BEST CAREERS TO MAKE YOU A MILLIONAIRE
Disclaimer: Good Day, Readers. WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.
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BEST FIVE CAREERS TO MAKE YOU A MILLIONAIRE
Dave Ramsey, Ramsey Solutions, recently released a survey of over 10,000 millionaires, showing that the five careers listed below give you the best opportunity to achieve millionaire status. {See below study link.}
- Engineer
- Accountant
- Teacher
- Executive management
- Attorney
RAMSEY SOLUTIONS STUDY SUMMARY
- Eight of ten millionaires invested in their company’s 401(k) plan.
- 79% of millionaires received ZERO inheritance.
- Only 31% averaged earning $100,000 or more per year throughout their career, and 33% failed to make six figures per year.
PLANNING AND LEARNING
We are all familiar with the above common careers. Two competencies these professionals share are Planning and Continuous Learning.
PLANNING
I learned short and long-term planning from my parents. Mom wrote detailed lesson plans, including tests, learning tools, quizzes, films, reading assignments, etc. During my career, I developed three-to-five+-year goals and strategies. Planning was also critical to career and earnings advancement. I utilized my planning and strategy skills to build a financial freedom roadmap. With lots of errors along the way, adding to my education.
If you read this blog, you have what it takes to be a millionaire. The good news is that you do not have to work in one of the above career paths.
WEALTH CREATION PLANNING
- Take care of your health. After a friend’s partner died, I discovered he had not seen a doctor since his military physical. He was >60 when he died! I do not understand why so many men, especially black men, are AFRAID of doctors. SEE A DOCTOR ROUTINELY!
- GOALS: Set short and long-term financial goals.
- Create a strategy to achieve your plans. This is a continuous learning plan; review and modify it as needed.
- Establish an emergency fund
- SPEND LESS THAN YOU EARN! Live beneath your means.
- Automate Savings: Set up automatic savings accounts. It is easy to divert money from savings to regular bills, emergencies, and buying crap you do NOT need. Pay yourself first!
- ALWAYS contribute to your employer’s retirement plans, 401K, etc. If you work for a company that offers a 401(k) plan, your employer likely matches a portion of your contribution. Except for that 100 million to one odds lottery, this is the closest you will get to free money. Strategize to reach the maximum contribution limits and keep saving.
- Pay your credit cards in full EVERY MONTH. Paying 19% interest on credit card debt is a disaster for you and YUGEEEE PROFITS for the banks.
- Maintain a high credit score. This will save you money when you borrow for a home.
- Life Insurance: You need life insurance if you have a family unless you are a high-net-worth individual.
- Long-term Disability Insurance. I retired early due to health issues and collected long-term disability insurance. Many of my readers will face the same dilemma.
- BE PREPARED
- At least 51 million working adults in the United States are without disability insurance other than Social Security Disability.
- One in four of today’s 20-year-olds can expect to be out of work for at least a year because of a disabling condition before they reach retirement age.
- Each year, approximately five percent of working Americans will experience a short-term disability (six months or less) due to illness, injury, or pregnancy.
CONTINUOUS EDUCATION
- Read books, blogs, magazines, etc., to learn about finances and investments. Find a publication geared toward your learning level. I started with Money Magazine—it Has Good information at an easy-to-understand level.
- Try finance–oriented podcasts that will increase your money-management skills.
- Network with people more knowledgeable than you. And pay it forward to others.
- If you have an investment account with significant investment firms, like Vanguard, Fidelity, Charles Schwab, etc., they provide free tutorials and host web classes, as well as thousands of pages of financial and educational materials. USE IT!
- My local library hosts free presentations from local financial professionals
- Hire a Fiduciary Financial Adviser. Ask for referrals.
ACHIEVING THE AMERICAN DREAM
America is still the land of opportunity. Most millionaires do it through consistent investing, avoiding debt like the plague, and intelligent spending—NOT lottery tickets and inheritances. Few millionaires ever achieve six-figure incomes. They work HARD AND SMART!
The paths to financial freedom are UNLIMITED. CHOOSE YOUR OWN!
https://www.ramseysolutions.com/retirement/the-national-study-of-millionaires-research
LET’S MAKE SOME MONEY – CRYPTOCURRENCY IS ACCEPTED!
WHAT SUBJECTS DO YOU WANT TO READ NEXT? WHAT QUESTIONS CAN I ANSWER? UNTIL NEXT TIME!
YOUR GREATNESS IS NOT WHAT YOU HAVE; IT’S WHAT YOU GIVE! – SOME CHARITIES I SUPPORT
St Jude Hospital: https://www.stjude.org/
Wounded Warrior Project: https://www.woundedwarriorproject.org
Folds of Honor: https://foldsofhonor.org
Wilson’s No-Kill Animal Shelter: https://wcnkas.org
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https://wealthbuildingpowers.com/2019/04/01/financial-literacy-is-just-not-that-complicated-trust-me/
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ABOUT ME
I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an NC. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.
I left a corporate career because I desired to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in my family and professional life. It is my time to serve and give back.
DISCLAIMER
I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, and real estate and am happy to share my finance and investment lessons. I am NOT a licensed financial advisor. Please do not construe my suggestions on this blog as recommendations for your situation. As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss.
Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.
I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy. I will help you get there.
