Who Wants To Be A Millionaire? Part 3

The third major source of self-made Millionaires in America is doctors, lawyers and other professionals. People who went to school for a long time, paid a lot of tuition and probably took out a lot of student loans. Around 5% of the self-made Millionaires in America come from this group.

To make this work, you have to be at the very top of your field. It takes many additional years of work to acquire the necessary reputation and connections to represent an OJ or to become Hollywood's most famous Plastic Surgeon. These days, many doctors find it hard to make ends meet. Their expenses are high and they have to fight insurance companies and the government for their income.

Some of the aptitude tests I took in High School said I should be a lawyer. I didn't want to go to school forever and I didn't know how I was going to pay for all that, but OK, let's check it out.

Back then, something like 38,000 lawyers were passing their bar exams every year and there were only about 15,000 jobs openings available to them. That's why you can often find lawyers working in sales and as accountants. If you're paying someone $100 to do your taxes for you at the corner tax service store, they might be a lawyer.

For most doctors and lawyers and other professionals, they are only making money when they are actually working. Income generation stops when they go on vacation or if they are unable to work for some reason. In effect, they are employees working for themselves.

So, I knew I was not going to become a Millionaire working in this group. I didn't want my income to be limited by just what I could do by myself, for myself. I found my niche in the group we'll talk about next time.

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