3 Strategies to Become a Six-Figure Earner

For many people, the ultimate career goal is to make six-figures. There are not only financial benefits that come with meeting this threshold, but also a sense of accomplishment.

There are many factors that contribute to being able to make a six-figure income. The most obvious being your career choice.

Some careers offer more opportunities to climb the financial ladder than others. That’s a fact.

But, even if you aren’t in a field that destined to land you six-figures, there are some things that you can do in addition to your 9-to-5 to make it happen.

In this post, I’ll explore three strategies for becoming a six-figure earning (with or without your 9-to-5 job).

1. Diversify your income

If you’re solely relying on one income to earn your six-figures, then you may be waiting for a while. That’s why it’s important to diversify your income streams.

This may include picking up a side hustle or even a second job. There are also ways that you can even make money online in your spare time.

Consider gigs like becoming a virtual assistant, freelancer, or even starting an online shop.

Ways to make money online are endless. You just have to tap into your creativity and find a way that works for you.

Other ways to diversify your income include:

• Investing
• Royalty earnings
• Passive income sources (rental income, etc.)

2. Start a business

The truth of the matter is that as long as you have an employer, there will always be a cap on your income.

Entrepreneurship is a way that you can remove this income sealing and start earning as much as you want.

Of course, entrepreneurship doesn’t guarantee financial success, let alone six-figures. More businesses fail within the first 5 years than those that succeed. Nonetheless, it is still a possibility.

With the right business model, customers, and grit, you can begin earning more money.

This certainly won’t be an overnight venture that’s often touted on the Internet. So be prepared to put in the work and time to see the financial results that you want.

3. Negotiate a Raise

If you choose to stay in the traditional workforce, by all means, negotiate your salary.

Many people fail to make more money because they fail to ask for more.

It’s important that you assess and hone your skills and know your value in the workplace. Get additional certifications and training that are relevant to your career.

Be able to support your request for a raise and always have a range in mind.

Remember, it’s only a negotiation if you’re willing to walk away. Have an exit strategy in mind that will allow you to go where your skills and experience are valued.

Summary

Ultimately, not relying on one income should be your goal. This not only alleviates financial risks, but it puts you in a better position to reach your six-figure goal.

Reaching this milestone is great, but you also need the tools to be able to sustain it.

Don’t just make money, but learn how to manage it and multiply it. That is the formula for wealth.

Personal finance educator & enthusiasts.