Making your first 100K in a year, is a goal that a lot of people look to attain, but don’t often reach. I want to encourage you all and let you know that achieving 100K in one year, is very possible and in this article well dive into ways on how to make 100k  in a single year.Â
To some of you 100K in a year may be hard to imagine, so let’s break this down into milestones. To reach your target of 100k in a year would require you to make either:
- $274 a dayÂ
- $1,918 a Week or
- $7,671 a month
Now that we have a better visual of what a 100k in a year looks like let’s find out what vehicles can get us there.
Lets get on the same page..
Before we jump onto some of the ways on how you can make 100K in one year, it’s important to understand that its ultimately about how much of the money you are able to keep, regardless how much you make.Â
There are doctors that make a lot of money but are massively in debt because they don’t manage their money properly, still paying on their school loans and are purchasing too many liabilities that are costing them money and not benefiting their finances in any way.Â
This brings me to two levers that you can pull on, to make a significant impact on your finances, so that way when you do reach your 100k a year goal, you can actually feel the effects of all your hard work, and see the money in your account VS. it going straight out your account to pay for all the expenses you have accumulated.
The 2 Levers
So, the first lever, i’ll touch on very briefly, is that you need to control your expenses and live below your means while you are trying to reach your goal. This will give you a net positive amount in your account every month and you can use that excess capital for the next lever or simply store it in your savings account.
The next lever is the most important and obvious one, and that is to increase your ability to earn more. There are a lot of ways to do this, so let’s talk about some of the ways you can make more money and reach your 100K a year goal.Â
Everything well discusses ultimately starts and ends with skills that you acquire over time. Going from 0 to 100K will require a certain number of skills, and going from 100K to a million will require that you continue to stack on top of those skills to reach your next financial milestone.Â
So that brings us to, our first way which is..
Learning a High-Income Skill:
Learning a high-income skill can increase your ability to make more money whether you want to apply those skills to start your own business and work for yourself or use those skills to find an employer willing to pay you based on your skill.Â
Some examples of high-income skills would be:
- Digital marketing – is one of the greatest skills a person can learn and what this skill ultimately does is it provides visibility on a product or service. So having a skill in marketing can help both your business and your employer’s business.
- Sales – Sales is an obvious skill that can benefit you in so many ways. It doesn’t matter if you’re a small business owner, a freelancer, or a working professional, you need to have sales skills to do well in anything.
- Software engineer – this is one of the most in-demand skills right now Business owners and companies pay a lot for this skill for their software that needs to be written, fixed, and improved.
- Trade skills – you can learn a trade skill such as a HVAC tech, plumber, electrician, Auto repair techs, inspection, power plant operator and a lot more.Â
Usually, any skill that require a certification or a license will give you the ability to make more money, which can help you obtain 100K in one year.Â
Next, we have one my favorite ways and that’s.
Start a Business
Starting a business can be a great way to increase your earning capacity. Identify opportunities in the market that have demand, create a product or service that meets the demand, and work hard to build a profitable business.
Making your first 100k is the hardest, but it’s also the most rewarding. A business will be something that you start that will require a variety of skills, focused on one objective, which is to increase sales and have money coming in.Â
Now you can start a product or service-based business. You can start by thinking of what you resonate with and research other businesses that are currently serving a similar audience who may be looking to purchase whatever it is you are trying to sell. Â
When I made my first 100K almost 5 years ago, I started with $800 and grew it to ½ million dollars in a single year. I talk about this in many of my videos, it started as a side hustle to make some quick cash and grew into a successful business.Â
Creating a six figure a year business will require that you learn skills that are complimentary to what you are looking to do. So, if you are selling a product, than a complementary skill could be learning how to run ads to drive traffic to your store and generate more sales.Â
If a business seems to be overwhelming at first, we can break this down to our next way which is staring a side hustle.
Start a Side Hustle
Consider starting a side hustle in addition to your job or business. This can help you generate extra income and work towards your 100K goal.
There are tons of side hustle videos online, and I’ve made many which I’ll link to at the end of this article.Â
You can add a side hustle to your existing way of making money to help get to your financial goal. If you are currently working a 9-5 job or have a career. Maybe add a side hustle on top of that to increase your ability to earn more. Here’s a few ideas that can get you brainstorming and thinking of what you can do.Â
Here are some side hustles that can make you 6 figures a year-Â
You can start a mobile notary side hustle, become a freelancer and create a gig on fiver or Upwork and offer your services, flip things online, start a mobile car detailing service or power wash driveways on the weekends, uber or door dash, really any side hustle that you can start to generate some extra income.Â
It’s a good idea to think about your timeline when choosing a side hustle. If you can play the long game and be patient, then side hustles like Starting a YouTube channel, affiliate marketing or creating a blog are great ways to make 100K a year.Â
If you are in desperate need of money right now, then focus on side hustles like flipping things for more or creating a gig on Fiverr or Upwork.Â
Once your side hustle income becomes more reliable and consistent you can then decide if you want to turn the dial and focus more on the side hustle and transition it into your full-time business or continue to juggle both your current job and the side hustle.Â
For a lot of people adding a side hustle to your existing means of making money will have a huge impact on how much you make each year.Â
If you don’t have a job or career right now, then you can fully focus on a specific side hustle and grow it to 100K in one year with hard work and consistency.
Next way to reach 6 figures a year is by something that I don’t personally do and thats…
Pursue a high-paying Career:
We can’t leave this out because, I have many friends that make 6 figures a year and up with their careers. Strat by identifying high-paying industries and careers and work hard to acquire the necessary skills and education to get a high-paying job.
You may have to go to school and get a master’s degree or better, or leverage a high income skill, which we talked about in our first point and find an employer who is willing to pay for that specific skill.Â
Or the career you choose that pays 100k and up, may want you to have certain certifications or licenses to practice there.Â
There’s no shortcut or easy way to get to 100k a year, any way you slice it, you will need to work hard to reach your goals.
