The high cost of education, steep rise in real estate values, unemployment and the growing uncertainty in the job market has forced more people to take up self-employment. The great thing about self-employment is that you get to decide on how you can earn money. But becoming a billionaire takes time, effort and an action plan to achieve your goals.
There are however some jobs you can try on until you get on track with your business. Below are the top 10 fastest way to make millions without a college degree .
Professional athlete
National average salary: $81,107 per year
Professional athletes perform individually or get paid by a team to compete in sports such as baseball, basketball, soccer, football, tennis, hockey, golf, gymnastics and many more. They typically compete during a certain season and train to maintain and improve their skills and fitness year-round. An athlete’s physical health and condition are critical to their success and ability to work.
Athletes who are successful at the highest levels of their sport can earn millions of dollars. In addition to their salaries, athletes can also benefit from endorsements and performance bonuses for reaching certain goals or titles.
Investment banker
National average salary: $62,222 per year
Primary duties: Investment bankers give individuals and companies advice on how and where to invest and grow their money. Investment strategies might include buying securities such as stocks or bonds and merging with or acquiring another company. Investment bankers often have the opportunity to earn commissions, bonuses and profit shares that far exceed their base salaries. When markets and clients are doing well, they might earn bonuses well over $100,000.
Because investment bankers understand how to invest wisely, they often continue to grow their wealth through their own investments. They might also establish and run their own firms. To become an investment banker, these professionals should have a bachelor’s and, preferably, a master’s degree and strong sales and finance skills.
Entrepreneur
National average salary: $68,904 per year
Primary duties: Entrepreneurs think of business or product ideas, then develop and manage them with the goal of selling the company for a profit. They might start anything from small retail shops to major technology companies. Successful businesses that sell for a lot of money can make entrepreneurs millions. They can then reinvest their money into new ideas or startups to continue the cycle.
These professionals may not be required to have formal education, but a degree in business, entrepreneurship or finance can provide them a strong foundation in business strategy, principles and development.
Insurance agent
National average salary: $79,938 per year
Primary duties: Insurance agents sell health, property, life or other insurance to individuals and companies. They also process claims and design plans to fit each client. They might work independently or for an insurance company. Insurance agents should have strong sales and marketing skills to attract and keep clients.
Insurance agents typically earn commission in addition to their salaries, so the more sales they make, the more they can earn. They also earn significant money on large businesses and clients with big policies. Selling life insurance is also particularly profitable for insurance agents.
Anesthesiologist
National average salary: $323,740 per year
Primary duties: Anesthesiologists give patients medications to control pain during surgical procedures. They work with doctors and patients to create a pain relief plan before, during and after a procedure. They monitor patients’ vital signs and pain levels closely and adjust medication doses as needed. Anesthesiologists understand how various pain relief drugs interact with the body and how much to give to each patient. They work in operating rooms, delivery rooms, intensive care units, pain clinics and more.
Anesthesiologists spend nearly a decade getting a medical degree, completing training and possibly specializing in a certain area, such as pediatric or orthopedic anesthesia. They earn high salaries because they are responsible for a patient’s safety and comfort as well as a surgery’s success.
Engineer
National average salary: $85,962 per year
Engineers design products and solve technical problems for a variety of industries. They spend much of their time identifying issues, researching solutions and designing and testing products and processes. They can specialize and work in fields such as petroleum, chemical, electrical, nuclear, biomedical, aerospace and more, all of which can pay well over $100,000 per year. Engineers who think of and create new products or technologies can profit off those significantly.
Engineers typically have a math or science background, plus an engineering degree. Those who complete graduate-level engineering degrees may have more advancement opportunities and higher salaries.
Real estate agent
National average salary: $87,845 per year
Primary duties: Real estate agents help people and companies buy, sell or rent homes and properties. They guide their clients through every step of the process, from finding properties to negotiations to filling out contracts. They should also understand local real estate laws and documents required to complete a sale.
