One million dollars may seem to be an insurmountable sum when compared to what you are capable of earning, but it may really be much more attainable than you realize. It is essential to keep in mind that if you apply your mind to something, everything is achievable, even earning a seven-figure wage.
In addition to pursuing a job in which you may make seven figures, there are many additional methods in which you can do so!
What exactly is a salary in the seven figures?
So, what exactly does a salary of seven figures entail? So, with a salary in the seven-figures, you take home one million dollars. Six-figure earners earned between $100,000 and $1,000,000 per year.
Is it possible to make seven figures a year?
A salary in the seven figures is not impossible to earn, but doing so will need effort on your part. Only 538,651 households have made more than $1 million in income from 153,774,296 tax returns, according to the most current IRS figures available.
The majority of individuals who fall into these categories, however, did not wake up having made seven figures. Instead, the majority of people began their careers by starting in lower-paying occupations and working their way up. Therefore, if they were able to do it, so can you!
Acquiring the skills necessary to attain a seven-figure salary
There are some competencies that may be obtained that can assist you in reaching a salary in the seven figures. However, the vast majority of people are under the impression that one needs specialized abilities in order to earn seven figures. You can achieve this goal only by your own effort, and establishing your own firm in which there is no upper limit on earnings is the most effective method to do so.
For instance, several bloggers, such as Michelle Schroeder-Gardner, bring in an annual income of more than one million dollars! Keep in mind that no one can stop you from reaching your goals. You have complete control over the situation.
It is feasible to do the assignment on your own, but developing specific skills can help you when applying for professions that pay seven figures and even let you manage your own business! Consider acquiring some of the following high-income skills:
Blogging and writing skills
Business management skills Finance skills Sales skills Presentation skills Acting skills Athletic skills Fashion skills
Jobs with salaries in the seven figures
If you want a career with a seven-figure pay, you may have to think of unconventional ways to get there. You may make a seven-figure income by becoming a CEO or a rockstar sales executive, but some of the most common careers that pay a seven-figure salary are ones that are somewhat dream-worthy, such as performing or playing a professional sport. The following are some examples of these jobs: It's critical to have an open mind while pursuing a hobby or a career you're enthusiastic about.
1. people who own businesses
Because there are no barriers in your way as a company owner, you have the best possible chance of reaching seven figures in your annual income. In order to attain the milestone, you need to think like an entrepreneur, be ready to expand your activities, and develop your skills.
Keep in mind that running your own company successfully requires a lot of perseverance and effort on your part. On the other hand, the most excellent chance you have of achieving seven figures is if you have the right talents, objectives, and mentality.
Your one-of-a-kind interests or abilities may serve as the foundation for a thriving seven-figure company, whether it's in the form of delivering a service or selling physical or digital items. To reiterate, specific internet merchants, lifestyle influencers, and bloggers are able to generate incomes in the seven figures.
2. Chief executive officers and high-level executives
The CEO and other C-level executives bear a considerable lot of responsibility and are well- compensated as a result of this. According to the Economic Policy Institute, for instance, the typical CEO of one of the top 350 companies in the United States makes $24.2 million annually, which is 351 times more than the wage of the so-called "average worker." Apple, GoodRx Holdings, and Tesla are examples of some of the companies that pay their employees the highest salaries.
3. Legal counsel for businesses
Although lawyers often do not begin their careers earning more than one million dollars per year, it is relatively simple for them to achieve seven-figure salaries as they advance in their careers.
Many attorneys are able to grow their modest practices to seven figures by approaching their work as they would a company. This involves putting an emphasis on marketing, sales, processes, and strategy, among other things.
When a lawyer focuses their practice on only one or two industries or types of services, clients see them as more of an expert who is worth more money.
4. Sales executives
Because of the scope and magnitude of their transactions, enterprise sales executives have the best chance of reaching seven figures in annual revenue. The majority of sales executives who make seven figures work in the technology and software industries.
