This story is part of CNBC Make It’s The Moment series, where highly successful people reveal the critical moment that changed the trajectory of their lives and careers, discussing what drove them to make the leap into the unknown.

Jay Chaudhry never thought he’d run a business, amass a fortune or help popularize an entire industry. Not growing up in rural India, not upon moving to the U.S. in 1980 to study engineering and marketing, not even after landing jobs at tech giants IBM and Unisys.

“I have no background of entrepreneurship in my family of small-scale farmers. So if you asked me, ‘Did I ever think about becoming an entrepreneur in my childhood [or] early years of my career?’ Not really,” Chaudhry, the billionaire founder and CEO of cloud security company Zscaler, tells CNBC Make It.

It took Silicon Valley’s dot-com boom — the wild success stories of tech startups like Netscape — to get Chaudhry thinking in 1996, “Why shouldn’t I start a company?” He made the rash decision to quit his job as an executive at Atlanta-based tech company IQ Software, and his wife Jyoti quit her job as a systems analyst at telecommunications giant BellSouth.

Together, they plunged their life savings — roughly $500,000 — into SecureIT, a cybersecurity software startup they co-founded in 1997. At the time, “maybe less than 5% of Fortune 500 companies had firewalls,” Chaudhry says. “Within 18 months, we had deployed firewalls in about 50% of [the] Fortune 500.”

His timing was perfect: In 1998, Chaudhry sold SecureIT to VeriSign in an all-stock deal worth nearly $70 million. Over the ensuing decade, the husband-and-wife duo founded two more cybersecurity companies and an e-commerce business, each of which got acquired.

By 2007, they were already wealthy entrepreneurs, and Chaudhry — who gets “bored” without something to work on — decided it was time to launch “one big company and put 200% focus on that,” he says.

That company was Zscaler, which aimed to help companies transition away from outdated firewalls and into the cloud era. The couple invested $50 million of their own money, says Chaudhry. Today, it brings in $1.6 billion in annual revenue and has a market value of roughly $30 billion.

Chaudhry’s own net worth is estimated at $11.5 billion by Forbes.

Here, Chaudhry talks about putting his family’s savings on the line to follow his gut, how his upbringing influenced his relationship with money and the advice he’d give someone who wants to quit their job to start a business.

CNBC Make It: What prompted you to stake your entire life’s savings on a startup idea — in an industry that didn’t really exist yet?

Chaudhry: This thing happened because I love to read and I love technology.

In 1996, Netscape had just launched and gone public, and I was fascinated by it. I said, “If [Netscape co-founder] Marc Andreessen could start a company — he was a young guy [right] out of college — why shouldn’t I start a company?”

My wife and I talked a few times, and the more we thought about it, the more conviction we got around it: [Netscape’s web browser] is the way to access information, and it should become popular. But if every company is connected to the internet, that means there will be security risks.

That was my simple thinking. There was no IDC or Gartner study about the market size. It was largely based on what the gut told us.

A gut feeling is one thing. Betting every dollar to your name is another.

It started out with us saying, “Let’s go get venture capital funding.” I had no experience raising funds, and I realized soon that it wasn’t that easy. This was [1996], Atlanta was not a VC mecca and we kept hearing, “Hey, you don’t have any experience.”

We were disappointed, but our conviction was building, which led to me saying, “Why don’t we put our life-savings on the line?”

I didn’t know anything. So, I really didn’t know how big the risk was. I couldn’t quantify it.

How did you make peace with that risk?

After talking back and forth, we asked each other, “What’s the worst thing that can happen?” The company could shut down, we’d lose all of our savings.

The next question was, “Can we find jobs?” There was lots of confidence that we could.

I never had money in my early childhood, so there was never a notion that I must buy A and B and C. Our lifestyle was pretty simple. Our house in Alpharetta, Georgia, was $200,000 — a nice, typical middle-class house at that time — and we didn’t have any fancy cars or fancy payments.

Our only child at that time was going to a public school. There wasn’t a lot of overhead. We said, “Let’s take a chance.”

When a bet pays off, does that success make you more confident to take on bigger risks? Were any of your other ventures as risky as that first one?

The [financial] risk of SecureIT was, like, 1,000 times more than the risk of Zscaler. The amount I invested in Zscaler was a small fraction of my net worth.

But Zscaler was much harder. I put more money in it than all the others combined. I took bigger bets. I hired people more quickly to solve some very hard problems. I wanted to do something big, something lasting.

We were trying to solve a problem that was futuristic. Will it be successful or not? Will the market take off or not? That was all unknown.

So if you asked me the chances of success of Zscaler, there was a much higher risk. Because, with SecureIT, it was fairly obvious that as you connect to the internet, you need firewalls.

What’s your best advice for someone who’s thinking about quitting their job to start their own business?

First, build conviction by learning more about what you want to do. Don’t just do some of the cursory work.

Second, start by putting in your own money. That actually is part of testing your conviction. If you really have conviction, you’ll take a chance on yourself. That also means you’ve done some serious homework, you’re ready, you’re committed.

You can also make decisions the way you want to make decisions. If Zscaler was largely owned by VCs, they probably could have shut it down. It took us a few years to really start getting traction in the market, and VCs can write you off and move on. They say, “It’s one of my 20 investments.”

When you put in your own money, this is the only business you have.

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The key to success is to never stop trying to learn new things, according to Amazon CEO Andy Jassy.

“You have to be ravenous and hungry to find ways to learn,” Jassy said last week in a video posted by Amazon about the company’s famous list of 16 leadership principles, originally penned by founder Jeff Bezos.

One of those principles, “Learn and Be Curious,” says the best leaders “are never done learning and always seek to improve themselves.” Jassy said he’s seen that ability make the biggest difference between people who successfully grow their careers and those who remain “stagnant.”

“For some people, at a certain point, they find it too threatening or too difficult to keep learning,” he said. “The second you think there’s little left for you to learn is the second that you are unwinding as an individual and as a learning professional.”

Continuing to learn as you age can improve memory and other cognitive abilities, while also making you happier, research shows. And employers are often keen on hiring and advancing workers with a “growth mindset,” where you continuously try to adopt new skills and improve your abilities, LinkedIn workforce expert Aneesh Raman told CNBC Make It in March.

Jassy and Bezos aren’t the only high-profile professionals who think that way: Julia Stewart, the CEO who merged IHOP and Applebee’s into a roughly $530 million restaurant giant, says that “You should be learning for the rest of her life” is her mantra.

Good leaders have to realize they don’t always have every answer, and be comfortable learning from the people around them, Stewart told Make It in May. “I think as you get older and you become successful, you realize: ‘I don’t have to be the smartest person in the room,'” she said. “I’ve never had somebody say, ‘No, I’m not going to help.'” 

Jassy agrees. “You have to think about the idea that you don’t know everything and that there’s a lot to learn,” he said. “Even if you spent many months or years learning a certain area, it may flip upside down very quickly.”

His advice: Stay humble in those upside-down moments, so you can find the joy in learning new things and continue to grow for the rest of your life and career. 

“Instead of that feeling threatening and scary, you have to think about that as being part of the fun of what you do,” Jassy said.

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Sarah and Jamie McCauley are landlords, YouTubers, Walmart pallet flippers, eBay resellers and Amazon product reviewers — and those are just their active streams of income.

The McCauleys make their money by researching what makes side hustles profitable, testing them and teaching others how to do the same on YouTube. The Grand Rapids, Michigan-based couple earned nearly $140,000 from eight streams of income last year, according to documents reviewed by CNBC Make It.

They’re particularly good at two types of gigs, they say: anything involving real estate and their YouTube channel itself, where they share their side hustle exploits with at least 146,000 subscribers.

“If you’re looking to just make some extra money on the side, maybe pay off a credit card debt or pay for a vacation, I think that is doable for nearly everybody,” says Jamie.

DON’T MISS: The ultimate guide to earning passive income online

The McCauleys are part of a side hustle revolution, a growing number of Americans who supplement income with multiple jobs. More U.S adults — about 39%, according to Bankrate — have side hustles today than ever before, whether out of necessity, precaution or a desire to increase their earning power.

Ease of starting is at an all-time high: Platforms like Amazon, Airbnb and Fiverr offer instant access to paying customers. But with competition also rising, it’s hard to build a side hustle that regularly brings in revenue.

Make It spoke with a selection of Americans with successful side hustles to learn how they built their businesses, and used them to fund a wide variety of financial goals. Every respondent highlighted four common traits that helped drive their success:

No matter what you sell, you need people willing to buy it. Jenny Woo says her side hustle is successful for a simple reason: She researches her audiences intensely, and tailors her products specifically to them.

Woo is an adjunct lecturer at the University of California, Irvine, a freelance business consultant and the teacher of an online course about emotional intelligence. Her one-woman side hustle, called Mind Brain Emotion, sells 12 different emotional intelligence-themed card games.

It brought in $1.71 million on Amazon last year, according to documents reviewed by Make It.

Woo’s first deck of cards, “52 Essential Conversations,” was tailored toward parents who — like her — wanted to connect with their kids and build their emotional intelligence skills. She joined parenting Facebook groups and observed users’ posting, commenting and liking habits, she says.

After selling $10,000 worth of the game in a 2018 Kickstarter campaign, Woo kept researching. She conducted a survey of her consumers, and learned that “overwhelmed” teachers looking to support children’s social and emotional development made up a significant portion of her audience, she says.

Her second deck, “52 Essential Relationship Skills,” was built for those teachers. It didn’t sell as well as her first deck, but it taught Woo that she could broaden, and combine, her audiences.

Woo applied that lesson to her third game, “52 Coping Skills.” She started with her own experiences working with college students during the Covid-19 pandemic and combined it with her continued research on teachers and parents, she says.

It’s now Mind Brain Emotion’s top-selling game, says Woo.

Woo sells on Amazon, which has a broad reach, to collectively rope in Mind Brain Emotion’s hyper-specific audiences. Tim Riegel’s products have a more singular customer base, so he sells on Etsy, a marketplace known largely for homemade and handmade goods.

Riegel, a full-time general manager at a sheltered workshop, makes firepits from recycled tank ends in Lamar, Missouri, and sells them under the name Mozark Fire Pits. His average product weighs 225 pounds, and sells for $950.

Mozark Fire Pits brought in approximately $202,000 on Etsy last year, according to documents reviewed by Make It. Riegel maintains a 40% profit margin, he says.

Riegel chose Etsy over platforms like Amazon, Wayfair and Overstock because it felt more user-friendly, and a better fit for his personalized products, he says. He also sells on Facebook Marketplace, which costs him more in advertising — but less in shipping costs for customers within a 200-mile radius, he adds.

That kind of platform analysis is valuable, no matter what kind of side hustle you run.

If you sell a service, instead of a good, you might consider platforms like Fiverr and Upwork — popular among photo editors, marketing writers and voiceover artists — or Taskrabbit, known for labor-intensive side hustles like cleaning or repair work.

Or, opt out of those platforms entirely. If your gig is something that many other people also do, try finding marketplaces with more narrow niches like Contently, Skyword or ServiceScape, recommends side hustle expert Kathy Kristof.

“One of the problems I see with a lot of freelancers is that they go to the best-known online platforms … and those platforms are so saturated with people who have been there for, often, decades,” says Kristof, whose blog SideHusl has reviewed more than 500 different side gigs.

No matter your platform, you’ll need to stand out. A good listing can help: clear and concise, written for your intended audience, free of typos, with high-quality graphics and some search engine optimization (SEO).

Becky Powell, a kindergarten teacher based in Beaverton, Oregon, has a side hustle selling worksheets for other educators on an online platform called Teachers Pay Teachers. Many of her worksheets focus on her personal specialty, teaching children sight-reading skills.

Her side hustle didn’t take off until she embraced SEO. When she uploaded her first worksheets, she titled them, “Creating sight words with pattern blocks.” Sales slowly trickled in.

Her husband Jerome, who has a business background, suggested a simpler title, like “Hands-on sight words.” The sight-reading worksheets quickly became her bestselling products, Powell says.

Powell’s store brought in $125,500 in 2022 revenue, according to documents reviewed by Make It. Her husband also sells worksheets on the platform, and they’ve used their combined earnings to fund vacations and pay down their mortgage and student loans, Powell says.

“You have to have passion and knowledge,” she says. “You also have to have a business sense [and understand] SEO.”

Once you gain enough customers, work to turn your sales into positive reviews, so you appear higher in platforms’ search results, Kristof advises. Customer service, prompt shipping and quality control can usually earn you a good online reputation.

The McCauleys have a rule for their ever-changing collection of side hustles: “You either have to be one of the first to get there, or your approach has to be very unique and different to be successful,” Sarah says.

But being first or unique doesn’t guarantee long-term success. In 2020, the couple was early to a side hustle trend: pallet flipping. At local warehouses, they’d buy pallets of returned goods from Amazon, Walmart or Target. They’d unbox the pallets, discover their contents and resell the items for a hopeful profit.

From December 2020 to December 2022, the McCauleys made about $19,500 in pallet-flipping profits, they estimate. Their most popular unboxing YouTube video got 5.4 million viewers, translating to an additional $30,000 in advertising revenue, says Jamie.

Last year, more Americans hopped on the pallet-flipping trend. Pallet prices rose, resale values dropped and a slew of unboxing videos diluted the McCauleys’ viewership. “The pallets became not really worth our time … from the standpoint of time over money,” says Sarah.

Four years ago, the McCauleys would’ve simply moved onto their next side hustle. Now, they’re feeling the strain of constantly building new gigs from scratch, and starting to reorganize their income streams into a smaller number of longer-term projects.

Instead of flipping their current home renovation project in Northern Michigan for a profit, for example — something they’ve done multiple times — they’ll keep it as their own vacation house and part-time Airbnb rental, they say.

“We always knew [side hustling] was going to have an expiration date,” says Jamie. “It’s a young person’s game, to always be looking for what’s next.”

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You don’t need a bachelor’s degree or a stacked resume to land a six-figure job. 

Even as some businesses scale back hiring — pointing to high inflation and a rapid increase in interest rates, among other challenges — there’s one high-paying role that’s “always” in demand, according to one IBM executive: project manager.

“Businesses always need project managers, not just in tech but also in retail, marketing and a dozen other industries,” says Lydia Logan, IBM’s vice president of global education and workforce development. “It’s a core role that touches on so many different functions within a business: project managers can work with the finance, tech, legal departments, you name it.” 

The role of “project manager” is exactly what it sounds like: a person who is responsible for planning, organizing and managing the completion of a project, ensuring it is completed on time and within budget. 

Such projects can range from constructing a new building to running a marketing campaign.

Businesses across all industries are recruiting project managers to keep up with the rapid advancement of different technologies and adapt to lingering disruptions from the pandemic, Logan adds. 

To help meet these challenges, the Project Management Institute anticipates that employers will need at least 25 million people in project management roles by 2030 — which means about two million people will need to enter the field every year just to keep up with demand. 

The Bureau of Labor Statistics projects that the number of project management jobs will grow 6% in the next decade — faster than the average for occupations overall.

Most project management jobs require at least a high school diploma or GED, as well as the completion of a certification course or training.

Several schools including the University of Pennsylvania, and Cornell University offer online project management certificate programs, as do companies like Google and IBM. Some of these courses are free, while others charge an enrollment fee.

Project managers should be comfortable problem solving, delegating tasks and leading a team, juggling disparate components like scheduling, budgeting and payroll.

In this role, you’ll also be working closely with people in other departments, so it’s important to be adaptable and be able to effectively communicate a project’s goals and each team member’s role in accomplishing them, Logan explains.

Making sure these skills — as well as any certifications —are front and center on your resume is the “most important” step you can take to land a role in project management, she adds.

Project managers are in demand across all industries, but there’s a particularly urgent need in financial services, health care and technology, the Project Management Institute reports. 

