Yahoo Finance 6 Low-Stress Jobs That Could Make You a Millionaire
Although working a low-stress job that can make you rich sounds like a pipe dream, there are actually plenty of occupations that fit the bill. Of course, the “becoming a millionaire” part is largely dependent on your diligence as a saver and investor.
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But even on a relatively modest salary, given the magic of compounding returns, you can build a seven-digit nest egg over the period of a few decades. Check out tips on how to achieve that at the end of this list of low-stress jobs that could make you a millionaire.
Software Developer
If you’ve got the skills, being a software developer can be the best of both worlds. The job is in demand, with a projected growth rate of 25%, and pay is well above the national average, with a median salary of $120,730, according to U.S. News and World Report.
While this job can certainly have its stressful moments, if you’re talented and comfortable with the world of software, it can be quite enjoyable. Plus, as a software developer you can often work on your own time, and even from remote locations.
Recreational Fitness Worker
If you like working with people while you stay fit, being a recreational fitness worker might just be the ticket. According to U.S. News and World Report, fitness workers have below-average stress levels, and there’s usually a level of flexibility to their work schedules.
Part-time jobs are more common than full-time ones, but that can be great if you’re simply looking to supplement your income with a low-stress job. You won’t usually need an advanced degree to get this type of job either, so you won’t have to worry about student loan payments and can instead funnel your money towards your retirement savings.
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Medical Transcriptionist
If you prefer to work by yourself on your own time, know how to type and have good attention to detail, being a medical transcriptionist can be a good choice. Transcriptionists listen to dictated notes from doctors and other medical professionals and convert them to written reports, typically using provided software. Medical transcriptionists typically work from home and can set their own schedules, as long as they get the work done.
Librarian/Assistant Librarian
Librarians almost by definition work in lower-stress environments. Although there are certainly stressful parts of the job, interactions with the public tend to be non-confrontational, and the day-to-day workload is manageable overall, especially in smaller libraries. Assistant librarians earn less than full-fledged librarians, but they also have less responsibility and stress.
Actuary
An actuary uses math and statistics to determine the likelihood of a risk event, typically for a company. As such, it’s a number-crunching job that can usually be done remotely and in solitude.
For some, that sounds like a nightmare, but for others, it’s a dream come true. If you’re comfortable working with numbers and can manage your own time, it could be a very low-stress job for you.
Arborist
Arborists are specialists who know how to care for trees. They can work in botanical gardens or for tree care companies.
According to a survey of 469 arborists by CareerExplorer, arborists generally consider their job to be low-stress, with high levels of career satisfaction. While you can’t work from home, if you plan on being an arborist, you probably enjoy being outdoors and among the trees to begin with.
So, What Does It Really Take To Become a Millionaire?
If you start saving and investing early enough, you might be surprised at how “easy” it is to become a millionaire by the time you retire. While nothing is truly “easy,” socking away a few hundred dollars per month into an retirement account doesn’t sound too difficult, does it? Let’s take a look at the math.
Imagine you spend your 20s hustling to find a good job and work your way up the corporate ladder, telling yourself that you’ll start saving when you’re “making it.” This is actually a fairly common scenario. So, you work hard and earn more and finally start socking away a still fairly modest $675 per month at age 35. If you can earn an annual return of 8%, which is a few percentage points below the long-term average of the stock market, by age 65, you’ll have a nest egg of just over $1 million. Not bad for someone who likely worked 10-15 years before even saving a penny.
Now, imagine that you can only manage to scrape together $200 per month but that you’re an early starter, investing beginning at age 20. Using the same 8% annual return as above, you’d easily clear millionaire status by age 65, with an estimated $1,054,907 in your retirement account.
The bottom line is that there are many ways to reach millionaire status, even on a mid-level salary. You can either start later and contribute more — but still not an onerous amount — or start early and reap the rewards of compound returns on even very modest contributions.
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