Sales representatives often begin their careers at substantially lower pay and sometimes even in completely unrelated fields. However, as they accumulate more work experience and continue to hone their talents, they have a better chance of achieving their target pay of seven figures.
4. Investment bankers
The majority of investment bankers' earnings come from commissions and bonuses, despite the fact that they often start with a base salary in the six figures. They are the origin of the company's money and put in an incredible amount of effort to get it.
Investment bankers often put in long hours and are subject to a significant level of stress in return for a big high income. In addition, employment in investment banking is quite competitive because of the potential earnings they provide.
To get this position, you will need to perform at the highest level possible. But if you have the proper, correct education and a lot of determination, you can make this profession that pays seven figures your own.
5. Video bloggers on YouTube
You probably picture high-level business experts when you think of a salary in the seven figures, and you'd be correct. Nevertheless, circumstances are changing, and YouTube stars are more commonly crossing the seven-figure wage level in their careers.
YouTubers are sitting on some pretty big revenue, despite the fact that it is not as simple as they make it sound like it is. Call them influencers, call them sponsors, call them fortunate ducks.
Earning money is possible for influencers via a number of different routes, such as through commissions, sponsorships, and direct sales. The creation of the following, which will assist you in earning the cash that you are seeking, s where everything begins.
6. Performers in film and theatre
The annual salaries of well-known celebrities like Will Smith range anywhere from $40 million to $80 million. Although not every actor or actress will achieve the same level of success as Will Smith, it is possible for them to earn a six- or seven-figure salary with sufficient experience and exposure.
As is the case with all positions, one must begin someplace, and one can only go upward from that point. It's possible that the number of high-earning actors and actresses who got their start with no prior experience would surprise you.
7. Athletes that compete professionally
With the assistance of endorsements or sponsorships, professional athletes may easily hit or surpass the seven-figure wage barrier. Although not all professional athletes generate a salary of seven figures on their own, many do.
Not just how good they play but also how famous they are and how much corporations want them to endorse their products because of their popularity.
It is feasible to have a career as a professional athlete despite the fact that it might be challenging. Especially if you are able to begin while you are still young, maintain high academic standards, and take part in athletic events at that time.
8. those who create clothing
They are similar to struggling artists in that fashion designers sometimes begin their careers with little pay. However, they just need one victory to comfortably move into first place.
Those that find success in the world of fashion design often rub elbows with celebrities and present their wares on the most prestigious platforms, including the catwalk. Fashion design is a viable career option, and you may even start your own business at the same time.
Seven-figure income methods include the following
It's possible that you still think earning seven figures is a pipe dream. Having objectives that are "big huge audacious" is nonetheless really necessary! The following is a list of some of the methods in which you may work toward achieving a seven-figure income:
1. Develop your own goods, services, or educational programs.
Make an effort to come up with goods or services that aren't already available or to address a need that isn't being met by existing goods or services that are comparable. You need to discover a means to differentiate yourself from the other businesses in your industry and provide the people in your target market with a cause to purchase from you.
For instance, do you possess specific expertise that you are able to pass on to other people? You could write books and teach courses on the subject, and then sell them! You may publish your own online system and sell it via platforms like Teachable and Udemy.
2. Complete your postsecondary education.
More advanced education has the potential to assist you in accomplishing your seven-figure aspirations in certain circumstances. It really depends on what you do for a living. A chief executive officer or investment banker, for instance, may gain anything from more schooling.
Even though you won't learn these skills and methods in a typical college education, they will help you stand out from the competition and help you earn a higher salary in the long term. On the other hand, if you can avoid taking out student loans, it will be in your best interest to look into other funding options for your education.
3. Establish several avenues leading to financial success
The typical millionaire has seven different sources of income. The key is to maintain a diversified portfolio since placing all of your eggs in one basket is a dangerous strategy.
Instead, you should focus on developing various sources of income so that you may maximize your earnings. You have six additional sources to depend on in the event that one of them fails, giving you more time to figure out how to make the other one more reliable or find a replacement for it.
