If you have started to ponder this question, then it means you are at that stage of life where you are working hard to attain financial independence. You are at an age where you have started to take life and work seriously. You might as well be earning at least a five-figure by now. Now you are inclined towards more stability by bringing in a six-figure salary. Here we will see about At what age should I Earn 6 figures?
There is no specific age as to when you start earn a 6 figures income but generally it is towards the mid-30s that you earn more, given that you get a job around the early 20s. Even if you are still on a quest for finding your dream career you might be able to earn a 6-figure around your 40s or 50s. The key here is to keep on working towards your goal.
Ideal Age to earn a 6 figures:
If you are willing to invest your knowledge, skills, effort and most importantly time, then you might as well earn your 6-figure income before you hit your 30s. On top of that, you need to figure out how to save and invest your money to keep them thriving. Saving and Investment is a financial behaviour that every earning adult should master to have a sustainable life. Whether or not you have a dream career, you must possess these two skills for you to have a dream life.
6- figure Salary:
The normal pay range that is said to be a 6-figure is $100,000 to $999,999. These are considered wealthy as per the norm although several things are involved in it. The measure of wealth is coupled with the following behavioral set like
- Savings
- Investment
- Low debt
- Proper budgeting
- A solid financial literacy
- Money management
Another thing to note is how much tax you pay as a high earner. The more you earn, the more you have to pay taxes. A prudent lifestyle can also leave an impact on your earnings. If you are living in an area where it requires a high cost of living then it might empty your pockets as soon as it fills.
Profession options to earn 6-figures:
The Jobs that are high paying are usually professional jobs like Lawyers, Doctors, Surgeons, Managers and so on. They earn around the range of $100,000 or $200,000 annually.
- The normal range of pay scale of a lawyer in the US is around $130,000, which is about $ 60 per hour
- There is nothing new about the fact that doctors and surgeons are always high-paid jobs no matter where you belong. They earn around $200,000 which is $100 per hour. The amount of respect this profession receive is a cherry on top.
- The other industry that mints more money is the IT industry. Nowadays IT professionals are always in demand as technology evolves. The software developers earn around $110,000 as their average salary.
- The industry involved in Marketing also earns roughly around $140,000 and its subsidiary- advertising earns annually approximately $130,000.
Way to earn a 6-figure salary:
- Do A SWOT analysis on yourself: – Evaluate your Strength, Weakness, Opportunities and Threats that will have an impact on your path to a higher goal like earning a 6-figure.
- Gain as much experience as you can on the job you aim for. Train and equip yourself with necessary and updated information about your area of expertise.
- Upskilling yourself with skills is what makes you extraordinary from ordinary.
- Join a side-hustle if you can spare some time. It can be a long-lost passion of yours which can be restored to a part-time profession.
Conclusion
Whatever career you choose dedication, consistency, patience and perseverance will take you to your dream goal and life regardless of your age and gender. Keeping yourself updated and upskilled can certainly uplift your status from ‘alright’ to ‘excellent’. Every successful person has a behind-the-scene story of blood, sweat and tears. No one sees the progress except you. Keep the hustle and bustle intact until you reach your aim.
Frequently Asked Questions
Is it rare to earn a 6-figure income?
It is not as rare as it used to be as the number of people vying for a better and stable life has increased. Over 30% of Americans earn around $100,000 as per the 2020 report of IBIS World.
How difficult is it to earn a 6-figures?
It is as difficult as the time and effort you are ready to reach your goal as nothing beats hard work and consistency to pursue your goal.
How much is a 7-figure income?
The 7-figure income roughly falls under the range of $1,000,000 and $9,999,999 and could be called super-rich or millionaires. Nothing is impossible if your set your mind and work relentlessly towards it.
