Studying how one can make 6 figures ($100,000) a 12 months is a standard objective for a lot of — and why wouldn’t it’s?
The six determine quantity is a milestone that may put your earnings properly past the median family earnings in the USA, and doubtlessly afford you with a extra comfy life-style.
However how do you get there – particularly in the event you’re making nowhere close to this quantity now?
Methods to earn 6 figures a 12 months:
There are numerous methods you may get to incomes six figures a 12 months. The 2 commonest methods are:
- Getting a job that makes six figures a 12 months
- Beginning a facet hustle and scaling it so that you’re ultimately making six figures a 12 months
- A mixture of the 2 above methods
None of those choices are straightforward, and they’re going to doubtless contain sacrifices and sweat fairness. However leveling up your full time job and scaling a facet hustle are precisely what we focus on at IWT. The next programs have labored for 1000’s of our college students efficiently, and with effort and time, you can be in your approach to incomes 100k in a 12 months.
What Does a Six-Determine Revenue Truly Look Like?
You want to make a minimum of $100,000 a 12 months if you’d like a six-figure earnings. Meaning making a minimum of:
- $8,333.33 a month, or
- $2,083.33 every week, or
- $416.66 every workday, or
- $52 an hour.
Breaking down your bigger objective into smaller increments will allow you to perceive what it should take to get the place you wish to go. Are you able to land a full-time job that pays $52 an hour? Or are you able to freelance for that quantity?
It’s vital to determine the place you are actually in comparison with these benchmarks if you wish to attain your objective of 100k/12 months.
Learn how to make $100,000 a 12 months in 5 steps:
Let’s get began.
Step 1: Arrange your monetary basis for six figures
When you will have a objective as bold as “I wish to earn a six-figure earnings,” it’s straightforward to lose sight of the actually vital issues in your life.
I’m speaking concerning the fundamentals: meals, water, shelter, and so on.
That is the “Tripod of Stability” — the entire foundational, large points of your life that you simply preserve ultra-stable so you’ll be able to take dangers in different areas.
“I’m a proponent of a part of the Tripod of Stability,” says Naveen Dittakavi, founding father of NextVacay.com. “If in case you have a day job, that you must be certain that it’s steady. You need to carve a capability to work in your facet hustle whereas doing nice work at your day job.”
He continues, “I lived at dwelling for six years. My dad and mom had been actually cool and helped me get by whereas I constructed out my enterprise.”
Naveen lately scaled his hustle in order that he’ll be taking away roughly $1 million this 12 months (so you understand he is aware of his stuff).
By taking good care of your large issues — your private home, automotive, relationships, meals — you’ll have the ability to take dangers in areas like your facet enterprise. As Ramit says, when you will have your bases coated, you’re probably not taking dangers in any respect.
Your Tripod of Stability doesn’t essentially imply that you simply’re freed from sacrifices although. If you wish to commit your self to creating six figures a 12 months, you’re going to have to alter a few of your habits and beliefs.
“I sacrificed lots to construct my enterprise,” Naveen recollects. “In spite of everything, dwelling at dwelling along with your dad and mom for six years means you’re going to be single for six years — BUT it gave me what I needed out of my life.”
Motion step: Determine your Tripod of Stability
Write down the three most important “legs” of your Tripod of Stability. These are the issues that, if they continue to be fixed, would mean you can climate dramatic modifications in different areas in your life. It may very well be issues like:
- Your private home
- Your automotive
- Your job
- Your partner or companion
- Your financial savings account
As soon as you understand what makes up your Tripod of Stability, you’ll be able to ensure you have these areas safe so you can begin taking dangers in areas like beginning a facet hustle.
Step 2: Earn more cash in your profession
In the event you’re trying to construct a six-figure earnings on freelancing along with your facet hustle alone, you’ll be able to skip this step.
If having a job is among the legs to your Tripod of Stability, although, you’re going to wish to maximize your wage as a lot as attainable.
Why? The extra you earn, the nearer you’ll get to your first six-figure 12 months. There’s no higher manner to do this than to barter your wage.
Try this chart that exhibits how a lot a $5,000 enhance in wage can add up through the years:
Not solely is it a BIG win, but it surely additionally units you squarely on the highway to incomes extra after only one dialog along with your boss.
