5 Tips for Gaining Entry to the 7-Figure Club

February 28, 2020

Want to make a million dollars a year?

It’s not impossible. In fact, we live in a time when it’s never been easier or more accessible.

Frankly, there aren’t many careers that pay 7 figures, but these unicorns do exist. 7-figure corporate gigs include:¹

Investment bankers at the managing director level and above
Principals and general partners in private equity and venture capital firms
Hedge fund portfolio managers
Partners in major law firms
Partners at top management consulting firms
Division I football coaches
A C-Level executive at a major corporation
Self-help and personal development gurus

None of these gigs are easy to land, and many of them require years (or decades) of experience to break the 7-figure salary marker.

However, even if you’re an employee making a modest salary or you’re a small business owner with big dreams, there are ways to meet this financial goal.

Here are our top 5 tips:

Create Multiple Streams of Income

Your salary will only get you so far, even if you’re a top performer in your industry. The best way to create wealth is to create multiple income streams, preferably passive. This could include one or more of the following ventures:

Investing in real estate to either flip homes or create rental income
Investing in financial markets
Blogging or vlogging to generate advertising revenue, affiliate income, and brand deals
Share your knowledge as an author, coach or speaker
Create and sell a digital product that teaches a skill or solves a problem

Leverage the Media

This tip works best for entrepreneurs, but you can also take advantage of it as an employee, too. The idea is to circumvent having to spend thousands (or more) on advertising and use free press exposure to share your message with your community or the world.

Make sure you have a compelling hook about your origin story, your product, or a need that you solve. The media is always looking for human interest stories. You can join a free subscription service like HARO (Help a Reporter Out) to connect with journalists in need. Or, you can reach out to editors of publications that match your target market.

Become a Speaker or Spokesperson

Every field needs an expert or role model. This is your chance to put your passion and expertise to work. Is there a brand that you love? Reach out to their marketing department and offer to lend them a hand. You could end up in the company’s print, television, or radio ads. Or, the company might ask you to represent them in media appearances, sponsored events, public speaking gigs, and social media.

Depending on the company and your skills, a single appearance can net you between $5,000 and $75,000 or more.²

To increase your chances of being taken seriously, make sure you’re an expert in the field you’re entering, and complete the following steps:

Demonstrate expertise. Publish a blog, write a book, create a YouTube channel or be prolific on social media. Pitch story ideas to professional publications to get your name associated with the industry.
Get TV experience. Even if it’s a local news affiliate station, you’ll want to get some practice under your belt and create a portfolio.
Create a webpage. Highlight your expertise, showcase your portfolio, and ensure there are plenty of ways to get in touch with you.

Volunteer Your Time

Let’s say you reach out to your favorite company or cause, and they don’t have an immediate need for a paid spokesperson gig. Offer to volunteer instead. You’ll become affiliated with a company you care deeply about, and your passion can pay off. You could be approached by other companies or industries to lend a hand. You really never know how it can eventually pay off!

Network with Other Members of the 7-Figure Club

Wealth experts have often said that you are who you hang out with. Put simply, birds of a feather flock together. So, if your circle of friends consists of people living paycheck to paycheck or tout clichés like “money is the root of all evil,” it’s going to be nearly impossible to accomplish your dreams.

Instead, strive to surround yourself with millionaires. You’ll get exposed to a new mindset, and you could even discover new opportunities to achieve wealth you hadn’t thought of.

Bottom Line: Unless you win the lottery, wealth doesn’t appear overnight. You’re going to have to put in some extra effort and sacrifice your time to meet these goals. However, if you want to break your current earnings ceiling, you’re going to have to do things differently than how you’ve done up to this point. We know you can do it. Good luck!