I don't like the term millionaire applied to net worth. A million dollars simply isn't what it used to be and it isn't enough to ensure a comfortable retirement. Using the 4% rule (which is overly conservative but a good starting place), a million dollars in a 401k will only generate ~$40k in taxable income per year and if you're in Texas, property taxes will take a big chunk of that.

Millionaire should be reserved for those with an annual income of 7 figures or more.

Now rank the professions by job satisfaction.

All true for my generation, but I can't help but wonder if the next 40 years will look like the past 40 years given the shape of our economy and market valuation.

Who you work for can also dictate your net worth. I was a Director for a large pipeline company and when I left, I had a significant amount of shares (vested). Even at the manager level at that company, you were given a ton of shares that could boost your NW.

Both a Dave Ramsey survey and millionaire next door produced a list similar to the above.

Dill-Ag13 said:

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Both a Dave Ramsey survey and millionaire next door produced a list similar to the above.

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I've seen a number of these floating around. A lot of variation once you get past the first two.

But pretty consistently, engineer and CPA are #1 and #2.

As for job satisfaction - have you ever seen your work products flying over an international summit meeting?

FIDO*98* said:

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fc2112 said:

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3. Sales Professional

5. Real Estate Agent/Broker (Sales)

8. Entrepreneur (Sales)

9. Financial Advisor (Sales)

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I tell my kids all the time that no matter what career they pursue, sales is one of the most important skills they need to be successful. The ability to grind being a close 2nd. "I don't have to out run the bear, I just have to outrun you"

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The successful engineers I know who either own their own shop or grew and lead a division understand this. Anyone can do math, why should you be the one to do my math?

I don't see Politician on the list.

Tailgate88 said:

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I don't see Politician on the list.

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That's only because a politician is more apt to become a billionaire. "Millionaires make chump change", Nancy Pelosi.

Is that in order? Surprised doctor isn't higher. Did an exercise one time and concluded it's financially better to be an engineer until about 40, and then A LOT better to be a doctor after 40.

You want to become a millionaire?

First make $100k through your job or inheritance or whatever and then invest aggressively. Be frugal in your expenses, avoid debt as much as possible.

After some years you can quit your job if you like as your annual salary will mean nothing in comparison to investment returns.

This is how much some of the richest people make in about 15 minutes of market time. Wait until all day you will see much more. All you do is make a fraction through the method I outlined above.

fc2112 said:

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As for job satisfaction - have you ever seen your work products flying over an international summit meeting?

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One of the best moments ever.

You'd be shocked at how little most doctors make. Hospitals, insurance, suppliers etc make all the money in health care. Doctors generally don't own anything anymore and salaries have stagnated for them for decades while other professions are flying past them.

fc2112 said:

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Quote:

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1. Engineer

Engineering offers high starting salaries, career stability, and numerous opportunities for advancement and entrepreneurship.

2. Accountant

The accounting profession offers high earning potential, job security, and opportunities for entrepreneurial ventures.

3. Sales Professional

Sales careers offer significant earning potential, performance-based rewards, and opportunities for career advancement.

4. Lawyer

The legal profession offers high salaries, prestige, and the potential for substantial wealth accumulation through private practice.

5. Real Estate Agent/Broker

The real estate profession offers flexible schedules, high earning potential, and opportunities for property investment.

6. Doctor

The medical profession offers high salaries, job stability, and numerous financial growth and investment opportunities.

7. Software Developer

Software development offers high earning potential, remote work opportunities, and the possibility of creating highly profitable products.

8. Entrepreneur

Entrepreneurship offers unlimited earning potential, creative freedom, and the ability to build wealth through business ownership.

9. Financial Advisor

The financial advisory profession offers high earning potential, job satisfaction from helping clients achieve their financial goals, and opportunities for continuous growth.

These nine common jobs in America have a track record of producing millionaires, thanks to their high earning potential, opportunities for advancement, and entrepreneurial possibilities.

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I had my own CPA practice for over 30 years and concur with this list. There are other ways, even more lucrative than the categories shown on this list (some in which the person had a million dollars or more annual W-2 income), but these 9 do provide a good path to becoming a millionaire.

My practice was in a town of around 8,000 with a similarly sized towns not far away and plenty of smaller towns. Most of my clients came from that area. A few from the Houston area, but not many. Having grown up here, you sort of knew who was doing well. Once I came back to the area, I was surprised at how many millionaires there are. Not just TexAgs millionaires, the real deals.

If that is your goal, there are many ways other than these to attain that status, occupations not on that list. I have seen some teachers that were millionaires. These people who work in plants and refineries, often leave with around $2 million in retirement. Both of my brothers did. The trick is to start early and be consistent. When I got a new tax client, one thing I routinely did was look at their W-2 to see the amount they deferred via their 401(k) plan. I would ask at what percentages their company matched, in whole or in part. I would always suggest, if they weren't already doing so, that they contribute at least up to levels where they were getting the company match.

Regardless of occupation it all comes down to getting in the habit of setting money aside every month, doing without purchasing certain things you want but don't need. Almost everyone wastes money, myself included. Gratification today vs having a pile of money decades down the road is a battle at times. Harder to get there with occupations that generally don't pay what a doctor or lawyer or others on the list make, and it might take longer to get there, but still doable.

agnerd said:

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Is that in order? Surprised doctor isn't higher. Did an exercise one time and concluded it's financially better to be an engineer until about 40, and then A LOT better to be a doctor after 40.

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Depend what kind of doctor. Heart surgeon? Yeah, buy a new Porsche every year. Primary care? Depends what kind of practice and clientele you get in with. See a dozen patients a day then have to haggle to get minimal reimbursement from insurance or Medicare. I figure they can make a decent living, but they aren't filthy rich.

