In this article, we will look at the 25 best jobs that can make you a millionaire before retirement. We have also discussed some tips and lessons on how to become a millionaire at a young age. If you want to skip our detailed analysis, head straight to the 10 Best Jobs That Can Make You a Millionaire Before Retirement.
On Monday, the title of the world's richest person seemed to play a game of musical chairs between Elon Musk and Bernard Arnault. Bloomberg crowned Musk in the morning, while Forbes bestowed the title upon Arnault. The billionaire seesaw continued throughout the day, with Musk regaining the top spot after a $5 billion wealth increase, only to be unseated again by Arnault.
Recently, a Delaware judge ruled against Elon Musk's $56 billion Tesla Inc (NASDAQ:TSLA) pay package, deeming it excessive and improperly set by the company's board. The judge's decision highlighted that Musk's compensation is six times larger than the combined pay of the 200 highest-paid executives in 2021. The ruling requires Tesla Inc (NASDAQ:TSLA)’s board to create a new compensation package for Musk.
Speaking of Tesla Inc (NASDAQ:TSLA), it is one of the most valuable companies globally. In October 2021, Tesla Inc (NASDAQ:TSLA) briefly attained a market capitalization of $1 trillion, making it the sixth company in US history to reach this milestone. As of 2023, Tesla Inc (NASDAQ:TSLA) holds the title of the world's most valuable automaker. Additionally, in 2022, the company dominated the battery electric vehicle market, with an 18% share.
Inspiring Millionaires and Leaders Through the Story of Jeff Bezos
Jeff Bezos' unconventional leadership style definitely played a role in bringing Amazon.com, Inc (NASDAQ:AMZN) to a $1.6 trillion valuation, according to current CEO Andy Jassy. Bezos is described as "arguably the most unusual business leader of our era". First, he focused on thinking big, a principle embedded in Amazon.com, Inc (NASDAQ:AMZN) leadership principles. Moreover, Bezos would hold exceptionally high standards, inspiring employees to exceed expectations, even if the feedback seemed initially unreasonable. He maintained a long-term vision for the company while making swift decisions when necessary. Lastly, Bezos's leadership embraced an "open and curious" mindset.
In 2023, Bezos witnessed a staggering increase in his net worth, increasing from $107 billion to $177 billion within a year. This $70 billion gain translates to a daily increase of $191,780,822, equivalent to an hourly income of approximately $7,990,868. To put this financial feat into perspective, Bezos earned in just under 13 minutes what the average US worker would accumulate over an entire career, with their median lifetime earnings pegged at $1.7 million in 2023. The primary driver behind Bezos's wealth increase is his ownership of Amazon.com, Inc (NASDAQ:AMZN) stock. Despite criticisms regarding his philanthropic efforts compared to his immense net worth, Bezos has started to increase charitable contributions, committing $10 billion to the Bezos Earth Fund in 2020 to combat climate change and supporting various causes, including education and homelessness.
How Can One Become a Millionaire and Retire Early?
It is true that achieving early retirement as a millionaire requires consistent effort and financial acumen. Thus, to become a millionaire and retire early, one must prioritize consistent saving and strategic investing. Living below means, avoiding unnecessary debt, and creating a budget are equally important. It is also advised to diversify assets through stocks and real estate as they help build wealth. To read more such tips, see How to Become a Millionaire by Age 30: 12 Tips from Experts.
Moreover, it is interesting to note that high-level executive positions, such as CEOs of major corporations or successful entrepreneurs have jobs that pay $1 million a month. With the growing popularity of social media influencers, blogging is often considered one of the easiest jobs that can make you a millionaire. On the other hand, video-game-design is one of the fun jobs that make you rich.
25 Best Jobs That Can Make You a Millionaire Before Retirement
To identify the best jobs that can make you a millionaire before retirement, we established a benchmark annual salary of $160,000. This figure is justfied by anticipating a 6% yearly salary increase which exceeds the 3% inflation rate, ensuring actual income growth. We also factor-in a 10% average annual return on investments in equity markets further supporting wealth accumulation. However, this is still too much but since we wanted to narrow down on 'best' jobs for the purpose, we also accounted for luxury-spending. By focusing on jobs that allow for a luxurious lifestyle with an annual cost of living set at $36,000, we assume that a meaningful surplus income is allocated to savings and investments.
