lb3 said:

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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?

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Your company makes American flag patches?!

Sweet!

$0.75 for the patch
Flight rating and certification... $25,673.95

The list hasn't really changed in decades. Those are the safe careers that will carve you out a nice, comfortable life.

Attaching "Millionaire" to it makes it flashy, but as others have said that's not really that high a bar anymore.

Mathematicians work for a larger slice of the pi.

cecil77 said:

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Just marry a rich girl..

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When you marry for money, you earn every penny.

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 also worked at Lockheed Martin from 2002-2010

Burdizzo said:

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cecil77 said:

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Just marry a rich girl..

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When you marry for money, you earn every penny.

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What if the bride's name is Penny?

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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This is true and is going to become truer as automation and AI makes it harder to differentiate on basic skill differential.

If I were a doctor, I think I would open up my own shop that provided concierge care or didn't take insurance. There's some doctors offices where they don't take insurance and you pay an annual fee. I don't remember what that's called, but it gives them more time with each patient. It's less expensive for the patient and the patient gets more attention and the doctor makes more money

But I'm a CPA.

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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There are plenty of good homes in modest neighborhoods that aren't in the ghetto. I suggested this a while back on a thread and everyone said I was banishing the middle class to a crime infested ghetto slum. That's not the case.

But at the same time I know folks that are making more than my first mortgage payment on new cars/trucks.

Pro-tip/Hint... The Jones' are BROKE! If you're trying to keep up with them you will be too!

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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If it came from a regular brokerage account, capital gains tax is 0% for the first $48,350 for a single filer, and double for a married couple.

Use a brokerage instead of a 401k…. 40k tax free is pretty good. Add social security income of $2,000 per month as an example, and we're at 64k with a very low tax rate.

401k is a trick to tax you more when you stop working and to collect more tax when you die, leaving less for your heirs.

401k isn't a "trick", the advantages are company match and withdraw at a lower tax rate than you are at currently.

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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It all falls under Fraud and Money Laundering.

Article is AI slop.

Proposition Joe said:

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401k isn't a "trick", the advantages are company match and withdraw at a lower tax rate than you are at currently.

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Add it's only taxed once.
It's taxed as ordinary income before it goes in -- ROTH
or it goes in tax deferred and taxed as ordinary income when it comes out -- "traditional"

The traditional will have RMDs as the government does want their "share" but current rules still allow the ROTH to pass down and do not have RMD.

Regular brokerage is great, and a very nice piece of the pie, that money is, for all intents, taxed twice. You earn it at work and it's taxed as income, then you pay the capital gains when you pull the money out.

Now put all three of those together and you can get a very nice income and with good strategy mitigate your overall taxes quite nicely.

They left off Politician where you can go from immigrant or bar tender with no net worth to about $20+ million in a few years!

bmks270 said:

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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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If it came from a regular brokerage account, capital gains tax is 0% for the first $48,350 for a single filer, and double for a married couple.

Use a brokerage instead of a 401k…. 40k tax free is pretty good. Add social security income of $2,000 per month as an example, and we're at 64k with a very low tax rate.

401k is a trick to tax you more when you stop working and to collect more tax when you die, leaving less for your heirs.

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So how is the life insurance sales business these days?

Proposition Joe said:

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401k isn't a "trick", the advantages are company match and withdraw at a lower tax rate than you are at currently.

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Companies with no match pay more from salary data. Taking advantage of the match is often the best play, but without a match, 401k low taxation is accepted in exchange for future higher taxes, taxed as income for your heirs, lack of access to your money and 10% withdrawal penalties. And for that you get to pay higher taxes in the future.

Now, if you live and work in a state with a high income tax, and then move and retire to a state with no income taxes for withdrawl of the 401k, those tax savings do start to swing in favor of the 401k.

Saving beyond a company match is not worth it unless you're also saving state income taxes and will retire in a state without them.

Maxing a 401k that you'll leave to your children will likely leave them less money once taxes are taken out, which is why it's good to have a regular brokerage for most of your savings.

IIIHorn said:

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Burdizzo said:

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cecil77 said:

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Just marry a rich girl..

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When you marry for money, you earn every penny.

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What if the bride's name is Penny?

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If it's Penny from Top Gun Maverick, where do I sign up?

GE said:

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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.

