I’ve read all kinds of routes to a six figure income on various professional and financial blogs.
Some discuss the professions that give you the best shot at a six figure salary, while others discuss how to get there.
Here is my rendition from my own life experiences of how I made a six figure income in just six years straight out of college.
1) Attend a reputable college / university and major in a field that lends itself to a financially lucrative career (such as accounting, finance, engineering, programming, etc).
Attending a reputable institution won’t necessarily make you smarter, but will ensure that you get some exposure to some of the biggest and most reputable firms and companies that come to recruit at your school. It is these institutions that give you the best chance at six figures the quickest.
2) Get a job with a big name straight out of college, preferably in a service related / consulting capacity. For example, as an accountant, you want to shoot for the big four (Deloitte, PwC, E&Y, KPMG). This experience is perceived as invaluable by most companies of all sizes and will expedite your path to a six figure income.
3) Do very well and exceed expectations in your first couple years to get promoted rapidly and earn higher raises year over year. It’s all about the billable hours!
4) Take your achievements to the market and join a big name, preferably a fortune 100-500 company. A big name ensures that you are offered a nice salary bump, often up to 35%, that you can leverage on your next move.
5) Repeat step #3
6) Repeat step #4, except at this point, you don’t necessarily have to join a big company. In fact, in my experience, joining a smaller company gave me a better overall compensation package, with a six figure income base salary of well over $100,000
Here is a breakdown of time spent at each step. I spent 3 years at steps 2 & 3, earning one promotion. When I moved to step 5, I was brought in at a higher level, therefore getting promoted into a new role. I spent 2 years at steps 4 & 5, earning another promotion. So far that is 5 years and 3 promotions.
In my sixth year, I transitioned to step 6, which resulted in another promotion and a six figure income. That’s a total of 6 years and 4 promotions.
No I wasn’t an Investment Banker who sold my life and soul for that matter in exchange for a few dollars. Yes, I was very busy as a consultant, but I made sure I had the time and balance to pursue side gigs throughout my career.
In fact, one of the biggest reasons for leaving the consulting world was to focus on expanding on and growing my side businesses.
These steps worked for me, but they are certainly not a rule of thumb or a norm. There are many ways to slice a bread, and equally as many routes to get to a six figure income.
Many have gotten there in much less than 6 years, and many in much more. There is also not an age limit to when one decides to embark on the journey to six figures. The route I took is a basic one and of my preference at the time. It doesn’t take a super being to replicate it either. Anyone can do it in my opinion.
The point is that whichever route you believe in and want to take, just ensure you have clarity so that you can focus on the route and see through its completion.
Aside from not embarking on the journey itself at all, not finishing the route is the single biggest reason why many fall just short of their goals.Previous: How To Create a Forum Website From Scratch & Profit From It