When a young person starts their career, a seven-figure salary can seem like an unrealistic achievement. However, a salary of one million dollars can be quite realistic if you put some effort into it.
There are many jobs to consider at this level of pay. In addition, there are other ways to earn millions in income.
So, let’s look at the possibilities of making the dream of a seven-figure salary a reality.
What is a seven-figure salary?
A seven-figure salary is a salary that starts at $1 million.
Is a seven-figure salary realistic?
A seven-figure salary may be realistic, but it takes a lot of work to reach that goal. According to the latest tax data, there are 538,651 households with incomes of $1 million or more out of 153,774,296 tax returns filed. For most people who have a high-income level, these incomes have not fallen on their heads. Many of them started out in low-paying jobs and have been able to achieve high levels of income by working hard for many years. So if they could do it, then so can each of us!
Skills Required to Achieve a Seven-Figure Salary
Research on people with high incomes has helped highlight some of the skills that make it possible to achieve a seven-figure salary. However, these skills are not special, and you can achieve this level of income by hard work, creating your own business without income limits. Here are some of the skills that researchers have observed lead to a high level of income:
- blogging skills
- business management skills;
- financial skills;
- effective sales skills;
- presentation skills;
- acting skills
- sports skills;
- fashion skills.
Top 7 Highly Paid Professions
If you dream of a job with a seven-figure salary, then you definitely have to think outside the box.
1. Business owners
As a business owner, you have the highest probability of making a seven-figure income, because there are practically no restrictions in front of you. In this case, you must have an entrepreneurial mindset, and be ready for business diversification and growth prospects. Running your own business requires perseverance and hard work. Your own seven-figure business can be built around your own unique passions or skills, such as providing services or selling physical or digital products.
2. CEOs and senior executives
With broad responsibilities and high responsibilities, these categories of workers have the opportunity to receive a high level of income. According to research, the CEO of the top 350 US companies earns an average of $24.2 million. Apple, GoodRx Holdings, and Tesla pay high salaries to their leaders.
3. Corporate lawyers
Of course, lawyers do not start their careers with a seven-figure income, but they can easily achieve such a salary by setting clear goals for themselves. There are examples of law firms that grow from small law firms, building their business around marketing, sales, systems, and strategy. On the other hand, cutting down to one or two areas of legal practice also helps lawyers earn a higher income, as they are perceived as highly specialized professionals.
4. Sales managers
Most seven-figure salespeople work in technology and software.
Sales reps often start at much lower salaries and even across industries. However, as they acquire and improve their skills, they have the potential to achieve their 7-figure salary goal.
4. Investment bankers
Investment bankers have a six-figure base salary, but most of their income comes from commissions and bonuses.
In exchange for this substantial salary, investment bankers typically work long hours and experience tremendous stress.
When you talk about a seven-figure salary, you are most likely thinking of business professionals. But times are changing, and today YouTube stars are the owners of seven-figure salaries.
Influencers earn income from a variety of channels, including commissions, sponsorships, and direct sales.
6. Actors and actresses
Of course, not all actors and actresses have a seven-figure income level. But in order to achieve this, you need to start somewhere. Many highly paid actors and actresses have been able to achieve success without experience. And some of them, like Will Smith, for example, earn from 40 to 80 million dollars a year.
7. Professional athletes
Becoming a professional athlete can be difficult, but it is possible. Especially if you think about it in your youth, get good grades and participate in competitions in your sport.
Not all professional athletes make seven-figure salaries just by winning victories. They can also achieve a high level of income due to their popularity by advertising products of well-known companies.
8. Fashion designers
Maybe today someone doubts that the income level of Coco Chanel, Christian Dior, Yves Saint Laurent, Gianni Versace, Giorgio Armani, Ralph Lauren, and several other designers does not reach seven figures? Hardly. And once some of them started from the minimum wage. And once upon a time, one victory on the fashion scene could easily bring them to the pinnacle of success. Today, many celebrities dream of walking in their clothes, cinemas order their collections, and their products become works of art and bring huge incomes to designers.
5 ways to earn a seven-figure salary
There are several ways to earn a seven-figure income:
1. Create products, services, or courses
For example, do you have a specific skill that you can teach others? Dare! Create and look for opportunities to implement them.
In some cases, a college degree can help you reach your seven-figure goals. For example, a CEO or an investment banker would definitely benefit from additional education.
3. Create Multiple Streams of Income
“Don’t put your eggs in one basket” is the basic principle of business diversification, proposed by the eminent economist Adam Smith, which allows a millionaire to receive income from different sources and avoid losing all income if one or even several sources of income collapse. The average millionaire has 7 sources of income.
4. Network with seven-figure salaries
Another great way to learn more about earning a seven-figure salary is to meet and follow up with people who have achieved their desired goals.
Never underestimate the power of such acquaintances, even if you think you don’t know enough. Sometimes all it takes is getting to know and keeping in touch with the right person.
5. Use social media to make yourself known
Today it is a fairly easy way to make your name recognizable. By building an audience, sharing educational and entertaining content related to your product or service, you have the opportunity to reach people who want to work with you.
Advertise on Instagram, Facebook, YouTube and Pinterest to grow your reach and increase your income.
Seven-figure salary is possible!
A well-set goal is the first step to earning a seven-figure salary. Next, you should make a plan and strictly follow it, breaking it into small steps. Look at the big picture and visualize where you see yourself in a year, two, five, or ten years. The main thing to remember is that you are on a path that can lead you to your seven-figure dream.
Remember, even if you earn seven figures, you must know how to use it, save it, and invest it to get the most out of your income.