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Listen to the Latest Podcast Episode. Back to Articles. By Georgene Huang. There are all sorts of people out there bringing home six figures or more each year. Sure, whatever—but how do you get to be one of them? You may be surprised to learn that this income level is more achievable than you think—and that making some tactical decisions and doing some research and planning will help you along your way.
If you think that this income level is reserved for CEOs and the famous bedhead-sporting entrepreneurs you read about in Fast Company , you may be surprised to learn that six-figure salaries exist in many less obvious professions. In short, if you want to earn a six-figure salary, be aware that you may need to focus on where the money is. Being thorough about your research will help you realize that there may be more jobs than you think where your interests and money goals align.
Sometimes your professional interests and financial needs are a match for that target 6-fig position, but for one reason or another, it takes a while to get there. Although it can seem scary, asking for a raise is the most obvious way to fuel your growth. The process of negotiating with an employer and walking away with more money makes you feel confident in yourself when sticking up for what you deserve works!
If salary negotiations have not worked out before but there are other options like picking up side jobs or creating new sources of income on top which are even better ways get richer faster — without taking too much time off work. There are many ways to make six figures of money. The first is through a high-paying job, like an engineer or doctor. You can also earn that much by starting your own business and taking it public with the help of private equity investors.
You must be logged in to post a comment. Contents 1 What is 6 figures in money? See also What Is Legionnaires Disease? See also What Is Jury Duty? See more articles in category: Wiki. Tuyetsuong Send an email 4 weeks ago 0 10 10 minutes read.
Related Articles. Every Thing You Should Know 3 weeks ago. What Is 3PL? Definition, Process and Resources 3 weeks ago. What Is Plan? Goal, Evaluation, Referral and How to get 3 weeks ago. What Is Quinine? Safety, Side effects, Warning and Benefits 3 weeks ago. What Is Legionnaires Disease? Money really does equal happiness. You will have more people who want to be your friend. You will get more respect from others.
So you need to work hard early on and after you start making well over six figures, you can let that money work for you while you sit back and relax.
Of course, if you want to be happier, keep working to turn that six figures into seven, eight, and nine figures and beyond. FEW are those who can reconcile all of that. They do not have real families, their children are kept by others not raised and taught by them. Be careful HOW you define wealth because you may get what you forgot what comes with it. I know too many who screw the little people to get what you are seeking. This is especially TRUE when one looks at the property investment scene.
I know the tens of people they left unpaid, the children of whom had nothing to eat. Be careful what you wish for, for you may become that which is despised by all. Hey Sam, love this article, especially the part on basic necessities.
I agree with your assessment of some of the basic factors in achieving a 6 figure or greater income. To me, without desire, effort, knowledge, optimism, and personality you will never achieve this level of income.
For anyone deciding on a major I would highly recommend reading and rereading this thread unless you want to graduate school and earn minimum wage for 40 hours a week while working 60 hours. That is what my liberal arts major got me. Think about the fun of graduating college and making less than a high school kid. Because of my crappy pay I missed out on several wonderful investing opportunities google, amazon and at the economic downturn AIG because I had no net disposable income to speak of for a solid 5 years.
I had a friend who married a Finance major who was a couple of years ahead of me in another state school. Her brilliant now ex-husband achieved retirement by the time he was He lived very modestly in a LCOL area and socked it away like a squirrel.
He had very similar principles to what Sam states in this blog. I was utterly clueless at the time and happy to be attending college and getting a degree. Most people I knew and grew up around did not religiously save and spent most of their income. The other part of my opportunity was moving away from the central US so that I would no longer have to deal with the overt sexism and hearing grumbling from co-workers and even during interviews that I would find a husband and quit.
This is something no man has to deal with. If you are a remotely attractive female it is assumed you will marry a man with money because all women want a rich husband and a family not a career. Such is the mindset in the area. I would recommend even more for women to pursue a STEM degree of some kind.