And step one to do that is definitely easy — however many individuals nonetheless neglect it: Do good work.
“At the start, it’s a must to ship nice outcomes,” says IWT reader and six-figure earner Enoch Ko. “With out outcomes, no quantity of networking or relationship constructing can get you [to six figures]. That stated, it’s a must to construct good relationships at work together with delivering nice outcomes.”
“Outcomes and relationships go hand-in-hand,” he continues. “As soon as I had confirmed myself to be a High Performer, increased wage was only a matter of time — having common wage discussions with my managers and skip-level managers, understanding timing with the company planning cycles, and so on.”
When you show your self to be a useful asset to your organization, start to construct two of an important instruments at your disposal: your community and your observations. Enoch made such an influence he ultimately moved on to a different function that he was referred to by … his present supervisor.
“It was via constructing good, trusting relationships via delivering nice outcomes that helped,” he says.
One factor that may have a HUGE influence on wage negotiations is displaying you’ll be able to add even extra worth sooner or later.
An effective way to do that is just by asking questions of your supervisor:
- What’s one thing that you simply wish to enhance inside the firm — and the way can I assist?
- What traits do you worth probably the most in a brand new rent?
- How can I assist along with your most vital objective this quarter?
Not solely will this present that you’ve got initiative but it surely additionally offers you perception into precisely the type of speaking factors that may grand slam your wage negotiation.
One of many greatest fears of job seekers is just not figuring out what to say in an interview. Discover Your Dream Job contains word-for-word scripts and breakdowns with actual hiring managers so that you could nail your subsequent negotiation. Click on right here to be taught extra.
Motion step: Put together to your wage negotiation
Try our sources all about how one can put together to your wage negotiations. A couple of nice locations to begin:
Step 3: Discover a facet hustle thought
That is the primary barrier holding folks again from creating their facet hustle.
In spite of everything, you’re searching for one thing that’s worthwhile and that you simply’re enthusiastic about.
And the Venn diagram between these two issues typically looks as if two separate circles.
Fortunately, you have already got worthwhile expertise already. That’s what Christina Nicholson of Media Maven realized when she left her job after years of expertise as a tv information reporter and began working for a PR company.
“Like many individuals, I didn’t have a fantastic boss,” Christina recollects, “and extra consideration was paid to the hours I used to be sitting in entrance of my desk within the workplace as an alternative of the standard of labor I used to be executing.”
That every one modified when in the future a shopper got here in to pay his retainer and Christina found that it was greater than what she made in a single month.
“That’s once I realized I might do all of the work AND preserve all the cash,” she says. “I didn’t must work for somebody who triggered me pointless stress. I didn’t must get trip authorised or be on the receiving finish of an angle once I wanted to go away the workplace early as a result of I had a sick baby.”
She continues, “I might additionally do different issues, like host native and nationwide TV segments on a contract foundation.”
So she started to construct out Media Maven, her hustle to assist different companies get a deal with on their PR. “After beginning my enterprise,” she recollects, “I noticed what was attainable and it motivated me, much more, to be taught extra about entrepreneurship and take issues to the following stage.”
That’s not the one manner you could find a worthwhile freelancing thought both. In case you are at a loss for the place to begin, try the 30 confirmed enterprise concepts within the PDF under. As you scan the listing, take into consideration the way you would possibly apply these concepts to your present expertise and hobbies.
Click on right here to obtain your very personal PDF of the 30 confirmed enterprise concepts.
For now, simply select one enterprise thought. It’s okay, you’ll be able to at all times change it later. For now, we’re going to only strive one out and attempt to discover a shopper with it.
Step 4: Get your first shopper
With a purpose to begin incomes cash, that you must discover the individuals who gives you cash to your concepts.
However the query is … how? The place do you discover these folks?
Naveen’s tactic? Providing mouthwatering worth.
“I used to be actually concerned in numerous entrepreneurial aspirational teams,” he explains. “So entrepreneurs would dangle on the market and I’d discover methods I might add worth. I wasn’t making an attempt to pitch or shut offers. I’d simply say that I had a pc science diploma and, ‘I can assist you make clear your imaginative and prescient and perceive what it takes to construct it out.’”
