How To Make 100K A Year Growth Plan (2022)
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How to make 100K a year?
It’s no secret that many young professionals struggle to make ends meet.
Many of us were told by our school counselors that we should get a college degree and forget about our dream job of saving puppies or becoming a biologist. We were told to instead pursue a six-figure income by becoming a doctor, lawyer, engineer, or accountant.
Unfortunately, we were not rewarded (after many years and thousands of dollars were spent) with the promised endless options of high paying jobs.
Nowadays, for many of us, the cost of living is rising while wages remain stagnant. And with student loan debt hanging over our heads, it can feel like we’re treading water just to keep afloat.
But what if I told you there is a way to make 100K a year?
It’s not some get-rich-quick scheme or passive income pyramid scheme; while it doesn’t require an advanced degree or even a bachelor’s degree, it will require hard work and dedication to a full-time job.
But if you’re willing to put in the effort, you can achieve your six-figure goal faster than you imagined.
How To Make 100K a Year (Without Getting Lucky)
What is a Six Figure Salary
Before we can learn how to make our high paying salary we need to know what it is.
A six-figure salary refers to having six digits in income. for example $XXX,XXX. While this could be 100,000-999,999 it is often referred to as making 100k a year (or $8,300 a month).
1. Remove your limiting beliefs
Limiting beliefs are those that hold us back from achieving our goals (in any area). They can be thoughts like “I’m not good enough” or “wealth is only for the greedy.”
Our limiting beliefs are developed throughout our lives due to influences from our families, communities, and our own successes and failures. And often, we’re unaware of our limiting beliefs and how much they hold us back.
If you want a six-figure salary, you need to focus on that goal and believe you can achieve it. This may require soul-searching, personal development, and many hard choices about what you believe is possible. But it’s worth it when you finally reach your goal and earn the income you deserve.
So how can you go about removing your limiting beliefs?
Here are a few tips:
Acknowledge what your limiting beliefs are. Once you start to identify them, you can begin the process of removing them.
Challenge yourself. Real growth happens (and limiting beliefs disappear) when you challenge yourself to do something that initially seems impossible. So push yourself outside your comfort zone by taking on the more significant tasks and see what you can achieve!
Get support from others who share your same goals. Surrounding yourself with positive people, who will encourage and support you, is an essential part of reaching any goal more quickly.
Masterminds, books, podcasts, Youtube, and coaches/mentors are all great ways to surround yourself with the proof you need to change your beliefs and be ready for the next step towards 100k a year.
If you are a young professional looking for a mentor (or know someone who is) send me an email.
Recommended Resources for removing limiting beliefs:
The below book links are Amazon Affiliate links. These cost you the exact same amount while providing me with a small commission. I greatly appreciate your support.
2. Build Skills Quickly
To make 100K a year, you need to be in high demand.
That means having skills that are in demand by employers and the marketplace. The best way to capitalize on them is to acquire these skills as fast as possible.
There are several ways to do this, including taking an online course, attending workshops, and self-teaching through resources like books and articles (you can do this in your spare time while working a full time day job and without a four year degree).
The top skills to learn are ones that provide leverage:
Communication and Leadership
Computer Automation (Coding, Website Building, Video Editing)
Sales and Marketing
Design (Product, Graphic, User Interface)
Earn with your mind, not your time. If you’re leveraged with capital, code, or people, and own equity, then good decisions have a much larger earning impact than hard work. – Naval Ravikant
See 5 Part Time Engineering Jobs for the best side hustle that teaches you valuable skills (this is not about having another job for extra income instead it is about learning skills).
3. Provide as Much Value as Possible
Once you have the skills employers are looking for, it’s time to start providing value.
To do this, you need to identify your unique selling proposition (USP). What can you offer that other candidates and employees can’t?
Are you bilingual?
Do you have existing experience working in a certain industry?
Are you especially good at customer service?
Can you design a product and sell it to the customer?
Whatever your USP may be, make sure it’s something that employers will value. Like Scott Adams, the creator of Dilbert, says, you don’t have the be the best in the world at any one thing if you can be pretty good at two or more things.
Resources:
A mentor or a coach is a great resource to help you identify what your USP might be.
Write down a list of the problems that co-workers ask you for help with.
Keep track of the problems you solve at work and ask yourself how you could do an even better job solving them at a larger scale.
4. Work for an (already) successful business
This may seem counterintuitive—after all, shouldn’t you be working on your own business?
While it’s true that you can make tremendous money running your own successful business, the truth is most people lack the skills required to run a small business (at least initially). See the E-Myth Revisted for more on this.
What most people need to earn the promised six figures is not multiple streams of income from side businesses, instead, they need jobs that pay 100k. And to find jobs that pay 100k, it is best to work for a company that already is making good profits and looking to grow.
By providing value to a growing and successful company, you can leverage their winning flywheel and, in return be compensated with a portion of those profits.
5. Invest in Yourself
Last but not least, don’t forget to invest in yourself.
When you are in your 20s and early 30s, there is no reason to invest in the stock market heavily. Instead, investing in yourself with new and refined skills will increase your earning potential far more than the 8-10% market return.
Until you can live on less than 40% of your income, you have an income problem, not an investment problem. So, while I do believe in having savings for an emergency and starting the savings for retirement habits.
I also firmly believe everyone that is ambitious (and wants financial freedom) should spend as much of their extra money as they can on acquiring new skills that make them happier, buy back time, or increase their earning potential (make more money).
Instead of the S&P 500, most should invest in the S&Me 500. 10x what you make rather than earning 10% on what you’ve made.
Alex Hormozi
Resources:
Google “Best courses on + the skill you want to class”
Conclusion:
Making 100K a year is an achievable goal—but it won’t happen overnight.
To reach this milestone, you must remove your limiting beliefs, build skills quickly, provide as much value as possible, work for a successful business, and invest in yourself.
If you’re willing to put in the effort, making 100K a year is within your reach—so get started today!
