with everything that she got, the 457, the TSA, tax-sheltered annuities, all this stuff?

00:04:44.240 Well, my father is, you know, he's successful.

00:04:46.960 So, you know, my family are millionaires, but it didn't come from the teaching.

00:04:51.220 So she didn't rely.

00:04:52.740 She didn't have to rely.

00:04:54.700 Yeah, she could teach.

00:04:55.520 Did she do 40 years? 1.00

00:04:56.420 Did she teach?

00:04:56.780 Yes.

00:04:57.120 She did teach 40 years.

00:04:58.200 Yeah.

00:04:58.540 So even after 40 years, the pension wasn't over a million bucks?

00:05:02.360 That I really don't know.

00:05:03.580 So that would be the thing, though.

00:05:05.700 So I was just at IMG at a soccer camp with the family.

00:05:10.720 And one of the guys comes up to me.

00:05:13.140 He owes me a video, by the way.

00:05:14.280 He's got to send the game because it was a very good game.

00:05:16.180 But he knows who he is.

00:05:17.500 He comes to me.

00:05:18.140 He says, oh, my God.

00:05:18.680 What's up?

00:05:18.860 We started the conference.

00:05:20.220 Big guy.

00:05:21.420 Looked like a linebacker.

00:05:22.580 Son is a big boy.

00:05:23.440 Playing very good.

00:05:24.900 And he says, hey, you know.

00:05:26.000 I said, so what do you do for a living?

00:05:26.900 And he says, nothing.

00:05:28.360 I said, what do you mean you don't do anything?

00:05:29.480 So I'm telling you nothing.

00:05:30.780 I was in the Marines and the Army for 20 years.

00:05:33.220 I just retired last year.

00:05:35.220 I'm getting my pension, and all I want to do for the rest of my life right now is spend time with my kids.

00:05:39.140 I said, what job did you have in the military?

00:05:40.740 He says, I was a military police.

00:05:42.440 I said, seriously, so how old are you?

00:05:44.220 He says, I'm 38.

00:05:45.440 I said, you're 38.

00:05:46.520 You gave the 20 years.

00:05:48.060 Now, he says, Pat, I'm doing nothing.

00:05:49.840 He says, at first when I joined the military, you have no idea how much I wanted to get out, all this other stuff.

00:05:54.640 Now I realize the value of having a pension plan that they give you an income for the rest of your life,

00:05:59.320 and I get to choose if I want to work or not.

00:06:01.420 So when you're making a certain amount of money, like you're making $50,000 a year and you don't really pay attention to the pension, you realize the value of a pension because we get old like this.

00:06:10.960 I can see how this could apply when you're putting the money over and over and over again and that compounds.

00:06:16.880 But you're telling me that doctors wouldn't have any type of, you know, plan for it.

00:06:21.140 It's funny you say that.

00:06:22.140 The guy that was next to me who my kids roomed with his two sons from Houston, phenomenal guy.

00:06:27.800 He's a doctor.

00:06:28.480 His wife's a doctor.

00:06:29.360 This guy's kind of a big deal of a doctor.

00:06:31.120 So he's very wealthy.

00:06:32.520 But he's going back to get an MBA today at 45, 46 years old.

00:06:36.140 Why is he going back to get an MBA?

00:06:37.760 He said, I just realized.

00:06:39.120 I need to know what's going on with money.

00:06:40.700 I said, you know what's the problem?

00:06:41.620 As a financial advisor, we've sold a million insurance policies over the last 20 years in our insurance company, 16 years, give or take.

00:06:48.880 And every time you go sit with doctors, you know what the doctors typically would say?

00:06:53.240 You know what's the biggest thing with doctors?

00:06:55.200 Most people don't want to talk to doctors about finances

00:06:58.260 because psychologically you think they already know what to do with their money.

00:07:02.000 Yes, that makes sense.

00:07:02.780 And doctors know nothing.

00:07:03.420 By the way, out of all the people I sat with financially,

00:07:06.440 as a financial advisor, Series 7, 66, 31, 26, Life and Health,

00:07:10.880 doctors were in the shittiest situation financially

00:07:13.520 because they had no clue what they were doing.

00:07:15.800 And specifically because people were intimidated of talking to them

00:07:18.800 because this guy went in NYU and this guy went to UC Irvine

00:07:23.120 and he became a doctor and he knows what he's got,

00:07:25.080 they have no idea what's going on with their finances.

00:07:26.800 They just take that $600,000 a year salary or $800,000 a year salary

00:07:31.460 or whatever the income they're making, and they spend it all.

