43 Jobs That Can Make You a Millionaire Before Retirement
Many Americans harbor a dream of becoming a millionaire, but precious few manage to reach that goal in their lifetime. After all, the multitude of costs that come with living and raising a family make saving enough income to hit that second comma on your net worth a challenging feat. You need the sort of job that’s going to pay well in excess of what it takes to cover your bills.
I’m a Financial Advisor: 10 Most Awesome Things You Can Do for Your Finances in 2024
Grant Cardone: What To Do If You Don’t Have Money
So which jobs can you expect to accomplish that? To answer the question, GOBankingRates used data from the Bureau of Labor Statistics (BLS) to determine the average salaries of many common jobs. Then, it deducted the cost of federal taxes and the average cost of living from that figure to show how much income you would have left over after covering the basics. Using that figure, the study then calculated how long it will take you to save up that $1 million while making an average salary in the profession.
It doesn’t factor in the cost of your education — obviously a major expenditure for many of these occupations, based on their requirements — or how you can grow your savings through investment, but it should still give you a clear sense of how fast someone can stash away money in each job.
So, who can expect to reach that million-dollar goal the fastest? Here’s a look at which jobs will get you there.
43. Petroleum Engineers
Annual salary: $142,800
Annual salary after federal taxes: $107,528
Annual income after average expenditures: $40,600
How long it takes to earn a million dollars: 24 years 7 months 12 days
Read More: 10 Ways People Become Poor Even While Earning a High Salary for Years
Also: 6 Pennies from the 1900s Worth a Lot of Money
42. Compensation and Benefits Managers
Annual salary: $143,140
Annual salary after federal taxes: $107,760
Annual income after average expenditures: $40,832
How long it takes to earn a million dollars: 24 years 5 months 22 days
Check Out: 5 Ways To Use AI To Generate Passive Income
41. Industrial-Organizational Psychologists
Annual salary: $144,610
Annual salary after federal taxes: $108,765
Annual income after average expenditures: $41,837
How long it takes to earn a million dollars: 23 years 10 months 20 days
40. Human Resources Managers
Annual salary: $145,750
Annual salary after federal taxes: $109,544
Annual income after average expenditures: $42,616
How long it takes to earn a million dollars: 23 years 5 months 13 days
39. Advertising and Promotions Managers
Annual salary: $147,050
Annual salary after federal taxes: $110,433
Annual income after average expenditures: $43,505
How long it takes to earn a million dollars: 22 years 11 months 19 days
38. Public Relations Managers
Annual salary: $150,030
Annual salary after federal taxes: $112,470
Annual income after average expenditures: $45,542
How long it takes to earn a million dollars: 21 years 11 month 9 days
I’m a Self-Made Millionaire: Here Are 5 Stocks I Won’t Sell
37. Physicists
Annual salary: $150,130
Annual salary after federal taxes: $112,538
Annual income after average expenditures: $45,610
How long it takes to earn a million dollars: 21 years 10 months 28 days
36. Sales Managers
Annual salary: $150,530
Annual salary after federal taxes: $112,811
Annual income after average expenditures: $45,883
How long it takes to earn a million dollars: 21 years 9 months 11 days
35. Judges, Magistrate Judges, and Magistrates
Annual salary: $153,700
Annual salary after federal taxes: $114,978
Annual income after average expenditures: $48,050
How long it takes to earn a million dollars: 20 years 9 months 17 days
34. Broadcast Announcers and Radio Disc Jockeys
Annual salary: $155,730
Annual salary after federal taxes: $116,366
Annual income after average expenditures: $49,438
How long it takes to earn a million dollars: 20 years 2 months 16 days
Make Money With AI and Chat GPT: How To Earn $1,000 a Month
33. Computer and Information Research Scientists
