Security Engineer count?

4. Lawyer

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

I think most on here will laugh at "prestige"

and I started with the Department of Commerce in 1997 as a young attorney making $27,500 the first year!

Unforgiven94 said:

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I don't see Minnesota day care owner anywhere on that list. Something seems off.

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Federal legislator also mysteriously absent

fc2112 said:

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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?

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I am an engineer that builds public works projects. I take a lot of satisfaction in driving around town, seeing a water tower, and thinking "thousands of people have fresh drinking water every day because of people like me"

Ag with kids said:

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Had an engineer buddy ...

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"Look at me, I have friends!"

Nobody likes a braggart!

Rocky Rider said:

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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.

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Was the same not said in the 1980s? Was the same not said in the 1930s? Was the same not said in 2008?

There has never been a time in modern history where betting against the economy (domestic and/or globally) was a bad investment. Yes, bad individual investments exist and there were time periods with negative returns, but in the macro view it has always netted substantial gains. To say otherwise you're betting on total (global) economic collapse.

The US markets have never not beat inflation.

Where is the "hole in the ozone layer-global warming-climate change" grifters profession on this list?

Kenneth_2003 said:

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While $1,000,000 isn't the nest egg that it once was, it's still a very good benchmark.

Every YouTube finance channel will tell you it's not about timing the market, but time IN the market. The tax advantaged 401(k) is a remarkable vehicle to allow/facilitate steady and automatic saving and investing.

That list is quite frankly hot garbage as it's pretty much a list of higher paying jobs/careers. While a great job/career can make the path to millionaire status easier, the simple truth is if you want to retire with a 7 figure nest egg the time to start investing is yesterday.

$500 monthly contribution with a 10% avg rate of return will yield a $3.1 million portfolio after 40 years (age 25-65). You'd cross the $1,000,000 milestone at the end of year 29. It's the fact that the first million takes 30 years that keep so many from making it. but the next two only takes another 10 years.

if you make 48,000 a year with a 5% employer match, your employer would contribute $200 and you'd need to come up with the other $300; A MONTH. That literally is cutting back on restaurant lunches or happy hour with friends 3-4 days a week.

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well said!

I prepared a powerpoint presentation on financial planning and investing for my 18 and 19 year old female cousins in Arizona

and their 15 year old brother already owns a few stocks.

When I started school in the mid-80s, petroleum was in a big downturn. Enrollment in the PE department was way down, and they were giving freshmen scholarships just to change their major to PE. Even if they changed back to another discipline a year later. However by the time that class of PEs graduated (the ones who hung on), they had the highest starting salary among engineers.

When I was in grad school in the early 90s, I knew several other grad students who had worked at General Dynamics, but they went back to school when the A-12 Avenger II was axed. And they weren't even aero majors. I imagine it was even worse for the aero majors.

Trajan88 said:

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Where is the "hole in the ozone layer-global warming-climate change" grifters profession on this list?

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In the unemployment line with the DEI grifters and USAID workers.

torrid said:

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when the A-12 Avenger II was axed.

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Black Tuesday - January 8, 1991. Probably the closest I came to getting the axe, but slipped the hangman's noose that day.

fc2112 said:

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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.

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I left that company in Jun 2001 to take my last job. I was a job shopper at your company and went direct at my last job.

They won the downselect about a month after I left. Got a call the following Monday. They wanted to do a Wednesday interview with offers by Friday.

I said wtf and interviewed. Turns out they were interviewing to backfill all the people that were getting pulled onto the F-35 (JSF at the time). The interviewer started describing the job and I started laughing because it was doing the exact same thing I'd done for them a month before.

But, that job kinda sucked so I tossed out a Huge Number to see if they'd bite. They didn't.

But, I spent 17 years at my last job and loved it so, it wasn't so bad. Only bad thing was that I had to drive by your place every day on the way to mine over in Hurst. 54 mi each way commute.

Oh yeah. And **** that peace dividend. Probably got thousands of military personnel killed because we weren't prepared for the WOT…

BigRobSA said:

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Ag with kids said:

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Had an engineer buddy ...

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"Look at me, I have friends!"

Nobody likes a braggart!

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You caught me!!! I lied.

