This “ How To Make Six Figures A Year” post explains what you may want to do if you aspire to make a six-figure salary. Some people think that it’s impossible but the author believes that it can always be done.
People have different reasons for wanting to earn a lot of money every year. But one thing is for sure, that is, a lot of people would love to earn six figures a year. I know I would. While it seems that earning that amount of money may seem impossible, believe me when I say that it’s possible. I’ve seen a lot of people who are personally close to me who are earning that amount of money.
If you want to make a lot of money, there are necessities that you need to be aware of and that you need to take control of. While I do believe in luck (just like winning in the lottery), I do believe that earning six figures is directly tied to a ton of hard work and some or combination of what I am listing below.
Necessities on How To Make Six Figures A Year
I’d like to categorize these necessities into different buckets so it’s much easier for you guys to know where they fall under.
How To Make Six Figures Tip#1: Yourself
No matter how intelligent or savvy you are, when you don’t know what you want to do or where you want to go, you will always travel the long and winding road. You’ll try new things and possibly, quit and then, try some other things again until you are exhausted and can’t seem to find what to do or where to go next. Before you spread your wings and go, sit down and think about the following life essentials.
Goal. You need to have a goal and be focused on that goal regardless of where you are in your life. It’s ok to doubt yourself but at the end of the day, you need to tell yourself that you have a goal and that you’ll do everything to reach it. If you don’t set a goal, you may never yourself earning a six-figure salary.
Action. Nobody’s going to give you that six-figure salary unless your parents own a company and transfer everything to you or something along that line. You need to work hard for it. Get up and be proactive. Seek opportunities and chase opportunities that come along your way. You’ll never know if these opportunities will be your ticket to earning that dollar figures. In short, don’t be lazy.
Challenges. Of course, challenges will come your way, which will deter you from achieving your goal of earning six figures. Use the challenges as platforms to improving yourself or use them to your advantage. Just because you fail doesn’t mean that your attempt to earning more should be done. Take challenges as life lessons. Then after that, move on and strive harder.
Knowledge. If you want to make a lot of money, you need to be the expert at your own game. If you want to save a lot of money, then, you need to learn the ins and outs of personal finance. If you want to work for the energy industry and make a ton of money, then, you need to educate yourself about the energy industry. In other words, learn and continue learning. Remember that knowledge is power and you can use it to your advantage. It will also help you make more money in the process.
Personality. One of the best assets you’ll need to earn a ton of money is your personality. Don’t be rude to others because you’ll never know if those people will help you gain access to high-paying jobs. Don’t change personality when you’re already earning a lot. Be respectful and you’ll be respected. I’ve known a lot of people who have grown their egos so large that they ended up losing more than just their money. They lost their friends and family in the process.
How To Make Six Figures Tip#2: Your Education
I would bet that, at one point, you were or are tired of hearing your parents when it comes to getting good grades and going to college. They are right for a lot of reasons. How many successful people who have amassed a ton of wealth or are making a lot of money didn’t go to school? There are probably not a lot of those people. This is one good reason that you need to go to school and there are some more.
Grades. If you want to go to a great school with great reputation, you have to get outstanding grades. Education costs a lot but there are a lot of scholarships for those people who have excellent grades. Of course, there are also scholarships for sports, need-based situations, among others.
It is important that you keep your grades high. Do you think that you can get into the Ivy Leagues with a mediocre GPA. You may but your chance of getting into a topnotch school is slim given the number of other highly, more competitive applicants these well-known schools get every year.
Don’t take education for granted. Take it seriously because this may be your ticket to earning a ton of money. This doesn’t mean that you only need to focus in school neglect your social life. That is not what I mean. Study hard and have fun at the same.
Again, there are always exceptions to situations like this. If you don’t go to an Ivy school, it doesn’t mean that you’ll never earn that six-figure salary.
Degree. Not all college degrees have great job opportunities after graduation. As a matter of fact, some college degrees are so not-in-demand that people who have these degrees tend to be unemployed for a number of months or years. Even if you go to a well-known school, you may not easily find a job if you choose a degree that’s not really useful.
If you really want to make six figures, you need to choose a degree that can help you get there. Get a pre-med and go to med school afterwards (although you’re looking at a ton of student loans). If you become a doctor, you are more than likely to earn six figures.
You can also get a business or engineering degree and apply to high-paying companies who need your knowledge and skills.
