If your New Year's resolution is to break through that elusive six-figure salary barrier once and for all, you'll have to work hard and work smart to get there. But if you play your cards right, 2024 could be your year.
There are several paths to the six numbers. Some continue to meander in their current careers, while others fall out of it. Others rely on cash coming in from multiple sources. Here are tips money, career, and side hustle experts say will give you the best chance of going from an average income to a six-figure lifestyle in 2024.
Position yourself so that you can climb the ladder internally.
If you already have a decent salary and a good job at a company where there's room for promotion and growth, it's time to act now to get to the front of the line when promotion rumors start circulating within the company. Please wake me up.
“Establish yourself within your company by becoming an advocate for your own career,” says Amy Find Reeves, a Boston-based career coach and author. He is the founder of his Hire a Hiring Manager. “Tell your manager that this is the year you want to be a leading figure in leadership.To be considered for promotion, tell your manager what skills he needs to add to his kit, and to measure your progress.'' Identify what specific metrics you will use to
Reeves says when striving for a higher salary, start by asking for regular communication sessions. “Be sure to offer to set the agenda and be responsible for following up,” she said. “Otherwise, there’s a good chance you won’t get it.”
Is there no room for upside where you are? Avoid it and aim for $100,000
If you're a top performer at your current employer, you're probably looking to earn a higher position on the ladder at another company. However, moving in parallel may be easier and more beneficial in the long run.
“Instead of always trying to move up, you should be moving laterally within the industry,” said Rory Donadio, CEO of legal lender Tribeca Capital Group. “Making a lateral career change, especially in a growth industry, can give you diverse experience, broaden your skill set, and help you land a higher-paying job in the future. Look for roles that allow you to adapt to an ever-changing job market and become a sought-after candidate. This proactive approach to career change increases your long-term income potential while also helping you stay ahead of the curve in the face of industry changes. It also ensures resilience.”
Sell your expertise and expertise
If you work or have worked in a niche field where you gain very specific or specialized knowledge, chances are you have a six-figure secret locked away in your brain. Please unlock.
Laura Adams, MBA, award-winning personal finance author and Finder expert, says, “If your professional or academic experience gives you expertise in a high-paying field, you can use that as a consultant or educator. It can be used as a person.” She “determines what in-demand knowledge she has and delivers it through seminars, speaking engagements, writing, educational courses, live or virtual her events, mentoring, consulting, or coaching.”
Mr. Adams mentioned coaching, which provides opportunities for people with knowledge and experience that are not necessarily highly technical.
“A good sideline worker becomes a coach,” says Diel Sharon, a business coach for sideline workers. “Think about what you're good at. What are people already coming to you for help with? For example, how to organize their home, how to increase sales, learning about money. People may ask how. I had a side hustle working as a social worker and I grew that side hustle to $300,000.”
Protect your current income source and add another one
If you're making a decent living but your income falls into the five-figure range, a side hustle could help you outpace your income. Just don't sacrifice your current salary to pursue a side hustle.
“It's important to protect existing revenue and create additional revenue streams,” Adams said. “This allows you to pay your bills, reduce debt, and stay safe even if one source of income dries up.”
Plan based on passion
If there is a demand for what you love, no side hustle is too far-fetched to be successful.
“A few years ago, I bought my daughters a chicken and a rooster,” said Critter Depot founder Jeff Neal. “Then when they started laying eggs, I was able to incubate them and raise chicks. Then I started selling them at local farmers markets. Now, to earn extra income, I was able to hatch them and raise chicks. We sell our chicks online, but most of our sales still come through local farmers markets.”
Choose something flexible and scalable
Even if it's not your passion, something flexible enough to fit around your work and home life can be a reliable source of extra income that can grow as you learn.
“If you're looking for a lucrative yet flexible side hustle to supplement your existing income, becoming a notary loan signing agent is the perfect choice because you can choose the hours that fit your schedule, and in some cases work in the evenings. Because it's so flexible because you can also sign it.'' says Mark Wills, founder of Loan Signing System.
“Every home sale requires a loan agent, and as interest rates fall, the demand for agents will continue to increase,” he said. “The best part is that no formal education is required. Depending on where you live, you can get certified as a notary in as little as two weeks with a certification course, and you can get certified as a signing agent in as little as one day. Many new agents can earn an average of at least $500 to $1,000 per month, and many grow their business to six figures per year.”
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