Millions assume six-figure salaries create millionaires, but research shows most wealthy Americans built their net worth through discipline, investing, and controlling spending.
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, roughly one-third never made six figures in a single year.
The research examined more than 10,000 U.S. millionaires, making it one of the largest surveys of millionaires conducted in the United States.
The findings push back on the idea that you need a high-paying career to become wealthy. Instead, the study points to everyday financial habits, saving, avoiding debt, and investing, as the bigger drivers of long-term wealth.
Most millionaires built their wealth slowly by saving regularly, avoiding debt, and investing over long periods of time.
Most did it the boring way, steady investing, modest spending, and decades of consistency.
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.”
Ramsey’s research highlights several habits that appear again and again among people who build wealth: avoiding debt, living below their means, and investing consistently over long periods.
In fact, eight out of 10 millionaires invested in their company’s 401(k), and three out of four also invested outside of employer-sponsored plans.
The study also found the most common careers among millionaires were engineer, accountant, teacher, manager and attorney.
The path wasn’t built on high-risk bets or overnight success. Instead, steady contributions to retirement accounts and long-term investments made the difference.
Living Below Their Means
Spending discipline also plays a major role.
According to the study, 94% of millionaires live on less than they earn, and nearly three-quarters say they’ve never carried a credit card balance.
Many keep everyday expenses in check as well. Most spend under $200 per month dining out, and 93% report using coupons at least occasionally.
“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
High earnings alone don’t guarantee financial stability.
A 2024 survey from PYMNTS found that 36% of Americans making more than $200,000 a year still live paycheck to paycheck.
That contrast highlights a key point: earning more money doesn’t automatically create wealth if spending rises just as quickly.
“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
Time is one of the most powerful advantages when building wealth.
An 18-year-old who invests $250 a month and earns an average annual return of 7% could accumulate more than $1 million by age 66.
Even people who start later can still benefit from steady investing, though the required contributions typically increase.
Avoiding high-interest debt also remains critical. As of early 2025, Americans collectively hold nearly $5 trillion in non-housing debt, including student loans, car loans, and credit card balances.
Those obligations reduce the money available for saving and investing, contributing to a U.S. personal savings rate that currently sits around 4.9%.
Get Creative With Your Strategy
For people starting later or earning more modest incomes, strategy can still make a meaningful difference.
Some lower their living costs by relocating to more affordable regions or spending time abroad.
Others choose to delay retirement by several years to give their investments more time to grow.
Diversification can also help. Many millionaires in Ramsey’s study invested in assets such as rental properties or index funds—long-term investments designed to compound steadily over time.
Millionaire Status Is Within Reach
The data suggests building wealth has less to do with income than many people think.
The National Study of Millionaires found that 79% of millionaires didn’t receive any inheritance at all. The study also found that most accumulated their wealth through years of consistent saving and investing.
Many also worked in fields like engineering, accounting, teaching, management, and sales, jobs that don’t always come with huge salaries.
Only a fraction of millionaires earned big money during their careers. Most reached that milestone 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.”
For people trying to build wealth today, the takeaway is simple: a high salary can help, but it isn’t required.
What matters most is spending less than you earn, investing regularly, and giving those investments time to grow.
Over the long run, those habits can turn ordinary incomes into extraordinary net worth.