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4+ Steps To six Figures (Professional Suggestions)


Studying the right way to make 6 figures ($100,000) a 12 months is a standard aim for a lot of — and why wouldn’t it’s?

The six determine quantity is a milestone that will put your earnings properly past the median family revenue in america, and doubtlessly afford you with a extra comfy life-style. 

However how do you get there – particularly for those who’re making nowhere close to this quantity now?

Methods to earn 6 figures a 12 months:

There are a lot of methods you will get to incomes six figures a 12 months. The 2 commonest methods are:

  1. Getting a job that makes six figures a 12 months
  2. Beginning a aspect hustle and scaling it so that you’re ultimately making six figures a 12 months
  3. A mix of the 2 above methods

None of those choices are straightforward, and they’re going to possible contain sacrifices and sweat fairness. However leveling up your full time job and scaling a aspect hustle are precisely what we focus on at IWT. The next techniques have labored for 1000’s of our college students efficiently, and with effort and time, you would be in your approach to incomes 100k in a 12 months. 

What Does a Six-Determine Earnings Truly Look Like?

You must make at the very least $100,000 a 12 months in order for you a six-figure revenue. Which means making at the very least:

  • $8,333.33 a month, or
  • $2,083.33 per week, or
  • $416.66 every workday, or
  • $52 an hour.

Breaking down your bigger aim into smaller increments will assist you to perceive what it should take to get the place you need 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 aim of 100k/12 months.

Easy methods 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’ve gotten a aim as bold as “I need to earn a six-figure revenue,” 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 forth.

That is the “Tripod of Stability” — the entire foundational, large points of your life that you simply hold 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, it’s good to be sure that it’s secure. You need to carve a capability to work in your aspect hustle whereas doing nice work at your day job.”

He continues, “I lived at dwelling for six years. My mother and father have been actually cool and helped me get by whereas I constructed out my enterprise.”

Naveen not too long ago scaled his hustle in order that he’ll be taking away roughly $1 million this 12 months (so you recognize he is aware of his stuff).

By caring for your large issues — your property, automobile, relationships, meals — you’ll be capable to take dangers in areas like your aspect enterprise. As Ramit says, when you’ve gotten 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 dedicate your self to creating six figures a 12 months, you’re going to have to vary a few of your habits and beliefs.

“I sacrificed so much to construct my enterprise,” Naveen recollects. “In any case, dwelling at dwelling along with your mother and father 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 primary “legs” of your Tripod of Stability. These are the issues that, if they continue to be fixed, would let you climate dramatic modifications in different areas in your life. It could possibly be issues like:

  • Your private home
  • Your automobile
  • Your job
  • Your partner or associate
  • Your financial savings account

As soon as you recognize what makes up your Tripod of Stability, you’ll be able to be sure to have these areas safe so you can begin taking dangers in areas like beginning a aspect hustle.

In case you’re nervous about your private funds, you’ll be able to enhance them with out even leaving your sofa. Take a look at my Final Information to Private Finance for ideas you’ll be able to implement TODAY.

Step 2: Earn more cash in your profession

In case you’re trying to construct a six-figure revenue on freelancing along with your aspect hustle alone, you’ll be able to skip this step.

If having a job is without doubt one of the legs on your Tripod of Stability, although, you’re going to need 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 method to try this than to barter your wage.

Take a look at this chart that reveals how a lot a $5,000 improve in wage can add up through the years:

How much negotiating a $5000 raise will get you over 40 years

Not solely is it a BIG win, however it additionally units you squarely on the street to incomes extra after only one dialog along with your boss.

And step one to do that is definitely simple — however many individuals nonetheless overlook it: Do good work.

“In the beginning, it’s important 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 important 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, larger 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 forth.”

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 by constructing good, trusting relationships by delivering nice outcomes that helped,” he says.

One factor that may have a HUGE influence on wage negotiations is exhibiting you’ll be able to add even extra worth sooner or later.

