What Jobs Can Make You A Millionaire?
Modern millionaires live and walk amongst us. What is more: they are not that different from us. Gone are the days when making a million dollars is taken to be an arduous task. These days, there are people who have that and more in their savings account. In fact, many people have made their first million from working just one job. All of these mean that you too, can become a millionaire.
You must understand that even though being a millionaire is within reach; you still have to be hardworking. Many rich people make sure that they take on not only their role but also show initiative at all times. More so, you have to be smart about the jobs you choose. For example, most emerging jobs are in the tech space. This is why data scientists make a lot of money these days. Additionally, your location also impacts how much you earn. For instance, jobs in New York City may pay more than the same in other locations.
So, what jobs can make you a millionaire? This guide will help narrow down the choices for you. We bring you a list of some of the top jobs you can take on that can push you to the millionaire lifestyle. Some of these suggestions might surprise you. Ready to find out what the options are? Let’s get started!
Jobs That Can Make You a Millionaire
We have collated a list of the most popular jobs that could set you on the path to becoming a millionaire. The focus is not on the job title but on the possibility of making money from it.
Some of the jobs listed below have a low success rate (i.e. becoming a professional athlete). Keep reading until the end to learn how you can become a millionaire by increasing your earning potential with regular jobs.
Everybody knows that professional athletes make a ton of money doing what they love. Whether it is track and field, basketball, or tennis, professional athletes earn much more than the average person. Hence, if any sport interests you, you may want to pay more than cursory attention to it.
However, becoming a high-earning athlete does not come easily. Firstly, you should know that you will have to constantly train to be in top shape. Also, the games can be rigorous. Hence, you may be incapable of holding down everyday jobs. Furthermore, the lifespan of your career may be quite short. Athletes typically retire in their middle ages, being active from between seven to ten years. This means that you will need efficient money management. Else, you will get broke soon after retirement.
Becoming a lawyer is an example of one of the high-paying jobs that have remained consistent over the years. All the data available confirm the idea that a law degree is almost certainly a ticket to wealth.
A lawyer carries out several duties. They could either open their law firm or join an already established one. They can also work as real estate agents, selling properties and making good returns on that end. However, the most popular way the average lawyer becomes a millionaire is by working as a legal advisor to any company interested in their services. The lawyer here will most likely then specialize in corporate law. However, other fields include litigation, personal injury claims, immigration, and so on.
To become a lawyer, one will have to obtain a bachelor’s degree and pass the state’s bar exam. Qualified candidates are then allowed to practice law in the specific state that they passed the bar. In the United States, some states have reciprocity agreements. Hence, if you qualify as a lawyer in one state, you can practice in another state too.
Jobs in the financial services sector pay a high salary. This is because rich people will like to pay their managers well to look after their money. According to the US News and World Report Survey, this field also has a huge probability for upward mobility.
One of the jobs that can guarantee that you join the millionaire rank in no time is becoming an investment banker. Investment bankers make not only huge sums as their take-home pay but also get huge bonuses too. A managing director makes as much as a million dollars in any given year. So if you have a knack for money management, then you should seriously consider going into investment banking.
Teaching is one of the unexpected jobs that can get you to become a millionaire. Case in point: an elementary teacher’s salary is less than $80,000 per year. However, statistics reveal that teachers reach millionaire status faster than most other professionals. Why is this? It could be:
- Job security
- Great retirement plans
- Great benefits (saves money)
Moreover, the fact that even teachers can become millionaires shows that it is indeed possible to become wealthy by doing any job. Thus, whether you run your own business or not, you should not forget the personal growth aspect.
Data on the labor statistics website reveal that teachers make up the bulk of workers in a given state. Most teaching positions require that you have a bachelor’s degree. However, a master’s degree can guarantee job interviews. Hence, you may want to seek an advanced degree if you can.
Engineers typically spend a lot of time carrying out research, hoping to solve human needs. There are so many specialties, including petroleum, chemical, electrical, nuclear, and even aerospace. Their wealth usually comes from the solutions they provide for everyday human problems. Little wonder engineering is the third most common profession to produce net worth millionaires. Net worth millionaires refer to those who are ultra-wealthy even after deducting their debt portfolio.
The average civil engineer salary runs into around $89 000 per annum. The average industrial engineer salary is a little higher than that.
The Medical Profession
It is commonly thought that choosing a professional path such as becoming a medical doctor is a sure path to attaining a millionaire status. There is some truth to this assertion. The medical profession guarantees you a high-paying job because of the advanced degree doctors typically emerge with. It certainly helps that the medical profession has a lot of high-paying fields. For instance, the average plastic surgeon makes almost as much as a movie star. Other specializations include optometry, dermatology, surgery, pediatrics, and so on. How much money you make depends on how well-regarded your field is.
Becoming a doctor is a very arduous process. Firstly, the prospective doctor has to spend up to 10 years to get a bachelor’s degree. Afterward, they would need to undergo clinical training in a hospital.
It is the age of startups. Hence, it is not surprising that the top emerging jobs are in tech. Many modern millionaires are involved either directly or indirectly with the tech space.
There are several jobs in the sphere. One of such is software applications jobs. Software developers make apps and get paid for them. By some stroke of luck, the apps could be very valuable, selling as much as a million dollars. To increase job security, some software developers ask for shares in the companies they work for instead of pay.
