Many Americans aspire of becoming millionaires, but very few of them actually achieve this goal in their lives. After all, having enough cash set aside to reach the second comma on your net worth is simply not a straightforward task given all of the many expenses associated with living your life and growing a family. You need the kind of job that will pay significantly more than what is required to meet your bills.
Then what jobs can you anticipate doing it in? In order to calculate the average salary of numerous typical jobs, GOBankingRates examined data from the Bureau of Labor Statistics (BLS). The amount of money you would have left over after meeting the necessities was then calculated by subtracting the cost of federal taxes and the national average cost of living.
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The analysis uses that number to determine how long it will take you to save $1 million while earning the industry average wage. It doesn’t consider the price of your education, which is undoubtedly a significant expense for many of these jobs given their prerequisites, or how you might increase your savings through investments, but it should still be taken into consideration.
32 Jobs that Can Make you Rich
What are a few careers that can make you wealthy? For graduates with any degree level, there is a range of high-paying occupations available, but you must know where to seek and how to pursue them. The highest-paying careers for those with bachelor’s, master’s, doctorate, or professional degrees are examined in the following three areas.
We looked at how expertise, training, location, and continuous training impact earning potential to create each list of the highest-paying occupations so that job searchers could understand how earnings change. We put particular emphasis on making sure that a wide range of sectors and job kinds were covered.
Here are professions that, if you prepare ahead and succeed in your career, might help you become a millionaire. These professions frequently offer lucrative growth chances. It’s important to keep in mind that certain positions need a number of years of experience before pay starts to dramatically increase.
1. Professional Athletes
The national average income for professional athletes is $81,107 annually.
Professional athletes participate in sports including baseball, soccer, basketball, football, hockey, tennis, golf, gymnastics, and many more for money, either as individuals or as members of teams. They usually compete during a specific season and train all year to maintain and advance their abilities and fitness. The physical well-being and functionality of an athlete are essential to their performance.
Successful athletes can make millions of dollars when they compete at the highest levels of their sport. Athletes receive pay, but they can also receive endorsements and performance bonuses for winning competitions or championships.
2. Chief Executive Officer
CEOs oversee all departments at a firm, receive reports from department heads, define strategic goals, keep an eye on budgets, make important decisions, manage all workers, and, in some situations, present their findings to a board of directors. Most have a bachelor’s degree in business or a closely related field and have had substantial experience in other positions.
You probably won’t be given the title of CEO until you reach the top position unless you launch your own business. Working in high-paying industries can help you increase your income. These include:
- Professional, technical, and scientific services
- Medications and social services
- The authorities
3. Investment Banker
$62,222 is the average yearly wage in the country.
Investment bankers’ main responsibilities include advising people and businesses on how and where to invest money in order to increase its value. Purchasing securities like stocks or bonds as well as merging with or purchasing other businesses are examples of investment methods. Investment bankers frequently have the chance to earn commissions, bonuses, and profit shares that are significantly more than their base pay. They may receive bonuses far over $100,000 when the market and their customers are performing well.
Investment bankers frequently continue to increase their wealth via their own investments because they know how to make sensible investments. They could also start and manage their own businesses. These individuals need a bachelor’s degree and, ideally, a master’s degree, as well as good sales and financial abilities, to become investment bankers.
4. Computer and Information Systems Manager
Professionals in this profession manage their organizations’ technical requirements and make sure staff members have access to the right tools and training. They also supervise network security, other computer specialists working in their departments, and maintenance and installation of hardware and software. The majority have many years of work experience and a bachelor’s degree in computer science or information technology.
When planning your career, take industry and location into account to optimize your income potential. In terms of yearly median salaries, New York, New Jersey, California, Virginia, and Washington, D.C. now lead the pack. Additionally, certain industries pay more than others. Some of the highest-paid individuals work in:
- Designing financial and insurance systems with computers
- Manufacturing \sManagement
$68,904 is the yearly average pay in the nation.
