In a previous article, we talked about what six figures are worth. 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 Meaning
- What’s the Definition of a Seven Figure Salary?
- What Does 7 Figures Mean in Money?
- How Much is 7 Figures a Year?
- How Much Do You Have to Make a Day to Make 7 Figures?
- How Common is a 7 Figure Salary?
- What are 7 Figure Salary Jobs?
- How to Make 7 Figures Online
- What Kind of Professional Jobs Make 7 Figures?
- How to Make 7 Figures as an Engineer
- What is a 7 Figure Business?
- What are Tips on How to Make 7 Figures?
- How Much Is 7 Figures Summary
Seven digits are known as 7 figures. Every digit is regarded as a figure. Thus it should come as no surprise that seven digits is a sizable sum. To give anything that much value is important.
What’s the Definition of a Seven Figure Salary?
If you are giving a salary a seven-figure value, that is a significant amount of money! Imagine having a salary that ranges from $1,000,000 to $9,999,999. Some individuals simply grasp this so quickly. For instance, some people make millions of dollars each month as well-known business owners or highly compensated real estate agents. By the way, on residences that cost approximately eight figures, real estate agents receive 2% to 4%. That is still a considerable amount. Nonetheless, we typically refer to a seven figure wage as one that is at least one million dollars per year.
What Does 7 Figures Mean in Money?
It’s a big deal to have seven figures. If we have to be completely practical about it, very few people are likely to make that much money. This entails earning at least $1,000,000 annually. What do you think of that? Unless they are among the best actors, not even all actors in movies or on TV make that much money.
What is a 7 figure paycheck?
You are very, very lucky if you receive a paycheck that falls between $1,000,000 and $9,999,999. It implies that you receive that amount each month. The result of multiplying that by 12 is your yearly wage. Few people can afford to be so fortunate as to receive such a large wage. I wouldn’t mind doing it for a few months, but as you become accustomed to that sort of money, I think your standard of living will also start to rise.
How Much is 7 Figures a Year?
7 digits represents a yearly income of at least $1,000,000. You can fall within this range if you have up to $9,999,999. You are already at the door of the eight-figure pay by that time. It is difficult to surpass that ceiling, so even coming close to it is a significant accomplishment.
A flat 7 figure salary is more stunning than 7 figures a year. You need to work a full year before you make at least a million dollars. Nevertheless, hey, if you ever reach that level, you are right there with the top 2% of Americans.
How Much Do You Have to Make a Day to Make 7 Figures?
You must make a monthly wage of at least $83,333.33 if you wish to make at least $1,000,000 every year. That entails making an average of $2777.78 every day (based on a month with 30 days). Although some people do make that much each month, you need to make it in a single day to qualify as a seven-figure earner.
The minimum monthly income requirement to reach the maximum range of 7 figures is $833,333.33. You’ll see that it is roughly ten times greater than the minimum. This implies that you should make about $27,777.78 every day.
How Common is a 7 Figure Salary?
Are you likely to make seven figures? Probably not, I’m afraid. The majority of us won’t even be close. We are referring to individuals who are among the top 2% of earners of income. You need to put in a lot of training, knowledge, and hard work if you weren’t born into wealth. A component is also luck. Although not impossible, it is extremely rare.
What are 7 Figure Salary Jobs?
It is common to be interested in careers that can pay you a seven figure salary. These positions are hard to come by:
Let’s start with professions that pay seven figures yet don’t require education:
- Professional athlete
While most elite athletes start very early and may be talented, it is probably too late for the majority of us to start training right now. You might think about persuading your youngster to give it a try, but that would be their decision and you would only be acting as a guide. In addition to their salaries, professional athletes make significant amounts of money from commercial sponsorships 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 , 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. 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 include John Grisham, Stephen King, E.L. James, Danielle Steel, Paula Hawkins, and Rick Riordan. It’s one of the few professions that allow you to work alone on our list of 7-figure careers.
