In the beginning of your career, earning a seven-figure salary may seem like an insurmountable goal. One million dollars may seem like a long way off, but it may be closer than you think. It is possible to make seven-figure sums of money if you put your mind to it.
Many jobs paying seven figures are available, and you can also earn seven figures in other ways! If you want to know what a seven-figure salary looks like, how to get there, and what skills will help you get there, we've got answers for you!
A seven-figure salary is what?
What exactly is a seven-figure salary? You'll make $1 million if you earn a seven-figure salary. A six-figure salary, on the other hand, entitles you to a salary of $100,000 to $999,999 per year. There are many ways to earn a seven-figure salary, not just one!
Is it possible to earn a seven-figure salary?
However, a seven-figure salary is possible, but it requires a lot of effort. There are 538,651 households with incomes of $1 million or more out of the 153,774,296 tax returns filed by the IRS, according to their latest data.
There are a lot of people in these categories who didn't start out with seven-figure salaries. Rather, most people began their careers in low-paying jobs and worked their way up the ladder. It's possible for you to do the same if they can.
What you'll need to learn to make seven figures a year
A seven-figure salary can be yours if you have the right skills. Most people, on the other hand, don't realise that making seven figures doesn't require any specialised training. By working hard and owning your own business, you can achieve this goal without a limit on your income.
Some bloggers, like Michelle Schroeder-Gardner, make more than $1 million a year from their blogs! Remember that no one can stop you from achieving your goals. You have complete control over the situation.
When applying for high-paying jobs, it's important to have specific skills that set you apart from the rest of the applicants. These skills can also help you run your own business! Consider the following high-earning skills:
The ability to write and blog
Finance, sales, presentation, acting, athletics, and fashion are all examples of business management skills.
High-paying positions in the seven-figure range
If you aspire to a seven-figure salary, you may need to think outside the box. There are a number of jobs that pay seven figures, but the most popular are those that are a little more akin to a dream job, like acting or playing professional sports. While pursuing your passion, remember to keep an open mind.
1. Owners of businesses
Because no one stands in your way, you have the best chance of making seven figures as a business owner! To reach the milestone, you must have an entrepreneurial mindset, be open to diversification, and grow.
Having your own business requires a lot of perseverance and hard work. While it is possible to make seven figures if you have the right goals, mindset, and skills, you have the best chance of doing so.
Regardless of whether you offer a service or sell tangible or digital goods, you can turn your passions and skills into a seven-figure business. Even some lifestyle influencers and online businesses can make seven figures!
2- C-level executives and CEOs
These executives are highly paid and have a lot of responsibility. According to the Economic Policy Institute, the average CEO in the top 350 companies in the United States earns $24.2 million, which is 351 times the salary of the 'average worker' in the country. Companies such as Apple, GoodRx Holdings, and Tesla pay the most money to their employees.
3- Lawyers for corporations
Lawyers don't start out making $1 million or more, but it's relatively easy to climb the ladder and reach the seven-figure salary level.
When it comes to building a successful law practise, many lawyers focus on marketing, sales and systems as well as strategy.
As a result, lawyers can charge more because they are perceived as specialists who have a higher level of value.
4- Executives in the sales department
Due to the complexity and size of their sales, enterprise sales executives are the most likely to earn seven figures. Technology and software sales executives are the most likely to earn seven-figure salaries.
Starting salaries for sales reps can vary widely from industry to industry and even from company to company. But with time and practise, they may be able to reach their goal of a seven-figure salary.
5- Traders in the financial sector
A six-figure base salary is common for investment bankers, but commissions and bonuses make up the bulk of their incomes. They are a company's main source of capital, and they work long and hard to secure it.
Investment bankers typically put in long hours and deal with a lot of stress in order to earn a sizable salary. Due to the high earning potential of investment banker positions, they are also highly competitive.
If you want to land this position, you'll need to be on top of your game. However, if you have the necessary training and motivation, you can land a job paying a seven-figure salary.
6- YouTubers.
Most people associate seven-figure salaries with business people, am I correct? However, as time passes, more and more YouTube stars are earning seven-figure salaries.
It doesn't matter what you call them: influencers, sponsors, or lucky ducks, YouTubers are making some serious money.
There are a variety of ways that influencers make money, including commissions, sponsorships, and direct sales. In order to earn the income you desire, you must first build a following.
7- Performers of all kinds.
Famous actors like Will Smith can earn anywhere from $40 to $80 million per year in the entertainment industry. Not every actor or actress will become as well-known as Will Smith, but with enough experience and exposure, they can still earn six or seven figures.
Everyone has to start somewhere, and you can only rise as high as you can go. Actors and actresses who have gone on to earn millions of dollars may surprise you!
8- Athletes who make a living from their sport
Although not all professional athletes earn seven-figure salaries on their own, they can easily meet or exceed this threshold with the help of endorsements or sponsorships.
