4+ Steps To 6 Figures (Expert Tips)

Studying easy methods to make 6 figures ($100,000) a yr is a typical aim for a lot of — and why wouldn’t or not it’s?

The six determine quantity is a milestone that might put your earnings nicely past the median family revenue in the USA, and doubtlessly afford you with a extra comfy way of life. 

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

Methods to earn 6 figures a yr:

There are lots of methods you may get to incomes six figures a yr. The 2 most typical methods are:

1. Getting a job that makes six figures a yr
2. Beginning a facet hustle and scaling it so that you’re finally making six figures a yr
3. A mix of the 2 above methods

None of those choices are straightforward, and they’ll doubtless contain sacrifices and sweat fairness. However leveling up your full time job and scaling a facet hustle are precisely what we concentrate on at IWT. The next techniques have labored for 1000’s of our college students efficiently, and with effort and time, you may be in your technique to incomes 100k in a yr. 

What Does a Six-Determine Earnings Really Look Like?

You’ll want to make at the least $100,000 a yr if you need a six-figure revenue. Meaning making at the least:

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

Breaking down your bigger aim into smaller increments will enable you to perceive what it’ll 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/yr.

How one can make $100,000 a yr in 5 steps:

Let’s get began.

Step 1: Arrange your monetary basis for six figures

When you’ve a aim as formidable 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 features of your life that you just 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. “When you have a day job, that you must be certain that it’s secure. You must carve a capability to work in your facet hustle whereas doing nice work at your day job.”

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

Naveen just lately scaled his hustle in order that he’ll be taking away roughly $1 million this yr (so he is aware of his stuff).

By taking good care of your large issues — your private home, automobile, relationships, meals — you’ll be capable to take dangers in areas like your facet enterprise. As Ramit says, when you’ve your bases lined, you’re probably not taking dangers in any respect.

Your Tripod of Stability doesn’t essentially imply that you just’re freed from sacrifices although. If you wish to dedicate your self to creating six figures a yr, you’re going to have to alter a few of your habits and beliefs.

“I sacrificed rather a lot to construct my enterprise,” Naveen recollects. “In any case, dwelling at residence 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 wished out of my life.”

Motion step: Establish your Tripod of Stability

Write down the three principal “legs” of your Tripod of Stability. These are the issues that, if they continue to be fixed, would let you climate dramatic adjustments in different areas in your life. It could possibly be issues like:

• Your property
• Your automobile
• Your job
• Your partner or associate
• Your financial savings account

As soon as 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 extra money in your profession

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

If having a job is without doubt one of the legs to your Tripod of Stability, although, you’re going to need to maximize your wage as a lot as potential.

Why? The extra you earn, the nearer you’ll get to your first six-figure yr. There’s no higher method to do this than to barter your wage.

Take a look at this chart that exhibits how a lot a $5,000 enhance in wage can add up over time:

Not solely is it a BIG win, nevertheless 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 easy — however many individuals nonetheless neglect it: Do good work.

“Firstly, 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 a very powerful instruments at your disposal: your community and your observations. Enoch made such an impression he finally moved on to a different function that he was referred to by … his present supervisor.

“It was by way of constructing good, trusting relationships by way of delivering nice outcomes that helped,” he says.

One factor that may have a HUGE impression on wage negotiations is exhibiting 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 just wish 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 got initiative nevertheless it additionally offers you perception into precisely the type of speaking factors that can grand slam your wage negotiation.

One of many greatest fears of job seekers shouldn’t be figuring out what to say in an interview. Discover Your Dream Job contains word-for-word scripts and breakdowns with actual hiring managers in an effort to nail your subsequent negotiation. Click on right here to be taught extra.

Motion step: Put together to your wage negotiation

Take a look at our assets all about easy methods to put together to your wage negotiations. Just a few nice locations to start out:

Step 3: Discover a facet hustle thought

That is the primary barrier holding individuals again from creating their facet hustle.

In any case, you’re in search of one thing that’s worthwhile and that you just’re captivated with.

And the Venn diagram between these two issues usually 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 an ideal 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 a substitute of the standard of labor I used to be executing.”

That each one modified when at some point 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 may do all of the work AND preserve all the cash,” she says. “I didn’t must work for somebody who prompted me pointless stress. I didn’t must get trip accepted or be on the receiving finish of an perspective once I wanted to depart the workplace early as a result of I had a sick youngster.”

She continues, “I may 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 potential and it motivated me, much more, to be taught extra about entrepreneurship and take issues to the subsequent degree.”

That’s not the one method you’ll find a worthwhile freelancing thought both. In case you are at a loss for the place to start out, try the 30 confirmed enterprise concepts within the PDF under. As you scan the checklist, 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 all the time change it later. For now, we’re going to simply strive one out and attempt to discover a shopper with it.

Step 4: Get your first shopper

In an effort to begin incomes cash, that you must discover the individuals who provides you with cash to your concepts.