He was just a coworker.

I was just trying to humblebrag…

fc2112 said:

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torrid said:

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when the A-12 Avenger II was axed.

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Black Tuesday - January 8, 1991. Probably the closest I came to getting the axe, but slipped the hangman's noose that day.

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Yep. It was a huge part of the reason the aero job market sucked.

Howdy, as a Petroleum Engineer, all I can say is that I agree with the ranking of Engineers on the list!

LMCane said:

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4. Lawyer

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

I think most on here will laugh at "prestige"

and I started with the Department of Commerce in 1997 as a young attorney making $27,500 the first year!

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lol. My first job with one of the Big 8 CPA firms paid me $15,500 a year. I didn't stay long, I quit and trapped for two months and was making $800 to $1,000 or so a week (fur prices were insane at the time). Then went back to working derricks and was making $260 to $300 per week, right about Big 8 pay level. After a few months, and threats from my bride, lol, went to work for a smaller CPA firm.

LMCane said:

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Kenneth_2003 said:

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While $1,000,000 isn't the nest egg that it once was, it's still a very good benchmark.

Every YouTube finance channel will tell you it's not about timing the market, but time IN the market. The tax advantaged 401(k) is a remarkable vehicle to allow/facilitate steady and automatic saving and investing.

That list is quite frankly hot garbage as it's pretty much a list of higher paying jobs/careers. While a great job/career can make the path to millionaire status easier, the simple truth is if you want to retire with a 7 figure nest egg the time to start investing is yesterday.

$500 monthly contribution with a 10% avg rate of return will yield a $3.1 million portfolio after 40 years (age 25-65). You'd cross the $1,000,000 milestone at the end of year 29. It's the fact that the first million takes 30 years that keep so many from making it. but the next two only takes another 10 years.

if you make 48,000 a year with a 5% employer match, your employer would contribute $200 and you'd need to come up with the other $300; A MONTH. That literally is cutting back on restaurant lunches or happy hour with friends 3-4 days a week.

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well said!

I prepared a powerpoint presentation on financial planning and investing for my 18 and 19 year old female cousins in Arizona

and their 15 year old brother already owns a few stocks.

---

I'd like to share some advice with high school seniors: if you start saving just $100 each month beginning January 1, 2026, and continue until July 4, 2076, while investing in an account that earns 10% interest, you could end up with a substantial nest egg. By the time we celebrate the 300th anniversary of the signing of the Declaration of Independence, you might have anywhere from $1.5 million to $1.8 million! It's amazing how a little savings every month can add up over time.

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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Does this count?

Software developer checking in. Made the vast majority of my wealth by investing in appreciating assets as do most "wealthy" people.

"Entrepreneur" i.e. "own your business" doesn't matter what it is. So pretty much any career you want.

Logos Stick said:

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11. Politician

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They lead the "Multi-Millionaire" list...

Over half of the deca-millionaires I know fall into this category. They took on more risk, benefited many people through their products and services, and were rewarded for it.

The first one of my friend group to become a millionaire started a lawn service in high school and would skip class to go mow yards. Was a terrible student and dropped out when he was 17. Ended up a millionaire that owned multiple businesses before the rest of us even graduated college.

Kenneth_2003 said:

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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!!!

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OK. I wasn't expecting you will would make a big deal about 100k. Let me make a change in it. Start as early as possible with whatever you have but do not be super aggressive/risky at first. You need money for rent/food and in case you lose your job. Once you hit a certain point where you have enough to survive on, then you can become aggressive. I think 100k or maybe 300k is a good number to get aggressive. If you play safe, you will never be rich.

This worked for me. I got my kids (late teen and early 20s) started on investing and I funded them. I put all their earnings in their investments.

One more engineer that can confirm the results, although, the path to becoming a millionaire is the same for anyone.

1. Work consistently
2. Spend less than you make
3. Put at least the matching amount into your 401K each year and start the day you begin your first job.
4. Don't get divorced

I think item 2 and 3 are where most people go wrong. Live in modest houses, drive modest cars, and take modest vacations and you should be able to save at least 10% of your salary if you are a professional. If you can do that when you are young, then the power of compounding returns does the work for you.

