A hundred years ago, the average salary in the United States was approximately $3,269.40, but a gallon of gas also cost only 30 cents in 1920. As prices of everyday items increase, so must the salary of individuals.
However, the increase in salaries in every field is not always in accordance with inflation, which is why people have to be careful when choosing a career.
How Much Is a Six-Figure Salary?
For many people in the United States, the biggest goal of their professional career is to make a six-figure salary. But before you set a goal for yourself, it is crucial to know how much is 6 figures and whether it is good or not. A six-figure salary ranges from $100,000 to $999,999, and where you fall in the range depends on your career, experience, and skills.
When people talk about a six-figure salary, they are referring to the annual salary of an individual. But it can be difficult to figure out how much a person is making with just the term six-figure salary. However, using modifiers such as low-, mid-, and high- can help people figure out where you fall on the six-figure salary scale.
Is a Six-Figure Salary Good?
If your career allows you to earn $100,000 per year, you already fall on the list of people who make a six-figure salary. However, depending on your lifestyle and your expenses, an annual salary of $100,000 may not be enough for you. But it could be good for an individual who lives alone and doesn’t have any extravagant expenses.
So, whether a six-figure salary is good for you or not will depend on the kind of life you are living. An annual salary of $100,000 will not be enough to cover all of the expenses for families. But that doesn’t mean they need 7,8,9,10 figures salaries to live comfortably. A mid- or high-six-figure annual salary is pretty good as it can allow you to take care of all of your expenses.
If you wonder which career to pursue to make enough money to support yourself, you should calculate your expenses first. Once you have a rough estimate of your expenses, you can figure out which career to pick.
How to Make a Six-Figure Salary
Once you have decided to make a six-figure salary, you should learn how to achieve that goal. Although it is not impossible to earn a six-figure salary, it isn’t easy either, so the sooner you start working for it, the better.
- Choose the Right Career
Certain careers won’t help you achieve your goal of making a six-figure salary, so it is best to avoid them. You can search for the highest-paying jobs and then pick the field that matches your interests. For instance, both doctors and lawyers make six-figure salaries, but if you don’t like medicine, then you can study law.
One thing to keep in mind is that regardless of the career you choose, if you wish to make a six-figure salary, you will have to earn a formal university education. Although pursuing a high-paying career without formal education may be possible, the result may not always be favorable.
So, when looking into different careers, don’t forget to check their educational requirements as well because once you have picked your career path, the only logical step would be to start studying for it.
- Work on Your Skills
You will need certain hard and soft skills depending on the field you are working in. But it is okay if you haven’t mastered all the skills in advance because you can always work on them. One way to improve your skills is by networking with like-minded professionals and staying up-to-date about the latest lectures.
Networking can also help you find new work opportunities in your field. But if you are not sure how to connect with other professionals in your field, consider joining a professional networking site.
- Get Additional Credentials
The more qualified you are, the higher your salary will be, which means there will always be room for improvement once you start working as a professional. So, if you wish to make a six-figure salary, you can get an advanced degree. You can also sign up for a professional development course or specialized training.
A certification program related to your field can be another great addition to your CV. Once you have additional credentials, you can apply for a higher-paying job or ask for a raise from your current employer.
- Do Your Job Well
You may not get a six-figure salary right from the start, but if you perform well, you can reach that milestone in no time. All you have to do is give your 100% at work, so no one ever has any complaints. You should also develop a good relationship with your managers and colleagues so you can learn from them.
You should continue to work hard to deliver excellent results. You can also look for additional ways to support the company. It will show your commitment and dedication to your employer and help you negotiate a raise.
- Consider a Side Hustle
Thanks to the Internet, doing something on the side has become easier. Nowadays, most people either work at a part-time job along with their regular job or run a small business on the side to cover additional expenses. So, if you feel like you are not making enough at your job or simply want to end up with more savings every month, you can consider a side hustle.
It is important to remember that a side hustle will not only increase your income but also your work hours. So, keep your health in mind when choosing a part-time job. You can also consider working as a freelancer in your free time to earn more money.
What Are the Most Popular Jobs with a Six-Figure Salary?
Multiple jobs pay a six-figure salary, but many are not popular. For instance, an actuary evaluates financial risks for businesses and makes a six-figure salary, but many people have never heard of this profession. The popular jobs that can help you make a six-figure salary are:
- All surgeons make a six-figure salary, but cardiologists and neurosurgeons are the most in-demand.
- Dental care is quite expensive, but the professionals providing them also take home a very decent income every year.
- A psychiatrist diagnoses and treats mental health disorders. They also make a six-figure annual salary.
- An anesthesiologist numbs or sedates patients for surgery. They also monitor a patient throughout the surgery. But this stressful job also pays quite well.
- Data Scientist. A data scientist analyzes large amounts of data and turns it into easy-to-understand insights. This complex job also pays a six-figure salary.
Now that you have many options to choose from, you can decide which career you should pursue to start earning a six-figure salary.