It may be radical but I say go to school to become a professional or for the majors provided earlier in the link. Check out the pay prior to making a decision.
Or undergo training for a specific career such as plumbing, etc. There are a bunch that pay quite well waste management, plumber, carpenter, electrician, government, military come to mind and stay away from the traditionally female careers daycare, caretaker, etc. It may be what separates you from the liberal arts majors making minimum wage. When I graduated they were a dime a dozen and it is probably worse now.
If I can manage to save 1. If I had majored in Finance, etc. If not retired yet it would be due to a choice to stay in the workforce and the pressure to work and save would be off or minimized. Of course, if you have a trust fund and business acumen then start a business as a liberal arts major if desired. Your son has every advantage in the world, you will keep him informed and he has the internet at his disposal.
Thank you for sharing your wisdom and your stories. I really hope those looking into college or starting their careers read your blog and appreciate it. WOW thank you for that insight I am jotting notes right now. Remember, that no matter how big your car is, how big your home is, how large your bank account is… our graves will be the same size.
Stay humble. Live the life you enjoy now, not the fantasy of later. Tomorrow is an illusion Yesterday is history Today is the reality.
It is full of tests. Too many people miss that one. Nothing wrong with making money, but idolizing money is a DEAD end. Feed your soul. Sure, anything is possible. I think going to a school with a full scholarship is amazing. Just have to network and go to the meet ups and do song called emailing and so forth. But getting into venture-capital is hard for everybody from every school.
S Army as a paratrooper. My first job at 23 years old I was offered k annual to go overseas in support of the Department of the Army.
Once there I learned I was making peanuts. I quickly got smart, marketed myself towards higher paying defense contractors and was earning kk annual by 26 years old with the Cheney years in full swing even after Obama first got elected. The defense sector took a big hit when Obama won his 2nd term but we have since recovered I now work only 6 months a year and pull in around k annual.
Dropping out of college, joining the military and learning in demand skillsets was the smartest thing I ever did. No college debt and a great career doing something interesting that I have a lot of passion for. However I hated it. Also the benefits working in government are 10x what they ever were in Corp America. Do what you love.
Great stuff Michael. Being happy at work is priceless. This is an insightful post. So it is all about the sector, employer go as elite as possible , and skills you target.
Choose correctly, and you can get rich. Simple as that. The trick is believing you can actual get a job with an elite employer. That is more a mindset issue than anything else. I had good grades in High School, but never made it through college. I have never struggled with grades.
Foolishly, as a high school senior at the top of my class, I chose a small private liberal arts school to attend for undergraduate studies. I am extraordinarily fortunate- I have no debt. I want for nothing, but I live with my partner and have no dependents or debt to pay off. I know that once either of those come into the picture I will be financially hurting.
Since I am comfortable in school settings 3. You have one thing going for you. Your income currently is very low, which means you have a really low income loss for spending 2 years studying. The person making 90k on the other hand…. The returns on those investments can be reinvested, which would result in compounding returns. Learning more about that topic now, could yield dividends in the future.
Even if it means investing in lower risk funds. With a GPA around 3. I feel like this undergrad resume should be a great foothold to get into a top tier school or perhaps land a job at a major company. Would anyone else agree? Should I do more or change anything? I want more than that. The title is not correct. Are you currently struggling in school and in life and your comment?
The key is to keep an open mind and know that more things are possible this way. I think this post is totally on point. Starting from high school, you are paving the path. I also think choosing the right career is key. I have been a court reporter for 18 years, and my best year I made k, and in my worst year, I made k.
Even with taking time off to have a baby, last year I still made k. I have recommended becoming a court reporter o so many people! But none of them have wanted to put in the effort to train and work their butts off.
I turned 40 this year and also became a millionaire. Greatest feeling! Love your posts. Keep up the good work. If you made between k and k a year for 18 years and just became a millionaire, how poorly were you managing your money?
