How 10,000 Millionaires Built Wealth—and How You Can Too

In 2019, Ramsey Solutions conducted the largest study ever done on millionaires in the United States, surveying over 10,000 people who had reached this financial milestone.

The findings shattered common myths and offered incredible insight into what it really takes to build wealth and how those principles align with biblical wisdom.

At Leb Financial, we believe in applying biblical truth to every area of life, particularly our finances. That's why we teach the proven, timeless principles revealed in Scripture and confirmed by this study.

Read on to discover what it all means for your financial future.

Myth-Busting: What Millionaires Are NOT

One of the most powerful takeaways from The National Study of Millionaires is that wealthy people are not who we typically think they are.

• They aren’t high earners. Only 31% of millionaires averaged $100,000 or more annually over the course of their working life. That means the vast majority built wealth on moderate incomes.
• They don’t live flashy lifestyles. Most of them drive used cars, shop with coupons, use a grocery list, and avoid debt. Their success lies in what they do with their money, not how rich they appear.
• They didn’t inherit their wealth. In fact, 79% of the millionaires surveyed received no inheritance at all. They didn’t win the lottery or have rich relatives—they built wealth themselves.

How Millionaires Actually Built Wealth

So, how did they do it?

• They avoided debt. Nearly three-quarters of them reported never carrying a credit card balance. They didn’t borrow their way to wealth: they planned and saved for it.
• They made discipline a habit. Their success wasn’t the result of luck or timing, but of daily, disciplined decisions over time. They stayed the course, contributed to retirement accounts, and lived within their means.
• They invested consistently. 75% of the millionaires said that regular, consistent investing over time was the key to their success. This wasn’t about timing the market or making risky bets. It was about steady, disciplined investing.

The Top 5 Careers of Millionaires

Here’s another surprising fact: Millionaires often work jobs not known for extravagant salaries, and only a minority had high-level job titles. According to the study, these were the top five careers:

1. Engineer
2. Accountant
3. Teacher
4. Manager
5. Attorney

The men and women who are successful in these careers all have this in common: they learn to use repeatable systems and processes. These individuals didn’t rely on big breaks or big paydays; they relied on discipline, patience, and repeatedly making wise choices.

Biblical Principles in Action

This study found that the millionaires followed principles which are consistently taught in God’s Word.

Proverbs 13:11 says, “Wealth from get-rich-quick schemes quickly disappears; wealth from hard work grows over time.” (NLT) These millionaires didn’t chase get-rich-quick schemes. They lived with contentment, practiced discipline, and followed a plan for the long term.

Proverbs 15:22 says, “Plans go wrong for lack of advice; many advisers bring success.” (NLT) In fact, 68% of the millionaires surveyed said they worked with a financial planner. They recognized the value of expert advice and chose to surround themselves with people who could help them stay on track.

What This Means for You

If you’re working hard, thinking about the future, and wondering if you can do this——you can! This study proves that ordinary people, making ordinary incomes, can achieve extraordinary results.

• You don’t need to earn six figures to build wealth.
• You don’t need to wait for a windfall.
• You do need a plan, consistency, and patience.

Take Your Next Step

At Leb Financial, we help people just like you create and follow a biblically-based plan to manage your money that is proven to work. Whether you're just starting out or want to get back on track, your journey can begin today.

If you're ready to start managing money God’s way and building a future of financial peace, let’s talk.

Source Data

The National Study of Millionaires is available from Ramsey Solutions. Baby Steps Millionaires presents the findings and data and is also available from Ramsey Solutions.