Teachers, Millionaires, and a Lot of Avocados

I was talking to my mother about a workshop I want to put on soon to share everything I’ve learned about personal finances. I’ve been creating a quiz to kick things off, and I was testing some of the questions on her. One fact we got off on a tangent about was that there are a handful of professions that churn out the most millionaires—and teachers are one of them. She loved this, since she was a teacher, as was my father, and now I’m a teacher too. It felt like a little source of pride for all of us.

Apparently, one of the reasons teachers make the list—despite not having high salaries—is that they tend to have the organizational skills to manage their money well. And if you think it’s just the pension that puts many teachers there, it’s not—there are plenty of pensioned jobs that don’t make the top five. The other professions that tend to produce millionaires are accountants (not a surprise!), engineers, attorneys, and anyone in business management or executive roles.

The point of this story isn’t that one career is better than another for becoming a millionaire. What matters is how you manage your money. Headlines are full of lottery winners who go bankrupt or celebrities who lose everything. It’s not necessarily about making the money—it’s about keeping it.

This message is echoed in The Millionaire Next Door by Thomas J. Stanley and William D. Danko: wealth comes less from flashy, high-paying jobs and more from disciplined saving, frugal living, and smart investing, no matter your profession.

And no, that doesn’t mean you have to forgo lattes or avocado toast entirely. You can also make more money! But it helps to get your savings rate in line first. Little cuts won’t cut it.

I learned that firsthand. When I was commuting 45 minutes each way, I was spending about $50 a week on gas, plus $300–$500 every few months on oil changes, lube, and general wear and tear. Not to mention the time and energy it took. We were buried in debt at the time, and I couldn’t afford to take the risk of moving closer to work if it meant a pay cut.

When the opportunity finally came, though, I jumped. Now I’m walking distance to work, which gives me close to $300 more every month in discretionary spending or savings. That’s a lot of avocados!

The three biggest things most of us spend on each month are housing, transportation, and food. Making a significant cut in housing costs can go much further than skipping your coffee. If housing isn’t something you can change, look at transportation next, then food. Focus on frugal choices, buy value and quality over flash. Like diet and exercise, consistency is key. Keep at it, and you’ll see results.

Do that, and you’ll be well on your way to managing your money toward that million-dollar mark. As Rachel Rodgers declares: “We Should All Be Millionaires!”

https://www.ramseysolutions.com/retirement/the-national-study-of-millionaires-research

(Found this data through the Dave Ramsey money empire—back when I was debt-stressed and devouring every finance resource I could find. Don’t agree with all of it, but there are some solid gems in there.)