Creating several sources of income may be accomplished in a number of ways, including via passive income and side hustles. Making passive income may come from a variety of sources, such as starting a high-yield savings account, investing in rental property, or selling digital items over the internet.
4. Establish connections with people who make seven figures a year
Networking with others who have already achieved a seven-figure income is another fantastic approach to learning more about how to achieve this level of financial success. Meet individuals who have already accomplished the objectives you've set for yourself and learn from them. What did they accomplish well that you might emulate in your own work? What are some life lessons you may take away from them?
On LinkedIn, you may engage in online networking with your own contacts or in groups that are relevant to your interests.
Never underrate the value of networking, especially if you believe you lack sufficient knowledge in a particular area. There are occasions when all that is required is making contact with the appropriate individual.
5. Use social media to obtain visibility
Getting your name out there in the med nowadays isn't nearly as difficult as it was in the past. The use of social media makes it simple to spread awareness of your brand. Construct an audience for your product or service by disseminating material that is both informative and interesting, and that is directly related to it. People that are interested in working with you or purchasing from you will find you inherently attractive.
Once the ball begins rolling, there is no stopping it despite all of the hard work and attention that is necessary to produce new material on a continuous basis. Increase your brand's visibility and revenue by promoting your business on social media platforms like Instagram, Facebook, YouTube, and Pinterest.
People who make seven figures or more are examples of those that do so
As a potential source of motivation, the following are brief descriptions of a few individuals who bring in an annual income of seven figures or more.
Ariane Grande's annual salary now sits at $72 million. Like most people in her field, she began her career in an entry-level position. She made her debut on Broadway at the age of 15, but she rose through the ranks of the entertainment industry quite fast after that. Today, she has five albums in a row that are rated number one.
Serena Williams is most known for her career as a professional tennis player; however, she also makes a living via sponsorships, fashion lines, and public appearances in addition to her tennis earnings. Williams has released various apparel lines as well as a nail collection that she created in collaboration with a brand.
In addition to that, she did voiceover work, appeared in commercial campaigns, and bought a little ownership share in the Miami Dolphins. Even in the realm of venture finance, she is active. The sum total of Serena's seven-figure annual revenue is a staggering 35.5 million dollars.
Before Sarah Blakely, an American entrepreneur and philanthropist established Spanx, she attempted and failed the law school admissions test (LSAT), marketed fax machines door-to- door, and even performed stand-up comedy.
At the age of 27, she used her savings of $5,000 to create her invention, which went on to reach sales of $4 million in the first year and $10 million in the second year after it was released. She is now one of the few women who have a net worth of one billion dollars.
One of the most influential women in history is also known as the queen of all media. She overcame insurmountable obstacles to emerge from a life of abject poverty and is now one of the wealthiest persons on the planet.
She was determined to follow her passions and pursue her goals despite the obstacles that stood in her way. In 2010, Oprah's annual income was a staggering $315 million, making her compensation a seven-figure amount. Her current net worth is $3.5 billion dollars.
Is a salary in the seven figures acceptable?
Yes, it is; nevertheless, it will only be helpful to you to the extent that you make use of it. If you don't save enough money and spend more than you make, you may find yourself in the same financial situation as someone on a much lesser salary. You undoubtedly believe that a seven- figure income is incredible, yet it's possible for someone earning one million dollars or more an ear to still be impoverished. It is not about how much money you make but how well you learn to save, invest, and make that money grow that is important. Therefore, regardless of how much money you bring in each month, you should always be sure to have a strategy for it!
An income in the seven figures is not unattainable!
If you want to generate a seven-figure income, then you need to build a strategy and establish some objectives for yourself. Remember that you must first break down your larger goals into smaller, more attainable ones if you want to reach your high aspirations.
Reflect on where you want to be in five to ten years and think about how you'll get there. Is the way you're going about things one that can get you to where you want to go, which is a seven- figure income, or do you need to modify your strategy in order to realize your ambitions?