00:07:34.520 That's a great point, and I want to drag doctors a little bit more.

00:07:37.600 Do you know what I mean?

00:07:38.900 They get too much credit.

00:07:44.400 I went to high school with a bunch of kids that became doctors.

00:07:47.180 They're unbearable, all right?

00:07:48.420 And one of the things, if you think of all the factors,

00:07:51.060 first of all, they can't handle money.

00:07:52.820 The second thing is they have a lot of debt for a long time as a young person.

00:07:58.380 Because becoming a doctor is very expensive.

00:08:00.620 It's very long.

00:08:01.620 You drag a lot of further education.

00:08:03.880 You have the first six years and then two more years for especialization.

00:08:07.720 Supplies for running your own business are very expensive.

00:08:10.620 Licenses are very expensive.

00:08:12.520 So it's – and then if you see the first –

00:08:15.240 Also expectations, right?

00:08:16.500 A doctor feels they have to –

00:08:17.640 They're huge.

00:08:18.280 I mean peer pressure and –

00:08:20.220 So I'm not surprised they're at number six at all.

00:08:22.820 Yeah, I'm sorry. The takeaway here is about personality, right? Accountants and what was the first? Engineers, analytical, disciplined, patient, lack of impulsivity, impulsivity, procedures.

00:08:35.300 So do you relate to this? Absolutely. You know, saw it in the clients that I manage money for.

00:08:39.300 You're a multimillionaire. So patients and perseverance are huge.

00:08:43.560 You have done well financially. You've made good money for yourself. OK, what traits give me traits that are transferable to somebody else?

00:08:51.380 Give me specific traits of somebody that accumulates wealth.

00:08:54.820 The biggest mistake in building wealth is having a big down year.

00:08:58.960 So that's usually impulsivity and risk-taking that's not.

00:09:03.180 Big down year.

00:09:03.760 Big down year.

00:09:04.480 Great feedback.

00:09:05.400 Okay.

00:09:05.660 So the idea is slow and steady.

00:09:07.960 If you're not going to make a huge bet on something big, you know,

00:09:10.560 bet everything on something that goes huge, you want slow and steady.

00:09:13.760 And most people, a lot of people, I don't say most people,

00:09:15.880 but a lot of people don't have the personality to do that.

00:09:17.920 But an accountant, an engineer, those are people who have the ability to make small, steady decisions and stick with their plans.

00:09:24.940 That compound over time.

00:09:26.360 Can you pull up Dow Jones?

00:09:29.580 Can you pull up the Dow and go to 10 years?

00:09:33.520 You've got to be patient to be a teacher.

00:09:34.440 Go to Dow Jones.

00:09:35.560 Go to 10 years.

00:09:36.900 Go to – no, no, you're right there.

00:09:39.120 No, no, you're right there.

00:09:40.260 So just go on that chart and type in five years.

00:09:43.380 Go to five years.

00:09:44.240 Right there it says five years.

00:09:45.340 Right next to – not five days, five years.

00:09:47.200 There you go.

00:09:47.920 Okay, so, well, it doesn't go all the way back to COVID.

00:09:50.980 Can you put max?

00:09:52.440 Do me a favor and put max.

00:09:53.880 And go down to COVID, which is right before that drop right there,

00:09:58.660 all the way to the bottom, see if you can catch it.

00:10:01.300 One more.

00:10:02.100 I don't know if you can catch it or not.

00:10:03.580 It's a very short-term drop.

00:10:05.160 So, one day, this thing went all the way down to 19,000-ish,

00:10:11.420 is what I remember, 19,000-ish.

00:10:14.400 One of the guys that was working in my office, okay,

00:10:17.300 very wealthy they've done very very well for themselves in their 60s he decides to take

00:10:24.480 everything out of the market at the down at the down that's panic yeah but that's what most

00:10:30.780 he's talking about yeah he takes everything out of the market i'm like dude don't you can't afford

00:10:37.080 this he says i think it's going to go even lower i'm like i i'm telling you based on history of

00:10:42.620 What happens to pandemics?

00:10:43.720 Yes.

00:10:44.180 Nine out of ten pandemics recovered 100% six months later.

00:10:49.000 Do you know what's the only pandemic that the market didn't recover for 12 months?

00:10:52.640 It's the epidemic.

00:10:53.880 The only one is AIDS.

00:10:54.840 AIDS recovered 12 months later.

00:10:56.540 But everything else, six months later, the market recovered.

00:10:59.780 Well, you know how much this guy ended up losing?

00:11:01.420 I don't even want to say the number.

