It has become especially popular because it can potentially be a gateway to millionaire status. The famed wealthy entrepreneur Andrew Carnegie famously said more than a century ago, “Ninety percent of all millionaires become so through owning real estate.
Occupations that often produce many millionaires include entrepreneurship, finance and investment banking, technology, medicine, real estate, law, consulting, entertainment, sports, and high-level sales and marketing.
Dave Ramsey on X: "Top 5 Careers of Millionaires: 1. Engineer 2. Accountant (CPA) 3. Teacher 4.
Financial Services
The financial services sector has produced more millionaires than any other industry, according to the Wealth Report. The sector plays a critical role in managing, growing, and deploying money worldwide.
Medicine comes out top. Half of doctors in the US earn over $200,000 per year, and the mean is actually higher than finance and law. That said, the very highest-earning people are in finance and law. The top 1% in finance earn over $2m per year.
The top five careers for millionaires include engineer, accountant, teacher, management and attorney.
How do millionaires spend their day? Millionaires spend their time on the things they know will bring them more income and wealth. That could be nurturing a solid friendship, investing in education, or delegating busy work to spend time on the most revenue-generating tasks.
Someone who has $1 million in liquid assets, for instance, is usually considered to be a high net worth (HNW) individual. You might need $5 million to $10 million to qualify as having a very high net worth while it may take $30 million or more to be considered ultra-high net worth.
If a millionaire doesn't budget properly and starts spending on personal chefs, expensive cars, and other luxury amenities, they may quickly run out of money. Sometimes millionaires, especially new millionaires, feel they have so much money that they lose perspective on what they can afford.
They stay away from debt.
Car payments, student loans, same-as-cash financing plans—these just aren't part of their vocabulary. That's why they win with money. They don't owe anything to the bank, so every dollar they earn stays with them to spend, save and give! Debt is the biggest obstacle to building wealth.
THE TOP 5 CAREERS OF MILLIONAIRES: - Engineer - Accountant (CPA) - Teacher - Management - Attorney Some of those are surprising, huh? Nope, teacher isn't a typo. You see, it's not chance or inheritance that creates most millionaires. It's a PLAN.
Typical white-collar jobs include company management, lawyers, accountants, financial and insurance jobs, consultants, and computer programmers, among many others. Many jobs that require a shirt and tie today are actually low-paying and high stress, especially in the modern services and technology sectors.
Lawyers, Doctors, Account Executive, Sales Exec, Developer, Manager, etc. Most high paying jobs / Upper Class Jobs are just these. With this alone you're in the top 1% or making your way up. Fashion designers and other things do not have wealth or money.
A report by the World Economic Forum found that Americans think that a full 20% of earners make over $500,000, but this is starkly different from reality. The actual percentage of the U.S. population who earn more than $500,000 per year is less than 1%.
The most common degrees among CEOs are Bachelor of Arts (BA) and Bachelor of Business Administration (BBA), with 53% holding one of these degrees, while 47% have Bachelor of Science (BS) degrees.
The average self-made millionaire in America works 59 hours per week - many work 70 or 80. The average self-made millionaire in America works six days per week rather than the usual five.