Data VisualizationEconomyFinance

Jobs That Could Make You a Millionaire Before You Hit Retire

Many Americans aspire to become millionaires, but only a small number achieve that milestone before reaching retirement age.

With the cost of living and family expenses constantly climbing, reaching a seven-figure net worth is no easy task. It takes a job that not only covers your day-to-day bills but also leaves room to build real wealth.

Which careers can realistically get you to that million-dollar milestone? To find out, Professpost.com analyzed data from the Bureau of Labor Statistics (BLS), looking at the average salaries for a range of common occupations. They then subtracted federal taxes and the average cost of living to estimate how much disposable income each job leaves you with. Finally, using that leftover amount, the study calculated how long it would take to save $1 million in each profession.

It doesn’t take into account the cost of education — which can be substantial for many of these careers — or the potential to grow savings through investments. Still, it offers a clear picture of how quickly someone in each profession could save their way to $1 million.

So, which jobs make it possible to hit that seven-figure mark the fastest?
 

Source
DATA AND METHODOLOGY : To determine the jobs that can make you a millionaire before 65, Professpost.com analyzed salary data from the Bureau of Labor Statistics; jobs used in this study have the highest mean pay as of May 2022, according to its Occupational Employment Statistics .The study takes the annual salary of each given job, subtracts Federal income taxes (FICA and Medicare taxes included) and the average cost of living in the United States, based on average annual expenditure, sourced from the Bureau of Labor Statistics’2021 Consumer Expenditure Survey; the difference left over is then multiplied by 35, 30, and 25 years in order to find out whether that job will get you past the $1 million threshold. *Note: The majority of these jobs require additional schooling and the cost of schooling is not accounted for in the study. The study assumes that the listed salary is the salary you earn every year for the given period. All income taxes calculated using in-house calculator using 2023 tax brackets as sourced from the Tax Foundation. All data was collected on and up to date as of June 5, 2024.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *