Asking New York Millionaires How To Make $1,000,000

Living in New York City

• New York City is the most expensive city in America.
• Some people pay $10,000 a night for a room.

“I wanted to live the New York experience, so I started out small and worked my way up.”

Careers of New Yorkers

• One person is in the shipbuilding industry, primarily owning and selling tankers.
• Another person imports limestone from Europe and the Middle East for high-end home construction.
• One person sells farmland at auction, operating in 40 different states.
• Another person heads operations for a kitchenware products company.
• Several people are in tech sales and product management.
• One person works in finance for the Department of Education.
• One person is a corporate lawyer.
• Another person is a composer.
• One person is a consultant for a healthcare company, specializing in legalized medical marijuana.

“Playing it safe in New York doesn’t get you very far.”

Salaries in New York

• Salaries vary greatly depending on the industry.
• In shipbuilding, there are good and challenging years.
• For a lawyer, the range is $50,000 to $100,000, but in the corporate space, it can be six figures.
• In tech companies, salaries can range from $120,000 to upwards of $400,000.
• The average salary for finance professionals is around $95,000.
• The Department of Education manages a budget of about six billion dollars.

“The average weight is like 95k.”

Advice for Success in New York

• Take risks and try new things.
• Be willing to live in less than ideal situations.
• Put in extra hours and make a creative impact.
• Push yourself and don’t play it safe.

“Come with friends, be willing to live in totally different situations, take risks, try new things, push yourself. Playing it safe in New York doesn’t get you very far.”

Being a consultant and the value of equity

• Being a consultant can be a lucrative career option.
• The pay may not be great upfront, but there is potential for equity.
• Equity refers to ownership in a company, and it can be valuable if the company goes public.

“Be a consultant, it’s an IPO, so you know… Pay isn’t great but there’s the equity.”

Opportunities in every industry

• There are opportunities to work in finance or any other industry in New York City.
• The city attracts people who enjoy working hard.

“Opportunities in every industry… whether you’re a lawyer, a banker in New York City, it’s a magnet for people who like to work hard.”

Success through hard work

• Hard work is commonly cited as the key to success.

“Just hard work… you come to New York, how much work is hard work… I’m a workaholic.”

Don’t judge by appearance

• Simply judging someone by their appearance can be misleading.
• Dressing well doesn’t necessarily mean someone is rich.
• Conversely, many wealthy individuals may not dress well.

“What’s been different and interesting about the story that we’re not expecting is that just because someone’s dressed well doesn’t mean they’re rich… Definitely indicates more than that.”

Variety of interesting people in New York

• New York City is home to a diverse range of individuals.
• People from different backgrounds and professions can be found in the city.

“Definitely a lot of interesting people in New York… common themes from the variety of people that we got to chat with today.”

“It kind of made me think about how we judge each other.”

Keep going and pursue your goals

• The common advice from the interviews was to persevere and continue moving forward.
• Regardless of the challenges, it is important to stay motivated and determined.

“All of them really said you just got to keep going… keep going ladies and gentlemen.”