In theory, anyone can become a millionaire, regardless of their profession. All you have to do is save your money diligently and invest it consistently and wisely.
However, there is no doubt that certain careers are better suited to becoming a millionaire than others.
Careers that make the most millionaires
A good place to start is by looking at the raw numbers for the professions that have made the most millionaires.
In an extensive survey of billionaires conducted by Ramsey Solutions, the top five careers for billionaires are:
- engineer
- accountant
- teacher
- business administration
- lawyer
From a broader perspective, the finance and investment professions have the most billionaires. It also has the highest number of billionaires at 371.
Here is a list of the 7 best careers for those who want to become a millionaire.
When considering these careers, understand that all income figures quoted are the most recent from the Bureau of Labor Statistics' Occupational Employment Statistics page.
Some of these careers can be a fast track to becoming a millionaire due to their high income. However, it is also true that many of them work in fields where they are in a position to take advantage of opportunities that can lead to significant investment returns.
Bonus: You don't necessarily need a college degree to get a high-paying job.
However, let's take a look at the list. The list has no particular order.
1. Lawyer
In 2022, the median annual salary for attorneys was $135,740. This number may be a bit of an understatement. Lawyer salaries vary widely by region.
For example, lawyers working in large cities, particularly New York and Washington, D.C., can earn significantly more.
Your field of expertise also has a big impact on your income. Corporate lawyers and those who operate private firms often earn significantly more than the group median.
Law is another area that creates parallel opportunities. For example, a corporate lawyer has a good chance of becoming a top executive in a company.
This can include generous stock options in addition to a very high salary. Self-employed lawyers have great investment opportunities as a result of working with a variety of clients.
These investments can represent multi-million dollar opportunities on their own.
2. Engineer
In terms of income, engineering mainly depends on the specialty. For example, the 2022 median salaries for five common engineering competencies are:
- Chemical Engineer, $106,260
- Mechanical Engineer, $96,310
- Computer Hardware Engineer, $132,360
- Aerospace Engineer, $126,880
- Petroleum Engineer, $131,800
Above-average income isn't the only reason engineering is a fast track route to millionaires. Engineers typically enjoy a higher level of career stability than other fields.
Additionally, they also tend to be “well-employed,” working for companies that offer career paths and above-average benefits.
With regular double-digit contributions to their employer's 401(k) plan and a stable career, engineers can become millionaires within 20 years.
3. Doctors and surgeons
In 2022, the median annual salary for physicians and surgeons was $229,300. Many specialists earn much more than that.
With that income, you'll be making close to $1 million every five years. Regular savings and investments can quickly generate millions of dollars.
Physicians can often make significant profits by selling their practice. If the implementation is successful, the windfall alone could yield more than $1 million in profits.
4. Certified Public Accountant
BLS income information for CPAs includes “accountants and auditors,” with median annual income listed as $78,000. However, because CPAs are a special group of senior accountants, their annual salaries can be quite high.
Similar to lawyers, CPAs also have great opportunities. CPAs who become partners in mid-sized or large accounting firms can earn much more than the group's average income.
It also provides an opportunity to build equity in practice that can ultimately produce millionaire status.
CPAs are often at the forefront of leveraging relevant business opportunities from their clients. These opportunities, combined with the fact that CPAs typically have above-average investment knowledge, make this field one of the best for creating millionaires.
5. Investment banker
Every time we hear about multi-million or billion-dollar mergers and acquisitions, there is an opportunity to make a lot of money. That income often flows to investment bankers.
This is especially true for those with experience in economic sectors where mergers and acquisitions tend to occur more frequently.
Investment bankers in 2022 are lumped together with “financial managers,” who earn a median annual salary of $139,790 in the BLS report. Again, geography and discipline play a big role.
Similarly, investment banking is also a field that typically commands large bonuses.
6. Real estate agent or real estate agent
It is often said that more millionaires are made in real estate than anywhere else. This primarily refers to people who invest in real estate, and less so to those who make a living by selling real estate.