Hi Financial Samurai. If I acquire a CPA license and a few years of experience from a company like BDO international for example, will that qualify me to have a career at a big 4 auditing firm? I think those accomplishments will give you a great shot. Yes, a 2. If your fund is large enough, the annual income could get up to 7 figure level. Do you have any recommendations for educational blogs for beginner-to-intermediate options trading? I see a lot of naysayers and people not even trying.
I own a cleaning business. Yes, I spent a couple thousand starting my business and finishing my education, but I have been reimbursed all of my startup cost and have a team of employees. Maybe It was not an easy road, but it was well traveled and worth it. Learning and reading and trying things is fundamental to success. Anyone can do anything if they truly put their mind to it. This is not a get rich quick scheme, this is an idea board and an educational blog for people to explore, learn and try innovative ways to make money and retire early.
That is always number one. With anything in life. You can have or do anything you want, IF you want…and do. I was just wondering what your take on studying online and getting a degree through an online school? Any insight greatly appreciated! I say invent yourself into a six figure income. I fired everyone once the business once the industry was transformed into nonprofit work.
I spent the next couple of years searching for the next best thing and came to one conclusion. Adobe Software is an incredible bargain for anyone wishing to start their own business. In the appraisal business you craft and sell your work one piece at a time…much like a custom furniture maker. With Adobe you could easily create one video and sell it , times.
Im more of a practical person, have you got any more suggestions? Thanks for the initial help as well and replying so quickly. Screwed up his first year in college, got one more semester to show his commitment.
Screwed that up too. His dad cut him off and told him to get a real job. He caught on as a sailor on a private yacht. Loved the work. Learned fast. Moved up to bigger and bigger yachts. Got promoted. In a decade he made Captain. Now he sails the big luxury yachts that celebrities rent. He has some wild stories about the things clients have requested. In any case, last I heard he was considering partial retirement at age I, otoh, am merely hoping to be able to leave my current job in the next few years.
The drawback of the long term worker is you are vulnerable to changes in company commitments. All retirement means to me is access to company healthcare, and some level of funding towards it. That plus family medical needs really put a crimp in my retirement plans, moving RA from 55 to Business schools care about grades and the top ones want quality work experience so not even sure why you included it. I have had friends that managed to get sales roles at prominent companies and they managed to do so by networking, GPA was not brought up.
How does one break into sales? I recently helped some friends with their sales event for their product photos. I was so good at it, and had a great time. I would like to get into sales, but legitimate.
Hi I am skeptical about starting an online business because there are a lot of scammed businesses and more over I spent a lot on some of those online business, I am really looking for a real mentor to follow who can help me understand what to do in details, I wish I can get a help from you Financial Samurai. Neither my parents nor I or anyone else had high money. We had enough to get by month to month. After school education was out of the question just based on cost alone. I had few choices but to join Uncle Sam and his merry band of sailors, painting and scrubbing decks around the world.
I served my country until I decided to leave the navy-He guess what happened, no jobs for a former sailor with considerable weapons system experience. I spent three years homeless and destitute and hanging onto faded views of honor and discipline.
What a joke of a program-Fraud and red tape to make you blush. Get real, I invite you to find a way to save my failing mortgage and invigorate my financial future. If any of this get rich quick stuff actually worked we would all be millionaires. Hi… My bf has a similar story to you. I hope you sold the house before losing it. Use the GI bill! For accounting! Or programming. Those salaries are so inflated. I also agree, money makes money and its who you know a lot of times.
The GI Bill works exactly as it is intended. There is always a month delay to get started. You can apply as soon as you get accepted in most cases which for me was several months before I got out of the service.
The program is not a fraud because of the red tape. Could it be better? Of course! There are jobs out there for veterans and sometimes yes your training in the military does not give many, if any, civilian options. But I encourage you to think outside the box. You do not need to get any job that has to do with your rate. My cousin was aircraft ordnance and now is happy being a bartender in Hawaii. Look at USAjobs. There are also jobs on nukeworker.
