Only A Fraction Of Millionaires Earned Big In Their Careers. Here’s How To Become One Without Making $100K A Year

Please share:

499

199

388

3471

It might sound unbelievable, but most millionaires didn’t make six figures during their careers. In fact, many never even got close.

According to The National Study of Millionaires by Ramsey Solutions, only 31% of American millionaires earned an average of $100,000 a year throughout their working life. Even more surprising?

One-third never made six figures in a single year.

So if you think you need a high-paying job to build real wealth, think again.

Wealth Is More About Habits Than Income

“You control your destiny with your behavior,” personal finance expert Dave Ramsey says.

“Personal finance is 80% behavior and only 20% head knowledge.”

That behavior, according to Ramsey’s research, comes down to a few key habits: avoiding debt, living below your means, and investing consistently.

In fact, 8 out of 10 millionaires invested in their company’s 401(k), and 3 out of 4 also invested outside of their employer plans.

Regular, long-term investing, not betting on single stocks or striking it rich with a startup idea, was the real key.

Living Below Their Means

The majority of millionaires are careful with their spending.

According to the study, 94% live on less than they make, and nearly three-quarters have never carried a credit card balance.

Most spend under $200 a month dining out, and 93% use coupons some or all of the time.

“By staying out of debt and watching expenses, they’re able to build their bank accounts instead of trying to get out of a financial hole every month,” the study notes.

Income Doesn’t Guarantee Wealth

Even Americans with high incomes struggle. A 2024 PYMNTS survey found that 36% of people making over $200,000 a year still live paycheck to paycheck.

That’s where the importance of managing expenses comes in.

“It turns out that math works for all of us—especially when you understand that your income is your most powerful wealth-building tool,” Ramsey says.

Start Early and Avoid Debt

Starting young makes a big difference. An 18-year-old who saves just $250 a month and earns a 7% annual return can become a millionaire by age 66.

But even if you start later, there are options.

Avoiding high-interest debt is also critical. As of early 2025, Americans held nearly $5 trillion in non-housing debt like student loans, car loans, and credit card balances.

That debt drags down savings, which is why the U.S. personal savings rate sits at just 4.9%.

Get Creative With Your Strategy

If you’re starting late or your income is limited, get strategic. Some people lower their expenses by moving to cheaper areas or living abroad.

Others delay retirement by five or 10 years. Even small monthly contributions can grow significantly over time if you’re consistent.

You can also diversify. Millionaires in the study often invested in things like rental properties or index funds, nothing flashy, just long-term bets that compound steadily.

Millionaire Status Is Within Reach

Only a fraction of millionaires earned big money in their careers. The vast majority built wealth slowly, by controlling spending, avoiding debt, and investing consistently over time.

“I want to get people to the place where they believe they can actually do it,” Ramsey says.

“There are so many people in the marketplace who are hope-stealers saying it can’t be done. But it can be done.”

Becoming a millionaire doesn’t require a huge paycheck. It just requires patience, discipline, and a long-term plan.