11 Skills That Can Make You A Millionaire (We Wish We Knew Sooner!)
Written by Talaat & Tai on November 21
Did you know that learning certain skills can aid you in building wealth? As with most things, some skills are better than others. But we’re sharing the 11 skills that can make you a millionaire and why we want you to learn them sooner than we did!
Sure, these skills won’t turn you into an overnight multi-millionaire, but they can be incredibly helpful in getting you there over time. Here’s what you need to know.
Which skill can make me a millionaire?
According to experts, many soft and hard skills can make you a millionaire. While we discuss the top 11 skills below, the main skill that you need to know is personal management — including time, finance, and organization in your personal life.
Related Video: Financial Freedom | 4 Steps to Financial Freedom
What is the highest paying skill?
As of 2022, the highest-paying skills are in the technology industry or revolve around data and being able to analyze it. Remember that these skills are job skills, and you can learn many other skills to help you become a millionaire.
The main highest-paying skills include;
- Business analyzing
- Systems programming and developing
- Data analyzing
- Applications engineering
Fortunately, many of these skills can be learned without going back to school or earning a specific degree. In fact, Google recently launched courses that teach many of these skills online and on your own time. So don’t be afraid to dive right in and try to learn these skills that can get you a better and high-paying job.
What skill is the most in-demand?
According to Forbes, the most in-demand skills include;
- Digital literacy
- Data literacy
- Critical thinking
- Emotional intelligence
- Creativity
- Collaboration
- Flexibility
- Leadership skills
- Time management
- Curiosity and continuous learning
Many people already have at least one or two of these skills, and the others can certainly be learned over time. Many are also soft skills (aka common or core skills) that don’t require a specific certification or education. Anyone can learn them!
What are 3 things you can do to become a millionaire?
Besides learning the skills that we mention below, there are a few other things that you can do to become a millionaire.
These include staying away from debt, having a flexible budget, and investing consistently.
How do these help you become a millionaire?
First, getting out of debt means more money in your pocket to live and invest. But the more debt you have, the more money you have to spend to stay afloat, and the more you pay in interest to someone else vs. yourself.
Having a flexible budget can help you stop overspending and get your debt under control. And it can help you find more money in your budget to invest in your future.
And of course, investing consistently can mean the difference between a few thousand dollars and hundreds of thousands (or hopefully, millions) in your accounts and for your retirement.
Related Video: 10 Money Habits That Will Keep You Broke
What jobs will make me rich?
There is no one specific job that can make you rich. While there are jobs that pay more than others, what will build your wealth is consistency in living under your means and investing in your future. There are many “regular” millionaires who were teachers, janitors, and in other lower-paying jobs — and if they can do it, so can you.
However, there are some jobs that may earn you more than others, and if you can hold onto that cash, you can become wealthier faster.
These jobs include;
- Doctor — average salary is $189,000 a year
- Surgeon — average salary is $352,000 a year
- Investment Banker — average salary is $135,000 a year
- Petroleum Engineer — average salary is $150,000 a year
- Data Scientist — average salary is $124,000 a year
- Lawyer — average salary is $120,000 a year
- Information Security Analyst — average salary is $90,000 a year
- Computer Hardware Engineers — average salary is $136,000 a year
Of course, any job has the potential to earn you enough money with the right education, certification, location, and time spent on the job. But these are just some of the highest paying on average across the U.S.
Related Article: How to Get Started Investing in Your Employer’s 401k
The 11 skills that can make you a millionaire
While a good-paying job and being able to invest are great to know and have when you’re trying to become a millionaire, there are other skills that can make you a millionaire too. Let’s talk about them!
Communication
Having strong communication skills can aid you in all aspects of your life, including your professional and financial life. Think about it this way — good communication skills can help both others and yourself understand information more accurately and quickly.
Did you know that a 2016 LinkedIn survey that was conducted in the United States also showed that communication topped the list of the most sought-after soft skills among employers? Poor communication can lead to frustration and a lack in skill building, which can also affect your money and career.
Communication helps you know and convey what you want and how you are going to attain it. Being an excellent communicator can help propel you in your finances and career, not including the benefits to your personal life!
Related Podcast: Become More Productive By Using Everyday Family Rhythms
Innovation
Innovation is the ability to generate ideas that create value and improve processes. One of the biggest examples we have with innovation is when people create a start-up or new business with a unique idea — like electric cars.
But innovation skills don’t mean that you have to create a brand new exclusive product. Having innovation basically means that you can solve problems and advance your knowledge in your field. This skill also helps you adapt to change easily, an incredibly important soft skill.
How can this help you in becoming a millionaire? First, it can help you take risks, including risks in investing and investing in your own career to get you further. And it also opens you up to new opportunities, which can help you make more money and be able to prepare for your future.
