Hitting a 7-figure salary doesn’t just mean being a millionaire; it means taking home million dollars (or more) every year. This means you’ll still have a million dollars, after taxes and all of your other expenses. As you can imagine, this is no easy feat and requires a lot of hard work, dedication, and strategic thinking. However, it’s not impossible to get yourself a 7-figure salary–in fact, we can break down how to get there. First, let’s look at the kind of person who can earn over a million dollars every year.
This income tier used to be full of the richest of the rich, like successful business owners and high-level executives. However, these days this income bracket is quite diverse. The internet has opened up more avenues for people to earn money through content creation and online side hustles. Here are a few careers that can give you a 7-figure salary and what you can learn from them.
It’s no secret that pro athletes bring in the big bucks. From LeBron James to Serena Williams, pro athletes from all kinds of sports can easily make tens of millions. Of course, they are some of the greatest players of all time. They started building their legacies at a young age and had the genes to let them reach their fullest potential.
If you want to be a 7-figure salary kind of pro athlete, you have to be the best. The average pro athlete can barely even reach six figures! However, that isn’t counting endorsement deals from brands that want you to represent their product.
An entertainer is someone who entertains other people for a living. Traditionally, the word “entertainer” brings musicians, actors, and comedians to mind. These days there are content creators like YouTubers and streamers. A pro athlete can also be seen as an entertainer.
Entertainers make money from various sources, such as partnerships, merchandise sales, and endorsement deals. To get all these opportunities, they must be good at entertaining people or making content people want to watch. Some examples of successful entertainers are comedian Dave Chappelle and YouTuber Mr. Beast.
Some investors are so skilled that they can earn millions through the stock market alone. These are day traders who, as the name would suggest, trade stock as a full-time job. Becoming a millionaire through day trading is possible, but it is incredibly risky–even if you’re experienced. To some people, day trading may even seem like gambling–even if it isn’t.
While not everyone can (and should) become a day trader, everyone should learn how to invest. Here’s a list of some of my favorite books that can teach you investing.
Due to commissions and the high base rate, a job in sales can easily net you a 7-figure salary. That is, however, if you’re good at closing deals. To excel in sales, you must be persuasive and good with people. If you aren’t, you can always learn, but as with any skill, it takes time.
Lawyers don’t start with a 7-figure salary, but they can quickly make it there as they work their way up the ladder. However, it does take four years of law school and passing the BAR exam. The life of a lawyer is luxurious, but it takes quite a bit of hard work to get there. Even when you’ve reached 7-figures as a lawyer, you’ll have to stay on top of your game to stay there. This is difficult to sustain considering that the average lawyer works more than 40 hours a week.
According to Indeed, the law profession has some of the most 7-figure earners.
The average CEO earns over $800,000 a year, so it’s just a bit off from that 7-figure salary mark. CEOs typically earn their positions through connections, hard work, and experience. However, C-level positions are incredibly taxing, as they frequently suffer from mental health issues.
However, C-level positions tend to have the most money out of any other job on this list. Just look at CEOs like Jeff Bezos, Elon Musk, and more.
No matter what company you work for, you earn only a fraction of what the business earns. The best solution? Start your own business! Becoming a business owner isn’t just a way to earn millions; you do it on your own terms. You get to make the decisions and call all the shots. Even small business owners earn more than your average salaryman and can even scale their businesses up for more money.
Not every business has to be an enterprise like Amazon or Apple. Some side hustles can be scaled up into full-fledged businesses if you know what you’re doing.
We can learn something from each of these 7-figure salary positions. Here are three tips that can help you earn that millionaire status:
Wealthy entertainers, day traders, and business owners get to where they are because they’re not afraid to be different. Most people aren’t 7-figure earners, and if you keep following the herd, you won’t be, either. You must know how to take risks in your career and bet on yourself and your talent.
Pro athletes, CEOs, sales executives, and business owners can only reach 7-figure status if they’re the best of the best. If you want to earn millions or more every year, you must keep challenging yourself to be great. The highest income bracket is incredibly competitive, and you have to work hard to earn a spot and keep it.
No matter what profession you choose to pursue, you will undoubtedly fail if you stop learning. You have to keep growing and learning new skills and information as you mature in your career. If you can keep this going, your net worth will grow. This is why you should join the money squad! As a member, you’ll receive exclusive financial advice sent weekly via phone! Signing up is absolutely free and takes just a few seconds, so sign up today!
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Dollars Makes Cents by Shaquana, Financial Coach and Wealth Expert, resources helps professional millennial women of color with the tools and skills they need to eliminate their debt, amplify their savings, and build generational wealth — without having to compromise their lifestyle.
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