When researching potential careers, earning potential is often an important factor to consider. Different industries may offer high-paying opportunities for individuals with different skill sets, qualifications, and career aspirations. Learning more about your options for a high-paying career may help you select the right path for your goals.
What Is a Six-Figure Income?
A six-figure income is a milestone that many people want to achieve, and while in some areas it isn’t all that much, in others it is a life-changing sum. A six-figure salary refers to any salary that’s more than $100,000 but less than $999,999.99 per year. This breaks down to earning at least $8,333.33 per month, $2,033.33 per week, $416.66 per workday, or $52 per hour with a full-time work schedule. Many consider earning six figures to be a mark of success, and earning this much money may provide you with the ability to live a certain lifestyle.
Breaking that $100,000 barrier in your career is seen as ‘making it,’ however, it isn’t always easy to achieve. Many of the top-paying jobs need formal university education or years of experience to make that income, so preparation and dedication are key.
When it comes to finding six-figure income ideas, sometimes you need to think outside the box, consider learning new skills and take advantage of the growth of certain sectors to find the $100k role that is perfect for you.
What Skills Are Most Needed to Achieve a Six-Figure Income?
When it comes to assessing the skills you might need to achieve a six-figure income, education becomes important.
In most cases, you will probably need to achieve more than a high school education to get there as most of the highest salaries come from industries that value specific technical expertise and training.
You can find out about what education you might need through career exploration.
A great example of this is a surgeon.
Top surgeons can earn millions – but it isn’t a job that everyone could do. Even aside from the decades of studying, training, and practicing, the financial implications of training to become a doctor are a barrier for many people.
For some of the top ways to earn a good income, a degree or postgraduate qualification is likely to be essential, but for others, you can find other ways to gain the expertise and knowledge needed.
Hard Skills
When you are considering where to invest your time in terms of learning, tech skills seem to be the best place to start.
The growth of the technology industry is huge, and the potential for high earnings in multinational companies cannot be ignored.
This means, for many people, reskilling and retraining often involve learning software and technology skills, like coding languages (HTML/CSS/Python/Ruby on Rails).
Web development, both back, and front-end is a valuable tech skill needed for many roles – as is a skill in SEO and Google Analytics.
Design – for example, graphics and web, as well as UX and UI, are really sought-after tech skills that can help create a six-figure income jobs.
All these are examples of hard skills – and they can all be learned online, without the need for a university education.
Soft Skills
Soft skills are more about inherent knowledge and ability – they can’t really be taught, only developed and encouraged.
Soft skills are often transferable – if you have managed projects before, the likelihood is that you will be able to transfer that knowledge to a new role.
Soft skills that are always in demand for the highest-paid jobs can include:
· Interpersonal communication
· Problem-solving
· Critical thinking
· Public speaking and presentation skills
· Project management
· Time management
For those who are dedicated to earning a six-figure income, whether through a job or passive income, some personal attributes are even more important.
According to some self-help gurus, these are the secrets to making a six-figure income:
· Self-motivation
· Perseverance
· Confidence
· Planning
· Research
· Embrace risks
· Network
· Think outside the box
· Optimism
While these might not be ‘secret’, applying them can be difficult for some people.
Knowing that there are others out there who are easily earning six figures may help with motivation and self-belief – giving you the confidence to take risks and change your life by making the leap to a whole new career.
Steps to help you potentially earn a six-figure salary:
1. Complete education or training
Complete the necessary education or training for your desired career path. This may include attending university or completing specialized training or a vocational program. Many high-paying jobs require at least a bachelor’s degree, but it may be possible to pursue some careers without earning a formal university education. Research the educational requirements for your desired career path to make your educational plans.
2. Network with others
Begin creating a professional network with others in your industry. Explore online and in-person options to build relationships with like-minded professionals, such as groups on professional networking sites or industry-specific organizations. This may help you learn about new opportunities to advance your career or develop new skills through lectures.
3. Focus on performing well
Once you begin your career, focus on performing well. Strive to deliver excellent results consistently, and ask your manager for additional ways you can support the company. Build good relationships with your managers and colleagues, and continue to look for ways to add value to your organization.
4. Negotiate for a raise
Ask for a raise during appropriate times. Gradually increasing how much you earn may help you become closer to earning your desired salary. When asking for a raise, be sure to have specific examples of your performance to use as support for your request. Ask your manager for feedback on how you can continue to grow professionally and add value to best support your future requests for a raise.
5. Explore advancement opportunities
Look for careers that offer the ability to advance. This is also something to consider when selecting your career path because most careers with advancement opportunities often present more possibilities to earn higher wages. Begin by looking for ways to advance within your current organization, and consider leveraging your network for growth opportunities in other organizations.
6. Pursue additional credentials
Consider pursuing additional credentials that may provide you with more options for advancing your career and earning more money. For example, you may pursue an advanced degree. Another option would be to complete a specialized training, professional development course or certification programme related to your specific industry.
7. Consider a side hustle
In addition to your career, think about pursuing additional ways to increase your income. Adding a side hustle may allow you to earn more, but it may also require you to work more. Consider pursuing a part-time job to increase your earnings, or think about completing freelance work or contract work to supplement your income. If possible, you may also pursue investment opportunities, such as real estate, to create passive income for yourself.
