The study of people who accumulate wealth is so interesting to me.
You would think there should be a direct relationship between income and wealth but that isn’t the case. You would think there would be lots of lawyers and doctors who are millionaires but that isn’t the case.
Income is defined by how much a person gets paid annually and wealth is defined by taking a person’s assets (what they own) and subtracting any liabilities (what they owe).
One is no guarantee of the other. This is why many athletes and actors wind up broke. They make a lot but spend even more.
Early on in my training career I had a doctor as a private client. It was one-on-one so the rates weren’t cheap. He trained with me 3 times per week. That was in addition to driving a BMW and owning a house on the water and a big boat. His income was about 120K.
While that is a strong income and especially was 20 years ago, he was living like his income was much higher.
Contrast that with a buddy of mine who is a school administrator. He also has a strong income but lives below his means. Don’t get me wrong. He’s not afraid to spend money on certain things but he’s thoughtful and planned about where his money is going.
Who’s net worth do you think will be higher? The doctor’s spending habits are not uncommon. Certain professionals feel they need to portray a certain image or people won’t think they are successful. It’s all so stupid because the kind of car a person drives has zero to do with how much money they make or how successful they are. It only means they were willing to sign some paperwork and agree to a certain payment each month.
To answer the question in the title, according to the largest study on millionaires ever conducted (by Ramsey Solutions), the 3 most common professions of millionaires are:
According to Thomas Stanley, business owners also rank high on the list.
While fitness pros may not be at the top of the list for wealth builders, there is absolutely no reason why you can’t achieve financial freedom. You can do it! It just takes a decision and some consistent action.