A 7 figure salary may feel like an impossible feat, especially if you’re just getting started in your career. One million dollars may sound like a far cry away from what you're capable of earning, but it might be closer to reach than you think. Remember that anything is possible when you put your mind to it, including making a 7 figure salary.
There are many 7 figure salary jobs you can consider, plus there are other ways you can make a 7 figure income! So, let's dive into answers on; what is a 7 figure salary, how to make this dream a reality, and skills that can help you get there!
What is a 7 figure salary?
So, what is a 7 figure salary exactly? Well, with a 7 figure salary you earn 1 million dollars. With a 6 figure salary, on the other hand, you earn between $100,000 - $999,999 per year. Of course, it is possible to earn a 7 figure income in more ways than a single base salary!
Is a 7 figure salary realistic?
A 7 figure salary can be realistic, but it takes work to achieve this goal. According to the IRS's latest data, there are 538,651 households with high incomes of $1 million or more out of the 153,774,296 tax returns filed.
Most people in these categories didn’t wake up making 7 figures, though. Instead, most started by working lower-paying jobs and climbing their way up. So if they can do it, so can you!
Skills to obtain to reach a 7 figure salary
There are some skills you can obtain that will help you reach a seven figure salary. However, what most people don’t realize is that you don’t need special skills to make 7 figures. You can accomplish this with hard work alone, and owning your own business with no earning cap is the best way to make it happen.
For example, some bloggers such as Michelle Schroeder-Gardner earn over $1 million dollars a year! Remember, no one is standing in the way of your success. You are in complete control.
Although you can do it on your own, obtaining specific skills can help you stand out from the crowd when applying for 7 figure salary jobs and also help you with your own business! Here are some high-income skills to consider:
- Blogging and writing skills
- Business managment skills
- Finance skills
- Sales skills
- Presentation skills
- Acting skills
- Athletic skills
- Fashion skills
Top 7 figure salary jobs
If you dream of a 7 figure salary job, you may have to think outside the box. While you can earn a 7 figure income being a CEO or rockstar sales executive, some of the most popular 7 figure salary jobs are those that are somewhat dream-worthy, such as acting or playing a professional sport. The important thing is to keep an open mind while pursuing your passion!
1. Business owners
Being a business owner provides the highest likelihood of making 7 figures because no one is standing in your way! You must have an entrepreneur mindset, be willing to diversify, and grow to reach the milestone.
Keep in mind, owning your own business takes tenacity and hard work. However, with the right goals, mindset, and skills, you have the best odds of reaching 7 figures.
You can build a 7-figure business around your unique passions or skills, whether that's providing a service or selling physical or digital products. Again, some bloggers, lifestyle influencers, and online shops can produce a 7 figure income!
2. CEOs and C-level executives
CEOs and C-level executives have extensive responsibilities and are well-compensated for them. For example, according to the Economic Policy Institute, the average CEO within the top 350 firms in the United States earns $24.2 million and earn 351 times the salary of the ‘average worker.’ Companies that pay the highest salaries include Apple, GoodRx Holdings, and Tesla.
3. Corporate lawyers
Lawyers don’t start out making $1 million-plus, but it’s easy to reach the seven figure salary status as they work their way up the ladder.
There are many lawyers who build up their small firms to seven figures by treating it like a business, which includes a focus on marketing, sales, systems, and strategy.
Niching down to one or two practice areas based on industry or service also helps lawyers charge more as they are perceived as a specialist with higher value.
4. Sales executives
Enterprise sales executives are the most likely to hit 7 figures due to the complexity and size of their sales. Most sales executives earning 7 figures are those in technology and software.
Sales reps often start at much lower salaries and even in different industries. However, as they gain more experience and perfect their skills, they have the potential to reach their 7 figure salary goal.
4. Investment bankers
Investment bankers often have a six-figure base salary, but most of their income comes from commissions and bonuses. They are the source of a company’s capital and work tirelessly to get it.
In exchange for this substantial salary, investment bankers typically work long hours and deal with immense amounts of stress. Investment banker positions are highly competitive, too, due to their earning potential.
You must be on your ‘A’ game to earn this position. But with the right education and drive, you can make this 7 figure salary job yours.
When you think of a seven figure salary, you probably think of business professionals, right? However, times are changing, and YouTube stars are hitting the 7 figure salary mark more frequently.
Call them influencers, sponsors, or lucky ducks; YouTubers are sitting on some pretty serious income, although it’s not as easy as they make it look.
Influencers earn money through a variety of channels, including commissions, sponsorships, and direct sales. It all starts with creating the following that will help you earn the income you are looking for.
6. Actors and actresses
Famous actors like Will Smith make $40 to $80 million in a year. Of course, not every actor or actress will hit it big like Will Smith, but they can make a 6 to 7 figure income with enough experience and exposure.
7. Professional athletes
Not all professional athletes make a 7 figure salary on their own, but with the help of endorsements or sponsorships, they can easily meet or exceed this threshold.
