TEXAS (EAST TEXAS NEWS) – A Ramsey Solutions study of millionaires finds that Texas has the fourth-largest number of millionaires in the country.
George Kamel, a Ramsey Solutions expert on personality and personal finance, attributes Texas residents’ success to their diligence and their large population.
The Ramsey Solutions National Millionaire Study was conducted in part by a third party that surveyed more than 10,000 American millionaires across the country between 2017 and 2018, asking them about their attitudes and habits.
“They don’t worry about what others think, and if you can reach that point where you stop caring about what others think, that’s a superpower in today’s society,” said Kamel.
According to the study, the five top careers among the surveyed millionaires are engineers, accountants, teachers, administrators, and lawyers.
“Many people look at millionaires and think, ‘That’s someone from a trust fund,’” said Kamel. But the study shows that 79% of U.S. millionaires did not receive any inheritance. “These are people who started from nothing.”
So, how can you become a millionaire?
First, Kamel said he believes it’s possible. 97% of the millionaires in the study said they believe they ultimately control their own destiny.
Next, Kamel said to recognize your barriers and stay focused on the finish line. While income can be a concern, 33% of the study’s millionaires never earned a six-figure income.
Once you believe it’s possible and recognize your barriers, follow a proven plan. The Ramsey Solutions Baby Steps plan breaks down a slow and steady path to millionaire status.
Ramsey Solutions defines a millionaire as someone with a net worth of one million dollars or more. Net worth is what you own minus what you owe.
It’s important to note the difference between a millionaire and a multimillionaire. Imagine you stop at a red light and a sports car sits beside you. “But the guy across in the next lane? The one with the dented, beat-up car—an old ’99 Honda Civic—that guy is probably the millionaire,” said Kamel.
“You have to follow a written plan every month, because otherwise this happens: you start asking where your money went instead of telling it where to go,” said Kamel.
Additionally, eight of the ten millionaires surveyed invested in their company’s 401(k) plan.
“This grows while you sleep. The power of compound interest is amazing and what it can do. This is how most people are becoming millionaires.”
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