Not only do companies want them to sponsor their products because they are so popular, but also because of how well they perform on the field.
It is possible to become a professional athlete, despite the challenges. It's especially beneficial if you're able to start early, get good grades, and participate in competitions in your sport.
9- Designers of fashion
As with starving artists, many aspiring fashion designers have to make do with meagre beginning salaries. However, they only need one victory to reach the summit.
Those who make it big in the fashion industry often collaborate with celebrities and showcase their designs on the catwalk and on the world's most prestigious stages. Fashion design can be learned and practised, and you can start your own business as well!
How to earn a seven-figure salary in five steps
A seven-figure salary may still seem improbable to you right now. However, big hairy audacious goals are essential! Those are some of the ways you can work toward a seven-figure salary:
Create products, services, or educational courses
Fill a gap in the market by creating new products or services that aren't currently available. You need to find a way to differentiate yourself from the competition and give your customers a reason to buy from you.
In other words, do you have a particular skill that you'd like to share with the world? You can sell books and courses on the subject! Teachable and Udemy allow you to create and sell courses.
Pursue an advanced degree
In some cases, advanced education can help you achieve your seven-figure goals. It all depends on the type of job you're doing. As an example, a CEO or an investment banker may gain from additional education.
There are many skills and techniques you won't learn in the classroom that can help you earn more money and stand out from the crowd. When you can, look for alternatives to student loans in order to pay for your education.
Create a variety of sources of income.
There are seven sources of income for the average millionaire, Because putting all of your eggs in one basket is risky, diversification is key.
Instead of relying solely on one source of income, look to diversify your income sources. In the event that one of your sources goes dry, you have six others to fall back on.
One way to generate additional revenue is through side hustles and other sources of unrestricted income. Everything from opening a high-yield savings account to investing in real estate to selling digital products online is considered passive income.
Network with people who make seven figures or more.
If you're serious about earning a seven-figure income, you should also consider connecting with other people who have achieved it. Find people who have achieved the goals you've set and follow their lead. What can you do better than they did? What can you learn from them?
On LinkedIn, you can connect with people you already know or join groups that are relevant to your interests. Local networking events can also be found by searching for them.
Even if you think you don't know enough, don't underestimate the power of networking. Connecting with the right person can be all it takes.
Make the most of social media.
Getting your storey in front of the media these days is much easier than it used to be. It's easy to get your name out there thanks to social media. Educate and entertain your audience about your product or service and grow your following. In the end, you'll attract the kind of people who want to do business with you.
It doesn't matter how much time and effort it takes to maintain a steady stream of high-quality content. Make use of social media sites like Instagram, Facebook and YouTube in order to gain more exposure and make more money!
A list of people who make at least $700,000 per year.
As a source of inspiration, here are a few examples of people who make seven-figure incomes or more.
Ariana Grande is a singer and songwriter.
Today There is no doubt that Ariane Grande is a multimillionaire. When she first started out, she was at the bottom of her field. She made her Broadway debut at the tender age of 15 and quickly rose to stardom. She currently has a five-album streak at the top of the Billboard album charts.
She's Serena Williams
Serena Williams earns money in other ways than just as a professional tennis player. She has endorsement deals, fashion lines, and media appearances. In addition to launching multiple clothing lines, Williams collaborated with a company on a nail collection.
In addition, she provided voice work, starred in commercials, and bought a small stake in the Miami Dolphins. Even venture capitalists are impressed with her. Serena's annual salary tops out at a whopping $35.5 million.
She is known as Sarah Blakely.
After failing the LSAT, selling fax machines door to door, and even trying her hand at stand-up comedy, Sarah Blakely went on to found Spanx.
When she was 27 years old, she spent $5,000 of her savings to develop her product, which went on to make $4 million sales in its first year and $10 million in its second year. She is now one of the few female billionaires in the world.
A look back at Oprah Winfrey's career
In my opinion, the queen of all media is one of the most inspiring women in history. She overcame the odds and became one of the world's wealthiest people.
Rejection didn't stop her from pursuing what she truly wanted to do in life. A year ago, Oprah's seven-figure salary was $315 million! Now worth an estimated $3.5 billion, she is the richest woman in the world.
Does a seven-figure salary make you feel happy?
It is, but only to the extent that you use it. Overspending and undersaving can put you in the same financial straits as someone with a lower income.
People who make more than $1 million a year aren't immune to financial woes, even if they're making seven figures. Making a lot of money isn't the most important thing; saving and investing your money is. Even if you make a lot of money, it's important to have a financial plan in place.
Getting a seven-figure salary is not out of the question.
Having a plan and setting goals is essential if you want to earn a seven-figure salary. Don't forget to break down your big goals into smaller ones so that you can achieve them.
Think about where you want to be in five to ten years and how you want to get there. It's important to know whether or not you're on the right path to achieving your dreams of making seven figures.
Even if you earn seven figures a year, you must know how to manage your money wisely in order to get the most out of it.
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