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While he finished college, I know a guy who mowed lawns in college to pay for school and then simply parlayed that into his full-time business post college. If you live in Dallas, you've likely seen his trucks. That dude is rich as **** now.

bmks270 said:

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Proposition Joe said:

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401k isn't a "trick", the advantages are company match and withdraw at a lower tax rate than you are at currently.

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Companies with no match pay more from salary data. Taking advantage of the match is often the best play, but without a match, 401k low taxation is accepted in exchange for future higher taxes, taxed as income for your heirs, lack of access to your money and 10% withdrawal penalties. And for that you get to pay higher taxes in the future.

Now, if you live and work in a state with a high income tax, and then move and retire to a state with no income taxes for withdrawl of the 401k, those tax savings do start to swing in favor of the 401k.

Saving beyond a company match is not worth it unless you're also saving state income taxes and will retire in a state without them.

Maxing a 401k that you'll leave to your children will likely leave them less money once taxes are taken out, which is why it's good to have a regular brokerage for most of your savings.

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Investing, investing for retirement, and estate planning are all separate things.

YouBet said:

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GE said:

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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.

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While he finished college, I know a guy who mowed lawns in college to pay for school and then simply parlayed that into his full-time business post college. If you live in Dallas, you've likely seen his trucks. That dude is rich as **** now.

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I mowed grass and bartended at the Dry Bean/Chicken to put myself through TAMU for 6 years BS and MS. Sounds like I should have stuck with the former.

Hoyt Ag said:

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YouBet said:

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GE said:

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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.

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While he finished college, I know a guy who mowed lawns in college to pay for school and then simply parlayed that into his full-time business post college. If you live in Dallas, you've likely seen his trucks. That dude is rich as **** now.

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I mowed grass and bartended at the Dry Bean/Chicken to put myself through TAMU for 6 years.

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I had my own lawn moving business in high school. It funded my Keystone Light 18 packs and Seagrams Wild Berry Wine Coolers.

YouBet said:

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GE said:

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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.

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While he finished college, I know a guy who mowed lawns in college to pay for school and then simply parlayed that into his full-time business post college. If you live in Dallas, you've likely seen his trucks. That dude is rich as **** now.

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Wait till the bosses of H1B Armies hear about this business model.

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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This is true! You are either selling a service, product, idea, or in a lot of cases yourself.

AggieVictor10 said:

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Where is TexAgs poster?

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#11

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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My son, A&M aero grad class of 2015, got a co-op engineering job with a large defense contractor. Did 3 semesters work for them, never even interviewed and got hired by that company before he graduated. He's had a lot of different positions and experiences there. He's now a manager and making really good money.

combat wombat said:

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If I were a doctor, I think I would open up my own shop that provided concierge care or didn't take insurance. There's some doctors offices where they don't take insurance and you pay an annual fee. I don't remember what that's called, but it gives them more time with each patient. It's less expensive for the patient and the patient gets more attention and the doctor makes more money

But I'm a CPA.

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You don't remember what it's called, but you used the name in your opening sentence!
Concierge Medicine or Concierge Care.

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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Only assuming this, but would guess that while these 2 careers offer a more consistently improving and stable career without massive highs and lows, they also don't have the kind of years that top producing sales professionals achieve.

OF

44 yrs as an Engineer for four different E & P companies . Laid off once over 11 different layoff events . Never missed a day of employment. Made it past 7 figures … didn't make it 8 … yet.

7. Software Developer

Good for me.

Though, a million dollars isn't the crazy huge amount of money it used it be. It's more like the bare minimum necessary retirement savings.

BonfireNerd04 said:

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7. Software Developer

Good for me.

Though, a million dollars isn't the crazy huge amount of money it used it be. It's more like the bare minimum necessary retirement savings.

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In the 90s and early 00s.

The H1B armies have eroded it all away for Americans, though the foreigners become millionaires.

halfastros81 said:

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44 yrs as an Engineer for four different E & P companies . Laid off once over 11 different layoff events . Never missed a day of employment. Made it past 7 figures … didn't make it 8 … yet.

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Well done Sir!

30+ years as an engineer at four different companies. I survived two major layoff events, and another time I got out on my own terms with a new job before the axe hit.

My current placed announced a merger a few weeks ago, getting bought out really. As far as what happens on my side of the fence, it...does not look good. I expect multiple redundancies, and I'm on the wrong team.

If offered a voluntary buyout, I've already decided I would accept it. I would then need to find some to tide me over 2-3 years until I'm really ready to retire. It would be more about paying my bills and not eating into my savings.