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45% of Americans Who Pursue PhDs Become Millionaires

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Pursue PhD, Millionaires

 

Today, every American citizen dreams about becoming a millionaire. Unfortunately, not everybody’s chances are the same, mainly because the playing field is not even. Getting to at least one million dollars in net worth is a difficult goal to achieve.

 

The Number of Millionaires Living in the United States

Spectrem Group tried to estimate the number of millionaires in the country. In their market insights report, they revealed the following facts:

  • 10 million Americans with a net worth between $1 and $5 million
  • 1.8 million Americans with a net worth between $5 and $25 million
  • 160,000 households (not individuals) with a net worth exceeding $25 million.

To sum up, there are almost 12 million millionaires in the United States, which makes up 3.5% of the population. This happens to be a breaking record thanks to a long bull market in stocks, bonds, and real estate. If the national economy keeps doing well, the number of millionaires will get even higher in 2022.

Educational Background of American Millionaires

Many Americans think that a PhD is a waste of time. Nearly 30% of millionaires don’t have an academic degree. However, those who support this idea forget to mention that 45% of millionaires do have an academic degree. This makes the whole situation more dramatic.

If you look at the richest people in the country, you will see that their educational background isn’t perfect. Most of them have at least college education (93%). Some have graduate or higher education (41%), and others have high school education (7%). So, don't be fooled. Many “college dropouts” are from top colleges. The best students achieve their success themselves or by using special services like ASGS.

That being said, you still have a chance to become a millionaire with a high school degree only with https://www.asgs.org/. Even if you are a plumber, you can become a millionaire by living frugally, saving money, and making wise investments in a span of several decades.

You can become a millionaire while being involved in any business sphere. You should take a risk by starting a company and initiating a start-up project. Of course, you may need net partnership to maximize your business efficiency. You also have to manage it better than most of the other businesses by maintaining potential risks. Many Americans fail to act reasonably.

If you do not consider starting a business, you may try to become a millionaire by working on someone else. Of course, it will require your analytical and marketable skills. This can be easy, although it may take years to achieve the desired result.

U.S. Millionaires without College Degrees

Let’s don’t underestimate the importance of high education. Americans shouldn’t give up on the idea of educating themselves. This obviously increases their chances of success.

University education is not the only way to success. Just ask living millionaires who never got even a bachelor's degree. A small number of billionaires never had any secondary education. Let’s mention some of them!

  • John D. Rockefeller
  • Henry Ford
  • Richard Branson
  • Kirk Kerkorian
  • David H. Murdock
  • Carl Lindner Jr.
  • John Caudwell
  • David Green

Is America a Land Where Rich People Must Get PhDs?

In most U.S. universities, PhD graduate students are receiving a stipend and tuition assistance in the format of a tuition scholarship. This scholarship operates similar to a tuition waiver, which means that PhD students are able to attend classes without spending a single dollar. This is justifiable because PhD students are trained to conduct research, and are working in university laboratories to contribute to various scientific projects. They contribute to the integrity of national universities and the research engine of the whole country.

Whatever your life persuasion is, you should exercise your power as an American citizen. Keep track of the impact of federal provisions in the House bill. Express your will as a constituent element of power. Education should be affordable to everyone, and taxes should also be bearable for business start-ups. It’s important to note that while the House bill influences true tuition waivers, fellowships should be exempt. After all, significant provisions of current law have not been covered so far. The complex approach to the entire situation must be applied.

Even If you’re not a graduate student, you still have a stake in the U.S. legislation. The research performed by the most talented students is vital to the pace of discovery and innovation. If the U.S. becomes a country where people have to obtain graduate degrees to become rich, the right balance in the society can hardly be ever achieved.

Let’s hope that the modern world will become more loyal to people of different social backgrounds. Eventually, everyone will have an equal chance of becoming a rich person.