A good way to do that is just by asking questions of your supervisor:

  • What’s one thing that you simply want to enhance throughout 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 aim this quarter?

Not solely will this present that you’ve initiative however it additionally provides you perception into precisely the type of speaking factors that may grand slam your wage negotiation.

One of many largest fears of job seekers will not be figuring out what to say in an interview. Discover Your Dream Job contains word-for-word scripts and breakdowns with actual hiring managers so as to nail your subsequent negotiation. Click on right here to study extra.

Motion step: Put together on your wage negotiation

Take a look at our sources all about the right way to put together on your wage negotiations. A couple of nice locations to begin:

Step 3: Discover a aspect hustle thought

That is the primary barrier holding folks again from creating their aspect hustle.

In any case, you’re searching for one thing that’s worthwhile and that you simply’re obsessed with.

And the Venn diagram between these two issues typically looks like two separate circles.

Fortunately, you have already got worthwhile abilities 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 an awesome 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 sooner or later a consumer got here in to pay his retainer and Christina found that it was greater than what she made in a single month.

“That’s after I realized I might do all of the work AND hold all the cash,” she says. “I didn’t have to work for somebody who induced me pointless stress. I didn’t have to get trip accepted or be on the receiving finish of an perspective after I wanted to depart the workplace early as a result of I had a sick little one.”

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 study extra about entrepreneurship and take issues to the following stage.”

That’s not the one method yow will discover a worthwhile freelancing thought both. If you’re at a loss for the place to begin, take a look at the 30 confirmed enterprise concepts within the PDF beneath. As you scan the checklist, take into consideration the way you may apply these concepts to your present abilities 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 attempt one out and attempt to discover a consumer with it.

Step 4: Get your first consumer

With a purpose to begin incomes cash, it’s good to discover the individuals who provides you with cash on 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 grasp on the market and I might discover methods I might add worth. I wasn’t attempting to pitch or shut offers. I might simply say that I had a pc science diploma and, ‘I might help 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 search 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 initiatives and there wasn’t lots of people to assist aspiring entrepreneurs.”

By doing this, Naveen did two crucial issues with regards to discovering purchasers:

  • He went to the place the purchasers lived. By going to precisely the place his goal market frolicked, he was capable of construct a community of potential purchasers and folks he might assist.
  • He supplied wonderful worth. Naveen acknowledged a chance to indicate 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 consumer?
  • The place do they go once they need to search for an answer to their issues?
  • The place are they ALREADY searching for options to their issues?
  • How will you join them to your service?

At this level, you’re additionally going to need to area of interest down your goal market to be able to actually tailor your companies and attract clients. So take into consideration who’s an instance of a consumer who may need 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:

  • In search of bodily or therapeutic massage therapists inside 50 miles of your home? Yelp ought to get you began simply.
  • If you wish to do giant canine grooming and sitting, properly there’s most likely a neighborhood 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 recommendations of another nice websites freelancers can use to search out enterprise on-line:

When you discover a potential consumer, you’re going to need to attain out to them and pitch your companies.

Constructing a enterprise, together with a contract enterprise, will be sophisticated. In Earnable, we’ve damaged down the whole course of. It’s been confirmed over 15+ years, 50+ industries, and 42,000+ paying clients. It’s a whole 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 study extra.

Motion step: Discover a consumer and e mail them (with scripts)

Discover your consumer utilizing the knowledge I’ve outlined above. Let’s say you’re a video editor trying to choose up some aspect work. Right here’s a helpful script you would use (simply exchange the “video editor”–particular stuff along with your ability):

CLIENT’S NAME,

I noticed your publish on X and visited your web site. I seen that you simply’ve not too long ago began utilizing movies too.

I’ve been doing video enhancing for 3 years and I’d like to supply that will help you edit your movies and get them optimized for the online.

That will make them look extra skilled and cargo quicker, which is vital on your readers. And also you’d unencumber time that you would use to create new content material.

