A well-paying job is often considered to be a contributing factor on the path to becoming a millionaire or earning millions of pounds, but picking the right career can be the catalyst, in achieving millionaire status in the fastest timeframe possible. If you’re asking the question, “What job will make me a millionaire?”, we’ve got the low down here.
It’s widely known that becoming a doctor or solicitor, working in IT or becoming an engineer are popular because they pay well and eventually, you should become rich for doing so. Earning more is only one part of the puzzle in becoming a millionaire. You also need to spend less and invest the difference to make this dream a reality.
In this article we’ll cover the earning more part and look at what jobs will make you a millionaire sooner rather than later.
Highest paying jobs in the UK
When we compare many salaries to our American cousins, you may feel a tad underwhelmed that there isn’t another zero on your pay slip each month. Having a very high salary like those in the US should of course make it easier for you to achieve that elusive millionaire status. Conversely, the cost of living, breathing and surviving in the states is elevated in line with salaries. They don’t have it all their own way! We have our share of high-paying careers also and it pays to know what they are so. If you choose to start or change your career, these are some of the highest-paying jobs in the UK.
Investment bankers
You’re probably thinking of the Wolf of Wall Street and all that comes with it. Maybe it is, maybe it isn’t like that. I’m sure many investment bankers have their own opinion. Investment bankers help raise and manage large sums of money for their clients. They are financial advisors for large corporations and will prepare and run financial projections for their clients. Investment banking is highly lucrative and often stressful due to the gravitas of the decisions being made and the intense workload.
Law careers
Within the term “Law career” there are many broad options that can be incredibly financially rewarding and many solicitors, barristers and judges are millionaires or are on the path to becoming so. For those graduates embarking on a law career, often the best way to maximise your initial earnings is to join one of the big law firms. Working hard and for long hours seems to be a prerequisite for graduates in this field.
Example law careers in the UK
- Barrister
- Corporate Lawyer
- Solicitor
- Paralegal
- Judge
- Crown prosecutor
Many of those who work within law firms often go on to open their own firm, using their experience and contacts to leverage their opportunity to earn higher income levels.
Computer science jobs
My first computer was a Commodore 64 and the games loaded from cassette tapes. The very sad thing (on my part) is that some of you reading this blog won’t know what either of those things are. Back in the early 90s when personal computers were just gaining traction, very educated people where telling me that the future lied within them. They weren’t wrong!
Employees with software engineering or science experience are one of the most highly sought after sets of people in certain industries. Because of this they command high starting salaries in comparison to many other careers. Its not uncommon for a computer science graduates to start with a £45,000 salary in many UK companies including Google.
Those with specialisms in fields such as artificial intelligence are known to be commanding closer to 6 figure salaries, but this is very much an outlier field.
Engineers
Engineers build stuff. Some of it is exciting like electromechanical engineering or robotics. Other disciplines such as environmental engineering maybe not be so much. The importance of any engineering career cannot be understated and a journey down this path can be very financially rewarding, with some of the highest-paying jobs in the UK being in the engineering discipline.
Finance
Money makes the world go round and finance careers help move this money around the world. From investment banking to accountancy, insurance or actuarial careers, many of these roles require an incredibly high level of knowledge, skills and financial literacy. This mix alongside a competitive industry looking for the best talent ensures that salaries in the financial industry are one of the highest, not just in the UK, but worldwide.
Medical professionals
Apparently, you can put a price on a life. I wouldn’t dare, so I fully understand and am supportive of why we pay medical professionals relatively high salaries for their chosen careers. Medicine as a career often means long hours, stressful conditions and a lifetime of learning new and evolving skills. The doctors I know will talk to you for hours about the stresses and pressure they are under. When asked if they’d change careers….never is the reply!
Starting a business
The majority of millionaires I know have become rich because their business has grown profitable. This does not mean that the only route to becoming a millionaire is to start a business. But it is an option. My circle of friends comes from the business world, because thats where I worked. Starting a business isn’t necessarily a career, but it is often the fastest and most secure way to get rich.
