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To become a millionaire, many people believe you need to work a high-level job like CEO or president of a major company.
But that’s not the case, according to a study commissioned by financial expert Dave Ramsey.
In fact, only 15% of millionaires are in senior leadership roles including C-Suite positions like CFO and COO, according to The National Study of Millionaires by Ramsey Solutions.
So what are the jobs most commonly held by today’s millionaires? The answers may surprise you, so read on to learn more.
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- Only 15% of millionaires hold C-Suite level roles like CEO, CFO and COO.
- 93% of millionaires said they earned their riches through hard work and long-term investing, rather than high salaries
- Market volatility can put holes in the sturdiest portfolios. But you can defend your nest egg with dividend-paying stocks. Check out our exclusive report 2 Dividend Legends to Hold on Forever for some pointers.
1. Teacher
You can teach your way to millions.
Believe it or not, America is home to a handful of millionaire teachers. So how does one become a teacher?
To teach school, stay in school.
Most states require you to have at least a bachelor’s degree to become a teacher. You may also need to tackle the following.
- Complete an accredited teacher certification program
- Pass required tests like the Praxis Core and Praxis Subject Assessments
- Acquire a certification in teaching
So get ready to do some extra, extra homework. And the hard work may pay off. Teacher salaries could be as high as around $95,160 in states like California.
But don’t get bogged down by the numbers too much. Most millionaires earned the status through smart spending, avoiding debt and long-term investing, according to the Dave Ramsey study.
2. Attorney
Getting into law requires years of schooling, but it can pay off.
Here’s another one where countless hours at the library could lead to stacks of cash.
The median annual wage for a lawyer was $145,760, according to the latest data from the Bureau of Labor Statistics (BLS).
Most law schools require a bachelor’s degree. But before you can even apply for law school, you need to pass the Law School Admission Test (LSAT). And after graduating law school, you need to pass the bar exam. Afterward, you can become licensed to practice law in your applicable jurisdiction.
3. CPA
You can make big bucks crunching numbers.
Here’s another one that may take plenty of training, but could pay off with big bucks.
The process of becoming a certified public accountant (CPA) would vary by state. But most institutions would require you to earn a bachelor’s degree with a major in accounting or reasonable equivalent.
You may also need to complete between one to two years of full-time work in accounting. Afterward, you’d need to pass the Uniform CPA Examination, which is administered by the Association of International Certified Professional Accountants (AICPA). Finally, you can pursue a CPA license in the jurisdiction you wish to practice.
So how much can you earn after all that? The average salary for a CPA in the U.S. is $119,000 per year. But it can be as high as $300,000 for those in major roles.
4. Engineer
Engineering is a vast and often high-paying career.
If you’re good at math and science, you may want to take a stab at the vast field of engineering and potentially build a large net worth. The average salary for an engineer ranges from $84,000 to $116,500 and the top 10% make around $135,000 a year, according to ZipRecruiter.
But the road to becoming an engineer won’t be an easy one. To become a professional engineer (PE), you generally need a bachelor’s degree including one through an ABET-accredited engineering program. You must also be employed under a PE for at least four years, pass two intensive exams, earn a state license, and maintain that license throughout your career.
5. Management
Many high-paying jobs seek those with exceptional management skills.
Having the ability to manage people, resources, money and everything that comes with running a successful business can lead to millionaire status.
In fact, the median salary for a manager in the U.S. is about $105,821 per year, according to a Glassdoor study.
But while the field of management is wide and there’s no clear-cut route to achieve it, here are some points you may want to consider.
- Earning a B.A. in business administration or management
- Pursue fields in HR or business
- Earn designations like Certified Associate in Project Management (CAPM)
Why this matters
Many millionaires say hard work and smart financial decisions led to their earnings.
You may think that becoming a millionaire requires a senior-level job or a high salary. But that isn’t true, according to a study by finance guru Dave Ramsey. Teachers and managers are among the nation’s millionaires. And more than 30% never earned six figures in any single working year of their career, according to the study. Most millionaires didn’t attribute their wealth to high salaries.
And even high earnings may not help you become a millionaire. Someone who is reckless with their spending or builds up mountains of debt can easily wipe out the highest salary.
But most millionaires said they earned and maintained their millions by managing their money wisely, long-term investing, and avoiding debt.
So you may not need to have large sacks of cash right now to be on your way to becoming a millionaire, but you’ll definitely need discipline and lots of hard work.
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