Annual salary: $155,880
Annual salary after federal taxes: $116,468
Annual income after average expenditures: $49,540
How long it takes to earn a million dollars: 20 years 2 months 1 days
32. Podiatrists
Annual salary: $157,970
Annual salary after federal taxes: $118,896
Annual income after average expenditures: $50,968
How long it takes to earn a million dollars: 19 years 7 months 10 days
31. Marketing Managers
Annual salary: $158,280
Annual salary after federal taxes: $118,109
Annual income after average expenditures: $51,181
How long it takes to earn a million dollars: 19 years 6 months 10 days
30. Architectural and Engineering Managers
Annual salary: $163,310
Annual salary after federal taxes: $121,740
Annual income after average expenditures: $54,812
How long it takes to earn a million dollars: 18 years 2 months 23 days
Grant Cardone: Here’s the Best Way To Start Investing In Real Estate With $5,000
29. Natural Sciences Managers
Annual salary: $163,610
Annual salary after federal taxes: $121,963
Annual income after average expenditures: $55,035
How long it takes to earn a million dollars: 18 years 1 month 27 days
28. Lawyers
Annual salary: $163,770
Annual salary after federal taxes: $122,082
Annual income after average expenditures: $55,154
How long it takes to earn a million dollars: 18 years 1 month 12 days
27. Financial Managers
Annual salary: $166,050
Annual salary after federal taxes: $123,782
Annual income after average expenditures: $56,854
How long it takes to earn a million dollars: 17 years 6 month 28 days
26. Dentists, General
Annual salary: $172,290
Annual salary after federal taxes: $128,433
Annual income after average expenditures: $61,505
How long it takes to earn a million dollars: 16 years 3 months 0 days
Read More: 5 Vintage Toys in Your House That Could Be Worth A Fortune
25. Computer and Information Systems Managers
Annual salary: $173,670
Annual salary after federal taxes: $129,462
Annual income after average expenditures: $62,534
How long it takes to earn a million dollars: 15 years 11 months 23 days
24. Pediatricians, General
Annual salary: $203,240
Annual salary after federal taxes: $150,894
Annual income after average expenditures: $83,966
How long it takes to earn a million dollars: 11 years 10 months 25 days
23. Nurse Anesthetists
Annual salary: $205,770
Annual salary after federal taxes: $152,556
Annual income after average expenditures: $85,628
How long it takes to earn a million dollars: 11 years 8 months 2 days
22. Orthodontists
Annual salary: $216,320
Annual salary after federal taxes: $159,482
Annual income after average expenditures: $92,554
How long it takes to earn a million dollars: 10 years 9 months 17 days
Here’s How Much Every Living US President Is Worth: Where Does Biden Rank?
21. Family Medicine Physicians
Annual salary: $224,4460
Annual salary after federal taxes: $164,826
Annual income after average expenditures: $97,898
How long it takes to earn a million dollars: 10 years 2 months 14 days
20. General Internal Medicine Physicians
Annual salary: $225,270
Annual salary after federal taxes: $165,358
Annual income after average expenditures: $98,430
How long it takes to earn a million dollars: 10 years 1 month 25 days
19. Airline Pilots, Copilots, and Flight Engineers
Annual salary: $225,740
Annual salary after federal taxes: $165,666
Annual income after average expenditures: $98,738
How long it takes to earn a million dollars: 10 years 1 month 13 days
18. Dentists, All Other Specialists
Annual salary: $233,430
Annual salary after federal taxes: $170,714
Annual income after average expenditures: $103,786
How long it takes to earn a million dollars: 9 years 7 months 17 days
Find Out: Here’s How Much Money Experts Say You Should Have in Your Savings Account If You’re in Your 50s
17. Physicians, All Other
Annual salary: $238,700
Annual salary after federal taxes: $174,174
Annual income after average expenditures: $107,246
How long it takes to earn a million dollars: 9 years 3 months 26 days
16. Chief Executives
Annual salary: $246,440