We are able to focus on the small print, after all, however first I needed to see if that is one thing you could be all for.

In that case, would it not be okay if I despatched you a couple of concepts on the right way to assist?

Finest,

Joe Instance

A couple of takeaways:

  • There’s 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 consumer’s curiosity in you greater than pushing costs on them earlier than they’re prepared.
  • Stress the advantages. This e mail reveals the consumer why it will be of their greatest curiosity to purchase from you within the third paragraph.

When you get a consumer utilizing this e mail, congrats! You simply secured your first consumer — however it doesn’t finish there. You must 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 for those who’re valued by your viewers helps most,” Naveen explains.

Step 5: Put money into your funds AND your self

Investments can take all shapes and types. Let’s stroll by three areas the place you can begin to speculate with regards to constructing out your six-figure life.

Funding #1: Private finance

That is IWT’s bread and butter. Now we have intensive sources with regards to private finance. It’s additionally a vital leg anybody ought to have on their Tripod of Stability.

The best approach to get began making certain 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, cellular phone invoice, and so forth.) so that you don’t have to fret about it.

“Being financially conservative, I’ve additionally automated my money circulate in order that I mechanically have financial savings and investments,” Enoch says. “I take pleasure in not having to consider financial savings and investments. I take pleasure in having 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 once 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 capable of see that quantity improve and I noticed it labored very 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 positively a key a part of the right way to make $100,000 a 12 months.

AND it’ll prevent 1000’s of {dollars} over your lifetime.

Funding #2: Your aspect hustle

If you wish to know the right way to make $100,000 a 12 months, you’re going to should hustle laborious. Which means you’re going to achieve a degree in your aspect 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 workers, shopping for a web 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 staff of individuals, all of which have been profitable entrepreneurs incomes at the very least a number of six figures, lots of their purchasers have been incomes at the very least a number of six figures, and the teaching staff had a really excessive retention charge, which instructed 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 enterprise to assist it develop.

One nice approach to make investments is to search out mentorship or buy a product or a guide — which brings us to …

Funding #3: Your self

Presumably the perfect funding you could make that may put you on a path to make 100k a 12 months is placing cash in growing your self each career-wise and on a private stage.

“My largest 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 Scorching Springs, and so forth. If I’m not my greatest self, I’ve obtained nothing to convey my purchasers. It’s simply silly vital, as investments go.”

LOVE IT.

Who cares if this looks like a luxurious? Who cares if folks may 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.

The easiest way to get began is to start investing in your self. That is one thing folks not often take into consideration once they begin studying the right way to make $100,000 a 12 months.

And one factor that one can find quite common with individuals who haven’t taken the time to spend money on themselves and find out how these things works, is they’ll create what’s known as ranges of abstraction.

Fairly than simply going on to what they need, they’ll create all these completely 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 laborious 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.

Steadily Requested Questions About How To Make 6 Figures

Is it laborious to make 6 figures?

Constructing as much as or incomes 6 figures will not be straightforward. It should take laborious work to have the ability to earn that a lot or purchase that a lot wealth. The easiest way to get to $100,000 is by always rising your web price and abilities.

What jobs make 7 figures a 12 months?

Right here’s an inventory of jobs that make 7 figures:

  • Enterprise House owners
  • Medical doctors and Different Medical Professionals
  • CEOs and Different C-Suite Executives
  • Salesmen
  • Traders
  • Bankers
  • Company Attorneys
  • Actors and Actresses
  • Skilled Athletes
  • Youtubers and Influencers

At what age ought to I be making 6 figures?

Normally, folks don’t earn 6 figures till they’re of their 30s. Nonetheless, there is no such thing as a particular timeline for this and everyone seems to be completely different. Employees in America are often anticipated to be making 6 figures or extra by the point they’re 30 due to their expertise. There are after all outliers and exceptions to this rule.

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