In a previous article, we talked about how much is six figures. This time, we want to go further and explore how much is 7 figures. We know that this will be bigger from the get-go, but let us just see how that value matters in the real world.
7 Figures Meaning
7 figures means seven digits. Each digit is considered a figure. So, you can imagine that seven figures make for a hefty enough number. That is a significant value to attach to anything.
What’s the Definition of a Seven Figure Salary?
If it is a salary that you are attaching a seven-figure value to, it means quite a lot of money! Imagine earning a minimum of 1,000,000 or a maximum of 9,999,999. Some people just get this so quickly. For example, some people get millions of dollars in a month as big-time entrepreneurs or real estate agents with tons of commissions. By the way, real estate agents get 2% to 4% on real estate properties that cost around eight-figures. That is still pretty big. However, we usually refer to an annual salary of at least a million as a seven figure salary.
What Does 7 Figures Mean in Money?
7 figures in money is a big deal. Very few people are likely to earn that much if we have to be utterly realistic about it. This means making at least a million annually. Can you imagine that? Not even all movie or TV stars get paid that much unless they are among the top actors.
What is a 7 figure paycheck?
If you get a paycheck that ranges from $1,000,000 to $9,999,999, you are lucky, extremely lucky. It means you are getting that much every month. Multiply that by 12, and you get your annual salary. Not a lot of people can be fortunate with such a hefty paycheck. I would not mind experiencing it for a couple of months – but I bet your lifestyle will also start rising as you get used to that amount of money.
How Much is 7 Figures a Year?
7 figures annually is earning at least $1,000,000 a year. You can reach up to$ 9,999,999 to be part of this range. By then, you are already knocking on the 8-figures salary door. That is a tough ceiling to break into and even getting near that number is quite an achievement.
7 figures a year is less impressive than an outright 7 figure paycheck. It takes a whole year for you to earn at least a million dollars. But hey, if you ever get to that point, you are right up there with the United States’ top 2%.
How Much Do You Have to Make a Day to Make 7 Figures?
If you want to earn at least a million dollars a year, you must make a monthly salary of about $83,333.33 or more. That means earning an average (considering a 30-day month) of $2777.78 a day. Some people actually earn that amount in a month, but you have to earn it in a day to fall under the 7-figure category.
However, if you want to be at the maximum range of 7 figures, you must make $833,333.33 a month. Notice that it is about ten times as much as the minimum. This means that your daily income should be around $27,777.78.
How Common is a 7 Figure Salary?
How likely are you to earn seven figures? Not likely, I am afraid. Most of us will not even come close. We are talking about people who are in the top 2% income earners. If you were not born into money, you must go through a lot of training, education, and hard work. Luck is also a factor. It is not impossible, but it is also very uncommon.
What are 7 Figure Salary Jobs?
It is normal to be curious about which jobs can give you a 7 figure salary income. These jobs are not that easy to come by:
Let us begin with jobs that make 7 figures that do not require an education:
- Professional athlete
It is probably too late for most of us to train now because most professional athletes start very young and are maybe gifted. You can consider convincing your child to try it out, but that would be their seven figures, and you will just be the guide. Professional athletes get a lot of money from their salary and also from their product endorsements and promotions.
- Film Actor
Not all of us will get this chance. Not even all existing film actors can boast of a regular seven figure salary. Only A-list actors can really earn this much. Some even earn a million per TV episode, like the actors in Friends or Reese Witherspoon in “The Morning Show.” Film stars sometimes get paid a seven-figure amount that can become eight figures if the film does exceptionally well in the box office due to a revenue share.
The same goes here for musicians. You must be part of the A-list musicians to earn seven or even eight-figure salaries. Artists earn most of their money from merchandise, performing live at concerts, licensing their music for things like movies, television, and video games.
- Bestselling author
It is not just about being prolific. It is about being able to sell what you wrote. Stephen King is both prolific and bestselling. He even sometimes gets more than one book published within a year. It is tough to get into this, but if you think you have the writing chops, do not give up. Top authors on the Forbes list include John Grisham, Stephen King, E.L. James, Danielle Steel, Paula Hawkins, and Rick Riordan. It’s one of the few jobs where you can work alone on our list of 7-figure careers.
- Business owner
It depends on what business you have and if the products and services are proving to be sellable. This is attainable. However, you must arm yourself with hard work, expertise, and capital.
- Fashion designer
Again, you need to be one of the best to get to the seven to eight-figure salary bracket. This is why some aspiring designers enter fashion contests, such as Project Runway and Making the Cut, and hope to become fashion designer millionaires. They need exposure and capital to expand their reach.
These jobs are much more challenging to attain, primarily since reaching 7 figures means having achieved a certain degree of success. We have seen some struggling musicians and actors who may have earned a higher than average salary but do not reach the 7 figure target.
But wait, the Internet has opened up more opportunities for those who want to earn 7 figures without being a tycoon, heir, or CEO.
How to Make 7 Figures Online
The online world has made it possible for regular Joes and Jills to be part of this 7 figure game. Here are some ways to make seven figures, but it will require a lot of hard work, especially while launching a business startup.
- Launch and maintain a lucrative YouTube career
Becoming a successful YouTuber requires either luck or a lot of research. You must know what people want to watch. While using cheap grabs and bait clicks may work for the first few weeks – or even just days – you will earn a terrible reputation. What you must do is create a unique persona that people want to engage with. Of course, you should also deliver consistently high-quality content on a subject that people typically search for.
- Become a social media influencer
Being a social media influencer can also mean being able to create other content, not just videos. You can be an influencer by posting professional-looking photos on your Instagram. For example, Christiano Ronaldo, a top influencer, earns, on average, $466,100 to $776,833 per Instagram post. Top influencers can even get paid by leading brands to model their products.
- Write regular blogs on a trendy or unique niche
Yes, writers can also earn money by creating a personal or professional website. The website should have regular posts on a specific niche. Pick a niche that you are comfortable with and have expertise in. The more authentic your voice is, the more people will be willing to subscribe to you.
You can earn money by accepting ads on your site. You can also apply for affiliate marketing once your blog has gained enough followers.
- Sell digital content
If you have talent, why not use it?
App developers can make it big if their software creation makes it big. Always try to solve widespread problems with your apps. Do not become a mimic. Or if you are going to go on a popular route, you must provide something extra all the time.
- Digital your photos online
Some artists are selling their visual arts as prints and digital wallpaper. This way, your art keeps on giving back to you. One traditional painting can only be sold once. Digital photos can sell several times. Put a limit to it, though. Make each a more limited edition to attract those who are keen on being seen as an individual. Sell them at higher prices compared to those that are being sold in bulk. Photographers can also go this route.
Do you like to write stories? Perhaps your hobby can lead you to a regular salary. You can self-publish at Amazon. Give out samples. Some indie authors publish their first chapters for free to give readers an idea of how they write. The famous House of Leaves by Mark Danielewski started as pages being shared around an indie crowd. An erotic fanfic was later on published as Fifty Shades of Grey. Love it or hate it – it certainly earned quite a lot!
This is a hit nowadays. Have you got expertise? Then, prepare a tutorial video course. It can just be one extensive video or several videos to make up a course. Are you ready to put your teaching skills to the test?
- Get involved in affiliate marketing
Some people earn 7 figures online through affiliate marketing. Yes, they write blogs to inform, which should be the primary reason. However, they also write to persuade people to buy certain products. For example, you may be a certified bibliophile with excellent critiquing skills. Start a blog on books. Then, you can later recommend Amazon books and earn a commission for each sale. It can start slowly at first, but once your blog gains traction, you can be making more passive income.
Seven-figure jobs have certainly taken various forms now. Read below to find out ways of making 7 figures:
What Kind of Professional Jobs Make 7 Figures?
The kinds of jobs that make 7 figures are those that also comes with a lot of investment. You must go through years of education to become skilled and successful in your chosen career. Here are a couple of jobs that make 7-figures:
- Medical Doctor – To be a seven-figure-earning doctor, you must be at the top tier of your class from a top medical school to be considered part of great residency programs. You must have connections to top hospitals to get a private clinic space there. This way, more people will likely consult with you and request your services. That will not happen if your office space is in a nondescript building, especially if you are just starting.
- Lawyer – Much of the same issues for earning seven figures plague lawyers. They have strong potentials to get there, but they have to be the best of the best. Lawyers should also take on high-profile cases to get there. These cases take a lot of time and can be stressful over a long period.
The bottom line here is that you have to be at the top of your game and work hard all the time. This should not be a problem if you love your job enough. Though, do remember to give yourself a breather.
How about other lines of work? Here are a few pieces of advice that can work in two different industries.
How to Make 7 Figures in Finance
- Become an enterprise sales account executive
When an enterprise is involved, it means high-end products are at stake. Sales account executives will be earning high commissions that can accumulate to become seven figures. So, you need big-ticket items, such as computers or industrial equipment. However, you do have to start at the bottom, working long hours and calling more than a hundred people a day for smaller accounts. Sales are one of the worst jobs for introverts and the best for extroverts.
