What is 7 Figures? Find Ways To Have A Seven-Figure Income

The figure of seven digits is something many are familiar with, but how many people know what it truly means? Even if you’re not sure, you will learn more about it here. The phrase "seven digits" has taken the internet by storm for a good reason. It might seem like a number straight out of a fantasy novel or an episode of Seinfeld, but it’s far from meaningless.

If you can make as much money as a seven-digit earner does, then you can truly call yourself successful. That said, it doesn’t mean that reaching this level is easy. You need to know what you’re doing.

For most individuals who don’t work in high-paying fields, it seems almost impossible without outside help and support. However, working your way up to a seven-digit income takes commitment and dedication. There are ways to get there if you put your mind to it.

Here is what this article will talk about:

1. How Much Is 7 Figures?
2. What Is 7 Figures?
3. How To Make 7 Figures Income
4. Is A 7-Figure Salary Realistic?
5. Skills To Obtain To Reach A 7 Figure Salary
6. Ways To Work Towards A 7 Figure Salary
7. What Jobs Make 7 Figures?

How Much Is 7 Figures?

The amount of money a seven-figure income represents is between 1 million and 10 million dollars. The term "seven figures" is commonly used to compare high incomes with other high incomes. It represents 7 digits in money. So, is 7 figures a million? Depending on the field, it could be much higher than $1 million. Some people believe it's possible to make up to $10 million annually, especially in industries like sports and entertainment.

For instance, many NBA basketball players can earn through sponsorships. In fact, LeBron James reached $1 billion by the time he retired from basketball.

What Is 7 Figures?

What about the 7 figures meaning? The number seven is popular in the world of personal finance. Many high-paying fields are associated with it, representing the number of figures in an annual income. A seven-figure income starts at 1 million dollars a year since a million has seven figures: 1,000,000.

The amount of a 7-figure income varies from industry to industry and job to job. It includes doctors, consultants, and athletes, among others. You might think these jobs are only for the elite few or those with an established background in these fields, but the truth is, you could be wrong.

If you want to make this money, you can start from the ground up. There are many ways to get involved in these fields with little to no experience.

If you want to know more about other salary figures, check out these two articles:

• Five Figures: What Is “Five Figures”? How Can You Make A 5-Figure Salary?
• Six Figures: What is “Six Figures”? Learn About 30 Six-Figure Jobs You Never Imagined

How To Make A Seven-Figure Income?

So, how do you make a 7-figure income? It all starts with your personal finances. You need to get control of your expenses, get rid of unnecessary things, and invest in the right places. That doesn’t mean you should stop doing things you love. The key is finding balance regarding what you spend and what you save. You also need to start investing in yourself.

Investing in yourself means investing in education, taking on new challenges, and focusing on the long term. This cannot be easy for many people since they’re focused on short-term gains. However, focusing on the bigger picture will help keep your feet on the ground and reward you for staying committed.

Another piece of advice for those looking for a seven-figure income is to understand and embrace technology as it becomes more prevalent in everyday life. Nowadays, there are ways to earn money online that weren’t available before. Be open-minded about giving something new a shot if it seems interesting or beneficial to your life goals.

This cannot be easy for many people since they’re focused on short-term gains. Doing that generally doesn’t help them reach their ultimate goal.

Focus on the bigger picture and remember that keeping the big picture in sight will help keep your feet on the ground, get you through tough times, and reward you for staying committed.

Another piece of advice for those looking for a 7-figure income is understanding and embracing technology as it becomes more prevalent in everyday life.

Nowadays, there are ways to earn money online that weren’t around before, so be open-minded about giving something new a shot if it seems interesting enough or beneficial to your life goals.

You never know what might happen if you took some time out of your day to try.

Is A 7-Figure Salary Realistic?

It’s not impossible to reach a 7-figure salary, but it does take a lot of work and dedication.

The good news is that there are ways to make it happen with serious dedication and hard work.

First, you need to decide what type of income you want. For example, if you're going to make more money than your current job provides, then you need to start looking for new opportunities to get the job or find a way to create your own business.

Luckily, the internet is full of resources to help you achieve that. Some different techniques and methods will help you perfect your skill set so that you don’t have an issue finding a new job or starting your own company.

Once you have a plan for the future, you have nothing left to do except wait for the opportunity to come knocking on your door as they did for seven-figure salaries.

Skills To Obtain To Reach A 7 Figure Salary

To reach the level of 7 figures, you will need specific skills.

While it might seem like a wide range of skills is needed, the most important are those that will allow your business to grow exponentially.

Let’s take a look at some of these skills:

• People Skills
• Business Savvy
• Knowledgeable in Social Media
• Knowing How To Find Opportunities
• Creative Mind
• Confidence

The more you invest in yourself and your education, the more likely you will become a successful entrepreneur.

It will require time and effort if you want to be a 7 figure earner. You must believe in yourself and trust that you can make it happen if you work hard enough.

How to Make a Seven-Digit Income?

Achieving a seven-digit income is an ambitious goal that requires a strategic approach, hard work, and continuous personal development. Here are some detailed steps and strategies to help you work towards this goal:

1. Master Your Finances

Control Your Expenses:

• Track Spending: Keep a detailed record of your expenses to understand where your money goes.
• Budgeting: Create a realistic budget and stick to it. Prioritize essential expenses and cut down on non-essential spending.

Eliminate Debt:

• Debt Reduction Plan: Develop a plan to pay off debts, focusing on high-interest debts first.
• Avoid New Debt: Be cautious with credit and avoid accumulating new debt unless it’s for investments that will yield returns.

Save and Invest:

• Emergency Fund: Build an emergency fund covering 3-6 months of living expenses.
• Invest Wisely: Diversify your investments in stocks, bonds, real estate, and other vehicles to grow your wealth over time.

2. Invest in Education and Skills

Higher Education:

• Advanced Degrees: Consider pursuing advanced degrees (e.g., MBA, JD, MD) that can open doors to high-paying careers.
• Specialized Training: Attend workshops, seminars, and courses to gain specialized knowledge in your field.

Continuous Learning:

• Online Courses: Utilize online platforms like Coursera, Udemy, and LinkedIn Learning to acquire new skills.
• Certifications: Obtain certifications relevant to your industry to enhance your qualifications.

3. Embrace Technology

Stay Updated:

• Tech Trends: Stay informed about the latest technological advancements and trends in your industry.
• Digital Skills: Learn digital skills such as coding, data analysis, and digital marketing to remain competitive.

Leverage Online Platforms:

• E-commerce: Explore opportunities in e-commerce, whether it’s starting your own online store or utilizing platforms like Amazon and eBay.
• Remote Work: Take advantage of remote work opportunities, which can provide flexibility and access to global markets.

4. Develop a Strong Network

Professional Networking:

• Industry Events: Attend conferences, trade shows, and networking events to meet influential people in your field.
• LinkedIn: Use LinkedIn to connect with professionals, join relevant groups, and participate in discussions.

Mentorship:

• Find a Mentor: Seek out mentors who have achieved the level of success you aspire to. Learn from their experiences and insights.
• Be a Mentor: Share your knowledge and help others grow. This can also lead to new opportunities and connections.

5. Create Multiple Streams of Income

Side Hustles:

• Freelancing: Offer your skills and services as a freelancer on platforms like Upwork, Fiverr, and Freelancer.
• Gig Economy: Participate in the gig economy by driving for rideshare services, delivering food, or renting out properties on Airbnb.

Passive Income:

• Investments: Invest in stocks, real estate, and other assets that generate passive income.
• Royalties: Create products (e.g., books, music, software) that generate royalties.

6. Entrepreneurial Ventures

Start a Business:

• Identify a Niche: Find a niche market with demand and create a business that addresses those needs.
• Business Plan: Develop a comprehensive business plan that outlines your strategy, target market, and financial projections.

Scale Your Business:

• Growth Strategies: Implement strategies to scale your business, such as expanding your product line, entering new markets, or franchising.
• Automation and Delegation: Use automation tools and delegate tasks to focus on high-value activities.

7. Build a Personal Brand

Online Presence:

• Website and Blog: Create a professional website and blog to showcase your expertise and attract opportunities.
• Social Media: Build a strong presence on social media platforms like LinkedIn, Twitter, and Instagram.

Public Speaking:

• Speaking Engagements: Participate in speaking engagements and webinars to establish yourself as a thought leader.
• Content Creation: Produce valuable content (e.g., articles, videos, podcasts) that resonates with your audience.

8. Strategic Job Choices

High-Paying Industries:

• Finance: Careers in investment banking, hedge funds, and private equity can be highly lucrative.
• Technology: Roles in software development, cybersecurity, and AI are in high demand and offer significant earning potential.

If you want to make a lot of money, your work might be cut out for you. But if you’re willing to put in the time and effort, money can quickly come your way in plenty of ways.

Doing well financially comes down to many different factors. Doing a job that pays well requires specific skills or things valued above others in the workplace.

If an occupation has value, your questions people will be willing to pay more for it. Here we’ll answer all about finding a high-paying job and creating financial independence.

We will talk about the following jobs:

1. CEOs And C-Level Executives
2. Entrepreneurs
3. Consultants
4. Corporate Lawyers
5. Sales Executives
6. Investment Bankers
7. YouTubers And Influencers
8. Professional Athletes
9. Actors And Actresses
10. Fashion Designers
11. Doctors

CEOs And C-Level Executives

What jobs make 7 figures? A job that pays 7 figures can be just about anything.