00:11:02.900 He lost millions on top of millions in his mid-60s to early 60s.

00:11:07.880 In his mid to early 60s.

00:11:09.180 It is such great feedback, Tom, for you with where you're at, right?

00:11:12.620 When it comes down to this, I think about, you know, Dave Ramsey is the guy that's the millionaire next door.

00:11:18.300 Many, many years ago, Dave Ramsey worked with a guy named Art Williams.

00:11:21.100 So a lot of his philosophies comes specifically for a man named Art Williams.

00:11:25.220 Art ended up becoming a billionaire.

00:11:26.580 He founded a company called A.L. Williams that ended up becoming Prime America that was bought by Sandy Wild and Jamie Dimon.

00:11:32.940 They bought it from him.

00:11:34.200 I think at his peak, it was worth $1.6 billion.

00:11:36.840 This guy's given one of the greatest speeches any man's ever given.

00:11:39.740 He's raised so many great young men that became successful.

00:11:42.620 and he gets very little credit.

00:11:44.860 Most people don't even know who this guy is, Art Williams, right?

00:11:47.900 And the thing that he would talk about is long-term investing.

00:11:51.840 Put the money and set it aside.

00:11:53.080 There was an old book that was titled, is it Millionaire Next Door?

00:11:56.500 Am I saying it correctly?

00:11:57.440 Is it Millionaire Next Door?

00:11:58.440 Have you heard about this book?

00:11:59.520 The Millionaire Next Door.

00:12:00.760 That's the name of the book.

00:12:01.660 Yeah, can you type in Millionaire Next Door book right there?

00:12:04.300 There it is.

00:12:04.580 And you know what they did?

00:12:05.680 They measured in this book, they said,

00:12:08.740 let's find out what the average millionaire drives.

00:12:11.740 Do you know what they found out?

00:12:12.480 was the average millionaire toyota or a hundred it was an f-150 at that time it was a truck the

00:12:18.160 average millionaire had a truck they so the habits of what you buy what you wear how much you save

00:12:23.460 how you set the money aside so if you're why if you if you've never read the book millionaire next

00:12:27.560 door do yourself a favor right now go to amazon order this book who wrote thomas j stanley it's

00:12:34.120 a phenomenal phenomenal book to read tom i'll give you the final thoughts before we move on to the

00:12:37.580 next door? Long-term patience. You know, you go take a look at QQQ and SPY. Now, I'm not endorsing

00:12:44.100 either one, but I'm saying you can look at the S&P 500, and then you can look at the NASDAQ 100

00:12:50.260 QQQ, and you just go take a look at it. And I did something on Numbers Scream last week, Pat.

00:12:57.260 72% of fund managers, professional fund managers, cannot beat QQQ or SPY over a five-year period

00:13:05.560 indexes that's surprising to hear the indexing yeah i wouldn't have guessed that yes the indexes

00:13:11.420 always win now that does mean that 28 of them do beat it and you get your you can't afford those

00:13:16.900 yeah you can't afford those guys because those are the top they want two and a half billionaires

00:13:22.180 but long-term long-term steady responsibility usually wins yeah i agree i that buy and hold

00:13:29.600 patience when the stuff happens if you can do that my advisor called me i said say when the market 0.96

00:13:33.940 Shit hit the fan, the war, all the stuff that was happening. 0.92

00:13:36.480 He says, hey, how you doing? 1.00

00:13:37.460 I said, look, call me last.

00:13:39.100 Call all your other clients that are panicking.

00:13:40.660 Call me last.

00:13:41.240 He says, I've been in the business for 20 years.

00:13:43.400 Call me at the end.

00:13:43.960 Let's have a call together.

00:13:44.620 He called me and said, how you feeling?

00:13:45.420 I said, nothing.

00:13:46.340 It's just a bad day.

00:13:47.320 I mean, I'm not in this for one month.

00:13:49.000 But I tell you, some of the stuff that we bought with, you know, anyways,

00:13:52.640 we'll get into it.

00:13:53.300 It ended up being very, very successful, short-term.

00:13:56.260 But this is just the beginning.

00:13:57.300 If you have the focus of long-term, you don't have much to worry about.

00:14:00.880 We did a poll, and this was the poll which was interesting.

00:14:03.280 Our audience, when did you buy your first home?

00:14:05.880 You ready?

00:14:07.260 20 to 30 years old, first bracket, 42%.

00:14:10.320 42% of our audience bought their first home between 20 to 30.

00:14:14.240 24% bought at 31 to 40.

00:14:16.580 6% bought their first home above 41.