But anyone who works as a real estate agent or broker is on the front lines to take advantage of potentially rich investment opportunities. It may be the main path to wealth for anyone in the real estate business, especially on the sales side.
The median income for real estate agents is $49,980, but top agents can easily earn twice that. The median income for real estate brokers is $62,190, while the top 10% of earners earn an average of $173,000, close to doctors and surgeons and well above lawyers and engineers.
With that income and a few smart real estate deals, you could potentially achieve millionaire status in less time than you can achieve in most other career fields.
7. Insurance broker or agent
Insurance agents earn an average of $57,860, but similar to real estate agents, top performers can earn even more. Insurance brokers (including independent brokers and owners of insurance agencies where insurance agents are typically employed) earn a median annual salary of $130,350.
Insurance brokers and agents have a lot in common with engineers when it comes to income stability. Although they often work as self-employed or independent contractors, incomes in this field are unusually stable, especially given that they are primarily commission-based.
The insurance field has advantages over other sales fields, especially real estate. Insurance sales generate residual income.
If an agent or broker has an established “book of business,” they can generate income from clients who signed up years ago. This allows insurance agents and brokers to create a near-permanent stream of income.
This flow provides stable income and allows agents and brokers to earn a stable and higher income.
How to find a millionaire job
There is no exact formula for finding a millionaire job. Everyone's career path is different, but the good news is that you can find a well-paying job in almost any profession.
To increase your odds of landing a brass ring, consider the following strategies.
- Choose a career that pays well. Law, real estate, and medical professions pay much higher salaries than teaching or civil service jobs.
- Pursue relevant education. Invest in yourself by getting the degree you need to get into the highest-income circles. While a degree alone doesn't always matter, it does increase your chances of getting a higher salary. How you use the education you gain often determines your success and salary.
- Learn industry-specific skills. You don't have to be great at everything, but you do need to be better at one or two things than others. If you do, you will be financially rewarded.
- Always think about how you can move forward. Develop short-term and long-term strategies that lead to your next station. Don't get sucked into a dead-end job or a career-limiting company.
- Don't calm down. Be aggressive because that's what other ambitious people are doing and you'll often be competing with them.
- Invest wisely. Don't waste your hard earned money. Receiving a good salary can turn a high-paying job into a millionaire's job, and combining it with smart investments can give you the wealth you desire.
Also, look for jobs that pay well and offer benefits such as bonuses, commissions, and stock options.
Top 15 Careers That Can Make You a Millionaire
Want to aim even higher than becoming a millionaire? There are several ways to become one. billionaire.
Here's what to look out for, according to Career Addict.
- investment banker
- author
- athlete
- entrepreneur
- lawyer
- real estate developer
- surgeon
- inventor
- hedge fund manager
- accountant
- professional entertainer
- Investor
- chief executive officer
- insurance agency
- engineer
other ways to get rich
Don't think your career is the only path to getting rich. That's important, but you need to have a strategy in place to strengthen your finances.
Understand that no one gets rich overnight. For most people, getting rich is a long-term game. Therefore, you need to practice compounding and accumulate small financial wins over time.
It also determines how much of your portfolio should be allocated to conservative investments and how much should be allocated to more aggressive but riskier investments.
If possible, consider a side hustle. This allows you to live below your means. This is the only real way to become a millionaire. It's not about what you make, it's about what you keep.
Develop other forms of passive income that are useful without having to actively manage them. Real estate investing is one of the great options you can pursue.
Also, find a mentor. The best teachers in the world are those who have already achieved it.
And finally, avoid debt at all costs. Credit card and installment debt is deadly, and the interest you have to pay makes climbing even more difficult.
summary
You don't have to work in any of these careers to get rich. Many people have written tickets, become business owners, excelled in their current careers, or become wealthy through years of hard work, savings, and investments. In short, there is more than one path to wealth.
If you're just starting out, you can research the highest paying college degrees and consider their value compared to no college degree. Still, it's not necessarily the degree that leads to success, but how you use your knowledge and energy.
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