When we think of rich people, we often associate them with big salaries and high-level positions. But the truth is, most millionaires didn’t get rich from these types of jobs.
Instead, they worked hard and earned their wealth from smart investments and saving. Here are 14 careers that could make you a millionaire if you are willing to put in the time and effort.
Lawyers offer legal advice and represent people, government agencies, and businesses in court and in business transactions. They interpret laws, regulations, and rulings and draw up legal documents like wills, deeds, contracts, lawsuits, and appeals.
They also oversee the work of paralegals and legal secretaries. Some lawyers focus on only a certain area of law–criminal or civil, for example–and others handle both.
Most lawyers attend a four-year undergraduate program and then a three-year law school. They must pass the bar exam to become licensed in their jurisdiction.
Many lawyers have long, stressful hours. A recent study found that 28% of attorneys suffer from depression and 19% deal with anxiety.
Despite their stressful schedules, lawyers can still find a balance between client service and their personal health. They can do this by working smarter and using technology to streamline administrative and non-billable tasks. By cutting down on the number of hours they spend on non-billable work, they can make time for client meetings and other professional development activities.
Most millionaires work as CEOs, the company leaders who oversee and communicate with all departments. They create strategies for success and help companies meet goals. They also develop policies and procedures for the organization.
They make decisions and take tough calls from time to time. They also have to be able to live with the consequences of their choices.
Many millionaires are self-made, which means that they started their own company. These include Jeff Bezos of Amazon and Elon Musk of Tesla.
The study found that most CEOs spend their days working, commuting and taking care of their families. They typically wake up at 10 am and leave the office at 5pm, allowing them to eat their lunch at home.
They also use their free time for personal activities such as vacations, family and social events. They sleep an average of six hours a night. They also use their off-time to develop new skills, such as learning how to code or improve their communication skills.
Real Estate Agents
Real estate agents are responsible for negotiating the sale of residential properties, such as homes, condos, and apartments. They typically work for a real estate brokerage and may represent several types of clients, including buyers and sellers, individuals and investors, and institutional entities such as trusts.
Getting a license to practice in the real estate industry requires completion of coursework and passing a state exam. Agents are paid on a commission basis, which is based on the amount of money their client sells or buys.
The main job duties of a real estate agent include visiting properties, attending meetings and events with clients and representing their interests. Some agents also manage the day-to-day operations of the business and may be required to travel to different locations.
In addition to helping their clients find a home, real estate agents also help their clients with the mortgage process. They may recommend lenders and other professionals such as mortgage brokers, real estate attorneys and inspectors.
As part of their financial planning, most millionaires rely on investment advisors. They provide guidance and advice about how to invest their assets, including the types of securities they should purchase and the amount of risk they are willing to take.
They also help their clients with retirement planning, estate planning and insurance strategies. They work in an office and regularly travel with clients to assess their investments, advise them on tax issues and review their financial plans.
Their compensation depends on the type of services they offer. Some advisers charge a flat fee while others earn commissions on the financial products they sell to their clients.
Investment advisers owe a fiduciary duty to their clients and are required to put their interests first. They must ensure that their recommendations are well tailored to their clients’ needs, preferences and financial circumstances. They must also avoid any real or perceived conflicts of interest. This duty to their clients is detailed in the federal law that regulates the investment industry.