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Study shows Texas has 4th highest number of millionaires in country

“Anyone can become a millionaire”
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Published: Mar. 15, 2022 at 4:56 PM CDT|Updated: Mar. 15, 2022 at 10:42 PM CDT
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TEXAS (KLTV) - A study of millionaires from Ramsey Solutions finds that Texas has the fourth highest number of millionaires in the country.

George Kamel, a personality and personal finance expert with Ramsey Solutions, credits Texas residents’ successes to their diligence and the large population.

Ramsey Solutions’ National Study of Millionaires was conducted in part by a third party who surveyed more than 10,000 U.S. millionaires nationwide from 2017 to 2018, questioning them about their attitudes and habits.

“They’re not worried what other people think, and if you can get to that point where you stop caring what other people think, that is a super power in today’s society,” Kamel said.

According to the study, the top five careers of millionaires surveyed are engineers, accountants, teachers, management, and attorneys.

“A lot of people see millionaires and they think, ‘That’s a trust fund kid,’” Kamel said. But, the study shows 79% of millionaires in the US did not receive any inheritance. “These are people who started from nothing.”

So how can you become a millionaire?

First, Kamel said believe it is possible. 97% of millionaires in the study said they believe they ultimately control their own destiny.

Next, Kamel said acknowledge your barriers and focus on the finish line. Although income can be a concern, 33% of millionaires in the study never had a six-figure income.

Once you believe it is possible and acknowledge your barriers, follow a proven plan. The Ramsey Solutions Baby Steps plan breaks down a slow and steady way to reaching 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 call out the difference between a millionaire and billionaire. Say you pull up to a stoplight and see a sports car next to you. “But the guy next to you on the other side? Whose got the beater car that’s all dented up, it’s an old, ‘99 Honda Civic, that’s probably the millionaire,” Kamel said.

“You’ve got to be following a written plan every month because otherwise here’s what happens: you start to wonder where your money goes instead of telling it where it went,” Kamel said.

Also, eight of the 10 millionaires surveyed invested in their company’s 401(K) plan.

“This is growing while you’re sleeping. It’s incredible, the power of compound interest, and what it can do. That is how most people are becoming millionaires.”

George Kamel (Credit: Ramsey Solutions)
George Kamel (Credit: Ramsey Solutions)((Source: Ramsey Solutions))

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