If you want to further hone your skills and knowledge, you can always go to graduate school and get advanced degrees like MBA, JD, online MBA dual degree, among others. If you happen to have bad grades in high school but had stellar grades in college and outstanding job experience, apply to well-known graduate schools. Once you have this degree, you are free and more confident to seek opportunities from small, medium, or large-sized companies.
If you ever get into a big business school like Harvard, Yale, Columbia, Duke, Chicago, and Cornell, you may find yourself with a job, after school, with pay package that’s over $100,000.
Continuing education. Just because you’re done with school doesn’t mean you’re done learning. New technologies, business ideas and strategies, among others come out from time to time. As such, you need to keep abreast of these new development and changes. It is through continuing education that you keep yourself updated of the latest matters in the industry you are in. It is also through this that you can consistently be competitive in the marketplace.
How To Make Six Figures Tip#3: Your Job
So, you’ve got your attitude and education checked. Now, it is time for you to use these to land a job. You need to figure out which industries you want to work in and what type of jobs you want or specific position you want to be working. Don’t be afraid to apply to big companies that you think you are not qualified for. You don’t know what they are looking for. You don’t know that they will see in you that you don’t see in yourself.
The worst thing that they may see is a “No” or they just won’t take a further look at your application. It’s better to try and fail than not try and always think what could happen if you did try. That’s how I look at it.
If you are looking to earn six figures, you may want to try applying to the big companies first. If you have both the education and experience, then, you’ve got nothing to fear of. If you want to be less optimistic, then, you can say you’ve less to fear of. Just dive in and see how everything goes. Here are some of the industries and companies that you may look into when you start applying.
Consulting. McKinsey & Company, The Boston Consulting Group, and Bain & Company
Aerospace and Defense. United Technologies, Boeing, Lockheed Martin, General Dynamics, Precision Castparts, and Northrop Grumman
Food and Beverages. PepsiCo, Coca-Cola, Tyson Foods, Mondelez International, and Kraft Foods
Telecommunications. AT&T, Verizon, China Mobile Ltd, Vodafone Group, and NTT Group
How To Make Six Figures Tip#4: Your Professional Network
Your job performance is one of the factors that will help you go up the career ladder, which tends to be tied to salary increase. But it’s not the only factor. In the business world, it’s not just about what you know but it is also about who you know. Even if you don’t get a six-figure job at first, don’t fret.
You may ask how to make six figures with your professional network. There’s answer to that.
As long as you connect with other professionals and build relationships with them, you’ll find that they’ll come in handy when you want to move from one job to another. If you have working relationships with the big guys in your workplace, they can help you get better job opportunities and/or better pay. They can also serve as your mentors and help you find better opportunities that fit your needs and your desire to earn that six-figure salary.
How To Make Six Figures Tip#5: Your Own Boss
If all fails and/or they don’t go your way, fret not because there are other options for you. There are more opportunities outside the 8 to 5 work world. If you have the education, experience, and the drive to succeed, you can always find something that will make you more money. You will find that creating and running a successful business is one way on how to make six figures.
Business. Are you a business-minded person and have an idea that the world needs, which is currently not in the market? Then, you can create your own business and be profitable. This way, you can earn more and all profit will be yours (and the potential losses, too).
Even if you don’t have that innovative idea, there’s always a room for any kind of business that will generate some passive income for you. You can create a restaurant that everybody will want to visit again and again. If you’re interested in writing, you can publish a book and earn royalties for forever. In addition, you can also start blogging and monetize it later on.
The truth is there is always a room for new businesses. Remember that people’s needs change and you may come up with a million or billion-dollar idea now or in a couple of years down the road. You may not only find yourself making six figures with your company, you may even be looking at seven figures.
If you think making six figures a year cannot be done, you should think again. You can always find ways on how to make six figures and what I stated above are just some of those ways.
The truth is the only person who’s hindering you from achieving that six-figure salary is you. As my old mentor used to say, “you make your own luck, path, and destiny. At the end of the day, change starts within you.”
Allan Liwanag is a personal finance blogger who paid off at least $40K debt in 3 years by adopting simple and extreme saving techniques while ensuring his family’s needs were taken care of. An analyst by day and dedicated blogger by night, he loves to share his thoughts – based on his research, personal knowledge, and experience – on topics related to family, life, and money. Allan lives with his family in Maryland, USA.