ChemEng94 said:

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One more engineer that can confirm the results, although, the path to becoming a millionaire is the same for anyone.

1. Work consistently
2. Spend less than you make
3. Put at least the matching amount into your 401K each year and start the day you begin your first job.
4. Don't get divorced

I think item 2 and 3 are where most people go wrong. Live in modest houses, drive modest cars, and take modest vacations and you should be able to save at least 10% of your salary if you are a professional. If you can do that when you are young, then the power of compounding returns does the work for you.

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Another rule: Make financial decisions yourself. Don't listen to the wife.

1. Dermdoc

Prove me wrong.

lb3 said:

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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.

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Ok... lets break this down a bit...
Lets assume it's a married couple each with a 1,000,000 401(k). Half Roth and half regular. So the 4% rule is bringing in $80,000. They bought their house at 35 so it's paid off.

We can bag on SS all we want but it's still there and there isn't a politician around that is going to fall on that grenade. I found a SS calculator and ran numbers for someone making 48000 in 1990 with a $500 annual raise and retiring at 65. They'll have a monthly SS benefit of $2800.

One retirement plan at 4% is $40k or $3,300 a month. Add in $2,800 in SS and you're at $6,130 a month. If this is a married couple with the same income lets just 2x this to $12,250 a month.

Yeah there's some income tax in there. I'm not going to bother breaking down and figuring the tax penalties where increased SS benefit becomes taxable or the IRRMA taxes and RMDs on non-ROTH contributions.

But in retirement your home IS paid off (to the bank) so there's no mortgage payment. Additionally there's no contributions to 401(k) or other long term savings or investments. Your own money is paying you $147,000 a year. Even after taxes a typical couple can spoil the grandkids quite nicely at that level.

All by putting $300 a month into their 401(k) with an additional $200 employer match.
I kept the math super simple and did not increase their retirement contributions over time to account for annual raises. I only used the raises for the SS benefit calculator online.


As to the last sentence

Quote:

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

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That's just silly. I don't think it's wise to include primary residence in a net worth calculation for retirement income purposes, but to say that someone with $1,000,000 in liquid savings/investments isn't a "millionaire" is just silly.

dermdoc said:

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1. Dermdoc

Prove me wrong.

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There is money in them there zits

Unforgiven94 said:

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I don't see Minnesota day care owner anywhere on that list. Something seems off.

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That's on the Billionaire list.

I was #1 and # 8 on that list - I've had an easy life after opening my own sales company as an engineer. Busted my ass when younger -

F these Somalians - take the trash out of your own state Minnesota

infinity ag said:

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Kenneth_2003 said:

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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.

---

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!!!

---

OK. I wasn't expecting you will would make a big deal about 100k. Let me make a change in it. Start as early as possible with whatever you have but do not be super aggressive/risky at first. You need money for rent/food and in case you lose your job. Once you hit a certain point where you have enough to survive on, then you can become aggressive. I think 100k or maybe 300k is a good number to get aggressive. If you play safe, you will never be rich.

This worked for me. I got my kids (late teen and early 20s) started on investing and I funded them. I put all their earnings in their investments.

---

$300 a month at 25yrs old with a $200 employer match (7.5% employee and 5% employer on $48,000 base) with an index fund that averages 10% YoY for 40years is 3.1 million. That's the math. I don't think any of that is super aggressive.

Backing it off to 8% YoY you're looking at 1.75 million over 40 years.

My primary point is time is the biggest ally. And based on that you've got your kids set for tremendous opportunity! Congrats!

Just marry a rich girl..

Quote:

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The tax advantaged 401(k) is a remarkable vehicle to allow/facilitate steady and automatic saving and investing.

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Still remember a neighbor I had that told me I was an idiot/fool/stupid to put money into the companies 401K. He said that the company would steal it all and I would never get it back. Worst advice ever.

I walked away after 29 years with my 401K with everything I put in, plus what the company put in, plus interests, plus dividends, plus growth, plus, plus, plus, etc. Have not worked since.

I am sure that my old neighbor will be working everyday until he dies.

I love to "work". My staff draws straws to see who will have to give me mouth to mouth CPR. Oh wait, they don't do that anymore,

Where is TexAgs poster?