00:14:20.180 27% of the audience listening doesn't own a home right now.

00:14:23.380 Okay?

00:14:23.960 So that kind of gives you an idea.

00:14:25.000 Our audience, 42% of our audience are homeowners.

00:14:27.900 And our audience is all over the world.

00:14:29.640 By the way, do you know our merch?

00:14:31.480 Ran a report the other day.

00:14:32.800 It's interesting what our audience is.

00:14:34.500 How many countries do you think have ordered merch on our vtmerch.com website?

00:14:39.680 How many countries do you think have ordered merch?

00:14:42.240 How many countries?

00:14:43.120 Actual countries.

00:14:44.020 I want you to guess.

00:14:45.440 Have ordered a hat, have ordered a shirt, have ordered a shoe.

00:14:48.740 How many countries?

00:14:49.420 The reach of the podcast.

00:14:50.980 80?

00:14:51.900 That's a lot.

00:14:53.880 It's more than 80?

00:14:55.540 80 is a lot of countries.

00:14:56.720 What do you think?

00:14:57.100 Yeah, I was going to say 100 at least.

00:14:59.740 I was going to say 116 countries.

00:15:01.320 Whoa, that's significantly higher than that.

00:15:03.540 116 countries have bought merch that we've shipped all over the world.

00:15:07.040 Future looks bright.

00:15:07.740 So our audience that you're looking at here is also not only U.S.

00:15:12.180 This is, I think, Canada's number two.

00:15:13.780 Australia is three.

00:15:15.020 You've got U.K., Germany.

00:15:16.480 You've got all these other places.

00:15:17.700 Netherlands is in our top seven.

00:15:19.100 I had no idea people in Netherlands listen to this podcast.

00:15:21.760 But, hey, wherever you are, if you support the merch, I love it.

00:15:25.860 I think next week I'll actually give the actual states that are in the top 20 ranking.

00:15:29.780 Fathers, July 1st, 6 p.m., we're hosting a webinar on the specific topic of fatherhood.

00:15:36.380 It's funny.

00:15:37.040 One of the most popular basketball college coaches texted me yesterday, and he's so funny.

00:15:43.180 His expertise is raising great young men.

00:15:45.360 This is a man I admire in a big way, and he does some of the best interviews.

00:15:49.420 He texts me.

00:15:50.060 He says, hey, is that something I can get on as well?

00:15:52.020 I said, of course you can get on.

00:15:52.920 He says, I'd love to be on.

00:15:53.880 I'm like, do you want to say anything?

00:15:55.260 He says, no, I just want to be on and listen to the content because I always want to find a way

00:15:58.800 to become a better father.

00:15:59.720 So if you're somebody that also wants to find a way

00:16:01.960 to become a better father,

00:16:03.420 I want you to watch this video.

00:16:04.480 Go for it.

00:16:06.240 6 p.m. Eastern Standard Time,

00:16:07.780 I'm hosting a free webinar

00:16:08.940 to talk about six different types of fathers

00:16:11.200 at a time like this.

00:16:12.400 With everything that's going on,

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00:16:15.520 in a weak culture.

00:16:16.420 If you, you may want your husband to get on.

00:16:18.700 Your husband may be like, babe, I'm too busy.

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00:16:24.340 on how to raise strong kids in today's culture.

00:16:28.680 It's very confusing for kids.

00:16:30.480 Kids are more confused than ever before.

00:16:32.340 I want to share some of the strategies that's working for us.

00:16:35.820 Okay, July 1st, 6 p.m.

00:16:37.540 If you haven't yet registered, go register.

00:16:39.840 It's exactly a week from today where we will do this.

00:16:43.060 And at the end, I'm going to give you a resource guide.

00:16:45.900 One of them is 10 conversations you should have with each of your kids.

00:16:48.380 Another one is every father, books every father should read on how to get better.

00:16:53.100 But make sure you register.

00:16:54.200 You and your family sit there and watch it together.

00:16:56.520 Let's just become better fathers.

00:16:57.620 And, you know, one of the things that's grown on our social media platforms is our VT Gen Z account.

00:17:02.160 It's grown when people are like, when are we doing a father-son event?

00:17:05.240 When are we doing an event with parents and kids?

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00:17:07.900 We'll do something here together.

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00:17:11.120 Go to vtwebinar.com.

00:17:12.520 Again, vtwebinar.com to register for the webinar.

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Valuetainment - June 26, 2026

＂Teachers Beat Doctors＂ – Dave Ramsey Reveals the Careers Producing Most Millionaires

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