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Jun 18, 2010 · Everyone wants to win Lotto Max's multi-million dollar prize. Here's how not to blow it if you have the winning number.
Set up a trust for my nieces. Speak with a tax advisor and financial advisor about options, but would like to have quite a diverse portfolio thinking both long and short term. Set up a house buying fund. Make a donation plan for a couple of chosen charities, both for immediate donations and longer term endowments.
Jun 6, 2023 · Maxing out your 401 (k) match is the easiest way to double your money in 24 hours. So maybe you don’t get to spend that money for a while without incurring steep IRS penalties. Also, technically, it’s only really doubling your money if your employer offers a 1:1 match (some offer partial, like 50%).
- Overview
- Highest-paying industries
- 10 high-paying jobs
- How to find millionaire jobs
Many job seekers consider potential long-term earnings when choosing a career path. There are many roles and industries that pay high salaries. There's no one category of jobs for millionaires, but working at a high-paying job and taking care of your money could potentially make you a millionaire one day. (We've intentionally left off jobs that req...
Jobs in the health care sector pay the highest regular wages, according to the U.S. Bureau of Labor Statistics, with surgeons topping the list at $239,200 annually. Architecture and engineering, computer and information technology, legal, science, management and math occupations also pay well, with salaries well above $100,000 annually for the top ...
1. Pilot
National average salary: $107,395 per yearPrimary duties: Airline and commercial pilots use aircraft to transport passengers and cargo on scheduled or unscheduled flights. They perform pre-flight vehicle inspections and use specialized equipment to fly the plane and control all aspects of its movement, handling their aircraft through all types of weather and reacting to in-flight mechanical issues. Captains are the pilots in charge of each flight, and first officers are second in command. Communication, problem-solving and observational skills are all important for pilots. Commercial pilots need training and sometimes a degree. Airline pilots usually need a bachelor's degree and experience flying commercially or for the military. All pilots need certification from the Federal Aviation Administration (FAA). The BLS expects employment of pilots to grow 4% annually through 2032, about the same as the average for all jobs. Read more: Learn About Becoming a Pilot
2. Actuary
National average salary: $114,089 per yearPrimary duties: Actuaries use math, statistics and analytics to assess a company's financial risk. They often work for insurance companies, banks, investors, government agencies, hospitals and other risk-averse entities. Actuaries use equations to calculate probability and the financial consequences of taking certain risks. Actuaries need strong math, analytic and computer skills and a bachelor's degree in a math-related field. They must also be certified by the Casualty Actuarial Society, the Society of Actuaries or both. The U.S. Bureau of Labor Statistics (BLS) predicts employment of actuaries will grow 23% through 2032, significantly faster than the average for all jobs.Read more: 12 Best Jobs for Actuaries
3. Computer network architect
National average salary: $129,977 per yearPrimary duties: Computer network architects design, build and manage data communications networks. They ensure the network operates efficiently, manage network security and perform maintenance and upgrades as needed. Network architects need analytical and organizational skills and at least a bachelor's degree. Some employers prefer a master's, doctorate or Master of Business Administration in information systems degree. Certifications from various software and hardware vendors can also be helpful. The BLS predicts employment of network architects will grow 4% annually through 2032, about the same as the overall rate. Related: What is a Network Architect?
You can find potential millionaire jobs in nearly any industry or location. These roles typically don't pay million-dollar salaries or even six figures a year. Instead, successful professionals in these high-paying jobs have the potential to become millionaires with careful planning and good spending and saving habits. Here are some steps to better your chances of achieving millionaire status:
•Pursue relevant education: You may be required to complete a bachelor's degree in a relevant discipline to land a high-paying job. Some roles require graduate-level education, while others offer more advancement and increased earnings when you earn an advanced degree.
•Gain industry-specific skills: Consider refining the skills needed in high-paying roles to make yourself a more competitive candidate. You can also complete professional certifications to demonstrate your qualifications to current or prospective employers.
•Advance in your career: To further increase your salary, complete years of work experience. Aim to be a top performer to earn promotions and pursue leadership or executive-level roles. These positions often offer pay increases to accommodate increased responsibility.
•Look for investment opportunities: In addition to earning a good salary, you should save and invest your money wisely so it grows and you increase your chances of attaining millionaire status. Look for jobs that not only pay well but also offer benefits, like bonuses, commissions and stock options. Then, be patient while your wealth grows.
- Set the Goal. Key takeaway: Set a goal of becoming a millionaire. This is the first and most crucial step. One of the first people who aimed to reverse engineer how to become a millionaire was Napoleon Hill.
- Build Your Human Capital. Key takeaway: Invest in yourself in a way that increases your future earning power. What you should be thinking about today is how you can go about building valuable skills and connections that allow you to maximize your earning power.
- Spend Less Than You Earn. Key takeaway: You’ll never become a millionaire if you’re constantly spending more than you earn. Decades after Napoleon Hill interviewed many of the world’s wealthiest individuals, Thomas J. Stanley and William D. Danko extended that research.
- Use Compound Interest to Grow Your Money Fast. Key takeaway: Compounding average returns over a long time period is the surest path to becoming a millionaire.
Jun 5, 2023 · You can use this calculator whether you already have an initial investment in a funding institution or you are only just about to start saving. Our tool will allow you to see the amount of money you need to save every day, week, month, quarter, or year to reach your financial goal.
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Jun 16, 2023 · Create Passive Income Sources. Do you know that most millionaires have multiple sources of income? If you are solely counting on your primary source of income to grow your assets, you are at the...