Business owners use the profits to reinvest into their primary business or new ventures. A good majority of them funnel these profits outside of their primary business to diversify their holding and buy into income generating assets such as stocks and shares.
My new friends in the personal finance world have had Government jobs, work in engineering or in finance-related roles. And they’re well down the path to becoming a millionaire if they haven’t already achieved it.
There is no singular path to becoming a millionaire, but there is a process to doing so.
How to become a millionaire by 30
Let’s say you’re 21 and just finishing your degree or going into your final year. What can you do to become a millionaire by age 30? If I’m honest, this was a goal I had in my late teens. I didn’t reach this status by age 30, but I was well on my way.
- Pick a high-paying career – Starting off with a high salary will put you ahead of the game. A 10% raise of £50,000 is very different from a 10% raise of £20,000. The higher your starting salary the better.
- Be the best – when you are young and have few responsibilities, the time is now to focus on climbing the corporate ladder. Work hard, take on the tasks that will further your career and do not be afraid to push forward when others are not.
- Change jobs often – Contrary to what your parents will say on this, moving jobs every couple of years is one of the quickest way to increase your employment income. It also provides you with a much more rounded career history and will make you more valuable to your next employer.
- Start a business – Starting your own business or building wealth through side hustles will often increase your wealth far beyond your employment income. Your effort directly results in more money and more money will help you become a millionaire quicker.
- Save and invest your money – It’s not enough to just make more money when your goal is to become a millionaire. You need to save and invest your money to make sure you reach this goal.
Highest paying graduate jobs
Right now the highest-paying graduate jobs are in the software industry. The skills learned in university for those studying to be a software engineer or data scientist, are some of the most in demand and because of this, these roles are commanding the highest premium. With the profits that companies like Google are making, they can afford to pay for the best talent and are happy to do so.
Does where you study affect how much your job pays?
It likely comes as no surprise that those with a degree often earn higher salaries than the rest of the workforce. A study by the Sutton Trust revealed that where you study likely has a significant impact on your starting salary. Those graduates of Oxford or Cambridge universities earned over 42% more after 6 months compared to those who graduated from other universities.
Highest paying, low stress jobs
Many of the highest-paying jobs come with working long hours, ever-increasing responsibility and most likely, a lot of stress. The bounty for this is of course an ever-increasing higher salary. Or at least you hope it should be.
Today though many in the workforce are choosing to forgo the stress that comes with management and moving up the career ladder. Many are looking for comparably lower-stress jobs. Who am I to disagree with them?
What are some of the highest-paying, low-stress jobs? Oh and before I get any emails, I know some of these jobs will have stressful moments. Every job has them, but I’d consider these on the less frequent side of things.
- Data scientist
- Librarian
- Gardener
- Ski instructor
- Graphic designer
- Audiologist
- Accounting Clerk
Highest paying jobs outside London
Living and working in London comes at a cost and because of this many employers pay a premium for top-quality talent to join their teams. With the growth in hybrid or remote working over the past few years, the London job market has opened up widely and some of the highest-paying jobs outside London, are working for London-based companies. With that said, there are certain jobs and areas with special skills that command a high salary right across the country.
Is a high paying job enough to become a millionaire?
Great question and the answer is 100% no. Earning more is only one part of the mix when it comes to becoming a millionaire. If you earn £100,000 and you spend £100,000 you’ll never become rich. Whatever your income, you also need to get into the mindset that some of your earnings will need to be saved. Better yet, to become a millionaire quicker, some of your earnings will need to be invested.
Recap
The job you choose will directly affect the outcome of your goal to become a millionaire. It is not the deciding factor and it is not a one-time decision. If you decide you want to become a millionaire, choosing the right job is key, but it’s only one part of the equation. Understanding that you need to save and invest is critical in this process.
Go forth and conquer. Good luck!
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