I agree with you that high school grades are worthless for anything other than getting in to college. By the time I went to college they no longer mattered because my experience in the Navy was the big draw for acceptance.
Karl, your attitude has brought you to your knees. Shleprock status. Samurai spoke of charisma. Either way you are screwed until your diehard optimism kicks in. I can I can I can. Graduated college back in May of Been 8 months since I figured out how to get a job.
Anyway, I am trying to get into IT, because every other profession within banking requires me to take a test and get licensed and renew that license with more tests. Anyway, how do I go from fraud to IT? Business Analyst, higher up IT profession? I was in health sciences. Btw, can I get into investment banking without having a license? Trust me. I career-changed into IT in my mid-twenties. Certifications get you noticed and do pay off. Take in-person boot camps. You get hands-on experience with the software and hardware.
You can do this. Thanks for the really insightful reply. I really appreciate it. Now, what if I did not want to be a network engineer dealing with hardware? The bigger issue is getting the experience TO get these roles…I dont know how to do that without working on the job first…but since companies wont take people without experience, how are we to get the positions?
If you want to be in IT, but not coding or configuring routers, etc. Big IT companies, and small ones, need both types of people. The functional role people need to understand IT, but if they could code at the level of the technical role people, they would be doing that instead. You have the right idea — business analyst or QA. Go to college job fairs, even though you have already graduated and talk to the recruiters. Show the recruiters you have an analytical mind; dress sharp; have good examples of learning something new, recently.
But they are useful. They would be a great talking point for an interview. Maybe you took a Microsoft Azure Cloud Computing course free , or learned how to use Salesforce free on their trailhead training site. However, there is no getting around the fact that you have to learn constantly in IT.
Show them you are doing that now. Good luck! Thank you Andrew! Also what is your take your data analytical roles in corporate? Do you think data analytical roles will be short-lived due to all the hype and the analysis part will be automated soon within the next 10 years or so? Idk if this kind of role will be short-lived compared to a functional IT role. Moreover, I eventually want to hold a managerial role in corporate, but I want to deal with a line of business where there is a lot of money within IT.
Projects that deal with SAP? Seen that batman-looking motorbike by BMW recently? Does a B. I'm also being opening to working for the Department of Defense, and the NSA and retire with them for a pension. How hard is this to get into? I like film-making as well, but I would do this as a hobby. Dude I have been contributing to your page views. On a serious note, I set up my own website detailing my craft in sourcing attempting to build my brand. I did some cold calling to get my website out there.
Na da and a couple of good friends made a joke about what I did. I ended up not renewing the godaddy hosting. I guess my area of expertise is just too boring. Seems like you have lots of experience. How do you turn soemthing so mundane into something amazing? Not sure. Spend some time reading my archives and see if you can find some good attributes. Check out the post. Hello, This is such a great blog gathered a lot of inspiration from it.
I am extremely ambitious, driven and motivated. However I keep looking but cannot find anything that would give me that much. I now have certificates and experience and keep applying to different jobs but no luck still. Any advice? I am writing you this comment in great desperation as I need your advice in something.
Obviously, my GPA is not sufficient to get enrolled. However, I am planning to work hard in studying for my CIA program certified internal auditor. If i complete it and acquire a high score in the CIA examination will I have a chance at Delloitte perhaps? Thank you for your kind attention…. What were the reasons for a 2.
I will be frank with you and say that many of those companies have minimum GPA cutoffs e. They need filters. Why not go back to grad school and kill it? You should consider starting a website to improve your brand. Hello Samurai, I have a few questions for you. I am 29, have a BBA, got good grades in college, work in sales and am still broke! My conversion rates are good, but most of my jobs have been contracts with commission caps.
I am considering returning to school for a pharmaceutical sales certificate. I am desperate to improve my life and am willing to make the commitment. Do you think this is a good idea?
