The word millionaire evokes images of suited CEOs and executives sitting around a table in a high-rise in NYC, NY. However according to the largest study on millionaires performed by Ramsey Solutions the third most profession of millionaires was a teacher. This should be surprising. I was initially surprised when I heard it. As Americans we harbor many money myths that hamstring our ability to build wealth.
Building wealth is a slow deliberate process. It is more the slow drop of water eroding a stone than a jackhammer bashing it. To illustrate this point lets ponder a hypothetical.
Mary completes college at 25 years old and saves $200 each month from her position as a teacher and invests it in an index fund averaging 10% until she is 67. She doesn’t increase her allotment even though it is likely her pay will increase either through cost of living adjustments or through a promotion. At 67, Mary will have around $1,548,000. However, time in the market is everything. If she waits until she is 35, then she will only have around $557,000. This is much better than most people, but some discipline earlier means the world of difference.
When you are young your dollars are extremely powerful and only grow weaker as you age until it is too late.
Millionaire Librarian 