Entrepreneurs come up with ideas for new businesses or products, develop them, and manage them with the intention of eventually selling the firm for a profit. They could launch anything, from little retail businesses to significant technological firms. Entrepreneurs may make millions of dollars from lucrative enterprises. To continue the cycle, they might reinvest their funds in brand-new concepts or enterprises.
Although a degree in business, entrepreneurship, or finance may not be mandatory for these individuals, it can provide them with a solid grounding in company strategy, concepts, and development.
6. Architecture and Engineering Manager
These experts supervise the work of engineers or architects across a wide range of businesses in their capacity as project managers. They oversee workflow, decide on personnel levels, train employees, uphold budgets, report to other senior-level employees, and develop long-term objectives. The majority have substantial professional experience and a bachelor’s degree in engineering or architecture.
You should carefully consider the many businesses and subfields to pursue, as well as where you reside if you’re management in these areas looking to increase your compensation. The following fields have the greatest salaries:
- Scientific study
- Business management
- Engineering and architecture services
- Public service
National average yearly salary: $71,136
Lawyers’ main responsibilities include providing legal counsel and advocating on their client’s behalf in court or other settings. They have a thorough knowledge of rules and regulations and write legal papers. In addition to criminal, family, business, personal injury, employment, immigration, and contract law, attorneys can also specialize in other areas of law. Since they usually bill by the hour, highly sought-after attorneys who put in a lot of effort might make good money.
You need to obtain a bachelor’s degree, and a law degree, and pass the state bar test in order to practice law.
Pilots transport planes to every part of the globe carrying both passengers and goods, whether they are operating tiny charter aircraft, military helicopters, or commercial jets. They keep an eye on the weather, inspect the aircraft for safety, interact with their copilots and the air traffic controller, and make sure the flight is smooth. A bachelor’s degree is necessary, along with training to get a license and the Airline Transport Pilot (ATP) certificate.
Although commercial flying is the most well-known job route, some pilots choose to fly charter aircraft for affluent individuals, while others choose to work for cargo companies to deliver consumer products and other items. The industry pays the most in scheduled air travel, with nonscheduled travel and the federal government paying the second and third-highest wages, respectively.
9. Certified Public accountant
$72,621 annually is the average pay nationwide.
primary obligations: Certified public accountants (CPAs) are authorized to offer tax preparation, bookkeeping, and financial counseling to both individuals and corporations. They are familiar with complicated tax rules, regulations, and deadlines. Additionally, they carry out audits of both personal and corporate financial statements to look for fraud or irregularities.
CPAs can make significant incomes when they are recruited by big businesses to work in upper-level accounting roles like a controller or chief financial officer. CPAs may make a lot of money if they launch and manage profitable accounting firms of their own.
10. Petroleum Engineer
Petroleum engineers come up with safe and efficient ways to extract oil and gas from both new and old wells, often in collaboration with other engineers and experts in natural resources. They could develop tools, make drilling fieldwork plans, or supervise the setup and use of these devices. A petroleum engineering bachelor’s degree is required for these individuals.
Petroleum engineers seeking the greatest compensation should pursue managerial positions after earning a few years of experience in addition to job experience. Location is another important factor to take into account; according to the BLS, New Jersey offers the highest salaries for petroleum engineers.
11. Insurance agent
National average yearly salary: $79,938
primary obligations: Health, property, life, and other types of insurance are sold by insurance brokers to both individuals and businesses. They also manage claims and create customized programs for each client. They could be self-employed or employed by an insurance provider. To draw in and maintain customers, insurance agents need to have good sales and marketing abilities.
The more sales an insurance salesperson does, the more money they might potentially make because a commission is often earned in addition to wages. Additionally, they make a sizable profit from wealthy clients and corporations with expensive insurance. For insurance brokers, selling life insurance is highly lucrative.
