Ninety percent of all millionaires become so through owning real estate.
STUDY SUMMARY
The top five careers for millionaires include engineer, accountant, teacher, management and attorney.
Another thing that may come as a shock to some people, myself included, was that only 31% of millionaires in this study averaged over $100,000 a year throughout their careers.
Middle class is defined as income that is two-thirds to double the national median income, or $47,189 and $141,568. By that definition, $100,000 is considered middle class. Keep in mind that those figures are for the nation. Each state has a different range of numbers to be considered middle class.
THE TOP 5 CAREERS OF MILLIONAIRES: - Engineer - Accountant (CPA) - Teacher - Management - Attorney Some of those are surprising, huh?
The average millionaire in the United States is actually 61 years old.
What Jobs do Most Billionaires Have? There are a few industries that offer the opportunity to become very rich. Perhaps one of the biggest is finance. There is potentially lots of money to be made investing.
1. 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.
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.
As of the second quarter 2024, the average American household had wealth of $1.17 million. The average wealth of households in the top 1 percent was about $35.5 million. In the top 0.1 percent, the average household had wealth of more than $158.6 million.
What are seven-figure jobs? A seven-figure job refers to the number of digits listed in your salary. This includes people who earn anywhere from $1 million to just under $10 million per year. Many people may consider this salary range to be well above average.
I spent five years studying and interviewing 233 millionaires to learn about their habits and the way they think. Work was a big topic: 51% were entrepreneurs, 28% had traditional 9-to-5 jobs, and 18% were senior-level executives at large companies.
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.
So, let's break it down – how many Americans have a net worth of $1 million or more? According to the 2022 Survey of Consumer Finances by the Federal Reserve, only about 12% of U.S. households have a net worth over $1 million. This means that the vast majority – 88% – are nowhere near that level.
If you want to retire by age 67, many financial advisers recommend having a net worth that's five to seven times your annual income by the time you turn 50.
Here's a little secret: Compound growth, also called compound interest, is a millionaire's best friend. It's the money your money makes. Seriously.
Although typically considered a negative measure, the use of debt can be a positive one if it is used and managed correctly. Debt can be used as leverage to multiply the returns of an investment but also means that losses could be higher.