I heard it is a difficult industry to break into. Also, I started writing an ebook, do you have any articles for publishing and marketing? Thanks for visiting. The key is to cut fat and automate your savings and contributions. Do this for 10 years and you WILL have more money than you could ever realistically imagine.
Try your best to max out your k as well, if you have one. Make saving money each paycheck HURT! Not sure about your certificate. If you have to remove years of work to take on debt while you are broke, then not a good idea. I would absolutely start your own website and build your brand online first if you plan to write and sell an e-book.
Leveraging the internet is always a good idea! My thoughts on your financial success are this…. So essentially, anyone reading this and clicking links is generating revenue for you. Fortune comes to those who take action. You are either a producer or a consumer. Nothing good comes to those who do nothing! You too, can start your own site and make hundreds of thousands of dollars a year relatively passively if you want.
Leverage the internet to build your brand. Why do you too? Makes no sense, how are you going to get into a top business school with really bad grades?
GPA in the 2s. May I ask who you got a GPA in the 2s? Why not give yourself as much optionality as possible with good grades? If you effed up your GPA, then just do well on your GMAT scores, write a good essay, do something creative like start a site and wow them with your determination.
Great article! So I was wondering if I could get your advice? I always wanted to be big in life and my passion is animals. I want to work in the field of zoology like maybe marine biology wil I be able to make k in that work field. Love the blog man, great advice here.
The main problem I have with the k is that the investment options suck. All the mutual funds including target date funds have a high front load fee 4.
In some respects there is little difference between the after-tax dollars in a ROTH with no-load funds and pre-tax dollars in a fund that immediately siphon 4. However, I am also going to be taking an upfront hit from the front load fees and a continual hit with the higher expense ratio in the k. Yikes, a 4. Go with a Roth IRA then since you are at the beginning of your career and will presumably earn more in the future. After I do full Roth and at get at least the match where should I save?
Having no debt and feeling behind makes it silly not to save as much as possible. Should I go for a regular after tax brokerage or for the k despite those high fees? I would look into Wealthfront and automatically contribute a set amount every month from your paycheck after tax. Sign up and play around with the risk tolerance meter to see what different type of portfolios they come up with. They do tax loss harvesting and automatically rebalance for you based on your risk tolerance.
However, promotions and hierarchy in the company seems to be very flat. No other company will pay this much for someone with 0 experience in the industry. I absolutely love my job, but any suggestion to have a backup plan in case the worst thing happens? Was thinking about learning extra software or data science stuff, but you just mentioned that I would likely need desire, a focused desire if anything.
I started a career in sales right out of High School and found my glass ceiling. I am trying to determine if I am selling myself short, or if this is a good place to get started. I ultimately want to work mutual funds. I have been a cop for 5 years and have two kids, a wife and mortgage. I like what I do but lately I have been thinking of a career switch to make more money. I majored in criminal justice in collage. What would you suggest? Consider taking night classes part time and seeing if you like the subjects before diving head first.
Im 39 yrs old, graduated from a average college in business management. I currently work for the state in the IT help desk making around 35k a year in Sacramento, Im not happy with this salary, but my job is stable and Ihave retirement benefits. But, I want to make more money now, I want to be making k plus, I dont know if I should quit this job and go to the private sector and what field I should go into or stay what in the same field but switch to private IT job.
I feel at this age, If I went back to business school to get an MBA might be a waste of time and money. Can you advise me? Would you say that asset management is a lucrative field if one is working at a major bank like JP Morgan? How do you feel about industrial design? But, do you have any views? Or should I give some schools in the States a try I here their financial aid is good as well? If you want to work in the states, then definitely apply to a top US business school.
But, make sure you have relevant work experience first. Therefore i started working part time since young and save money for the rainy days.
Of course i also like to go for travelling and enjoy good food with my family once in awhile. It will be awesome if you could provide me with some good advise :. May i know is there a better way to maximize my current reserves to k per annum as per your article? Anyone who has a degree in life can tell you that to earn more you have to spend more.
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