Companies like IBM, Amazon and JP Morgan Chase & Co. are among the top companies hiring for project managers, according to recent research from Glassdoor.

In tandem with rising demand for these professionals, the median salary for project managers in the U.S. is $102,682 per year, ZipRecruiter reports, up from about $87,000 a decade ago.

There are also dozens of remote project management jobs on the market, some of which pay upwards of $200,000 a year.

Ultimately, “Project management is a solid field with a lot of growth opportunities,” says Logan. “It’s great for people who are curious, collaborative and excited to lead a team.”

Want to stop worrying about money? Sign up for CNBC’s new online course Achieve Financial Wellness: Be Happier, Wealthier & More Financially Secure. We’ll teach you the psychology of money, how to manage stress and create healthy habits, and simple ways to boost your savings, get out of debt and invest for the future. Start today and use code EARLYBIRD for an introductory discount of 30% off through September 2, 2024.

You have to earn more than $1 million annually to be among the top 1% of earners in the richest U.S. states and Washington, D.C., a new GOBankingRates study reveals.

In D.C., you’re in the top 1% if you make $1,250,029 or more — the highest threshold in the U.S. That’s followed by five states where you also need to come in over the $1 million mark to be a top earner: Connecticut, Massachusetts, California, Washington and New Jersey.

The 1% thresholds are based on individual tax return data processed by the Internal Revenue Service in 2022, which has been adjusted by GOBankingRates to reflect 2024 dollar values. Here’s a look at where the 1% earn the most, based on that metric:

1. Washington, D.C.: $1,250,029
2. Connecticut: $1,192,947
3. Massachusetts: $1,152,992
4. California: $1,072,248
5. Washington: $1,024,599
6. New Jersey: $1,010,101
7. New York: $999,747
8. Colorado: $896,273
9. Florida: $882,302
10. Wyoming $872,896

One reason that Washington, D.C. has a higher threshold compared with states like California and New York is that it has a smaller population with a larger concentration of high-income earners. Many of the highest paid D.C. professionals are in the government sector, which includes senior officials, lobbyists and lawyers.

Connecticut also has a smaller population compared with most states. The state’s largest industry is financial services, and it is home to wealthy hedge funds and investment firms that tend to pay high salaries.

Massachusetts ranks third, largely due to an array of lucrative industries with high-paying specialized jobs, including financial services, education, technology and health care.

In contrast, West Virginia has the lowest income threshold for the top 1% of earners, starting at $435,302. Nationwide, the 1% income threshold is a median of $707,296.

Below are the thresholds for each state, in alphabetical order:

• Alabama: $577,017
• Alaska: $642,707
• Arizona: $713,264
• Arkansas: $550,469
• California: $1,072,248
• Colorado: $896,273
• Connecticut: $1,192,947
• Delaware: $640,330
• Florida: $882,302
• Georgia: $725,284
• Hawaii: $631,383
• Idaho: $728,859
• Illinois: $811,004
• Indiana: $572,403
• Iowa: $591,921
• Kansas: $674,225
• Kentucky: $532,013
• Louisiana: $608,143
• Maine: $609,173
• Maryland: $767,688
• Massachusetts: $1,152,992
• Michigan: $625,158
• Minnesota: $755,880
• Mississippi: $456,309
• Missouri: $610,837
• Montana: $741,182
• Nebraska: $651,641
• Nevada: $804,627
• New Hampshire: $839,742
• New Jersey: $1,010,101
• New Mexico: $493,013
• New York: $999,747
• North Carolina: $688,506
• North Dakota: $708,284
• Ohio: $601,685
• Oklahoma: $559,981
• Oregon: $707,296
• Pennsylvania: $720,778
• Rhode Island: $673,902
• South Carolina: $632,805
• South Dakota: $752,849
• Tennessee: $702,934
• Texas: $789,003
• Utah: $811,929
• Vermont: $645,255
• Virginia: $787,471
• Washington: $1,024,599
• Washington, D.C.: $1,250,029
• West Virginia: $435,302
• Wisconsin: $631,993
• Wyoming: $872,896

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