Can accountant be rich? Well, that depends on what being rich means to you. An average accountant job position pays enough to have a substantial living. However, it may not make you a millionaire if you are just relying on the salary.
Many smart accountants use various ways to earn money by freelancing or opening an accounting firm. Overall, it is a high-paying job that provides sufficient money to live a good life and invest in physical assets.
Moreover, it is a very lucrative profession and any professional accountant can easily multiply his income. This line of work brings several good opportunities to earn a lot of money to become rich.
Can Accountants Be Rich?
It is not common for accountants to be millionaires, however, it can happen after saving money for several decades. Getting rich from the accounting profession is possible but your main income source does not solely have to be an ordinary, 9-to-5 job.
There are several ways an accountant can get rich and earn money by doing side jobs or opening an accounting firm. On average, an experienced accountant usually earns somewhere between $100000 to $120000.
Getting the best accounting jobs out there is the most daunting task as the competition is cut-throat. Many accountants get promoted to become a partner in the accounting firm which increases their earnings significantly from $300000 to million dollars a year.
However, these positions are tough to get, often requiring 7-15 years of experience to qualify. It is a highly competitive career option but rest easy, you can still manage to earn good money with an average accounting job.
Do Accountants Make Good Money?
Again, accounting professionals earn a good amount of money even from an average job. If he gets to capitalize on the accounting experience, it helps him unlock doors to finding other ways to earn money.
Even if you do not reach the desired heights in your career, you will still reap financial success by earning a handsome salary with bonuses.
Ways to Make Extra Money
- Become a Quickbooks and Xero Pro – Accountants can earn a healthy income by learning and becoming a Quickbooks and Xero Pro. You will get many one-time and long-term projects after learning accounting software.
- Side Jobs – Use Craigslist and job boards to search for short-term or part-time accounting jobs to add some extra dollars to the income.
- Freelancing – Create an account on Freelancer, Upwork, Elance, and Fiverr for providing accounting advice and help by working from home.
Opening an Accounting Firm
Many accountants dream of opening their accounting firms and earning millions with a huge clientele. By providing valuable services to business owners, they can not only get more clients but money as well.
Before starting an accounting firm, the accountant needs to work first at an accounting firm to gain experience and learn key fundamentals of accounting, client acquisition and scaling.
Lastly, college courses and a degree is not enough to become successful in the business. Gain experience to get high-paying opportunities and ultimately open your accounting firm.