{"id":38831,"date":"2021-06-18T11:35:17","date_gmt":"2021-06-18T15:35:17","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=38831"},"modified":"2021-06-22T11:19:33","modified_gmt":"2021-06-22T15:19:33","slug":"working-for-millionaires","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/working-for-millionaires\/","title":{"rendered":"Start Working for Millionaires and Get Rich Too!"},"content":{"rendered":"\n

How can working for millionaires make you rich? What are the professions that serve the wealthy? <\/p>\n\n\n\n

Working for millionaires can definitely make you rich because they spend a lot of money to get professional advice and services important to them. Lawyers, accountants, fund-raising experts, and healthcare specialists are some of the professions in demand among the wealthy. <\/p>\n\n\n\n

Read more to further discover how working for millionaires can help you boost your income<\/a>.<\/p>\n\n\n\n\n\n\n\n

Benefits of Working for Millionaires<\/strong><\/h2>\n\n\n\n

While they\u2019re frugal in lifestyle, millionaires spend considerable money on things important to them. This creates opportunities for others to make money by catering to those needs<\/strong>. The wealthy need quality advice and services\u2014for instance, accounting, tax advice, legal services, medical and dental care, education, and home services.<\/p>\n\n\n\n

If you\u2019re in a business or profession in demand among the wealthy, you can boost your income by working for millionaires<\/strong>. The opportunities are increasing as the number of millionaires continues to grow. (Shortform note: There are about 11.8 million millionaire households in the U.S. There were big jumps in the number in 2013 and 2017. The bull market<\/a> has been a major factor.)<\/p>\n\n\n\n

Besides needing personal services, millionaires who are self-employed also buy business and industrial supplies and services, office space, and technology. <\/p>\n\n\n\n

Also, remember that the wealthy often aren\u2019t frugal when spending on children and grandchildren. Nor are their children frugal in spending the subsidies they get from their wealthy parents. Each parent can give a child and grandchild up to $15,000 a year tax-free. This means a couple with three children and six grandchildren can give away $270,000 a year tax-free, in addition to tuition and medical care, which usually aren\u2019t taxable.<\/p>\n\n\n\n

Professions Serving the Wealthy<\/strong><\/h3>\n\n\n\n

Professions and services in demand among the wealthy include:<\/p>\n\n\n\n

Attorneys<\/strong><\/h4>\n\n\n\n

While there may be too many law school graduates, there\u2019s strong demand for high-powered attorneys in the following areas:<\/p>\n\n\n\n

1) Estates<\/strong>: The wealthy need expert legal advice in handling their estates to minimize taxes and in distributing their wealth. In addition, attorneys working for millionaires will settle their estates, act as executors or administrators, and advise their surviving spouse.<\/p>\n\n\n\n

2) Taxes<\/strong>: Income taxes are the largest income-consuming category for the wealthy. (Shortform note: The top 1% paid about 39% of all income taxes in 2017.) With income inequality growing, a concern of the wealthy is that the federal government may look for ways to tax wealth and raise income taxes. Tax attorneys are critical for building and maintaining their wealth.<\/p>\n\n\n\n

3) Immigration<\/strong>: Increasing numbers of wealthy foreigners are looking to become U.S. citizens because of threats to their wealth in other countries as a result of lagging economies and government restrictions. <\/p>\n\n\n\n

In countries such as China, many wealthy people also want to move their wealth out of the country to protect it. U.S. law allows foreign nationals to get visas and become U.S. citizens if they invest $1.8 million in a U.S. business and create at least 10 jobs. (Shortform note: this law was passed by Congress in 1990 and extended by President Trump in December 2019.)<\/p>\n\n\n\n

As it becomes more difficult to immigrate to the U.S., more wealthy foreigners and entrepreneurs need the help of immigration attorneys. In addition, U.S. corporations need legal advice to recruit foreign professionals and scientists.<\/p>\n\n\n\n

Health Care Specialists<\/strong><\/h4>\n\n\n\n

A growing number of the wealthy pay for the health care of their children and grandchildren, creating a lucrative market for health care specialists working for millionaires. Many elective services and specialists are in demand, including cosmetic dentists, plastic surgeons, dermatologists, allergists, psychologists and psychiatrists, and chiropractors. Often, these expenses aren\u2019t covered by health insurance.<\/p>\n\n\n\n

In fact, an increasing number of specialists are focusing on the wealthy, self-paying market. It\u2019s easier for them to deal directly with individual payers than with third-party bureaucrats. Further, medical specialists with the greatest reputations can charge high fees, while the wealthy avoid taxes by paying for their children\u2019s and grandchildren\u2019s health care directly.<\/p>\n\n\n\n

Appraisers and Auctioneers<\/strong><\/h4>\n\n\n\n

Millionaires often need appraisers and advisers to determine the value of assets\u2014for example, family businesses; collections; guns; jewelry, gold, silver, and diamonds; and timber, farmland, and oil\/gas rights.<\/p>\n\n\n\n

They may seek advice from: <\/p>\n\n\n\n