Because these agents understand the real estate market and have access to properties as soon as they become available, they might make their millions investing in real estate themselves. They might do so by buying a house and selling it for a profit or by owning rental properties.
Real estate agents must be licensed in the state(s) where they plan to work.
Day trader
National average salary: $97,648 per year
Primary duties: Day traders buy and sell stock over short periods (typically a day) with the goal of earning profits off each trade. Over time, these profits can add up to significant gains. When the market is strong, they can earn a lot of money in one day, depending on the trades they make. They might work for a firm, earning a commission for each trade their client makes, or they can work independently from home.
When they are not actively trading, day traders are researching possible investments and company earnings and trying to predict market changes. Day traders should understand market trends and have strong analytical skills.
Related: Work From Home Jobs That Pay Well
Actuary
National average salary: $108,629 per year
Actuaries use math, statistics and analytics to assess a company’s financial risk. They often work for insurance companies, banks or investors, government agencies, hospitals and other businesses that need to avoid losing money. They use equations to calculate probability and the financial consequences of taking certain risks. Actuaries have strong math skills and typically have a master’s degree in a numbers field.
Chief executive officer
National average salary: $112,353 per year
Chief executive officers (CEOs) are company leaders responsible for creating strategies for success and helping businesses meet goals. Companies of all sizes and industries need CEOs to oversee and communicate with all departments, as well as the board of directors if applicable, to implement company strategies and assess progress. Because of their responsibility for a business’s success, CEOs often earn very high salaries. Those working for large national or international companies might earn more. Plus, CEOs typically have stock options and bonuses that can contribute to their wealth.
To become a CEO, you typically need a bachelor’s and a master’s degree in a field such as business administration, plus many years of work experience.
Director of information security
National average salary: $151,246 per year
Information security directors manage the security of a company’s computer systems and technology. They are responsible for implementing programs and updates, identifying security threats, creating contingency plans and IT budgeting, staffing and training. Because skilled computer science experts with cybersecurity experience are in high demand, directors of information security can earn significant salaries. As management staff, they might also earn bonuses and have stock options in their company.
Doctor
National average salary: $201,862 per year
Doctors and physicians are medical professionals who diagnose and treat people who are sick or injured. Because they are responsible for patients’ lives and well-being, doctors earn high salaries. The professionals can choose to be general practitioners, or they can specialize in a certain medical field, such as gastroenterology, urology, optometry, dermatology or surgery.
Typically, the more specialized and challenging the specialty, the higher the pay. These medical professionals must spend at least 10 years earning a bachelor’s degree and a medical degree as well as training in a clinic or hospital.
Lawyer
National average salary: $70,136 per year
Lawyers give individuals, companies and governments legal advice and represent them in court or other proceedings. They prepare legal documents and have a strong understanding of laws and regulations. Lawyers can specialize in many types of law, including criminal, family, corporate, personal injury, employment, immigration and contracts. They typically charge by the hour, so lawyers in high demand who work many hours per week can earn significant incomes.
To become a lawyer, you must earn a bachelor’s and law degree, plus pass your state’s bar exam.
5. Certified public accountant
National average salary: $72,621 per year
Certified public accountants (CPAs) are licensed to provide individuals and businesses with financial advice, bookkeeping and tax preparation services. They understand complex tax paperwork, laws, regulations and deadlines. They also perform audits of individual and corporate financial statements to identify errors or fraud.
CPAs who get hired at large companies to fill upper-level accounting positions, such as a controller or chief financial officer, can earn significant salaries. CPAs can also earn a lot of money if they start and run their own successful accounting businesses.
Conclusion
Yep, you can become a billionaire in your lifetime. From Mark Zuckerberg to Larry Ellison, the 10 wealthiest people in the world are unlikely to be there for life. Many are entrepreneurs with successful ventures under their belts before they are 40 years old, while others have incredible amounts of wealth within their family or even themselves.