SINGAPORE: In a recent social media discussion, Redditor SingDigitMillionaire stirred the online community by sharing insights from a CNBC article about a study that delved into the career trajectories of 233 millionaires over a span of five years. The article pointed out that these millionaires “had one thing in common: They quit their mid- to late-career jobs, saying they felt it was the only way they could truly succeed and build wealth.”
SingDigitMillionaire noted the point, saying, “I’m intrigued that they all shared similar (and familiar) reasons – feeling underutilized, low pay, dealing with toxic bosses, dreading office culture, just to name a few. What’s your take on these career moves? Anyone has made a drastic career change that propelled you to success?”
The CNBC article, published on Feb 22, 2023, was penned by Tom Corley, an accountant, financial planner, and book author with a master’s degree in taxation. The article titled: “I spent 5 years interviewing 233 millionaires—here’s the No. 1 career move that made them rich” paints a collective narrative of millionaires breaking free from conventional career paths.
As mentioned earlier, Tom noted that these 233 millionaires “all had one thing in common: “They quit their mid- to late-career jobs, saying they felt it was the only way they could truly succeed and build wealth. Some left to start their own businesses, while others found lateral roles that offered more growth opportunities and a higher salary.”
The study delves into stories of feeling underutilized, battling toxic work environments, and the allure of entrepreneurship or more growth-oriented roles.
The Reddit thread quickly became a forum for diverse opinions on these shared career moves. User tossaway3244 talked about the concept of “Survivorship Bias” and the stark reality that for every self-made millionaire, there are numerous others who tried and failed.
He noted, “People seem to always forget something called “Survivorship Bias.”Just because these people reached the top doesnt mean by following their methods, you will too. For every 1% self made millionaire, there are the 99% failures who tried but didnt make it.”
Kuang89 added, saying, “There are also people who aren’t millionaires who feel the exact same way or face the exact same situations. Success story very easy to say. This is the good looking people saying the secret to achieving good looks is to just be happy.”
SuitableStill368 chimed in noting, “If you interview Singaporean millionaires, most would still be working, and hiding in plain sight. “
Ryzhao, acknowledging the Survivorship Bias, talked about the importance of a successful career preceding a major leap. He shared, “Survivorship bias aside, if you had a successful career prior to taking the leap, you would’ve likely gained some insight/network/knowhow to be successful outside of that career.”
As the Reddit discussion unfolds, it’s clear that success and failure are part and parcel of bold career moves. Skxian summed it up well, stating, ‘They took a risk that paid off. There will be others who took a risk but did not pay off.”/TISG