Let’s do some math. If you want to earn $100,000 a year, then you’ll need to earn a bit more than $8,000 a month and quite frankly, that’s a decent amount of income for one person to generate. But, this isn’t to say that it can’t be done. In fact, millions of people have attained and surpassed that annual income figure. The real question you should be asking is how so let me share with you 5 ways to make $100,000 a year so that you too can join the 6-figure club!
Method #1: Good Education and A High Paying Job
If you’re not up for the entrepreneurial side of life, then the only way you can earn $100,000 a year is by securing a high-paying job. There is a wide variety of high-paying jobs for graduates, regardless of the degree you hold. However, you must choose your career wisely, and pursue the required degrees.
Not, unsurprisingly, the highest paying jobs you will find require at least some sort of degree and a decent amount of experience. Let me share with you a few examples with the first being the role of a Chief Executive Officer or CEO.
CEOs have a duty of overseeing all departments in a company. It is their job to set strategic goals, make tough business decisions, monitor business-budgets, and report to the board of directors.
Such an important job requires one to possess a bachelor’s degree in business or any other business-related degree. As you can imagine, being the CEO of a company is no easy task, which means the candidate must have a significant amount of working experience in the field.
Becoming the CEO of a company is not easy, you will have to work your way up to the top, and this will take years. There is an exception to this rule though, you can attain the title of CEO in an instant, but that is only if you start your own company. Top paying industries for CEOs include manufacturing, telecoms, science, & medicine and a CEO’s salary within the first 5 years of that position can range from $120,000 to $150,000. After 10 years it can go as high as $200,000 per year or more.
However, if leading a company isn’t for you then you can consider a more technical job like a Computer & Information Systems Manager. This position requires the holder to make sure the technological needs of the company are not lacking. It is also the duty of the holder to make sure the employees are well equipped and trained to carry out their tasks. Supervising maintenance, software & hardware installation, and network security are also part of their job description. To apply for this position, applicants must have a bachelor’s degree in IT (Information Technology) or computer science. A significant amount of work experience is also required. With 10 years of work experience, holders of this position can earn up to $120,000 per year.
One final example is the role of a pilot. — It doesn’t matter if it’s military choppers, charter planes, helicopters or commercial jets, a pilot’s job is of a very delicate nature, as they are entrusted with the safe transportation of people and cargo across the sky from one region to another.
As part of their job description, they are responsible for observing flight conditions, checking the safety of the plane, communicating with air traffic control as well as co-pilots.
To become a professional pilot, you must train for, and obtain an Airline Transport Pilot (ATP) certificate. A bachelor’s degree is also required. Pilots earn up to $69,000 per year within their first 5 years of work, but start to earn between $110,000 to $130,000 per year after their first 10 years on the job.
As you can see, there are plenty of jobs that you can obtain that will have you earning $100,000 or more strictly through your salary. However, these jobs often take a lot of time climbing the corporate ladder and can be exclusionary if you cannot afford to obtain the education and training that is required to hold these roles. It’s for this reason that I will now share the second method of earning six-figures a year!
Method #2: A Good Job and A Business
Another way to hit the $100,000 per year mark is to start a business while you are still employed at your 9 to 5 job. You can use some of the money saved from your salary to start your small business. The amount you need as capital will depend on the kind of business and if this idea appeals to you but you have no money saved to fund your new venture then I recommend you form a savings plan today.
Now, depending on your skill or passion, there are various businesses you can start while still retaining your day job.
One option is fashion design. The good thing about this business is that you can make your clothes after you are done with your regular job for the day and you can start small if you don’t have a lot of upfront capital. Just buy a sewing machine, make your clothes, upload pictures on your social media platforms, and interested individuals may contact you to design for them.
Another popular side business is fitness training. If you have a passion for training people on how to keep fit, then you might want to consider this. You can train your students on evenings and on weekends or whenever else you find yourself with free time. The key to marrying a job and a business is to ensure that you are passionate about the business you create. Chances are you will have 8 hours a day fixated on your job and you will need your passion to energize your efforts when it comes time to build your business.
Method #3: A Good Job And Asset Management
Having long term investments is the true key to financial freedom and wealth. Long term investments include real estate and dividend stocks. Getting into the real estate or stock business will require some capital of course, and this is where your salary comes in. If you’re interested in real estate investing, then you would need to provide a 20% minimum down-payment of the value of the property, as most banks require. This means if you are looking to buy a property worth $100,000, you will need to make a $20,000 upfront payment. With proper planning and a good savings habits, you will be able to raise the upfront payment by saving a percentage of your salary every month.
During my own quest to buy a home, I would send 10% of each paycheck into a home savings account and I ensured that any windfall I received was also included in my home savings efforts. Then, once you own the home, it is time to make it earn you some income. If you are living in the home, this will include renting out a room. On the contrary, this property could be used as a rental unit and every time you collect rent, you are moving yourself one step closer to earning that $100,000 you desire. When this rental income is combined with a decent salary, there is no reason that you can be earning at least $100,000 a year. The same goes for dividend investing. By building up a large enough holding, your quarterly dividend checks, when combined with your salary should be able to help you crack the six-figure mark.
Method #4: Running A Business
While the above-listed combinations of getting a good education and a high paying job there is another viable means to make $100,000 and that is running a business. Think about it, the richest people in the world all run businesses. You can begin your journey to such wealth, but you have to realize that it’s a gradual process. To be a successful entrepreneur, your business must be able to solve a problem (or problems). Also, you must provide quality goods or services at very competitive prices. If your business is able to do this, then you will be on your way to earning up to, and even more than $100,000 per year.
Method #5: A Good Job and Freelancing
The final way, and the one I recommend for most people, to earn $100,000 per year is by combining your day job with a freelancing job. For those who do not know what freelancing or a freelance worker is, allow me to explain. A freelancer is someone who has a specialized skill, but does not work for one employer or company. A freelancer renders his or her services to multiple clients allowing them to vary their projects and diversify their income. The good thing about freelancing is that you have no set work times as is typically demonized in the 9 to 5 work structure. What this means is that you can go about your freelancing work after you are done with your regular job. The reality is that many individuals live off freelancing income alone but for those who already work a 9 to 5 job, this extra income can be the key that unlocks their six-figure salary.
Let me share with you a few examples of freelance jobs you can combine with your regular job with the first being writing. This is one of the most popular freelance jobs in the world. There are many forms of writing you can take up. These include product review writing, informative articles, copywriting (sales copy), e-book writing, fictional writing, entertainment writing etc.
To give you a more detailed example, writing an e-book for a client can earn you as much as $10,000 depending on the books length and required effort level. As for articles, product reviews and other blog posts, you can earn up to $33 per hour.
Next is graphic design. Graphic design is another freelance job you can take up to increase your earnings.
If you have the skill, then you could be responsible for making all sorts of digital flyers for businesses, as well as cover designs for e-books, albums, wedding invitation cards, business logos, and complimentary cards. There is no fixed price for graphics design work, as everyone can charge as they see fit. However, you can make as much as $3,000 to design a business logo. The better your work is, the more recommendations you will receive, hence, you will be able to charge higher fees.
Therefore, as you can see, there are a multitude of ways to earn $100,000 a year and any of the options I’ve shared will get you there!