There are many paths to becoming a millionaire, but they all start with earning an income that is large enough to allow you to save. Some jobs are higher-earning than others, and a select few are even over a million dollars annually. Here are some jobs that can make you a millionaire, especially if you have the discipline to live below your means, save some of what you make, and invest it well.
Rent it out
List your spare room & get in the groove
Drive. Earn. Repeat.
Drive around & Earn in your free time
Play. Read. Shop. Surf. Share
Earn money while you’re fooling around
More you teach, more you earn
Share your skills around the world
Doctors are one of the highest-paying professions, with the average doctor earning over $300,000 per year and specialists making even more than that. It’s easy to see why we included these on our list of jobs that make you a millionaire, but, there are some drawbacks to becoming a doctor. For instance, education requirements can be a challenge. About a decade of college is required and unless you or your family can afford to pay for all that college, you will likely have $100-200,000 in student loan debt to repay after you graduate. That debt could delay the achievement of becoming a millionaire.
Furthermore, recent developments with government regulations have in some cases made it less lucrative to be a doctor. This includes things like Medicare and Obamacare reimbursements falling and fewer people having private insurance that reimburses at a higher rate. Still, there will always be a demand for medical professionals.
There are many different kinds of engineers, and most of them earn over $100,000 a year. Engineers may work to create new products or implement existing designs. Are you wondering if engineering jobs can really make you a millionaire? Here’s an encouraging fact: 22 percent of billionaires worldwide have engineering degrees or have studied engineering. Clearly, engineering is a potentially lucrative field for entrepreneurs who have ideas for new inventions and advances.
3. Investment Banker
Almost all investment bankers make six-figure salaries, and some can even exceed a million dollars a year when they handle clients with expansive portfolios. Another great thing about investment banking is that it teaches you how to invest wisely. With that knowledge, you can make your own money grow just like you can for others.
Many who have finance degrees can get executive positions like a chief financial officer or even CEO, which often requires a great deal of financial knowledge. Understanding money is not only good for having a well-paying job in any number of fields, but it also helps you handle your own money well. In 2014, 27 percent of U.S. billionaires studied finance, and there was a 40 percent jump in U.S. billionaires with finance backgrounds. So this field is similar to that of engineering. Not only could these jobs make you a millionaire — your wealth could exceed millions.
5. Computer Science
There is a huge shortage of qualified computer science personnel, which has driven salaries higher for those who can demonstrate needed computer skills like software development or cybersecurity. Many computer science jobs also offer stock options and bonuses to their workers, which can enable you to save even more toward that million. In comparison to some other career paths, the education requirements in this field are minimal. As long as you can prove that you have the skills to do the work, a bachelors degree and maybe some certifications may be all that is required for many six-figure jobs in computer science.
Actuaries are important in managing risk for companies to prevent them from losing money. They use mathematical formulas and statistics to calculate the rates used by insurance companies for their customers. These professionals make up to $250,000 a year, which should provide enough income to enjoy the fun things in life and still have money left over to save so you can make your dream of becoming a millionaire a reality. A masters degree in actuarial science is usually needed for this math-intense job.
7. Political Career
Politicians with national careers often become millionaires by using their contacts to find out where to make money on investments and other deals. Political lobbyists can also make high salaries that will allow savings to occur. Prominent politicians may be able to get lucrative book deals and go on speaking tours where they can charge six figures for each appearance. Add political careers to the list of jobs that can make you a millionaire.
8. Real Estate Agent
It takes some know-how to make a considerable income in real estate, so it’s difficult to say that these jobs will make you a millionaire, but, it is possible. Many people have become millionaires selling houses for others or investing for themselves in real estate. Investors may flip houses or hold the properties and rent them out while the value increases. It isn’t too difficult to amass a million-dollar real estate portfolio once you get started, and while there is fluctuation in the real estate market, it is at least backed by tangible assets, unlike the stock market.
9. Project Manager
Not all project managers get paid high salaries, but supervisory level ones usually do. Project managers are responsible for a team that works on a project, and they have to manage that team and bring the project to completion in a satisfactory way–usually on a deadline. The more complex, lengthy and profitable the project, the higher the project manager’s salary is likely to be.
Corporate lawyers usually make the most money in law, although some district attorneys from larger towns and cities earn six figures as well. Public defenders and advocates are not likely to make enough money to become millionaires, despite the expense of law school and the difficulty of passing the bar. Billable hours are the key to maximizing income, which often leads to corporate lawyers working 60-80 or more hours a week as they start their careers.
11. Management Consultant
Management consultants work with companies to help them improve company functioning in a variety of ways. This often includes being responsible for improving the company management structure and management processes. While this job tends to be more hourly or on a contract basis rather than a full-time job with benefits, it also allows for a high hourly rate that can exceed most salaries–some management consultants make high six-figure incomes for their expertise.
What If You Don’t Have a Lucrative Career?
Many people don’t have high-paying careers that allow them to easily save a million dollars within a few years. But having a medium-paying job, as an educator, middle manager, or even blue collar worker doesn’t have to mean that you can never become a millionaire.
Many of today’s millionaires didn’t get there overnight – they worked long hours for many years to save that amount of money. The key to becoming a millionaire with an average salary is to start early and save consistently. You may have to give up things that other people take for granted like vacations, daily Starbucks treats, or frequent restaurant meals, but many people save a million dollars over time by doing just that.
In the news this week, a woman made headlines years after her death for donating a million dollars of her estate to the school district where she worked for 45 years until retiring. Her close friend who executed her will said that he had no idea until she died that she was worth over a million dollars.
According to the executor, Genevieve Via Cava didn’t take vacations or even buy new clothes. Instead, she saved her money and was able to leave a lasting legacy to generations of special education students through a scholarship fund that will use the interest on the money to help students go to college.
If you can get a 10 percent rate of return on your money over 40 years, saving just $200 a month from age 25 to 65 will earn you over one million dollars. With a six percent rate of return, which is very conservative, saving $500 a month over the same 40 years will allow you to end up with one million dollars. It isn’t clear how much a million dollars will buy in 40 years, so saving as much as you can is always a good idea.
Even today, a million dollars will not necessarily set you up for life like it may have done 20 or 30 years ago. The good news is, a nest egg of any size will generate interest and can either grow as you continue to work and save or may even allow you to live off the interest if you invest the right way and can make a good enough return.
Six percent of $1,000,000 is $60,000, which may be enough to live comfortably for many single people and even couples. 10 percent of the same amount is $100,000, which should be sufficient for most people with no debt to live quite comfortably on. But everyone is different: having goals can help you achieve the level of savings you want–savings that will allow you to live the lifestyle that makes you happy and fulfilled.
In the end, even the best job can’t make you a millionaire unless you take full advantage of the money that comes your way. The key is saving and investing your money rather than spending it.
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