12. Marketing Manager
There are marketing managers in every sector of the economy. They manage people, design and monitor budgets, collaborate with other departments, and study market research as they construct marketing plans to meet corporate objectives. Most of them have worked their way through the ranks and hold bachelor’s degrees in marketing or advertising.
Having a job in a successful field might help you earn high pay. According to the BLS, these individuals receive annual mean salaries of $150,840 from the professional, technical, and scientific service sectors, compared to $150,280 from the finance and insurance sector. Location is another important factor.
13. Real Estate Agent
$87,845 annually is the average pay in the country.
primary obligations: Real estate agents assist individuals and businesses in the purchase, sale, and rental of real estate. They help their customers every step of the way, from looking for houses to negotiating and signing contracts. They should be familiar with the paperwork needed to finalize a sale as well as local real estate rules.
These agents may make their millions by investing in real estate themselves since they are knowledgeable about the market and have access to homes as soon as they become available. They could achieve this by owning rental homes or by purchasing a home and then selling it for a profit. In the state or states where they want to work, real estate agents must have a license.
14. Financial Manager
Financial managers, sometimes known as chief financial officers, are in charge of their organization’s financial health. They manage spending plans, establish financial objectives, provide reports for the company’s leadership and/or boards, search for methods to reduce expenses, and give instructions to those on their team. The majority have a bachelor’s degree in business-related fields like finance or accounting.
Your income is greatly influenced by your industry of employment in addition to experience. According to the BLS, individuals working in information services and securities/financial investments receive yearly wages of more than $200,000. On the other hand, if you decide to pursue a career in credit intermediation, you may make an average yearly salary of $124,040.
15. Sales Manager
Sales managers are responsible for managing client sales of a company’s goods or services. They establish predictions, arrange unique pricing strategies, examine sales data, create sales training programs, educate sales personnel, and set monthly and yearly objectives. The majority have bachelor’s degrees in marketing, advertising, or a field of study connected to a business.
In this profession, industry and experience are important factors. Before assuming a leadership position, you must invest time in developing your sales abilities. Particularly if you operate in industries like commodities/financial investments, oil and gas production, legal services, and scientific research and development, your payment may increase dramatically if you receive commissions.
16. Day Trader
National average yearly salary: $97,648
primary obligations: Day traders aim to make money off each trade by buying and selling stocks over brief periods of time (usually one day). These earnings have the potential to grow significantly over time. Depending on the deals they make, they can make a lot of money in a day when the market is strong. They may operate individually from home or for a company, receiving a commission for each trade their customer executes.
Day traders attempt to forecast market movements when they are not actively trading by investigating potential investments and business profits. Day traders should be well-versed in market patterns and possess excellent analytical abilities.
17. Natural Sciences Manager
These scientists sometimes referred to as laboratory administrators are in charge of the natural scientists’ research and development. They manage lab finances, set research objectives, make ensuring researchers have the necessary skills and resources and supervise proposal preparation in addition to their duties in research. Typically, you need a natural science bachelor’s degree in addition to professional experience.
Although it is not necessary to pursue further education, managers who get a project management certification or a graduate degree frequently make more money. You should also think about the industry you want to work in. The average yearly wage for people working in grant-making and giving services is $198,050, while the yearly wage for those in charge of the federal executive departments is $127,370.
$201,862 is the average yearly wage in the country.
primary obligations: Medical practitioners that diagnose and treat patients who are ill or wounded include doctors and physicians. Doctors are paid generously since they are in charge of their patient’s life and wellbeing. The experts have the option of becoming general practitioners or specializing in a particular branch of medicine, such as gastrointestinal, urology, optometry, dermatology, or surgery.
Generally speaking, income increases with specialization and difficulty. These medical specialists must devote at least ten years to obtaining a bachelor’s degree, a medical degree, and training at a clinic or hospital.