There are certain types of jobs, though, that pay a lot more than others. Executives and CEOs, in particular, earn substantially more than other positions with the same skillset.

These high-paying positions include individuals in law, finance, marketing, engineering, and consulting.

Entrepreneurs

Business owners are one of the most rewarding occupations, as it often correlates directly to the amount of time put into it. Building up a successful business takes a lot of time and effort, but if you have the skills needed to run your own business, these will pay off in the end.

Consultants

Consulting is one of the fastest-growing fields in America, with a median pay of $72,000 annually. However, if you become a consultant guru, start making speeches, and are requested by big companies, your salary can grow exponentially and reach seven figures.

Corporate Lawyers

Corporate lawyers can make from $200,000 to millions annually. Employers will pay top dollar for lawyers with this skill set, usually needing someone who can keep up with the needs of their business.

Sales Executives

Sales executives manage people and resources and can be found at different organizational levels. The average salary for a sales executive is $73,000 annually, but reaching a seven-figure income depends on the product you work on and your talent.

A sales executive can also make more money if they have experience in other related fields such as management consulting or advertising. Therefore, 7 figures is a reality in this job.

Investment Bankers

It isn’t easy to estimate the amount of money that Investment Bankers make. However, it is estimated that most investment bankers make around $1 million yearly.

Investment bankers are responsible for advising companies and helping them invest in new opportunities. They are involved with the industries, such as financial services and technology, that help drive the global economy.

Being an investment banker requires a lot of knowledge of various topics, including international trade and finance. It also involves mathematics, statistics, accounting, and computer programming expertise.

The best way to become an investment banker is by getting into an excellent undergraduate program. Ideally, you’ll have been exposed to some of the economics courses at your school before applying for the job. After you graduate from college with your bachelor’s degree in any field related to business or economics, you can enter the world of investment banking!

Youtubers And Influencers

Youtubers and influencers are two of the most popular types of people to follow on social media. They’re also some of the highest-paid. So, what do they have that makes them so popular? Well, they have something that everyone is looking for: authenticity.

According to Forbes, the top YouTubers in income in 2021 were:

1. MrBeast – $54 million
2. Jake Paul – $45 million
3. Markiplier – $38 million
4. Rhett & Link – $30 million
5. Unspeakable – $28.5 million
6. Like Nastya – $28 million
7. Ryan Kaji (Ryan’s World) – $27 million
8. Dude Perfect – $20 million
9. Logan Paul – $18 million
10. Preston – $16 million

Youtubers and influencers use their platforms to make raw, personal, and real content. They can make money through advertisements or brand partnerships.

Your content needs to be relatable and authentic to attract this type of audience.

Professional Athletes

Professional athletes are one example of jobs that could pay upwards of $7 million annually.

Sports are increasingly becoming lucrative and high-paying careers, giving athletes opportunities to be among the highest-paid people in the world. This is not to say that professional athletes don’t have their share of critics.

Many professional sports fans are concerned with the long-term health risks that professional athletes often face.

One example is brain trauma, which can cause memory loss or other symptoms associated with dementia, such as aggressive behavior and poor decision-making. Despite these concerns, they continue to make much money doing what they love! The average salary for a professional athlete is $2,000,000 annually.

Actors And Actresses

Some jobs that make 7 figures are actors and actresses. If you’re interested in acting as a career, then there are some things to consider before taking the plunge.

The most crucial factor is whether or not you have the talent and drive to become successful in this line of work.

With time, dedication, and hard work, it may not be too difficult for an actor or actress to make it big.

Additionally, if you want to take your career seriously, find a reputable agent to help you get well-known and earn money from their contracts.

Fashion Designers

The most common jobs that make seven figures are fashion designers, professional athletes, movie directors, and musicians.

Fashion designers are often the highest-paid category of workers in their field, with some making more than $10 million annually.

If you’re interested in finding work in fashion design but don’t know where to start your search, start by getting the required skillset.

Doctors

Doctors have one of the highest incomes in the United States.

If you are considering a career in the medical field, then you might want to consider pursuing a degree in medicine or pursuing a career as a physician. Physicians can earn from $200,000 to millions of dollars annually.

Bottom Line

Achieving a seven-digit income is possible with the right mindset, strategy, and persistence. Focus on mastering your finances, continuously investing in your education, leveraging technology, building a robust network, creating multiple income streams, and making strategic career choices. Remember, the journey to a seven-digit income requires dedication, hard work, and the willingness to take calculated risks. Keep your goals in sight and stay committed to your path to financial success.

To discover which jobs can earn seven figures, consider reading this detailed article! Ultimately, it's up to you to decide whether this information is worth considering when trying to determine the right type of job for you. Whether you're new to making money or need help figuring out a seven-figure job, this article is for you!