More Teachers become millionaires than doctors?

[Anonymous]

https://www.thescopeofpractice.com/why-are-teachers-more-likely-than-physicians-to-become-millionaires/

Is this study legit? It seems so very counter dcum legend of buying million dollar houses and working in tech sales and keeping up with the joneses. Also why aren’t lawyers in this list?

[Anonymous]

There are a lot more teachers than doctors.

Generally teachers have stable incomes and can easily have lifestyles that avoid lifestyle creep.

Often married to other college degree holders.

Also, in some states, they don’t have teacher pensions nor put money into social security. All money goes into a 403b for retirement. It’s not too hard to have a million in that scenario before full retirement.

[Anonymous]

In millionaire next door book it mentions teachers are mainly female and female teachers are the number one occupation of millionaires wives.

Add in all married female teachers are usually dual income.

Of course they are millionaires

[Anonymous]

There are a lot of lawyers and they are not all biglaw. In DC there are a lot of high earning lawyers but there are a lot of not high earning lawyers. People making a living as a general practitioner but will never be rich.

This board is titled towards the biglaw types. Even in biglaw there are the high end firm where partners are seven figures and there are a lot of these in dc. And the lower end biglaw firms where that is not the case also a lot of people leave either on their own or they are forced to.

Law can make you rich but it is a narrow window.

[Anonymous]

Doctors are notoriously bad with money. The few who do well, do very well.

[Anonymous]

Anonymous wrote:In millionaire next door book it mentions teachers are mainly female and female teachers are the number one occupation of millionaires wives.

Add in all married female teachers are usually dual income.

Of course they are millionaires

I think this is probably right. Sorting for single status would likely result in a different financial outcome.

[Anonymous]

Anonymous wrote:In millionaire next door book it mentions teachers are mainly female and female teachers are the number one occupation of millionaires wives.

Add in all married female teachers are usually dual income.

Of course they are millionaires

This is it. I wonder how high SAHM would place on that survey

[Anonymous]

Teachers are disciplined.
Looking back at my teachers from my childhood, every single teacher would have been a millionaire if they had had the chance to invest (Soviert Union). They also married similar partner.
They concentrated on intellectual stimulation and had no Joneses (other teachers) with whom to keep up.

[Anonymous]

Anonymous wrote:

Anonymous wrote:In millionaire next door book it mentions teachers are mainly female and female teachers are the number one occupation of millionaires wives.

Add in all married female teachers are usually dual income.

Of course they are millionaires

I think this is probably right. Sorting for single status would likely result in a different financial outcome.

I am single and much lower income than teachers. I'm a millionaire. My partners were much flashier with money because they made much more. I didn't even dare to combine finances because how bad they were with finances because of higher income. They didn't have to budget.
Teacher salary is this sweet spot were they can become millionaire because of the retirement contributions and living on less.

[Anonymous]

You can become a millionaire by spending less and investing over time. Doctors have a lot of expenses with schooling and private practice.

[Anonymous]

Flat out nonsense. Author doesn't understand basic statistics.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In millionaire next door book it mentions teachers are mainly female and female teachers are the number one occupation of millionaires wives.

Add in all married female teachers are usually dual income.

Of course they are millionaires

I think this is probably right. Sorting for single status would likely result in a different financial outcome.

I am single and much lower income than teachers. I'm a millionaire. My partners were much flashier with money because they made much more. I didn't even dare to combine finances because how bad they were with finances because of higher income. They didn't have to budget.
Teacher salary is this sweet spot were they can become millionaire because of the retirement contributions and living on less.

Much lower than teachers? Please show the math on how to become a millionaire with a 50k income?

[Anonymous]

This "article" is just an ad. The author sells financial advice to doctors.

[Anonymous]

Anonymous wrote:You can become a millionaire by spending less and investing over time. Doctors have a lot of expenses with schooling and private practice.

Having a 300k salary, but 250k in debt will get you to $1M much faster than making 70k with no debt.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In millionaire next door book it mentions teachers are mainly female and female teachers are the number one occupation of millionaires wives.

Add in all married female teachers are usually dual income.

Of course they are millionaires

I think this is probably right. Sorting for single status would likely result in a different financial outcome.

I am single and much lower income than teachers. I'm a millionaire. My partners were much flashier with money because they made much more. I didn't even dare to combine finances because how bad they were with finances because of higher income. They didn't have to budget.
Teacher salary is this sweet spot were they can become millionaire because of the retirement contributions and living on less.

Much lower than teachers? Please show the math on how to become a millionaire with a 50k income?

Teachers here make $70k-$146k/yr on the 12-month scale.
7.5% goes into pension. $5-10K per year for 40 years plus compounding interest or equivalent.