19. Nurse Anesthetist
Nurse anesthetists administer anesthesia, evaluate patients, confer with care providers, analyze medical histories, and ensure patients receive the proper dosages of anesthetics while working with anesthesiologists, physicians, and other nursing and healthcare professionals. They must be licensed as advanced practice registered nurses and possess a master’s degree in nurse anesthesia (APRN).
Like anesthesiologists, nurse anesthetists can get qualifications to further their careers and earn greater pay by specializing in certain subfields of the profession (such as pain management, orthopedics, or critical care anesthesiology). Hospitals, outpatient care facilities, doctor’s offices, clinics, and educational service organizations are among the best-paid employers.
20. Politics Scientist
There are several job options for political scientists. Others work as researchers who examine political data and shift political patterns, while some enter university to teach the future generation. Others still choose to support political candidates in order to occupy an office or volunteer their skills to the government. It is necessary to have a master’s degree in political science.
Earning potential is significantly influenced by industry, work history, and reputation. You may make the most money working for the federal government. Research-related work came in second. According to the BLS, political scientists employed by social advocacy organizations made an average yearly salary of $100,480. To receive the best salaries, aspirant teachers frequently need to finish a Ph.D. degree.
21. Physician Assistants
PAs evaluate patients, diagnose them, and develop treatment plans in collaboration with physicians and other medical specialists. They place and evaluate test orders, write prescriptions, inform patients and their families about available alternatives and best practices for medical treatment, and keep an eye on the patient at all times. They need to complete a master’s degree program in physician assistant studies that involve hands-on patient care in order to get licensed.
Your future income is influenced by your field of practice, just as in other medical specialties. You may be able to make more money if you focus on pathology, dermatology, emergency medicine, or critical care.
People holding master’s degrees in mathematics have a variety of professional options. Others utilize their expertise to instruct others in the principles and methods of the subject. Some people do research to create new ideas and concepts. Others provide assistance to businesses or organizations that do mathematical tasks. Others still help businesses or organizations that do mathematical tasks.
Mathematicians’ salaries are primarily influenced by two variables: experience level and specialty. Your pay will rise together with your expertise and reputation (as a result of discoveries, articles that have been published, etc.). If you want to become wealthy, you may work for local governments or in research, which, according to the BLS, give yearly mean pay of around $125,000. Conversely, wages at colleges and universities hover around $60,000.
Economists explore how goods, resources, and services are produced and distributed, whether they are employed by research organizations, academic institutions, or particular businesses. They examine the available data, perform surveys, look into patterns, and contrast all of the information with the present economic concerns. They could publish research or provide findings to clients. Though some have doctorates, most economists hold master’s degrees.
In contrast to other jobs, location has very little impact on potential earnings. However, the industry has a significant role. According to the BLS, persons employed in the legal sector make an average yearly salary of $216,960, while those working for state governments only make an average yearly salary of $75,560.
24. Industrial- Organizational Psychologist
Industrial-organizational psychology jobs enable you to put your talents and expertise to work, make high wages, and avoid further schooling and possible student loan debt if you don’t want to get a Ph.D. degree. These experts collaborate with businesses as either employees or consultants to enhance employee and production results, create policies, evaluate HR procedures, and instruct senior-level staff. They must be psychology master’s degree holders.
The aforementioned table demonstrates how important experience is to earnings because people with more years of experience may demand greater salaries. The industry may also be a deciding factor: according to the BLS, people working in scientific research and development received an annual mean income of $150,910, while those employed by state governments made less money.
25. Education Administration
These individuals also referred to as principals, manage elementary, middle, and high schools by offering direction to the teaching staff and support personnel. They establish budgets, communicate with the school board, supervise disciplinary actions, consult with parents, define and manage curriculum standards, and create chances for professional growth. They frequently have master’s degrees in administration of education.
Principals develop more expertise and manage bigger schools, hence experience plays a big role in remuneration. Location is also very important. According to the BLS, educational administrators in North Carolina make an average of $76,680 a year, while those in New York make an average of $141,020.
