14 Careers That Could Make You a Millionaire Before You Retire
In a survey of millionaires, these are the top careers where you could sock away a million by the time you retire—and many don’t even require an advanced degree.
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Average physical therapist salary: $86,850
Yes, you need a doctorate or professional degree and it’s a competitive field but this career is very much in demand. Employment rate is expected to grow 28 percent by 2026. “This is a fast-growing occupation because there’s going to continue to be a strong need for physical therapists as the population continues to age and life spans continue to increase,” says Salemi. These therapists are an important part of rehabilitation and as the Baby Boomer generation ages, chances are they are going to need physical therapy. These are some of the highest-paying jobs—but they’re not for everyone.
Average mathematician salary: $103,030
“Mathematicians possess strong quantitative skills, and these skills transfer to roles such as economist, actuary, financial planner, investment analyst, statistician, operations research analyst,” says Salemi. “Roles with numbers are an excellent fit so relevant industries for that career are finance and insurance, but you aren’t limited to those two industries.”
Average database administrator salary: $89,050
Not only does the job pay well, but employment for DBAs is growing at an above-average pace, according to a survey on GoBankingRates.com that crunched salary data from the Bureau of Labor Statistics, Salary.com and Glassdoor. You’ll need a bachelor’s degree but it’s a worthwhile investment for a career like this where employment is on the rise.
“The millionaires we talked to were goal setters,” says Hogan. They created goals for themselves, but also stayed connected to these goals. They tracked their progress and aimed their effort toward a destination. It’s important for anyone out there who’s trying to accomplish something, to not just be interested in the goal, but be committed to it.” Learn the 10 things successful people do every morning.
Average statistician salary: $84,060
According to that U.S. News and World Report we referenced, this is one of the 13 best jobs in 2019. A statistician is using data to help make company decisions. The unemployment rate in this field is a low 0.9 percent and future job prospects are looking very good, with a 33 percent employment growth rate expected by 2026.
Even if you don’t see yourself making moves to any of these fields in the near future, you can still retire a millionaire by being focused on saving and investing the money you earn—even if it’s nowhere near six figures.
“The millionaires surveyed practiced intentionality with their finances,” says Hogan. “It’s less about how much they’re making and it’s more about what they’re doing with the income they have. They’re practicing the habits of budgeting and getting themselves out of debt. They’re investing consistently over time. I believe that anyone in any career has the potential to become a millionaire. The average millionaire is a regular man or woman that’s working a regular job. They’re just very focused and intentional with their money,” says Hogan. Read on for money-saving tips from self-made millionaires.