Achieving a six-figure salary is something most attain to. But, it does take work and a bit of luck. Thankfully, it is possible to earn $100,000+ a year and escape living paycheck to paycheck. In a recent online conversation, people discussed their top ways to up their income and reach the salary level you want. Here are ten of their top suggestions.
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1. Switch Companies
People are near-unanimous in their sentiment that their highest salary increases came from keeping the same job but switching where they work!
“I went from $60k to well over $100k rather quickly doing virtually the same job; It was simply a matter of switching companies,” reveals one woman. “I went from working for a large corporation to a much smaller company. Yes, it’s a bit tougher here, but I still work 40 hours. It’s just that I’m expected to wear a few more hats.”
Sometimes, a change of scenery is all you need.
2. Add New Skills
Adding essential skills to your repertoire may lead to bigger paychecks if you want to make more money. The trick is figuring out what skills are in demand at your current job and then doing whatever you can to become an expert.
“Specialization is the answer,” reveals one woman. “The fewer people who have an in-demand skill and the more that in-demand skill is needed, the more you’ll be paid.”
3. Perfect Your Resume
If you’re like millions of American workers, the odds are that your resume seriously needs an overhaul. Think about it. When was the last time you started your resume from scratch instead of hastily editing it?
According to countless hiring managers, having a professional yet eye-catching resume can help you stand out. Furthermore, a thorough resume shows your current employer that you’re serious about an upward trajectory.
4. Create Demonstrable Value
One of the most straightforward ways to reach $100k annually is to quantifiably show your employer how valuable you are! Whether it’s through hard numbers or other metrics, feel free to show off your value.
“If you want to make big bucks, and now we’re really taking beyond $100k per year, you need to start figuring out where you can create real, demonstrable value for your employer and how you can best leverage your skills to that end,” directs one man. “Then execute on that, quantify your value, and leverage it to get paid more.”
5. Rehearse the Interviewing Process
The main issue holding you back from climbing the corporate ladder may be that you’re a terrible interviewee. While nobody sees themselves as someone who routinely flunks interviews, it never hurts to rehearse the interview process often.
Many workers confess that hiring an interviewing coach does wonders for their job prospects and earning potential!
6. Obtain a Master’s Degree
Nobody likes to hear that going back to school and incurring a mountain of debt is the best way to earn a higher salary, but for many workers, it’s true.
Obtaining a master’s degree is one of the most straightforward ways to reach that critical six-figure salary mark. It can be disheartening to decide to go back to school, but you have to keep the big picture in mind. Remember, hard work pays off.
7. Read More
It doesn’t matter what situation you’re trying to improve. Reading more is arguably the solution to any problem you have! One person revealed that reading business-oriented books has helped her career growth.
“It may sound silly, but reading and applying business-success books have changed my career and helped me break the glass ceiling,” one woman confesses. “I don’t feel like I have a limit to my earning potential anymore. If you’re serious about improving your career, get serious about reading.”
8. Seek Out a Recruiter
Hiring a recruiter or coach to help speed up the process is a strategy many men and women employ. If you aren’t happy with your current position, a change of scenery may be in order. A recruiter specializes in taking your strengths and skillset and putting you in a position to make serious money.
However, remember that seeking out a recruiter does not guarantee a higher-paying job, but it’s better to leave no stone unturned.
9. Keep Grinding
According to many workers, there is no “secret sauce” for getting that big promotion or job that will enable you to earn $100,000 yearly. In the end, countless people admit they had to grind their way to the top.
It can be a long journey, but good things come to those who wait! Cross your fingers that your bosses see what you bring to the table, and with a little luck, the heralded six-figure income will come your way.
10. Live Within Your Means
While it may not help you increase your salary, living within your means is vital, regardless of your income level. Just because you earn more doesn’t mean you shouldn’t monitor your spending.
One person explains why, saying “You will always live paycheck to paycheck the more you make the more you buy. The more you buy the more you finance. Unless you learn to live within your means you will always have that problem.”
They’re absolutely correct.
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This thread inspired this post.
I’m John Schmoll, a former stockbroker, MBA-grad, published finance writer, and founder of Frugal Rules.
As a veteran of the financial services industry, I’ve worked as a mutual fund administrator, banker, and stockbroker and was Series 7 and 63-licensed, but I left all that behind in 2012 to help people learn how to manage their money.
My goal is to help you gain the knowledge you need to become financially independent with personally-tested financial tools and money-saving solutions.
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