What does it mean to have a 6 figure income?
To have 6 figures means to have your vacation with your family in your destined place maybe once a year.
It means to have dinner at your favorite restaurant with your family every week.
Also, It means to have your favorite electronics items at your home. It means much more than this.
What is a 6 figure salary?
6 Figure salary can range anywhere between $100,000 to $999,999.
Is 6 figure income a good salary?
This entirely depends on you. Some people are satisfied with 4 figure income and some are not satisfied with 8 figure income.
As the famous quote tells “Success is not determined by how rich you are, rather it is determined by how happy you are”
10 skills for you to earn 6 figures
1. Project Management
Currently managers who are skilled in using Technology and apps in managing teams, workflow and data are in high demand.
For this you should know Project management tools such as Microsoft tools or Basecamp or other similar tools.
There are various service based companies.Who have the perfect team divided on the basis of their expertise to carry out the projects.
For example, the parts required to build an Iphone is outsourced by Apple from different companies. They only give them the design or requirements and tell how it’s supposed to be done.
The Project Managers task would be to take up projects like this and to manage the team, cashflow, deadlines and other things to complete the project.
This could be a good bet for you to earn in 6 figure income, if you have the required managing skills.
2. Financial Management
Marketing, sales and Finance. These are the critical team in any company.
These three teams shall be working together to make any team successful and can be helpful to grow businesses at a faster pace.
Can you think of any company/organization which doesn’t have Finances to be taken care of ?
So this field will never lose its scope. It will always be there.
You should have the finance educational background to get preference in the industry. Your educational disciplines can be accounts, MBA, economics, Commerce etc.,
If you are good at analysing market trends, assessing risks and if you can keep the company in a good financial way , then you’ll be able to earn anywhere upto 150,000 dollars.
Sales are almost the backbone of any company or businesses and without targeted sales, any business will hardly survive even for 2-3 years.
The best of the best products/ services need to be sold. Sales is another form of feedback that tells that products or services are being accepted by customers.
Sales are one of the most difficult fields. No books or any information could help you. Sales differ from product to product from place to place and from time to time.
You need to have a good experience. Only experience can make you good in sales.
The earning is sales are unlimited since it is entirely commission-based. If you are extremely good at bringing sales to the company then you could be earning in 6 figures.
There are many examples of people becoming millionaires, who have started their career as a salesman.
4. Internet Marketing
Gone are the days of traditional marketing! We are living Digitally Today.
And therefore, the marketing trends have been shifted to digital platforms and we can not deny the fact that Digital marketing has a higher rate of returns than Traditional Marketing.
When was the last time you saw a product on TV or on newspaper and then bought it ?
The number one thing anybody does before buying a product is they check it on the internet and then they end up buying it from there itself.
If you have a keen interest in the internet and want it to be your source of income, you could choose this super exciting field of Internet Marketing.
You need to have proper experience or ideas about what will work best for any specific business. There are diverse fields in this. It could be SEO(Search Engine Optimisation). SMM(Search Engine Marketing), Running ads, or Copywriting.
If you could manage a company’s digital strategy really well you could earn up to 250,000 dollars per year.
5. Software Development
This is the current trend that everyone knows. Everyone is trying to digitize their business.
Softwares are usually made to help businesses automate their regular tasks on a daily basis. Which either needs more manual power or consumes more time.
The demand for software developers who could be web developers or app developers is very high.
You need to know C, C++, Java, Python, or other similar programming languages.
The recruiters are not interested in how many languages you know, rather they’re more interested in how you analyze the problem and how well you know the problem.
It’s okay to learn one language really well. Learning another language would be a very easy task for you. The current Trend shows Python is a good start for anybody in the current scenario even if you are a beginner.
You can earn up to 120,000 dollars per year very easily if you are a software developer. All the Top Companies you can Imagine are paying the highest salaries to their software developers only.
6. Problem-solving using Technology
The world is full of chaos. There are problems everywhere.
The world currently needs leaders. Leaders who could solve problems of society.
All the great entrepreneurs you see today are all problem solvers. Elon Musk, Bill Gates, Jeff Bezos to name a few.
Back in 1995, people used to go from shop to shop to buy books. Jeff Bezos analyzed this problem, launched an internet company that helps customers to order the books they need. And now he has become the richest person in the world.
His intention was to solve people’s problems. Almost any successful business you see today has been started by someone because they faced some problem and in the process of solving that problem they saw it as an opportunity.
As the skill suggests you need to have good problem solving skills.
7. Teaching and motivating
Teaching here doesn’t refer to conventional teaching in schools. It refers to micro niche teaching.
If you upload your online course for 500 dollars, you could be making 6 figures if you make 20 sales. If you work 5 days a week, making one sale each day , you can make 20 sales per month. In 10 months you will earn 6 figures. You can play around with this number and get to 6 figure income.
If you know how to educate people in business or finance or life, you can make 6 figure income. Life coaches are paid as high as 200,000 dollars per year.
As Per Cambridge Dictionary: ” Investment is the act of putting, money, effort, time, etc. into something that gets you to make a profit out of it.”
Investing is a very complicated yet rewarding skill.
Having said that it is not easy to begin with, Without proper knowledge about stock market or behaviour of market you are more likely to lose your money in share market.
You need to practice patience, persistence, discipline and be a lifelong learner.
The best leader you can follow is Warren Buffet.
If you are good at making investment decisions, then you can provide advice to individuals, companies and be their Financial Advisor and achieve your dream of 6 figure income in few years.
9. Public Relations
Every job will look for a candidate who has good communication skills. Everyone knows this.
If you’re extremely skilled at maybe communicating to the audience about a product or about the company’s mission and if you could make a good lead ,it will be easier for you to grow vertically in a company.
You might have heard of behind many successful politicians or celebrities, there is a unit of PR team which works for that individual to popularize his/her image in the society.
A PR team can either make you or break your image as an individual. If you have the required skills under this, you can start your own PR agency.
The initial investment is very high whether you want to learn piloting or to get any of the following licenses.
- Aircraft Maintenance Engineering
- Airline Transport Pilot License (ATPL)
- Phonographic Performance Ltd License
Also, you need to be physically fit and all people cannot be Pilots. You need to have a sound body and mind.
But if you are qualified and if you have above training and certifications you can earn anywhere between 150,000 to 900,000 dollars per year depending on the number of flying hours.
P.S: Figures are taken from Glassdoor. The figures may change from time to time. Also, Read 15 ways to make money as a teenager.