A research study that surveyed over 10,000 millionaires resulted in the following findings to help guide others to achieve a comfortable financial security:

• 79 percent of the respondents did not receive any inheritance; 80 percent were from families at or below a middle-class income level.
  Conclusion:Building wealth is within your control and doesn’t depend on being born into a rich family.
• 33 percent never made more than $100,000 a year; 31 percent made around $100,000.
  Conclusion: Wise spending, saving, and investing are more important than your salary level.
• 94 percent live on less than they make; 75 percent reported never having a credit card balance.  
  Conclusion: Stay out of debt and keep expenses below your income to build a financial foundation.
• 75 percent of those in the study indicated consistent investing over a long period of time as the reason for their financial success; 80 percent invested in their company’s 401(k) plan; none said one individual stock investment was a big factor in their financial success. 
  Conclusion: You don’t need to find that one stock that will make you rich. Invest consistently in broad-market index funds over a long period of time.

88 percent of those who responded graduated from college, compared to 38 percent of the general population. And over half (52%) of the millionaires in the study earned a master’s or doctoral degree, compared to 13% of the general population. Almost two-thirds (62%) graduated from public state schools, while only 8 percent went to a prestigious private school.

Most of the 10,000 millionaires studied achieved their wealth through consistent investing, avoiding credit card debt, and smart spending, along with…no lottery tickets… no inheritances…no six-figure incomes…no lucky stock picks. 

Even when millionaires don’t have to worry about money anymore, they’re still careful about their spending. Over 80 percent reported using a grocery list in some format.

For additional information on building wealth, click here.

Teaching Suggestions

• Have students talk to others to obtain information about actions they take to achieve long-term financial security.
• Have students create an oral presentation or podcast that reports the findings of the study summarized in this article.

Discussion Questions 

1. What actions do you believe to be most important for building wealth?
2. Describe how you might communicate to others suggested actions for improved long-term financial security.