Name: 5 Jobs That Create the Most Millionaires
Uploaded: 2024-05-01T12:00:23.000Z
Description: Watch the stand-up comedy video '5 Jobs That Create the Most Millionaires' from Theo Von Clips on Comedy Buff. Published 2024-05-01. Transcript available.

Watch the stand-up comedy video '5 Jobs That Create the Most Millionaires' from Theo Von Clips on Comedy Buff. Published 2024-05-01. Transcript available.

We did the largest study of millionaires ever done in North America, and the
typical millionaire that we found,
89% of them were first generation, meaning they did not inherit their money.
It's not how they became millionaires, so 9 out of 10. That's good news for
everybody. We all got a shot.
Right.
But the two things that got them there was simply putting money in their 401k
and buying a house and paying it off.
And so I'd meet a guy, you know, he's 42, and he had a house of $600,000 or $700,000,
and he had like $600,000 or $800,000 in his 401k, and he's 42 years old.
So he's worth over a million dollars, and he paid off his house.
So home ownership is a key part of the first, you know, $1 to $10 million of
net worth that somebody builds.
And so, yeah, I'm a huge believer in home ownership.
Don't do it stupid, because buying a house you can't afford makes you broker.
That's why they call them brokers, but it's a problem.
Yeah. Yeah, this is your study right here.
How did you come upon these millionaires?
You know, we did a detailed study and sent out not just from us, but we just
went to the population and found them.
We had a research firm in New York City looking over our shoulder to make sure
our research methodology was tight,
because we knew we'd get a ton of pushback from, you know, people who think
that America's dead and there's no chance for anybody to win.
You can't get up off the bottom.
Little man can't get ahead, that whole thing.
You're saying that's not true.
The problem is little man gets ahead every day in America.
We see it right here.
And I've met them for 30, 40 years, you know, doing this.
I run into them, and some of them did it because they did our stuff, but some
of them just said, you know,
I'm going to live on less than I make, and, you know, it was an interesting
result.
So these are the top five careers of the millionaires that you guys looked at?
Yep.
Engineer, accountant.
Well, what we found was what occurred most often.
Okay.
Engineer was number one.
The most often occurring among the people we surveyed that were millionaires
was engineer.
Number two was accountant.
Number three was teacher, which is surprising.
Number three, management, business.
Number five was attorney.
Medical doctor didn't even make the top five.
And we always think of doctors and lawyers, you know.
Yeah.
But they're actually number six, but they're notoriously bad with money.
They make a lot of money, but they're like music stars or something.
They're notoriously bad with money.
And so that was interesting.
We couldn't figure out at first what these things had in common because they
don't seem to have anything in common.
What we finally figured out is all five of these are process people.
You follow a process, a set of rules, and you learn the rules and you follow
the rules.
You know, if you're an engineer, there's only one way to build that building
and it doesn't fall, right?
If you're an accountant, it's not art.
You don't get to make up how you do accounting.
There's one way to do it.
Teachers have a lesson plan they have to follow.
Business has always a set of best practices.
Attorneys, you know, there's the law.
Right.
And you can only conduct yourself in court a certain way or the judge will
smack you backwards, right?
And so all of these are process people.
So they discovered because of the way the brain worked that led them into these
careers, they discovered the process of living on less than they make, living
on a budget, starting to invest, being generous, paying off their house, that
kind of stuff.
And they followed that process, and that's what got them there.
It was not that – the interesting thing is one-third of them, 33%, made less
than $100,000 a year.
Wow.
They were not making bank.
They were not earning their way into it, really.
Yeah, because you would think teachers, you always hear, we got to pay these
teachers more, you know?
And we do.
I mean, that wouldn't be bad at all.
But there's – the way the teacher's brains work, they do process, and that's
the secret sauce.
And most of these people, again, these millionaires – and a million dollars
is not – that's not a billion dollars.
That's a million.
There's a lot of difference.
Millionaires don't have jets.
Millionaires don't have seven cars and four houses.
No.
You know, they just got – they've just got a paid-for house and some money in
their retirement.
That's what it amounts to.
And so people kind of have a different mindset there, and they think, okay, I
can't be like this rock star.
Well, you might not be.
There's not as many billionaires as there are millionaires.
Yeah.
So – but anyway, can it be done?
Yes, it can be done.
And there is a lot of loud noises out there.
I don't know where that comes from.
It's a – I think it starts with – and one of the reasons I pushed back and
did this study,
and then we ended up doing a number one besung book on it, Baby Steps Millionaires,
pushing back in the marketplaces against those voices is because they're not
– it's not true that you can't get ahead.
Right.
And when you convince someone that it's true, you're stealing their hope.
And you shouldn't steal people's hope, man.
That's evil.
Thank you.