It’s not just about how well they play but also about their popularity and how much companies want them to sponsor their products.
Although becoming a professional athlete can be difficult it is possible. Especially if you are able to start when you are young, get good grades, and participate in competitions in your sport.
8. Fashion designers
Fashion designers are like starving artists - they often start with a minimal salary. However, one win can easily take them to the top.
Fashion designers who strike it rich often get in with celebrities and showcase their work on the runway and the hottest stages. Of course, you could learn how to become a fashion designer and start your own business too!
5 Ways to work towards a 7 figure salary
You may still feel a seven figure salary is a fantasy. However, it's essential to have big hairy audacious goals! So, here are some ways you can work towards earning a 7 figure income:
1. Create products, services, or courses
Try to create products or services that aren’t in existence yet or fill a void that similar products or services don’t offer. You want to find a way to stand out from the competition and give your target audience a reason to buy from you.
2. Attain higher education
Advanced education may help you reach your 7 figure goals in some cases. It depends on the line of work. For example, a CEO or investment banker may benefit from extra education.
You’ll learn skills and techniques that you don’t come by in basic education that can help you step apart from the competition and earn more money. However, it's best to try to find alternative ways to fund your education other than student loans when possible.
3. Create multiple streams of income
The average millionaire has 7 streams of income. It all comes down to diversifying because putting all of your eggs in one basket is risky.
Instead, create multiple streams of income to earn from as many sources as possible. If one source dries up, you have 6 others to rely on while you figure out how to improve the other one or replace it.
Some ways you create income streams are through side hustles and passive income. Passive income includes anything from opening a high yield savings account to buying a rental property to selling digital products online.
4. Network with 7 figure salary earners
Another great way to learn more about earning a 7 figure salary is to network with those that already have done it. Get to know people who’ve achieved the goals you’ve set and shadow them. What did they do right that you can do? What lessons can they teach you?
You can network virtually on LinkedIn with your own connections or in relevant groups. You can also search for local networking events to attend in person.
Never underestimate the power of networking, even when you think you don’t know enough. Sometimes all it takes is connecting with the right person.
5. Use social media to gain exposure
Getting media exposure today isn’t nearly as hard as it used to be. Social media makes it easy to put your name out there. Build an audience by sharing educational and entertaining content relevant to your product or service. You'll naturally attract people that want to buy from or work with you.
Despite the hard work and dedication required to publish content consistently, once the ball starts rolling, it doesn’t stop. Promote on sites such as Instagram, Facebook, YouTube, and Pinterest to increase exposure and boost income!
Examples of people who earn a 7 figure income and above
Here are just a few examples of people who earn a 7 figure income and above as a source of inspiration.
Today Ariane Grande earns $72 million per year. She, too, started at the bottom of her industry. She starred in her first Broadway show at the age of 15 but quickly went on to be a top-ranked artist. Today she has five consecutive albums ranked #1.
While we know her best as a professional tennis player, Serena Williams diversifies her income with endorsements, fashion lines, and media appearances. Williams collaborated with a company on a nail collection and has launched multiple clothing lines.
She also provided voice work, starred in advertising campaigns, and purchased a small stake in the Miami Dolphins. She even invests in venture capital. Serenas 7 figure income tops out at an impressive 35.5 million a year.
Before American businesswoman and philanthropist Sarah Blakely founded Spanx, she failed the LSAT, sold fax machines door-to-door, and even tried her hand at stand-up comedy.
At age 27, she spent $5,000 in savings to develop her product and eventually achieve $4 million in sales in its first year and $10 million in its second. Today's she's one of the few female billionaires.
She refused to allow setbacks to prevent her from achieving her biggest dreams. In 2010 Oprah's 7 figure salary was a whopping $315 million a year! She now has a net worth of 3.5 billion dollars.
Is a seven figure salary good?
Yes, it is; however it’s only as good as you handle it. If you overspend and don’t save enough, you could find yourself in the same situation as someone with a much lower salary.
You probably assume a 7 figure salary is amazing, but even someone making $1 million or more a year can be broke. It’s not about how much you earn but about how you learn to save, invest, and make that money grow. So be sure to have a plan for your money no matter how much you make!
A 7 figure salary is possible!
If it’s your goal to earn a 7 figure income, then you need to make a plan and set goals. Remember to take those big goals and break them down into smaller goals to make them achievable.
Look at the big picture and visualize where you see yourself in five to ten years. Is the path you’re on one that can lead you to your dreams of making 7 figures, or do you need to adjust your approach to achieve your goals?
Remember, even if you make 7 figures, you must know how to use it, save it, and invest it to make the most of your income. Want even more inspiration? Learn about what it means to earn 10 figures!
Learn how to set the right financial goals with our completely free course! Tune in to the Clever Girls Know podcast and YouTube channel to learn more on boosting your income and help with staying motivated towards your goals!