“I’ve at all times been useful,” Naveen continues. “I began to seek out that being useful to different folks builds belief and can lead to gross sales. I used to be ready the place there was restricted expertise to execute tech tasks and there wasn’t lots of people to assist aspiring entrepreneurs.”
By doing this, Naveen did two essential issues in the case of discovering purchasers:
- He went to the place the purchasers lived. By going to precisely the place his goal market frolicked, he was in a position to construct a community of potential purchasers and folks he might assist.
- He supplied superb worth. Naveen acknowledged a chance to point out his potential purchasers that he was the person to assist them. This value-add helped him acquire his first few purchasers.
You are able to do the identical factor.
Ask your self:
- Who’s my shopper?
- The place do they go after they wish to search for an answer to their issues?
- The place are they ALREADY searching for options to their issues?
- How are you going to join them to your service?
At this level, you’re additionally going to wish to area of interest down your goal market so as to actually tailor your companies and attract prospects. So take into consideration who’s an instance of a shopper who would possibly wish to purchase your product.
A couple of inquiries to jump-start your analysis:
- How outdated are they?
- The place do they reside?
- What are their pursuits?
- How a lot do they make?
- What books do they learn?
Utilizing this data, discover out what your purchasers want by going to the locations they go.
For instance:
- On the lookout for bodily or therapeutic massage therapists inside 50 miles of your own home? Yelp ought to get you began simply.
- If you wish to do giant canine grooming and sitting, properly there’s in all probability an area pet retailer or canine park close to you the place house owners are all congregating simply ready so that you can provide them an answer.
Listed here are a couple of options of another nice websites freelancers can use to seek out enterprise on-line:
When you discover a potential shopper, you’re going to wish to attain out to them and pitch your companies.
Constructing a enterprise, together with a contract enterprise, might be sophisticated. In Earnable, we’ve damaged down the complete course of. It’s been confirmed over 15+ years, 50+ industries, and 42,000+ paying prospects. It’s an entire system — you get all the precise methods, frameworks, hands-on techniques, real-world examples, mindsets, done-for-you templates, word-for-word scripts, and hard-won breakthroughs to begin and develop your personal enterprise. Click on right here to be taught extra.
Motion step: Discover a shopper and e mail them (with scripts)
Discover your shopper utilizing the knowledge I’ve outlined above. Let’s say you’re a video editor trying to choose up some facet work. Right here’s a helpful script you can use (simply exchange the “video editor”–particular stuff along with your talent):
CLIENT’S NAME,
I noticed your submit on X and visited your web site. I observed that you simply’ve lately began utilizing movies too.
I’ve been doing video modifying for 3 years and I’d like to supply that will help you edit your movies and get them optimized for the online.
That might make them look extra skilled and cargo sooner, which is vital to your readers. And also you’d unencumber time that you can use to create new content material.
We will talk about the main points, in fact, however first I needed to see if that is one thing you could be serious about.
In that case, would it not be okay if I despatched you a couple of concepts on how one can assist?
Finest,
Joe Instance
A couple of takeaways:
- There may be zero fats within the pitch. Each phrase counts and is required to assist actually promote the advantages of working with you.
- Don’t point out cost. There’s nothing that may kill a possible shopper’s curiosity in you greater than pushing costs on them earlier than they’re prepared.
- Stress the advantages. This e mail exhibits the shopper why it might be of their finest curiosity to purchase from you within the third paragraph.
When you get a shopper utilizing this e mail, congrats! You simply secured your first shopper — but it surely doesn’t finish there. You want to really do the work for them, and which means frequently including worth.
“Being tremendous conscious of how one can assist folks and the way they understand you and recognizing that cash will come in the event you’re valued by your viewers helps most,” Naveen explains.
Step 5: Spend money on your funds AND your self
Investments can take all shapes and varieties. Let’s stroll via three areas the place you can begin to speculate in the case of constructing out your six-figure life.
Funding #1: Private finance
That is IWT’s bread and butter. We now have intensive sources in the case of private finance. It’s additionally a vital leg anybody ought to have on their Tripod of Stability.
The best approach to get began guaranteeing your private funds are so as is by automating your funds.
That is our system of sending your paycheck the place it must go every month (utilities, lease, cellphone invoice, and so on.) so that you don’t have to fret about it.