BigOil said:

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Career stability for engineers??? Only if you're good like me. Been working nearly 29 years and survived a layoff every 3-4 years so far to where I'm darn close to taking the voluntary package next time they offer.

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Had an engineer buddy of mine take a buyout for a layoff...basically he got something like 1 year of pay.

Then awhile later, he hired into another company just as his original company was buying it. They actually allowed him to come it with his accrued years at the original company.

Then 10 month later, they did more layoffs and he took ANOTHER buyout with another year of pay as severance...

That lucky ****er.

I've actually been employed (almost) continuously (or in school) since 1988 (as a coop until 1992). Went through all the numbers of layoffs unscathed. In fact, I managed to get through 2 of them while I was a contract engineer.

Then, I took my current job. Worked for a large company that was contracting out to a research center based out of TAMUCC. Worked there a year and a half. Boss decided he wanted to cancel contract and make everyone a university staff employee.

The university took so long getting their **** together that when the contract ended, they still hadn't switched me over. So, I spent 3 weeks unemployed while I waited.

I wasn't worried, though, because even if that fell through, I had a job offer from my previous company.

But, I spent 3 week hanging out in my backyard on N Padre Island giving no ****s. It was cathartic.

Finally, the school got their **** together, so I've been back at work there for 6 years now.

BigOil said:

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Career stability for engineers??? Only if you're good like me. Been working nearly 29 years and survived a layoff every 3-4 years so far to where I'm darn close to taking the voluntary package next time they offer.

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Well, if your username is accurate, you're in one of the less stable fields. High pay, high risk.

As for me, I always heard aerospace was volatile, but I've never been laid off since starting in 1984. Helps to be a stress man - we seem to always be in demand.

BTW, a large portion of my retirement wealth will be in pensions.

I've got 2 coming, that will total between $70-75K a year. Using the 4% rule, that's like having $1.8M in the bank.

My GF will also bring in about $43K with her pension.

And that has nothing to do with my IRA I have from my last company 410k rollover or the 403b I have now.

JW said:

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You'd be shocked at how little most doctors make. Hospitals, insurance, suppliers etc make all the money in health care. Doctors generally don't own anything anymore and salaries have stagnated for them for decades while other professions are flying past them.

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I think you are right. I have a doctor friend who is an ER surgeon. Really smart guy. He took years to pay off his school debt and says insurance eats up a lot. They are not poor by any means but not as rich as everyone thinks.

I wasn't as lucky as your buddy, but I did get one buyout which was a full year of salary! I paid off my house with it. My now ex wife then filed for divorce. I had 6 immediate job offers to choose from before I left that company. Stepped into one of those with a large raise and never missed a day of work.

My current company just had a RIF with a buyout. I asked to be part of it, but one of my friends got nailed instead even though he wanted to continue working.

I doubt I'll get another opportunity before retiring.

My engineering skills are conducive to having serviceable financial acumen. I'm not rich, but I'm comfortable.

The most important rules are the basic ones: Save consistently and take full advantage of the law of compounding interest.

fc2112 said:

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BigOil said:

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Career stability for engineers??? Only if you're good like me. Been working nearly 29 years and survived a layoff every 3-4 years so far to where I'm darn close to taking the voluntary package next time they offer.

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Well, if your username is accurate, you're in one of the less stable fields. High pay, high risk.

As for me, I always heard aerospace was volatile, but I've never been laid off since starting in 1984. Helps to be a stress man - we seem to always be in demand.

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As an AERO, I saw that this can be very true. Hell, I graduated in Dec 91 and the aero market was DEAD. NO ONE was hiring. I had 2 interviews. One was with Boeing, but they were only doing it as a formality with A&M and gathering resumes for later.

The other was with the company I cooped with...I interviewed with one of my old bosses. But, they didn't have any jobs open. Of the 24 of us who were graduating that semester, only 4 had job offers and I wasn't one of them. I think the 4 were all female AERO engineers...(don't get me wrong, they were all very capable).

So, two weeks before graduation, I'm trying to figure out if I need to go to grad school or what to do...then my old boss called up and said he found some money and I could start in Jan 92. WHEW!!!!

I'm surprised one of the most common ways to hit this status is not on there: Corporate Middle Manager / Senior Leader.

It's almost a guaranteed path to millionaire status in the past.

I do not think this holds going forward nearly at the scale it did over the past few decades, but it was a tried and true path for quite a while.

The last thing this country needs is more lawyers or more salesmen.

infinity ag said:

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You want to become a millionaire?

First make $100k through your job or inheritance or whatever and then invest aggressively. Be frugal in your expenses, avoid debt as much as possible.

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This is unequivocally false and absolutely terrible financial advice.
Look at the example I gave above for a person making 48K per year and contributing 7.5% to their 401(k) with a 5% employer match, and an avg 10% annual rate of return.

Assume they start investing at 25...
They would cross $100,000 in 10 years (35 yrs old). They cross millionaire status (1 million invested, not including home equity or other assets) at 29 years (55 years old), and retire at age 65 with just over $3 million.

No pay raises, no change in contribution. $300 a month -- $3600 per year for 40 years. $144,000 of their money turned into $3.5million.

If they waited until they had $100,000 they'd wait almost 28 years before you say "start investing aggressively!" Start investing with ZERO and you're 80% to millionaire status before you have saved $100,000!!!

The "peace dividend" was my first experience with a downturn in our job market. I was able to hang on, make it through the Clinton years and then hit the big time when we won the F-35 program in 2002.