What Do Millionaires Do for a Living?


MILLIONAIRES library

Have you ever looked at a millionaire like Larry Page and thought about what he does for a living? What about Jeff Bezos? How does he make his billions? If indeed you are eager to follow the footsteps of these individuals, including other millionaires, it makes to note their source of wealth, or in other words, what they do for a living.

Millionaires work for their money. They often run businesses in the financial, technology, real estate and construction, media and entertainment, health, or the food and beverages industry. Basically, most millionaires are entrepreneurs.

Many of us are intrigued about what millionaires do to make their millions. I’d say that the only logical reason behind our zeal to unearth their means of livelihood is because we wish to follow in their golden footsteps. I have shone some light into the lives of millionaires by providing you with a few hints of what they do for a living, including some extra helpful bonuses.

Best Way of Transferring Large Sums of Money Between Bank Accounts

What Do Millionaires Do for a Living?

Before we delve into what millionaires do for a living, wouldn’t it be best to understand who these individuals are? If you agree, why don’t we start by checking out the traits millionaires have in common.

Traits Millionaires Have In Common:

If you dream of becoming a millionaire one day, you must do your research on common millionaires out there. Your research should cover what these individuals do for a living, their habits, how they spend, including the traits they have in common.

Speaking of the trait of millionaires, a study conducted by Fidelity showed that though millionaires have diverse ways of making their cash, they often share similar traits. And these traits are:

  1. They have mentors: Many self-made millionaires will admit that they cannot possibly know how to do everything. They contacted others who know the rudiments of different types of saving and investing, leveraging the best minds on each subject for knowledge and insights. That yields results.
  1. They set ambitious goals and strive to achieve them: Millionaires create goals and ensure they achieve them regardless of what it takes. Whether it is establishing a business or achieving other professional or personal goals, these unique individuals don’t relent until they get what they want. This zeal is common among several millionaires who made their money without an inheritance.
  1. They seek feedback: For a self-made millionaire, self-improvement is key to their growth. These individuals look for constructive critique, including feedback in their ideas and business practices, ensuring they can pinpoint blind spots and work towards propelling their venture to success.
  1. They are not scared of failure: Millionaires understand the perks of learning lessons via failure. But, the risks they take are often well scrutinized, and each scenario plays out. As soon as they commit something, they give their all.
  1. They prioritize time

Time, they say, is money, and millionaires are very aware of this. They often learn how to manage their time, and they know that there is no reason to swap time for money.

Having understood some of the traits shared by millionaires, what next? Let’s delve into what these folks do with their millions.

What Do Millionaires Do With Their Money?

Many of us often wonder what millionaires do with their money. Do they invest with it? Do they lavish it as many of us would? Or do they divide their money and stash them in multiple bank accounts? There is only one way to find out.

Regarding investment techniques, self-made millionaires were more likely to add equity investments, while those born with a silver spoon typically had more real estate investment, based on the study. Diversifying those investments is important among many millionaires. It is like putting their eggs in several baskets.

Millionaire put their money in several places, including their main residence, mutual funds, stocks, cryptocurrencies, and retirement accounts. These individuals often focus on putting their money where it will grow and not stay stagnant. Thus, you will likely see a millionaire invest than save. Though millionaires love investing, they are often careful not to invest huge sums of money into things that will depreciate. A car for daily driving, for instance, will most likely lose value as time passes.

The main aim of most millionaires is to save money before spending it. Regardless of how much their yearly salary maybe, most millionaires often stash their cash where it will increase, usually in stocks, bonds, including other types of stale investments.

Are you intrigued about millionaires and what to have a peek into their habits? Here are some.

Habits of an Average Millionaire:

What are the habits of an average millionaire? Do they party all night or gamble? What exactly do these people often that one can consider a habit?

Here are a few habits of millionaires.

  • They read often
  • They understand delayed gratification
  • They steer clear from debt

Having noted some of the habits of an average millionaire, let’s look at what they do for a living.

Like everyone else, millionaires work for their money. These individuals derive their wealth from running their personal businesses in industries like technology, financial services, real estate and construction, food and beverages, health, media and entertainment industry, renewable energy, etc.

The success of individual industries often boosts their financial status, making them millionaires in the process. Mind you, millionaires don’t often generate income from running a company. There are some millionaires out there that make megabucks via their successful investments. These millionaires range from James Simons, Charles Johnson, etc.

Can You Keep a Million Dollars in the Bank?

How Much Do Millionaires Make a Year?

Based on stats from the United States Bureau of Labour Statistics (BLS), the annual mean wage for a full-time wage or salary worker in the United States is $53,490 per year or around $1,028 per week ( for a 40-hour workweek). The BLS stated the annual mean wage for a full-time wage or salary worker, but what about the millionaires in the country? How much do they make yearly?

Most millionaires make around $200k upwards per year. A typical millionaire rakes in six digits annually, while only a few rake in over $500k or, say, seven digits yearly.

Remember and note that most millionaires are worth less than $10m, and most individuals worth more than $10m are worth less than $100m and so on.

Recent Posts