What Is a Six-Figure Income?
A six-figure income is a milestone that many people want to achieve, and while in some areas it isn’t all that much, in others it is a life-changing sum. A six-figure salary refers to any salary that’s more than $100,000 but less than $999,999.99 per year. This breaks down to earning at least $8,333.33 per month, $2,033.33 per week, $416.66 per workday, or $52 per hour with a full-time work schedule. Many consider earning six figures to be a mark of success, and earning this much money may provide you with the ability to live a certain lifestyle.
Breaking that $100,000 barrier in your career is seen as ‘making it,’ however, it isn’t always easy to achieve. Many of the top-paying jobs need formal university education or years of experience to make that income, so preparation and dedication are key.
When it comes to finding six-figure income ideas, sometimes you need to think outside the box, consider learning new skills and take advantage of the growth of certain sectors to find the $100k role that is perfect for you.
What Skills Are Most Needed to Achieve a Six-Figure Income?
When it comes to assessing the skills you might need to achieve a six-figure income, education becomes important.
In most cases, you will probably need to achieve more than a high school education to get there as most of the highest salaries come from industries that value specific technical expertise and training.
You can find out about what education you might need through career exploration.
A great example of this is a surgeon.
Top surgeons can earn millions – but it isn’t a job that everyone could do. Even aside from the decades of studying, training, and practicing, the financial implications of training to become a doctor are a barrier for many people.
For some of the top ways to earn a good income, a degree or postgraduate qualification is likely to be essential, but for others, you can find other ways to gain the expertise and knowledge needed.
Hard Skills
When you are considering where to invest your time in terms of learning, tech skills seem to be the best place to start.
The growth of the technology industry is huge, and the potential for high earnings in multinational companies cannot be ignored.
This means, for many people, reskilling and retraining often involve learning software and technology skills, like coding languages (HTML/CSS/Python/Ruby on Rails).
Web development, both back, and front-end is a valuable tech skill needed for many roles – as is a skill in SEO and Google Analytics.
Design – for example, graphics and web, as well as UX and UI, are really sought-after tech skills that can help create a six-figure income jobs.
All these are examples of hard skills – and they can all be learned online, without the need for a university education.
Soft Skills
Soft skills are more about inherent knowledge and ability – they can’t really be taught, only developed and encouraged.
Soft skills are often transferable – if you have managed projects before, the likelihood is that you will be able to transfer that knowledge to a new role.
Soft skills that are always in demand for the highest-paid jobs can include:
· Interpersonal communication
· Problem-solving
· Critical thinking
· Public speaking and presentation skills
· Project management
· Time management
For those who are dedicated to earning a six-figure income, whether through a job or passive income, some personal attributes are even more important.
According to some self-help gurus, these are the secrets to making a six-figure income:
· Self-motivation
· Perseverance
· Confidence
· Planning
· Research
· Embrace risks
· Network
· Think outside the box
· Optimism
While these might not be ‘secret’, applying them can be difficult for some people.
Knowing that there are others out there who are easily earning six figures may help with motivation and self-belief – giving you the confidence to take risks and change your life by making the leap to a whole new career.
Steps to help you potentially earn a six-figure salary:
1. Complete education or training
Complete the necessary education or training for your desired career path. This may include attending university or completing specialized training or a vocational program. Many high-paying jobs require at least a bachelor’s degree, but it may be possible to pursue some careers without earning a formal university education. Research the educational requirements for your desired career path to make your educational plans.
2. Network with others
Begin creating a professional network with others in your industry. Explore online and in-person options to build relationships with like-minded professionals, such as groups on professional networking sites or industry-specific organizations. This may help you learn about new opportunities to advance your career or develop new skills through lectures.
3. Focus on performing well
Once you begin your career, focus on performing well. Strive to deliver excellent results consistently, and ask your manager for additional ways you can support the company. Build good relationships with your managers and colleagues, and continue to look for ways to add value to your organization.
4. Negotiate for a raise
Ask for a raise during appropriate times. Gradually increasing how much you earn may help you become closer to earning your desired salary. When asking for a raise, be sure to have specific examples of your performance to use as support for your request. Ask your manager for feedback on how you can continue to grow professionally and add value to best support your future requests for a raise.
5. Explore advancement opportunities
Look for careers that offer the ability to advance. This is also something to consider when selecting your career path because most careers with advancement opportunities often present more possibilities to earn higher wages. Begin by looking for ways to advance within your current organization, and consider leveraging your network for growth opportunities in other organizations.
6. Pursue additional credentials
Consider pursuing additional credentials that may provide you with more options for advancing your career and earning more money. For example, you may pursue an advanced degree. Another option would be to complete a specialized training, professional development course or certification programme related to your specific industry.
7. Consider a side hustle
In addition to your career, think about pursuing additional ways to increase your income. Adding a side hustle may allow you to earn more, but it may also require you to work more. Consider pursuing a part-time job to increase your earnings, or think about completing freelance work or contract work to supplement your income. If possible, you may also pursue investment opportunities, such as real estate, to create passive income for yourself.