- Business owner
Depending on the type of business you run and whether or not your goods and services are proving to be marketable This can be done. You must, however, arm oneself with labor, knowledge, and money.
- 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 . They need exposure and capital to expand their reach.
These positions are significantly harder to land because they require a higher level of success in order to reach 7 figures. We have observed some unsuccessful actors and singers who may have made more money than the typical person but fell short of the 7 figure goal.
Wait, there’s more. The Internet has created new chances for people who wish to make seven figures without being a CEO, heir, or business magnate.
How to Make 7 Figures Online
Regular Joes and Jills now have the opportunity to participate in this seven figure game thanks to the internet. These are numerous ways to earn seven figures, but they all involve a lot of labor, particularly when starting a firm.
- Start and sustain a successful YouTube career
Either luck or extensive research are necessary to become a successful YouTuber. You must be aware of popular viewing choices. Even if employing inexpensive captures and bait clicks could be successful for the first few weeks or even just a few days, you will develop a bad reputation. You must develop a distinctive identity that people want to interact with. Of course, you should also continuously produce material of the highest caliber on a topic that users are likely to look for.
- Become an influencer on social media.
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, , 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.
- Create regular blogging in a hip or distinctive niche.
Sure, by developing a personal or business website, writers can also make money. A particular niche should be covered frequently on the website. Choose a field in which you are knowledgeable and at ease. More individuals will be inclined to subscribe to you if they believe your voice to be more genuine.
You can earn money by accepting ads on your site. You can also apply for once your blog has gained enough followers.
- Sell digital content
Why not use your talent if you have it?
App creators can succeed if their program is successful. Constantly work to fix issues that are plaguing your apps. Do not mimic others. Alternatively, if you choose to follow a well-traveled path, you must consistently offer something extra.
- your photos digitally and online
Some visual artists offer prints and digital wallpaper for sale. In this manner, your art never stops rewarding you. Only one traditional painting may be sold at a time. Digital images have multiple sales potential. But set a limit to it. To draw people who are eager to stand out, make each a more limited edition. Sell them for more money than you would if you were buying them in bulk. This is a route that photographers can take.
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 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 . 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?
- Join the affiliate marketing movement
Some people use affiliate marketing to make seven figures online. They do write blogs for informational purposes, which ought to be their main goal. Yet they also write to urge readers to purchase particular goods. You might, for instance, be a certified bibliophile with exemplary critiquing abilities. begin a blog about books. After that, you can suggest Amazon books and get paid a commission on each purchase. Your blog may start out slowly, but as it grows popularity, you may start to generate more passive revenue.
Jobs paying seven figures now undoubtedly come in a variety of shapes. Learn how to in the sections below.
What Kind of Professional Jobs Make 7 Figures?
Jobs that pay seven figures typically require a sizable upfront investment. In order to become skilled and successful in your chosen career, you must complete years of education. Here are a few careers that pay seven figures:
- Medical Doctor You must graduate at the top of your class from a prestigious medical school in order to be accepted for excellent residency programs if you want to become a seven-figure earner in medicine. To obtain a private clinic space at a renowned hospital, you must be connected. By doing this, you’ll probably get more requests for consultations and professional services. It won’t happen if your office is in a plain-looking structure, especially if you’re just getting started.
- Lawyer Lawyers have many of the same problems that prevent them from making seven figures. They have a great chance of making it, but they must be the finest of the best. To get there, attorneys should take on high-profile cases. These cases need a lot of work and can be demanding over time.
The bottom line is that you must constantly put in hard work and remain at the top of your game. If you enjoy your job enough, this shouldn’t be a problem. But, keep in mind to take a break occasionally.
What about other professions? These are some tips that can be applied to two different sectors.
Making Seven Figures in Finance
- Become an account executive for enterprise sales.
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 Best and worst occupations for extroverts and introverts.
- Start a private equity or investment banking business.