Another juicy job you can think of taking up is becoming a data scientist. A data scientist has to collate and interpret data. This comes in useful for companies looking to make decisions in different spheres. The average information research scientist’s salary runs into tens of thousands. You probably know a wealthy data scientist.
Finally, you could become a risk analyst. A risk analyst examines the security systems of firms, identifying vulnerable areas and plugging them.
Sales jobs can also make you a millionaire.
Most salespeople receive a commission for every sale they close. In a way, this compensation structure can be “high-risk, high-reward.” If you don’t generate any sales, you don’t make any money. That said, if you excel at your job, your earning potential is unlimited.
When considering a sales job (with the goal of getting rich), make sure to focus on a job that pays high commissions. Examples include:
- Real estate agents
- Pharmaceutical sales reps
- Car salespeople
- Travel sales representatives
- Corporate salespeople
We discussed a few jobs that can put you on the path to making millions. There are hundreds of other options. Here are just a few:
- Venture Capitalist
- Investment Banker
- Hedge Fund Manager
- Private Equity Manager
- Surgeon (e.g., neurosurgeon, orthopedic surgeon, plastic surgeon)
- Lawyer (specializing in corporate law, intellectual property law, or securities law)
- Real Estate Developer
- Salesperson (e.g., real estate agent, pharmaceutical sales representative)
- Software Engineer
- Product Manager (in the technology industry)
- Management Consultant
- Petroleum Engineer
- Airline Pilot (especially in the commercial aviation industry)
Of course, you don’t need to have an exceptionally high salary to become a millionaire, especially if you are patient. Below are some ways you can increase your earning potential and put your money to work.
Increase Your Earning Potential
Want to be the next Warren Buffet or Bill Gates? While you may not hit your millions exactly the way they did it, judging from labor statistics and everyday millionaires surveyed, we can confidently tell you that you can become a millionaire regardless of the job you currently do. You just need to be smart about savings, investments, and planning. However, from the start, how do you score really cool jobs? Here’s how:
Choose the Right Job
Even though you can become a millionaire doing anything, some jobs pay you more than others. For instance, software application jobs are famous for paying well.
Garner More Qualifications
Certificates matter until they don’t. Most entry-level jobs will be interested in seeing how qualified on paper you are for the job. Thus, invest wisely in your education. Most jobs will pay you higher if your qualifying degree is above the average. For instance, a master’s degree holder will certainly earn more than someone with a bachelors. Essentially, if you have the means to get multiple degrees, then do it.
You cannot go wrong with identifying, garnering, and nurturing industry-specific skills. Your skills can be the saving grace if your personal data is not enough to get you the job. On the other hand, if your qualifications are not up to par, the fact that you have some skills necessary for the job might be a game-changer. For instance, successful sales managers not only need good degrees but also need to be persuasive, charming and employ effective strategic planning. Acquiring these skills first before going for the job will position you as a formidable candidate.
Put Your Money to Work
Becoming wealthy is not just the product of a high-salary. There are high-earners with low balances in their bank accounts and lower-earners with impressive savings.
Focus on money management and investing if you want to maximize your net worth.
Who ends up wealthier at the end of the year?
- Person A (The Spender): Makes $250,000 and spends $230,000
- Person B (The Saver): Makes $70,000 and spends $30,000
The answer is clearly the latter.
Person A ends up with $20,000 at the end of the year, while Person B ends up with $40,000.
While Person A makes way more money, they also spend way more.
If both of these individuals carried on with the same spending habits and invested their leftover funds each year ($20,000 and $40,000), here’s how much they would be likely to have in 20 years (assuming a 7% return in the stock market:
- The Spender: $900 thousand
- The Saver: $1.8 million
The Saver will be a millionaire in 20 years, despite making less than a third of The Spender’s salary.
Spending habits will have a big impact on your net worth. Focus on being responsible with your money and putting it to work, which leads to the next point.
Most modern millionaires are serial investors. Understand that your savings can only go so far. It is almost impossible to become ultra-rich simply by saving up over the years. Challenges like inflation and unreliable government policies could depreciate the funds even as you save. To become a millionaire, you need to begin to think like one.
Hence, look for places you can make money investments and get returns. There are stocks, mutual funds, private companies, and so many more investment options out there. As you earn large sums from your regular job, you plow it back into your investments.
Let’s illustrate the concept with an example.
If you save $1,000/month in a bank account, you will have $240,000 after 20 years.
If you invest $1,000/month in the market, you will have $491,945 after 20 years (assuming an average annual return of 7%).
In this example, investing your money more than doubles your net worth.
The takeaway – start investing as early as possible.
Conclusion: Jobs That Can Make You a Millionaire
Is it possible to become a millionaire by sticking to one job? If you have followed this article up to this point, you surely know the answer to this question. However, it is also important to realize that what separates millionaires from everyday people is the choices they make. One of the wise choices they make is using company-sponsored retirement plans. This takes advantage of the power of time and compound interest.
One thing is certain, though, is that financial freedom is within reach if you are willing to work for it. Our research team has made it easy by discussing some of the best jobs to take up if you want to become a millionaire. The ball is now in your court.