However the query is … how? The place do you discover these individuals?

Naveen’s tactic? Providing mouthwatering worth.

“I used to be actually concerned in a number of entrepreneurial aspirational teams,” he explains. “So entrepreneurs would cling on the market and I might discover methods I may add worth. I wasn’t making an attempt to pitch or shut offers. I might simply say that I had a pc science diploma and, ‘I may also help you make clear your imaginative and prescient and perceive what it takes to construct it out.’”

“I’ve all the time been useful,” Naveen continues. “I began to seek out that being useful to different individuals builds belief and can lead to gross sales. I used to be able 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 essential issues with regards to discovering shoppers:

• He went to the place the shoppers lived. By going to precisely the place his goal market frolicked, he was in a position to construct a community of potential shoppers and folks he may assist.
• He supplied superb worth. Naveen acknowledged a chance to point out his potential shoppers that he was the person to assist them. This value-add helped him acquire his first few shoppers.

You are able to do the identical factor.

Ask your self:

• Who’s my shopper?
• The place do they go after they need to search for an answer to their issues?
• The place are they ALREADY in search of 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 as a way to actually tailor your providers and attract prospects. So take into consideration who’s an instance of a shopper who would possibly need to purchase your product.

Just a few 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 info, discover out what your shoppers 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, nicely 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 supply them an answer.

Listed here are just a few strategies of another nice websites freelancers can use to seek out enterprise on-line:

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

Constructing a enterprise, together with a contract enterprise, may 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 prospects. 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 start out and develop your individual enterprise. Click on right here to be taught extra.

Motion step: Discover a shopper and electronic mail them (with scripts)

Discover your shopper utilizing the data 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 may use (simply change the “video editor”–particular stuff along with your talent):

CLIENT’S NAME,

I noticed your put up on X and visited your web site. I seen that you just’ve just lately 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 net.

That might make them look extra skilled and cargo sooner, which is vital to your readers. And also you’d unlock time that you may use to create new content material.

We will focus on the small print, after all, however first I wished to see if that is one thing you could be involved in.

In that case, would it not be okay if I despatched you just a few concepts on easy methods to assist?

Finest,

Joe Instance

Just a few 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 can kill a possible shopper’s curiosity in you greater than pushing costs on them earlier than they’re prepared.
• Stress the advantages. This electronic mail exhibits the shopper why it might be of their greatest curiosity to purchase from you within the third paragraph.

When you get a shopper utilizing this electronic mail, congrats! You simply secured your first shopper — nevertheless it doesn’t finish there. You’ll want to really do the work for them, and meaning frequently including worth.

“Being tremendous conscious of how one can assist individuals 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: Spend money on your funds AND your self

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

Funding #1: Private finance

That is IWT’s bread and butter. We have now in depth assets with regards to private finance. It’s additionally an important leg anybody ought to have on their Tripod of Stability.

The best technique 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, hire, cellphone invoice, and so forth.) so that you don’t have to fret about it.

“Being financially conservative, I’ve additionally automated my money circulation 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 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 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 ultimately. 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 easy methods to make $100,000 a yr.

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

Funding #2: Your facet hustle

If you wish to know easy methods to make $100,000 a yr, you’re going to must hustle onerous. Meaning you’re going to succeed in some extent in your facet hustle the place you’re going to must put again some cash into it if you wish to develop.

That would take the type of hiring workers, shopping for an internet site area, or getting a mentor / coach as was Christina’s case.

“It sounds cliche, however working smarter as a substitute 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 have been profitable entrepreneurs incomes at the least a number of six figures, a lot of their shoppers have been incomes at the least a number of six figures, and the teaching group had a really excessive retention charge, which informed me they need to do one thing proper!”

That’s only one instance although. You could find some ways to place a refund into your enterprise to assist it develop.

One nice technique 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 perfect funding you could make that can put you on a path to make 100k a yr is placing cash in creating your self each career-wise and on a private degree.

“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 greatest self, I’ve bought nothing to convey my shoppers. It’s simply silly vital, as investments go.”

LOVE IT.

Who cares if this looks as if a luxurious? Who cares if individuals 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 simplest ways to get began is to start investing in your self. That is one thing individuals not often take into consideration after they begin studying easy methods to make $100,000 a yr.

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 items works, is they may create what’s known as ranges of abstraction.

Slightly than simply going on to what they need, they may 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 truly 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 frolicked shopping for a pair good books or shopping for a course.

Steadily Requested Questions About How To Make 6 Figures

Is it onerous to make 6 figures?

Constructing as much as or incomes 6 figures shouldn’t be straightforward. It should take onerous work to have the ability to earn that a lot or purchase that a lot wealth. One of the simplest ways to get to $100,000 is by consistently growing your web value and expertise.

What jobs make 7 figures a yr?

Right here’s a listing 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, individuals 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 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 after all outliers and exceptions to this rule.