Here is a list of the best jobs that can make you a millionaire before retirement
25. Machine Learning Engineer
Average Salary: $161,382
Machine learning is experiencing unprecedented demand in 2023, with job postings for machine learning engineers projected to grow by 40% from 2023 to 2027 in US alone. The average annual salary for these engineers is $161,382, making it one of the highest-paying jobs in the world. This high demand and excellent earning potential have also increased freelancing opportunities in this area of expertise. In today’s day and age, it is one of the jobs that make you rich fast.
24. Lawyer
Average Salary: $163,770
Whether working in private firms, public interest organizations, government agencies, or as in-house counsel for corporations, a legal career in the US offers a platform for making an impact on society while enjoying both personal and professional growth. It is worth mentioning that Colorado, North Carolina, and Georgia are the states that need lawyers the most. According to BLS, the top 1% of lawyers make over $500K in the US.
Lawyers have one of the jobs that make you rich in your 20s.
23. Dentist
Average Salary: $172,290
In the year 2022, the United States was home to a total of 202,536 actively practicing dentists. This translated to a ratio of 60.77 dentists per 100,000 individuals in the US population, which, is quite low. Therefore, there exists a pressing demand for an additional 11,909 dental practitioners to address the issue of dentist shortage in the US.
It is one of the most in-demand professions in the US, which also explains why the job comes with a high salary.
22. Computer and Information Systems Managers
Average Salary: $173,670
In 2022, there were 557,400 positions for the role, and the job outlook from 2022 to 2032 indicates a 15% growth rate with an estimated employment change of 86,000 during this period.
21. Pediatrician, General
Average Salary: $203,240
New York employs the highest number of Pediatricians, General, with 4,940 positions and an annual mean wage of $191,970. California follows with 3,130 jobs and an annual mean wage of $217,480. Alaska, on the other hand, is the top-paying state for pediatricians with an annual mean wage of $257,230.
20. Nurse Anesthetists
Average Salary: $205,770
Michigan is the state with the highest employment levels for Nurse Anesthetists with 3,590 positions and an annual mean wage of $199,690. California is the highest paying state for nurse anesthetists with an annual mean wage of $246,510.
19. Orthodontist
Average Salary: $216,320
The Bureau of Labor Statistics forecasts a 4.5% increase in employment for orthodontists from 2022 to 2032, translating to approximately 300 new job opportunities during this period. It is one of the best jobs for millionaires.
18. Airline Pilots, Copilots, and Flight Engineers
Average Salary: $225,740
Airline and commercial pilots had a median pay of $148,900 in 2022. There were 142,600 jobs in 2022, and the profession is expected to grow 4% from 2022 to 2032, with an employment change of 5,600.
Mayo Clinic, renowned for its comprehensive medical care, and Cleveland Clinic, a leading healthcare provider, hire gastroenterologists. These professionals perform procedures like endoscopies and colonoscopies.
16. Family Medicine, Physician
Average Salary: $235,930
Pennsylvania has the highest employment level for Family Medicine Physicians, with 8,900 positions and a location quotient of 2.24, indicating a concentration largely above the national average.
15. Chief Executive
Average Salayry: $246,440
Chief executives focus on managerial and supervisory tasks, steering the company's direction rather than executing day-to-day operations. Hence, it is one of the jobs that make a lot of money with little work. One example of a chief executive is Jeff Befoz, the founder of Amazon.com Inc (NASDAQ:AMZN), making it one of the top 5 careers of millionaires.
It is also one of the top ten jobs that can make you a billionaire.
14. Psychiatrists
Average Salary: $247,350
In May 2022, Psychiatrists in the United States found the highest employment in Offices of Physicians (8,770), General Medical and Surgical Hospitals (4,550), and Outpatient Care Centers (3,280), with respective mean annual wages of $273,440, $207,600, and $276,570.
Geographically, California led in employment with 5,630 psychiatrists and offered the highest mean wage at $311,950.
13. Physician
Average Salary: $247,360
Johns Hopkins Medicine and the Massachusetts General Hospital, affiliated with Harvard Medical School, are both two of of the top medical hospitals paying lucrative salaries to physicians in the US. It is one of the jobs that produce the most millionaires.
12. Pathologists
Average Salary: $252,850
Rhode Island has the highest concentration of Physicians and Pathologists, with a location quotient of 4.87. The highest-paying state for pathologists is Minnesota with an annual mean wage of $355,570. Arizona, Missouri, Indiana, and Arkansas also offer competitive mean wages in this specialized medical field.
11. Ophthalmologists
Average Salary: $267,450
Ophthalmologists specialize in diagnosing and treating eye-related conditions, performing surgeries, and prescribing corrective measures. Their extensive education, specialized skills, and the critical nature of eye care explain their high salaries.