Annual salary after federal taxes: $179,215
Annual income after average expenditures: $112,287
How long it takes to earn a million dollars: 8 years 10 months 24 days
15. Psychiatrists
Annual salary: $247,350
Annual salary after federal taxes: $179,785
Annual income after average expenditures: $112,857
How long it takes to earn a million dollars: 8 years 10 months 8 days
14. Physicians, Pathologists
Annual salary: $252,850
Annual salary after federal taxes: $183,231
Annual income after average expenditures: $116,303
How long it takes to earn a million dollars: 8 years 7 months 4 days
$2,000 Quarter? Check Your Pockets Before You Use This 2004 Coin
13. Neurologists
Annual salary: $255,510
Annual salary after federal taxes: $184,897
Annual income after average expenditures: $117,969
How long it takes to earn a million dollars: 8 years 5 months 21 days
12. Ophthalmologists, Except Pediatric
Annual salary: $265,450
Annual salary after federal taxes: $191,125
Annual income after average expenditures: $124,197
How long it takes to earn a million dollars: 8 years 0 months 17 days
11. Obstetricians and Gynecologists
Annual salary: $277,320
Annual salary after federal taxes: $198,562
Annual income after average expenditures: $131,634
How long it takes to earn a million dollars: 7 years 7 months 4 days
10. Anesthesiologists
Annual salary: $302,970
Annual salary after federal taxes: $214,631
Annual income after average expenditures: $147,703
How long it takes to earn a million dollars: 6 years 9 months 6 days
Read Next: 6 Richest People in the World You’ve Never Heard of
9. Oral and Maxillofacial Surgeons
Annual salary: $309,410
Annual salary after federal taxes: $218,665
Annual income after average expenditures: $151,737
How long it takes to earn a million dollars: 6 years 7 months 2 days
8. Emergency Medicine Physicians
Annual salary: $316,600
Annual salary after federal taxes: $223,171
Annual income after average expenditures: $156,243
How long it takes to earn a million dollars: 6 years 4 months 24 days
7. Dermatologists
Annual salary: $327,650
Annual salary after federal taxes: $230,093
Annual income after average expenditures: $163,165
How long it takes to earn a million dollars: 6 years 1 month 14 days
6. Radiologists
Annual salary: $329,080
Annual salary after federal taxes: $230,989
Annual income after average expenditures: $164,061
How long it takes to earn a million dollars: 6 years 1 months 2 days
Also: Here’s How To Collect Your Share of Google’s $700 Million Play Store Settlement
5. Surgeons, All Other
Annual salary: $347,870
Annual salary after federal taxes: $242,761
Annual income after average expenditures: $175,833
How long it takes to earn a million dollars: 5 years 8 months 6 days
4. Athletes and Sports Competitors
Annual salary: $358,080
Annual salary after federal taxes: $249,158
Annual income after average expenditures: $182,230
How long it takes to earn a million dollars: 5 years 5 months 25 days
3. Pediatric Surgeons
Annual salary: $362,970
Annual salary after federal taxes: $252,221
Annual income after average expenditures: $185,293
How long it takes to earn a million dollars: 5 years 4 months 22 days
2. Orthopedic Surgeons, Except Pediatric
Annual salary: $371,400
Annual salary after federal taxes: $257,503
Annual income after average expenditures: $190,575
How long it takes to earn a million dollars: 5 years 2 months 27 days
Florida Retirees are Fleeing: 7 Items That Are Simply Too Expensive in the Sunshine State
1. Cardiologists
Annual salary: $421,330
Annual salary after federal taxes: $288,783
Annual income after average expenditures: $221,855
How long it takes to earn a million dollars: 4 years 6 months 2 days
More From GOBankingRates
Jake Arky, Jordan Rosenfeld and Joel Anderson contributed to the reporting for this article.
Methodology: To determine the jobs that can make you a millionaire before 65, GOBankingRates 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 May 1, 2023.
This article originally appeared on GOBankingRates.com: 43 Jobs That Can Make You a Millionaire Before Retirement