Related Podcast: Igniting Your Power, Your Purpose, and Your Why with Dr. Eric Thomas
Sales
Sales is everything, especially in our society. Everything, from the food and cars you buy to your favorite brands, revolves around marketing and sales.
Not only does this skill increase your confidence in yourself and what you have to offer, but it also helps get you into doors and sell yourself as a leader and asset in whatever field you are in. And, if you start your own business, you can sell more efficiently and boost revenue.
Branding
Branding is essential for companies since it helps them increase business value, generate new customers, and create trust within their industry.
But even as a single person, branding yourself is important too. First impressions count, and yours matters just as much as a business. What do you want people to see and notice when they first see or meet you? What aura do you want to give off?
If you learn how to brand yourself properly, this can open doors for you and creates a lasting impression on companies, clients, and customers.
Related Podcast: How Tony and Brittany Paid Off $235k of Debt in 19 Months!
Organization
Organizing means keeping everything in its proper order. And being organized can help you personally and professionally. Not only can it increase productivity, but it also aids in spending less time correcting mistakes, keeping track of your company’s or job’s progress, understanding your income and expenses, and so much more.
Having organizational skills also establishes a sense of trust and professionalism in the workplace. You’ll be seen as reliable and in control. This can help you win the trust of clients and associates more easily, which can catapult you in your career (thus earning you more money).
And let’s not forget that being organized also aids you when you start investing since you’ll know what you’re doing and why.
Related Article: How to Invest in an IRA
Goal setting and planning
What do you want out of life? How do you want to retire? Have you already started your retirement fund? If you can answer these questions, you most likely already have the skill of goal setting and planning. if not, now is the time to start honing this skill.
With goal setting and planning, you are envisioning your potential future, and setting the right goals, action steps, and plans to reach those goals. Without this insight, you may just float through life and find yourself in the same position you’ve always been in.
Related Video: 7 Steps To Create a Millionaire Mindset
Emotional intelligence
What is emotional intelligence really? Well, it’s the ability to identify and regulate one’s emotions and understand the emotions the others. Having a high EQ can aid you in building and maintaining relationships (both personal and professional), reduce your stress, and improve your job and life satisfaction.
But not only does it benefit you in your career, but it can benefit you financially and personally, too. By understanding your emotions and keeping them in check, you’ll be less likely to panic during times of financial stress, thus making bad financial decisions. And you’ll be more likely to stay the course of investing and saving because you understand your emotions but don’t let them get the best of you.
Related Article: Investing In A Bear Market: Is It A Good Idea?
Money management
When you know how to manage your finances properly, you’ll know where and how you’re making and spending your money. This helps you stick to your budget, pay off debt, increase your savings, and invest wisely.
While this skill may seem like common sense, especially when you’re trying to become a millionaire, you’d be surprised to know that many people don’t understand finances as well as they think they do. In fact, there are many people who make six figures a year and still struggle to pay their bills. This is why this skill is essential.
Related Article: How To Stop Spending Money (And Save Hundreds Each Month!)
Networking
Remember the old saying, “It’s not what you know, it’s who you know?”. Well, that saying has been true for generations, and we doubt it will ever go away. Knowing how to network can open doors that you would have never imagined could be opened, including a new and better-paying career.
Networking also aids as a resource for you. For example, maybe networking helps you find a better CPA who saves you tons of money on your taxes. Or it puts you in front of a well-known and successful investor, who then teaches you how to do the same to prepare for your future better. These things happen regularly, but only to people who network!
Negotiation
Gone are the days of being able to barter or negotiate — or are they? You may be surprised to know that many millionaires have terrific negotiation skills. Negotiating can propel you in your career, build better relationships with people you work closely with (or buy from), and also help you keep your finances under control.
If you’ve ever purchased a car, house, or other large purchase, you know the importance of negotiation. It can save you thousands over time, which means more money in your pocket. But this skill works in many ways, including negotiating your retirement portfolio and getting more money in your pocket, whether through your job or side hustle.
Perseverance
Perseverance simply means steadfastness in doing something despite difficulty or delay in achieving success. Have you ever wondered how utterly normal people with normal jobs still manage to become millionaires? It’s because they persevered — no matter what life threw their way or what they had to do financially to get there.
This may be the most important skill yet because if you aren’t determined and consistent in what you do, you won’t stick to your goals, plans, or management and make your dreams happen.
Related Podcast: The True Path to Financial Independence
Skills that can make you a millionaire: bottom line
While these skills that can make you a millionaire seem simple, many people skip out on them. Whether it’s due to a lack of knowledge, fear, or inconsistency, many people don’t reach their goal of being a millionaire because they don’t focus on the most important things.
But, anyone can turn their financial life around at any time, including you! So take these skills and make yourself a millionaire.