Orthodontists specialize in providing dental care for conditions that call for braces or other appliances to straighten teeth and preserve general oral health. They develop long-term plans of care to sustain changes after the braces are taken off, assess progress, and make modifications as necessary. Orthodontists must complete a residency lasting two to four years and get the license in addition to completing postgraduate coursework at a dental school.
Orthodontists have the option of furthering their specialization by working with certain demographics or in the field of oral and maxillofacial surgery (e.g. children, and patients with dental-facial challenges). The states with the highest median annual salaries at the moment are Arkansas, Massachusetts, Nebraska, Oregon, and Oklahoma.
Judges hear cases in a variety of court settings, consider the arguments and evidence offered, follow the rules, and render decisions based on the facts known at the time and the laws in effect. They could be employed by municipal, state, or federal governments. All judges are required to hold a Juris Doctor, and the great majority have previous legal employment or clerking experience.
The yearly remuneration of a judge is influenced by many things. Judges at the state or municipal level may not earn as much as federal government employees do. Similar disparities in income exist between different states. California, for instance, pays annual mean salaries of $195,700, which are much more than the national average, according to the BLS.
Pharmacists fill prescriptions that patients have been issued by doctors and provide safe drugs. They oversee pharmacy technicians who work under them, review instructions with patients, check for drug interactions with other medications the patient is taking, handle insurance forms, and review instructions with patients. They need to be licensed to practice and have a doctor of pharmacy degree.
For pharmacists, the prospective compensation is less affected by experience and industry than it is for other jobs in this list. The location appears to make the most effect. According to the BLS, pharmacists in Montana, Nebraska, Iowa, and Oklahoma make an average of $117,000 a year, while those in Alaska, California, Vermont, and Maine make between $130,000 and $150,000.
In order to get a deeper knowledge of the natural world, physicists research the interactions between matter and energy. They could apply this knowledge to conduct studies in the lab, educate others in the classroom, or analyze data for scientific organizations. They often hold a doctorate in physics.
For physicists, experience is crucial as they advance in the organization and take on more senior-level responsibilities. The industry also has an impact; for example, the BLS reports that employees at general medical and surgical hospitals make over $186,000 yearly while those of higher education institutions make just over $83,000.
These healthcare providers give advice on good eye health and care, diagnose illnesses and injuries, prescribe vision-improving devices like glasses and contacts, develop treatment programs, and support their patients with eyesight problems. A doctor of optometry degree must be earned before they may get state licensing.
In terms of earning potential, location counts a lot more than elements like industry or experience. According to BLS analysts, optometrists in Utah make $85,550 a year while those in the District of Columbia make $189,750. Additionally, advanced care specialists in the fields of glaucoma, macular degeneration, brain traumas, and neuro-optometric problems stand to make more money.
Astronomers aim to get a better understanding of the planets, stars, and other components of the solar system while concentrating on the study of the cosmos beyond earth. They collaborate with other space experts to create equipment and vehicles that explore planets and deepen their expertise in addition to using telescopes to observe the cosmos. They must hold a doctorate in astronomy.
If you’re in this position and want to earn more money, you should give considerable thought to the sector you work in. According to BLS statistics, the federal executive branch, which includes NASA, pays an annual mean compensation of $146,440 while higher education pays around $96,000.
Whether concentrating on chemistry or physics, scientists in these fields carry out research in labs, carry out experiments to discover new results, supervise the work of laboratory personnel, discuss their findings with other scientists and clients, and produce articles. Some could also be academics. The most lucrative positions, often require a Ph.D. in biochemistry or biophysics.
Biophysicists and biochemists have a wide range of career options to select from, some of which pay more than others. According to the BLS, individuals who choose to work in medical offices make an annual mean income of $138,830, while those who choose to work in higher education make an annual mean wage of $65,640.