There are various paths to becoming a millionaire. Many jobs offer lucrative salaries, commissions, bonuses, and investments. The average annual salary of an engineer is approximately $81,107, while physicians and surgeons can earn more than $1 million every five years. The best way to ensure you’ll have an opportunity to reach the millionaire mark is to obtain a high-quality education and pursue a career in a field where you can expect to earn a high salary.
Regardless of your profession, the first step to becoming a millionaire is to start saving as early as possible. Investing your salary early and aggressively can make you a millionaire. You may even find a mentor who can guide you through the process. By establishing a savings plan and identifying a mentor, you can make your way to financial freedom.
While salary is important when building wealth, it’s not the most important factor. A person with a $50,000 salary could retire as a millionaire if he or she could save 15% of their income for 30 years. With that extra money, they would have $1.7 million saved for retirement. By contrast, people making twice that amount would never have enough savings for retirement.
Professional athletes earn millions of dollars. Not only do they get paid to train, but they also earn additional income from endorsement deals, performance bonuses, and titles. Their average salary is $70,136, which is the national average.