- Go into investment banking or private equity
The heads of investment banking still make a lot of money on Wall Street, although artificial intelligence has already begun to encroach on their roles. You must go through 80-hour workweeks at the beginning of your career journey to get to the point of earning 7 figures.
- Become the CEO of a big corporate company
This one here requires you to build something from the ground up. So, yes, you will have to believe in something that can be ultimately lucrative. You must then put in the hard work to achieve the heights you need to earn your desired 7 figures.
The bottom line is that the finance sector is most popularly associated with millionaires and successful startups. However, this does not mean that you don’t have to put in the hard work. Work those hours and reap the fruits of your labor.
How to Make 7 Figures as an Engineer
- Be a software engineer
Not all engineers work with tangible materials. These days, one of the most commonly sought jobs is as a software engineer. Software development is where the money is currently, as more applications are required to make the modern world more convenient.
- Work as a mechanical engineer
This is a more challenging path, but it is possible. Like with the doctors and the lawyers, you must be at the top tier of your industry.
- Become a civil engineer
On your own, as a civil engineer, you may not achieve seven figures. The best way to reach that ceiling is to start your own construction business.
The bottom line here is that engineers do not often get compensated well enough, but there are ways to get to 7 figures. It requires you to be on top of your industry or even to start a related business.
What is a 7 Figure Business?
A 7 figure business is one that can bring you in 7 figure profits annually. It takes a long time to get going. You will spend a lot of time dedicated to research and implementation. At first, you may also be hesitant to give up your day job for something so unsure. With hard work and business analytics, you should find a way to position your brand for the right clients.
Once your business takes off, you may find yourself enjoying passive income. It will not reach 7 figures right away, but earning some passive income is a step in the right direction.
What are Tips on How to Make 7 Figures?
2020 is almost over, but it does not mean that you cannot still do something about your 7 figure target. Here are some tips that you can still use to make 7 figures.
- Spend some time with people who do earn seven figures
It helps when you are around people who made it. It will inspire you to do better and expose you to habits that helped them get to where they are.
- Have multiple sources of income
Depending on a single source of income is dangerous nowadays. After the pandemic has stripped several people of their jobs worldwide, more realize the truth in this. Having a 9 to 5 job alone cannot help you reach seven figures unless your job is a top-tier one. Most of us are not part of the top 2%, however.
- Invest in a business
Even starting a small business can give your earnings a boost. At least you will have passive income that you don’t have to dedicate hours to all the time. Do remember that you have to manage your business, as well. You can also lose money if you are not careful. You can also buy stocks if you don’t have a lot of time to spare yet.
- Invest in yourself
You are the greatest investment. Continue going through training to improve your skills, according to what this century needs. Find out what courses you can take to achieve your goals.
- Promote your business
Setting up a business is not just about opening a shop. You must promote your business in various media. Social media has become one of the most effective venues to promote businesses. There is a greater and more targeted reach.
- Know what is in demand
Selling should never be done without research. I know someone who ended up buying lots of jewelry. She reasoned that she would enjoy them now and then sell them later. While gold is usually challenging to sell during hard times, it has a more stable value than stocks.
You must always be aware of what is currently in demand in your area and what could stand the test of time.
- Develop products and services that have a demand
Since you know what the demand is for, you can also develop your own products and services. A lot of people are into creating apps, ebooks, and other digital products. Copies can be sold online.
- Do not burn yourself out
Even if your zest for earning a large amount of money is high, you must always care for yourself. Unfortunately, these aren’t low-stress high paying jobs, but instead, high-stress seven-figure jobs. You will get sick if you burn yourself out. Side effects of working out too much include stalling productivity, daytime fatigue, overworking heart, neck and backache, and more. So, this will be detrimental to your multiple sources of income. Remember that you are an essential ingredient. So, you need to learn how to pace yourself.
How Much Is 7 Figures Summary
Earning seven figures is a challenging task and reserved for the top 2% of the nation. However, it is not an impossible one.
The current trends in earning money involve a lot of digital action. So, you must invest in skills that will help you create digital products. You may also invest in a top-notch education that can qualify you for top-tier jobs. Of course, both of these will require your dedication and hard work.
Nobody gets to where they are unless they have invested so much time, money, and effort – unless you are born blooded with a silver spoon in your mouth. The work towards seven figures may be challenging when you take the longer path, but it is more satisfying.