“Being financially conservative, I’ve additionally automated my money move in order that I routinely have financial savings and investments,” Enoch says. “I get pleasure from not having to consider financial savings and investments. I get pleasure from with the ability to spend cash with out worrying whether or not I’d have sufficient money to pay for the extremely cyclical quarterly fuel invoice or bimonthly electrical energy invoice after they come.”
“Automation is extremely vital,” Naveen says. “On the time I used to be drawing a wage from my day job, it was useful to place my belief in a system that made sense and would work out in the long run. On the time, I used to be placing money away in my ING Direct account and my sub-savings accounts. I used to be in a position to see that quantity enhance and I noticed it labored rather well.”
Automating your funds solely takes one to 2 hours on the most, however when you set it up, you don’t have to fret about it once more. It’s undoubtedly a key a part of how one can make $100,000 a 12 months.
AND it’ll prevent 1000’s of {dollars} over your lifetime.
Funding #2: Your facet hustle
If you wish to know how one can make $100,000 a 12 months, you’re going to should hustle onerous. Meaning you’re going to succeed in a degree in your facet hustle the place you’re going to should put again some cash into it if you wish to develop.
That would take the type of hiring staff, shopping for an internet site area, or getting a mentor / coach as was Christina’s case.
“It sounds cliche, however working smarter as an alternative of working more durable is how I reached six figures,” Christina explains. “How do you’re employed smarter? You encompass your self with people who find themselves smarter than you and have already achieved what you’re working for.”
So she employed a enterprise coach and located somebody to assist her construct out her enterprise.
“I actually did my homework,” she says. “I employed somebody with a group of individuals, all of which had been profitable entrepreneurs incomes a minimum of a number of six figures, lots of their purchasers had been incomes a minimum of a number of six figures, and the teaching group had a really excessive retention fee, which informed me they need to do one thing proper!”
That’s only one instance although. You will discover some ways to place a reimbursement into your online business to assist it develop.
One nice approach to make investments is to hunt out mentorship or buy a product or a e-book — which brings us to …
Funding #3: Your self
Presumably the very best funding you could make that may put you on a path to make 100k a 12 months is placing cash in creating your self each career-wise and on a private stage.
“My greatest funding is self-care,” Bonnie says. “The very first thing on the calendar every month is Pilates, pole health, massages, day spa visits, {couples} remedy, fast getaways to Desert Sizzling Springs, and so forth. If I’m not my finest self, I’ve obtained nothing to deliver my purchasers. It’s simply silly vital, as investments go.”
LOVE IT.
Who cares if this looks as if a luxurious? Who cares if folks would possibly scoff on the thought of getting a therapeutic massage? What issues is that YOU need it and that YOU are prepared to work for it.
One of the best ways to get began is to start investing in your self. That is one thing folks not often take into consideration after they begin studying how one can make $100,000 a 12 months.
And one factor that one can find quite common with individuals who haven’t taken the time to put money into themselves and learn the way these things works, is they’ll create what’s referred to as ranges of abstraction.
Slightly than simply going on to what they need, they’ll create all these totally different ranges of abstraction — like making a Fb web page or a weblog — that make them really feel good, however that really don’t require them to do the onerous work.
So, they’ll spend six, 9, twelve months doing one thing irritating after which hand over as a result of they by no means hung out shopping for a pair good books or shopping for a course.
Regularly Requested Questions About How To Make 6 Figures
Is it onerous to make 6 figures?
Constructing as much as or incomes 6 figures is just not straightforward. It would take onerous work to have the ability to earn that a lot or purchase that a lot wealth. One of the best ways to get to $100,000 is by continuously growing your internet value and expertise.
What jobs make 7 figures a 12 months?
Right here’s an inventory of jobs that make 7 figures:
- Enterprise House owners
- Docs and Different Medical Professionals
- CEOs and Different C-Suite Executives
- Salesmen
- Traders
- Bankers
- Company Legal professionals
- Actors and Actresses
- Skilled Athletes
- Youtubers and Influencers
At what age ought to I be making 6 figures?
Often, folks don’t earn 6 figures till they’re of their 30s. Nonetheless, there isn’t any particular timeline for this and everyone seems to be totally different. Employees in America are normally anticipated to be making 6 figures or extra by the point they’re 30 due to their expertise. There are in fact outliers and exceptions to this rule.