On Wall Street, the chiefs of investment banking still earn a lot of money, but artificial intelligence has already started to take some of their jobs. To reach the stage of earning seven figures in your profession, you must first endure 80-hour workweeks.
- Become the CEO of a significant corporation.
You have to construct something from scratch for this one. Therefore, certainly, you must have faith in something that has the potential to be profitable in the long run. Then, you must put in the effort necessary to reach the heights required to make your targeted seven-figure income.
The bottom line is that millionaires and prosperous businesses are most frequently associated with the finance sector. This does not, however, negate the need for you to work hard. Put in those hours of work, then reward yourself.
How to Make 7 Figures as an Engineer
- Become a software developer.
Not all engineers deal with material objects. Nowadays, becoming a software engineer is one of the most sought-after careers. As more applications are needed to make the modern world more convenient, software development is currently where the money is.
- practice mechanical engineering
Although it is more difficult, this route is still feasible. You must be at the top of your field, just like doctors and lawyers are.
- learn civil engineering
You might not make seven figures on your own as a civil engineer. Starting your own construction company is the best way to break through that ceiling.
The bottom message is that there are methods to make seven figures even though engineers aren’t always paid fairly. It necessitates that you be at the top of your field or perhaps launch a related firm.
What is a 7 Figure Business?
A 7 figure 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.
After your company is successful, you might start to receive passive income. Although while it won’t hit seven figures straight immediately, generating some passive income is a positive step.
What are Tips on How to Make 7 Figures?
Despite the fact that 2020 is almost over, you can still work toward your 7 figure goal. These are a few
- Spend time with individuals who do generate seven figures.
Being around successful individuals is beneficial. You’ll be motivated to work harder and learn the behaviors that allowed them to succeed.
- have a variety of income sources
These days, it is risky to rely just on one source of income. Many individuals are coming to understand this after the pandemic has caused countless people to lose their employment across the globe. Unless you have a top-tier position, you cannot attain seven figures with a 9 to 5 work alone. However, the majority of us do not belong to the top 2%.
- Invest in a company
Your income may increase even if you launch a small business. At least you’ll have passive revenue that doesn’t require constant hours of work. Do not forget that you must also run your business. If you are not careful, you could also lose money. If you don’t have a lot of time yet, you can also buy stocks.
- Invest in yourself
The best investment is you. Continue your training to hone your talents in accordance with the demands of the twenty-first century. See what classes you may enroll in to help you reach your objectives.
- Promote your business
Opening a store is just one aspect of starting a business. You must use a variety of media to advertise your company. One of the most successful platforms for business promotion is social media. The reach is wider and more focused.
- understand what is in demand
Never engage in sales without first doing your research. Someone I know ended up making numerous jewelry purchases. She reasoned that she would take pleasure in them right away and then sell them. Gold has a more steady value than stocks, despite the fact that it is typically difficult to sell during difficult times.
You must always be aware of what is in demand right now in your area and what will last.
- Create goods and services that people will pay for
If you are aware of the market’s needs, you can also create your own goods and services. Many people are interested in developing apps, ebooks, and other digital goods. Online retailers offer copies.
- Avoid exhausting yourself.
Even if your zest for earning a large amount of money is high, you must always care for yourself. Unfortunately, these aren’t occupations with no stress and great compensation, but instead, high-stress seven-figure jobs. You will 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
Being paid seven figures is difficult and only available to the top 2% of Americans. It’s not an impossible one, though.
There is a lot of digital activity going on in today’s trends for making money. You must therefore spend money on talents that will enable you to produce digital goods. You could also spend money on a top-notch education that will allow you to compete for elite positions. Naturally, each of these will call for your commitment and diligent labor.
Except for those who are born with a silver spoon in their mouth, no one achieves success without spending a lot of time, money, and effort to get there. When you take the longer route, the work toward seven figures may be difficult, but it is more rewarding.