Particularly if you are just starting out in your professional life, you may believe that earning seven figures in pay is an unachievable goal. 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 important to keep in mind that if you apply your mind to something, everything is achievable, even earning a seven figure wage.
There are a lot of different careers that pay seven figures that you may explore, and there are also other ways that you could earn seven figures! Therefore, let's go into the answers to these questions: what is a seven figure wage, how can you turn this dream into a reality, and what abilities may help you get there!
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. On the other hand, if you have a salary in the six figures, your annual earnings range from $100,000 to $999,999. There is no question that there is more than one route to a seven-figure income outside a traditional nine-to-five job.
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. The most recent statistics from the IRS indicates that out of the 153,774,296 tax returns that have been submitted, there are 538,651 families who have earnings of one million dollars or more.
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 there is no one holding you back from achieving achievement. You are in total control.
Even while it is possible to do the task on your own, acquiring certain abilities will help you stand out from the crowd when applying for positions that pay seven figures and can even assist you with running your own company! Consider acquiring some of the following high-income skills:
Blogging and writing skills
Business managment skills
Jobs with salaries in the seven figures
If you want a career with a seven-figure pay, you may have to think in unconventional ways to get there. You can make a seven figure income by being a CEO or a rockstar sales executive, but some of the most popular jobs that pay a seven figure salary are ones that are somewhat dream-worthy, such as acting or playing a professional sport. These jobs include the possibility of earning a seven figure income. When you are pursuing something you are passionate about, it is essential to retain an open mind.
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 greatest chance you have of achieving seven figures is if you have the correct 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, there are certain bloggers, lifestyle influencers, and internet retailers who can generate a seven figure income!
2. Chief executive officers and high-level executives
The chief executive officer (CEO) and other executives at the C-level have a great deal of responsibility and are handsomely rewarded for it. For instance, research conducted by the Economic Policy Institute found that the typical annual income of a CEO working for one of the top 350 companies in the United States was $24.2 million, which was 351 times more than the salary of a "average worker." Apple, GoodRx Holdings, and Tesla are examples of some of the companies that pay their employees the highest wages.
3. Legal counsel for businesses
Although lawyers often do not begin their careers earning more than one million dollars per year, it is rather 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. This allows the lawyer to demand greater rates.
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 subjected to a significant level of stress in return for a big income. In addition, employment in investment banking are 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 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 for, is where everything begins.
6. Performers in film and theater
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 a 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. You may, without a doubt, acquire the skills necessary to become a fashion designer and perhaps launch your own company at the same time.
Here are five strategies that might help you earn a seven figure income.
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 a certain 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 course and sell it via platforms like Teachable and Udemy.
2. Complete your postsecondary education.
A 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.
You won't pick up these abilities and strategies in your standard schooling, but they'll set you apart from the competition and help you make more money in the long run. 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. Creating 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 learn 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. In addition to this, you may look for local networking events that you can attend in person.
Never underrate the value of networking, especially if you believe you lack sufficient knowledge in a certain 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 media now days 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 and 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 estimated to be $3.5 billion dollars.
Is a salary in the seven figures acceptable?
Yes, it is; nevertheless, the outcome depends entirely on how you manage the situation. You may find yourself in the same position as someone earning a lot lower wage if you fail to save enough money and if you spend more than you earn.
You undoubtedly believe that a seven figure income is incredible, yet it's possible for someone earning one million dollars or more year 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. You should always be sure to have a strategy for your money, regardless of how much you bring in.
A 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. Keep in mind that in order to achieve those lofty objectives, you must first reduce them down into more manageable subgoals.
Take a step back and consider the larger picture, as well as where you envision yourself in the next five to 10 years. 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?
Always keep in mind that even if you earn seven figures, you still need to know how to spend, save, and invest your money in order to get the most out of it. Do you want even more stimulation? Gain an understanding of what it takes to make ten figures!
With the help of our totally free course, you can find out how to properly plan your finances. Listen to the Clever Girls Know podcast and subscribe to their YouTube channel to get insight into increasing your earnings and tips for maintaining your drive to achieve your objectives.